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UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 | ||
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FORM N-CSR | ||
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED | ||
MANAGEMENT INVESTMENT COMPANIES |
Investment Company Act File Number: 811-07538
LORD ABBETT SECURITIES TRUST
(Exact name of Registrant as specified in charter)
90 Hudson Street, Jersey City, NJ 07302
(Address of principal executive offices) (Zip code)
Thomas R. Phillips, Esq., Vice President & Assistant Secretary
90 Hudson Street, Jersey City, NJ 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 201-6984
Date of fiscal year end: 10/31
Date of reporting period: 4/30/2012
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Item 1: | Report(s) to Shareholders. |
2 0 1 2
L O R D A B B E T T
S E M I A N N U A L
R E P O R T
Lord Abbett
Alpha Strategy Fund
Fundamental Equity Fund
Growth Leaders Fund
International Core Equity Fund
International Dividend Income Fund
International Opportunities Fund
Large Cap Value Fund
Value Opportunities Fund
For the six-month period ended April 30, 2012
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Lord Abbett Securities Trust |
For the six-month period ended April 30, 2012 |
From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.
Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Securities Trust for the six-month period ended April 30, 2012. For additional information about the Trust, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.
Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.
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Best regards, |
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Robert S. Dow |
Chairman |
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1
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Expense Example |
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2011 through April 30, 2012).
Actual Expenses
For each class of each Fund, the first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 11/1/11 – 4/30/12” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each Fund, the second line of the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in 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.
2
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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.
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| Beginning |
| Ending |
| Expenses |
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| 11/1/11 |
| 4/30/12 |
| 11/1/11 - |
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Class A |
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Actual | $1,000.00 |
| $1,113.70 |
| $1.31 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,023.62 |
| $1.26 |
Class B |
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Actual | $1,000.00 |
| $1,109.20 |
| $5.24 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,019.90 |
| $5.02 |
Class C |
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Actual | $1,000.00 |
| $1,109.50 |
| $5.19 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,019.93 |
| $4.97 |
Class F |
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Actual | $1,000.00 |
| $1,114.50 |
| $0.53 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,024.37 |
| $0.50 |
Class I |
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Actual | $1,000.00 |
| $1,114.90 |
| $0.00 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,024.86 |
| $0.00 |
Class R2 |
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Actual | $1,000.00 |
| $1,111.80 |
| $3.15 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,021.88 |
| $3.02 |
Class R3 |
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Actual | $1,000.00 |
| $1,112.10 |
| $2.63 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,022.39 |
| $2.51 |
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† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.25% for Class A, 1.00% for Class B, 0.99% for Class C, 0.10% for Class F, 0.00% for Class I, 0.60% for Class R2 and 0.50% for Class R3) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
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Portfolio Holdings Presented by Portfolio Allocation | |
April 30, 2012 |
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Portfolio Allocation |
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| %* |
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Equity |
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| 99.96 | % |
Short-Term Investment |
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| 0.04 | % |
Total |
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| 100.00 | % |
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* | Represents percent of total investments. |
3
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Fundamental Equity 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.
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| Beginning |
| Ending |
| Expenses |
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| 11/1/11 |
| 4/30/12 |
| 11/1/11 - |
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Class A |
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Actual | $1,000.00 |
| $1,093.80 |
| $5.57 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,019.54 |
| $5.37 |
Class B |
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Actual | $1,000.00 |
| $1,090.60 |
| $8.94 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,016.30 |
| $8.62 |
Class C |
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Actual | $1,000.00 |
| $1,090.00 |
| $8.94 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,016.31 |
| $8.62 |
Class F |
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Actual | $1,000.00 |
| $1,095.40 |
| $4.27 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,020.78 |
| $4.12 |
Class I |
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Actual | $1,000.00 |
| $1,094.80 |
| $3.75 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,021.28 |
| $3.62 |
Class P |
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Actual | $1,000.00 |
| $1,093.40 |
| $6.09 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,019.04 |
| $5.87 |
Class R2 |
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Actual | $1,000.00 |
| $1,092.00 |
| $6.87 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,018.30 |
| $6.62 |
Class R3 |
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Actual | $1,000.00 |
| $1,092.70 |
| $6.35 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,018.81 |
| $6.12 |
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† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.07% for Class A, 1.72% for Classes B and C, 0.82% for Class F, 0.72% for Class I, 1.17% for Class P, 1.32% for Class R2 and 1.22% for Class R3) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
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Portfolio Holdings Presented by Sector | |
April 30, 2012 |
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Sector* |
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| %** |
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Consumer Discretionary |
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| 12.65 | % |
Consumer Staples |
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| 5.59 | % |
Energy |
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| 7.75 | % |
Financials |
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| 23.22 | % |
Health Care |
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| 15.89 | % |
Industrials |
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| 14.55 | % |
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Sector* |
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| %** |
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Information Technology |
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| 11.11 | % |
Materials |
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| 7.16 | % |
Utilities |
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| 0.73 | % |
Short-Term Investment |
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| 1.35 | % |
Total |
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| 100.00 | % |
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* | A sector may comprise several industries. |
** | Represents percent of total investments. |
4
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Growth Leaders 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.
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| Beginning |
| Ending |
| Expenses |
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| 11/1/11 |
| 4/30/12 |
| 11/1/11 - |
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Class A |
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Actual | $1,000.00 |
| $1,108.30 |
| $4.46 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,020.67 |
| $4.27 |
Class C |
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Actual | $1,000.00 |
| $1,105.00 |
| $7.85 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,017.50 |
| $7.52 |
Class F |
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Actual | $1,000.00 |
| $1,109.70 |
| $3.15 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,021.86 |
| $3.02 |
Class I |
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Actual | $1,000.00 |
| $1,110.80 |
| $2.62 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,022.39 |
| $2.51 |
Class R2 |
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Actual | $1,000.00 |
| $1,110.40 |
| $2.62 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,022.47 |
| $2.51 |
Class R3 |
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Actual | $1,000.00 |
| $1,110.40 |
| $2.62 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,022.43 |
| $2.51 |
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† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.85% for Class A, 1.50% for Class C, 0.60% for Class F, 0.50% for Class I, 0.50% for Class R2 and 0.50% for Class R3) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
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Portfolio Holdings Presented by Sector | |
April 30, 2012 |
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Sector* |
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| %** |
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Consumer Discretionary |
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| 19.53 | % |
Consumer Staples |
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| 6.03 | % |
Energy |
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| 5.87 | % |
Financials |
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| 3.64 | % |
Health Care |
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| 13.55 | % |
Industrials |
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| 13.92 | % |
Information Technology |
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| 36.57 | % |
Short-Term Investment |
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| 0.89 | % |
Total |
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| 100.00 | % |
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* | A sector may comprise several industries. |
** | Represents percent of total investments. |
5
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International Core Equity 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.
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| Beginning |
| Ending |
| Expenses |
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| 11/1/11 |
| 4/30/12 |
| 11/1/11 - |
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Class A |
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Actual | $1,000.00 |
| $1,043.50 |
| $5.69 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,019.29 |
| $5.62 |
Class B |
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Actual | $1,000.00 |
| $1,040.50 |
| $8.98 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,016.07 |
| $8.87 |
Class C |
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Actual | $1,000.00 |
| $1,040.30 |
| $8.88 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,016.17 |
| $8.77 |
Class F |
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Actual | $1,000.00 |
| $1,044.80 |
| $4.42 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,020.56 |
| $4.37 |
Class I |
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Actual | $1,000.00 |
| $1,045.10 |
| $3.92 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,021.02 |
| $3.87 |
Class P |
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Actual | $1,000.00 |
| $1,042.70 |
| $6.20 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,018.79 |
| $6.12 |
Class R2 |
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Actual | $1,000.00 |
| $1,042.30 |
| $6.96 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,018.04 |
| $6.87 |
Class R3 |
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Actual | $1,000.00 |
| $1,043.20 |
| $6.40 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,018.60 |
| $6.32 |
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† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.77% for Class B, 1.75% for Class C, 0.87% for Class F, 0.77% for Class I, 1.22% for Class P, 1.37% for Class R2 and 1.26% for Class R3) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
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Portfolio Holdings Presented by Sector | |
April 30, 2012 |
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Sector* |
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| %** |
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Consumer Discretionary |
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| 8.59 | % |
Consumer Staples |
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| 12.09 | % |
Energy |
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| 6.52 | % |
Financials |
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| 20.85 | % |
Health Care |
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| 8.39 | % |
Industrials |
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| 12.46 | % |
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Sector* |
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| %** |
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Information Technology |
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| 8.00 | % |
Materials |
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| 9.32 | % |
Telecommunication Services |
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| 5.78 | % |
Utilities |
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| 6.36 | % |
Short-Term Investment |
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| 1.64 | % |
Total |
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| 100.00 | % |
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* | A sector may comprise several industries. |
** | Represents percent of total investments. |
6
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International Dividend Income 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.
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| Beginning |
| Ending |
| Expenses |
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| 11/1/11 |
| 4/30/12 |
| 11/1/11 - |
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Class A |
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Actual | $1,000.00 |
| $1,030.90 |
| $5.66 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,019.32 |
| $5.62 |
Class C |
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Actual | $1,000.00 |
| $1,027.10 |
| $8.87 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,016.13 |
| $8.82 |
Class F |
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Actual | $1,000.00 |
| $1,032.00 |
| $4.34 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,020.58 |
| $4.32 |
Class I |
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Actual | $1,000.00 |
| $1,031.00 |
| $3.89 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,021.05 |
| $3.87 |
Class R2 |
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Actual | $1,000.00 |
| $1,027.80 |
| $6.76 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,018.19 |
| $6.72 |
Class R3 |
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Actual | $1,000.00 |
| $1,029.70 |
| $6.36 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,018.60 |
| $6.32 |
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† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.76% for Class C, 0.86% for Class F, 0.77% for Class I, 1.34% for Class R2 and 1.26% for Class R3) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
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Portfolio Holdings Presented by Sector | |
April 30, 2012 |
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Sector* |
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| %** |
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Consumer Discretionary |
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| 10.16 | % |
Consumer Staples |
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| 9.02 | % |
Energy |
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| 4.22 | % |
Financials |
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| 22.69 | % |
Health Care |
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| 2.22 | % |
Industrials |
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| 11.07 | % |
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Sector* |
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| %** |
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Information Technology |
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| 4.29 | % |
Materials |
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| 5.23 | % |
Telecommunication Services |
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| 15.21 | % |
Utilities |
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| 12.44 | % |
Short-Term Investment |
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| 3.45 | % |
Total |
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| 100.00 | % |
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* | A sector may comprise several industries. |
** | Represents percent of total investments. |
7
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International Opportunities 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.
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| Beginning |
| Ending |
| Expenses |
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| 11/1/11 |
| 4/30/12 |
| 11/1/11 - |
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Class A |
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Actual | $1,000.00 |
| $1,093.30 |
| $7.91 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,017.31 |
| $7.62 |
Class B |
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Actual | $1,000.00 |
| $1,089.80 |
| $11.28 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,014.09 |
| $10.87 |
Class C |
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Actual | $1,000.00 |
| $1,090.30 |
| $11.17 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,014.19 |
| $10.77 |
Class F |
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Actual | $1,000.00 |
| $1,093.90 |
| $6.61 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,018.54 |
| $6.37 |
Class I |
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Actual | $1,000.00 |
| $1,094.80 |
| $6.09 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,019.04 |
| $5.87 |
Class P |
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Actual | $1,000.00 |
| $1,092.50 |
| $8.43 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,016.81 |
| $8.12 |
Class R2 |
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Actual | $1,000.00 |
| $1,091.70 |
| $9.21 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,016.05 |
| $8.87 |
Class R3 |
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Actual | $1,000.00 |
| $1,092.90 |
| $8.53 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,016.70 |
| $8.22 |
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† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.52% for Class A, 2.17% for Class B, 2.15% for Class C, 1.27% for Class F, 1.17% for Class I, 1.62% for Class P, 1.77% for Class R2 and 1.64% for Class R3) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
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Portfolio Holdings Presented by Sector | |
April 30, 2012 |
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Sector* |
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| %** |
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Consumer Discretionary |
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| 17.17 | % |
Consumer Staples |
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| 9.66 | % |
Energy |
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| 7.55 | % |
Financials |
|
| 13.73 | % |
Health Care |
|
| 3.66 | % |
Industrials |
|
| 20.73 | % |
|
|
|
|
|
Sector* |
|
| %** |
|
Information Technology |
|
| 14.58 | % |
Materials |
|
| 7.07 | % |
Telecommunication Services |
|
| 0.77 | % |
Utilities |
|
| 2.43 | % |
Short-Term Investment |
|
| 2.65 | % |
Total |
|
| 100.00 | % |
|
|
* | A sector may comprise several industries. |
** | Represents percent of total investments. |
8
|
Large Cap Value 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 |
| Ending |
| Expenses |
|
|
| |||
| 11/1/11 |
| 4/30/12 |
| 11/1/11 - |
|
|
| |||
Class A |
|
|
|
|
|
Actual | $1,000.00 |
| $1,111.80 |
| $7.30 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,017.96 |
| $6.97 |
Class B |
|
|
|
|
|
Actual | $1,000.00 |
| $1,108.90 |
| $10.64 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,014.78 |
| $10.17 |
Class C |
|
|
|
|
|
Actual | $1,000.00 |
| $1,108.70 |
| $10.64 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,014.80 |
| $10.17 |
Class F |
|
|
|
|
|
Actual | $1,000.00 |
| $1,113.50 |
| $5.89 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,019.28 |
| $5.62 |
Class I |
|
|
|
|
|
Actual | $1,000.00 |
| $1,113.60 |
| $5.41 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,019.72 |
| $5.17 |
Class P |
|
|
|
|
|
Actual | $1,000.00 |
| $1,111.50 |
| $7.77 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,017.50 |
| $7.42 |
Class R2 |
|
|
|
|
|
Actual | $1,000.00 |
| $1,114.60 |
| $5.31 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,019.86 |
| $5.07 |
Class R3 |
|
|
|
|
|
Actual | $1,000.00 |
| $1,111.90 |
| $8.09 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,017.19 |
| $7.72 |
|
|
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.39% for Class A, 2.03% for Classes B and C, 1.12% for Class F, 1.03% for Class I, 1.48% for Class P, 1.01% for Class R2 and 1.54% for Class R3) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
|
|
| |
Portfolio Holdings Presented by Sector | |
| |
April 30, 2012 |
|
|
|
|
|
Sector* |
|
| %** |
|
Consumer Discretionary |
|
| 10.74 | % |
Consumer Staples |
|
| 7.15 | % |
Energy |
|
| 14.48 | % |
Financials |
|
| 22.68 | % |
Health Care |
|
| 12.65 | % |
Industrials |
|
| 8.16 | % |
|
|
|
|
|
Sector* |
|
| %** |
|
Information Technology |
|
| 8.19 | % |
Materials |
|
| 5.26 | % |
Telecommunication Services |
|
| 4.49 | % |
Utilities |
|
| 2.48 | % |
Short-Term Investment |
|
| 3.72 | % |
Total |
|
| 100.00 | % |
|
|
* | A sector may comprise several industries. |
** | Represents percent of total investments. |
9
|
Value Opportunities 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 |
| Ending |
| Expenses |
|
|
| |||
| 11/1/11 |
| 4/30/12 |
| 11/1/11 - |
|
|
| |||
Class A |
|
|
|
|
|
Actual | $1,000.00 |
| $1,086.70 |
| $6.69 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,018.43 |
| $6.47 |
Class B |
|
|
|
|
|
Actual | $1,000.00 |
| $1,083.00 |
| $10.05 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,015.20 |
| $9.72 |
Class C |
|
|
|
|
|
Actual | $1,000.00 |
| $1,083.70 |
| $10.05 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,015.20 |
| $9.72 |
Class F |
|
|
|
|
|
Actual | $1,000.00 |
| $1,088.40 |
| $5.40 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,019.67 |
| $5.22 |
Class I |
|
|
|
|
|
Actual | $1,000.00 |
| $1,088.30 |
| $4.88 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,020.18 |
| $4.72 |
Class P |
|
|
|
|
|
Actual | $1,000.00 |
| $1,086.40 |
| $7.21 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,017.93 |
| $6.97 |
Class R2 |
|
|
|
|
|
Actual | $1,000.00 |
| $1,085.50 |
| $7.99 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,017.20 |
| $7.72 |
Class R3 |
|
|
|
|
|
Actual | $1,000.00 |
| $1,086.10 |
| $7.47 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,017.70 |
| $7.22 |
|
|
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.29% for Class A, 1.94% for Classes B and C, 1.04% for Class F, 0.94% for Class I, 1.39% for Class P, 1.54% for Class R2 and 1.44% for Class R3) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
|
|
| |
Portfolio Holdings Presented by Sector | |
April 30, 2012 |
|
|
|
|
|
Sector* |
|
| %** |
|
Consumer Discretionary |
|
| 12.20 | % |
Consumer Staples |
|
| 3.54 | % |
Energy |
|
| 5.98 | % |
Financials |
|
| 18.71 | % |
Health Care |
|
| 7.91 | % |
Industrials |
|
| 18.41 | % |
|
|
|
|
|
Sector* |
|
| %** |
|
Information Technology |
|
| 15.21 | % |
Materials |
|
| 10.72 | % |
Utilities |
|
| 5.06 | % |
Short-Term Investment |
|
| 2.26 | % |
Total |
|
| 100.00 | % |
|
|
* | A sector may comprise several industries. |
** | Represents percent of total investments. |
10
|
Schedule of Investments (unaudited) |
ALPHA STRATEGY FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
INVESTMENTS IN UNDERLYING FUNDS(a) |
|
|
|
|
|
|
|
Lord Abbett Developing |
|
| 8,056,054 |
| $ | 188,431 |
|
Lord Abbett Securities |
|
| 14,096,914 |
|
| 187,630 |
|
Lord Abbett Securities |
|
| 5,749,652 |
|
| 92,397 |
|
Lord Abbett Securities |
|
| 3,496,063 |
|
| 93,415 |
|
Lord Abbett Equity |
|
| 5,459,006 |
|
| 92,530 |
|
Lord Abbett Research |
|
| 5,255,294 |
|
| 186,353 |
|
Lord Abbett Securities |
|
| 5,656,653 |
|
| 94,070 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 934,826 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
| |||||||
SHORT-TERM INVESTMENT 0.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 351 |
| $ | 351 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 935,177 |
|
|
|
|
|
|
| ||
Other Assets in Excess |
|
|
|
|
| 74 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 935,251 |
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Affiliated issuers (See Note 10). |
(b) | 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. |
(c) | Fund investment objective is long-term capital appreciation. |
(d) | Fund investment objective is to seek long-term growth of capital by investing primarily in stocks of small companies. |
|
|
|
| See Notes to Financial Statements. | 11 |
|
Schedule of Investments (unaudited) |
FUNDAMENTAL EQUITY FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
COMMON STOCKS 98.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 2.27% |
|
|
|
|
|
|
|
Rockwell Collins, Inc. |
|
| 670,000 |
| $ | 37,446 |
|
United Technologies Corp. |
|
| 942,700 |
|
| 76,962 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 114,408 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Air Freight & Logistics 0.91% |
|
|
|
|
|
|
|
FedEx Corp. |
|
| 520,000 |
|
| 45,885 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Airlines 0.42% |
|
|
|
|
|
|
|
United Continental |
|
| 955,624 |
|
| 20,947 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Automobiles 1.61% |
|
|
|
|
|
|
|
Ford Motor Co. |
|
| 7,200,000 |
|
| 81,216 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Beverages 1.79% |
|
|
|
|
|
|
|
Beam, Inc. |
|
| 345,000 |
|
| 19,589 |
|
Coca-Cola Co. (The) |
|
| 521,900 |
|
| 39,831 |
|
Diageo plc ADR |
|
| 305,000 |
|
| 30,842 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 90,262 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Biotechnology 2.54% |
|
|
|
|
|
|
|
Celgene Corp.* |
|
| 1,118,581 |
|
| 81,567 |
|
Onyx Pharmaceuticals, |
|
| 1,018,800 |
|
| 46,365 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 127,932 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Capital Markets 5.16% |
|
|
|
|
|
|
|
Affiliated Managers |
|
| 371,956 |
|
| 42,262 |
|
Franklin Resources, Inc. |
|
| 378,500 |
|
| 47,506 |
|
Lazard Ltd. Class A |
|
| 1,100,000 |
|
| 30,261 |
|
LPL Investment |
|
| 203,300 |
|
| 7,296 |
|
Morgan Stanley |
|
| 3,200,000 |
|
| 55,296 |
|
Raymond James |
|
| 1,140,000 |
|
| 41,747 |
|
State Street Corp. |
|
| 760,000 |
|
| 35,127 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 259,495 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals 3.53% |
|
|
|
|
|
|
|
Air Products & |
|
| 590,000 |
|
| 50,439 |
|
Albemarle Corp. |
|
| 364,400 |
|
| 23,795 |
|
Ashland, Inc. |
|
| 550,000 |
|
| 36,228 |
|
PPG Industries, Inc. |
|
| 440,000 |
|
| 46,306 |
|
Sigma-Aldrich Corp. |
|
| 295,000 |
|
| 20,916 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 177,684 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 5.94% |
|
|
|
|
|
|
|
BB&T Corp. |
|
| 1,137,900 |
|
| 36,458 |
|
City National Corp. |
|
| 427,200 |
|
| 22,753 |
|
Commerce Bancshares, Inc. |
|
| 310,000 |
|
| 12,431 |
|
Cullen/Frost Bankers, Inc. |
|
| 718,300 |
|
| 42,351 |
|
Fifth Third Bancorp |
|
| 1,662,688 |
|
| 23,660 |
|
PNC Financial Services |
|
| 1,219,700 |
|
| 80,891 |
|
Signature Bank* |
|
| 315,000 |
|
| 20,692 |
|
U.S. Bancorp |
|
| 1,860,000 |
|
| 59,836 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 299,072 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Services & Supplies 0.49% |
|
|
|
|
|
|
|
Dun & Bradstreet |
|
| 320,000 |
|
| 24,890 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Communications Equipment 0.63% |
|
|
|
|
|
|
|
QUALCOMM, Inc. |
|
| 495,000 |
|
| 31,601 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Computers & Peripherals 0.92% |
|
|
|
|
|
|
|
EMC Corp.* |
|
| 1,638,200 |
|
| 46,214 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 2.70% |
|
|
|
|
|
|
|
Jacobs Engineering |
|
| 1,285,000 |
|
| 56,321 |
|
URS Corp. |
|
| 1,920,400 |
|
| 79,332 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 135,653 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction Materials 0.05% |
|
|
|
|
|
|
|
Eagle Materials, Inc. |
|
| 76,271 |
|
| 2,686 |
|
|
|
|
|
|
|
|
|
|
12 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
FUNDAMENTAL EQUITY FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Consumer Finance 1.98% |
|
|
|
|
|
|
|
Capital One Financial |
|
| 1,800,000 |
| $ | 99,864 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Containers & Packaging 0.53% |
|
|
|
|
|
|
|
Greif, Inc. Class A |
|
| 500,000 |
|
| 26,820 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Financial Services 2.51% |
|
|
|
|
|
|
|
JPMorgan Chase & Co. |
|
| 2,939,000 |
|
| 126,318 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 0.73% |
|
|
|
|
|
|
|
NextEra Energy, Inc. |
|
| 570,000 |
|
| 36,679 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Anixter International, Inc.* |
|
| 990,000 |
|
| 67,894 |
|
Arrow Electronics, Inc.* |
|
| 760,000 |
|
| 31,958 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 99,852 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy Equipment & Services 2.96% |
|
|
|
|
|
|
|
GulfMark Offshore, Inc. |
|
| 280,000 |
|
| 13,488 |
|
Halliburton Co. |
|
| 2,050,000 |
|
| 70,151 |
|
Schlumberger Ltd. |
|
| 355,700 |
|
| 26,371 |
|
Superior Energy Services, |
|
| 780,000 |
|
| 20,998 |
|
Tidewater, Inc. |
|
| 323,300 |
|
| 17,791 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 148,799 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 0.90% |
|
|
|
|
|
|
|
CVS Caremark Corp. |
|
| 1,015,000 |
|
| 45,289 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 2.88% |
|
|
|
|
|
|
|
Archer Daniels |
|
|
|
|
|
|
|
Midland Co. |
|
| 2,475,000 |
|
| 76,304 |
|
Bunge Ltd. |
|
| 1,065,000 |
|
| 68,693 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 144,997 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Providers & Services 7.44% |
|
|
|
|
|
|
|
CIGNA Corp. |
|
| 1,400,000 |
|
| 64,722 |
|
Community Health |
|
| 1,779,215 |
|
| 43,306 |
|
DaVita, Inc.* |
|
| 640,476 |
|
| 56,733 |
|
Express Scripts Holding |
|
| 1,710,400 |
|
| 95,423 |
|
McKesson Corp. |
|
| 520,000 |
|
| 47,533 |
|
UnitedHealth Group, Inc. |
|
| 785,000 |
|
| 44,078 |
|
WellPoint, Inc. |
|
| 335,400 |
|
| 22,747 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 374,542 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 0.81% |
|
|
|
|
|
|
|
Darden Restaurants, Inc. |
|
| 589,994 |
|
| 29,547 |
|
Las Vegas Sands Corp. |
|
| 198,400 |
|
| 11,009 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 40,556 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Durables 0.75% |
|
|
|
|
|
|
|
Harman International |
|
| 760,000 |
|
| 37,681 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 6.89% |
|
|
|
|
|
|
|
ACE Ltd. (Switzerland)(a) |
|
| 790,000 |
|
| 60,016 |
|
Berkshire Hathaway, Inc. |
|
| 1,230,000 |
|
| 98,954 |
|
Marsh & McLennan Cos., |
|
| 1,564,251 |
|
| 52,324 |
|
Prudential Financial, Inc. |
|
| 987,100 |
|
| 59,759 |
|
Travelers Cos., Inc. (The) |
|
| 1,175,000 |
|
| 75,576 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 346,629 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Internet Software & Services 1.14% |
|
|
|
|
|
|
|
eBay, Inc.* |
|
| 1,400,000 |
|
| 57,470 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Life Sciences Tools & Services 2.17% |
|
|
|
|
|
|
|
Life Technologies Corp.* |
|
| 520,200 |
|
| 24,116 |
|
Thermo Fisher Scientific, |
|
| 1,530,000 |
|
| 85,145 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 109,261 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 5.78% |
|
|
|
|
|
|
|
Dover Corp. |
|
| 1,193,373 |
|
| 74,777 |
|
Eaton Corp. |
|
| 995,600 |
|
| 47,968 |
|
Flowserve Corp. |
|
| 280,000 |
|
| 32,180 |
|
Kennametal, Inc. |
|
| 668,800 |
|
| 28,244 |
|
Nordson Corp. |
|
| 560,000 |
|
| 30,184 |
|
Pall Corp. |
|
| 520,000 |
|
| 30,997 |
|
|
|
|
| See Notes to Financial Statements. | 13 |
|
Schedule of Investments (unaudited)(continued) |
FUNDAMENTAL EQUITY FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Machinery (continued) |
|
|
|
|
|
|
|
Parker Hannifin Corp. |
|
| 338,400 |
| $ | 29,674 |
|
Trinity Industries, Inc. |
|
| 575,000 |
|
| 17,020 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 291,044 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 5.47% |
|
|
|
|
|
|
|
Interpublic Group of Cos., |
|
| 7,700,000 |
|
| 90,937 |
|
Omnicom Group, Inc. |
|
| 1,739,482 |
|
| 89,253 |
|
Time Warner, Inc. |
|
| 1,375,000 |
|
| 51,507 |
|
Walt Disney Co. (The) |
|
| 1,015,000 |
|
| 43,757 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 275,454 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Metals & Mining 2.01% |
|
|
|
|
|
|
|
Freeport-McMoRan Copper |
|
| 1,128,600 |
|
| 43,225 |
|
Reliance Steel & |
|
| 1,040,000 |
|
| 58,126 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 101,351 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Line Retail 1.57% |
|
|
|
|
|
|
|
J.C. Penney Co., Inc. |
|
| 500,000 |
|
| 18,030 |
|
Macy’s, Inc. |
|
| 815,000 |
|
| 33,431 |
|
Target Corp. |
|
| 476,000 |
|
| 27,580 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 79,041 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 4.77% |
|
|
|
|
|
|
|
Anadarko Petroleum Corp. |
|
| 825,000 |
|
| 60,398 |
|
Apache Corp. |
|
| 350,000 |
|
| 33,579 |
|
Devon Energy Corp. |
|
| 407,000 |
|
| 28,429 |
|
Exxon Mobil Corp. |
|
| 835,300 |
|
| 72,120 |
|
Imperial Oil Ltd. (Canada)(a) |
|
| 455,000 |
|
| 21,198 |
|
Range Resources Corp. |
|
| 365,000 |
|
| 24,331 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 240,055 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Paper & Forest Products 1.01% |
|
|
|
|
|
|
|
International Paper Co. |
|
| 1,525,000 |
|
| 50,798 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 3.68% |
|
|
|
|
|
|
|
Teva Pharmaceutical |
|
| 2,095,000 |
|
| 95,825 |
|
Warner Chilcott plc |
|
| 624,900 |
|
| 13,592 |
|
Watson Pharmaceuticals, |
|
| 1,007,400 |
|
| 75,918 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 185,335 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Professional Services 1.14% |
|
|
|
|
|
|
|
Manpower, Inc. |
|
| 1,351,274 |
|
| 57,564 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Management |
|
|
|
|
|
|
|
Jones Lang LaSalle, Inc. |
|
| 420,000 |
|
| 33,575 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 0.79% |
|
|
|
|
|
|
|
CSX Corp. |
|
| 976,208 |
|
| 21,779 |
|
Kansas City Southern |
|
| 230,000 |
|
| 17,715 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 39,494 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor |
|
|
|
|
|
|
|
Broadcom Corp. Class A* |
|
| 1,833,800 |
|
| 67,117 |
|
Intel Corp. |
|
| 1,560,080 |
|
| 44,306 |
|
Lam Research Corp.* |
|
| 1,035,000 |
|
| 43,108 |
|
Texas Instruments, Inc. |
|
| 2,550,000 |
|
| 81,447 |
|
Xilinx, Inc. |
|
| 560,000 |
|
| 20,373 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 256,351 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Software 1.31% |
|
|
|
|
|
|
|
Adobe Systems, Inc.* |
|
| 149,766 |
|
| 5,026 |
|
Intuit, Inc. |
|
| 262,000 |
|
| 15,188 |
|
Microsoft Corp. |
|
| 1,419,757 |
|
| 45,461 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 65,675 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Specialty Retail 2.40% |
|
|
|
|
|
|
|
Guess?, Inc. |
|
| 1,300,400 |
|
| 38,076 |
|
Home Depot, Inc. (The) |
|
| 1,200,000 |
|
| 62,148 |
|
Penske Automotive |
|
| 775,000 |
|
| 20,491 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 120,715 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 4,949,154 |
|
|
|
|
|
|
|
|
|
|
14 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(concluded) |
FUNDAMENTAL EQUITY FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
| |||||||
SHORT-TERM INVESTMENT 1.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 67,866 |
| $ | 67,866 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 5,017,020 |
|
|
|
|
|
|
| ||
Other Assets in Excess |
|
|
|
|
| 16,549 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 5,033,569 |
|
|
|
|
|
|
|
|
|
|
ADR |
| American Depositary Receipt. |
* |
| Non-income producing security. |
(a) |
| Foreign security traded in U.S. dollars. |
|
|
|
| See Notes to Financial Statements. | 15 |
|
Schedule of Investments (unaudited) |
GROWTH LEADERS FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
COMMON STOCKS 97.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 4.14% |
|
|
|
|
|
|
|
BE Aerospace, Inc.* |
|
| 6,775 |
| $ | 319 |
|
Boeing Co. (The) |
|
| 5,164 |
|
| 396 |
|
Hexcel Corp.* |
|
| 11,274 |
|
| 309 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,024 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Airlines 1.14% |
|
|
|
|
|
|
|
Copa Holdings SA |
|
|
|
|
|
|
|
Class A (Panama)(a) |
|
| 3,472 |
|
| 282 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Automobiles 1.05% |
|
|
|
|
|
|
|
Tesla Motors, Inc.* |
|
| 7,827 |
|
| 259 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Beverages 1.27% |
|
|
|
|
|
|
|
Monster Beverage Corp.* |
|
| 4,853 |
|
| 315 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Biotechnology 3.75% |
|
|
|
|
|
|
|
Biogen Idec, Inc.* |
|
| 2,635 |
|
| 353 |
|
Incyte Corp.* |
|
| 12,511 |
|
| 284 |
|
Regeneron |
|
| 2,139 |
|
| 289 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 926 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Capital Markets 1.35% |
|
|
|
|
|
|
|
Affiliated Managers |
|
|
|
|
|
|
|
Group, Inc.* |
|
| 2,939 |
|
| 334 |
|
|
|
|
|
|
| ||
| |||||||
Commercial Banks 2.24% |
|
|
|
|
|
|
|
SVB Financial Group* |
|
| 4,005 |
|
| 257 |
|
U.S. Bancorp |
|
| 9,252 |
|
| 297 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 554 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Communications Equipment 2.41% |
|
|
|
|
|
|
|
QUALCOMM, Inc. |
|
| 9,317 |
|
| 595 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Computers & Peripherals 6.38% |
|
|
|
|
|
|
|
Apple, Inc.* |
|
| 1,516 |
|
| 886 |
|
Fusion-io, Inc.* |
|
| 6,754 |
|
| 173 |
|
Stratasys, Inc.* |
|
| 4,665 |
|
| 239 |
|
Teradata Corp.* |
|
| 4,018 |
|
| 280 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,578 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Trimble Navigation Ltd.* |
|
| 5,186 |
|
| 281 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy Equipment & Services 1.14% |
|
|
|
|
|
|
|
Core Laboratories NV |
|
| 2,061 |
|
| 282 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 2.24% |
|
|
|
|
|
|
|
Fresh Market, Inc. (The)* |
|
| 5,122 |
|
| 262 |
|
Whole Foods Market, Inc. |
|
| 3,507 |
|
| 291 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 553 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies 3.27% |
|
|
|
|
|
|
|
Align Technology, Inc.* |
|
| 11,632 |
|
| 369 |
|
Intuitive Surgical, Inc.* |
|
| 761 |
|
| 440 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 809 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Providers & Services 2.53% |
|
|
|
|
|
|
|
Express Scripts Holding Co.* |
|
| 6,810 |
|
| 380 |
|
UnitedHealth Group, Inc. |
|
| 4,377 |
|
| 246 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 626 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Technology 1.10% |
|
|
|
|
|
|
|
SXC Health Solutions Corp.* |
|
| 3,016 |
|
| 273 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 2.28% |
|
|
|
|
|
|
|
Las Vegas Sands Corp. |
|
| 5,161 |
|
| 287 |
|
Panera Bread Co. Class A* |
|
| 1,748 |
|
| 276 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 563 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Information Technology Services 3.75% |
|
|
|
|
|
|
|
MasterCard, Inc. Class A |
|
| 1,094 |
|
| 495 |
|
Visa, Inc. Class A |
|
| 3,512 |
|
| 432 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 927 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Internet & Catalog Retail 3.44% |
|
|
|
|
|
|
|
Amazon.com, Inc.* |
|
| 2,076 |
|
| 482 |
|
priceline.com, Inc.* |
|
| 484 |
|
| 368 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 850 |
|
|
|
|
|
|
|
|
|
|
16 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
GROWTH LEADERS FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
Internet Software & Services 6.32% |
|
|
|
|
|
|
|
CoStar Group, Inc.* |
|
| 3,457 |
| $ | 252 |
|
eBay, Inc.* |
|
| 12,026 |
|
| 494 |
|
LinkedIn Corp. Class A* |
|
| 2,714 |
|
| 294 |
|
MercadoLibre, Inc. |
|
| 2,665 |
|
| 258 |
|
Rackspace Hosting, Inc.* |
|
| 4,530 |
|
| 263 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,561 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 3.79% |
|
|
|
|
|
|
|
Chart Industries, Inc.* |
|
| 4,513 |
|
| 345 |
|
Cummins, Inc. |
|
| 2,857 |
|
| 331 |
|
Wabtec Corp. |
|
| 3,341 |
|
| 260 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 936 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 4.66% |
|
|
|
|
|
|
|
Continental Resources, Inc.* |
|
| 5,710 |
|
| 510 |
|
Energy XXI Bermuda Ltd.* |
|
| 8,450 |
|
| 318 |
|
Pioneer Natural Resources Co. |
|
| 2,785 |
|
| 323 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,151 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Personal Products 2.45% |
|
|
|
|
|
|
|
Estee Lauder Cos., Inc. (The) |
|
|
|
|
|
|
|
Class A |
|
| 4,870 |
|
| 318 |
|
Herbalife Ltd. |
|
| 4,073 |
|
| 287 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 605 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 2.73% |
|
|
|
|
|
|
|
Allergan, Inc. |
|
| 3,982 |
|
| 382 |
|
Watson Pharmaceuticals, |
|
| 3,866 |
|
| 292 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 674 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Professional Services 2.32% |
|
|
|
|
|
|
|
Robert Half International, Inc. |
|
| 8,031 |
|
| 239 |
|
Verisk Analytics, Inc. Class A* |
|
| 6,820 |
|
| 334 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 573 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 2.36% |
|
|
|
|
|
|
|
J.B. Hunt Transport Services, |
|
| 4,716 |
|
| 261 |
|
Kansas City Southern |
|
| 4,185 |
|
| 322 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 583 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor |
|
|
|
|
|
|
|
Intel Corp. |
|
| 10,919 |
|
| 310 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Software 14.87% |
|
|
|
|
|
|
|
Ariba, Inc.* |
|
| 6,757 |
|
| 258 |
|
Citrix Systems, Inc.* |
|
| 3,931 |
|
| 336 |
|
Concur Technologies, Inc.* |
|
| 4,824 |
|
| 273 |
|
Microsoft Corp. |
|
| 15,075 |
|
| 483 |
|
Red Hat, Inc.* |
|
| 8,195 |
|
| 488 |
|
salesforce.com, Inc.* |
|
| 3,221 |
|
| 502 |
|
SolarWinds, Inc.* |
|
| 6,650 |
|
| 312 |
|
Splunk, Inc.* |
|
| 6,524 |
|
| 221 |
|
TIBCO Software, Inc.* |
|
| 8,939 |
|
| 294 |
|
VMware, Inc. Class A* |
|
| 4,552 |
|
| 509 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,676 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Specialty Retail 5.77% |
|
|
|
|
|
|
|
Bed Bath & Beyond, Inc.* |
|
| 4,755 |
|
| 335 |
|
Dick’s Sporting Goods, Inc. |
|
| 5,576 |
|
| 282 |
|
PetSmart, Inc. |
|
| 4,586 |
|
| 267 |
|
Sherwin-Williams Co. (The) |
|
| 2,260 |
|
| 272 |
|
Tractor Supply Co. |
|
| 2,752 |
|
| 271 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,427 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods 6.76% |
|
|
|
|
|
|
|
lululemon athletica, Inc. |
|
| 3,476 |
|
| 258 |
|
Michael Kors Holdings Ltd. |
|
| 6,073 |
|
| 277 |
|
NIKE, Inc. Class B |
|
| 3,326 |
|
| 372 |
|
|
|
|
| See Notes to Financial Statements. | 17 |
|
Schedule of Investments (unaudited)(concluded) |
GROWTH LEADERS FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
Textiles, Apparel & Luxury Goods (continued) |
|
|
|
|
|
|
|
Ralph Lauren Corp. |
|
| 1,563 |
| $ | 269 |
|
Tumi Holdings, Inc.* |
|
| 9,426 |
|
| 240 |
|
Under Armour, Inc. Class A* |
|
| 2,590 |
|
| 254 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,670 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 24,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Principal |
|
| Fair |
| |
SHORT-TERM INVESTMENT 0.87% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 216 |
| $ | 216 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 24,413 |
|
|
|
|
|
|
| ||
Other Assets in Excess |
|
|
|
|
| 304 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 24,717 |
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Foreign security traded in U.S. dollars. |
|
|
|
18 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited) |
INTERNATIONAL CORE EQUITY FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 97.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 96.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia 4.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beverages 1.17% |
|
|
|
|
|
|
|
Coca-Cola Amatil Ltd. |
|
| 660,010 |
| $ | 8,562 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 0.94% |
|
|
|
|
|
|
|
Leighton Holdings Ltd. |
|
| 318,324 |
|
| 6,829 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies 0.12% |
|
|
|
|
|
|
|
ResMed, Inc. CDI* |
|
| 254,658 |
|
| 868 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Providers & Services 1.07% |
|
|
|
|
|
|
|
Sonic Healthcare Ltd. |
|
| 591,063 |
|
| 7,766 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 0.76% |
|
|
|
|
|
|
|
Seven West Media Ltd. |
|
| 1,785,905 |
|
| 5,508 |
|
|
|
|
|
|
| ||
Total Australia |
|
|
|
|
| 29,533 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Belgium 2.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
Anheuser-Busch InBev NV |
|
| 219,937 |
|
| 15,852 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Canada 1.80% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
Yamana Gold, Inc. |
|
| 889,200 |
|
| 13,071 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
China 0.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobiles |
|
|
|
|
|
|
|
Dongfeng Motor Group |
|
| 2,212,000 |
|
| 4,362 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Finland 0.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric: Utilities |
|
|
|
|
|
|
|
Fortum OYJ |
|
| 314,903 |
|
| 6,774 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
France 3.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 0.96% |
|
|
|
|
|
|
|
Safran SA |
|
| 187,726 |
|
| 6,958 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 0.90% |
|
|
|
|
|
|
|
Vinci SA |
|
| 142,144 |
|
| 6,585 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electrical Equipment 0.54% |
|
|
|
|
|
|
|
Schneider Electric SA |
|
| 64,115 |
|
| 3,939 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 0.57% |
|
|
|
|
|
|
|
Carrefour SA |
|
| 204,913 |
|
| 4,116 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 0.98% |
|
|
|
|
|
|
|
Danone |
|
| 100,964 |
|
| 7,103 |
|
|
|
|
|
|
| ||
Total France |
|
|
|
|
| 28,701 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Germany 6.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics 1.48% |
|
|
|
|
|
|
|
Deutsche Post AG Registered |
|
| 575,709 |
|
| 10,745 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 0.97% |
|
|
|
|
|
|
|
E. On AG |
|
| 312,357 |
|
| 7,077 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies 1.54% |
|
|
|
|
|
|
|
Fresenius SE & Co. KGaA |
|
| 112,016 |
|
| 11,180 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Products 1.13% |
|
|
|
|
|
|
|
Henkel KGaA |
|
| 134,553 |
|
| 8,236 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Software 0.96% |
|
|
|
|
|
|
|
SAP AG |
|
| 105,819 |
|
| 7,016 |
|
|
|
|
|
|
| ||
Total Germany |
|
|
|
|
| 44,254 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hong Kong 4.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Components 0.60% |
|
|
|
|
|
|
|
Minth Group Ltd. |
|
| 3,436,000 |
|
| 4,353 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 19 |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL CORE EQUITY FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
Hong Kong (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals 0.46% |
|
|
|
|
|
|
|
Huabao International |
|
| 6,867,000 |
| $ | 3,347 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Management & Development 1.38% |
|
|
|
|
|
|
|
New World Development |
|
| 8,068,000 |
|
| 10,056 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Water Utilities 1.03% |
|
|
|
|
|
|
|
Guangdong Investment |
|
| 10,142,000 |
|
| 7,464 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 1.48% |
|
|
|
|
|
|
|
China Mobile Ltd. |
|
| 974,500 |
|
| 10,795 |
|
|
|
|
|
|
| ||
Total Hong Kong |
|
|
|
|
| 36,015 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Indonesia 0.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
PT Bank Negara Indonesia |
|
| 11,566,814 |
|
| 5,066 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Ireland 1.59% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
Shire plc |
|
| 354,531 |
|
| 11,565 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Israel 1.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
Teva Pharmaceutical |
|
| 294,945 |
|
| 13,491 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Italy 1.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks 0.74% |
|
|
|
|
|
|
|
Intesa Sanpaolo SpA |
|
| 3,577,516 |
|
| 5,413 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 1.03% |
|
|
|
|
|
|
|
Telecom Italia SpA* |
|
| 6,558,084 |
|
| 7,452 |
|
|
|
|
|
|
| ||
Total Italy |
|
|
|
|
| 12,865 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Japan 16.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobiles 2.68% |
|
|
|
|
|
|
|
Honda Motor Co., Ltd. |
|
| 196,290 |
|
| 7,064 |
|
Toyota Motor Corp. |
|
| 304,100 |
|
| 12,462 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 19,526 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals 0.99% |
|
|
|
|
|
|
|
Asahi Kasei Corp. |
|
| 1,164,000 |
|
| 7,194 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 1.12% |
|
|
|
|
|
|
|
Bank of Yokohama Ltd. (The) |
|
| 1,687,000 |
|
| 8,170 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Finance 1.31% |
|
|
|
|
|
|
|
ORIX Corp. |
|
| 99,650 |
|
| 9,528 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 0.38% |
|
|
|
|
|
|
|
Kansai Electric Power Co., |
|
| 190,000 |
|
| 2,755 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Hitachi Ltd. |
|
| 1,580,000 |
|
| 10,063 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 0.66% |
|
|
|
|
|
|
|
NKSJ Holdings, Inc. |
|
| 234,300 |
|
| 4,823 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Office Electronics 1.42% |
|
|
|
|
|
|
|
Canon, Inc. |
|
| 227,500 |
|
| 10,312 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Management & Development 1.30% |
|
|
|
|
|
|
|
Sumitomo Realty & |
|
| 395,200 |
|
| 9,424 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 1.72% |
|
|
|
|
|
|
|
East Japan Railway Co. |
|
| 200,700 |
|
| 12,487 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Tobacco 0.93% |
|
|
|
|
|
|
|
Japan Tobacco, Inc. |
|
| 1,223 |
|
| 6,775 |
|
|
|
|
|
|
|
|
|
|
20 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL CORE EQUITY FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
Japan (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors 2.82% |
|
|
|
|
|
|
|
Mitsui & Co., Ltd. |
|
| 661,300 |
| $ | 10,327 |
|
Sumitomo Corp. |
|
| 716,400 |
|
| 10,181 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 20,508 |
|
|
|
|
|
|
| ||
Total Japan |
|
|
|
|
| 121,565 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Netherlands 2.44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 1.05% |
|
|
|
|
|
|
|
ING Groep NV CVA* |
|
| 1,088,062 |
|
| 7,672 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 1.39% |
|
|
|
|
|
|
|
Koninklijke Ahold NV |
|
| 795,092 |
|
| 10,085 |
|
|
|
|
|
|
| ||
Total Netherlands |
|
|
|
|
| 17,757 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Norway 2.80% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks 1.05% |
|
|
|
|
|
|
|
DnB NOR ASA |
|
| 707,646 |
|
| 7,629 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 1.75% |
|
|
|
|
|
|
|
Telenor ASA |
|
| 693,820 |
|
| 12,754 |
|
|
|
|
|
|
| ||
Total Norway |
|
|
|
|
| 20,383 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Poland 0.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric: Utilities |
|
|
|
|
|
|
|
PGE SA |
|
| 981,139 |
|
| 5,874 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Russia 0.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
Gazprom OAO ADR |
|
| 314,200 |
|
| 3,626 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Singapore 2.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks 1.01% |
|
|
|
|
|
|
|
DBS Group Holdings Ltd. |
|
| 652,100 |
|
| 7,356 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Industrial Conglomerates 1.76% |
|
|
|
|
|
|
|
Keppel Corp., Ltd. |
|
| 1,436,400 |
|
| 12,826 |
|
|
|
|
|
|
| ||
Total Singapore |
|
|
|
|
| 20,182 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
South Korea 3.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobiles 1.13% |
|
|
|
|
|
|
|
Hyundai Motor Co. |
|
| 34,600 |
|
| 8,220 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 1.03% |
|
|
|
|
|
|
|
DGB Financial Group, Inc. |
|
| 639,260 |
|
| 7,495 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 1.56% |
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
| 9,204 |
|
| 11,321 |
|
|
|
|
|
|
| ||
Total South Korea |
|
|
|
|
| 27,036 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Sweden 1.48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Swedbank AB A Shares |
|
| 651,130 |
|
| 10,782 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Switzerland 4.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals 1.49% |
|
|
|
|
|
|
|
Syngenta AG Registered |
|
| 30,755 |
|
| 10,799 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electrical Equipment 1.20% |
|
|
|
|
|
|
|
ABB Ltd.* |
|
| 476,874 |
|
| 8,690 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 0.54% |
|
|
|
|
|
|
|
Nestle SA Registered Shares |
|
| 64,664 |
|
| 3,961 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 1.49% |
|
|
|
|
|
|
|
Swiss Re Ltd.* |
|
| 173,023 |
|
| 10,847 |
|
|
|
|
|
|
| ||
Total Switzerland |
|
|
|
|
| 34,297 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Taiwan 2.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals 1.34% |
|
|
|
|
|
|
|
Asustek Computer, Inc. |
|
| 964,000 |
|
| 9,736 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 21 |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL CORE EQUITY FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
Taiwan (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 1.24% |
|
|
|
|
|
|
|
Siliconware Precision |
|
| 1,545,800 |
| $ | 9,012 |
|
|
|
|
|
|
| ||
Total Taiwan |
|
|
|
|
| 18,748 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Thailand 1.65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Bangkok Bank Public |
|
| 1,899,600 |
|
| 11,984 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Turkey 0.92% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Turk Telekomunikasyon AS |
|
| 1,524,267 |
|
| 6,683 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
United Kingdom 24.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks 2.31% |
|
|
|
|
|
|
|
Barclays plc |
|
| 1,995,686 |
|
| 7,069 |
|
HSBC Holdings plc |
|
| 402,076 |
|
| 3,622 |
|
Lloyds Banking |
|
| 12,181,174 |
|
| 6,130 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 16,821 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 0.75% |
|
|
|
|
|
|
|
SSE plc |
|
| 255,455 |
|
| 5,477 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 1.48% |
|
|
|
|
|
|
|
Unilever plc |
|
| 315,273 |
|
| 10,760 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 2.31% |
|
|
|
|
|
|
|
Aviva plc |
|
| 1,099,025 |
|
| 5,496 |
|
Prudential plc |
|
| 924,906 |
|
| 11,325 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 16,821 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 2.00% |
|
|
|
|
|
|
|
British Sky Broadcasting |
|
| 502,611 |
|
| 5,531 |
|
WPP plc |
|
| 664,553 |
|
| 8,989 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 14,520 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Metals & Mining 4.48% |
|
|
|
|
|
|
|
Anglo American plc |
|
| 329,566 |
|
| 12,665 |
|
Vedanta Resources plc |
|
| 267,111 |
|
| 5,276 |
|
Xstrata plc |
|
| 764,618 |
|
| 14,611 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 32,552 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Utilities 1.41% |
|
|
|
|
|
|
|
National Grid plc |
|
| 952,894 |
|
| 10,292 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 5.94% |
|
|
|
|
|
|
|
Afren plc* |
|
| 3,042,420 |
|
| 6,641 |
|
BG Group plc |
|
| 420,018 |
|
| 9,887 |
|
Cairn Energy plc* |
|
| 1,727,132 |
|
| 9,637 |
|
Tullow Oil plc |
|
| 684,151 |
|
| 17,032 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 43,197 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 1.46% |
|
|
|
|
|
|
|
GlaxoSmithKline plc ADR |
|
| 230,095 |
|
| 10,637 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Tobacco 1.57% |
|
|
|
|
|
|
|
Imperial Tobacco Group plc |
|
| 286,125 |
|
| 11,442 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.54% |
|
|
|
|
|
|
|
Vodafone Group plc |
|
| 1,407,469 |
|
| 3,894 |
|
|
|
|
|
|
| ||
Total United Kingdom |
|
|
|
|
| 176,413 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
United States 0.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies |
|
|
|
|
|
|
|
ResMed, Inc.* |
|
| 140,600 |
|
| 4,782 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 701,661 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
PREFERRED STOCK 0.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobiles |
|
|
|
|
|
|
|
Volkswagen AG |
|
| 27,838 |
|
| 5,273 |
|
|
|
|
|
|
| ||
Total Long-Term Investments |
|
|
|
|
| 706,934 |
|
|
|
|
|
|
|
|
|
|
22 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL CORE EQUITY FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Principal |
|
|
| ||
SHORT-TERM INVESTMENT 1.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 11,812 |
| $ | 11,812 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 718,746 |
|
|
|
|
|
|
| ||
Cash, Foreign Cash and |
|
|
|
|
| 8,565 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 727,311 |
|
|
|
|
|
|
|
|
|
|
ADR | American Depositary Receipt. | |
* | Non-income producing security. | |
(a) | Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized depreciation on forward foreign currency exchange contracts as follows: |
|
|
|
| See Notes to Financial Statements. | 23 |
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL CORE EQUITY FUND April 30, 2012
Open Forward Foreign Currency Exchange Contracts at April 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
| U.S. $ |
| U.S. $ |
| Unrealized |
| |||||
Australian dollar |
| Buy |
| Goldman Sachs |
| 6/25/2012 |
|
| 20,065,000 |
|
| $20,999,226 |
|
| $20,789,213 |
|
| $ | (210,013 | ) |
Australian dollar |
| Buy |
| Morgan Stanley |
| 8/27/2012 |
|
| 1,065,000 |
|
| 1,081,571 |
|
| 1,096,746 |
|
| 15,175 |
| |
Australian dollar |
| Buy |
| Morgan Stanley |
| 8/27/2012 |
|
| 1,395,000 |
|
| 1,425,286 |
|
| 1,436,584 |
|
|
| 11,298 |
|
Australian dollar |
| Buy |
| Deutsche Bank AG |
| 9/4/2012 |
|
| 1,340,000 |
|
| 1,379,222 |
|
| 1,378,918 |
|
| (304 | ) | |
Brazilian real |
| Buy |
| UBS AG |
| 5/7/2012 |
|
| 7,200,000 |
|
| 3,830,398 |
|
| 3,774,092 |
|
|
| (56,306 | ) |
Brazilian real |
| Buy |
| Goldman Sachs |
| 8/9/2012 |
|
| 13,240,000 |
|
| 7,068,873 |
|
| 6,820,800 |
|
| (248,073 | ) | |
British pound |
| Buy |
| Credit Suisse |
| 5/23/2012 |
|
| 2,815,000 |
|
| 4,422,120 |
|
| 4,567,872 |
|
|
| 145,752 |
|
British pound |
| Buy |
| UBS AG |
| 5/23/2012 |
|
| 1,220,000 |
|
| 1,916,156 |
|
| 1,979,681 |
|
| 63,525 |
| |
British pound |
| Buy |
| Credit Suisse |
| 6/25/2012 |
|
| 300,000 |
|
| 471,148 |
|
| 486,710 |
|
|
| 15,562 |
|
euro |
| Buy |
| Deutsche Bank AG |
| 6/6/2012 |
|
| 1,710,000 |
|
| 2,251,506 |
|
| 2,263,827 |
|
| 12,321 |
| |
euro |
| Buy |
| Deutsche Bank AG |
| 6/6/2012 |
|
| 3,435,000 |
|
| 4,550,688 |
|
| 4,547,512 |
|
|
| (3,176 | ) |
euro |
| Buy |
| Deutsche Bank AG |
| 6/6/2012 |
|
| 2,865,000 |
|
| 3,805,141 |
|
| 3,792,903 |
|
| (12,238 | ) | |
euro |
| Buy |
| Deutsche Bank AG |
| 6/6/2012 |
|
| 1,045,000 |
|
| 1,382,709 |
|
| 1,383,450 |
|
|
| 741 |
|
euro |
| Buy |
| Deutsche Bank AG |
| 6/6/2012 |
|
| 1,560,000 |
|
| 2,075,739 |
|
| 2,065,246 |
|
| (10,493 | ) | |
euro |
| Buy |
| Barclays Bank plc |
| 7/19/2012 |
|
| 1,180,000 |
|
| 1,572,678 |
|
| 1,562,622 |
|
|
| (10,056 | ) |
euro |
| Buy |
| Barclays Bank plc |
| 7/19/2012 |
|
| 30,205,000 |
|
| 39,448,183 |
|
| 39,999,146 |
|
| 550,963 |
| |
euro |
| Buy |
| Barclays Bank plc |
| 7/19/2012 |
|
| 1,555,000 |
|
| 2,053,813 |
|
| 2,059,218 |
|
|
| 5,405 |
|
euro |
| Buy |
| Morgan Stanley |
| 8/27/2012 |
|
| 2,575,000 |
|
| 3,383,550 |
|
| 3,411,250 |
|
| 27,700 |
| |
Japanese yen |
| Buy |
| Goldman Sachs |
| 7/31/2012 |
|
| 904,295,000 |
|
| 10,899,716 |
|
| 11,336,306 |
|
|
| 436,590 |
|
South African rand |
| Buy |
| Goldman Sachs |
| 9/4/2012 |
|
| 21,790,000 |
|
| 2,752,479 |
|
| 2,753,099 |
|
| 620 |
| |
South Korean won |
| Buy |
| J.P. Morgan |
| 6/1/2012 |
|
| 4,240,000,000 |
|
| 3,746,410 |
|
| 3,744,665 |
|
|
| (1,745 | ) |
Swiss franc |
| Buy |
| Deutsche Bank AG |
| 6/6/2012 |
|
| 6,195,000 |
|
| 6,812,873 |
|
| 6,827,837 |
|
| 14,964 |
| |
Swiss franc |
| Buy |
| Credit Suisse |
| 6/21/2012 |
|
| 2,775,000 |
|
| 3,030,104 |
|
| 3,059,102 |
|
|
| 28,998 |
|
Swiss franc |
| Buy |
| Deutsche Bank AG |
| 6/25/2012 |
|
| 5,450,000 |
|
| 5,982,220 |
|
| 6,008,295 |
|
| 26,075 |
| |
Swiss franc |
| Buy |
| J.P. Morgan |
| 8/31/2012 |
|
| 3,560,000 |
|
| 3,922,779 |
|
| 3,928,908 |
|
|
| 6,129 |
|
Australian dollar |
| Sell |
| Goldman Sachs |
| 6/25/2012 |
|
| 795,000 |
|
| 836,761 |
|
| 823,694 |
|
| 13,067 |
| |
Brazilian real |
| Sell |
| UBS AG |
| 5/7/2012 |
|
| 4,020,000 |
|
| 2,246,814 |
|
| 2,107,201 |
|
|
| 139,613 |
|
Brazilian real |
| Sell |
| UBS AG |
| 5/7/2012 |
|
| 3,180,000 |
|
| 1,823,813 |
|
| 1,666,891 |
|
| 156,922 |
| |
British pound |
| Sell |
| UBS AG |
| 5/23/2012 |
|
| 1,665,000 |
|
| 2,572,608 |
|
| 2,701,778 |
|
|
| (129,170 | ) |
British pound |
| Sell |
| UBS AG |
| 5/23/2012 |
|
| 2,370,000 |
|
| 3,748,700 |
|
| 3,845,775 |
|
| (97,075 | ) | |
British pound |
| Sell |
| Credit Suisse |
| 6/25/2012 |
|
| 20,050,000 |
|
| 31,377,649 |
|
| 32,528,460 |
|
|
| (1,150,811 | ) |
Canadian dollar |
| Sell |
| Morgan Stanley |
| 6/25/2012 |
|
| 13,025,000 |
|
| 13,034,124 |
|
| 13,169,236 |
|
| (135,112 | ) | |
euro |
| Sell |
| Barclays Bank plc |
| 6/6/2012 |
|
| 1,795,000 |
|
| 2,342,708 |
|
| 2,376,356 |
|
|
| (33,648 | ) |
euro |
| Sell |
| Deutsche Bank AG |
| 6/6/2012 |
|
| 3,215,000 |
|
| 4,291,411 |
|
| 4,256,260 |
|
| 35,151 |
| |
euro |
| Sell |
| Deutsche Bank AG |
| 6/6/2012 |
|
| 2,580,000 |
|
| 3,391,126 |
|
| 3,415,599 |
|
|
| (24,473 | ) |
euro |
| Sell |
| Deutsche Bank AG |
| 6/6/2012 |
|
| 3,025,000 |
|
| 4,004,797 |
|
| 4,004,723 |
|
| 74 |
| |
euro |
| Sell |
| Barclays Bank plc |
| 7/19/2012 |
|
| 1,520,000 |
|
| 1,984,488 |
|
| 2,012,869 |
|
|
| (28,381 | ) |
euro |
| Sell |
| Barclays Bank plc |
| 7/19/2012 |
|
| 1,150,000 |
|
| 1,521,714 |
|
| 1,522,894 |
|
| (1,180 | ) | |
euro |
| Sell |
| J.P. Morgan |
| 7/19/2012 |
|
| 2,525,000 |
|
| 3,310,518 |
|
| 3,343,746 |
|
|
| (33,228 | ) |
Israeli new shekel |
| Sell |
| Goldman Sachs |
| 5/29/2012 |
|
| 27,075,000 |
|
| 7,129,690 |
|
| 7,182,191 |
|
| (52,501 | ) | |
Norwegian krone |
| Sell |
| UBS AG |
| 6/25/2012 |
|
| 66,800,000 |
|
| 11,732,678 |
|
| 11,648,253 |
|
|
| 84,425 |
|
South Korean won |
| Sell |
| J.P. Morgan |
| 6/1/2012 |
|
| 4,240,000,000 |
|
| 3,720,114 |
|
| 3,744,666 |
|
| (24,552 | ) | |
South Korean won |
| Sell |
| UBS AG |
| 7/23/2012 |
|
| 2,657,400,000 |
|
| 2,331,973 |
|
| 2,339,702 |
|
|
| (7,729 | ) |
South Korean won |
| Sell |
| UBS AG |
| 8/20/2012 |
|
| 6,930,315,000 |
|
| 6,018,250 |
|
| 6,090,352 |
|
| (72,102 | ) | |
South Korean won |
| Sell |
| UBS AG |
| 8/20/2012 |
|
| 1,982,140,000 |
|
| 1,719,897 |
|
| 1,741,902 |
|
|
| (22,005 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts |
| $ | (573,301 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2012
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
LONG-TERM INVESTMENTS 95.29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 93.43% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia 12.99% |
|
|
|
|
|
|
|
| |||||||
Air Freight & Logistics 1.05% |
|
|
|
|
|
|
|
Toll Holdings Ltd. |
|
| 2,533,136 |
| $ | 15,467 |
|
|
|
|
|
|
| ||
| |||||||
Beverages 1.02% |
|
|
|
|
|
|
|
Coca-Cola Amatil Ltd. |
|
| 1,147,845 |
|
| 14,890 |
|
|
|
|
|
|
| ||
| |||||||
Commercial Banks 1.01% |
|
|
|
|
|
|
|
National Australia |
|
| 563,485 |
|
| 14,813 |
|
|
|
|
|
|
| ||
| |||||||
Construction & Engineering 1.00% |
|
|
|
|
|
|
|
Leighton Holdings Ltd. |
|
| 686,093 |
|
| 14,719 |
|
|
|
|
|
|
| ||
| |||||||
Diversified Telecommunication Services 1.79% |
|
|
|
|
|
|
|
Telstra Corp., Ltd. |
|
| 7,122,616 |
|
| 26,272 |
|
|
|
|
|
|
| ||
| |||||||
Electric: Utilities 1.65% |
|
|
|
|
|
|
|
Spark Infrastructure |
|
| 16,031,177 |
|
| 24,220 |
|
|
|
|
|
|
| ||
| |||||||
Food & Staples Retailing 1.24% |
|
|
|
|
|
|
|
Metcash Ltd. |
|
| 4,416,843 |
|
| 18,225 |
|
|
|
|
|
|
| ||
| |||||||
Health Care Providers & Services 1.09% |
|
|
|
|
|
|
|
Sonic Healthcare Ltd. |
|
| 1,218,391 |
|
| 16,008 |
|
|
|
|
|
|
| ||
| |||||||
Media 1.54% |
|
|
|
|
|
|
|
Seven West Media Ltd. |
|
| 7,338,331 |
|
| 22,633 |
|
|
|
|
|
|
| ||
| |||||||
Multi-Line Retail 1.01% |
|
|
|
|
|
|
|
David Jones Ltd. |
|
| 5,688,032 |
|
| 14,757 |
|
|
|
|
|
|
| ||
| |||||||
Multi-Utilities 0.59% |
|
|
|
|
|
|
|
DUET Group |
|
| 4,524,081 |
|
| 8,721 |
|
|
|
|
|
|
| ||
Total Australia |
|
|
|
|
| 190,725 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Austria 1.28% |
|
|
|
|
|
|
|
| |||||||
Metals & Mining |
|
|
|
|
|
|
|
Voestalpine AG |
|
| 581,913 |
|
| 18,837 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Brazil 4.40% |
|
|
|
|
|
|
|
| |||||||
Commercial Banks 0.71% |
|
|
|
|
|
|
|
Banco do Brasil SA |
|
| 841,600 |
|
| 10,411 |
|
|
|
|
|
|
| ||
| |||||||
Diversified Telecommunication Services 1.44% |
|
|
|
|
|
|
|
Telefonica Brasil SA ADR |
|
| 743,800 |
|
| 21,176 |
|
|
|
|
|
|
| ||
| |||||||
Insurance 0.83% |
|
|
|
|
|
|
|
Sul America SA Unit |
|
| 1,478,385 |
|
| 12,099 |
|
|
|
|
|
|
| ||
| |||||||
Metals & Mining 1.42% |
|
|
|
|
|
|
|
Vale SA ADR |
|
| 941,300 |
|
| 20,897 |
|
|
|
|
|
|
| ||
Total Brazil |
|
|
|
|
| 64,583 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Czech Republic 2.73% |
|
|
|
|
|
|
|
| |||||||
Commercial Banks 1.47% |
|
|
|
|
|
|
|
Komercni Banka AS |
|
| 117,039 |
|
| 21,522 |
|
|
|
|
|
|
| ||
| |||||||
Electric: Utilities 1.26% |
|
|
|
|
|
|
|
CEZ AS |
|
| 459,296 |
|
| 18,520 |
|
|
|
|
|
|
| ||
Total Czech Republic |
|
|
|
|
| 40,042 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Finland 0.97% |
|
|
|
|
|
|
|
| |||||||
Electric: Utilities |
|
|
|
|
|
|
|
Fortum OYJ |
|
| 660,549 |
|
| 14,208 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
France 4.81% |
|
|
|
|
|
|
|
| |||||||
Automobiles 0.26% |
|
|
|
|
|
|
|
Peugeot SA |
|
| 320,842 |
|
| 3,852 |
|
|
|
|
|
|
| ||
| |||||||
Construction & Engineering 0.69% |
|
|
|
|
|
|
|
Vinci SA |
|
| 216,853 |
|
| 10,047 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 25 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
France (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment 0.77% |
|
|
|
|
|
|
|
Schneider Electric SA |
|
| 183,806 |
| $ | 11,292 |
|
|
|
|
|
|
| ||
| |||||||
Food & Staples Retailing 0.40% |
|
|
|
|
|
|
|
Carrefour SA |
|
| 289,734 |
|
| 5,820 |
|
|
|
|
|
|
| ||
| |||||||
Insurance 0.55% |
|
|
|
|
|
|
|
AXA SA |
|
| 573,815 |
|
| 8,127 |
|
|
|
|
|
|
| ||
| |||||||
Multi-Line Retail 1.20% |
|
|
|
|
|
|
|
PPR |
|
| 105,298 |
|
| 17,611 |
|
|
|
|
|
|
| ||
| |||||||
Oil, Gas & Consumable Fuels 0.94% |
|
|
|
|
|
|
|
Total SA ADR |
|
| 287,180 |
|
| 13,816 |
|
|
|
|
|
|
| ||
Total France |
|
|
|
|
| 70,565 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Germany 5.88% |
|
|
|
|
|
|
|
| |||||||
Air Freight & Logistics 1.48% |
|
|
|
|
|
|
|
Deutsche Post AG |
|
| 1,164,120 |
|
| 21,727 |
|
|
|
|
|
|
| ||
| |||||||
Diversified Telecommunication Services 0.94% |
|
|
|
|
|
|
|
Deutsche Telekom AG |
|
| 1,221,985 |
|
| 13,777 |
|
|
|
|
|
|
| ||
| |||||||
Electric: Utilities 2.10% |
|
|
|
|
|
|
|
E. On AG |
|
| 1,364,566 |
|
| 30,914 |
|
|
|
|
|
|
| ||
| |||||||
Multi-Utilities 1.36% |
|
|
|
|
|
|
|
RWE AG |
|
| 464,093 |
|
| 19,950 |
|
|
|
|
|
|
| ||
Total Germany |
|
|
|
|
| 86,368 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hong Kong 6.38% |
|
|
|
|
|
|
|
| |||||||
Chemicals 0.41% |
|
|
|
|
|
|
|
Huabao International |
|
| 12,269,000 |
|
| 5,979 |
|
|
|
|
|
|
| ||
| |||||||
Communications Equipment 0.57% |
|
|
|
|
|
|
|
VTech Holdings Ltd. |
|
| 751,000 |
|
| 8,421 |
|
|
|
|
|
|
| ||
| |||||||
Industrial Conglomerates 0.55% |
|
|
|
|
|
|
|
New World Development |
|
| 5,361,000 |
|
| 8,098 |
|
|
|
|
|
|
| ||
| |||||||
Real Estate Management & Development 2.69% |
|
|
|
|
|
|
|
New World Development |
|
| 15,513,000 |
|
| 19,335 |
|
|
|
|
|
|
| ||
Shimao Property |
|
| 15,203,500 |
|
| 20,105 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 39,440 |
|
|
|
|
|
|
| ||
| |||||||
Water Utilities 0.69% |
|
|
|
|
|
|
|
Guangdong Investment |
|
| 13,826,000 |
|
| 10,175 |
|
|
|
|
|
|
| ||
| |||||||
Wireless Telecommunication Services 1.47% |
|
|
|
|
|
|
|
China Mobile Ltd. |
|
| 1,941,500 |
|
| 21,508 |
|
|
|
|
|
|
| ||
Total Hong Kong |
|
|
|
|
| 93,621 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Israel 1.29% |
|
|
|
|
|
|
|
| |||||||
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Bezeq The Israeli |
|
| 11,283,459 |
|
| 18,882 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Italy 3.17% |
|
|
|
|
|
|
|
| |||||||
Commercial Banks 0.62% |
|
|
|
|
|
|
|
Intesa Sanpaolo SpA |
|
| 6,025,480 |
|
| 9,116 |
|
|
|
|
|
|
| ||
| |||||||
Diversified Telecommunication Services 1.52% |
|
|
|
|
|
|
|
Telecom Italia SpA* |
|
| 19,707,959 |
|
| 22,396 |
|
|
|
|
|
|
| ||
| |||||||
Oil, Gas & Consumable Fuels 1.03% |
|
|
|
|
|
|
|
Eni SpA ADR |
|
| 338,480 |
|
| 15,083 |
|
|
|
|
|
|
| ||
Total Italy |
|
|
|
|
| 46,595 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Japan 6.74% |
|
|
|
|
|
|
|
| |||||||
Automobiles 0.72% |
|
|
|
|
|
|
|
Toyota Motor Corp. |
|
| 256,100 |
|
| 10,495 |
|
|
|
|
|
|
|
|
|
|
26 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2012
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
Japan (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric: Utilities 0.38% |
|
|
|
|
|
|
|
Kansai Electric Power Co., |
|
| 382,700 |
| $ | 5,549 |
|
|
|
|
|
|
| ||
| |||||||
Insurance 1.34% |
|
|
|
|
|
|
|
NKSJ Holdings, Inc. |
|
| 956,600 |
|
| 19,690 |
|
|
|
|
|
|
| ||
| |||||||
Office Electronics 1.06% |
|
|
|
|
|
|
|
Canon, Inc. |
|
| 344,700 |
|
| 15,625 |
|
|
|
|
|
|
| ||
| |||||||
Real Estate Investment Trusts 0.61% |
|
|
|
|
|
|
|
ORIX JREIT, Inc. |
|
| 2,014 |
|
| 8,955 |
|
|
|
|
|
|
| ||
| |||||||
Trading Companies & Distributors 2.63% |
|
|
|
|
|
|
|
Mitsui & Co., Ltd. |
|
| 1,230,200 |
|
| 19,210 |
|
Sumitomo Corp. |
|
| 1,369,800 |
|
| 19,467 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 38,677 |
|
|
|
|
|
|
| ||
Total Japan |
|
|
|
|
| 98,991 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Netherlands 0.52% |
|
|
|
|
|
|
|
| |||||||
Food Products |
|
|
|
|
|
|
|
CSM |
|
| 544,788 |
|
| 7,695 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Norway 4.66% |
|
|
|
|
|
|
|
| |||||||
Diversified Telecommunication Services 1.83% |
|
|
|
|
|
|
|
Telenor ASA |
|
| 1,464,059 |
|
| 26,913 |
|
|
|
|
|
|
| ||
| |||||||
Energy Equipment & Services 1.58% |
|
|
|
|
|
|
|
Seadrill Ltd. |
|
| 590,656 |
|
| 23,112 |
|
|
|
|
|
|
| ||
| |||||||
Specialty Retail 1.25% |
|
|
|
|
|
|
|
Statoil Fuel & Retail ASA |
|
| 2,044,745 |
|
| 18,347 |
|
|
|
|
|
|
| ||
Total Norway |
|
|
|
|
| 68,372 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Singapore 5.06% |
|
|
|
|
|
|
|
| |||||||
Commercial Banks 0.76% |
|
|
|
|
|
|
|
DBS Group Holdings Ltd. |
|
| 981,975 |
|
| 11,078 |
|
|
|
|
|
|
| ||
| |||||||
Diversified Telecommunication Services 1.25% |
|
|
|
|
|
|
|
Singapore |
|
| 7,247,000 |
|
| 18,271 |
|
|
|
|
|
|
| ||
| |||||||
Machinery 1.58% |
|
|
|
|
|
|
|
SembCorp Marine Ltd. |
|
| 5,657,000 |
|
| 23,222 |
|
|
|
|
|
|
| ||
| |||||||
Real Estate Investment Trusts 1.02% |
|
|
|
|
|
|
|
CapitaRetail China Trust |
|
| 3,392,000 |
|
| 3,550 |
|
Suntec REIT |
|
| 10,831,000 |
|
| 11,465 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 15,015 |
|
|
|
|
|
|
| ||
| |||||||
Real Estate Management & Development 0.45% |
|
|
|
|
|
|
|
Keppel Land Ltd. |
|
| 2,594,000 |
|
| 6,645 |
|
|
|
|
|
|
| ||
Total Singapore |
|
|
|
|
| 74,231 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
South Africa 1.27% |
|
|
|
|
|
|
|
| |||||||
Metals & Mining |
|
|
|
|
|
|
|
Kumba Iron Ore Ltd. |
|
| 264,607 |
|
| 18,705 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
South Korea 1.56% |
|
|
|
|
|
|
|
| |||||||
Tobacco |
|
|
|
|
|
|
|
KT&G Corp. |
|
| 334,459 |
|
| 22,966 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Spain 0.67% |
|
|
|
|
|
|
|
| |||||||
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Telefonica SA |
|
| 679,661 |
|
| 9,905 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Sweden 1.44% |
|
|
|
|
|
|
|
| |||||||
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Tele2 AB B Shares |
|
| 1,107,147 |
|
| 21,101 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Switzerland 1.35% |
|
|
|
|
|
|
|
| |||||||
Insurance |
|
|
|
|
|
|
|
Swiss Re Ltd.* |
|
| 315,192 |
|
| 19,759 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 27 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2012
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
Taiwan 2.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals 1.23% |
|
|
|
|
|
|
|
Asustek Computer, Inc. |
|
| 1,786,000 |
| $ | 18,038 |
|
|
|
|
|
|
| ||
| |||||||
Semiconductors & Semiconductor Equipment 1.33% |
|
|
|
|
|
|
|
Siliconware Precision |
|
| 3,366,620 |
|
| 19,628 |
|
|
|
|
|
|
| ||
Total Taiwan |
|
|
|
|
| 37,666 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Thailand 1.10% |
|
|
|
|
|
|
|
| |||||||
Real Estate Management & Development |
|
|
|
|
|
|
|
L.P.N. Development pcl |
|
| 28,782,700 |
|
| 16,193 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Turkey 0.78% |
|
|
|
|
|
|
|
| |||||||
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Turk Telekomunikasyon AS |
|
| 2,618,649 |
|
| 11,481 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
United Kingdom 21.82% |
|
|
|
|
|
|
|
| |||||||
Aerospace & Defense 0.75% |
|
|
|
|
|
|
|
BAE Systems plc |
|
| 2,287,033 |
|
| 10,957 |
|
|
|
|
|
|
| ||
| |||||||
Beverages 1.21% |
|
|
|
|
|
|
|
Britvic plc |
|
| 2,857,800 |
|
| 17,726 |
|
|
|
|
|
|
| ||
| |||||||
Commercial Banks 0.74% |
|
|
|
|
|
|
|
HSBC Holdings plc |
|
| 1,213,540 |
|
| 10,933 |
|
|
|
|
|
|
| ||
| |||||||
Consumer Finance 1.10% |
|
|
|
|
|
|
|
Provident Financial plc |
|
| 858,091 |
|
| 16,098 |
|
|
|
|
|
|
| ||
| |||||||
Electric: Utilities 1.47% |
|
|
|
|
|
|
|
SSE plc |
|
| 1,008,294 |
|
| 21,616 |
|
|
|
|
|
|
| ||
| |||||||
Food Products 1.45% |
|
|
|
|
|
|
|
Unilever plc |
|
| 624,919 |
|
| 21,328 |
|
|
|
|
|
|
| ||
| |||||||
Insurance 6.07% |
|
|
|
|
|
|
|
Admiral Group plc |
|
| 1,530,894 |
|
| 30,087 |
|
Aviva plc |
|
| 3,839,863 |
|
| 19,200 |
|
Catlin Group Ltd. |
|
| 2,899,150 |
|
| 19,855 |
|
Prudential plc |
|
| 1,627,236 |
|
| 19,925 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 89,067 |
|
|
|
|
|
|
| ||
| |||||||
Internet & Catalog Retail 1.55% |
|
|
|
|
|
|
|
Home Retail Group plc |
|
| 13,182,461 |
|
| 22,806 |
|
|
|
|
|
|
| ||
| |||||||
Media 0.65% |
|
|
|
|
|
|
|
Reed Elsevier plc |
|
| 1,144,389 |
|
| 9,472 |
|
|
|
|
|
|
| ||
| |||||||
Metals & Mining 0.77% |
|
|
|
|
|
|
|
Vedanta Resources plc |
|
| 575,919 |
|
| 11,375 |
|
|
|
|
|
|
| ||
| |||||||
Multi-Utilities 1.80% |
|
|
|
|
|
|
|
National Grid plc |
|
| 2,452,876 |
|
| 26,492 |
|
|
|
|
|
|
| ||
| |||||||
Oil, Gas & Consumable Fuels 0.62% |
|
|
|
|
|
|
|
Cairn Energy plc* |
|
| 1,633,448 |
|
| 9,114 |
|
|
|
|
|
|
| ||
| |||||||
Pharmaceuticals 1.10% |
|
|
|
|
|
|
|
GlaxoSmithKline plc |
|
| 697,280 |
|
| 16,126 |
|
|
|
|
|
|
| ||
| |||||||
Road & Rail 0.43% |
|
|
|
|
|
|
|
FirstGroup plc |
|
| 1,995,718 |
|
| 6,309 |
|
|
|
|
|
|
| ||
| |||||||
Tobacco 1.51% |
|
|
|
|
|
|
|
Imperial Tobacco |
|
| 553,245 |
|
| 22,123 |
|
|
|
|
|
|
| ||
| |||||||
Wireless Telecommunication Services 0.60% |
|
|
|
|
|
|
|
Vodafone Group plc |
|
| 3,182,074 |
|
| 8,805 |
|
|
|
|
|
|
| ||
| |||||||
Total United Kingdom |
|
|
|
|
| 320,347 |
|
|
|
|
|
|
| ||
| |||||||
Total Common Stocks |
|
|
|
|
| 1,371,838 |
|
|
|
|
|
|
|
|
|
|
28 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2012
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
PREFERRED STOCK 1.86% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
|
ProSiebenSat.1 Media AG |
|
| 1,077,923 |
| $ | 27,367 |
|
|
|
|
|
|
| ||
Total Long-Term Investments |
|
|
|
|
| 1,399,205 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair Value |
| ||
SHORT-TERM INVESTMENT 3.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 50,057 |
| $ | 50,057 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 1,449,262 |
|
|
|
|
|
|
| ||
Cash, Foreign Cash and |
|
|
|
|
| 19,089 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 1,468,351 |
|
|
|
|
|
|
|
|
|
|
ADR |
| American Depositary Receipt. |
Unit |
| More than one class of securities traded together. |
* |
| Non-income producing security. |
(a) |
| Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation on forward foreign currency exchange contracts as follows: |
|
|
|
| See Notes to Financial Statements. | 29 |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2012 |
Open Forward Foreign Currency Exchange Contracts at April 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
| U.S. $ |
| U.S. $ |
| Unrealized |
| ||||
Australian dollar |
| Buy |
| Morgan Stanley |
| 5/14/2012 |
|
| 4,205,000 |
| $ | 4,284,012 |
| $ | 4,375,806 |
| $ | 91,794 |
|
Australian dollar |
| Buy |
| UBS AG |
| 5/14/2012 |
|
| 5,415,000 |
|
| 5,513,336 |
|
| 5,634,956 |
|
| 121,620 |
|
Australian dollar |
| Buy |
| UBS AG |
| 5/14/2012 |
|
| 4,525,000 |
|
| 4,685,592 |
|
| 4,708,804 |
|
| 23,212 |
|
Australian dollar |
| Buy |
| UBS AG |
| 5/14/2012 |
|
| 5,850,000 |
|
| 6,120,504 |
|
| 6,087,625 |
|
| (32,879 | ) |
Australian dollar |
| Buy |
| Goldman Sachs |
| 5/14/2012 |
|
| 10,230,000 |
|
| 10,842,777 |
|
| 10,645,540 |
|
| (197,237 | ) |
Australian dollar |
| Buy |
| Goldman Sachs |
| 5/14/2012 |
|
| 10,325,000 |
|
| 11,032,521 |
|
| 10,744,398 |
|
| (288,123 | ) |
Australian dollar |
| Buy |
| Goldman Sachs |
| 6/25/2012 |
|
| 2,260,000 |
|
| 2,365,203 |
|
| 2,341,571 |
|
| (23,632 | ) |
British pound |
| Buy |
| Credit Suisse |
| 6/25/2012 |
|
| 1,855,000 |
|
| 2,913,266 |
|
| 3,009,491 |
|
| 96,225 |
|
Canadian dollar |
| Buy |
| J.P.Morgan |
| 8/13/2012 |
|
| 18,395,000 |
|
| 18,310,406 |
|
| 18,576,500 |
|
| 266,094 |
|
euro |
| Buy |
| UBS AG |
| 6/6/2012 |
|
| 47,600,000 |
|
| 62,600,188 |
|
| 63,016,474 |
|
| 416,286 |
|
euro |
| Buy |
| UBS AG |
| 6/6/2012 |
|
| 95,500,000 |
|
| 125,144,155 |
|
| 126,430,110 |
|
| 1,285,955 |
|
euro |
| Buy |
| Credit Suisse |
| 6/7/2012 |
|
| 9,345,000 |
|
| 12,253,912 |
|
| 12,371,687 |
|
| 117,775 |
|
euro |
| Buy |
| Credit Suisse |
| 6/7/2012 |
|
| 3,885,000 |
|
| 5,145,760 |
|
| 5,143,286 |
|
| (2,474 | ) |
euro |
| Buy |
| Credit Suisse |
| 6/7/2012 |
|
| 7,385,000 |
|
| 9,708,099 |
|
| 9,776,877 |
|
| 68,778 |
|
euro |
| Buy |
| Deutsche Bank AG |
| 6/21/2012 |
|
| 3,770,000 |
|
| 5,016,886 |
|
| 4,991,440 |
|
| (25,446 | ) |
euro |
| Buy |
| Deutsche Bank AG |
| 6/21/2012 |
|
| 6,395,000 |
|
| 8,615,728 |
|
| 8,466,911 |
|
| (148,817 | ) |
euro |
| Buy |
| UBS AG |
| 7/12/2012 |
|
| 6,850,000 |
|
| 8,955,553 |
|
| 9,070,626 |
|
| 115,073 |
|
euro |
| Buy |
| UBS AG |
| 7/12/2012 |
|
| 5,613,126 |
|
| 7,379,856 |
|
| 7,432,784 |
|
| 52,928 |
|
euro |
| Buy |
| Goldman Sachs |
| 7/16/2012 |
|
| 41,190,000 |
|
| 54,132,310 |
|
| 54,544,741 |
|
| 412,431 |
|
euro |
| Buy |
| Barclays Bank plc |
| 7/19/2012 |
|
| 3,370,000 |
|
| 4,491,462 |
|
| 4,462,742 |
|
| (28,720 | ) |
euro |
| Buy |
| Barclays Bank plc |
| 7/19/2012 |
|
| 6,000,000 |
|
| 7,924,680 |
|
| 7,945,535 |
|
| 20,855 |
|
euro |
| Buy |
| Barclays Bank plc |
| 7/19/2012 |
|
| 4,570,000 |
|
| 6,013,535 |
|
| 6,051,849 |
|
| 38,314 |
|
euro |
| Buy |
| Morgan Stanley |
| 8/13/2012 |
|
| 9,420,000 |
|
| 12,359,464 |
|
| 12,477,361 |
|
| 117,897 |
|
euro |
| Buy |
| Morgan Stanley |
| 8/27/2012 |
|
| 7,620,000 |
|
| 10,012,680 |
|
| 10,094,649 |
|
| 81,969 |
|
Israeli new shekel |
| Buy |
| UBS AG |
| 7/9/2012 |
|
| 4,685,000 |
|
| 1,228,885 |
|
| 1,240,535 |
|
| 11,650 |
|
Israeli new shekel |
| Buy |
| Barclays Bank plc |
| 7/30/2012 |
|
| 9,445,000 |
|
| 2,526,604 |
|
| 2,499,248 |
|
| (27,356 | ) |
Israeli new shekel |
| Buy |
| Barclays Bank plc |
| 8/2/2012 |
|
| 30,035,000 |
|
| 8,005,917 |
|
| 7,946,818 |
|
| (59,099 | ) |
Israeli new shekel |
| Buy |
| UBS AG |
| 8/16/2012 |
|
| 109,300,000 |
|
| 29,005,122 |
|
| 28,908,228 |
|
| (96,894 | ) |
Mexican peso |
| Buy |
| UBS AG |
| 5/23/2012 |
|
| 163,700,000 |
|
| 12,222,347 |
|
| 12,543,119 |
|
| 320,772 |
|
South African rand |
| Buy |
| Credit Suisse |
| 6/11/2012 |
|
| 59,000,000 |
|
| 7,647,936 |
|
| 7,546,902 |
|
| (101,034 | ) |
South African rand |
| Buy |
| UBS AG |
| 7/16/2012 |
|
| 53,240,000 |
|
| 6,828,267 |
|
| 6,775,632 |
|
| (52,635 | ) |
South African rand |
| Buy |
| Morgan Stanley |
| 8/2/2012 |
|
| 29,610,000 |
|
| 3,760,147 |
|
| 3,759,132 |
|
| (1,015 | ) |
South African rand |
| Buy |
| Morgan Stanley |
| 8/27/2012 |
|
| 22,890,000 |
|
| 2,864,114 |
|
| 2,895,444 |
|
| 31,330 |
|
Swiss franc |
| Buy |
| UBS AG |
| 7/12/2012 |
|
| 4,600,000 |
|
| 4,942,516 |
|
| 5,072,459 |
|
| 129,943 |
|
Turkish lira |
| Buy |
| Barclays Bank plc |
| 5/21/2012 |
|
| 12,960,000 |
|
| 6,882,634 |
|
| 7,349,003 |
|
| 466,369 |
|
Turkish lira |
| Buy |
| Barclays Bank plc |
| 5/21/2012 |
|
| 28,500,000 |
|
| 15,894,971 |
|
| 16,161,002 |
|
| 266,031 |
|
Turkish lira |
| Buy |
| J.P.Morgan |
| 7/6/2012 |
|
| 3,710,000 |
|
| 2,046,151 |
|
| 2,083,303 |
|
| 37,152 |
|
Australian dollar |
| Sell |
| Goldman Sachs |
| 5/14/2012 |
|
| 40,550,000 |
|
| 43,075,454 |
|
| 42,197,129 |
|
| 878,325 |
|
Australian dollar |
| Sell |
| Goldman Sachs |
| 6/25/2012 |
|
| 2,260,000 |
|
| 2,317,042 |
|
| 2,341,571 |
|
| (24,529 | ) |
Australian dollar |
| Sell |
| Goldman Sachs |
| 7/26/2012 |
|
| 1,485,000 |
|
| 1,543,123 |
|
| 1,533,886 |
|
| 9,237 |
|
Australian dollar |
| Sell |
| Deutsche Bank AG |
| 7/26/2012 |
|
| 2,605,000 |
|
| 2,667,273 |
|
| 2,690,755 |
|
| (23,482 | ) |
Australian dollar |
| Sell |
| Goldman Sachs |
| 7/26/2012 |
|
| 5,940,000 |
|
| 6,069,670 |
|
| 6,135,542 |
|
| (65,872 | ) |
Brazilian real |
| Sell |
| Barclays Bank plc |
| 6/8/2012 |
|
| 97,000,000 |
|
| 54,743,496 |
|
| 50,514,936 |
|
| 4,228,560 |
|
Brazilian real |
| Sell |
| Goldman Sachs |
| 8/3/2012 |
|
| 4,190,000 |
|
| 2,242,320 |
|
| 2,160,518 |
|
| 81,802 |
|
British pound |
| Sell |
| Barclays Bank plc |
| 6/14/2012 |
|
| 16,155,000 |
|
| 25,417,308 |
|
| 26,211,049 |
|
| (793,741 | ) |
British pound |
| Sell |
| Credit Suisse |
| 6/25/2012 |
|
| 19,410,000 |
|
| 30,376,068 |
|
| 31,490,145 |
|
| (1,114,077 | ) |
|
|
|
30 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(concluded) |
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
| U.S. $ |
| U.S. $ |
| Unrealized |
| |||||
British pound |
| Sell |
| J.P.Morgan |
| 8/6/2012 |
|
| 500,000 |
| $ | 798,510 |
| $ | 810,983 |
|
| $ | (12,473 | ) |
British pound |
| Sell |
| Deutsche Bank AG |
| 8/13/2012 |
|
| 35,925,000 |
|
| 57,165,548 |
|
| 58,266,317 |
|
| (1,100,769 | ) | |
euro |
| Sell |
| Barclays Bank plc |
| 6/6/2012 |
|
| 3,320,000 |
|
| 4,333,032 |
|
| 4,395,267 |
|
|
| (62,235 | ) |
euro |
| Sell |
| UBS AG |
| 6/6/2012 |
|
| 10,680,000 |
|
| 13,958,226 |
|
| 14,138,990 |
|
| (180,764 | ) | |
euro |
| Sell |
| Barclays Bank plc |
| 6/6/2012 |
|
| 2,965,000 |
|
| 3,922,250 |
|
| 3,925,291 |
|
|
| (3,041 | ) |
euro |
| Sell |
| Morgan Stanley |
| 6/21/2012 |
|
| 2,785,000 |
|
| 3,623,090 |
|
| 3,687,310 |
|
| (64,220 | ) | |
euro |
| Sell |
| UBS AG |
| 7/12/2012 |
|
| 3,807,947 |
|
| 4,942,516 |
|
| 5,042,404 |
|
|
| (99,888 | ) |
Japanese yen |
| Sell |
| J.P.Morgan |
| 5/25/2012 |
|
| 873,000,000 |
|
| 11,354,178 |
|
| 10,936,450 |
|
| 417,728 |
| |
Japanese yen |
| Sell |
| Barclays Bank plc |
| 5/29/2012 |
|
| 1,030,000,000 |
|
| 13,273,624 |
|
| 12,903,684 |
|
|
| 369,940 |
|
Japanese yen |
| Sell |
| Goldman Sachs |
| 6/8/2012 |
|
| 975,000,000 |
|
| 12,740,435 |
|
| 12,215,743 |
|
| 524,692 |
| |
Japanese yen |
| Sell |
| Goldman Sachs |
| 6/8/2012 |
|
| 780,000,000 |
|
| 10,175,501 |
|
| 9,772,595 |
|
|
| 402,906 |
|
Japanese yen |
| Sell |
| Goldman Sachs |
| 6/8/2012 |
|
| 1,028,000,000 |
|
| 12,961,305 |
|
| 12,879,779 |
|
| 81,526 |
| |
Japanese yen |
| Sell |
| Morgan Stanley |
| 6/25/2012 |
|
| 2,210,000,000 |
|
| 27,569,172 |
|
| 27,693,685 |
|
|
| (124,513 | ) |
Japanese yen |
| Sell |
| Goldman Sachs |
| 6/25/2012 |
|
| 561,065,000 |
|
| 6,786,089 |
|
| 7,030,750 |
|
| (244,661 | ) | |
Japanese yen |
| Sell |
| J.P.Morgan |
| 7/23/2012 |
|
| 361,600,000 |
|
| 4,343,022 |
|
| 4,532,632 |
|
|
| (189,610 | ) |
Mexican peso |
| Sell |
| UBS AG |
| 5/23/2012 |
|
| 163,700,000 |
|
| 12,731,671 |
|
| 12,543,118 |
|
| 188,553 |
| |
South Korean won |
| Sell |
| Barclays Bank plc |
| 7/30/2012 |
|
| 5,312,340,000 |
|
| 4,644,060 |
|
| 4,674,451 |
|
|
| (30,391 | ) |
South Korean won |
| Sell |
| Barclays Bank plc |
| 8/13/2012 |
|
| 6,978,500,000 |
|
| 6,050,897 |
|
| 6,135,066 |
|
| (84,169 | ) | |
South Korean won |
| Sell |
| UBS AG |
| 8/20/2012 |
|
| 2,112,935,000 |
|
| 1,834,862 |
|
| 1,856,845 |
|
|
| (21,983 | ) |
Swiss franc |
| Sell |
| UBS AG |
| 5/29/2012 |
|
| 11,355,000 |
|
| 12,248,662 |
|
| 12,513,801 |
|
| (265,139 | ) | |
Swiss franc |
| Sell |
| UBS AG |
| 7/12/2012 |
|
| 6,760,000 |
|
| 7,379,856 |
|
| 7,454,309 |
|
|
| (74,453 | ) |
Swiss franc |
| Sell |
| UBS AG |
| 8/27/2012 |
|
| 2,950,000 |
|
| 3,251,047 |
|
| 3,255,462 |
|
| (4,415 | ) | |
Taiwan dollar |
| Sell |
| J.P.Morgan |
| 6/11/2012 |
|
| 375,000,000 |
|
| 12,720,488 |
|
| 12,904,719 |
|
|
| (184,231 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net Unrealized Appreciation on Forward Foreign Currency Exchange Contracts |
| $ | 5,919,705 |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 31 |
|
Schedule of Investments (unaudited) |
INTERNATIONAL OPPORTUNITIES FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
LONG-TERM INVESTMENTS 96.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 95.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia 3.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beverages 1.02% |
|
|
|
|
|
|
|
Treasury Wine Estates Ltd. |
|
| 724,229 |
| $ | 3,260 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals 0.49% |
|
|
|
|
|
|
|
Incitec Pivot Ltd. |
|
| 462,729 |
|
| 1,576 |
|
|
|
|
|
|
| ||
| |||||||
Health Care Equipment & Supplies 0.80% |
|
|
|
|
|
|
|
Ansell Ltd. |
|
| 165,641 |
|
| 2,563 |
|
|
|
|
|
|
| ||
| |||||||
Trading Companies & Distributors 1.05% |
|
|
|
|
|
|
|
Emeco Holdings Ltd. |
|
| 3,107,808 |
|
| 3,368 |
|
|
|
|
|
|
| ||
Total Australia |
|
|
|
|
| 10,767 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Belgium 0.85% |
|
|
|
|
|
|
|
| |||||||
Electric: Utilities |
|
|
|
|
|
|
|
Elia System Operator SA |
|
| 63,976 |
|
| 2,737 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Brazil 1.17% |
|
|
|
|
|
|
|
| |||||||
Insurance 0.66% |
|
|
|
|
|
|
|
Brasil Insurance |
|
| 192,000 |
|
| 2,100 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Management & Development 0.51% |
|
|
|
|
|
|
|
BR Properties SA |
|
| 132,900 |
|
| 1,649 |
|
|
|
|
|
|
| ||
Total Brazil |
|
|
|
|
| 3,749 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Canada 3.91% |
|
|
|
|
|
|
|
| |||||||
Metals & Mining 0.99% |
|
|
|
|
|
|
|
HudBay Minerals, Inc. |
|
| 300,766 |
|
| 3,166 |
|
|
|
|
|
|
| ||
| |||||||
Oil, Gas & Consumable Fuels 2.92% |
|
|
|
|
|
|
|
Bankers Petroleum Ltd.* |
|
| 719,800 |
|
| 2,492 |
|
Bellatrix Exploration Ltd.* |
|
| 595,498 |
|
| 2,526 |
|
TransGlobe Energy Corp.* |
|
| 189,285 |
|
| 2,598 |
|
Vero Energy, Inc. |
|
| 654,990 |
|
| 1,751 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,367 |
|
|
|
|
|
|
| ||
Total Canada |
|
|
|
|
| 12,533 |
|
|
|
|
|
|
| ||
| |||||||
Finland 0.94% |
|
|
|
|
|
|
|
| |||||||
Leisure Equipment & Products |
|
|
|
|
|
|
|
Amer Sports OYJ A Shares |
|
| 210,984 |
|
| 3,002 |
|
|
|
|
|
|
| ||
| |||||||
France 5.80% |
|
|
|
|
|
|
|
| |||||||
Beverages 0.74% |
|
|
|
|
|
|
|
Remy Cointreau SA |
|
| 21,336 |
|
| 2,378 |
|
|
|
|
|
|
| ||
| |||||||
Computers & Peripherals 1.05% |
|
|
|
|
|
|
|
Gemalto NV |
|
| 45,202 |
|
| 3,368 |
|
|
|
|
|
|
| ||
| |||||||
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Ingenico |
|
| 88,713 |
|
| 4,667 |
|
|
|
|
|
|
| ||
| |||||||
Information Technology Services 1.13% |
|
|
|
|
|
|
|
AtoS |
|
| 56,337 |
|
| 3,628 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 1.20% |
|
|
|
|
|
|
|
Ipsos SA |
|
| 66,371 |
|
| 2,154 |
|
Lagardere SCA |
|
| 55,895 |
|
| 1,695 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,849 |
|
|
|
|
|
|
| ||
Semiconductors & Semiconductor Equipment 0.22% |
|
|
|
|
|
|
|
Inside Secure SA* |
|
| 99,729 |
|
| 710 |
|
|
|
|
|
|
| ||
Total France |
|
|
|
|
| 18,600 |
|
|
|
|
|
|
| ||
| |||||||
Germany 6.64% |
|
|
|
|
|
|
|
| |||||||
Chemicals 0.76% |
|
|
|
|
|
|
|
Symrise GmbH & Co. AG |
|
| 83,941 |
|
| 2,433 |
|
|
|
|
|
|
| ||
| |||||||
Industrial Conglomerates 1.25% |
|
|
|
|
|
|
|
Rheinmetall AG |
|
| 71,693 |
|
| 4,026 |
|
|
|
|
|
|
|
|
|
|
32 | See Notes to Financial Statements. |
|
| |||||||
Schedule of Investments (unaudited)(continued) | |||||||
INTERNATIONAL OPPORTUNITIES FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
Germany (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Sciences Tools & Services 1.49% |
|
|
|
|
|
|
|
Gerresheimer AG |
|
| 103,491 |
| $ | 4,778 |
|
|
|
|
|
|
| ||
| |||||||
Machinery 1.38% |
|
|
|
|
|
|
|
Deutz AG* |
|
| 200,376 |
|
| 1,422 |
|
NORMA Group* |
|
| 111,116 |
|
| 2,990 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,412 |
|
|
|
|
|
|
| ||
| |||||||
Semiconductors & Semiconductor Equipment 0.74% |
|
|
|
|
|
|
|
Dialog Semiconductor plc* |
|
| 108,405 |
|
| 2,389 |
|
|
|
|
|
|
| ||
| |||||||
Transportation Infrastructure 1.02% |
|
|
|
|
|
|
|
Hamburger Hafen und |
|
| 98,319 |
|
| 3,260 |
|
|
|
|
|
|
| ||
Total Germany |
|
|
|
|
| 21,298 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hong Kong 6.56% |
|
|
|
|
|
|
|
| |||||||
Auto Components 0.74% |
|
|
|
|
|
|
|
Minth Group Ltd. |
|
| 1,876,000 |
|
| 2,377 |
|
|
|
|
|
|
| ||
| |||||||
Communications Equipment 0.79% |
|
|
|
|
|
|
|
VTech Holdings Ltd. |
|
| 224,900 |
|
| 2,522 |
|
|
|
|
|
|
| ||
| |||||||
Construction & Engineering 1.20% |
|
|
|
|
|
|
|
China State |
|
| 4,174,800 |
|
| 3,858 |
|
|
|
|
|
|
| ||
| |||||||
Hotels, Restaurants & Leisure 1.32% |
|
|
|
|
|
|
|
REXLot Holdings Ltd. |
|
| 46,975,000 |
|
| 4,238 |
|
|
|
|
|
|
| ||
| |||||||
Multi-Line Retail 1.65% |
|
|
|
|
|
|
|
Maoye International |
|
| 11,997,000 |
|
| 2,861 |
|
Parkson Retail Group Ltd. |
|
| 2,184,000 |
|
| 2,443 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,304 |
|
|
|
|
|
|
| ||
| |||||||
Specialty Retail 0.86% |
|
|
|
|
|
|
|
Hengdeli Holdings Ltd. |
|
| 3,260,000 |
|
| 1,307 |
|
Oriental Watch Holdings |
|
| 3,480,000 |
|
| 1,457 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,764 |
|
|
|
|
|
|
| ||
Total Hong Kong |
|
|
|
|
| 21,063 |
|
|
|
|
|
|
| ||
| |||||||
India 0.36% |
|
|
|
|
|
|
|
| |||||||
Real Estate Management & Development |
|
|
|
|
|
|
|
Housing Development |
|
| 748,716 |
|
| 1,144 |
|
|
|
|
|
|
| ||
| |||||||
Indonesia 1.01% |
|
|
|
|
|
|
|
| |||||||
Consumer Finance |
|
|
|
|
|
|
|
PT Clipan Finance |
|
| 61,152,850 |
|
| 3,227 |
|
|
|
|
|
|
| ||
| |||||||
Ireland 0.74% |
|
|
|
|
|
|
|
| |||||||
Beverages |
|
|
|
|
|
|
|
C&C Group plc |
|
| 472,832 |
|
| 2,372 |
|
|
|
|
|
|
| ||
| |||||||
Italy 1.39% |
|
|
|
|
|
|
|
| |||||||
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
Safilo Group SpA* |
|
| 251,499 |
|
| 1,651 |
|
Salvatore Ferragamo |
|
| 115,234 |
|
| 2,817 |
|
|
|
|
|
|
| ||
Total Italy |
|
|
|
|
| 4,468 |
|
|
|
|
|
|
| ||
| |||||||
Japan 20.16% |
|
|
|
|
|
|
|
| |||||||
Auto Components 1.20% |
|
|
|
|
|
|
|
Keihin Corp. |
|
| 226,600 |
|
| 3,854 |
|
|
|
|
|
|
| ||
| |||||||
Building Products 0.60% |
|
|
|
|
|
|
|
Aica Kogyo Co., Ltd. |
|
| 132,000 |
|
| 1,934 |
|
|
|
|
|
|
| ||
| |||||||
Chemicals 0.49% |
|
|
|
|
|
|
|
ZEON Corp. |
|
| 181,000 |
|
| 1,577 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 33 |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL OPPORTUNITIES FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
Japan (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 1.58% |
|
|
|
|
|
|
|
Park24 Co., Ltd. |
|
| 369,000 |
| $ | 5,079 |
|
|
|
|
|
|
| ||
| |||||||
Communications Equipment 1.47% |
|
|
|
|
|
|
|
Hitachi Kokusai Electric, Inc. |
|
| 502,000 |
|
| 4,719 |
|
|
|
|
|
|
| ||
| |||||||
Containers & Packaging 1.96% |
|
|
|
|
|
|
|
FP Corp. |
|
| 97,400 |
|
| 6,290 |
|
|
|
|
|
|
| ||
| |||||||
Diversified Consumer Services 1.01% |
|
|
|
|
|
|
|
Benesse Holdings, Inc. |
|
| 65,400 |
|
| 3,247 |
|
|
|
|
|
|
| ||
| |||||||
Food & Staples Retailing 1.12% |
|
|
|
|
|
|
|
Sundrug Co., Ltd. |
|
| 116,800 |
|
| 3,578 |
|
|
|
|
|
|
| ||
| |||||||
Food Products 1.53% |
|
|
|
|
|
|
|
Mitsui Sugar Co., Ltd. |
|
| 523,000 |
|
| 1,708 |
|
Toyo Suisan Kaisha Ltd. |
|
| 124,000 |
|
| 3,183 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,891 |
|
|
|
|
|
|
| ||
| |||||||
Health Care Equipment & Supplies 1.35% |
|
|
|
|
|
|
|
Hogy Medical Co., Ltd. |
|
| 94,200 |
|
| 4,343 |
|
|
|
|
|
|
| ||
| |||||||
Information Technology Services 1.06% |
|
|
|
|
|
|
|
Obic Co., Ltd. |
|
| 16,100 |
|
| 3,394 |
|
|
|
|
|
|
| ||
| |||||||
Machinery 1.43% |
|
|
|
|
|
|
|
Hitachi Construction |
|
| 91,400 |
|
| 1,976 |
|
Nabtesco Corp. |
|
| 121,500 |
|
| 2,594 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,570 |
|
|
|
|
|
|
| ||
| |||||||
Multi-Line Retail 1.38% |
|
|
|
|
|
|
|
Don Quijote Co., Ltd. |
|
| 120,700 |
|
| 4,427 |
|
|
|
|
|
|
| ||
| |||||||
Real Estate Management & Development 1.13% |
|
|
|
|
|
|
|
Tokyo Tatemono Co., Ltd.* |
|
| 982,000 |
|
| 3,626 |
|
|
|
|
|
|
| ||
| |||||||
Software 0.98% |
|
|
|
|
|
|
|
Capcom Co., Ltd. |
|
| 137,200 |
|
| 3,133 |
|
|
|
|
|
|
| ||
| |||||||
Specialty Retail 1.11% |
|
|
|
|
|
|
|
United Arrows Ltd. |
|
| 156,100 |
|
| 3,566 |
|
|
|
|
|
|
| ||
| |||||||
Wireless Telecommunication Services 0.76% |
|
|
|
|
|
|
|
Okinawa Cellular |
|
| 1,126 |
|
| 2,444 |
|
|
|
|
|
|
| ||
Total Japan |
|
|
|
|
| 64,672 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Netherlands 3.31% |
|
|
|
|
|
|
|
| |||||||
Professional Services 2.12% |
|
|
|
|
|
|
|
Brunel International NV |
|
| 144,938 |
|
| 6,788 |
|
|
|
|
|
|
| ||
| |||||||
Semiconductors & Semiconductor Equipment 1.19% |
|
|
|
|
|
|
|
ASM International NV |
|
| 108,194 |
|
| 3,824 |
|
|
|
|
|
|
| ||
Total Netherlands |
|
|
|
|
| 10,612 |
|
|
|
|
|
|
| ||
| |||||||
Norway 3.02% |
|
|
|
|
|
|
|
| |||||||
Energy Equipment & Services 2.17% |
|
|
|
|
|
|
|
Electromagnetic |
|
| 883,248 |
|
| 2,794 |
|
Ocean Rig UDW, Inc.* |
|
| 239,095 |
|
| 4,167 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,961 |
|
|
|
|
|
|
| ||
| |||||||
Internet Software & Services 0.85% |
|
|
|
|
|
|
|
Opera Software ASA |
|
| 422,906 |
|
| 2,734 |
|
|
|
|
|
|
| ||
Total Norway |
|
|
|
|
| 9,695 |
|
|
|
|
|
|
| ||
| |||||||
Philippines 3.32% |
|
|
|
|
|
|
|
| |||||||
Commercial Banks 1.11% |
|
|
|
|
|
|
|
Security Bank Corp. |
|
| 1,057,890 |
|
| 3,583 |
|
|
|
|
|
|
| ||
| |||||||
Real Estate Management & Development 2.21% |
|
|
|
|
|
|
|
Filinvest Land, Inc. |
|
| 101,915,000 |
|
| 3,259 |
|
Megaworld Corp. |
|
| 74,416,000 |
|
| 3,825 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,084 |
|
|
|
|
|
|
| ||
Total Philippines |
|
|
|
|
| 10,667 |
|
|
|
|
|
|
|
|
|
|
34 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL OPPORTUNITIES FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
Singapore 1.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 0.83% |
|
|
|
|
|
|
|
Cape plc |
|
| 436,498 |
| $ | 2,673 |
|
|
|
|
|
|
| ||
| |||||||
Real Estate Investment Trusts 1.01% |
|
|
|
|
|
|
|
Suntec REIT |
|
| 3,067,000 |
|
| 3,247 |
|
|
|
|
|
|
| ||
Total Singapore |
|
|
|
|
| 5,920 |
|
|
|
|
|
|
| ||
| |||||||
South Korea 1.82% |
|
|
|
|
|
|
|
| |||||||
Auto Components 1.09% |
|
|
|
|
|
|
|
Mando Corp. |
|
| 21,837 |
|
| 3,498 |
|
|
|
|
|
|
| ||
| |||||||
Commercial Banks 0.73% |
|
|
|
|
|
|
|
DGB Financial Group, Inc. |
|
| 201,130 |
|
| 2,358 |
|
|
|
|
|
|
| ||
Total South Korea |
|
|
|
|
| 5,856 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Spain 2.43% |
|
|
|
|
|
|
|
| |||||||
Food Products |
|
|
|
|
|
|
|
Ebro Foods SA |
|
| 100,560 |
|
| 1,778 |
|
Viscofan SA |
|
| 132,953 |
|
| 6,010 |
|
|
|
|
|
|
| ||
Total Spain |
|
|
|
|
| 7,788 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Sweden 3.57% |
|
|
|
|
|
|
|
| |||||||
Commercial Services & Supplies 2.59% |
|
|
|
|
|
|
|
Intrum Justitia AB |
|
| 299,760 |
|
| 4,549 |
|
Loomis AB |
|
| 279,008 |
|
| 3,767 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,316 |
|
|
|
|
|
|
| ||
| |||||||
Food & Staples Retailing 0.98% |
|
|
|
|
|
|
|
Axfood AB |
|
| 86,521 |
|
| 3,146 |
|
|
|
|
|
|
| ||
Total Sweden |
|
|
|
|
| 11,462 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Switzerland 1.97% |
|
|
|
|
|
|
|
| |||||||
Capital Markets 0.55% |
|
|
|
|
|
|
|
EFG International AG* |
|
| 181,428 |
|
| 1,761 |
|
|
|
|
|
|
| ||
| |||||||
Household Durables 1.42% |
|
|
|
|
|
|
|
Forbo Holding AG |
|
| 6,309 |
|
| 4,560 |
|
|
|
|
|
|
| ||
Total Switzerland |
|
|
|
|
| 6,321 |
|
|
|
|
|
|
| ||
| |||||||
Taiwan 1.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
Siliconware Precision |
|
| 764,000 |
|
| 4,454 |
|
|
|
|
|
|
| ||
| |||||||
United Kingdom 19.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airlines 1.63% |
|
|
|
|
|
|
|
easyJet plc |
|
| 651,104 |
|
| 5,240 |
|
|
|
|
|
|
| ||
| |||||||
Beverages 1.06% |
|
|
|
|
|
|
|
Britvic plc |
|
| 546,116 |
|
| 3,387 |
|
|
|
|
|
|
| ||
| |||||||
Capital Markets 1.88% |
|
|
|
|
|
|
|
3i Group plc |
|
| 1,195,889 |
|
| 3,709 |
|
Jupiter Fund |
|
| 623,723 |
|
| 2,312 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,021 |
|
|
|
|
|
|
| ||
| |||||||
Chemicals 1.52% |
|
|
|
|
|
|
|
Croda International plc |
|
| 134,474 |
|
| 4,871 |
|
|
|
|
|
|
| ||
| |||||||
Commercial Services & Supplies 0.68% |
|
|
|
|
|
|
|
Regus plc |
|
| 1,264,487 |
|
| 2,190 |
|
|
|
|
|
|
| ||
| |||||||
Electrical Equipment 0.01% |
|
|
|
|
|
|
|
Ceres Power Holdings plc* |
|
| 371,701 |
|
| 38 |
|
|
|
|
|
|
| ||
| |||||||
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Premier Farnell plc |
|
| 837,041 |
|
| 2,917 |
|
|
|
|
|
|
| ||
| |||||||
Hotels, Restaurants & Leisure 0.46% |
|
|
|
|
|
|
|
Sportingbet plc |
|
| 2,702,178 |
|
| 1,469 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 35 |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL OPPORTUNITIES FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
United Kingdom (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Power Producers |
|
|
|
|
|
|
|
APR Energy plc |
|
| 120,449 |
| $ | 1,941 |
|
|
|
|
|
|
| ||
| |||||||
Industrial Conglomerates 0.63% |
|
|
|
|
|
|
|
Lonrho plc* |
|
| 11,376,505 |
|
| 2,031 |
|
|
|
|
|
|
| ||
| |||||||
Insurance 2.49% |
|
|
|
|
|
|
|
Amlin plc |
|
| 691,007 |
|
| 3,698 |
|
Catlin Group Ltd. |
|
| 626,533 |
|
| 4,291 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,989 |
|
|
|
|
|
|
| ||
| |||||||
Internet Software & Services 1.26% |
|
|
|
|
|
|
|
Telecity Group plc* |
|
| 308,437 |
|
| 4,039 |
|
|
|
|
|
|
| ||
| |||||||
Media 0.55% |
|
|
|
|
|
|
|
Aegis Group plc |
|
| 607,024 |
|
| 1,751 |
|
|
|
|
|
|
| ||
| |||||||
Metals & Mining 0.82% |
|
|
|
|
|
|
|
New World Resources plc |
|
| 398,937 |
|
| 2,634 |
|
|
|
|
|
|
| ||
| |||||||
Multi-Line Retail 0.75% |
|
|
|
|
|
|
|
Debenhams plc |
|
| 1,786,695 |
|
| 2,395 |
|
|
|
|
|
|
| ||
| |||||||
Oil, Gas & Consumable Fuels 2.41% |
|
|
|
|
|
|
|
Afren plc* |
|
| 1,906,992 |
|
| 4,163 |
|
Dragon Oil plc |
|
| 227,493 |
|
| 2,165 |
|
Max Petroleum plc* |
|
| 7,918,596 |
|
| 1,414 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,742 |
|
|
|
|
|
|
| ||
| |||||||
Professional Services 2.08% |
|
|
|
|
|
|
|
Intertek Group plc |
|
| 114,635 |
|
| 4,679 |
|
Michael Page |
|
| 295,064 |
|
| 1,990 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,669 |
|
|
|
|
|
|
| ||
Total United Kingdom |
|
|
|
|
| 63,324 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
|
|
|
(cost $287,347,733) |
|
|
|
|
| 305,731 |
|
|
|
|
|
|
| ||
| |||||||
PREFERRED STOCKS 1.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utilities 0.96% |
|
|
|
|
|
|
|
Companhia de Gas |
|
| 127,100 |
|
| 3,071 |
|
|
|
|
|
|
| ||
| |||||||
Machinery 0.51% |
|
|
|
|
|
|
|
Marcopolo SA |
|
| 307,658 |
|
| 1,654 |
|
|
|
|
|
|
| ||
Total Preferred Stocks |
|
|
|
|
|
|
|
(cost $4,628,739) |
|
|
|
|
| 4,725 |
|
|
|
|
|
|
| ||
Total Long-Term Investments |
|
|
|
|
|
|
|
(cost $291,976,472) |
|
|
|
|
| 310,456 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT 2.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 8,468 |
|
| 8,468 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
|
|
|
(cost $300,444,570) |
|
|
|
|
| 318,924 |
|
|
|
|
|
|
| ||
Cash, Foreign Cash and |
|
|
|
|
| 1,883 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 320,807 |
|
|
|
|
|
|
|
|
|
|
ADR | American Depositary Receipt. | |
* | Non-income producing security. | |
(a) | Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized depreciation on forward foreign currency contracts as follows: |
|
|
|
36 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2012
Open Forward Foreign Currency Exchange Contracts at April 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
| U.S. $ |
| U.S. $ |
| Unrealized |
| |||||
Australian dollar |
| Buy |
| Deutsche Bank AG |
| 5/25/2012 |
|
| 1,535,000 |
| $ | 1,594,788 |
| $ | 1,595,484 |
|
| $ | 696 |
|
Australian dollar |
| Buy |
| Goldman Sachs |
| 6/25/2012 |
|
| 8,705,000 |
|
| 9,110,305 |
|
| 9,019,193 |
|
| (91,112 | ) | |
British pound |
| Buy |
| Barclays Bank plc |
| 6/1/2012 |
|
| 640,000 |
|
| 1,020,519 |
|
| 1,038,464 |
|
|
| 17,945 |
|
British pound |
| Buy |
| Barclays Bank plc |
| 6/1/2012 |
|
| 320,000 |
|
| 506,684 |
|
| 519,232 |
|
| 12,548 |
| |
British pound |
| Buy |
| Barclays Bank plc |
| 6/1/2012 |
|
| 1,500,000 |
|
| 2,370,569 |
|
| 2,433,900 |
|
|
| 63,331 |
|
British pound |
| Buy |
| Credit Suisse |
| 6/1/2012 |
|
| 730,000 |
|
| 1,175,162 |
|
| 1,184,498 |
|
| 9,336 |
| |
British pound |
| Buy |
| Deutsche Bank AG |
| 6/1/2012 |
|
| 485,000 |
|
| 782,581 |
|
| 786,961 |
|
|
| 4,380 |
|
British pound |
| Buy |
| J.P. Morgan |
| 6/1/2012 |
|
| 280,000 |
|
| 449,150 |
|
| 454,328 |
|
| 5,178 |
| |
British pound |
| Buy |
| Deutsche Bank AG |
| 6/25/2012 |
|
| 230,000 |
|
| 371,063 |
|
| 373,144 |
|
|
| 2,081 |
|
British pound |
| Buy |
| Deutsche Bank AG |
| 6/25/2012 |
|
| 375,000 |
|
| 609,026 |
|
| 608,387 |
|
| (639 | ) | |
Canadian dollar |
| Buy |
| Morgan Stanley |
| 6/25/2012 |
|
| 15,810,000 |
|
| 15,821,075 |
|
| 15,985,077 |
|
|
| 164,002 |
|
Canadian dollar |
| Buy |
| Goldman Sachs |
| 8/9/2012 |
|
| 3,360,000 |
|
| 3,376,986 |
|
| 3,393,517 |
|
| 16,531 |
| |
Norwegian krone |
| Buy |
| Barclays Bank plc |
| 5/23/2012 |
|
| 11,000,000 |
|
| 1,901,334 |
|
| 1,920,617 |
|
|
| 19,283 |
|
Norwegian krone |
| Buy |
| Barclays Bank plc |
| 5/23/2012 |
|
| 5,900,000 |
|
| 1,016,557 |
|
| 1,030,149 |
|
| 13,592 |
| |
Philippine peso |
| Buy |
| UBS AG |
| 6/4/2012 |
|
| 47,250,000 |
|
| 1,115,176 |
|
| 1,119,270 |
|
|
| 4,094 |
|
South Korean won |
| Buy |
| UBS AG |
| 6/4/2012 |
|
| 9,100,000,000 |
|
| 8,065,588 |
|
| 8,035,320 |
|
| (30,268 | ) | |
South Korean won |
| Buy |
| UBS AG |
| 6/4/2012 |
|
| 1,997,000,000 |
|
| 1,779,993 |
|
| 1,763,355 |
|
|
| (16,638 | ) |
Swiss franc |
| Buy |
| Deutsche Bank AG |
| 6/25/2012 |
|
| 1,140,000 |
|
| 1,251,327 |
|
| 1,256,781 |
|
| 5,454 |
| |
Swiss franc |
| Buy |
| Goldman Sachs |
| 8/2/2012 |
|
| 5,480,000 |
|
| 6,048,365 |
|
| 6,044,738 |
|
|
| (3,627 | ) |
Swiss franc |
| Buy |
| Goldman Sachs |
| 8/2/2012 |
|
| 6,110,000 |
|
| 6,652,150 |
|
| 6,739,663 |
|
| 87,513 |
| |
Brazilian real |
| Sell |
| UBS AG |
| 7/30/2012 |
|
| 8,160,000 |
|
| 4,382,149 |
|
| 4,210,635 |
|
|
| 171,514 |
|
British pound |
| Sell |
| Barclays Bank plc |
| 6/1/2012 |
|
| 3,955,000 |
|
| 6,192,506 |
|
| 6,417,382 |
|
| (224,876 | ) | |
British pound |
| Sell |
| Credit Suisse |
| 6/25/2012 |
|
| 5,950,000 |
|
| 9,311,571 |
|
| 9,653,084 |
|
|
| (341,513 | ) |
euro |
| Sell |
| UBS AG |
| 5/23/2012 |
|
| 1,400,000 |
|
| 1,810,018 |
|
| 1,853,320 |
|
| (43,302 | ) | |
euro |
| Sell |
| Deutsche Bank AG |
| 6/21/2012 |
|
| 510,000 |
|
| 687,103 |
|
| 675,235 |
|
|
| 11,868 |
|
euro |
| Sell |
| Deutsche Bank AG |
| 8/13/2012 |
|
| 290,000 |
|
| 381,396 |
|
| 384,122 |
|
| (2,726 | ) | |
Japanese yen |
| Sell |
| UBS AG |
| 7/12/2012 |
|
| 78,930,000 |
|
| 967,845 |
|
| 989,259 |
|
|
| (21,414 | ) |
Japanese yen |
| Sell |
| Barclays Bank plc |
| 8/13/2012 |
|
| 91,320,000 |
|
| 1,133,526 |
|
| 1,145,012 |
|
| (11,486 | ) | |
Japanese yen |
| Sell |
| Deutsche Bank AG |
| 8/13/2012 |
|
| 87,740,000 |
|
| 1,087,102 |
|
| 1,100,124 |
|
|
| (13,022 | ) |
Japanese yen |
| Sell |
| Deutsche Bank AG |
| 9/4/2012 |
|
| 104,780,000 |
|
| 1,309,472 |
|
| 1,314,220 |
|
| (4,748 | ) | |
Norwegian krone |
| Sell |
| Barclays Bank plc |
| 5/23/2012 |
|
| 16,900,000 |
|
| 2,844,065 |
|
| 2,950,767 |
|
|
| (106,702 | ) |
Philippine peso |
| Sell |
| UBS AG |
| 6/4/2012 |
|
| 374,000,000 |
|
| 8,693,631 |
|
| 8,859,410 |
|
| (165,779 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts |
|
| $ | (468,506 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 37 |
Schedule of Investments (unaudited)
LARGE CAP VALUE FUND April 30, 2012
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
COMMON STOCKS 96.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 1.76% |
|
|
|
|
|
|
|
Honeywell International, Inc. |
|
| 5,160 |
| $ | 313 |
|
Raytheon Co. |
|
| 3,160 |
|
| 171 |
|
United Technologies Corp. |
|
| 4,110 |
|
| 336 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 820 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Automobiles 0.99% |
|
|
|
|
|
|
|
Ford Motor Co. |
|
| 41,000 |
|
| 462 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Beverages 0.94% |
|
|
|
|
|
|
|
Coca-Cola Co. (The) |
|
| 2,680 |
|
| 204 |
|
PepsiCo, Inc. |
|
| 3,500 |
|
| 231 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 435 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Biotechnology 0.10% |
|
|
|
|
|
|
|
Amgen, Inc. |
|
| 660 |
|
| 47 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Capital Markets 3.62% |
|
|
|
|
|
|
|
Bank of New York Mellon |
|
| 2,004 |
|
| 48 |
|
Goldman Sachs Group, |
|
| 8,010 |
|
| 922 |
|
Morgan Stanley |
|
| 18,820 |
|
| 325 |
|
State Street Corp. |
|
| 1,540 |
|
| 71 |
|
T. Rowe Price Group, Inc. |
|
| 5,050 |
|
| 319 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,685 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals 2.49% |
|
|
|
|
|
|
|
Agrium, Inc. (Canada)(a) |
|
| 1,340 |
|
| 118 |
|
Dow Chemical Co. (The) |
|
| 19,190 |
|
| 650 |
|
Monsanto Co. |
|
| 3,570 |
|
| 272 |
|
Mosaic Co. (The) |
|
| 2,230 |
|
| 118 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,158 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 7.80% |
|
|
|
|
|
|
|
BB&T Corp. |
|
| 2,690 |
|
| 86 |
|
Comerica, Inc. |
|
| 7,680 |
|
| 246 |
|
Fifth Third Bancorp |
|
| 26,260 |
|
| 374 |
|
PNC Financial Services |
|
| 9,810 |
|
| 651 |
|
Regions Financial Corp. |
|
| 29,090 |
|
| 196 |
|
SunTrust Banks, Inc. |
|
| 17,520 |
|
| 425 |
|
Wells Fargo & Co. |
|
| 49,370 |
|
| 1,650 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,628 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Communications Equipment 1.18% |
|
|
|
|
|
|
|
Cisco Systems, Inc. |
|
| 27,280 |
|
| 550 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Computers & Peripherals 1.79% |
|
|
|
|
|
|
|
Dell, Inc.* |
|
| 13,700 |
|
| 224 |
|
EMC Corp.* |
|
| 11,860 |
|
| 335 |
|
Hewlett-Packard Co. |
|
| 11,100 |
|
| 275 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 834 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Finance 1.67% |
|
|
|
|
|
|
|
Capital One Financial Corp. |
|
| 13,970 |
|
| 775 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Financial Services 5.07% |
|
|
|
|
|
|
|
Bank of America Corp. |
|
| 36,419 |
|
| 296 |
|
Citigroup, Inc. |
|
| 14,829 |
|
| 490 |
|
JPMorgan Chase & Co. |
|
| 36,630 |
|
| 1,574 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,360 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 4.49% |
|
|
|
|
|
|
|
AT&T, Inc. |
|
| 33,763 |
|
| 1,111 |
|
CenturyLink, Inc. |
|
| 12,440 |
|
| 480 |
|
Verizon Communications, |
|
| 12,290 |
|
| 496 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,087 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 2.21% |
|
|
|
|
|
|
|
Duke Energy Corp. |
|
| 12,920 |
|
| 277 |
|
NextEra Energy, Inc. |
|
| 3,350 |
|
| 215 |
|
Progress Energy, Inc. |
|
| 1,560 |
|
| 83 |
|
Southern Co. (The) |
|
| 9,880 |
|
| 454 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,029 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Arrow Electronics, Inc.* |
|
| 3,240 |
|
| 136 |
|
Avnet, Inc.* |
|
| 5,460 |
|
| 197 |
|
|
|
|
38 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
LARGE CAP VALUE FUND April 30, 2012
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Corning, Inc. |
|
| 15,690 |
| $ | 225 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 558 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy Equipment & Services 1.33% |
|
|
|
|
|
|
|
Cameron International Corp.* |
|
| 1,160 |
|
| 59 |
|
Halliburton Co. |
|
| 5,000 |
|
| 171 |
|
Schlumberger Ltd. |
|
| 5,219 |
|
| 387 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 617 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 1.32% |
|
|
|
|
|
|
|
CVS Caremark Corp. |
|
| 13,710 |
|
| 612 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 0.56% |
|
|
|
|
|
|
|
General Mills, Inc. |
|
| 2,540 |
|
| 99 |
|
Kraft Foods, Inc. Class A |
|
| 4,065 |
|
| 162 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 261 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies 0.72% |
|
|
|
|
|
|
|
Baxter International, Inc. |
|
| 6,070 |
|
| 336 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Providers & Services 3.28% |
|
|
|
|
|
|
|
AmerisourceBergen Corp. |
|
| 1,390 |
|
| 52 |
|
CIGNA Corp. |
|
| 6,840 |
|
| 316 |
|
McKesson Corp. |
|
| 3,550 |
|
| 325 |
|
UnitedHealth Group, Inc. |
|
| 13,590 |
|
| 763 |
|
WellPoint, Inc. |
|
| 1,050 |
|
| 71 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,527 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 1.46% |
|
|
|
|
|
|
|
Carnival Corp. |
|
| 10,350 |
|
| 337 |
|
Marriott International, Inc. |
|
| 4,839 |
|
| 189 |
|
Starwood Hotels & Resorts |
|
| 2,570 |
|
| 152 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 678 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Products 2.35% |
|
|
|
|
|
|
|
Colgate-Palmolive Co. |
|
| 4,700 |
|
| 465 |
|
Procter & Gamble Co. (The) |
|
| 9,850 |
|
| 627 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,092 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Industrial Conglomerates 2.06% |
|
|
|
|
|
|
|
General Electric Co. |
|
| 48,930 |
|
| 958 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 3.70% |
|
|
|
|
|
|
|
Berkshire Hathaway, Inc. |
|
| 3,160 |
|
| 254 |
|
Chubb Corp. (The) |
|
| 3,460 |
|
| 253 |
|
Marsh & McLennan Cos., Inc. |
|
| 5,310 |
|
| 178 |
|
MetLife, Inc. |
|
| 7,740 |
|
| 279 |
|
Prudential Financial, Inc. |
|
| 7,490 |
|
| 453 |
|
Travelers Cos., Inc. (The) |
|
| 4,750 |
|
| 305 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,722 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Life Sciences Tools & Services 0.75% |
|
|
|
|
|
|
|
Thermo Fisher Scientific, Inc. |
|
| 6,250 |
|
| 348 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 1.87% |
|
|
|
|
|
|
|
Caterpillar, Inc. |
|
| 2,540 |
|
| 261 |
|
Eaton Corp. |
|
| 8,034 |
|
| 387 |
|
Joy Global, Inc. |
|
| 2,160 |
|
| 153 |
|
Parker Hannifin Corp. |
|
| 780 |
|
| 68 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 869 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 6.87% |
|
|
|
|
|
|
|
Comcast Corp. Class A |
|
| 22,080 |
|
| 670 |
|
News Corp. Class A |
|
| 23,750 |
|
| 465 |
|
Omnicom Group, Inc. |
|
| 7,100 |
|
| 364 |
|
Time Warner Cable, Inc. |
|
| 5,813 |
|
| 468 |
|
Time Warner, Inc. |
|
| 12,810 |
|
| 480 |
|
Walt Disney Co. (The) |
|
| 17,370 |
|
| 749 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,196 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Metals & Mining 2.16% |
|
|
|
|
|
|
|
Barrick Gold Corp. (Canada)(a) |
|
| 3,770 |
|
| 152 |
|
Cliffs Natural Resources, Inc. |
|
| 5,330 |
|
| 332 |
|
Freeport-McMoRan Copper |
|
| 8,580 |
|
| 329 |
|
Nucor Corp. |
|
| 550 |
|
| 22 |
|
United States Steel Corp. |
|
| 5,970 |
|
| 169 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,004 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 39 |
Schedule of Investments (unaudited)(continued)
LARGE CAP VALUE FUND April 30, 2012
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
Multi-Line Retail 0.58% |
|
|
|
|
|
|
|
Kohl’s Corp. |
|
| 880 |
| $ | 44 |
|
Target Corp. |
|
| 3,860 |
|
| 224 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 268 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Utilities 0.26% |
|
|
|
|
|
|
|
PG&E Corp. |
|
| 2,770 |
|
| 122 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 13.16% |
|
|
|
|
|
|
|
Anadarko Petroleum Corp. |
|
| 6,210 |
|
| 455 |
|
Apache Corp. |
|
| 3,560 |
|
| 341 |
|
Canadian Natural Resources |
|
| 630 |
|
| 22 |
|
Cenovus Energy, Inc. |
|
| 1,750 |
|
| 63 |
|
Chevron Corp. |
|
| 11,990 |
|
| 1,278 |
|
ConocoPhillips |
|
| 4,910 |
|
| 352 |
|
Devon Energy Corp. |
|
| 2,590 |
|
| 181 |
|
El Paso Corp. |
|
| 16,670 |
|
| 494 |
|
EOG Resources, Inc. |
|
| 1,040 |
|
| 114 |
|
Exxon Mobil Corp. |
|
| 9,841 |
|
| 850 |
|
Hess Corp. |
|
| 8,490 |
|
| 443 |
|
Occidental Petroleum Corp. |
|
| 6,520 |
|
| 595 |
|
Range Resources Corp. |
|
| 2,580 |
|
| 172 |
|
Southwestern Energy Co.* |
|
| 3,790 |
|
| 120 |
|
Suncor Energy, Inc. |
|
| 10,390 |
|
| 343 |
|
Valero Energy Corp. |
|
| 12,110 |
|
| 299 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 6,122 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Paper & Forest Products 0.61% |
|
|
|
|
|
|
|
International Paper Co. |
|
| 8,540 |
|
| 284 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 7.81% |
|
|
|
|
|
|
|
Bristol-Myers Squibb Co. |
|
| 13,940 |
|
| 465 |
|
Eli Lilly & Co. |
|
| 4,350 |
|
| 180 |
|
Johnson & Johnson |
|
| 12,040 |
|
| 784 |
|
Merck & Co., Inc. |
|
| 12,320 |
|
| 483 |
|
Pfizer, Inc. |
|
| 63,440 |
|
| 1,455 |
|
Teva Pharmaceutical |
|
| 5,770 |
|
| 264 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,631 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 0.82% |
|
|
|
|
|
|
|
Host Hotels & Resorts, Inc. |
|
| 22,958 |
|
| 382 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 2.48% |
|
|
|
|
|
|
|
CSX Corp. |
|
| 4,440 |
|
| 99 |
|
Hertz Global Holdings, Inc.* |
|
| 42,190 |
|
| 650 |
|
Union Pacific Corp. |
|
| 3,580 |
|
| 403 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,152 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor |
|
|
|
|
|
|
|
Intel Corp. |
|
| 17,320 |
|
| 492 |
|
Micron Technology, Inc.* |
|
| 17,020 |
|
| 112 |
|
Texas Instruments, Inc. |
|
| 9,850 |
|
| 315 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 919 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Software 2.05% |
|
|
|
|
|
|
|
Adobe Systems, Inc.* |
|
| 10,220 |
|
| 343 |
|
Microsoft Corp. |
|
| 13,450 |
|
| 431 |
|
Oracle Corp. |
|
| 6,110 |
|
| 179 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 953 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Specialty Retail 0.85% |
|
|
|
|
|
|
|
Home Depot, Inc. (The) |
|
| 7,600 |
|
| 394 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Tobacco 2.00% |
|
|
|
|
|
|
|
Altria Group, Inc. |
|
| 12,300 |
|
| 396 |
|
Philip Morris International, |
|
| 5,940 |
|
| 532 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 928 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 44,803 |
|
|
|
|
|
|
|
|
|
|
40 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(concluded)
LARGE CAP VALUE FUND April 30, 2012
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
SHORT-TERM INVESTMENT 3.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 1,732 |
| $ | 1,732 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 46,535 |
|
|
|
|
|
|
| ||
Liabilities in Excess of |
|
|
|
|
| (32 | ) |
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 46,503 |
|
|
|
|
|
|
|
|
|
|
ADR |
| American Depositary Receipt. |
* |
| Non-income producing security. |
(a) |
| Foreign security traded in U.S. dollars. |
|
|
|
| See Notes to Financial Statements. | 41 |
|
Schedule of Investments (unaudited) |
VALUE OPPORTUNITIES FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
COMMON STOCKS 98.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 0.75% |
|
|
|
|
|
|
|
Hexcel Corp.* |
|
| 621,736 |
| $ | 17,023 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Air Freight & Logistics 1.27% |
|
|
|
|
|
|
|
Atlas Air Worldwide |
|
| 626,601 |
|
| 28,855 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Airlines 0.56% |
|
|
|
|
|
|
|
Spirit Airlines, Inc.* |
|
| 530,100 |
|
| 12,733 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Beverages 1.70% |
|
|
|
|
|
|
|
Beam, Inc. |
|
| 679,283 |
|
| 38,570 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Building Products 1.01% |
|
|
|
|
|
|
|
Fortune Brands Home |
|
| 976,804 |
|
| 22,212 |
|
Universal Forest Products, |
|
| 17,798 |
|
| 666 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 22,878 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Capital Markets 2.02% |
|
|
|
|
|
|
|
Lazard Ltd. Class A |
|
| 646,100 |
|
| 17,774 |
|
Raymond James Financial, |
|
| 766,983 |
|
| 28,087 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 45,861 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals 5.42% |
|
|
|
|
|
|
|
Albemarle Corp. |
|
| 435,520 |
|
| 28,440 |
|
Celanese Corp. Series A |
|
| 659,000 |
|
| 31,935 |
|
Chemtura Corp.* |
|
| 1,250,900 |
|
| 21,290 |
|
Eastman Chemical Co. |
|
| 551,600 |
|
| 29,770 |
|
Georgia Gulf Corp.* |
|
| 319,100 |
|
| 11,312 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 122,747 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 10.56% |
|
|
|
|
|
|
|
BOK Financial Corp. |
|
| 517,100 |
|
| 29,490 |
|
City National Corp. |
|
| 186,200 |
|
| 9,917 |
|
Comerica, Inc. |
|
| 1,344,976 |
|
| 43,066 |
|
Commerce Bancshares, Inc. |
|
| 553,881 |
|
| 22,211 |
|
Cullen/Frost Bankers, Inc. |
|
| 324,069 |
|
| 19,107 |
|
East West Bancorp, Inc. |
|
| 895,014 |
|
| 20,380 |
|
Hancock Holding Co. |
|
| 814,400 |
|
| 26,207 |
|
Signature Bank* |
|
| 416,511 |
|
| 27,361 |
|
Wintrust Financial Corp. |
|
| 629,600 |
|
| 22,747 |
|
Zions Bancorporation |
|
| 922,300 |
|
| 18,806 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 239,292 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Services & Supplies 2.49% |
|
|
|
|
|
|
|
Tetra Tech, Inc.* |
|
| 1,329,024 |
|
| 35,485 |
|
Waste Connections, Inc. |
|
| 650,476 |
|
| 20,965 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 56,450 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Computers & Peripherals 0.75% |
|
|
|
|
|
|
|
Synaptics, Inc.* |
|
| 551,400 |
|
| 16,934 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 3.18% |
|
|
|
|
|
|
|
Chicago Bridge & Iron Co. |
|
| 838,700 |
|
| 37,255 |
|
Jacobs Engineering |
|
| 794,100 |
|
| 34,805 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 72,060 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Containers & Packaging 1.49% |
|
|
|
|
|
|
|
Rock-Tenn Co. Class A |
|
| 540,300 |
|
| 33,677 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 2.72% |
|
|
|
|
|
|
|
Cleco Corp. |
|
| 269,300 |
|
| 10,987 |
|
ITC Holdings Corp. |
|
| 287,100 |
|
| 22,239 |
|
NV Energy, Inc. |
|
| 1,702,500 |
|
| 28,347 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 61,573 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electrical Equipment 0.91% |
|
|
|
|
|
|
|
EnerSys* |
|
| 592,021 |
|
| 20,691 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Amphenol Corp. Class A |
|
| 415,600 |
|
| 24,163 |
|
Jabil Circuit, Inc. |
|
| 549,100 |
|
| 12,876 |
|
ScanSource, Inc.* |
|
| 605,900 |
|
| 19,971 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 57,010 |
|
|
|
|
|
|
|
|
|
|
42 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
VALUE OPPORTUNITIES FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Energy Equipment & Services 3.85% |
|
|
|
|
|
|
|
GulfMark Offshore, Inc. |
|
| 503,400 |
| $ | 24,249 |
|
Helix Energy Solutions |
|
| 854,300 |
|
| 17,436 |
|
Key Energy Services, Inc.* |
|
| 1,774,586 |
|
| 22,466 |
|
Superior Energy Services, |
|
| 854,700 |
|
| 23,009 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 87,160 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 1.86% |
|
|
|
|
|
|
|
Bunge Ltd. |
|
| 389,400 |
|
| 25,116 |
|
Ralcorp Holdings, Inc.* |
|
| 234,100 |
|
| 17,045 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 42,161 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies 0.52% |
|
|
|
|
|
|
|
CareFusion Corp.* |
|
| 452,300 |
|
| 11,719 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Providers & Services 3.19% |
|
|
|
|
|
|
|
DaVita, Inc.* |
|
| 397,100 |
|
| 35,175 |
|
McKesson Corp. |
|
| 113,000 |
|
| 10,329 |
|
MEDNAX, Inc.* |
|
| 382,400 |
|
| 26,860 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 72,364 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 2.48% |
|
|
|
|
|
|
|
Darden Restaurants, Inc. |
|
| 448,900 |
|
| 22,481 |
|
Hyatt Hotels Corp. Class A* |
|
| 520,077 |
|
| 22,379 |
|
Red Robin Gourmet |
|
| 316,700 |
|
| 11,293 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 56,153 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Durables 2.19% |
|
|
|
|
|
|
|
Harman International |
|
| 307,200 |
|
| 15,231 |
|
Jarden Corp. |
|
| 336,300 |
|
| 14,101 |
|
Mohawk Industries, Inc.* |
|
| 302,300 |
|
| 20,260 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 49,592 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Information Technology Services 8.86% |
|
|
|
|
|
|
|
Alliance Data Systems |
|
| 251,700 |
|
| 32,341 |
|
Amdocs Ltd.* |
|
| 1,058,298 |
|
| 33,866 |
|
Fiserv, Inc.* |
|
| 425,459 |
|
| 29,906 |
|
FleetCor Technologies, Inc.* |
|
| 691,667 |
|
| 27,355 |
|
Global Payments, Inc. |
|
| 671,922 |
|
| 31,197 |
|
Lender Processing |
|
| 672,400 |
|
| 17,852 |
|
Sapient Corp. |
|
| 2,373,427 |
|
| 28,410 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 200,927 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 5.21% |
|
|
|
|
|
|
|
Alterra Capital Holdings |
|
| 978,119 |
|
| 23,406 |
|
Arch Capital Group Ltd.* |
|
| 967,506 |
|
| 38,004 |
|
Brown & Brown, Inc. |
|
| 673,000 |
|
| 18,151 |
|
PartnerRe Ltd. |
|
| 232,300 |
|
| 16,173 |
|
RenaissanceRe Holdings |
|
| 286,000 |
|
| 22,325 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 118,059 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Life Sciences Tools & Services 1.91% |
|
|
|
|
|
|
|
PerkinElmer, Inc. |
|
| 1,568,700 |
|
| 43,296 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 4.09% |
|
|
|
|
|
|
|
Crane Co. |
|
| 463,100 |
|
| 20,437 |
|
ESCO Technologies, Inc. |
|
| 386,100 |
|
| 13,282 |
|
SPX Corp. |
|
| 412,300 |
|
| 31,656 |
|
Timken Co. (The) |
|
| 426,100 |
|
| 24,079 |
|
Trinity Industries, Inc. |
|
| 110,160 |
|
| 3,261 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 92,715 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Marine 0.35% |
|
|
|
|
|
|
|
Kirby Corp.* |
|
| 121,338 |
|
| 8,053 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 2.22% |
|
|
|
|
|
|
|
Interpublic Group of |
|
| 4,260,700 |
|
| 50,319 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 43 |
|
Schedule of Investments (unaudited)(continued) |
VALUE OPPORTUNITIES FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Metals & Mining 3.88% |
|
|
|
|
|
|
|
Allegheny Technologies, Inc. |
|
| 423,500 |
| $ | 18,185 |
|
Carpenter Technology Corp. |
|
| 536,476 |
|
| 29,860 |
|
Reliance Steel & Aluminum |
|
| 715,300 |
|
| 39,978 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 88,023 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Utilities 2.37% |
|
|
|
|
|
|
|
CMS Energy Corp. |
|
| 1,252,500 |
|
| 28,795 |
|
Wisconsin Energy Corp. |
|
| 675,799 |
|
| 24,896 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 53,691 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 2.17% |
|
|
|
|
|
|
|
EQT Corp. |
|
| 439,200 |
|
| 21,881 |
|
Range Resources Corp. |
|
| 410,400 |
|
| 27,357 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 49,238 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Paper & Forest Products 0.00% |
|
|
|
|
|
|
|
Schweitzer-Mauduit |
|
| 891 |
|
| 60 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 2.34% |
|
|
|
|
|
|
|
Watson Pharmaceuticals, |
|
| 703,200 |
|
| 52,993 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 1.03% |
|
|
|
|
|
|
|
American Campus |
|
| 400,401 |
|
| 17,798 |
|
Host Hotels & Resorts, Inc. |
|
| 330,199 |
|
| 5,494 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 23,292 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 2.62% |
|
|
|
|
|
|
|
Genesee & Wyoming, Inc. |
|
| 278,200 |
|
| 14,998 |
|
Kansas City Southern |
|
| 248,200 |
|
| 19,116 |
|
Werner Enterprises, Inc. |
|
| 1,072,000 |
|
| 25,321 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 59,435 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor |
|
|
|
|
|
|
|
Lam Research Corp.* |
|
| 666,000 |
|
| 27,739 |
|
Silicon Laboratories, Inc.* |
|
| 334,417 |
|
| 11,868 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 39,607 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Software 1.43% |
|
|
|
|
|
|
|
Nuance Communications, |
|
| 1,324,785 |
|
| 32,378 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Specialty Retail 2.56% |
|
|
|
|
|
|
|
Express, Inc.* |
|
| 1,176,299 |
|
| 27,785 |
|
Men’s Wearhouse, Inc. |
|
| 487,639 |
|
| 18,062 |
|
Penske Automotive |
|
| 462,600 |
|
| 12,231 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 58,078 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods 2.82% |
|
|
|
|
|
|
|
Gildan Activewear, Inc. |
|
| 412,500 |
|
| 11,872 |
|
PVH Corp. |
|
| 363,600 |
|
| 32,287 |
|
Quiksilver, Inc.* |
|
| 1,950,778 |
|
| 6,750 |
|
Vera Bradley, Inc.* |
|
| 503,002 |
|
| 13,068 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 63,977 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Trading Companies & Distributors 1.28% |
|
|
|
|
|
|
|
TAL International Group, |
|
| 700,896 |
|
| 28,954 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 2,228,598 |
|
|
|
|
|
|
|
|
|
|
44 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(concluded) |
VALUE OPPORTUNITIES FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
| |||||||
SHORT-TERM INVESTMENT 2.28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 51,623 |
| $ | 51,623 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 2,280,221 |
|
|
|
|
|
|
| ||
Liabilities in Excess of |
|
|
|
|
| (13,647 | ) |
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 2,266,574 |
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Foreign security traded in U.S. dollars. |
|
|
|
| See Notes to Financial Statements. | 45 |
|
Statements of Assets and Liabilities (unaudited) |
April 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
| Alpha Strategy |
| Fundamental |
| Growth |
| |||
ASSETS: |
|
|
|
|
|
|
|
|
|
|
Investments in securities, at cost |
| $ | 806,370,294 |
| $ | 4,338,211,395 |
| $ | 23,363,786 |
|
Investments in securities, at fair value |
| $ | 935,176,814 |
| $ | 5,017,020,304 |
| $ | 24,412,567 |
|
Cash |
|
| — |
|
| — |
|
| — |
|
Foreign cash, at value (cost $0, $0, $0, |
|
| — |
|
| — |
|
| — |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
Interest and dividends |
|
| — |
|
| 3,486,502 |
|
| 5,986 |
|
Investment securities sold |
|
| — |
|
| 38,634,750 |
|
| 4,962,474 |
|
Capital shares sold |
|
| 1,887,997 |
|
| 8,319,634 |
|
| 250,065 |
|
From affiliates (See Note 3) |
|
| 147,037 |
|
| — |
|
| — |
|
From advisor (See Note 3) |
|
| — |
|
| — |
|
| 12,294 |
|
Unrealized appreciation on forward foreign |
|
| — |
|
| — |
|
| — |
|
Prepaid expenses and other assets |
|
| 59,468 |
|
| 157,351 |
|
| 28,825 |
|
Total assets |
|
| 937,271,316 |
|
| 5,067,618,541 |
|
| 29,672,211 |
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
Investment securities purchased |
|
| — |
|
| 16,836,227 |
|
| 4,868,474 |
|
Capital shares reacquired |
|
| 1,216,809 |
|
| 11,167,084 |
|
| 5,574 |
|
Management fee |
|
| — |
|
| 2,130,710 |
|
| 10,792 |
|
12b-1 distribution fees |
|
| 403,327 |
|
| 2,232,249 |
|
| 7,600 |
|
Fund administration |
|
| — |
|
| 164,227 |
|
| 785 |
|
Trustees’ fees |
|
| 62,904 |
|
| 507,311 |
|
| — |
|
To affiliates (See Note 3) |
|
| — |
|
| 8,244 |
|
| — |
|
Unrealized depreciation on forward foreign |
|
| — |
|
| — |
|
| — |
|
Accrued expenses and other liabilities |
|
| 337,010 |
|
| 1,003,491 |
|
| 61,492 |
|
Total liabilities |
|
| 2,020,050 |
|
| 34,049,543 |
|
| 4,954,717 |
|
NET ASSETS |
| $ | 935,251,266 |
| $ | 5,033,568,998 |
| $ | 24,717,494 |
|
COMPOSITION OF NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
| $ | 783,307,453 |
| $ | 4,318,038,544 |
| $ | 23,461,464 |
|
Undistributed (distributions in excess of) net |
|
| (181,934 | ) |
| 3,536,255 |
|
| (11,196 | ) |
Accumulated net realized gain (loss) on |
|
| 23,319,227 |
|
| 33,185,290 |
|
| 218,445 |
|
Net unrealized appreciation on investments |
|
| 128,806,520 |
|
| 678,808,909 |
|
| 1,048,781 |
|
Net Assets |
| $ | 935,251,266 |
| $ | 5,033,568,998 |
| $ | 24,717,494 |
|
|
|
|
46 | See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International |
| International |
| International |
| Large Cap |
| Value |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 667,648,196 |
| $ | 1,393,454,348 |
| $ | 300,444,570 |
| $ | 39,405,254 |
| $ | 1,954,950,842 |
|
| $ | 718,745,856 |
| $ | 1,449,262,014 |
| $ | 318,924,269 |
| $ | 46,534,613 |
| $ | 2,280,221,386 |
|
|
| 1,110,000 |
|
| 1,000,000 |
|
| 430,000 |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4,550,065 |
|
| 10,799,662 |
|
| 3,747,347 |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4,561,176 |
|
| 9,854,996 |
|
| 1,146,883 |
|
| 57,709 |
|
| 568,110 |
|
|
| 1,987,384 |
|
| 3,538,715 |
|
| 1,504,338 |
|
| 20,013 |
|
| 34,228,051 |
|
|
| 1,054,009 |
|
| 8,329,843 |
|
| 95,363 |
|
| 63,741 |
|
| 5,456,623 |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| 212,239 |
|
| 220,235 |
|
| — |
|
| 66 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,791,070 |
|
| 11,773,722 |
|
| 609,346 |
|
| — |
|
| — |
|
|
| 51,608 |
|
| 64,701 |
|
| 39,412 |
|
| 25,224 |
|
| 94,679 |
|
|
| 734,063,407 |
|
| 1,494,843,888 |
|
| 326,496,958 |
|
| 46,701,366 |
|
| 2,320,568,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,891,860 |
|
| 18,326,611 |
|
| 3,673,527 |
|
| 46,959 |
|
| 43,405,381 |
|
|
| 1,258,270 |
|
| 914,202 |
|
| 435,615 |
|
| 62,170 |
|
| 7,804,601 |
|
|
| 444,323 |
|
| 860,788 |
|
| 194,757 |
|
| 15,219 |
|
| 1,317,555 |
|
|
| 215,712 |
|
| 251,153 |
|
| 58,320 |
|
| 18,011 |
|
| 864,991 |
|
|
| 23,697 |
|
| 46,846 |
|
| 10,387 |
|
| 1,522 |
|
| 73,514 |
|
|
| 119,040 |
|
| 13,310 |
|
| 48,146 |
|
| 7,640 |
|
| 39,684 |
|
|
| 5,330 |
|
| 58,190 |
|
| 31,986 |
|
| — |
|
| 23,426 |
|
|
| 2,364,371 |
|
| 5,854,017 |
|
| 1,077,852 |
|
| — |
|
| — |
|
|
| 430,268 |
|
| 167,490 |
|
| 159,283 |
|
| 46,748 |
|
| 466,124 |
|
|
| 6,752,871 |
|
| 26,492,607 |
|
| 5,689,873 |
|
| 198,269 |
|
| 53,995,276 |
|
| $ | 727,310,536 |
| $ | 1,468,351,281 |
| $ | 320,807,085 |
| $ | 46,503,097 |
| $ | 2,266,573,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 1,017,626,242 |
| $ | 1,480,095,576 |
| $ | 366,624,305 |
| $ | 55,174,965 |
| $ | 1,943,045,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7,953,803 |
|
| 12,706,757 |
|
| 653,359 |
|
| 88,806 |
|
| (1,938,449 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (348,888,657 | ) |
| (86,370,471 | ) |
| (64,491,103 | ) |
| (15,890,033 | ) |
| 195,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 50,619,148 |
|
| 61,919,419 |
|
| 18,020,524 |
|
| 7,129,359 |
|
| 325,270,544 |
|
| $ | 727,310,536 |
| $ | 1,468,351,281 |
| $ | 320,807,085 |
| $ | 46,503,097 |
| $ | 2,266,573,573 |
|
|
|
|
| See Notes to Financial Statements. | 47 |
|
Statements of Assets and Liabilities (unaudited)(concluded) |
April 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
| Alpha Strategy |
| Fundamental |
| Growth |
| |||
|
|
|
|
|
|
|
| |||
Net assets by class: |
|
|
|
|
|
|
|
|
|
|
Class A Shares |
| $ | 449,685,961 |
| $ | 2,582,124,667 |
| $ | 16,357,708 |
|
Class B Shares |
| $ | 26,034,565 |
| $ | 98,258,858 |
|
| — |
|
Class C Shares |
| $ | 240,840,023 |
| $ | 879,511,807 |
| $ | 1,301,239 |
|
Class F Shares |
| $ | 159,682,290 |
| $ | 719,747,965 |
| $ | 4,453,795 |
|
Class I Shares |
| $ | 24,779,296 |
| $ | 422,102,910 |
| $ | 2,579,572 |
|
Class P Shares |
|
| — |
| $ | 32,350,168 |
|
| — |
|
Class R2 Shares |
| $ | 3,621,899 |
| $ | 24,898,672 |
| $ | 10,767 |
|
Class R3 Shares |
| $ | 30,607,232 |
| $ | 274,573,951 |
| $ | 14,413 |
|
Outstanding shares by class (unlimited number |
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| 17,829,626 |
|
| 193,433,976 |
|
| 1,017,432 |
|
Class B Shares |
|
| 1,102,667 |
|
| 7,762,240 |
|
| — |
|
Class C Shares |
|
| 10,270,798 |
|
| 69,767,519 |
|
| 81,379 |
|
Class F Shares |
|
| 6,321,493 |
|
| 54,171,353 |
|
| 276,761 |
|
Class I Shares |
|
| 972,888 |
|
| 31,489,137 |
|
| 160,213 |
|
Class P Shares |
|
| — |
|
| 2,451,093 |
|
| — |
|
Class R2 Shares |
|
| 145,476 |
|
| 1,892,738 |
|
| 669 |
|
Class R3 Shares |
|
| 1,227,188 |
|
| 20,765,855 |
|
| 895 |
|
Net asset value, offering and redemption price |
|
|
|
|
|
|
|
|
|
|
Class A Shares-Net asset value |
| $ | 25.22 |
| $ | 13.35 |
| $ | 16.08 |
|
Class A Shares-Maximum offering price |
| $ | 26.76 |
| $ | 14.16 |
| $ | 17.06 |
|
Class B Shares-Net asset value |
| $ | 23.61 |
| $ | 12.66 |
|
| — |
|
Class C Shares-Net asset value |
| $ | 23.45 |
| $ | 12.61 |
| $ | 15.99 |
|
Class F Shares-Net asset value |
| $ | 25.26 |
| $ | 13.29 |
| $ | 16.09 |
|
Class I Shares-Net asset value |
| $ | 25.47 |
| $ | 13.40 |
| $ | 16.10 |
|
Class P Shares-Net asset value |
|
| — |
| $ | 13.20 |
|
| — |
|
Class R2 Shares-Net asset value |
| $ | 24.90 |
| $ | 13.15 |
| $ | 16.09 |
|
Class R3 Shares-Net asset value |
| $ | 24.94 |
| $ | 13.22 |
| $ | 16.10 |
|
|
|
|
48 | See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
| International |
| International |
| Large Cap |
| Value |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 415,982,467 |
| $ | 502,188,448 |
| $ | 80,960,703 |
| $ | 32,959,880 |
| $ | 954,054,022 |
|
$ | 24,412,080 |
|
| — |
| $ | 8,378,716 |
| $ | 1,650,895 |
| $ | 15,357,270 |
|
$ | 61,694,374 |
| $ | 50,584,627 |
| $ | 15,862,477 |
| $ | 6,666,022 |
| $ | 287,499,914 |
|
$ | 121,932,970 |
| $ | 86,824,538 |
| $ | 986,807 |
| $ | 481,299 |
| $ | 465,449,138 |
|
$ | 86,344,633 |
| $ | 796,412,312 |
| $ | 207,964,634 |
| $ | 4,480,062 |
| $ | 434,656,041 |
|
$ | 370,543 |
|
| — |
| $ | 914,624 |
| $ | 14,009 |
| $ | 3,457,664 |
|
$ | 543,094 |
| $ | 281,057 |
| $ | 79,557 |
| $ | 10,911 |
| $ | 12,967,595 |
|
$ | 16,030,375 |
| $ | 32,060,299 |
| $ | 5,659,567 |
| $ | 240,019 |
| $ | 93,131,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 36,195,513 |
|
| 62,782,528 |
|
| 6,220,467 |
|
| 3,181,146 |
|
| 58,147,056 |
|
| 2,149,181 |
|
| — |
|
| 676,846 |
|
| 161,678 |
|
| 973,209 |
|
| 5,424,574 |
|
| 6,363,483 |
|
| 1,289,750 |
|
| 653,718 |
|
| 18,220,540 |
|
| 10,683,642 |
|
| 10,841,924 |
|
| 76,364 |
|
| 46,711 |
|
| 28,246,222 |
|
| 7,476,498 |
|
| 99,260,512 |
|
| 15,625,427 |
|
| 430,700 |
|
| 26,133,139 |
|
| 32,328 |
|
| — |
|
| 69,227 |
|
| 1,347 |
|
| 211,754 |
|
| 47,284 |
|
| 34,552 |
|
| 6,152 |
|
| 1,041 |
|
| 799,107 |
|
| 1,412,630 |
|
| 3,977,564 |
|
| 440,900 |
|
| 23,268 |
|
| 5,729,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 11.49 |
| $ | 8.00 |
| $ | 13.02 |
| $ | 10.36 |
| $ | 16.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 12.19 |
| $ | 8.49 |
| $ | 13.81 |
| $ | 10.99 |
| $ | 17.41 |
|
$ | 11.36 |
|
| — |
| $ | 12.38 |
| $ | 10.21 |
| $ | 15.78 |
|
$ | 11.37 |
| $ | 7.95 |
| $ | 12.30 |
| $ | 10.20 |
| $ | 15.78 |
|
$ | 11.41 |
| $ | 8.01 |
| $ | 12.92 |
| $ | 10.30 |
| $ | 16.48 |
|
$ | 11.55 |
| $ | 8.02 |
| $ | 13.31 |
| $ | 10.40 |
| $ | 16.63 |
|
$ | 11.46 |
|
| — |
| $ | 13.21 |
| $ | 10.40 |
| $ | 16.33 |
|
$ | 11.49 |
| $ | 8.13 |
| $ | 12.93 |
| $ | 10.48 |
| $ | 16.23 |
|
$ | 11.35 |
| $ | 8.06 |
| $ | 12.84 |
| $ | 10.32 |
| $ | 16.26 |
|
|
|
|
| See Notes to Financial Statements. | 49 |
|
Statements of Operations (unaudited) |
For the Six Months Ended April 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
| Alpha Strategy |
| Fundamental |
| Growth |
| |||
Investment income: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Dividends (net of foreign withholding taxes of |
| $ | 1,835,421 |
| $ | 39,183,812 |
| $ | 57,196 |
|
Interest and other |
|
| 18 |
|
| 4,620 |
|
| 385 |
|
Total investment income |
|
| 1,835,439 |
|
| 39,188,432 |
|
| 57,581 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Management fee |
|
| 448,121 |
|
| 12,291,875 |
|
| 47,381 |
|
12b-1 distribution plan-Class A |
|
| 536,433 |
|
| 4,288,573 |
|
| 19,058 |
|
12b-1 distribution plan-Class B |
|
| 132,070 |
|
| 533,967 |
|
| — |
|
12b-1 distribution plan-Class C |
|
| 1,133,093 |
|
| 4,188,461 |
|
| 2,882 |
|
12b-1 distribution plan-Class F |
|
| 76,670 |
|
| 348,041 |
|
| 1,846 |
|
12b-1 distribution plan-Class P |
|
| — |
|
| 70,428 |
|
| — |
|
12b-1 distribution plan-Class R2 |
|
| 10,485 |
|
| 67,191 |
|
| 30 |
|
12b-1 distribution plan-Class R3 |
|
| 70,587 |
|
| 581,356 |
|
| 28 |
|
Shareholder servicing |
|
| 842,455 |
|
| 3,154,345 |
|
| 3,488 |
|
Professional |
|
| 17,309 |
|
| 33,890 |
|
| 20,390 |
|
Reports to shareholders |
|
| 66,264 |
|
| 267,318 |
|
| 7,012 |
|
Fund administration |
|
| — |
|
| 945,558 |
|
| 3,446 |
|
Custody |
|
| 6,725 |
|
| 32,871 |
|
| 9,095 |
|
Trustees’ fees |
|
| 12,839 |
|
| 65,905 |
|
| 222 |
|
Registration |
|
| 59,256 |
|
| 156,503 |
|
| 9,305 |
|
Subsidy (See Note 3) |
|
| — |
|
| 53,328 |
|
| — |
|
Offering costs |
|
| — |
|
| — |
|
| 13,961 |
|
Other |
|
| 11,355 |
|
| 81,415 |
|
| 1,593 |
|
Gross expenses |
|
| 3,423,662 |
|
| 27,161,025 |
|
| 139,737 |
|
Expense reductions (See Note 7) |
|
| (301 | ) |
| (1,671 | ) |
| (6 | ) |
Management fee waived and expenses |
|
| (448,121 | ) |
| — |
|
| (72,871 | ) |
Expenses assumed by Underlying Funds |
|
| (1,015,902 | ) |
| — |
|
| — |
|
Net expenses |
|
| 1,959,338 |
|
| 27,159,354 |
|
| 66,860 |
|
Net investment income (loss) |
|
| (123,899 | ) |
| 12,029,078 |
|
| (9,279 | ) |
Net realized and unrealized gain (loss): |
|
|
|
|
|
|
|
|
|
|
Capital gains received from Underlying Funds |
|
| 23,324,449 |
|
| — |
|
| — |
|
Net realized gain (loss) on investments (net of |
|
| 9,817,656 |
|
| 38,875,620 |
|
| 1,299,403 |
|
Net change in unrealized appreciation/depreciation |
|
| 63,107,923 |
|
| 376,960,453 |
|
| 210,114 |
|
Net realized and unrealized gain |
|
| 96,250,028 |
|
| 415,836,073 |
|
| 1,509,517 |
|
Net Increase in Net Assets Resulting |
| $ | 96,126,129 |
| $ | 427,865,151 |
| $ | 1,500,238 |
|
|
|
|
50 | See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International |
| International |
| International |
| Large Cap |
| Value |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 15,641,793 |
| $ | 35,839,689 |
| $ | 3,376,292 |
| $ | 492,409 |
| $ | 11,138,458 |
|
|
|
| 65 |
|
| 3,281 |
|
| 813 |
|
| 77 |
|
| 3,407 |
|
|
|
| 15,641,858 |
|
| 35,842,970 |
|
| 3,377,105 |
|
| 492,486 |
|
| 11,141,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,844,771 |
|
| 4,385,908 |
|
| 1,178,788 |
|
| 84,080 |
|
| 7,540,125 |
|
|
|
| 728,622 |
|
| 697,643 |
|
| 137,204 |
|
| 50,887 |
|
| 1,582,438 |
|
|
|
| 127,702 |
|
| — |
|
| 43,267 |
|
| 8,444 |
|
| 77,179 |
|
|
|
| 311,173 |
|
| 162,892 |
|
| 74,547 |
|
| 29,380 |
|
| 1,377,777 |
|
|
|
| 51,087 |
|
| 24,777 |
|
| 501 |
|
| 325 |
|
| 215,673 |
|
|
|
| 875 |
|
| — |
|
| 1,865 |
|
| 29 |
|
| 7,365 |
|
|
|
| 1,834 |
|
| 256 |
|
| 242 |
|
| — |
|
| 32,742 |
|
|
|
| 33,786 |
|
| 51,907 |
|
| 12,302 |
|
| 508 |
|
| 192,681 |
|
|
|
| 847,089 |
|
| 352,468 |
|
| 186,560 |
|
| 32,739 |
|
| 1,430,575 |
|
|
|
| 30,493 |
|
| 27,896 |
|
| 29,213 |
|
| 22,967 |
|
| 28,275 |
|
|
|
| 68,352 |
|
| 37,435 |
|
| 14,451 |
|
| 3,420 |
|
| 127,921 |
|
|
|
| 151,721 |
|
| 236,651 |
|
| 62,869 |
|
| 8,408 |
|
| 418,536 |
|
|
|
| 170,584 |
|
| 303,383 |
|
| 81,090 |
|
| 4,341 |
|
| 16,281 |
|
|
|
| 11,687 |
|
| 14,767 |
|
| 4,667 |
|
| 582 |
|
| 28,898 |
|
|
|
| 58,478 |
|
| 87,660 |
|
| 40,792 |
|
| 36,394 |
|
| 114,471 |
|
|
|
| 79,195 |
|
| 368,521 |
|
| 232,890 |
|
| — |
|
| 160,301 |
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
| 23,562 |
|
| 14,154 |
|
| 10,464 |
|
| 25,739 |
|
| 26,475 |
|
|
|
| 5,541,011 |
|
| 6,766,318 |
|
| 2,111,712 |
|
| 308,243 |
|
| 13,377,713 |
|
|
|
| (234 | ) |
| (289 | ) |
| (36 | ) |
| (18 | ) |
| (704 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1,365,066 | ) |
| (1,273,021 | ) |
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
| 4,175,711 |
|
| 5,493,008 |
|
| 2,111,676 |
|
| 308,225 |
|
| 13,377,009 |
|
|
|
| 11,466,147 |
|
| 30,349,962 |
|
| 1,265,429 |
|
| 184,261 |
|
| (2,235,144 | ) |
| ||||||||||||||||
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| ||||||||||||||||
|
|
| (5,658,163 | ) |
| (44,339,426 | ) |
| 6,017,532 |
|
| 884,019 |
|
| 2,337,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 21,873,520 |
|
| 60,228,212 |
|
| 20,778,110 |
|
| 3,311,188 |
|
| 174,010,915 |
|
|
|
| 16,215,357 |
|
| 15,888,786 |
|
| 26,795,642 |
|
| 4,195,207 |
|
| 176,348,064 |
|
| ||||||||||||||||
|
| $ | 27,681,504 |
| $ | 46,238,748 |
| $ | 28,061,071 |
| $ | 4,379,468 |
| $ | 174,112,920 |
|
|
|
|
| See Notes to Financial Statements. | 51 |
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
| Alpha Strategy Fund |
| ||||
|
| ||||||
INCREASE IN NET ASSETS |
| For the Six Months |
| For the |
| ||
Operations: |
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | (123,899 | ) | $ | (2,550,297 | ) |
Capital gains distributions received from Underlying Funds |
|
| 23,324,449 |
|
| 405,375 |
|
Net realized gain (loss) on investments and foreign currency |
|
| 9,817,656 |
|
| 16,326,792 |
|
Net change in unrealized appreciation/depreciation |
|
| 63,107,923 |
|
| 8,433,503 |
|
Net increase (decrease) in net assets resulting |
|
| 96,126,129 |
|
| 22,615,373 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
Class A |
|
| — |
|
| — |
|
Class F |
|
| — |
|
| — |
|
Class I |
|
| — |
|
| — |
|
Class P |
|
| — |
|
| — |
|
Class R2 |
|
| — |
|
| — |
|
Class R3 |
|
| — |
|
| — |
|
Net realized gain |
|
|
|
|
|
|
|
Class A |
|
| (1,320,901 | ) |
| — |
|
Class B |
|
| (89,833 | ) |
| — |
|
Class C |
|
| (758,348 | ) |
| — |
|
Class F |
|
| (496,799 | ) |
| — |
|
Class I |
|
| (86,333 | ) |
| — |
|
Class P |
|
| — |
|
| — |
|
Class R2 |
|
| (10,876 | ) |
| — |
|
Class R3 |
|
| (88,046 | ) |
| — |
|
Total distributions to shareholders |
|
| (2,851,136 | ) |
| — |
|
Capital share transactions (Net of share conversions) (See Note 12): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
| 101,395,573 |
|
| 339,786,770 |
|
Reinvestment of distributions |
|
| 2,290,631 |
|
| — |
|
Cost of shares reacquired |
|
| (143,933,559 | ) |
| (298,546,378 | ) |
Net increase (decrease) in net assets resulting from |
|
| (40,247,355 | ) |
| 41,240,392 |
|
Net increase in net assets |
|
| 53,027,638 |
|
| 63,855,765 |
|
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
| $ | 882,223,628 |
| $ | 818,367,863 |
|
End of period |
| $ | 935,251,266 |
| $ | 882,223,628 |
|
Undistributed (distributions in excess of) |
| $ | (181,934 | ) | $ | (58,035 | ) |
* For the period June 24, 2011 (commencement of operations) to October 31, 2011. |
|
|
|
52 | See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fundamental Equity Fund |
| Growth Leaders Fund |
| ||||||||
For the Six Months |
| For the |
| For the Six Months |
| For the Period |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
$ | 12,029,078 |
| $ | 2,410,156 |
| $ | (9,279 | ) | $ | (4,010 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 38,875,620 |
|
| 225,744,959 |
|
| 1,299,403 |
|
| (1,080,958 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| 376,960,453 |
|
| (136,463,491 | ) |
| 210,114 |
|
| 838,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 427,865,151 |
|
| 91,691,624 |
|
| 1,500,238 |
|
| (246,301 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (4,347,246 | ) |
| (5,446,274 | ) |
| — |
|
| — |
|
| (2,767,177 | ) |
| (1,986,437 | ) |
| (4,091 | ) |
| — |
|
| (1,297,980 | ) |
| (1,037,377 | ) |
| (1,877 | ) |
| — |
|
| (15,617 | ) |
| (61,422 | ) |
| — |
|
| — |
|
| (9,753 | ) |
| (15,396 | ) |
| — |
|
| — |
|
| (295,095 | ) |
| (184,856 | ) |
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (50,846,537 | ) |
| — |
|
| — |
|
| — |
|
| (2,537,677 | ) |
| — |
|
| — |
|
| — |
|
| (18,296,808 | ) |
| — |
|
| — |
|
| — |
|
| (13,809,878 | ) |
| — |
|
| — |
|
| — |
|
| (5,334,579 | ) |
| — |
|
| — |
|
| — |
|
| (658,136 | ) |
| — |
|
| — |
|
| — |
|
| (438,898 | ) |
| — |
|
| — |
|
| — |
|
| (4,123,564 | ) |
| — |
|
| — |
|
| — |
|
| (104,778,945 | ) |
| (8,731,762 | ) |
| (5,968 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 883,992,990 |
|
| 2,373,450,067 |
|
| 13,887,317 |
|
| 21,794,501 |
|
| 89,513,408 |
|
| 7,768,549 |
|
| 262 |
|
| — |
|
| (695,026,631 | ) |
| (1,182,901,281 | ) |
| (6,685,997 | ) |
| (5,526,558 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| 278,479,767 |
|
| 1,198,317,335 |
|
| 7,201,582 |
|
| 16,267,943 |
|
| 601,565,973 |
|
| 1,281,277,197 |
|
| 8,695,852 |
|
| 16,021,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 4,432,003,025 |
| $ | 3,150,725,828 |
| $ | 16,021,642 |
| $ | — |
|
$ | 5,033,568,998 |
| $ | 4,432,003,025 |
| $ | 24,717,494 |
| $ | 16,021,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 3,536,255 |
| $ | 240,045 |
| $ | (11,196 | ) | $ | 4,051 |
|
|
|
|
| See Notes to Financial Statements. | 53 |
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
| International Core Equity Fund |
| ||||
|
| ||||||
INCREASE (DECREASE) IN NET ASSETS |
| For the Six Months |
| For the |
| ||
Operations: |
|
|
|
|
|
|
|
Net investment income |
| $ | 11,466,147 |
| $ | 17,118,913 |
|
Net realized gain (loss) on investments and foreign currency |
|
| (5,658,163 | ) |
| 48,354,554 |
|
Net change in unrealized appreciation/depreciation on |
|
| 21,873,520 |
|
| (121,294,924 | ) |
Net increase (decrease) in net assets resulting |
|
| 27,681,504 |
|
| (55,821,457 | ) |
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
Class A |
|
| (8,371,627 | ) |
| (5,752,133 | ) |
Class B |
|
| (316,771 | ) |
| (156,229 | ) |
Class C |
|
| (825,965 | ) |
| (373,209 | ) |
Class F |
|
| (2,022,224 | ) |
| (520,403 | ) |
Class I |
|
| (4,642,680 | ) |
| (4,388,679 | ) |
Class P |
|
| (6,018 | ) |
| (18,601 | ) |
Class R2 |
|
| (12,015 | ) |
| (6,379 | ) |
Class R3 |
|
| (249,020 | ) |
| (124,689 | ) |
Total distributions to shareholders |
|
| (16,446,320 | ) |
| (11,340,322 | ) |
Capital share transactions (Net of share conversions) (See Note 12): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
| 102,583,817 |
|
| 228,058,700 |
|
Reinvestment of distributions |
|
| 15,573,754 |
|
| 10,835,934 |
|
Cost of shares reacquired |
|
| (255,632,934 | ) |
| (302,597,602 | ) |
Net increase (decrease) in net assets resulting from |
|
| (137,475,363 | ) |
| (63,702,968 | ) |
Net increase (decrease) in net assets |
|
| (126,240,179 | ) |
| (130,864,747 | ) |
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
| $ | 853,550,715 |
| $ | 984,415,462 |
|
End of period |
| $ | 727,310,536 |
| $ | 853,550,715 |
|
Undistributed net investment income |
| $ | 7,953,803 |
| $ | 12,933,976 |
|
|
|
|
54 | See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
International Dividend Income Fund |
| International Opportunities Fund |
| ||||||||
For the Six Months |
| For the |
| For the Six Months |
| For the |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
$ | 30,349,962 |
| $ | 29,860,805 |
| $ | 1,265,429 |
| $ | 3,827,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (44,339,426 | ) |
| (8,159,195 | ) |
| 6,017,532 |
|
| 44,777,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 60,228,212 |
|
| (51,744,570 | ) |
| 20,778,110 |
|
| (72,731,225 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| 46,238,748 |
|
| (30,042,960 | ) |
| 28,061,071 |
|
| (24,126,949 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (6,409,089 | ) |
| (10,420,529 | ) |
| (554,918 | ) |
| (390,888 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| (457,039 | ) |
| (723,292 | ) |
| (10,632 | ) |
| — |
|
| (907,028) |
|
| (1,074,651 | ) |
| (10,277 | ) |
| (8,779 | ) |
| (11,452,765 | ) |
| (17,419,521 | ) |
| (2,327,143 | ) |
| (1,691,088 | ) |
| — |
|
| — |
|
| (4,835 | ) |
| (2,941 | ) |
| (995 | ) |
| (434 | ) |
| (384 | ) |
| (139 | ) |
| (237,831 | ) |
| (9,576 | ) |
| (36,887 | ) |
| (14,604 | ) |
| (19,464,747 | ) |
| (29,648,003 | ) |
| (2,945,076 | ) |
| (2,108,439 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| 661,834,392 |
|
| 564,714,201 |
|
| 14,127,552 |
|
| 73,495,448 |
|
| 16,727,893 |
|
| 27,261,523 |
|
| 2,866,583 |
|
| 2,089,619 |
|
| (125,405,239 | ) |
| (98,249,560 | ) |
| (50,884,402 | ) |
| (89,288,286 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| 553,157,046 |
|
| 493,726,164 |
|
| (33,890,267 | ) |
| (13,703,219 | ) |
| 579,931,047 |
|
| 434,035,201 |
|
| (8,774,272 | ) |
| (39,938,607 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
$ | 888,420,234 |
| $ | 454,385,033 |
| $ | 329,581,357 |
| $ | 369,519,964 |
|
$ | 1,468,351,281 |
| $ | 888,420,234 |
| $ | 320,807,085 |
| $ | 329,581,357 |
|
$ | 12,706,757 |
| $ | 1,821,542 |
| $ | 653,359 |
| $ | 2,333,006 |
|
|
|
|
| See Notes to Financial Statements. | 55 |
|
|
|
|
|
|
|
|
Statements of Changes in Net Assets (concluded) |
|
|
|
| |||
|
|
|
|
|
|
|
|
|
| Large Cap Value Fund |
| ||||
|
| ||||||
INCREASE (DECREASE) IN NET ASSETS |
| For the Six Months |
| For the |
| ||
Operations: |
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 184,261 |
| $ | 297,353 |
|
Net realized gain on investments and foreign currency |
|
| 884,019 |
|
| 2,040,802 |
|
Net change in unrealized appreciation/depreciation |
|
| 3,311,188 |
|
| (2,900,826 | ) |
Net increase (decrease) in net assets resulting |
|
| 4,379,468 |
|
| (562,671 | ) |
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
Class A |
|
| (234,204 | ) |
| (121,423 | ) |
Class B |
|
| (2,273 | ) |
| — |
|
Class C |
|
| (17,309 | ) |
| — |
|
Class F |
|
| (9,955 | ) |
| (5,082 | ) |
Class I |
|
| (55,334 | ) |
| (76,654 | ) |
Class P |
|
| (104 | ) |
| (46 | ) |
Class R2 |
|
| (66 | ) |
| (35 | ) |
Class R3 |
|
| (1,934 | ) |
| (630 | ) |
Net realized gain |
|
|
|
|
|
|
|
Class A |
|
| — |
|
| — |
|
Class B |
|
| — |
|
| — |
|
Class C |
|
| — |
|
| — |
|
Class F |
|
| — |
|
| — |
|
Class I |
|
| — |
|
| — |
|
Class P |
|
| — |
|
| — |
|
Class R2 |
|
| — |
|
| — |
|
Class R3 |
|
| — |
|
| — |
|
Total distributions to shareholders |
|
| (321,179 | ) |
| (203,870 | ) |
Capital share transactions (Net of share conversions) (See Note 12): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
| 10,227,291 |
|
| 14,411,823 |
|
Reinvestment of distributions |
|
| 266,584 |
|
| 177,879 |
|
Cost of shares reacquired |
|
| (6,681,935 | ) |
| (20,969,565 | ) |
Net increase (decrease) in net assets resulting |
|
| 3,811,940 |
|
| (6,379,863 | ) |
Net increase (decrease) in net assets |
|
| 7,870,229 |
|
| (7,146,404 | ) |
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
| $ | 38,632,868 |
| $ | 45,779,272 |
|
End of period |
| $ | 46,503,097 |
| $ | 38,632,868 |
|
Undistributed (distributions in excess of) |
| $ | 88,806 |
| $ | 225,724 |
|
|
|
|
56 | See Notes to Financial Statements. |
|
|
|
|
|
|
|
Value Opportunities Fund |
| ||||
For the Six Months |
| For the |
| ||
| |||||
$ | (2,235,144 | ) | $ | (5,090,334 | ) |
|
|
|
|
|
|
| 2,337,149 |
|
| 6,361,369 |
|
|
|
|
|
|
|
| 174,010,915 |
|
| (3,667,311 | ) |
| |||||
| 174,112,920 |
|
| (2,396,276 | ) |
|
|
|
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
| (3,286,340 | ) |
| (3,052,445 | ) |
| (59,750 | ) |
| (100,233 | ) |
| (1,016,764 | ) |
| (811,906 | ) |
| (1,427,757 | ) |
| (958,671 | ) |
| (1,077,354 | ) |
| (955,523 | ) |
| (11,405 | ) |
| (22,412 | ) |
| (35,968 | ) |
| (14,042 | ) |
| (245,680 | ) |
| (112,302 | ) |
| (7,161,018 | ) |
| (6,027,534 | ) |
|
|
|
|
|
|
| 553,446,941 |
|
| 1,396,347,849 |
|
| 6,175,022 |
|
| 5,241,207 |
|
| (375,783,717 | ) |
| (612,346,535 | ) |
|
|
|
|
|
|
| 183,838,246 |
|
| 789,242,521 |
|
| 350,790,148 |
|
| 780,818,711 |
|
| |||||
$ | 1,915,783,425 |
| $ | 1,134,964,714 |
|
$ | 2,266,573,573 |
| $ | 1,915,783,425 |
|
|
|
|
|
|
|
$ | (1,938,449 | ) | $ | 296,695 |
|
|
|
|
| See Notes to Financial Statements. | 57 |
|
Financial Highlights |
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
| Year Ended 10/31 |
| ||||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $22.72 |
|
|
| $21.93 |
|
| $17.24 |
|
| $15.58 |
|
| $29.08 |
|
| $23.68 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| .02 |
|
|
| (.02 | ) |
| (.03 | ) |
| .01 |
|
| (.02 | ) |
| (.04 | ) |
Net realized and |
|
|
| 2.55 |
|
|
| .81 |
|
| 4.74 |
|
| 2.81 |
|
| (11.23 | ) |
| 6.44 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.57 |
|
|
| .79 |
|
| 4.71 |
|
| 2.82 |
|
| (11.25 | ) |
| 6.40 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| (.02 | ) |
| (.03 | ) |
| (.76 | ) |
| (.74 | ) |
Net realized gain |
|
|
| (.07 | ) |
|
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
| (.26 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.07 | ) |
|
| — |
|
| (.02 | ) |
| (1.16 | ) |
| (2.25 | ) |
| (1.00 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $25.22 |
|
|
| $22.72 |
|
| $21.93 |
|
| $17.24 |
|
| $15.58 |
|
| $29.08 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 11.37 | %(c) |
|
| 3.60 | % |
| 27.36 | % |
| 20.57 | % |
| (41.64 | )% |
| 28.00 | % |
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .12 | %(c) |
|
| .28 | % |
| .35 | % |
| .35 | % |
| .35 | % |
| .35 | % |
Expenses, including |
|
|
| .12 | %(c) |
|
| .28 | % |
| .35 | % |
| .35 | % |
| .35 | % |
| .35 | % |
Expenses, excluding |
|
|
| .29 | %(c) |
|
| .60 | % |
| .70 | % |
| .87 | % |
| .76 | % |
| .79 | % |
Net investment |
|
|
| .08 | %(c) |
|
| (.10 | )% |
| (.16 | )% |
| .09 | % |
| (.09 | )% |
| (.17 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $449,686 |
|
|
| $432,698 |
|
| $404,804 |
|
| $296,989 |
|
| $257,398 |
|
| $332,175 |
|
Portfolio turnover rate |
|
|
| 3.57 | %(c) |
|
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
| 39.09 | % |
|
|
* | Does not include expenses of the Underlying Funds in which the Fund invests. |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
58 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class B Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
| Year Ended 10/31 |
| ||||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
| $21.36 |
|
|
| $20.76 |
|
| $16.41 |
|
| $14.94 |
|
| $27.98 |
|
| $22.79 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| (.06 | ) |
|
| (.18 | ) |
| (.15 | ) |
| (.08 | ) |
| (.15 | ) |
| (.20 | ) |
Net realized and |
|
|
| 2.38 |
|
|
| .78 |
|
| 4.50 |
|
| 2.68 |
|
| (10.81 | ) |
| 6.21 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.32 |
|
|
| .60 |
|
| 4.35 |
|
| 2.60 |
|
| (10.96 | ) |
| 6.01 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (.59 | ) |
| (.56 | ) |
Net realized gain |
|
|
| (.07 | ) |
|
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
| (.26 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.07 | ) |
|
| — |
|
| — |
|
| (1.13 | ) |
| (2.08 | ) |
| (.82 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $23.61 |
|
|
| $21.36 |
|
| $20.76 |
|
| $16.41 |
|
| $14.94 |
|
| $27.98 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 10.92 | %(c) |
|
| 2.89 | % |
| 26.51 | % |
| 19.86 | % |
| (42.04 | )% |
| 27.17 | % |
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .50 | %(c) |
|
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
Expenses, including |
|
|
| .50 | %(c) |
|
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
Expenses, excluding |
|
|
| .66 | %(c) |
|
| 1.32 | % |
| 1.35 | % |
| 1.52 | % |
| 1.42 | % |
| 1.44 | % |
Net investment loss |
|
|
| (.29 | )%(c) |
|
| (.79 | )% |
| (.79 | )% |
| (.55 | )% |
| (.70 | )% |
| (.79 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $26,035 |
|
|
| $26,877 |
|
| $33,394 |
|
| $31,294 |
|
| $31,193 |
|
| $58,045 |
|
Portfolio turnover rate |
|
|
| 3.57 | %(c) |
|
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
| 39.09 | % |
|
|
* | Does not include expenses of the Underlying Funds in which the Fund invests. |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 59 |
|
Financial Highlights (continued) |
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Class C Shares |
| |||||||||||||||||||
|
| |||||||||||||||||||||
|
| Six Months |
| Year Ended 10/31 |
| |||||||||||||||||
|
|
|
| |||||||||||||||||||
|
|
| ||||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| ||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net asset value, |
|
|
| $21.21 |
|
|
| $20.61 |
|
| $16.29 |
|
| $14.85 |
|
| $27.87 |
|
| $22.79 |
| |
|
|
|
|
|
|
|
|
|
| |||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment loss(a) |
|
|
| (.06 | ) |
|
| (.18 | ) |
| (.15 | ) |
| (.08 | ) |
| (.16 | ) |
| (.21 | ) | |
Net realized and |
|
|
| 2.37 |
|
|
| .78 |
|
| 4.47 |
|
| 2.65 |
|
| (10.73 | ) |
| 6.21 |
| |
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment |
|
|
| 2.31 |
|
|
| .60 |
|
| 4.32 |
|
| 2.57 |
|
| (10.89 | ) |
| 6.00 |
| |
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (.64 | ) |
| (.66 | ) | |
Net realized gain |
|
|
| (.07 | ) |
|
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
| (.26 | ) | |
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions |
|
|
| (.07 | ) |
|
| — |
|
| — |
|
| (1.13 | ) |
| (2.13 | ) |
| (.92 | ) | |
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, |
|
|
| $23.45 |
|
|
| $21.21 |
|
| $20.61 |
|
| $16.29 |
|
| $14.85 |
|
| $27.87 |
| |
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(b) |
|
|
| 10.95 | %(c) |
|
| 2.91 | % |
| 26.52 | % |
| 19.78 | % |
| (42.02 | )% |
| 27.20 | % | |
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Expenses, excluding |
|
|
| .49 | %(c) |
|
| .99 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % | |
Expenses, including |
|
|
| .49 | %(c) |
|
| .99 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % | |
Expenses, excluding |
|
|
| .66 | %(c) |
|
| 1.31 | % |
| 1.35 | % |
| 1.52 | % |
| 1.41 | % |
| 1.44 | % | |
Net investment loss |
|
|
| (.29 | )%(c) |
|
| (.80 | )% |
| (.81 | )% |
| (.59 | )% |
| (.74 | )% |
| (.83 | )% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net assets, |
|
|
| $240,840 |
|
| $223,295 |
| $208,051 |
| $150,633 |
| $122,504 |
| $145,528 |
| ||||||
Portfolio turnover rate |
|
|
| 3.57 | %(c) |
|
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
| 39.09 | % | |
|
|
* | Does not include expenses of the Underlying Funds in which the Fund invests. |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
60 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
| 9/28/2007(a) |
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, |
|
|
| $22.74 |
|
|
| $21.91 |
|
| $17.22 |
|
| $15.58 |
|
| $29.09 |
|
|
| $27.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| .04 |
|
|
| .02 |
|
| — | (c) |
| .01 |
|
| (.02 | ) |
|
| — | (c) |
|
Net realized and |
|
|
| 2.55 |
|
|
| .81 |
|
| 4.76 |
|
| 2.85 |
|
| (11.17 | ) |
|
| 1.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.59 |
|
|
| .83 |
|
| 4.76 |
|
| 2.86 |
|
| (11.19 | ) |
|
| 1.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| (.07 | ) |
| (.09 | ) |
| (.83 | ) |
|
| — |
|
|
Net realized gain |
|
|
| (.07 | ) |
|
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.07 | ) |
|
| — |
|
| (.07 | ) |
| (1.22 | ) |
| (2.32 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $25.26 |
|
|
| $22.74 |
|
| $21.91 |
|
| $17.22 |
|
| $15.58 |
|
|
| $29.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(d) |
|
|
| 11.45 | %(e) |
|
| 3.79 | % |
| 27.67 | % |
| 20.95 | % |
| (41.50 | )% |
|
| 4.75 | %(e) |
|
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .05 | %(e) |
|
| .10 | % |
| .10 | % |
| .10 | % |
| .10 | % |
|
| .01 | %(e) |
|
Expenses, including |
|
|
| .05 | %(e) |
|
| .10 | % |
| .10 | % |
| .10 | % |
| .10 | % |
|
| .01 | %(e) |
|
Expenses, excluding |
|
|
| .21 | %(e) |
|
| .42 | % |
| .44 | % |
| .60 | % |
| .55 | % |
|
| .07 | %(e) |
|
Net investment income (loss) |
|
|
| .16 | %(e) |
|
| .08 | % |
| (.01 | )% |
| .05 | % |
| (.11 | )% |
|
| (.01 | )%(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $159,682 |
|
|
| $142,150 |
|
| $120,316 |
|
| $29,762 |
|
| $6,845 |
|
|
| $11 |
|
|
Portfolio turnover rate |
|
|
| 3.57 | %(e) |
|
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
|
| 39.09 | % |
|
|
|
* | Does not include expenses of the Underlying Funds in which the Fund invests. |
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Amount is less than $.01. |
(d) | Total return assumes the reinvestment of all distributions. |
(e) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 61 |
|
Financial Highlights (continued) |
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
| $22.92 |
|
|
| $22.06 |
|
| $17.33 |
|
| $15.67 |
|
| $29.23 |
|
| $23.77 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .05 |
|
|
| .05 |
|
| .04 |
|
| .06 |
|
| .01 |
|
| .05 |
|
Net realized and |
|
|
| 2.57 |
|
|
| .81 |
|
| 4.77 |
|
| 2.83 |
|
| (11.24 | ) |
| 6.47 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.62 |
|
|
| .86 |
|
| 4.81 |
|
| 2.89 |
|
| (11.23 | ) |
| 6.52 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| (.08 | ) |
| (.10 | ) |
| (.84 | ) |
| (.80 | ) |
Net realized gain |
|
|
| (.07 | ) |
|
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
| (.26 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.07 | ) |
|
| — |
|
| (.08 | ) |
| (1.23 | ) |
| (2.33 | ) |
| (1.06 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $25.47 |
|
|
| $22.92 |
|
| $22.06 |
|
| $17.33 |
|
| $15.67 |
|
| $29.23 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 11.49 | %(c) |
|
| 3.90 | % |
| 27.80 | % |
| 21.06 | % |
| (41.45 | )% |
| 28.48 | % |
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .00 | %(c) |
|
| .00 | % |
| .00 | % |
| .00 | % |
| .00 | % |
| .00 | % |
Expenses, including |
|
|
| .00 | %(c) |
|
| .00 | % |
| .00 | % |
| .00 | % |
| .00 | % |
| .00 | % |
Expenses, excluding |
|
|
| .16 | %(c) |
|
| .32 | % |
| .35 | % |
| .52 | % |
| .41 | % |
| .44 | % |
Net investment income |
|
|
| .22 | %(c) |
|
| .20 | % |
| .18 | % |
| .39 | % |
| .06 | % |
| .19 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $24,779 |
|
|
| $26,906 |
|
| $25,426 |
|
| $11,785 |
|
| $8,293 |
|
| $1,819 |
|
Portfolio turnover rate |
|
|
| 3.57 | %(c) |
|
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
| 39.09 | % |
|
|
* | Does not include expenses of the Underlying Funds in which the Fund invests. |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
62 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
| 9/28/2007(a) |
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $22.47 |
|
|
| $21.76 |
|
| $17.13 |
|
| $15.51 |
|
| $29.08 |
|
|
| $27.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(b) |
|
|
| (.02 | ) |
|
| (.09 | ) |
| (.09 | ) |
| (.05 | ) |
| (.12 | ) |
|
| (.01 | ) |
|
Net realized and |
|
|
| 2.52 |
|
|
| .80 |
|
| 4.72 |
|
| 2.83 |
|
| (11.16 | ) |
|
| 1.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.50 |
|
|
| .71 |
|
| 4.63 |
|
| 2.78 |
|
| (11.28 | ) |
|
| 1.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| (.03 | ) |
| (.80 | ) |
|
| — |
|
|
Net realized gain |
|
|
| (.07 | ) |
|
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.07 | ) |
|
| — |
|
| — |
|
| (1.16 | ) |
| (2.29 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $24.90 |
|
|
| $22.47 |
|
| $21.76 |
|
| $17.13 |
|
| $15.51 |
|
|
| $29.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 11.18 | %(d) |
|
| 3.26 | % |
| 27.03 | % |
| 20.37 | % |
| (41.82 | )% |
|
| 4.72 | %(d) |
|
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .30 | %(d) |
|
| .60 | % |
| .60 | % |
| .60 | % |
| .60 | % |
|
| .05 | %(d) |
|
Expenses, including |
|
|
| .30 | %(d) |
|
| .60 | % |
| .60 | % |
| .60 | % |
| .59 | % |
|
| .05 | %(d) |
|
Expenses, excluding |
|
|
| .46 | %(d) |
|
| .92 | % |
| .94 | % |
| 1.11 | % |
| 1.02 | % |
|
| .11 | %(d) |
|
Net investment loss |
|
|
| (.09 | )%(d) |
|
| (.39 | )% |
| (.44 | )% |
| (.32 | )% |
| (.59 | )% |
|
| (.05 | )%(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $3,622 |
|
|
| $3,373 |
|
| $3,437 |
|
| $1,433 |
|
| $564 |
|
|
| $10 |
|
|
Portfolio turnover rate |
|
|
| 3.57 | %(d) |
|
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
|
| 39.09 | % |
|
|
|
* | Does not include expenses of the Underlying Funds in which the Fund invests. |
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 63 |
|
Financial Highlights (concluded) |
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
| 9/28/2007(a) |
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $22.50 |
|
|
| $21.76 |
|
| $17.12 |
|
| $15.53 |
|
| $29.08 |
|
|
| $27.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(b) |
|
|
| (.01 | ) |
|
| (.07 | ) |
| (.08 | ) |
| (.02 | ) |
| (.10 | ) |
|
| (.01 | ) |
|
Net realized and |
|
|
| 2.52 |
|
|
| .81 |
|
| 4.73 |
|
| 2.79 |
|
| (11.15 | ) |
|
| 1.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.51 |
|
|
| .74 |
|
| 4.65 |
|
| 2.77 |
|
| (11.25 | ) |
|
| 1.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| (.01 | ) |
| (.05 | ) |
| (.81 | ) |
|
| — |
|
|
Net realized gain |
|
|
| (.07 | ) |
|
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.07 | ) |
|
| — |
|
| (.01 | ) |
| (1.18 | ) |
| (2.30 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $24.94 |
|
|
| $22.50 |
|
| $21.76 |
|
| $17.12 |
|
| $15.53 |
|
|
| $29.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 11.21 | %(d) |
|
| 3.40 | % |
| 27.18 | % |
| 20.39 | % |
| (41.72 | )% |
|
| 4.72 | %(d) |
|
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .25 | %(d) |
|
| .50 | % |
| .50 | % |
| .50 | % |
| .50 | % |
|
| .04 | %(d) |
|
Expenses, including |
|
|
| .25 | %(d) |
|
| .50 | % |
| .50 | % |
| .50 | % |
| .49 | % |
|
| .04 | %(d) |
|
Expenses, excluding |
|
|
| .41 | %(d) |
|
| .82 | % |
| .84 | % |
| 1.01 | % |
| .95 | % |
|
| .10 | %(d) |
|
Net investment loss |
|
|
| (.04 | )%(d) |
|
| (.31 | )% |
| (.39 | )% |
| (.15 | )% |
| (.51 | )% |
|
| (.04 | )%(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $30,607 |
|
|
| $26,924 |
|
| $22,941 |
|
| $6,979 |
|
| $3,949 |
|
|
| $10 |
|
|
Portfolio turnover rate |
|
|
| 3.57 | %(d) |
|
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
|
| 39.09 | % |
|
|
|
* | Does not include expenses of the Underlying Funds in which the Fund invests. |
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
64 | See Notes to Financial Statements. |
|
|
Financial Highlights |
FUNDAMENTAL EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $12.51 |
|
|
| $11.89 |
|
| $9.99 |
|
| $8.85 |
|
| $13.69 |
|
| $13.14 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .04 |
|
|
| .02 |
|
| .04 |
|
| .03 |
|
| .07 |
|
| .08 |
|
Net realized and |
|
|
| 1.09 |
|
|
| .64 |
|
| 1.86 |
|
| 1.17 |
|
| (3.89 | ) |
| 1.52 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.13 |
|
|
| .66 |
|
| 1.90 |
|
| 1.20 |
|
| (3.82 | ) |
| 1.60 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.02 | ) |
|
| (.04 | ) |
| — | (b) |
| (.06 | ) |
| (.08 | ) |
| (.08 | ) |
Net realized gain |
|
|
| (.27 | ) |
|
| — |
|
| — |
|
| — |
|
| (.94 | ) |
| (.97 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.29 | ) |
|
| (.04 | ) |
| — | (b) |
| (.06 | ) |
| (1.02 | ) |
| (1.05 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $13.35 |
|
|
| $12.51 |
|
| $11.89 |
|
| $9.99 |
|
| $8.85 |
|
| $13.69 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 9.38 | %(d) |
|
| 5.53 | % |
| 19.06 | % |
| 13.84 | % |
| (29.89 | )% |
| 13.12 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .53 | %(d) |
|
| 1.09 | % |
| 1.12 | % |
| 1.19 | % |
| 1.12 | % |
| 1.12 | % |
Expenses, excluding |
|
|
| .53 | %(d) |
|
| 1.09 | % |
| 1.12 | % |
| 1.19 | % |
| 1.12 | % |
| 1.12 | % |
Net investment income |
|
|
| .30 | %(d) |
|
| .16 | % |
| .38 | % |
| .28 | % |
| .58 | % |
| .63 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $2,582,125 |
|
|
| $2,379,453 |
|
| $1,850,569 |
|
| $1,656,209 |
|
| $1,512,312 |
|
| $2,375,786 |
|
Portfolio turnover rate |
|
|
| 40.66 | %(d) |
|
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
| 63.23 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 65 |
|
Financial Highlights (continued) |
FUNDAMENTAL EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class B Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $11.89 |
|
|
| $11.35 |
|
| $9.58 |
|
| $8.48 |
|
| $13.16 |
|
| $12.66 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| — | (b) |
|
| (.06 | ) |
| (.03 | ) |
| (.03 | ) |
| (.01 | ) |
| — | (b) |
Net realized and |
|
|
| 1.04 |
|
|
| .60 |
|
| 1.80 |
|
| 1.13 |
|
| (3.73 | ) |
| 1.47 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.04 |
|
|
| .54 |
|
| 1.77 |
|
| 1.10 |
|
| (3.74 | ) |
| 1.47 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| — | (b) |
Net realized gain |
|
|
| (.27 | ) |
|
| — |
|
| — |
|
| — |
|
| (.94 | ) |
| (.97 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.27 | ) |
|
| — |
|
| — |
|
| — |
|
| (.94 | ) |
| (.97 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $12.66 |
|
|
| $11.89 |
|
| $11.35 |
|
| $9.58 |
|
| $8.48 |
|
| $13.16 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 9.06 | %(d) |
|
| 4.76 | % |
| 18.48 | % |
| 12.97 | % |
| (30.35 | )% |
| 12.50 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .86 | %(d) |
|
| 1.73 | % |
| 1.77 | % |
| 1.84 | % |
| 1.77 | % |
| 1.77 | % |
Expenses, excluding |
|
|
| .86 | %(d) |
|
| 1.73 | % |
| 1.77 | % |
| 1.84 | % |
| 1.77 | % |
| 1.77 | % |
Net investment loss |
|
|
| (.01 | )%(d) |
|
| (.49 | )% |
| (.29 | )% |
| (.35 | )% |
| (.07 | )% |
| (.01 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $98,259 |
|
|
| $114,980 |
|
| $149,531 |
|
| $161,233 |
|
| $169,131 |
|
| $280,279 |
|
Portfolio turnover rate |
|
|
| 40.66 | %(d) |
|
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
| 63.23 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
66 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
FUNDAMENTAL EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $11.85 |
|
|
| $11.30 |
|
| $9.55 |
|
| $8.45 |
|
| $13.11 |
|
| $12.62 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| — | (b) |
|
| (.06 | ) |
| (.03 | ) |
| (.03 | ) |
| (.01 | ) |
| — | (b) |
Net realized and |
|
|
| 1.03 |
|
|
| .61 |
|
| 1.78 |
|
| 1.13 |
|
| (3.71 | ) |
| 1.46 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.03 |
|
|
| .55 |
|
| 1.75 |
|
| 1.10 |
|
| (3.72 | ) |
| 1.46 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — | (b) |
| — | (b) |
Net realized gain |
|
|
| (.27 | ) |
|
| — |
|
| — |
|
| — |
|
| (.94 | ) |
| (.97 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.27 | ) |
|
| — |
|
| — |
|
| — |
|
| (.94 | ) |
| (.97 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $12.61 |
|
|
| $11.85 |
|
| $11.30 |
|
| $9.55 |
|
| $8.45 |
|
| $13.11 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 9.00 | %(d) |
|
| 4.87 | % |
| 18.32 | % |
| 13.02 | % |
| (30.31 | )% |
| 12.48 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .86 | %(d) |
|
| 1.73 | % |
| 1.77 | % |
| 1.84 | % |
| 1.77 | % |
| 1.77 | % |
Expenses, excluding |
|
|
| .86 | %(d) |
|
| 1.73 | % |
| 1.77 | % |
| 1.84 | % |
| 1.77 | % |
| 1.77 | % |
Net investment loss |
|
|
| (.03 | )%(d) |
|
| (.49 | )% |
| (.26 | )% |
| (.37 | )% |
| (.07 | )% |
| (.01 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $879,512 |
|
|
| $817,590 |
|
| $603,639 |
|
| $485,484 |
|
| $419,157 |
|
| $639,749 |
|
Portfolio turnover rate |
|
|
| 40.66 | %(d) |
|
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
| 63.23 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 67 |
|
Financial Highlights (continued) |
FUNDAMENTAL EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
| 9/28/2007(a) |
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, |
|
| $12.47 |
|
| $11.86 |
| $9.96 |
| $8.85 |
| $13.70 |
|
| $13.62 |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .05 |
|
|
| .05 |
|
| .09 |
|
| .03 |
|
| .08 |
|
|
| — | (c) |
|
Net realized and |
|
|
| 1.09 |
|
|
| .63 |
|
| 1.84 |
|
| 1.18 |
|
| (3.87 | ) |
|
| .08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.14 |
|
|
| .68 |
|
| 1.93 |
|
| 1.21 |
|
| (3.79 | ) |
|
| .08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.05 | ) |
|
| (.07 | ) |
| (.03 | ) |
| (.10 | ) |
| (.12 | ) |
|
| — |
|
|
Net realized gain |
|
|
| (.27 | ) |
|
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.32 | ) |
|
| (.07 | ) |
| (.03 | ) |
| (.10 | ) |
| (1.06 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
| $13.29 |
|
| $12.47 |
| $11.86 |
| $9.96 |
| $8.85 |
|
| $13.70 |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(d) |
|
|
| 9.54 | %(e) |
|
| 5.75 | % |
| 19.42 | % |
| 14.03 | % |
| (29.70 | )% |
|
| .59 | %(e) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .41 | %(e) |
|
| .84 | % |
| .86 | % |
| .93 | % |
| .87 | % |
|
| .08 | %(e) |
|
Expenses, excluding |
|
|
| .41 | %(e) |
|
| .84 | % |
| .86 | % |
| .93 | % |
| .88 | % |
|
| .08 | %(e) |
|
Net investment income |
|
|
| .41 | %(e) |
|
| .41 | % |
| .77 | % |
| .29 | % |
| .77 | % |
|
| .04 | %(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $719,748 |
|
| $642,636 |
| $282,018 |
| $73,742 |
| $8,995 |
|
| $10 |
|
| ||||||
Portfolio turnover rate |
|
|
| 40.66 | %(e) |
|
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
|
| 63.23 | % |
|
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Amount is less than $.01. |
(d) | Total return assumes the reinvestment of all distributions. |
(e) | Not annualized. |
|
|
|
68 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
FUNDAMENTAL EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $12.59 |
|
| $11.96 |
| $10.04 |
| $8.92 |
| $13.79 |
| $13.21 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .05 |
|
|
| .07 |
|
| .08 |
|
| .05 |
|
| .11 |
|
| .10 |
|
Net realized and |
|
|
| 1.09 |
|
|
| .64 |
|
| 1.88 |
|
| 1.17 |
|
| (3.92 | ) |
| 1.57 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.14 |
|
|
| .71 |
|
| 1.96 |
|
| 1.22 |
|
| (3.81 | ) |
| 1.67 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.06 | ) |
|
| (.08 | ) |
| (.04 | ) |
| (.10 | ) |
| (.12 | ) |
| (.12 | ) |
Net realized gain |
|
|
| (.27 | ) |
|
| — |
|
| — |
|
| — |
|
| (.94 | ) |
| (.97 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.33 | ) |
|
| (.08 | ) |
| (.04 | ) |
| (.10 | ) |
| (1.06 | ) |
| (1.09 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
| $13.40 |
|
| $12.59 |
| $11.96 |
| $10.04 |
| $8.92 |
| $13.79 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 9.48 | %(c) |
|
| 5.94 | % |
| 19.54 | % |
| 14.11 | % |
| (29.62 | )% |
| 13.68 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .36 | %(c) |
|
| .74 | % |
| .77 | % |
| .84 | % |
| .77 | % |
| .78 | % |
Expenses, excluding |
|
|
| .36 | %(c) |
|
| .74 | % |
| .77 | % |
| .84 | % |
| .77 | % |
| .78 | % |
Net investment income |
|
|
| .43 | %(c) |
|
| .52 | % |
| .75 | % |
| .58 | % |
| .92 | % |
| .78 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $422,103 |
|
| $245,329 |
| $162,114 |
| $98,570 |
| $54,483 |
| $53,737 |
| ||||||
Portfolio turnover rate |
|
|
| 40.66 | %(c) |
|
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
| 63.23 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 69 |
|
Financial Highlights (continued) |
FUNDAMENTAL EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class P Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $12.36 |
|
| $11.75 |
| $9.87 |
| $8.75 |
| $13.55 |
| $13.03 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .03 |
|
|
| .01 |
|
| .03 |
|
| .01 |
|
| .06 |
|
| .07 |
|
Net realized and |
|
|
| 1.09 |
|
|
| .62 |
|
| 1.85 |
|
| 1.16 |
|
| (3.85 | ) |
| 1.51 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.12 |
|
|
| .63 |
|
| 1.88 |
|
| 1.17 |
|
| (3.79 | ) |
| 1.58 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.01 | ) |
|
| (.02 | ) |
| — |
|
| (.05 | ) |
| (.07 | ) |
| (.09 | ) |
Net realized gain |
|
|
| (.27 | ) |
|
| — |
|
| — |
|
| — |
|
| (.94 | ) |
| (.97 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.28 | ) |
|
| (.02 | ) |
| — |
|
| (.05 | ) |
| (1.01 | ) |
| (1.06 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
| $13.20 |
|
| $12.36 |
| $11.75 |
| $9.87 |
| $8.75 |
| $13.55 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 9.34 | %(c) |
|
| 5.40 | % |
| 19.05 | % |
| 13.59 | % |
| (29.98 | )% |
| 13.08 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .58 | %(c) |
|
| 1.19 | % |
| 1.22 | % |
| 1.29 | % |
| 1.22 | % |
| 1.22 | % |
Expenses, excluding |
|
|
| .58 | %(c) |
|
| 1.19 | % |
| 1.22 | % |
| 1.29 | % |
| 1.22 | % |
| 1.22 | % |
Net investment income |
|
|
| .25 | %(c) |
|
| .05 | % |
| .28 | % |
| .17 | % |
| .49 | % |
| .53 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $32,350 |
|
| $31,223 |
| $30,598 |
| $29,361 |
| $24,711 |
| $48,641 |
| ||||||
Portfolio turnover rate |
|
|
| 40.66 | %(c) |
|
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
| 63.23 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
70 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
FUNDAMENTAL EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
| Class R2 Shares |
| ||||||||||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
| 9/28/2007(a) |
| ||||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
| $12.33 |
|
| $11.75 |
| $9.89 |
| $8.82 |
| $13.69 |
|
| $13.62 |
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net investment income |
|
|
| .02 |
|
|
| (.01 | ) |
| .04 |
|
| (.01 | ) |
| .05 |
|
|
| — | (c) |
| ||||||||||||
Net realized and |
|
|
| 1.08 |
|
|
| .63 |
|
| 1.82 |
|
| 1.17 |
|
| (3.88 | ) |
|
| .07 |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Total from investment |
|
|
| 1.10 |
|
|
| .62 |
|
| 1.86 |
|
| 1.16 |
|
| (3.83 | ) |
|
| .07 |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net investment income |
|
|
| (.01 | ) |
|
| (.04 | ) |
| — | (c) |
| (.09 | ) |
| (.10 | ) |
|
| — |
|
| ||||||||||||
Net realized gain |
|
|
| (.27 | ) |
|
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
| — |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Total distributions |
|
|
| (.28 | ) |
|
| (.04 | ) |
| — | (c) |
| (.09 | ) |
| (1.04 | ) |
|
| — |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Net asset value, |
|
| $13.15 |
|
| $12.33 |
| $11.75 |
| $9.89 |
| $8.82 |
|
| $13.69 |
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Total Return(d) |
|
|
| 9.20 | %(e) |
|
| 5.27 | % |
| 18.81 | % |
| 13.44 | % |
| (29.98 | )% |
|
| .51 | %(e) |
| ||||||||||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Expenses, including |
|
|
| .66 | %(e) |
|
| 1.34 | % |
| 1.36 | % |
| 1.42 | % |
| 1.30 | % |
|
| .12 | %(e) |
| ||||||||||||
Expenses, excluding |
|
|
| .66 | %(e) |
|
| 1.34 | % |
| 1.36 | % |
| 1.42 | % |
| 1.31 | % |
|
| .12 | %(e) |
| ||||||||||||
Net investment |
|
|
| .16 | %(e) |
|
| (.11 | )% |
| .36 | % |
| (.14 | )% |
| .47 | % |
|
| .00 | %(e)(f) |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net assets, |
|
| $24,899 |
|
| $19,997 |
| $4,444 |
| $1,187 |
| $319 |
|
| $10 |
|
| ||||||||||||||||||
Portfolio turnover rate |
|
|
| 40.66 | %(e) |
|
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
|
| 63.23 | % |
| ||||||||||||
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Amount is less than $.01. |
(d) | Total return assumes the reinvestment of all distributions. |
(e) | Not annualized. |
(f) | Amount is less than .01%. |
|
|
|
| See Notes to Financial Statements. | 71 |
|
Financial Highlights (concluded) |
FUNDAMENTAL EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
| 9/28/2007(a) |
| ||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $12.40 |
|
| $11.80 |
| $9.92 |
| $8.82 |
| $13.69 |
|
| $13.62 |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .02 |
|
|
| — | (c) |
| .03 |
|
| — | (c) |
| .04 |
|
|
| — | (c) |
|
Net realized and |
|
|
| 1.09 |
|
|
| .63 |
|
| 1.85 |
|
| 1.17 |
|
| (3.86 | ) |
|
| .07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.11 |
|
|
| .63 |
|
| 1.88 |
|
| 1.17 |
|
| (3.82 | ) |
|
| .07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.02 | ) |
|
| (.03 | ) |
| — | (c) |
| (.07 | ) |
| (.11 | ) |
|
| — |
|
|
Net realized gain |
|
|
| (.27 | ) |
|
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.29 | ) |
|
| (.03 | ) |
| — | (c) |
| (.07 | ) |
| (1.05 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
| $13.22 |
|
| $12.40 |
| $11.80 |
| $9.92 |
| $8.82 |
|
| $13.69 |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(d) |
|
|
| 9.27 | %(e) |
|
| 5.36 | % |
| 18.96 | % |
| 13.55 | % |
| (29.96 | )% |
|
| .51 | %(e) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .61 | %(e) |
|
| 1.24 | % |
| 1.26 | % |
| 1.33 | % |
| 1.26 | % |
|
| .11 | %(e) |
|
Expenses, excluding |
|
|
| .61 | %(e) |
|
| 1.24 | % |
| 1.26 | % |
| 1.33 | % |
| 1.26 | % |
|
| .11 | %(e) |
|
Net investment income |
|
|
| .20 | %(e) |
|
| .01 | % |
| .30 | % |
| .05 | % |
| .37 | % |
|
| .01 | %(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $274,574 |
|
| $180,795 |
| $67,814 |
| $28,510 |
| $14,303 |
|
| $10 |
|
| ||||||
Portfolio turnover rate |
|
|
| 40.66 | %(e) |
|
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
|
| 63.23 | % |
|
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Amount is less than $.01. |
(d) | Total return assumes the reinvestment of all distributions. |
(e) | Not annualized. |
|
|
|
72 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||
|
| ||||||||||
|
| Six Months |
| 6/24/2011(a) |
| ||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $14.50 |
|
|
| $15.00 |
|
| ||
|
|
|
|
|
|
|
| ||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(b) |
|
|
| (.01 | ) |
|
|
| (.01 | ) |
|
Net realized and unrealized gain (loss) |
|
|
| 1.59 |
|
|
|
| (.49 | ) |
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| 1.58 |
|
|
|
| (.50 | ) |
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $16.08 |
|
|
| $14.50 |
|
| ||
|
|
|
|
|
|
|
| ||||
Total Return(c) |
|
|
| 10.83 | %(d) |
|
|
| (3.33 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense reductions and including management fee |
|
|
| .42 | %(d) |
|
|
| .84 | %(e) |
|
Expenses, including expense reductions, management fee waived and |
|
|
| .42 | %(d) |
|
|
| .84 | %(e) |
|
Expenses, excluding expense reductions, management fee waived and |
|
|
| .84 | %(d) |
|
|
| 3.04 | %(e) |
|
Net investment loss |
|
|
| (.10 | )%(d) |
|
|
| (.23 | )%(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $16,358 |
|
|
| $7,882 |
|
| ||
Portfolio turnover rate |
|
|
| 309.15 | %(d) |
|
|
| 208.96 | % |
|
|
|
(a) | Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
(e) | Annualized. |
|
|
|
| See Notes to Financial Statements. | 73 |
|
Financial Highlights (continued) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| ||||||||
|
| ||||||||||
|
| Six Months |
| 6/24/2011(a) |
| ||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $14.47 |
|
|
| $15.00 |
|
| ||
|
|
|
|
|
|
|
| ||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(b) |
|
|
| (.07 | ) |
|
|
| (.05 | ) |
|
Net realized and unrealized gain (loss) |
|
|
| 1.59 |
|
|
|
| (.48 | ) |
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| 1.52 |
|
|
|
| (.53 | ) |
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $15.99 |
|
|
| $14.47 |
|
| ||
|
|
|
|
|
|
|
| ||||
Total Return(c) |
|
|
| 10.50 | %(d) |
|
|
| (3.53 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense reductions and including management fee |
|
|
| .74 | %(d) |
|
|
| 1.47 | %(e) |
|
Expenses, including expense reductions, management fee waived and |
|
|
| .74 | %(d) |
|
|
| 1.47 | %(e) |
|
Expenses, excluding expense reductions, management fee waived and |
|
|
| 1.13 | %(d) |
|
|
| 2.78 | %(e) |
|
Net investment loss |
|
|
| (.44 | )%(d) |
|
|
| (.91 | )%(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $1,301 |
|
|
| $175 |
|
| ||
Portfolio turnover rate |
|
|
| 309.15 | %(d) |
|
|
| 208.96 | % |
|
|
|
(a) | Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
(e) | Annualized. |
|
|
|
74 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares |
| ||||||||
|
| ||||||||||
|
| Six Months |
| 6/24/2011(a) |
| ||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $14.51 |
|
|
| $15.00 |
|
| ||
|
|
|
|
|
|
|
| ||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .01 |
|
|
|
| — | (c) |
|
Net realized and unrealized gain (loss) |
|
|
| 1.58 |
|
|
|
| (.49 | ) |
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| 1.59 |
|
|
|
| (.49 | ) |
|
|
|
|
|
|
|
|
| ||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.01 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $16.09 |
|
|
| $14.51 |
|
| ||
|
|
|
|
|
|
|
| ||||
Total Return(d) |
|
|
| 10.97 | %(e) |
|
|
| (3.27 | )%(e) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense reductions and including management fee |
|
|
| .30 | %(e) |
|
|
| .59 | %(f) |
|
Expenses, including expense reductions, management fee waived and |
|
|
| .30 | %(e) |
|
|
| .59 | %(f) |
|
Expenses, excluding expense reductions, management fee waived and |
|
|
| .73 | %(e) |
|
|
| 1.95 | %(f) |
|
Net investment income |
|
|
| .06 | %(e) |
|
|
| .08 | %(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $4,454 |
|
|
| $5,993 |
|
| ||
Portfolio turnover rate |
|
|
| 309.15 | %(e) |
|
|
| 208.96 | % |
|
|
|
(a) | Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Amount is less than $.01. |
(d) | Total return assumes the reinvestment of all distributions. |
(e) | Not annualized. |
(f) | Annualized. |
|
|
|
| See Notes to Financial Statements. | 75 |
|
Financial Highlights (continued) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||
|
| ||||||||||
|
| Six Months |
| 6/24/2011(a) |
| ||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $14.51 |
|
|
| $15.00 |
|
| ||
|
|
|
|
|
|
|
| ||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .01 |
|
|
|
| .01 |
|
|
Net realized and unrealized gain (loss) |
|
|
| 1.60 |
|
|
|
| (.50 | ) |
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| 1.61 |
|
|
|
| (.49 | ) |
|
|
|
|
|
|
|
|
| ||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.02 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $16.10 |
|
|
| $14.51 |
|
| ||
|
|
|
|
|
|
|
| ||||
Total Return(c) |
|
|
| 11.08 | %(d) |
|
|
| (3.27 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense reductions and including management fee |
|
|
| .25 | %(d) |
|
|
| .49 | %(e) |
|
Expenses, including expense reductions, management fee waived and |
|
|
| .25 | %(d) |
|
|
| .49 | %(e) |
|
Expenses, excluding expense reductions, management fee waived and |
|
|
| .67 | %(d) |
|
|
| 2.20 | %(e) |
|
Net investment income |
|
|
| .09 | %(d) |
|
|
| .17 | %(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $2,580 |
|
|
| $1,952 |
|
| ||
Portfolio turnover rate |
|
|
| 309.15 | %(d) |
|
|
| 208.96 | % |
|
|
|
(a) | Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
(e) | Annualized. |
|
|
|
76 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares |
| ||||||||
|
| ||||||||||
|
| Six Months |
| 6/24/2011(a) |
| ||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $14.49 |
|
|
| $15.00 |
|
| ||
|
|
|
|
|
|
|
| ||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(b) |
|
|
| .02 |
|
|
|
| (.03 | ) |
|
Net realized and unrealized gain (loss) |
|
|
| 1.58 |
|
|
|
| (.48 | ) |
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| 1.60 |
|
|
|
| (.51 | ) |
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $16.09 |
|
|
| $14.49 |
|
| ||
|
|
|
|
|
|
|
| ||||
Total Return(c) |
|
|
| 11.04 | %(d) |
|
|
| (3.40 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense reductions and including management fee |
|
|
| .24 | %(d) |
|
|
| 1.06 | %(e) |
|
Expenses, including expense reductions, management fee waived and |
|
|
| .24 | %(d) |
|
|
| 1.06 | %(e) |
|
Expenses, excluding expense reductions, management fee waived and |
|
|
| .97 | %(d) |
|
|
| 5.05 | %(e) |
|
Net investment income (loss) |
|
|
| .11 | %(d) |
|
|
| (.49 | )%(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $11 |
|
|
| $10 |
|
| ||
Portfolio turnover rate |
|
|
| 309.15 | %(d) |
|
|
| 208.96 | % |
|
|
|
(a) | Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
(e) | Annualized. |
|
|
|
| See Notes to Financial Statements. | 77 |
|
Financial Highlights (concluded) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
| ||||
|
| Class R3 Shares |
| ||||||||
|
| ||||||||||
|
| Six Months |
| 6/24/2011(a) |
| ||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $14.49 |
|
|
| $15.00 |
|
| ||
|
|
|
|
|
|
|
| ||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(b) |
|
|
| .01 |
|
|
|
| (.02 | ) |
|
Net realized and unrealized gain (loss) |
|
|
| 1.60 |
|
|
|
| (.49 | ) |
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| 1.61 |
|
|
|
| (.51 | ) |
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $16.10 |
|
|
| $14.49 |
|
| ||
|
|
|
|
|
|
|
| ||||
Total Return(c) |
|
|
| 11.04 | %(d) |
|
|
| (3.40 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense reductions and including management fee |
|
|
| .24 | %(d) |
|
|
| .97 | %(e) |
|
Expenses, including expense reductions, management fee waived and |
|
|
| .24 | %(d) |
|
|
| .97 | %(e) |
|
Expenses, excluding expense reductions, management fee waived and |
|
|
| .91 | %(d) |
|
|
| 4.96 | %(e) |
|
Net investment income (loss) |
|
|
| .09 | %(d) |
|
|
| (.40 | )%(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $14 |
|
|
| $10 |
|
| ||
Portfolio turnover rate |
|
|
| 309.15 | % |
|
|
| 208.96 | % |
|
|
|
(a) | Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
(e) | Annualized. |
|
|
|
78 | See Notes to Financial Statements. |
|
|
Financial Highlights |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares | ||||||||||||||||||
|
| |||||||||||||||||||
|
| Six Months |
|
|
| |||||||||||||||
|
|
| Year Ended 10/31 | |||||||||||||||||
|
|
| ||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| ||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $11.25 |
|
| $12.12 |
| $11.20 |
| $8.68 |
| $18.34 |
| $15.23 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
| .17 |
|
|
| .20 |
|
| .12 |
|
| .08 |
|
| .23 |
|
| .17 |
|
Net realized and |
|
| .29 |
|
|
| (.94 | ) |
| .88 |
|
| 2.66 |
|
| (8.23 | ) |
| 3.92 |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
| .46 |
|
|
| (.74 | ) |
| 1.00 |
|
| 2.74 |
|
| (8.00 | ) |
| 4.09 |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (.22 | ) |
|
| (.13 | ) |
| (.08 | ) |
| (.22 | ) |
| (.13 | ) |
| (.06 | ) |
Net realized gain |
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
| (.92 | ) |
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions |
|
| (.22 | ) |
|
| (.13 | ) |
| (.08 | ) |
| (.22 | ) |
| (1.66 | ) |
| (.98 | ) |
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
| $11.49 |
|
| $11.25 |
| $12.12 |
| $11.20 |
| $8.68 |
| $18.34 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(b) |
|
| 4.35 | %(c) |
|
| (6.16 | )% |
| 8.95 | % |
| 32.32 | % |
| (47.48 | )% |
| 28.22 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
| .56 | %(c) |
|
| 1.12 | % |
| 1.18 | % |
| 1.55 | % |
| 1.43 | % |
| 1.40 | % |
Expenses, including |
|
| .56 | %(c) |
|
| 1.12 | % |
| 1.18 | % |
| 1.55 | % |
| 1.42 | % |
| 1.40 | % |
Expenses, excluding |
|
| .74 | %(c) |
|
| 1.42 | % |
| 1.44 | % |
| 1.55 | % |
| 1.43 | % |
| 1.41 | % |
Net investment income |
|
| 1.53 | %(c) |
|
| 1.64 | % |
| 1.05 | % |
| .92 | % |
| 1.68 | % |
| 1.02 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $415,982 |
|
| $439,938 |
| $542,452 |
| $574,731 |
| $527,567 |
| $1,082,308 |
| |||||
Portfolio turnover rate |
|
| 35.66 | %(c) |
|
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
| 122.32 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 79 |
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class B Shares | ||||||||||||||||||
|
| |||||||||||||||||||
|
| Six Months |
|
|
| |||||||||||||||
|
|
| Year Ended 10/31 | |||||||||||||||||
|
|
| ||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| ||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $11.06 |
|
| $11.91 |
| $11.02 |
| $8.50 |
| $18.00 |
| $15.00 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
| .13 |
|
|
| .12 |
|
| .04 |
|
| .02 |
|
| .14 |
|
| .06 |
|
Net realized and |
|
| .30 |
|
|
| (.92 | ) |
| .87 |
|
| 2.62 |
|
| (8.07 | ) |
| 3.86 |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
| .43 |
|
|
| (.80 | ) |
| .91 |
|
| 2.64 |
|
| (7.93 | ) |
| 3.92 |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (.13 | ) |
|
| (.05 | ) |
| (.02 | ) |
| (.12 | ) |
| (.04 | ) |
| — | (b) |
Net realized gain |
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
| (.92 | ) |
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions |
|
| (.13 | ) |
|
| (.05 | ) |
| (.02 | ) |
| (.12 | ) |
| (1.57 | ) |
| (.92 | ) |
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
| $11.36 |
|
| $11.06 |
| $11.91 |
| $11.02 |
| $8.50 |
| $18.00 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) |
|
| 4.05 | %(d) |
|
| (6.75 | )% |
| 8.23 | % |
| 31.46 | % |
| (47.80 | )% |
| 27.39 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
| .88 | %(d) |
|
| 1.77 | % |
| 1.84 | % |
| 2.20 | % |
| 2.08 | % |
| 2.05 | % |
Expenses, including |
|
| .88 | %(d) |
|
| 1.77 | % |
| 1.84 | % |
| 2.20 | % |
| 2.08 | % |
| 2.05 | % |
Expenses, excluding |
|
| 1.06 | %(d) |
|
| 2.06 | % |
| 2.09 | % |
| 2.20 | % |
| 2.08 | % |
| 2.06 | % |
Net investment income |
|
| 1.19 | %(d) |
|
| .96 | % |
| .40 | % |
| .27 | % |
| 1.02 | % |
| .36 | % |
| ||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $24,412 |
|
| $27,896 |
| $39,255 |
| $43,492 |
| $39,604 |
| $82,699 |
| |||||
Portfolio turnover rate |
|
| 35.66 | %(d) |
|
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
| 122.32 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
80 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares | ||||||||||||||||||
|
| |||||||||||||||||||
|
| Six Months |
|
|
| |||||||||||||||
|
|
| Year Ended 10/31 | |||||||||||||||||
|
|
| ||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| ||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $11.08 |
|
| $11.93 |
| $11.04 |
| $8.50 |
| $18.00 |
| $15.00 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
| .13 |
|
|
| .12 |
|
| .04 |
|
| .03 |
|
| .14 |
|
| .06 |
|
Net realized and |
|
| .30 |
|
|
| (.92 | ) |
| .87 |
|
| 2.62 |
|
| (8.07 | ) |
| 3.86 |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
| .43 |
|
|
| (.80 | ) |
| .91 |
|
| 2.65 |
|
| (7.93 | ) |
| 3.92 |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (.14 | ) |
|
| (.05 | ) |
| (.02 | ) |
| (.11 | ) |
| (.04 | ) |
| — | (b) |
Net realized gain |
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
| (.92 | ) |
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions |
|
| (.14 | ) |
|
| (.05 | ) |
| (.02 | ) |
| (.11 | ) |
| (1.57 | ) |
| (.92 | ) |
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
| $11.37 |
|
| $11.08 |
| $11.93 |
| $11.04 |
| $8.50 |
| $18.00 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) |
|
| 4.03 | %(d) |
|
| (6.73 | )% |
| 8.21 | % |
| 31.52 | % |
| (47.82 | )% |
| 27.39 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
| .87 | %(d) |
|
| 1.74 | % |
| 1.84 | % |
| 2.20 | % |
| 2.08 | % |
| 2.06 | % |
Expenses, including |
|
| .87 | %(d) |
|
| 1.74 | % |
| 1.84 | % |
| 2.20 | % |
| 2.08 | % |
| 2.06 | % |
Expenses, excluding |
|
| 1.05 | %(d) |
|
| 2.03 | % |
| 2.09 | % |
| 2.20 | % |
| 2.08 | % |
| 2.06 | % |
Net investment income |
|
| 1.21 | %(d) |
|
| 1.01 | % |
| .38 | % |
| .28 | % |
| 1.01 | % |
| .37 | % |
| ||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $61,694 |
|
| $68,316 |
| $91,550 |
| $105,557 |
| $95,496 |
| $216,646 |
| |||||
Portfolio turnover rate |
|
| 35.66 | %(d) |
|
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
| 122.32 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 81 |
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Class F Shares | ||||||||||||||||||||
|
| |||||||||||||||||||||
|
| Six Months |
|
|
| 9/28/2007(a) |
| |||||||||||||||
|
|
| Year Ended 10/31 |
|
|
| ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
|
| ||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net asset value, |
|
| $11.20 |
|
| $12.08 |
| $11.16 |
| $8.68 |
| $18.34 |
|
| $17.65 |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment |
|
| .20 |
|
|
| .24 |
|
| .16 |
|
| .16 |
|
| .24 |
|
| (.01 | ) |
| |
Net realized and |
|
| .27 |
|
|
| (.95 | ) |
| .86 |
|
| 2.59 |
|
| (8.19 | ) |
| .70 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
| .47 |
|
|
| (.71 | ) |
| 1.02 |
|
| 2.75 |
|
| (7.95 | ) |
| .69 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
|
| (.26 | ) |
|
| (.17 | ) |
| (.10 | ) |
| (.27 | ) |
| (.18 | ) |
| — |
|
| |
Net realized gain |
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
| — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions |
|
| (.26 | ) |
|
| (.17 | ) |
| (.10 | ) |
| (.27 | ) |
| (1.71 | ) |
| — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
| $11.41 |
|
| $11.20 |
| $12.08 |
| $11.16 |
| $8.68 |
|
| $18.34 |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) |
|
| 4.48 | %(d) |
|
| (5.98 | )% |
| 9.25 | % |
| 32.76 | % |
| (47.37 | )% |
| 3.91 | %(d) |
| |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Expenses, excluding |
|
| .43 | %(d) |
|
| .87 | % |
| .90 | % |
| 1.27 | % |
| 1.26 | % |
| .12 | %(d) |
| |
Expenses, including |
|
| .43 | %(d) |
|
| .87 | % |
| .90 | % |
| 1.27 | % |
| 1.25 | % |
| .12 | %(d) |
| |
Expenses, excluding |
|
| .61 | %(d) |
|
| 1.18 | % |
| 1.18 | % |
| 1.27 | % |
| 1.26 | % |
| .12 | %(d) |
| |
Net investment income (loss) |
|
| 1.79 | %(d) |
|
| 1.98 | % |
| 1.45 | % |
| 1.73 | % |
| 2.02 | % |
| (.06 | )%(d) |
| |
| ||||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net assets, |
|
| $121,933 |
|
| $80,747 |
| $31,153 |
| $9,009 |
| $1,869 |
|
| $10 |
|
| |||||
Portfolio turnover rate |
|
| 35.66 | %(d) |
|
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
| 122.32 | % |
| |
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
82 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares | ||||||||||||||||||
|
| |||||||||||||||||||
|
| Six Months |
|
|
| |||||||||||||||
|
|
| Year Ended 10/31 | |||||||||||||||||
|
|
| ||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| ||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $11.34 |
|
| $12.21 |
| $11.28 |
| $8.77 |
| $18.49 |
| $15.33 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
| .15 |
|
|
| .25 |
|
| .15 |
|
| .13 |
|
| .29 |
|
| .25 |
|
Net realized and |
|
| .33 |
|
|
| (.95 | ) |
| .89 |
|
| 2.65 |
|
| (8.30 | ) |
| 3.93 |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
| .48 |
|
|
| (.70 | ) |
| 1.04 |
|
| 2.78 |
|
| (8.01 | ) |
| 4.18 |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (.27 | ) |
|
| (.17 | ) |
| (.11 | ) |
| (.27 | ) |
| (.18 | ) |
| (.10 | ) |
Net realized gain |
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
| (.92 | ) |
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions |
|
| (.27 | ) |
|
| (.17 | ) |
| (.11 | ) |
| (.27 | ) |
| (1.71 | ) |
| (1.02 | ) |
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
| $11.55 |
|
| $11.34 |
| $12.21 |
| $11.28 |
| $8.77 |
| $18.49 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(b) |
|
| 4.51 | %(c) |
|
| (5.78 | )% |
| 9.31 | % |
| 32.86 | % |
| (47.30 | )% |
| 28.67 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
| .38 | %(c) |
|
| .77 | % |
| .82 | % |
| 1.19 | % |
| 1.07 | % |
| 1.05 | % |
Expenses, including |
|
| .38 | %(c) |
|
| .77 | % |
| .82 | % |
| 1.19 | % |
| 1.07 | % |
| 1.05 | % |
Expenses, excluding |
|
| .56 | %(c) |
|
| 1.07 | % |
| 1.08 | % |
| 1.19 | % |
| 1.07 | % |
| 1.06 | % |
Net investment income |
|
| 1.39 | %(c) |
|
| 2.06 | % |
| 1.34 | % |
| 1.34 | % |
| 2.05 | % |
| 1.53 | % |
| ||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $86,345 |
|
| $222,808 |
| $267,253 |
| $167,574 |
| $113,975 |
| $259,354 |
| |||||
Portfolio turnover rate |
|
| 35.66 | %(c) |
|
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
| 122.32 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 83 |
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class P Shares | ||||||||||||||||||
|
| |||||||||||||||||||
|
| Six Months |
|
|
| |||||||||||||||
|
|
| Year Ended 10/31 | |||||||||||||||||
|
|
| ||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| ||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $11.17 |
|
| $12.04 |
| $11.13 |
| $8.63 |
| $18.30 |
| $15.22 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
| .16 |
|
|
| .10 |
|
| .10 |
|
| .07 |
|
| .23 |
|
| .15 |
|
Net realized and |
|
| .30 |
|
|
| (.84 | ) |
| .88 |
|
| 2.64 |
|
| (8.19 | ) |
| 3.91 |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
| .46 |
|
|
| (.74 | ) |
| .98 |
|
| 2.71 |
|
| (7.96 | ) |
| 4.06 |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (.17 | ) |
|
| (.13 | ) |
| (.07 | ) |
| (.21 | ) |
| (.18 | ) |
| (.06 | ) |
Net realized gain |
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
| (.92 | ) |
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions |
|
| (.17 | ) |
|
| (.13 | ) |
| (.07 | ) |
| (.21 | ) |
| (1.71 | ) |
| (.98 | ) |
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
| $11.46 |
|
| $11.17 |
| $12.04 |
| $11.13 |
| $8.63 |
| $18.30 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(b) |
|
| 4.27 | %(c) |
|
| (6.23 | )% |
| 8.84 | % |
| 32.29 | % |
| (47.56 | )% |
| 28.07 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
| .61 | %(c) |
|
| 1.22 | % |
| 1.29 | % |
| 1.64 | % |
| 1.52 | % |
| 1.51 | % |
Expenses, including |
|
| .61 | %(c) |
|
| 1.22 | % |
| 1.29 | % |
| 1.64 | % |
| 1.52 | % |
| 1.51 | % |
Expenses, excluding |
|
| .79 | %(c) |
|
| 1.51 | % |
| 1.54 | % |
| 1.64 | % |
| 1.52 | % |
| 1.51 | % |
Net investment income |
|
| 1.44 | %(c) |
|
| .83 | % |
| .92 | % |
| .78 | % |
| 1.68 | % |
| .91 | % |
| ||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $371 |
|
| $470 |
| $1,765 |
| $1,825 |
| $1,135 |
| $192 |
| |||||
Portfolio turnover rate |
|
| 35.66 | %(c) |
|
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
| 122.32 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
84 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 | ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $11.24 |
|
| $12.14 |
| $11.20 |
| $8.69 |
| $18.33 |
| $17.65 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| .14 |
|
|
| .18 |
|
| .08 |
|
| .12 |
|
| .27 |
|
| (.01 | ) |
Net realized and |
|
|
| .31 |
|
|
| (.95 | ) |
| .91 |
|
| 2.65 |
|
| (8.21 | ) |
| .69 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| .45 |
|
|
| (.77 | ) |
| .99 |
|
| 2.77 |
|
| (7.94 | ) |
| .68 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.20 | ) |
|
| (.13 | ) |
| (.05 | ) |
| (.26 | ) |
| (.17 | ) |
| — |
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.20 | ) |
|
| (.13 | ) |
| (.05 | ) |
| (.26 | ) |
| (1.70 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
| $11.49 |
|
| $11.24 |
| $12.14 |
| $11.20 |
| $8.69 |
| $18.33 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 4.23 | %(d) |
|
| (6.38 | )% |
| 8.86 | % |
| 32.77 | % |
| (47.24 | )% |
| 3.85 | %(d) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense |
|
|
| .68 | %(d) |
|
| 1.37 | % |
| 1.35 | % |
| 1.16 | % |
| 1.17 | % |
| .14 | %(d) |
Expenses, including |
|
|
| .68 | %(d) |
|
| 1.37 | % |
| 1.35 | % |
| 1.16 | % |
| 1.16 | % |
| .14 | %(d) |
Expenses, excluding expense |
|
|
| .86 | %(d) |
|
| 1.67 | % |
| 1.64 | % |
| 1.16 | % |
| 1.17 | % |
| .14 | %(d) |
Net investment income (loss) |
|
|
| 1.28 | %(d) |
|
| 1.46 | % |
| .73 | % |
| 1.33 | % |
| 1.92 | % |
| (.08 | )%(d) |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $543 |
|
| $651 |
| $570 |
| $7 |
| $5 |
| $10 |
| ||||||
Portfolio turnover rate |
|
|
| 35.66 | %(d) |
|
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
| 122.32 | % |
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 85 |
|
Financial Highlights (concluded) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
| 9/28/2007(a) |
| ||||||||||
|
|
|
|
|
| ||||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, |
|
|
| $11.11 |
|
|
| $12.00 |
|
| $11.10 |
|
| $8.65 |
|
| $18.33 |
|
|
| $17.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| .17 |
|
|
| .19 |
|
| .11 |
|
| .06 |
|
| .22 |
|
|
| (.01 | ) |
|
Net realized and |
|
|
| .28 |
|
|
| (.94 | ) |
| .87 |
|
| 2.64 |
|
| (8.20 | ) |
|
| .69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| .45 |
|
|
| (.75 | ) |
| .98 |
|
| 2.70 |
|
| (7.98 | ) |
|
| .68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.21 | ) |
|
| (.14 | ) |
| (.08 | ) |
| (.25 | ) |
| (.17 | ) |
|
| — |
|
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.21 | ) |
|
| (.14 | ) |
| (.08 | ) |
| (.25 | ) |
| (1.70 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $11.35 |
|
|
| $11.11 |
|
| $12.00 |
|
| $11.10 |
|
| $8.65 |
|
|
| $18.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 4.32 | %(d) |
|
| (6.35 | )% |
| 8.89 | % |
| 32.23 | % |
| (47.55 | )% |
|
| 3.85 | %(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense |
|
|
| .63 | %(d) |
|
| 1.26 | % |
| 1.28 | % |
| 1.68 | % |
| 1.62 | % |
|
| .14 | %(d) |
|
Expenses, including |
|
|
| .63 | %(d) |
|
| 1.26 | % |
| 1.28 | % |
| 1.68 | % |
| 1.62 | % |
|
| .14 | %(d) |
|
Expenses, excluding |
|
|
| .81 | %(d) |
|
| 1.57 | % |
| 1.57 | % |
| 1.68 | % |
| 1.62 | % |
|
| .14 | %(d) |
|
Net investment income (loss) |
|
|
| 1.55 | %(d) |
|
| 1.54 | % |
| 1.02 | % |
| .65 | % |
| 1.79 | % |
|
| (.08 | )%(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $16,030 |
|
|
| $12,725 |
|
| $10,418 |
|
| $1,439 |
|
| $523 |
|
|
| $10 |
|
|
Portfolio turnover rate |
|
|
| 35.66 | %(d) |
|
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
|
| 122.32 | % |
|
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
86 | See Notes to Financial Statements. |
|
|
Financial Highlights |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
| 6/23/2008(a) |
| ||||||||||
|
|
|
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net asset value, beginning of period |
|
|
| $7.88 |
|
|
| $8.64 |
|
| $8.22 |
|
| $6.29 |
|
|
| $10.00 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income(b) |
|
|
| .19 |
|
|
| .42 |
|
| .34 |
|
| .28 |
|
|
| .16 |
|
| |
Net realized and unrealized |
|
|
| .05 |
|
|
| (.78 | ) |
| .42 |
|
| 1.90 |
|
|
| (3.74 | ) |
| |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations |
|
|
| .24 |
|
|
| (.36 | ) |
| .76 |
|
| 2.18 |
|
|
| (3.58 | ) |
| |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
|
|
| (.12 | ) |
|
| (.40 | ) |
| (.34 | ) |
| (.25 | ) |
|
| (.13 | ) |
| |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period |
|
|
| $8.00 |
|
|
| $7.88 |
|
| $8.64 |
|
| $8.22 |
|
|
| $6.29 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) |
|
|
| 3.09 | %(d) |
|
| (4.42 | )% |
| 9.58 | % |
| 35.88 | % |
|
| (36.10 | )%(d) |
| |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Expenses, excluding expense |
|
|
| .55 | %(d) |
|
| 1.12 | % |
| 1.14 | % |
| 1.35 | % |
|
| .48 | %(d) |
| |
Expenses, including expense |
|
|
| .55 | %(d) |
|
| 1.12 | % |
| 1.14 | % |
| 1.35 | % |
|
| .48 | %(d) |
| |
Expenses, excluding expense |
|
|
| .66 | %(d) |
|
| 1.43 | % |
| 1.46 | % |
| 1.63 | % |
|
| .68 | %(d) |
| |
Net investment income |
|
|
| 2.42 | %(d) |
|
| 4.96 | % |
| 4.23 | % |
| 4.08 | % |
|
| 1.98 | %(d) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net assets, end of period (000) |
|
|
| $502,188 |
|
|
| $278,975 |
|
| $162,611 |
|
| $52,935 |
|
|
| $9,075 |
|
| |
Portfolio turnover rate |
|
|
| 37.85 | %(d) |
|
| 100.16 | % |
| 100.06 | % |
| 105.74 | % |
|
| 53.94 | % |
| |
|
|
(a) | Commencement of operations was 6/23/2008, SEC effective date was 6/20/2008 and date shares first became available to the public was 6/30/2008. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 87 |
|
Financial Highlights (continued) |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
| 6/23/2008(a) |
| ||||||||||
|
|
|
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net asset value, beginning of period |
|
|
| $7.84 |
|
|
| $8.60 |
|
| $8.19 |
|
| $6.28 |
|
|
| $10.00 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income(b) |
|
|
| .17 |
|
|
| .36 |
|
| .29 |
|
| .21 |
|
|
| .09 |
|
| |
Net realized and unrealized |
|
|
| .04 |
|
|
| (.77 | ) |
| .41 |
|
| 1.92 |
|
|
| (3.68 | ) |
| |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations |
|
|
| .21 |
|
|
| (.41 | ) |
| .70 |
|
| 2.13 |
|
|
| (3.59 | ) |
| |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
|
|
| (.10 | ) |
|
| (.35 | ) |
| (.29 | ) |
| (.22 | ) |
|
| (.13 | ) |
| |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period |
|
|
| $7.95 |
|
|
| $7.84 |
|
| $8.60 |
|
| $8.19 |
|
|
| $6.28 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) |
|
|
| 2.71 | %(d) |
|
| (5.03 | )% |
| 8.99 | % |
| 34.87 | % |
|
| (36.22 | )%(d) |
| |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Expenses, excluding expense |
|
|
| .87 | %(d) |
|
| 1.76 | % |
| 1.79 | % |
| 1.98 | % |
|
| .68 | %(d) |
| |
Expenses, including expense |
|
|
| .87 | %(d) |
|
| 1.76 | % |
| 1.79 | % |
| 1.98 | % |
|
| .68 | %(d) |
| |
Expenses, excluding expense |
|
|
| .98 | %(d) |
|
| 2.07 | % |
| 2.10 | % |
| 2.26 | % |
|
| 1.44 | %(d) |
| |
Net investment income |
|
|
| 2.19 | %(d) |
|
| 4.29 | % |
| 3.61 | % |
| 2.93 | % |
|
| 1.23 | %(d) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net assets, end of period (000) |
|
|
| $50,585 |
|
|
| $22,329 |
|
| $13,561 |
|
| $4,376 |
|
|
| $177 |
|
| |
Portfolio turnover rate |
|
|
| 37.85 | %(d) |
|
| 100.16 | % |
| 100.06 | % |
| 105.74 | % |
|
| 53.94 | % |
| |
|
|
(a) | Commencement of operations was 6/23/2008, SEC effective date was 6/20/2008 and date shares first became available to the public was 6/30/2008. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
88 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares |
| |||||||||||||||||
|
|
| ||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
| 6/23/2008(a) |
| ||||||||||
|
|
| Year Ended 10/31 |
|
| |||||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
|
| |||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
| $7.89 |
|
|
| $8.65 |
|
| $8.23 |
|
| $6.29 |
|
|
| $10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .21 |
|
|
| .45 |
|
| .39 |
|
| .18 |
|
|
| .15 |
|
|
Net realized and unrealized |
|
|
| .04 |
|
|
| (.79 | ) |
| .39 |
|
| 2.02 |
|
|
| (3.72 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| .25 |
|
|
| (.34 | ) |
| .78 |
|
| 2.20 |
|
|
| (3.57 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.13 | ) |
|
| (.42 | ) |
| (.36 | ) |
| (.26 | ) |
|
| (.14 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
|
| $8.01 |
|
|
| $7.89 |
|
| $8.65 |
|
| $8.23 |
|
|
| $6.29 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Return(c) |
|
|
| 3.20 | %(d) |
|
| (4.18 | )% |
| 9.95 | % |
| 36.13 | % |
|
| (36.08 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense |
|
|
| .43 | %(d) |
|
| .87 | % |
| .88 | % |
| 1.07 | % |
|
| .35 | %(d) |
|
Expenses, including expense |
|
|
| .43 | %(d) |
|
| .87 | % |
| .88 | % |
| 1.07 | % |
|
| .35 | %(d) |
|
Expenses, excluding expense |
|
|
| .53 | %(d) |
|
| 1.18 | % |
| 1.21 | % |
| 1.39 | % |
|
| 1.53 | %(d) |
|
Net investment income |
|
|
| 2.70 | %(d) |
|
| 5.27 | % |
| 4.78 | % |
| 2.32 | % |
|
| 1.91 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
| $86,825 |
|
|
| $26,892 |
|
| $12,745 |
|
| $1,772 |
|
|
| $28 |
|
|
Portfolio turnover rate |
|
|
| 37.85 | %(d) |
|
| 100.16 | % |
| 100.06 | % |
| 105.74 | % |
|
| 53.94 | % |
|
|
|
(a) | Commencement of operations was 6/23/2008, SEC effective date was 6/20/2008 and date shares first became available to the public was 6/30/2008. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 89 |
|
Financial Highlights (continued) |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| |||||||||||||||||
|
|
| ||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
| 6/23/2008(a) |
| ||||||||||
|
|
| Year Ended 10/31 |
|
| |||||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
|
| |||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
| $7.91 |
|
|
| $8.66 |
|
| $8.24 |
|
| $6.29 |
|
|
| $10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .21 |
|
|
| .43 |
|
| .37 |
|
| .29 |
|
|
| .19 |
|
|
Net realized and unrealized |
|
|
| .03 |
|
|
| (.75 | ) |
| .41 |
|
| 1.93 |
|
|
| (3.76 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| .24 |
|
|
| (.32 | ) |
| .78 |
|
| 2.22 |
|
|
| (3.57 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.13 | ) |
|
| (.43 | ) |
| (.36 | ) |
| (.27 | ) |
|
| (.14 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
|
| $8.02 |
|
|
| $7.91 |
|
| $8.66 |
|
| $8.24 |
|
|
| $6.29 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Return(c) |
|
|
| 3.10 | %(d) |
|
| (3.97 | )% |
| 10.03 | % |
| 36.38 | % |
|
| (36.07 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense |
|
|
| .38 | %(d) |
|
| .77 | % |
| .81 | % |
| .99 | % |
|
| .36 | %(d) |
|
Expenses, including expense |
|
|
| .38 | %(d) |
|
| .77 | % |
| .81 | % |
| .99 | % |
|
| .36 | %(d) |
|
Expenses, excluding expense |
|
|
| .49 | %(d) |
|
| 1.09 | % |
| 1.10 | % |
| 1.28 | % |
|
| .54 | %(d) |
|
Net investment income |
|
|
| 2.61 | %(d) |
|
| 5.06 | % |
| 4.53 | % |
| 4.13 | % |
|
| 2.19 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
| $796,412 |
|
|
| $559,879 |
|
| $265,348 |
|
| $225,668 |
|
|
| $83,413 |
|
|
Portfolio turnover rate |
|
|
| 37.85 | %(d) |
|
| 100.16 | % |
| 100.06 | % |
| 105.74 | % |
|
| 53.94 | % |
|
|
|
(a) | Commencement of operations was 6/23/2008, SEC effective date was 6/20/2008 and date shares first became available to the public was 6/30/2008. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
90 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares |
| |||||||||||||||||
|
|
| ||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
| 6/23/2008(a) |
| ||||||||||
|
|
| Year Ended 10/31 |
|
| |||||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
|
| |||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
| $8.03 |
|
|
| $8.76 |
|
| $8.29 |
|
| $6.30 |
|
|
| $10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .22 |
|
|
| .45 |
|
| .37 |
|
| .31 |
|
|
| .18 |
|
|
Net realized and unrealized |
|
|
| — | (c) |
|
| (.79 | ) |
| .42 |
|
| 1.91 |
|
|
| (3.76 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| .22 |
|
|
| (.34 | ) |
| .79 |
|
| 2.22 |
|
|
| (3.58 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.12 | ) |
|
| (.39 | ) |
| (.32 | ) |
| (.23 | ) |
|
| (.12 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
|
| $8.13 |
|
|
| $8.03 |
|
| $8.76 |
|
| $8.29 |
|
|
| $6.30 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Return(d) |
|
|
| 2.78 | %(e) |
|
| (4.15 | )% |
| 9.96 | % |
| 36.26 | % |
|
| (36.08 | )%(e) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense |
|
|
| .67 | %(e) |
|
| .91 | % |
| .84 | % |
| .96 | % |
|
| .50 | %(e) |
|
Expenses, including expense |
|
|
| .67 | %(e) |
|
| .91 | % |
| .84 | % |
| .96 | % |
|
| .50 | %(e) |
|
Expenses, excluding expense |
|
|
| .77 | %(e) |
|
| 1.22 | % |
| 1.13 | % |
| 1.27 | % |
|
| 2.87 | %(e) |
|
Net investment income |
|
|
| 2.77 | %(e) |
|
| 5.15 | % |
| 4.45 | % |
| 4.63 | % |
|
| 2.07 | %(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
| $281 |
|
|
| $16 |
|
| $10 |
|
| $9 |
|
|
| $6 |
|
|
Portfolio turnover rate |
|
|
| 37.85 | %(e) |
|
| 100.16 | % |
| 100.06 | % |
| 105.74 | % |
|
| 53.94 | % |
|
|
|
(a) | Commencement of operations was 6/23/2008, SEC effective date was 6/20/2008 and date shares first became available to the public was 6/30/2008. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Amount is less than $.01. |
(d) | Total return assumes the reinvestment of all distributions. |
(e) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 91 |
|
Financial Highlights (concluded) |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares |
| |||||||||||||||||
|
|
| ||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
| 6/23/2008(a) |
| ||||||||||
|
|
| Year Ended 10/31 |
|
| |||||||||||||||
|
|
|
|
| ||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
|
| |||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
| $7.94 |
|
|
| $8.71 |
|
| $8.28 |
|
| $6.30 |
|
|
| $10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .22 |
|
|
| .41 |
|
| .36 |
|
| .31 |
|
|
| .18 |
|
|
Net realized and unrealized |
|
|
| .01 |
|
|
| (.79 | ) |
| .40 |
|
| 1.91 |
|
|
| (3.75 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| .23 |
|
|
| (.38 | ) |
| .76 |
|
| 2.22 |
|
|
| (3.57 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.11 | ) |
|
| (.39 | ) |
| (.33 | ) |
| (.24 | ) |
|
| (.13 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
|
| $8.06 |
|
|
| $7.94 |
|
| $8.71 |
|
| $8.28 |
|
|
| $6.30 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Return(c) |
|
|
| 2.97 | %(d) |
|
| (4.61 | )% |
| 9.62 | % |
| 36.22 | % |
|
| (36.06 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense |
|
|
| .63 | %(d) |
|
| 1.26 | % |
| 1.24 | % |
| .96 | % |
|
| .46 | %(d) |
|
Expenses, including expense |
|
|
| .63 | %(d) |
|
| 1.26 | % |
| 1.24 | % |
| .96 | % |
|
| .46 | %(d) |
|
Expenses, excluding expense |
|
|
| .73 | %(d) |
|
| 1.59 | % |
| 1.58 | % |
| 1.27 | % |
|
| 2.84 | %(d) |
|
Net investment income |
|
|
| 2.71 | %(d) |
|
| 4.80 | % |
| 4.40 | % |
| 4.62 | % |
|
| 2.10 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
| $32,060 |
|
|
| $331 |
|
| $111 |
|
| $9 |
|
|
| $6 |
|
|
Portfolio turnover rate |
|
|
| 37.85 | %(d) |
|
| 100.16 | % |
| 100.06 | % |
| 105.74 | % |
|
| 53.94 | % |
|
|
|
(a) | Commencement of operations was 6/23/2008, SEC effective date was 6/20/2008 and date shares first became available to the public was 6/30/2008. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
92 | See Notes to Financial Statements. |
|
|
Financial Highlights |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $12.00 |
|
|
| $12.87 |
|
| $10.70 |
|
| $7.29 |
|
| $19.81 |
|
| $15.72 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .04 |
|
|
| .10 |
|
| .06 |
|
| .04 |
|
| .09 |
|
| .04 |
|
Net realized and |
|
|
| 1.06 |
|
|
| (.92 | ) |
| 2.20 |
|
| 3.42 |
|
| (10.36 | ) |
| 4.07 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.10 |
|
|
| (.82 | ) |
| 2.26 |
|
| 3.46 |
|
| (10.27 | ) |
| 4.11 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.08 | ) |
|
| (.05 | ) |
| (.09 | ) |
| (.05 | ) |
| (.08 | ) |
| (.02 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.08 | ) |
|
| (.05 | ) |
| (.09 | ) |
| (.05 | ) |
| (2.25 | ) |
| (.02 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $13.02 |
|
|
| $12.00 |
|
| $12.87 |
|
| $10.70 |
|
| $7.29 |
|
| $19.81 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 9.33 | %(c) |
|
| (6.39 | )% |
| 21.21 | % |
| 47.94 | % |
| (57.81 | )% |
| 26.14 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .76 | %(c) |
|
| 1.49 | % |
| 1.54 | % |
| 1.77 | % |
| 1.60 | % |
| 1.56 | % |
Expenses, excluding |
|
|
| .76 | %(c) |
|
| 1.49 | % |
| 1.54 | % |
| 1.77 | % |
| 1.61 | % |
| 1.56 | % |
Net investment income |
|
|
| .32 | %(c) |
|
| .79 | % |
| .54 | % |
| .50 | % |
| .65 | % |
| .23 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $80,961 |
|
|
| $83,729 |
|
| $98,272 |
|
| $92,188 |
|
| $67,815 |
|
| $200,909 |
|
Portfolio turnover rate |
|
|
| 40.40 | %(c) |
|
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
| 115.79 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 93 |
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class B Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $11.36 |
|
|
| $12.21 |
|
| $10.17 |
|
| $6.92 |
|
| $18.96 |
|
| $15.12 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| — | (b) |
|
| .02 |
|
| (.01 | ) |
| (.01 | ) |
| — | (b) |
| (.07 | ) |
Net realized and |
|
|
| 1.02 |
|
|
| (.87 | ) |
| 2.08 |
|
| 3.26 |
|
| (9.87 | ) |
| 3.91 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.02 |
|
|
| (.85 | ) |
| 2.07 |
|
| 3.25 |
|
| (9.87 | ) |
| 3.84 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| (.03 | ) |
| — |
|
| — |
|
| — |
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| — |
|
|
| — |
|
| (.03 | ) |
| — |
|
| (2.17 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $12.38 |
|
|
| $11.36 |
|
| $12.21 |
|
| $10.17 |
|
| $6.92 |
|
| $18.96 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 8.98 | %(d) |
|
| (6.96 | )% |
| 20.35 | % |
| 46.97 | % |
| (58.10 | )% |
| 25.40 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| 1.08 | %(d) |
|
| 2.13 | % |
| 2.19 | % |
| 2.42 | % |
| 2.25 | % |
| 2.21 | % |
Expenses, excluding |
|
|
| 1.08 | %(d) |
|
| 2.13 | % |
| 2.19 | % |
| 2.42 | % |
| 2.26 | % |
| 2.21 | % |
Net investment |
|
|
| (.02 | )%(d) |
|
| .12 | % |
| (.13 | )% |
| (.15 | )% |
| (.01 | )% |
| (.43 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $8,379 |
|
|
| $9,439 |
|
| $14,307 |
|
| $17,103 |
|
| $14,192 |
|
| $43,231 |
|
Portfolio turnover rate |
|
|
| 40.40 | %(d) |
|
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
| 115.79 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
94 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $11.29 |
|
|
| $12.14 |
|
| $10.12 |
|
| $6.88 |
|
| $18.86 |
|
| $15.05 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| — | (b) |
|
| .02 |
|
| (.01 | ) |
| (.01 | ) |
| — | (b) |
| (.07 | ) |
Net realized and |
|
|
| 1.02 |
|
|
| (.87 | ) |
| 2.06 |
|
| 3.25 |
|
| (9.81 | ) |
| 3.88 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.02 |
|
|
| (.85 | ) |
| 2.05 |
|
| 3.24 |
|
| (9.81 | ) |
| 3.81 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.01 | ) |
|
| — |
|
| (.03 | ) |
| — |
|
| — |
|
| — |
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.01 | ) |
|
| — |
|
| (.03 | ) |
| — |
|
| (2.17 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $12.30 |
|
|
| $11.29 |
|
| $12.14 |
|
| $10.12 |
|
| $6.88 |
|
| $18.86 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 9.03 | %(d) |
|
| (7.00 | )% |
| 20.34 | % |
| 47.09 | % |
| (58.09 | )% |
| 25.32 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| 1.07 | %(d) |
|
| 2.10 | % |
| 2.19 | % |
| 2.42 | % |
| 2.25 | % |
| 2.21 | % |
Expenses, excluding |
|
|
| 1.07 | %(d) |
|
| 2.10 | % |
| 2.19 | % |
| 2.42 | % |
| 2.26 | % |
| 2.21 | % |
Net investment |
|
|
| .02 | %(d) |
|
| .17 | % |
| (.13 | )% |
| (.14 | )% |
| .00 | %(e) |
| (.40 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $15,862 |
|
|
| $15,603 |
|
| $19,969 |
|
| $21,668 |
|
| $15,297 |
|
| $43,422 |
|
Portfolio turnover rate |
|
|
| 40.40 | %(d) |
|
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
| 115.79 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
(e) | Amount is less than .01%. |
|
|
|
| See Notes to Financial Statements. | 95 |
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
| 9/28/2007(a) |
| ||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $11.94 |
|
|
| $12.81 |
|
| $10.65 |
|
| $7.28 |
|
| $19.81 |
|
|
| $18.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .05 |
|
|
| .13 |
|
| .10 |
|
| .09 |
|
| .09 |
|
|
| .01 |
|
|
Net realized and |
|
|
| 1.05 |
|
|
| (.91 | ) |
| 2.17 |
|
| 3.37 |
|
| (10.31 | ) |
|
| .98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.10 |
|
|
| (.78 | ) |
| 2.27 |
|
| 3.46 |
|
| (10.22 | ) |
|
| .99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.12 | ) |
|
| (.09 | ) |
| (.11 | ) |
| (.09 | ) |
| (.14 | ) |
|
| — |
|
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.12 | ) |
|
| (.09 | ) |
| (.11 | ) |
| (.09 | ) |
| (2.31 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $12.92 |
|
|
| $11.94 |
|
| $12.81 |
|
| $10.65 |
|
| $7.28 |
|
|
| $19.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 9.39 | %(d) |
|
| (6.16 | )% |
| 21.47 | % |
| 48.36 | % |
| (57.70 | )% |
|
| 5.26 | %(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .63 | %(d) |
|
| 1.24 | % |
| 1.28 | % |
| 1.49 | % |
| 1.42 | % |
|
| .13 | %(d) |
|
Expenses, excluding |
|
|
| .63 | %(d) |
|
| 1.24 | % |
| 1.28 | % |
| 1.49 | % |
| 1.43 | % |
|
| .13 | %(d) |
|
Net investment income |
|
|
| .46 | %(d) |
|
| 1.00 | % |
| .88 | % |
| 1.00 | % |
| .84 | % |
|
| .03 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $987 |
|
|
| $934 |
|
| $934 |
|
| $384 |
|
| $121 |
|
|
| $11 |
|
|
Portfolio turnover rate |
|
|
| 40.40 | %(d) |
|
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
|
| 115.79 | % |
|
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
96 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $12.30 |
|
|
| $13.18 |
|
| $10.96 |
|
| $7.48 |
|
| $20.29 |
|
| $16.08 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .06 |
|
|
| .16 |
|
| .11 |
|
| .08 |
|
| .14 |
|
| .12 |
|
Net realized and |
|
|
| 1.08 |
|
|
| (.95 | ) |
| 2.23 |
|
| 3.50 |
|
| (10.64 | ) |
| 4.15 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.14 |
|
|
| (.79 | ) |
| 2.34 |
|
| 3.58 |
|
| (10.50 | ) |
| 4.27 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.13 | ) |
|
| (.09 | ) |
| (.12 | ) |
| (.10 | ) |
| (.14 | ) |
| (.06 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.13 | ) |
|
| (.09 | ) |
| (.12 | ) |
| (.10 | ) |
| (2.31 | ) |
| (.06 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $13.31 |
|
|
| $12.30 |
|
| $13.18 |
|
| $10.96 |
|
| $7.48 |
|
| $20.29 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 9.48 | %(c) |
|
| (6.01 | )% |
| 21.50 | % |
| 48.47 | % |
| (57.66 | )% |
| 26.67 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .58 | %(c) |
|
| 1.14 | % |
| 1.18 | % |
| 1.42 | % |
| 1.27 | % |
| 1.20 | % |
Expenses, excluding |
|
|
| .58 | %(c) |
|
| 1.14 | % |
| 1.18 | % |
| 1.42 | % |
| 1.27 | % |
| 1.21 | % |
Net investment income |
|
|
| .48 | %(c) |
|
| 1.17 | % |
| .93 | % |
| .87 | % |
| 1.05 | % |
| .65 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $207,965 |
|
|
| $213,865 |
|
| $232,027 |
|
| $160,456 |
|
| $110,838 |
|
| $164,086 |
|
Portfolio turnover rate |
|
|
| 40.40 | %(c) |
|
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
| 115.79 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 97 |
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class P Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $12.17 |
|
|
| $13.06 |
|
| $10.86 |
|
| $7.36 |
|
| $20.00 |
|
| $15.89 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .04 |
|
|
| .09 |
|
| .05 |
|
| .03 |
|
| .07 |
|
| .02 |
|
Net realized and |
|
|
| 1.07 |
|
|
| (.94 | ) |
| 2.22 |
|
| 3.48 |
|
| (10.46 | ) |
| 4.12 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.11 |
|
|
| (.85 | ) |
| 2.27 |
|
| 3.51 |
|
| (10.39 | ) |
| 4.14 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.07 | ) |
|
| (.04 | ) |
| (.07 | ) |
| (.01 | ) |
| (.08 | ) |
| (.03 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.07 | ) |
|
| (.04 | ) |
| (.07 | ) |
| (.01 | ) |
| (2.25 | ) |
| (.03 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $13.21 |
|
|
| $12.17 |
|
| $13.06 |
|
| $10.86 |
|
| $7.36 |
|
| $20.00 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 9.25 | %(c) |
|
| (6.51 | )% |
| 21.05 | % |
| 47.86 | % |
| (57.86 | )% |
| 26.10 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .81 | %(c) |
|
| 1.59 | % |
| 1.64 | % |
| 1.87 | % |
| 1.70 | % |
| 1.65 | % |
Expenses, excluding |
|
|
| .81 | %(c) |
|
| 1.59 | % |
| 1.64 | % |
| 1.87 | % |
| 1.71 | % |
| 1.65 | % |
Net investment income |
|
|
| .29 | %(c) |
|
| .69 | % |
| .44 | % |
| .36 | % |
| .55 | % |
| .11 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $915 |
|
|
| $820 |
|
| $900 |
|
| $781 |
|
| $834 |
|
| $1,826 |
|
Portfolio turnover rate |
|
|
| 40.40 | %(c) |
|
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
| 115.79 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
98 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
| 9/28/2007(a) |
| ||||||||||
|
|
|
|
|
| ||||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $11.90 |
|
|
| $12.77 |
|
| $10.64 |
|
| $7.24 |
|
| $19.80 |
|
|
| $18.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .02 |
|
|
| .07 |
|
| .03 |
|
| .03 |
|
| .06 |
|
|
| — | (c) |
|
Net realized and |
|
|
| 1.06 |
|
|
| (.92 | ) |
| 2.18 |
|
| 3.40 |
|
| (10.32 | ) |
|
| .98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.08 |
|
|
| (.85 | ) |
| 2.21 |
|
| 3.43 |
|
| (10.26 | ) |
|
| .98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.05 | ) |
|
| (.02 | ) |
| (.08 | ) |
| (.03 | ) |
| (.13 | ) |
|
| — |
|
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.05 | ) |
|
| (.02 | ) |
| (.08 | ) |
| (.03 | ) |
| (2.30 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $12.93 |
|
|
| $11.90 |
|
| $12.77 |
|
| $10.64 |
|
| $7.24 |
|
|
| $19.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(d) |
|
|
| 9.17 | %(e) |
|
| (6.68 | )% |
| 20.90 | % |
| 47.69 | % |
| (57.93 | )% |
|
| 5.21 | %(e) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .88 | %(e) |
|
| 1.74 | % |
| 1.79 | % |
| 1.97 | % |
| 1.84 | % |
|
| .16 | %(e) |
|
Expenses, excluding |
|
|
| .88 | %(e) |
|
| 1.74 | % |
| 1.79 | % |
| 1.97 | % |
| 1.84 | % |
|
| .16 | %(e) |
|
Net investment income |
|
|
| .16 | %(e) |
|
| .56 | % |
| .31 | % |
| .34 | % |
| .51 | % |
|
| .00 | %(e)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $80 |
|
|
| $95 |
|
| $96 |
|
| $91 |
|
| $31 |
|
|
| $11 |
|
|
Portfolio turnover rate |
|
|
| 40.40 | %(e) |
|
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
|
| 115.79 | % |
|
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Amount is less than $.01. |
(d) | Total return assumes the reinvestment of all distributions. |
(e) | Not annualized. |
(f) | Amount is less than .01%. |
|
|
|
| See Notes to Financial Statements. | 99 |
|
Financial Highlights (concluded) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
| 9/28/2007(a) |
| ||||||||||
|
|
|
|
|
| ||||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, |
|
|
| $11.84 |
|
|
| $12.72 |
|
| $10.60 |
|
| $7.27 |
|
| $19.81 |
|
|
| $18.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .03 |
|
|
| .10 |
|
| .05 |
|
| .01 |
|
| .10 |
|
|
| — | (c) |
|
Net realized and |
|
|
| 1.05 |
|
|
| (.92 | ) |
| 2.17 |
|
| 3.41 |
|
| (10.34 | ) |
|
| .99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.08 |
|
|
| (.82 | ) |
| 2.22 |
|
| 3.42 |
|
| (10.24 | ) |
|
| .99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.08 | ) |
|
| (.06 | ) |
| (.10 | ) |
| (.09 | ) |
| (.13 | ) |
|
| — |
|
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.08 | ) |
|
| (.06 | ) |
| (.10 | ) |
| (.09 | ) |
| (2.30 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $12.84 |
|
|
| $11.84 |
|
| $12.72 |
|
| $10.60 |
|
| $7.27 |
|
|
| $19.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(d) |
|
|
| 9.29 | %(e) |
|
| (6.51 | )% |
| 21.04 | % |
| 47.75 | % |
| (57.77 | )% |
|
| 5.26 | %(e) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, including |
|
|
| .82 | %(e) |
|
| 1.60 | % |
| 1.67 | % |
| 1.81 | % |
| 1.52 | % |
|
| .15 | %(e) |
|
Expenses, excluding |
|
|
| .82 | %(e) |
|
| 1.60 | % |
| 1.67 | % |
| 1.81 | % |
| 1.52 | % |
|
| .15 | %(e) |
|
Net investment income |
|
|
| .28 | %(e) |
|
| .74 | % |
| .45 | % |
| .14 | % |
| .81 | % |
|
| .00 | %(e)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $5,660 |
|
|
| $5,097 |
|
| $3,016 |
|
| $573 |
|
| $22 |
|
|
| $11 |
|
|
Portfolio turnover rate |
|
|
| 40.40 | %(e) |
|
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
|
| 115.79 | % |
|
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Amount is less than $.01. |
(d) | Total return assumes the reinvestment of all distributions. |
(e) | Not annualized. |
(f) | Amount is less than .01%. |
|
|
|
100 | See Notes to Financial Statements. |
|
|
Financial Highlights |
LARGE CAP VALUE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $9.41 |
|
|
| $9.47 |
|
| $8.61 |
|
| $8.48 |
|
| $15.47 |
|
| $14.19 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .05 |
|
|
| .06 |
|
| .04 |
|
| .07 |
|
| .14 |
|
| .19 |
|
Net realized and |
|
|
| .99 |
|
|
| (.08 | ) |
| .88 |
|
| .20 |
|
| (4.92 | ) |
| 1.58 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.04 |
|
|
| (.02 | ) |
| .92 |
|
| .27 |
|
| (4.78 | ) |
| 1.77 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.09 | ) |
|
| (.04 | ) |
| (.06 | ) |
| (.14 | ) |
| (.20 | ) |
| (.17 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.01 | ) |
| (.32 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.09 | ) |
|
| (.04 | ) |
| (.06 | ) |
| (.14 | ) |
| (2.21 | ) |
| (.49 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $10.36 |
|
|
| $9.41 |
|
| $9.47 |
|
| $8.61 |
|
| $8.48 |
|
| $15.47 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 11.18 | %(c) |
|
| (.19 | )% |
| 10.69 | % |
| 3.77 | % |
| (35.16 | )% |
| 12.95 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .69 | %(c) |
|
| 1.20 | % |
| 1.20 | % |
| 1.16 | % |
| .95 | % |
| .95 | % |
Expenses, including |
|
|
| .69 | %(c) |
|
| 1.20 | % |
| 1.20 | % |
| 1.16 | % |
| .95 | % |
| .95 | % |
Expenses, excluding |
|
|
| .69 | %(c) |
|
| 1.20 | % |
| 1.20 | % |
| 1.27 | % |
| 1.25 | % |
| 1.16 | % |
Net investment income |
|
|
| .47 | %(c) |
|
| .64 | % |
| .39 | % |
| .87 | % |
| 1.24 | % |
| 1.30 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $32,960 |
|
|
| $25,989 |
|
| $27,611 |
|
| $27,444 |
|
| $21,010 |
|
| $28,538 |
|
Portfolio turnover rate |
|
|
| 11.09 | %(c) |
|
| 25.00 | % |
| 29.34 | % |
| 103.30 | % |
| 126.70 | % |
| 109.22 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 101 |
|
Financial Highlights (continued) |
LARGE CAP VALUE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class B Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $9.22 |
|
|
| $9.31 |
|
| $8.47 |
|
| $8.30 |
|
| $15.18 |
|
| $13.96 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| .02 |
|
|
| — | (b) |
| (.02 | ) |
| .02 |
|
| .07 |
|
| .09 |
|
Net realized and |
|
|
| .98 |
|
|
| (.09 | ) |
| .86 |
|
| .22 |
|
| (4.83 | ) |
| 1.56 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.00 |
|
|
| (.09 | ) |
| .84 |
|
| .24 |
|
| (4.76 | ) |
| 1.65 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.01 | ) |
|
| — |
|
| — | (b) |
| (.07 | ) |
| (.11 | ) |
| (.11 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.01 | ) |
| (.32 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.01 | ) |
|
| — |
|
| — | (b) |
| (.07 | ) |
| (2.12 | ) |
| (.43 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $10.21 |
|
|
| $9.22 |
|
| $9.31 |
|
| $8.47 |
|
| $8.30 |
|
| $15.18 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 10.89 | %(d) |
|
| (.97 | )% |
| 9.96 | % |
| 3.19 | % |
| (35.60 | )% |
| 12.23 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| 1.01 | %(d) |
|
| 1.84 | % |
| 1.86 | % |
| 1.79 | % |
| 1.60 | % |
| 1.60 | % |
Expenses, including |
|
|
| 1.01 | %(d) |
|
| 1.84 | % |
| 1.86 | % |
| 1.79 | % |
| 1.60 | % |
| 1.60 | % |
Expenses, excluding |
|
|
| 1.01 | %(d) |
|
| 1.84 | % |
| 1.86 | % |
| 1.91 | % |
| 1.90 | % |
| 1.81 | % |
Net investment income (loss) |
|
|
| .17 | %(d) |
|
| .00 | %(e) |
| (.27 | )% |
| .30 | % |
| .59 | % |
| .65 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $1,651 |
|
|
| $1,728 |
|
| $2,419 |
|
| $2,558 |
|
| $2,549 |
|
| $4,005 |
|
Portfolio turnover rate |
|
|
| 11.09 | %(d) |
|
| 25.00 | % |
| 29.34 | % |
| 103.30 | % |
| 126.70 | % |
| 109.22 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
(e) | Amount is less than .01%. |
|
|
|
102 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
LARGE CAP VALUE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| |||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $9.23 |
|
|
| $9.31 |
|
| $8.47 |
|
| $8.30 |
|
| $15.19 |
|
| $13.95 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| .02 |
|
|
| — | (b) |
| (.02 | ) |
| .02 |
|
| .06 |
|
| .09 |
|
Net realized and |
|
|
| .98 |
|
|
| (.08 | ) |
| .87 |
|
| .23 |
|
| (4.83 | ) |
| 1.57 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.00 |
|
|
| (.08 | ) |
| .85 |
|
| .25 |
|
| (4.77 | ) |
| 1.66 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.03 | ) |
|
| — |
|
| (.01 | ) |
| (.08 | ) |
| (.11 | ) |
| (.10 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.01 | ) |
| (.32 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.03 | ) |
|
| — |
|
| (.01 | ) |
| (.08 | ) |
| (2.12 | ) |
| (.42 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $10.20 |
|
|
| $9.23 |
|
| $9.31 |
|
| $8.47 |
|
| $8.30 |
|
| $15.19 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 10.87 | %(d) |
|
| (.86 | )% |
| 10.03 | % |
| 3.30 | % |
| (35.64 | )% |
| 12.29 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| 1.01 | %(d) |
|
| 1.81 | % |
| 1.86 | % |
| 1.81 | % |
| 1.60 | % |
| 1.60 | % |
Expenses, including |
|
|
| 1.01 | %(d) |
|
| 1.81 | % |
| 1.86 | % |
| 1.81 | % |
| 1.60 | % |
| 1.60 | % |
Expenses, excluding |
|
|
| 1.01 | %(d) |
|
| 1.81 | % |
| 1.86 | % |
| 1.91 | % |
| 1.90 | % |
| 1.81 | % |
Net investment income (loss) |
|
|
| .16 | %(d) |
|
| .04 | % |
| (.26 | )% |
| .22 | % |
| .58 | % |
| .65 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $6,666 |
|
|
| $5,661 |
|
| $5,499 |
|
| $5,654 |
|
| $4,266 |
|
| $6,643 |
|
Portfolio turnover rate |
|
|
| 11.09 | %(d) |
|
| 25.00 | % |
| 29.34 | % |
| 103.30 | % |
| 126.70 | % |
| 109.22 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 103 |
|
Financial Highlights (continued) |
LARGE CAP VALUE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
| 9/28/2007(a) |
| ||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $9.37 |
|
|
| $9.44 |
|
| $8.58 |
|
| $8.47 |
|
| $15.47 |
|
| $15.32 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .06 |
|
|
| .09 |
|
| .05 |
|
| .05 |
|
| .17 |
|
| .02 |
|
Net realized and |
|
|
| .98 |
|
|
| (.09 | ) |
| .89 |
|
| .23 |
|
| (4.91 | ) |
| .13 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.04 |
|
|
| — |
|
| .94 |
|
| .28 |
|
| (4.74 | ) |
| .15 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.11 | ) |
|
| (.07 | ) |
| (.08 | ) |
| (.17 | ) |
| (.25 | ) |
| — |
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.01 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.11 | ) |
|
| (.07 | ) |
| (.08 | ) |
| (.17 | ) |
| (2.26 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $10.30 |
|
|
| $9.37 |
|
| $9.44 |
|
| $8.58 |
|
| $8.47 |
|
| $15.47 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 11.35 | %(d) |
|
| (.02 | )% |
| 10.98 | % |
| 4.00 | % |
| (35.00 | )% |
| .98 | %(d) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .56 | %(d) |
|
| .95 | % |
| .94 | % |
| 1.03 | % |
| .68 | % |
| .06 | %(d) |
Expenses, including |
|
|
| .56 | %(d) |
|
| .95 | % |
| .94 | % |
| 1.03 | % |
| .68 | % |
| .06 | %(d) |
Expenses, excluding |
|
|
| .56 | %(d) |
|
| .95 | % |
| .94 | % |
| 1.05 | % |
| .98 | % |
| .07 | %(d) |
Net investment income |
|
|
| .66 | %(d) |
|
| .90 | % |
| .60 | % |
| .62 | % |
| 1.64 | % |
| .12 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $481 |
|
|
| $851 |
|
| $592 |
|
| $202 |
|
| $27 |
|
| $10 |
|
Portfolio turnover rate |
|
|
| 11.09 | %(d) |
|
| 25.00 | % |
| 29.34 | % |
| 103.30 | % |
| 126.70 | % |
| 109.22 | % |
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
104 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
LARGE CAP VALUE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $9.47 |
|
|
| $9.53 |
|
| $8.66 |
|
| $8.54 |
|
| $15.58 |
|
| $14.27 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .06 |
|
|
| .10 |
|
| .07 |
|
| .10 |
|
| .18 |
|
| .24 |
|
Net realized and |
|
|
| .99 |
|
|
| (.08 | ) |
| .89 |
|
| .19 |
|
| (4.96 | ) |
| 1.60 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.05 |
|
|
| .02 |
|
| .96 |
|
| .29 |
|
| (4.78 | ) |
| 1.84 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.12 | ) |
|
| (.08 | ) |
| (.09 | ) |
| (.17 | ) |
| (.25 | ) |
| (.21 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.01 | ) |
| (.32 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.12 | ) |
|
| (.08 | ) |
| (.09 | ) |
| (.17 | ) |
| (2.26 | ) |
| (.53 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $10.40 |
|
|
| $9.47 |
|
| $9.53 |
|
| $8.66 |
|
| $8.54 |
|
| $15.58 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 11.36 | %(c) |
|
| .17 | % |
| 11.08 | % |
| 4.16 | % |
| (34.99 | )% |
| 13.40 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .51 | %(c) |
|
| .85 | % |
| .85 | % |
| .79 | % |
| .60 | % |
| .60 | % |
Expenses, including |
|
|
| .51 | %(c) |
|
| .85 | % |
| .85 | % |
| .79 | % |
| .60 | % |
| .60 | % |
Expenses, excluding |
|
|
| .51 | %(c) |
|
| .85 | % |
| .85 | % |
| .92 | % |
| .90 | % |
| .81 | % |
Net investment income |
|
|
| .66 | %(c) |
|
| 1.00 | % |
| .73 | % |
| 1.35 | % |
| 1.62 | % |
| 1.67 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $4,480 |
|
|
| $4,169 |
|
| $9,538 |
|
| $11,207 |
|
| $17,199 |
|
| $22,423 |
|
Portfolio turnover rate |
|
|
| 11.09 | %(c) |
|
| 25.00 | % |
| 29.34 | % |
| 103.30 | % |
| 126.70 | % |
| 109.22 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 105 |
|
Financial Highlights (continued) |
LARGE CAP VALUE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class P Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $9.44 |
|
|
| $9.50 |
|
| $8.64 |
|
| $8.50 |
|
| $15.49 |
|
| $14.19 |
| |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .04 |
|
|
| .05 |
|
| .03 |
|
| .07 |
|
| .13 |
|
| .18 |
|
Net realized and |
|
|
| 1.00 |
|
|
| (.08 | ) |
| .88 |
|
| .20 |
|
| (4.92 | ) |
| 1.59 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.04 |
|
|
| (.03 | ) |
| .91 |
|
| .27 |
|
| (4.79 | ) |
| 1.77 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.08 | ) |
|
| (.03 | ) |
| (.05 | ) |
| (.13 | ) |
| (.19 | ) |
| (.15 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (2.01 | ) |
| (.32 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.08 | ) |
|
| (.03 | ) |
| (.05 | ) |
| (.13 | ) |
| (2.20 | ) |
| (.47 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
| $10.40 |
|
|
| $9.44 |
|
| $9.50 |
|
| $8.64 |
|
| $8.50 |
|
| $15.49 |
| |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 11.15 | %(c) |
|
| (.27 | )% |
| 10.55 | % |
| 3.67 | % |
| (35.20 | )% |
| 12.92 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .74 | %(c) |
|
| 1.30 | % |
| 1.29 | % |
| 1.23 | % |
| 1.03 | % |
| 1.04 | % |
Expenses, including |
|
|
| .74 | %(c) |
|
| 1.30 | % |
| 1.29 | % |
| 1.23 | % |
| 1.03 | % |
| 1.04 | % |
Expenses, excluding |
|
|
| .74 | %(c) |
|
| 1.30 | % |
| 1.29 | % |
| 1.34 | % |
| 1.34 | % |
| 1.26 | % |
Net investment income |
|
|
| .43 | %(c) |
|
| .54 | % |
| .30 | % |
| .90 | % |
| 1.16 | % |
| 1.21 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $14 |
|
|
| $13 |
|
| $13 |
|
| $11 |
|
| $11 |
|
| $17 |
| |
Portfolio turnover rate |
|
|
| 11.09 | %(c) |
|
| 25.00 | % |
| 29.34 | % |
| 103.30 | % |
| 126.70 | % |
| 109.22 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
106 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
LARGE CAP VALUE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| Class R2 Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
| Year Ended |
| 3/23/2010(a) |
| ||||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net asset value, beginning of period |
|
|
| $9.47 |
|
|
|
| $9.49 |
|
|
|
| $9.73 |
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net investment income(b) |
|
|
| .07 |
|
|
|
| .10 |
|
|
|
| .04 |
|
| |||||
Net realized and unrealized gain (loss) |
|
|
| 1.00 |
|
|
|
| (.09 | ) |
|
|
| (.28 | ) |
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations |
|
|
| 1.07 |
|
|
|
| .01 |
|
|
|
| (.24 | ) |
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net investment income |
|
|
| (.06 | ) |
|
|
| (.03 | ) |
|
|
| — |
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period |
|
|
| $10.48 |
|
|
|
| $9.47 |
|
|
|
| $9.49 |
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) |
|
|
| 11.46 | %(d) |
|
|
| .14 | % |
|
|
| (2.47 | )%(d) |
| |||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses, including expense reductions |
|
|
| .50 | %(d) |
|
|
| .84 | % |
|
|
| .82 | %(e) |
| |||||
Expenses, excluding expense reductions |
|
|
| .50 | %(d) |
|
|
| .84 | % |
|
|
| .82 | %(e) |
| |||||
Net investment income |
|
|
| .67 | %(d) |
|
|
| 1.01 | % |
|
|
| .71 | %(e) |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net assets, end of period (000) |
|
|
| $11 |
|
|
|
| $10 |
|
|
|
| $10 |
|
| |||||
Portfolio turnover rate |
|
|
| 11.09 | %(d) |
|
|
| 25.00 | % |
|
|
| 29.34 | % |
| |||||
|
|
(a) | Commencement of operations was 3/23/2010, SEC effective date was 9/14/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
(e) | Annualized. |
|
|
|
| See Notes to Financial Statements. | 107 |
|
Financial Highlights (concluded) |
LARGE CAP VALUE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| Class R3 Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
| Year Ended |
| 3/23/2010(a) |
| ||||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net asset value, beginning of period |
|
|
| $9.37 |
|
|
|
| $9.47 |
|
|
|
| $9.73 |
|
| |||||
|
|
|
|
| �� |
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net investment income(b) |
|
|
| .04 |
|
|
|
| .05 |
|
|
|
| .01 |
|
| |||||
Net realized and unrealized gain (loss) |
|
|
| .99 |
|
|
|
| (.09 | ) |
|
|
| (.27 | ) |
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations |
|
|
| 1.03 |
|
|
|
| (.04 | ) |
|
|
| (.26 | ) |
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net investment income |
|
|
| (.08 | ) |
|
|
| (.06 | ) |
|
|
| — |
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period |
|
|
| $10.32 |
|
|
|
| $9.37 |
|
|
|
| $9.47 |
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) |
|
|
| 11.19 | %(d) |
|
|
| (.46 | )% |
|
|
| (2.67 | )%(d) |
| |||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses, including expense reductions |
|
|
| .77 | %(d) |
|
|
| 1.36 | % |
|
|
| 1.33 | %(e) |
| |||||
Expenses, excluding expense reductions |
|
|
| .77 | %(d) |
|
|
| 1.36 | % |
|
|
| 1.33 | %(e) |
| |||||
Net investment income |
|
|
| .40 | %(d) |
|
|
| .50 | % |
|
|
| .19 | %(e) |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net assets, end of period (000) |
|
|
| $240 |
|
|
|
| $213 |
|
|
|
| $98 |
|
| |||||
Portfolio turnover rate |
|
|
| 11.09 | %(d) |
|
|
| 25.00 | % |
|
|
| 29.34 | % |
| |||||
|
|
(a) | Commencement of operations was 3/23/2010, SEC effective date was 9/14/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
(e) | Annualized. |
|
|
|
108 | See Notes to Financial Statements. |
|
|
Financial Highlights |
VALUE OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $15.16 |
|
|
| $14.45 |
|
| $11.65 |
|
| $9.91 |
|
| $14.31 |
|
| $12.43 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| (.02 | ) |
|
| (.05 | ) |
| (.03 | ) |
| (.04 | ) |
| .04 |
|
| .03 |
|
Net realized and |
|
|
| 1.33 |
|
|
| .83 |
|
| 2.83 |
|
| 1.80 |
|
| (3.92 | ) |
| 2.23 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.31 |
|
|
| .78 |
|
| 2.80 |
|
| 1.76 |
|
| (3.88 | ) |
| 2.26 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| (.02 | ) |
| (.01 | ) |
| — | (b) |
Net realized gain |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
| (.38 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| (.02 | ) |
| (.52 | ) |
| (.38 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $16.41 |
|
|
| $15.16 |
|
| $14.45 |
|
| $11.65 |
|
| $9.91 |
|
| $14.31 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 8.67 | %(d) |
|
| 5.45 | % |
| 24.03 | % |
| 17.81 | % |
| (28.01 | )% |
| 18.70 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .64 | %(d) |
|
| 1.31 | % |
| 1.34 | % |
| 1.35 | % |
| 1.34 | % |
| 1.30 | % |
Expenses, including |
|
|
| .64 | %(d) |
|
| 1.31 | % |
| 1.34 | % |
| 1.35 | % |
| 1.33 | % |
| 1.30 | % |
Expenses, excluding |
|
|
| .64 | %(d) |
|
| 1.31 | % |
| 1.34 | % |
| 1.46 | % |
| 1.44 | % |
| 1.45 | % |
Net investment income (loss) |
|
|
| (.11 | )%(d) |
|
| (.29 | )% |
| (.19 | )% |
| (.34 | )% |
| .33 | % |
| .19 | % |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $954,054 |
|
|
| $883,444 |
|
| $582,806 |
|
| $250,435 |
|
| $117,992 |
|
| $145,765 |
|
Portfolio turnover rate |
|
|
| 25.79 | %(d) |
|
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
| 100.58 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 109 |
|
Financial Highlights (continued) |
VALUE OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class B Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $14.63 |
|
|
| $14.03 |
|
| $11.39 |
|
| $9.74 |
|
| $14.14 |
|
| $12.37 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| (.06 | ) |
|
| (.14 | ) |
| (.11 | ) |
| (.09 | ) |
| (.04 | ) |
| (.06 | ) |
Net realized and |
|
|
| 1.27 |
|
|
| .81 |
|
| 2.75 |
|
| 1.74 |
|
| (3.85 | ) |
| 2.21 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.21 |
|
|
| .67 |
|
| 2.64 |
|
| 1.65 |
|
| (3.89 | ) |
| 2.15 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
| (.38 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $15.78 |
|
|
| $14.63 |
|
| $14.03 |
|
| $11.39 |
|
| $9.74 |
|
| $14.14 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 8.30 | %(c) |
|
| 4.83 | % |
| 23.18 | % |
| 16.94 | % |
| (28.40 | )% |
| 17.87 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.99 | % |
| 2.00 | % |
| 1.99 | % |
| 1.94 | % |
Expenses, including |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.99 | % |
| 2.00 | % |
| 1.99 | % |
| 1.94 | % |
Expenses, excluding |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.99 | % |
| 2.12 | % |
| 2.09 | % |
| 2.09 | % |
Net investment loss |
|
|
| (.43 | )%(c) |
|
| (.91 | )% |
| (.85 | )% |
| (.95 | )% |
| (.32 | )% |
| (.47 | )% |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $15,357 |
|
|
| $15,700 |
|
| $19,110 |
|
| $18,739 |
|
| $14,239 |
|
| $14,681 |
|
Portfolio turnover rate |
|
|
| 25.79 | %(c) |
|
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
| 100.58 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
110 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
VALUE OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $14.62 |
|
|
| $14.03 |
|
| $11.39 |
|
| $9.74 |
|
| $14.14 |
|
| $12.37 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| (.07 | ) |
|
| (.14 | ) |
| (.11 | ) |
| (.10 | ) |
| (.04 | ) |
| (.06 | ) |
Net realized and |
|
|
| 1.29 |
|
|
| .80 |
|
| 2.75 |
|
| 1.75 |
|
| (3.85 | ) |
| 2.21 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.22 |
|
|
| .66 |
|
| 2.64 |
|
| 1.65 |
|
| (3.89 | ) |
| 2.15 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
| (.38 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $15.78 |
|
|
| $14.62 |
|
| $14.03 |
|
| $11.39 |
|
| $9.74 |
|
| $14.14 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 8.37 | %(c) |
|
| 4.76 | % |
| 23.18 | % |
| 17.06 | % |
| (28.47 | )% |
| 17.87 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.99 | % |
| 2.00 | % |
| 1.99 | % |
| 1.94 | % |
Expenses, including |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.99 | % |
| 2.00 | % |
| 1.98 | % |
| 1.94 | % |
Expenses, excluding |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.99 | % |
| 2.11 | % |
| 2.09 | % |
| 2.10 | % |
Net investment loss |
|
|
| (.43 | )%(c) |
|
| (.95 | )% |
| (.83 | )% |
| (.97 | )% |
| (.33 | )% |
| (.48 | )% |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $287,500 |
|
|
| $263,798 |
|
| $147,193 |
|
| $79,527 |
|
| $48,837 |
|
| $59,609 |
|
Portfolio turnover rate |
|
|
| 25.79 | %(c) |
|
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
| 100.58 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 111 |
|
Financial Highlights (continued) |
VALUE OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
| 9/28/2007(a) |
| ||||||||
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
| |||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, |
|
|
| $15.20 |
|
|
| $14.45 |
|
| $11.62 |
|
| $9.91 |
|
| $14.31 |
|
| $14.21 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| — | (c) |
|
| (.01 | ) |
| .01 |
|
| (.02 | ) |
| .06 |
|
| — | (c) |
Net realized and |
|
|
| 1.34 |
|
|
| .83 |
|
| 2.82 |
|
| 1.78 |
|
| (3.91 | ) |
| .10 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.34 |
|
|
| .82 |
|
| 2.83 |
|
| 1.76 |
|
| (3.85 | ) |
| .10 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| (.05 | ) |
| (.04 | ) |
| — |
|
Net realized gain |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| (.05 | ) |
| (.55 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $16.48 |
|
|
| $15.20 |
|
| $14.45 |
|
| $11.62 |
|
| $9.91 |
|
| $14.31 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(d) |
|
|
| 8.84 | %(e) |
|
| 5.73 | % |
| 24.25 | % |
| 18.12 | % |
| (27.81 | )% |
| .70 | %(e) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .52 | %(e) |
|
| 1.07 | % |
| 1.10 | % |
| 1.09 | % |
| 1.09 | % |
| .10 | %(e) |
Expenses, including |
|
|
| .52 | %(e) |
|
| 1.07 | % |
| 1.10 | % |
| 1.09 | % |
| 1.09 | % |
| .10 | %(e) |
Expenses, excluding |
|
|
| .52 | %(e) |
|
| 1.07 | % |
| 1.10 | % |
| 1.20 | % |
| 1.21 | % |
| .14 | %(e) |
Net investment income (loss) |
|
|
| .01 | %(e) |
|
| (.06 | )% |
| .07 | % |
| (.19 | )% |
| .50 | % |
| .00 | %(e)(f) |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $465,449 |
|
|
| $385,086 |
|
| $168,415 |
|
| $51,757 |
|
| $4,157 |
|
| $10 |
|
Portfolio turnover rate |
|
|
| 25.79 | %(e) |
|
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
| 100.58 | % |
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Amount is less than $.01. |
(d) | Total return assumes the reinvestment of all distributions. |
(e) | Not annualized. |
(f) | Amount is less than .01%. |
|
|
|
112 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
VALUE OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
|
| |||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
| |||||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $15.34 |
|
| $14.57 |
| $11.70 |
| $9.98 |
| $14.39 |
| $12.47 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .01 |
|
|
| .01 |
|
| .02 |
|
| — | (b) |
| .08 |
|
| .06 |
|
Net realized and |
|
|
| 1.34 |
|
|
| .83 |
|
| 2.85 |
|
| 1.78 |
|
| (3.93 | ) |
| 2.26 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.35 |
|
|
| .84 |
|
| 2.87 |
|
| 1.78 |
|
| (3.85 | ) |
| 2.32 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| (.06 | ) |
| (.05 | ) |
| (.02 | ) |
Net realized gain |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
| (.38 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| (.06 | ) |
| (.56 | ) |
| (.40 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
| $16.63 |
|
| $15.34 |
| $14.57 |
| $11.70 |
| $9.98 |
| $14.39 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 8.83 | %(d) |
|
| 5.82 | % |
| 24.42 | % |
| 18.27 | % |
| (27.77 | )% |
| 19.11 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .47 | %(d) |
|
| .97 | % |
| .99 | % |
| 1.00 | % |
| .99 | % |
| .94 | % |
Expenses, including |
|
|
| .47 | %(d) |
|
| .97 | % |
| .99 | % |
| 1.00 | % |
| .98 | % |
| .94 | % |
Expenses, excluding |
|
|
| .47 | %(d) |
|
| .97 | % |
| .99 | % |
| 1.12 | % |
| 1.08 | % |
| 1.15 | % |
Net investment income |
|
|
| .05 | %(d) |
|
| .06 | % |
| .16 | % |
| .03 | % |
| .67 | % |
| .46 | % |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $434,656 |
|
| $291,056 |
| $190,103 |
| $121,462 |
| $74,335 |
| $55,045 |
| ||||||
Portfolio turnover rate |
|
|
| 25.79 | %(d) |
|
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
| 100.58 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 113 |
|
Financial Highlights (continued) |
VALUE OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class P Shares |
| ||||||||||||||||||
|
|
| |||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
| $15.09 |
|
| $14.40 |
| $11.62 |
| $9.88 |
| $14.28 |
| $12.42 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| (.03 | ) |
|
| (.05 | ) |
| (.04 | ) |
| (.04 | ) |
| .03 |
|
| — | (b) |
Net realized and |
|
|
| 1.33 |
|
|
| .81 |
|
| 2.82 |
|
| 1.78 |
|
| (3.91 | ) |
| 2.24 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.30 |
|
|
| .76 |
|
| 2.78 |
|
| 1.74 |
|
| (3.88 | ) |
| 2.24 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (.01 | ) |
| — |
|
Net realized gain |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
| (.38 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (.52 | ) |
| (.38 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
| $16.33 |
|
| $15.09 |
| $14.40 |
| $11.62 |
| $9.88 |
| $14.28 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 8.64 | %(d) |
|
| 5.33 | % |
| 23.92 | % |
| 17.61 | % |
| (28.04 | )% |
| 18.54 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .69 | %(d) |
|
| 1.41 | % |
| 1.44 | % |
| 1.45 | % |
| 1.44 | % |
| 1.39 | % |
Expenses, including |
|
|
| .69 | %(d) |
|
| 1.41 | % |
| 1.44 | % |
| 1.45 | % |
| 1.43 | % |
| 1.39 | % |
Expenses, excluding |
|
|
| .69 | %(d) |
|
| 1.41 | % |
| 1.44 | % |
| 1.57 | % |
| 1.53 | % |
| 1.57 | % |
Net investment income (loss) |
|
|
| (.16 | )%(d) |
|
| (.35 | )% |
| (.29 | )% |
| (.39 | )% |
| .23 | % |
| .01 | % |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $3,458 |
|
| $3,392 |
| $4,344 |
| $3,445 |
| $2,905 |
| $4,795 |
| ||||||
Portfolio turnover rate |
|
|
| 25.79 | %(d) |
|
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
| 100.58 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
|
|
|
114 | See Notes to Financial Statements. |
|
Financial Highlights (continued)
VALUE OPPORTUNITIES FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares |
| ||||||||||||||||||||
|
|
| |||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
| 9/28/2007(a) |
| ||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, |
|
| $15.01 |
| $14.34 |
| $11.59 |
| $9.87 |
| $14.30 |
| $14.21 |
| |||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
| (.04 | ) |
| (.09 | ) |
| (.06 | ) |
| (.09 | ) |
| .01 |
|
| — | (c) | ||||
Net realized and |
|
|
| 1.32 |
|
|
| .83 |
|
| 2.81 |
|
| 1.81 |
|
| (3.90 | ) |
|
| .09 |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total from investment |
|
| 1.28 |
|
| .74 |
|
| 2.75 |
|
| 1.72 |
|
| (3.89 | ) |
| .09 |
| ||||
|
|
|
|
|
|
|
| ||||||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (.03 | ) |
| — |
| ||||
Net realized gain |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total distributions |
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| — |
|
| (.54 | ) |
| — |
| ||||
|
|
|
|
|
|
|
| ||||||||||||||||
Net asset value, |
|
|
| $16.23 |
|
| $15.01 |
| $14.34 |
| $11.59 |
| $9.87 |
|
| $14.30 |
|
| |||||
|
|
|
|
|
|
|
| ||||||||||||||||
Total Return(d) |
|
| 8.55 | %(e) |
| 5.21 | % |
| 23.62 | % |
| 17.53 | % |
| (28.14 | )% |
| .63 | %(e) | ||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
| .77 | %(e) |
| 1.57 | % |
| 1.60 | % |
| 1.59 | % |
| 1.58 | % |
| .12 | %(e) | ||||
Expenses, including |
|
|
| .77 | %(e) |
|
| 1.57 | % |
| 1.60 | % |
| 1.59 | % |
| 1.58 | % |
|
| .12 | %(e) |
|
Expenses, excluding |
|
| .77 | %(e) |
| 1.57 | % |
| 1.60 | % |
| 1.68 | % |
| 1.66 | % |
| .16 | %(e) | ||||
Net investment income (loss) |
|
|
| (.25 | )%(e) |
|
| (.58 | )% |
| (.42 | )% |
| (.83 | )% |
| .11 | % |
|
| (.02 | )%(e) |
|
| |||||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net assets, |
|
|
| $12,968 |
|
| $8,804 |
| $2,538 |
| $1,466 |
| $33 |
|
| $10 |
|
| |||||
Portfolio turnover rate |
|
| 25.79 | %(e) |
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
| 100.58 | % | ||||
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Amount is less than $.01. |
(d) | Total return assumes the reinvestment of all distributions. |
(e) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 115 |
Financial Highlights (concluded)
VALUE OPPORTUNITIES FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares |
| ||||||||||||||||||||
|
|
| |||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
| 9/28/2007(a) |
| ||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, |
| $15.03 |
| $14.34 |
| $11.58 |
| $9.87 |
| $14.30 |
| $14.21 |
| ||||||||||
|
|
|
|
|
|
| �� |
| |||||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
| (.03 | ) |
| (.07 | ) |
| (.04 | ) |
| (.05 | ) |
| .02 |
|
| — | (c) | ||||
Net realized and |
|
|
| 1.32 |
|
|
| .83 |
|
| 2.80 |
|
| 1.78 |
|
| (3.90 | ) |
|
| .09 |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total from investment |
|
| 1.29 |
|
| .76 |
|
| 2.76 |
|
| 1.73 |
|
| (3.88 | ) |
| .09 |
| ||||
|
|
|
|
|
|
|
| ||||||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| — |
|
| — |
|
| (.02 | ) |
| (.04 | ) |
| — |
| ||||
Net realized gain |
|
|
| (.06 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total distributions |
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| (.02 | ) |
| (.55 | ) |
| — |
| ||||
|
|
|
|
|
|
|
| ||||||||||||||||
Net asset value, |
|
| $16.26 |
|
| $15.03 |
| $14.34 |
| $11.58 |
| $9.87 |
|
| $14.30 |
|
| ||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Total Return(d) |
|
| 8.61 | %(e) |
| 5.35 | % |
| 23.73 | % |
| 17.69 | % |
| (28.08 | )% |
| .63 | %(e) | ||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
| .72 | %(e) |
| 1.47 | % |
| 1.49 | % |
| 1.49 | % |
| 1.49 | % |
| .12 | %(e) | ||||
Expenses, including |
|
|
| .72 | %(e) |
|
| 1.47 | % |
| 1.49 | % |
| 1.49 | % |
| 1.49 | % |
|
| .12 | %(e) |
|
Expenses, excluding |
|
| .72 | %(e) |
| 1.47 | % |
| 1.50 | % |
| 1.61 | % |
| 1.58 | % |
| .16 | %(e) | ||||
Net investment income (loss) |
|
|
| (.20 | )%(e) |
|
| (.47 | )% |
| (.31 | )% |
| (.50 | )% |
| .19 | % |
|
| (.02 | )%(e) |
|
| |||||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net assets, |
|
| $93,132 |
|
| $64,504 |
| $20,456 |
| $4,227 |
| $1,814 |
|
| $10 |
|
| ||||||
Portfolio turnover rate |
|
| 25.79 | %(e) |
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
| 100.58 | % | ||||
|
|
(a) | Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
(b) | Calculated using average shares outstanding during the period. |
(c) | Amount is less than $.01. |
(d) | Total return assumes the reinvestment of all distributions. |
(e) | Not annualized. |
|
|
|
116 | See Notes to Financial Statements. |
|
Notes to Financial Statements (unaudited)
|
|
|
1. | ORGANIZATION |
|
Lord Abbett Securities Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993.
The Trust currently consists of ten funds. This report covers the following eight funds (separately, a “Fund” and collectively, the “Funds”) and their respective classes:
|
|
Funds | Classes |
Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”) | A,B,C,F,I,P,R2 and R3 |
Lord Abbett Fundamental Equity Fund (“Fundamental Equity Fund”) | A,B,C,F,I,P,R2 and R3 |
Lord Abbett Growth Leaders Fund (“Growth Leaders Fund”) | A,C,F,I,R2 and R3 |
Lord Abbett International Core Equity Fund (“International Core Equity Fund”) | A,B,C,F,I,P,R2 and R3 |
Lord Abbett International Dividend Income Fund (“International Dividend Income Fund”) | A,C,F,I,R2 and R3 |
Lord Abbett International Opportunities Fund (“International Opportunities Fund”) | A,B,C,F,I,P,R2 and R3 |
Lord Abbett Large-Cap Value Fund (“Large Cap Value Fund”) | A,B,C,F,I,P,R2 and R3 |
Lord Abbett Value Opportunities Fund (“Value Opportunities Fund”) | A,B,C,F,I,P,R2 and R3 |
The Funds no longer issue Class B shares for purchase. The Funds’ Class P shares are closed to substantially all investors, with certain exceptions as set forth in the Funds’ prospectus. As of the date of this report, Alpha Strategy Fund has not issued Class P shares.
Each of Alpha Strategy Fund’s, International Core Equity Fund’s, International Opportunities Fund’s, and Value Opportunities Fund’s investment objective is to seek long-term capital appreciation. Alpha Strategy Fund invests 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 investment objective is to seek capital appreciation. Each of International Dividend Income Fund’s and Large Cap 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 B, C, F, I, P, R2 and R3 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); Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will 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 day on which the purchase order was accepted.
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.
117
Notes to Financial Statements (unaudited)(continued)
|
|
|
2. | SIGNIFICANT ACCOUNTING POLICIES |
|
|
|
(a) | Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC (“NYSE”). Each Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued at the mean between the bid and asked prices on the basis of prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Securities for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Trustees. 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. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |
|
|
(b) | Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
|
|
(c) | Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
|
|
(d) | Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|
|
| Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds’ U.S. federal tax returns filed remains open for the fiscal years ended October 31, 2008 through October 31, 2011. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. |
|
|
(e) | Expenses–Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A, B, C, F, P, R2 and R3 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan. |
118
Notes to Financial Statements (unaudited)(continued)
|
|
(f) | Foreign Transactions–The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies on each Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (loss) on investments, (net of foreign capital gains tax) and foreign currency related transactions on each Fund’s Statement of Operations. Each Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|
|
| The Funds use foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms. |
|
|
(g) | Forward Foreign Currency Exchange Contracts–International Core Equity Fund, International Dividend Income Fund and International Opportunities Fund may enter into forward foreign currency exchange contracts in order to reduce their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or gain or reduce exposure to foreign currency for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies on each Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized gain (loss) on investments (net of foreign capital gains tax) and foreign currency related transactions on each Fund’s Statement of Operations. |
|
|
(h) | 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. |
|
|
(i) | 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 |
119
Notes to Financial Statements (unaudited)(continued)
|
|
|
| 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. | |
|
|
|
(j) | 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 of inputs 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). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of April 30, 2012 in valuing each Fund’s investments carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alpha Strategy Fund |
| Fundamental Equity Fund |
| ||||||||||||||||||||
Investment Type* |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||||||
Common Stocks |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 4,949,154 |
| $ | — |
| $ | — |
| $ | 4,949,154 |
|
Investments in |
|
| 934,826 |
|
| — |
|
| — |
|
| 934,826 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Repurchase Agreement |
|
| — |
|
| 351 |
|
| — |
|
| 351 |
|
| — |
|
| 67,866 |
|
| — |
|
| 67,866 |
|
Total |
| $ | 934,826 |
| $ | 351 |
| $ | — |
| $ | 935,177 |
| $ | 4,949,154 |
| $ | 67,866 |
| $ | — |
| $ | 5,017,020 |
|
120
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Leaders Fund |
| International Core Equity Fund |
| ||||||||||||||||||||
Investment Type* |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||||||
Common Stocks |
| $ | 24,197 |
| $ | — |
| $ | — |
| $ | 24,197 |
| $ | 580,096 |
| $ | 121,565 |
| $ | — |
| $ | 701,661 |
|
Preferred Stock |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 5,273 |
|
| — |
|
| — |
|
| 5,273 |
|
Repurchase Agreement |
|
| — |
|
| 216 |
|
| — |
|
| 216 |
|
| — |
|
| 11,812 |
|
| — |
|
| 11,812 |
|
Total |
| $ | 24,197 |
| $ | 216 |
| $ | — |
| $ | 24,413 |
| $ | 585,369 |
| $ | 133,377 |
| $ | — |
| $ | 718,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments | |||||||||||||||||||||||||
Forward Foreign Currency Exchange Contracts | |||||||||||||||||||||||||
Assets |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 1,791 |
| $ | — |
| $ | 1,791 |
|
Liabilities |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (2,364 | ) |
| — |
|
| (2,364 | ) |
Total |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | (573 | ) | $ | — |
| $ | (573 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Dividend Income Fund |
| International Opportunities Fund |
| ||||||||||||||||||||
Investment Type* |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||||||
Common Stocks |
| $ | 1,272,847 |
| $ | 98,991 |
| $ | — |
| $ | 1,371,838 |
| $ | 241,059 |
| $ | 64,672 |
| $ | — |
| $ | 305,731 |
|
Preferred Stocks |
|
| 27,367 |
|
| — |
|
| — |
|
| 27,367 |
|
| 4,725 |
|
| — |
|
| — |
|
| 4,725 |
|
Repurchase Agreement |
|
| — |
|
| 50,057 |
|
| — |
|
| 50,057 |
|
| — |
|
| 8,468 |
|
| — |
|
| 8,468 |
|
Total |
| $ | 1,300,214 |
| $ | 149,048 |
| $ | — |
| $ | 1,449,262 |
| $ | 245,784 |
| $ | 73,140 |
| $ | — |
| $ | 318,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments | |||||||||||||||||||||||||
Forward Foreign Currency Exchange Contracts | |||||||||||||||||||||||||
Assets |
| $ | — |
| $ | 11,774 |
| $ | — |
| $ | 11,774 |
| $ | — |
| $ | 609 |
| $ | — |
| $ | 609 |
|
Liabilities |
|
| — |
|
| (5,854 | ) |
| — |
|
| (5,854 | ) |
| — |
|
| (1,078 | ) |
| — |
|
| (1,078 | ) |
Total |
| $ | — |
| $ | 5,920 |
| $ | — |
| $ | 5,920 |
| $ | — |
| $ | (469 | ) | $ | — |
| $ | (469 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Large Cap Value Fund |
| Value Opportunities Fund |
| ||||||||||||||||||||
Investment Type* |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||||||
Common Stocks |
| $ | 44,803 |
| $ | — |
| $ | — |
| $ | 44,803 |
| $ | 2,228,598 |
| $ | — |
| $ | — |
| $ | 2,228,598 |
|
Repurchase Agreement |
|
| — |
|
| 1,732 |
|
| — |
|
| 1,732 |
|
| — |
|
| 51,623 |
|
| — |
|
| 51,623 |
|
Total |
| $ | 44,803 |
| $ | 1,732 |
| $ | — |
| $ | 46,535 |
| $ | 2,228,598 |
| $ | 51,623 |
| $ | — |
| $ | 2,280,221 |
|
* See Schedule of Investments for fair values in each industry.
|
|
| As of April 30, 2012 and October 31, 2011, International Core Equity Fund, International Dividend Income Fund and International Opportunities Fund utilized adjusted valuations for certain foreign securities (as described in Note 2(a)) to more accurately reflect their fair value as of the close of regular trading on the NYSE, which resulted in Level 2 inputs. Accordingly, certain foreign securities were transferred amongst Level 1 and Level 2 during the period ended April 30, 2012. For the period ended April 30, 2012, the total transfers related to adjusted valuations for foreign securities were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
| International Core |
| International Dividend |
| International |
| |||
From Level 1 to Level 2: |
| $ | — |
| $ | 9 |
| $ | — |
|
From Level 2 to Level 1: |
| $ | 472 |
| $ | 517 |
| $ | 178 |
|
|
|
(k) | Disclosures about Derivative Instruments and Hedging Activities-International Core Equity Fund, International Dividend Income Fund and International Opportunities Fund entered into forward foreign currency exchange contracts during the six months ended April 30, 2012 (as described in note 2(g)). A forward foreign currency exchange contract reduces each Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the |
121
Notes to Financial Statements (unaudited)(continued)
|
|
| contract. Each Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. Each Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts. |
|
|
| As of April 30, 2012, International Core Equity Fund, International Dividend Income Fund and International Opportunities Fund had the following forward foreign currency exchange contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset |
| Liability |
| |||||
International Core Equity Fund |
| $ | 1,791,070 |
| $ | 2,364,371 |
| |||
International Dividend Income Fund |
|
| 11,773,722 |
|
| 5,854,017 |
| |||
International Opportunities Fund |
|
| 609,346 |
|
| 1,077,852 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| Net Realized |
| Net Change in |
| Average |
| |||
International Core Equity Fund |
| $ | (1,405,173 | ) | $ | (579,857 | ) | $ | 232,043,764 |
|
International Dividend Income Fund |
|
| (2,786,349 | ) |
| 7,280,668 |
|
| 616,695,689 |
|
International Opportunities Fund |
|
| (423,886 | ) |
| (111,445 | ) |
| 137,528,999 |
|
|
|
|
| * | Calculated based on the notional amounts for the six months ended April 30, 2012. |
| (1) | Statements of Assets & Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts. |
| (2) | Statements of Assets & Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts. |
| (3) | Statements of Operations location: Net realized gain (loss) on investments (net of foreign capital gains tax) and foreign currency related transactions. |
| (4) | Statements of Operations location: Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies. |
| (5) | Amount represents notional amounts in U.S. dollars. |
|
|
|
3. | MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES |
|
122
Notes to Financial Statements (unaudited)(continued)
For the six months ended April 30, 2012, the effective management fee, net of waivers, was based on each Fund’s average daily net assets at the following annualized rates:
|
|
|
|
|
|
| Effective |
| |
Alpha Strategy Fund |
|
| .00%(1) |
|
Fundamental Equity Fund |
|
| .52%(2) |
|
Growth Leaders Fund |
|
| .00%(3) |
|
International Core Equity Fund |
|
| .39%(4) |
|
International Dividend Income Fund |
|
| .53%(4) |
|
International Opportunities Fund |
|
| .75%(4) |
|
Large Cap Value Fund |
|
| .40%(5) |
|
Value Opportunities Fund |
|
| .72%(4) |
|
|
|
|
|
(1) | For the period ended April 30, 2012 and continuing through February 28, 2013, Lord Abbett has contractually agreed to waive 0.05% of its management fee. Effective March 1, 2011, Lord Abbett voluntarily agreed to waive an additional .05% of its management fee. Lord Abbett may discontinue the voluntary reimbursement or change the level of its voluntary reimbursement at any time. | ||
|
|
|
|
(2) | The management fee for Fundamental Equity Fund is based on the Fund’s average daily net assets at the following annual rates: | ||
|
|
|
|
| First $200 million | .75% |
|
| Next $300 million | .65% |
|
| Over $500 million | .50% |
|
|
|
|
|
(3) | The management fee for Growth Leaders Fund is based on the Fund’s average daily net assets at the following annual rates: | ||
|
|
|
|
| First $2 billion | .55% |
|
| Over $2 billion | .50% |
|
|
|
|
|
(4) | The management fee for International Core Equity Fund, International Dividend Income Fund, International Opportunities Fund and Value Opportunities Fund is based on the average daily net assets at the following annual rates: | ||
|
|
|
|
| First $1 billion | .75% |
|
| Next $1 billion | .70% |
|
| Over $2 billion | .65% |
|
|
|
|
|
(5) | The management fee for Large Cap Value Fund is based on the average daily net assets at the following annual rates: | ||
|
|
|
|
| First $2 billion | .40% |
|
| Next $3 billion | .375% |
|
| Over $5 billion | .35% |
|
For the period ended April 30, 2012 and continuing through February 28, 2013, Lord Abbett contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse other expenses, to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed the following annual rates:
|
|
|
|
|
Fund |
| Rate |
| |
Growth Leaders Fund |
|
| .50% |
|
International Core Equity Fund |
|
| .77% |
|
International Dividend Income Fund |
|
| .77% |
|
For the annual period through February 29, 2012, Lord Abbett contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse International Opportunities Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees, did not exceed an annual rate of 1.35%. Effective March 1, 2012, the contractual waiver for the Fund was discontinued.
All contractual management fee waiver and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Funds’ Board of Trustees.
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. Alpha Strategy Fund does not pay such a fee.
123
Notes to Financial Statements (unaudited)(continued)
Alpha Strategy Fund has entered into a Servicing Arrangement with the Underlying Funds in which it invests, pursuant to which each Underlying Fund will pay a portion of the expenses (excluding management fees and distribution and service fees) of Alpha Strategy Fund in proportion to the average daily value of total Underlying Fund shares owned by Alpha Strategy Fund. The expenses assumed by the Underlying Funds are reflected in Expenses assumed by the Underlying Funds on Alpha Strategy Fund’s Statement of Operations and Receivables from affiliates on Alpha Strategy Fund’s Statement of Assets and Liabilities.
In addition, Fundamental Equity Fund, International Core Equity Fund, International Dividend Income Fund, International Opportunities Fund, and Value Opportunities Fund, along with certain other funds managed by Lord Abbett, have entered into a Servicing Arrangement with Alpha Strategy Fund, Lord Abbett Balanced Strategy Fund, Lord Abbett Diversified Equity Strategy Fund, Lord Abbett Diversified Income Strategy Fund, and Lord Abbett Growth & Income Strategy Fund of Lord Abbett Investment Trust, and Lord Abbett Global Allocation Fund of Lord Abbett Global Fund, Inc. (each, a “Fund of Funds”), pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of each Fund of Funds in proportion to the average daily value of the Underlying Fund shares owned by each Fund of Funds. Amounts paid pursuant to the Servicing Arrangement are included in Subsidy expense on each Fund’s Statement of Operations and Payable to affiliates on each Fund’s Statement of Assets and Liabilities.
As of April 30, 2012, the percentages of Fundamental Equity Fund’s, International Core Equity Fund’s, International Dividend Income Fund’s, International Opportunities Fund’s and Value Opportunities Fund’s outstanding shares owned by each Fund of Funds were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Underlying Funds |
| |||||||||||||
Fund of Funds |
| Fundamental |
| International |
| International |
| International |
| Value |
| |||||
Alpha Strategy Fund |
|
| — |
|
| — |
|
| — |
|
| 57.76% |
|
| 4.09% |
|
Balanced Strategy Fund |
|
| — |
|
| — |
|
| 13.03% |
|
| — |
|
| — |
|
Diversified Equity Strategy Fund |
|
| .37% |
|
| 3.14% |
|
| — |
|
| 4.73% |
|
| .84% |
|
Diversified Income Strategy Fund |
|
| — |
|
| — |
|
| 3.21% |
|
| — |
|
| — |
|
Global Allocation Fund |
|
| — |
|
| — |
|
| 4.63% |
|
| — |
|
| — |
|
Growth & Income Strategy Fund |
|
| .67% |
|
| — |
|
| 9.11% |
|
| — |
|
| 1.63% |
|
12b-1 Distribution Plan
Each Fund has adopted a distribution plan with respect to Class A, B, C, F, P, R2 and R3 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 fees are accrued daily at annual rates based upon each Fund’s average daily net assets as follows:
|
|
|
|
|
|
|
|
Fees* | Class A(1) | Class B(2) | Class C | Class F | Class P(3) | Class R2 | Class R3 |
Service | .25% | .25% | .25% | — | .25% | .25% | .25% |
Distribution | .10% | .75% | .75% | .10% | .20% | .35% | .25% |
|
|
* | The Funds may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. (“FINRA”) sales charge limitations. |
(1) | Effective March 1, 2011, Class A 12b-1 fees for Alpha Strategy Fund were reduced to .25% (.25% service, .00% distribution) of the Fund’s average daily net assets. |
(2) | Growth Leaders Fund does not offer Class B shares. |
(3) | Fundamental Equity Fund, International Core Equity Fund, International Opportunities Fund, Large Cap Value Fund and Value Opportunities Fund only. |
124
Notes to Financial Statements (unaudited)(continued)
Class I shares do not have a distribution plan.
|
|
|
|
|
|
|
|
|
| Distributor |
| Dealers’ |
| ||
Alpha Strategy Fund |
| $ | 91,426 |
| $ | 518,985 |
|
Fundamental Equity Fund |
|
| 394,031 |
|
| 2,215,971 |
|
Growth Leaders Fund |
|
| 22,041 |
|
| 121,924 |
|
International Core Equity Fund |
|
| 68,626 |
|
| 367,198 |
|
International Dividend Income Fund |
|
| 345,428 |
|
| 1,867,829 |
|
International Opportunities Fund |
|
| 9,065 |
|
| 50,072 |
|
Large Cap Value Fund |
|
| 10,898 |
|
| 59,054 |
|
Value Opportunities Fund |
|
| 184,338 |
|
| 1,037,007 |
|
Distributor received the following amount of CDSCs for the six months ended April 30, 2012:
|
|
|
|
|
|
|
|
|
| Class A |
| Class C |
| ||
Alpha Strategy Fund |
| $ | 965 |
| $ | 10,028 |
|
Fundamental Equity Fund |
|
| 14,116 |
|
| 66,330 |
|
Growth Leaders Fund |
|
| — |
|
| — |
|
International Core Equity Fund |
|
| 947 |
|
| 2,414 |
|
International Dividend Income Fund |
|
| 65 |
|
| 4,845 |
|
International Opportunities Fund |
|
| 389 |
|
| 1,025 |
|
Large Cap Value Fund |
|
| 89 |
|
| 95 |
|
Value Opportunities Fund |
|
| 9,089 |
|
| 37,836 |
|
Two Trustees and certain of the Trust’s officers have an interest in Lord Abbett.
|
|
|
4. | DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS |
|
Dividends from net investment income, if any, are declared and paid quarterly for International Dividend Income Fund and annually for Alpha Strategy Fund, Fundamental Equity Fund, Growth Leaders Fund, International Core Equity Fund, International Opportunities Fund, Large Cap Value Fund, and Value Opportunities Fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. 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.
125
Notes to Financial Statements (unaudited)(continued)
The tax character of distributions paid during the six months ended April 30, 2012 and the fiscal year ended October 31, 2011 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alpha Strategy Fund |
| Fundamental Equity Fund |
| ||||||||
|
| Six Months Ended |
| Year Ended |
| Six Months Ended |
| Year Ended |
| ||||
Distributions paid from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income |
| $ | — |
| $ | — |
| $ | 8,732,868 |
| $ | 7,992,067 |
|
Net long-term capital gains |
|
| 2,851,136 |
|
| — |
|
| 96,046,077 |
|
| 739,695 |
|
Total distributions paid |
| $ | 2,851,136 |
| $ | — |
| $ | 104,778,945 |
| $ | 8,731,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Leaders Fund |
| International Core Equity Fund |
| ||||||||
|
| Six Months Ended | ) | Period Ended |
| Six Months Ended | ) | Year Ended |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions paid from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income |
| $ | 5,968 |
| $ | — |
| $ | 16,446,320 |
| $ | 11,340,322 |
|
Total distributions paid |
| $ | 5,968 |
| $ | — |
| $ | 16,446,320 |
| $ | 11,340,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Dividend |
| International Opportunities Fund |
| ||||||||
|
| Six Months Ended 4/30/2012 | ) | Year Ended |
| Six Months Ended | ) | Year Ended |
| ||||
Distributions paid from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income |
| $ | 19,464,747 |
| $ | 29,648,003 |
| $ | 2,945,076 |
| $ | 2,108,439 |
|
Total distributions paid |
| $ | 19,464,747 |
| $ | 29,648,003 |
| $ | 2,945,076 |
| $ | 2,108,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Large Cap Value Fund |
| Value Opportunities Fund |
| ||||||||
|
| Six Months Ended | ) | Year Ended |
| Six Months Ended | ) | Year Ended |
| ||||
Distributions paid from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income |
| $ | 321,179 |
| $ | 203,870 |
| $ | — |
| $ | — |
|
Net long-term capital gains |
|
| — |
|
| — |
|
| 7,161,018 |
|
| 6,027,534 |
|
Total distributions paid |
| $ | 321,179 |
| $ | 203,870 |
| $ | 7,161,018 |
| $ | 6,027,534 |
|
|
|
* | For the period June 24, 2011 (commencement of operations) through October 31, 2011. |
As of October 31, 2011, the capital loss carryforwards, along with the related expiration dates, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2016 |
| 2017 |
| Indefinite |
| Total |
| ||||
Growth Leaders Fund |
| $ | — |
| $ | — |
| $ | 395,696 |
| $ | 395,696 |
|
International Core Equity Fund |
|
| 101,070,389 |
|
| 232,452,344 |
|
| — |
|
| 333,522,733 |
|
International Dividend Income Fund |
|
| 7,593,041 |
|
| 13,669,537 |
|
| — |
|
| 21,262,578 |
|
International Opportunities Fund |
|
| 1,085,873 |
|
| 69,019,510 |
|
| — |
|
| 70,105,383 |
|
Large Cap Value Fund |
|
| 1,549,841 |
|
| 13,948,402 |
|
| — |
|
| 15,498,243 |
|
In accordance with the Regulated Investment Company Modernization Act of 2010, the Fund will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) indefinitely. Post-enactment losses will retain their character as either short-term or long-term and be utilized before any pre-enactment losses.
126
Notes to Financial Statements (unaudited)(continued)
As of April 30, 2012, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| Alpha |
| Fundamental |
| Growth |
| |||
Tax cost |
| $ | 816,190,814 |
| $ | 4,343,170,605 |
| $ | 24,049,048 |
|
Gross unrealized gain |
|
| 118,986,000 |
|
| 710,451,060 |
|
| 482,743 |
|
Gross unrealized loss |
|
| — |
|
| (36,601,361 | ) |
| (119,224 | ) |
Net unrealized security gain |
| $ | 118,986,000 |
| $ | 673,849,699 |
| $ | 363,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Core |
| International |
| International |
| |||
Tax cost |
| $ | 679,623,943 |
| $ | 1,417,091,046 |
| $ | 301,151,487 |
|
Gross unrealized gain |
|
| 70,270,062 |
|
| 80,651,610 |
|
| 36,471,613 |
|
Gross unrealized loss |
|
| (31,148,149 | ) |
| (48,480,642 | ) |
| (18,698,831 | ) |
Net unrealized security gain |
| $ | 39,121,913 |
| $ | 32,170,968 |
| $ | 17,772,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Large Cap |
| Value |
|
|
|
| ||
|
|
|
| |||||||
Tax cost |
| $ | 40,681,063 |
| $ | 1,956,762,551 |
|
|
|
|
|
|
|
| |||||||
Gross unrealized gain |
|
| 6,808,388 |
|
| 349,463,697 |
|
|
|
|
Gross unrealized loss |
|
| (954,838 | ) |
| (26,004,862 | ) |
|
|
|
|
|
|
| |||||||
Net unrealized security gain |
| $ | 5,853,550 |
| $ | 323,458,835 |
|
|
|
|
|
|
|
|
The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities and wash sales.
|
|
|
5. | PORTFOLIO SECURITIES TRANSACTIONS |
|
Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2012 were as follows:
|
|
|
|
|
|
|
|
|
|
| Purchases |
|
| Sales |
|
Alpha Strategy Fund |
| $ | 32,267,268 |
| $ | 51,059,144 |
|
Fundamental Equity Fund |
|
| 2,132,910,095 |
|
| 1,903,811,885 |
|
Growth Leaders Fund |
|
| 60,597,281 |
|
| 53,546,010 |
|
International Core Equity Fund |
|
| 269,088,644 |
|
| 428,672,778 |
|
International Dividend Income Fund |
|
| 965,869,502 |
|
| 436,394,810 |
|
International Opportunities Fund |
|
| 124,606,075 |
|
| 156,454,383 |
|
Large Cap Value Fund |
|
| 7,094,267 |
|
| 4,567,188 |
|
Value Opportunities Fund |
|
| 741,641,186 |
|
| 526,597,581 |
|
There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2012.
|
|
|
6. | TRUSTEES’ REMUNERATION |
|
The Trust’s officers and the two Trustees who are associated with Lord Abbett do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Trustees’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in
127
Notes to Financial Statements (unaudited)(continued)
the funds. Such amounts and earnings accrued thereon are included in Trustees’ fees on the Statements of Operations and in Trustees’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.
|
|
|
7. | EXPENSE REDUCTIONS |
|
The Trust has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.
|
|
|
8. | LINE OF CREDIT |
|
On April 2, 2012, the Funds (except for Alpha Strategy Fund) and certain other funds managed by Lord Abbett entered into an unsecured revolving credit facility (“Facility”) from State Street Bank and Trust Company (“SSB”), to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Facility is renewed annually under terms that depend on market conditions at the time of the renewal. The amounts available under the Facility are (i) the lesser of either $250,000,000 or 33.33% of total assets per participating fund and (ii) $350,000,000 in the aggregate for all participating funds. The annual fee to maintain the Facility is .09% of the amount available under the Facility. Each participating fund pays its pro rata share based on the net assets of each participating fund. This amount is included in Other expenses on the Funds’ Statements of Operations. Any borrowings under this Facility will bear interest at current market rates as set forth in the credit agreement. As of April 30, 2012, there were no loans outstanding pursuant to this Facility.
For the period February 3, 2011 through April 1, 2012, the Funds (except for Alpha Strategy Fund) and certain other funds managed by Lord Abbett had an amount of $200,000,000 available under a Facility from SSB with an annual fee to maintain the Facility of .125% of the amount available under the Facility.
|
|
|
9. | 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.
|
|
|
10. | TRANSACTIONS WITH AFFILIATED ISSUERS |
|
An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Alpha Strategy Fund had the following transactions with affiliated issuers (i.e., the Underlying Funds) during the six months ended April 30, 2012:
128
Notes to Financial Statements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated Issuer |
| Balance |
| Gross |
| Gross |
| Balance |
| Value at |
| Net Realized |
| Dividend |
| |||||||
Lord Abbett Developing |
|
| 7,815,831 |
|
| 479,603 |
|
| (239,380 | ) |
| 8,056,054 |
| $ | 188,431,106 |
| $ | 11,227,367 | (a) | $ | — |
|
Lord Abbett Securities |
|
| 13,700,286 |
|
| 600,507 |
|
| (203,879 | ) |
| 14,096,914 |
|
| 187,629,922 |
|
| 874,641 |
|
| 1,835,421 |
|
Lord Abbett Securities |
|
| 5,359,440 |
|
| 1,029,568 |
|
| (639,356 | ) |
| 5,749,652 |
|
| 92,396,903 |
|
| 13,269,391 | (b) |
| — |
|
Lord Abbett Securities |
|
| 3,703,927 |
|
| — |
|
| (207,864 | ) |
| 3,496,063 |
|
| 93,414,799 |
|
| (403,139 | ) |
| — |
|
Lord Abbett Equity |
|
| 5,798,678 |
|
| 81,595 |
|
| (421,267 | ) |
| 5,459,006 |
|
| 92,530,157 |
|
| (1,275,400 | ) |
| — |
|
Lord Abbett Research |
|
| 5,789,070 |
|
| — |
|
| (533,776 | ) |
| 5,255,294 |
|
| 186,352,714 |
|
| 8,837,367 |
|
| — |
|
Lord Abbett Securities |
|
| 5,872,414 |
|
| 22,513 |
|
| (238,274 | ) |
| 5,656,653 |
|
| 94,070,135 |
|
| 611,878 | (c) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 934,825,736 |
| $ | 33,142,105 |
| $ | 1,835,421 |
|
|
|
(a) | Includes $9,803,096 of distributed capital gains. |
(b) | Includes $13,193,334 of distributed capital gains. |
(c) | Includes $328,019 of distributed capital gains. |
|
|
|
11. | INVESTMENT RISKS |
|
Each Fund is subject to the general risks and considerations associated with equity investing. The value of an investment 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 rising market.
Large company stocks, in which each of Fundamental Equity Fund, Growth Leaders Fund and Large Cap 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 Value Opportunities Fund invests, may also perform differently than the market as a whole and other types of stocks, such as large-company stocks. This is because different types of stocks tend to shift in and out of favor depending on market and economic conditions. The market may fail to recognize the intrinsic value of a particular value stock for a long time. The small and mid-sized company stocks in which Value Opportunities Fund invests may be less able to weather economic shifts or other adverse developments than those of larger, more established companies.
129
Notes to Financial Statements (unaudited)(continued)
In addition, although each of Fundamental Equity Fund and Growth Leaders Fund invests a significant portion of its assets in large-cap company stocks, it also invests in mid-cap and small-cap company stocks, the risks of which are described above.
In general, Growth Leaders Fund employs a growth investing style and Fundamental Equity Fund, International Dividend Income Fund, Large Cap 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.
International Core Equity Fund is subject to the risks of investing in foreign securities, the securities of large foreign companies, and derivatives. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations and higher transaction costs. Foreign investments also may be affected by changes in currency rates or currency controls.
International Dividend Income Fund is subject to the risks of investing in foreign securities, dividend yielding stocks, and derivatives. Foreign securities may pose greater risks than domestic securities, including price fluctuations and higher transaction costs. These risks are generally greater for securities issued by companies in emerging market companies. Dividend paying stocks may be sensitive to changes in market interest rates, and the prices of such stocks may decline as rates rise. International Dividend Income Fund may be subject to the volatility of stocks that have high dividends per share due to recent decreases in their share prices. International Dividend Income Fund may invest a significant portion of its assets in small and mid-sized companies that may be less able to weather economic shifts or other adverse developments than larger, more established companies.
International Opportunities Fund is subject to the risks of investing in foreign securities, the securities of small-cap companies, and derivatives. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations and higher transaction costs. Foreign investments also may be affected by changes in currency rates or currency controls. Investing in small-cap companies generally involves greater risks than investing in the stocks of large-cap companies, including more volatility and less liquidity.
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, including those associated with foreign investments, small-cap companies, and derivatives.
Due to their investments in multinational and foreign companies, Fundamental Equity Fund, Growth Leaders Fund, Large Cap Value Fund, Value Opportunities Fund, and Alpha Strategy Fund may experience increased market, liquidity, currency, political, information and other risks.
Each Fund is 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.
These factors can affect each Fund’s performance.
130
Notes to Financial Statements (unaudited)(continued)
|
|
|
12. | SUMMARY OF CAPITAL TRANSACTIONS |
|
Transactions in shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Strategy Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 1,677,357 |
| $ | 40,039,303 |
|
| 6,640,241 |
| $ | 159,946,305 |
|
Converted from Class B* |
|
| 45,758 |
|
| 1,131,326 |
|
| 102,248 |
|
| 2,504,396 |
|
Reinvestment of distributions |
|
| 52,626 |
|
| 1,177,236 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (2,987,928 | ) |
| (69,741,809 | ) |
| (6,159,141 | ) |
| (145,994,284 | ) |
Increase (decrease) |
|
| (1,212,187 | ) | $ | (27,393,944 | ) |
| 583,348 |
| $ | 16,456,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 16,085 |
| $ | 367,643 |
|
| 54,091 |
| $ | 1,232,992 |
|
Reinvestment of distributions |
|
| 3,822 |
|
| 80,274 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (126,920 | ) |
| (2,840,048 | ) |
| (295,959 | ) |
| (6,641,009 | ) |
Converted to Class A* |
|
| (48,819 | ) |
| (1,131,326 | ) |
| (108,324 | ) |
| (2,504,396 | ) |
Decrease |
|
| (155,832 | ) | $ | (3,523,457 | ) |
| (350,192 | ) | $ | (7,912,413 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 713,977 |
| $ | 16,037,451 |
|
| 2,626,226 |
| $ | 59,639,136 |
|
Reinvestment of distributions |
|
| 26,850 |
|
| 559,832 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (997,857 | ) |
| (22,085,934 | ) |
| (2,190,655 | ) |
| (48,656,526 | ) |
Increase (decrease) |
|
| (257,030 | ) | $ | (5,488,651 | ) |
| 435,571 |
| $ | 10,982,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 1,538,646 |
| $ | 35,712,806 |
|
| 3,732,518 |
| $ | 89,435,955 |
|
Reinvestment of distributions |
|
| 14,535 |
|
| 325,435 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (1,482,554 | ) | $ | (35,414,052 | ) |
| (2,973,729 | ) |
| (70,809,906 | ) |
Increase |
|
| 70,627 |
| $ | 624,189 |
|
| 758,789 |
| $ | 18,626,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 113,594 |
| $ | 2,746,619 |
|
| 549,071 |
| $ | 13,510,835 |
|
Reinvestment of distributions |
|
| 2,583 |
|
| 58,300 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (317,326 | ) |
| (7,838,490 | ) |
| (527,852 | ) |
| (13,290,638 | ) |
Increase (decrease) |
|
| (201,149 | ) | $ | (5,033,571 | ) |
| 21,219 |
| $ | 220,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 41,927 |
| $ | 998,627 |
|
| 70,443 |
| $ | 1,636,829 |
|
Reinvestment of distributions |
|
| 69 |
|
| 1,514 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (46,608 | ) |
| (1,131,265 | ) |
| (78,320 | ) |
| (1,953,815 | ) |
Decrease |
|
| (4,612 | ) | $ | (131,124 | ) |
| (7,877 | ) | $ | (316,986 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 233,025 |
| $ | 5,493,124 |
|
| 607,348 |
| $ | 14,384,718 |
|
Reinvestment of distributions |
|
| 3,977 |
|
| 88,040 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (206,447 | ) |
| (4,881,961 | ) |
| (464,862 | ) |
| (11,200,200 | ) |
Increase |
|
| 30,555 |
| $ | 699,203 |
|
| 142,486 |
| $ | 3,184,518 |
|
131
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fundamental Equity Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 26,139,634 |
| $ | 330,350,812 |
|
| 80,101,819 |
| $ | 1,038,519,597 |
|
Converted from Class B* |
|
| 1,140,176 |
|
| 14,736,277 |
|
| 1,429,972 |
|
| 18,358,256 |
|
Reinvestment of distributions |
|
| 4,400,135 |
|
| 50,689,548 |
|
| 431,589 |
|
| 5,179,024 |
|
Shares reacquired |
|
| (28,420,397 | ) |
| (357,450,895 | ) |
| (47,379,706 | ) |
| (601,962,789 | ) |
Increase |
|
| 3,259,548 |
| $ | 38,325,742 |
|
| 34,583,674 |
| $ | 460,094,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 144,668 |
| $ | 1,723,923 |
|
| 467,149 |
| $ | 5,797,056 |
|
Reinvestment of distributions |
|
| 210,371 |
|
| 2,303,564 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (1,058,820 | ) |
| (12,591,819 | ) |
| (2,479,322 | ) |
| (30,525,253 | ) |
Converted to Class A* |
|
| (1,201,174 | ) |
| (14,736,277 | ) |
| (1,500,727 | ) |
| (18,358,256 | ) |
Decrease |
|
| (1,904,955 | ) | $ | (23,300,609 | ) |
| (3,512,900 | ) | $ | (43,086,453 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 6,186,337 |
| $ | 74,380,951 |
|
| 26,481,110 |
| $ | 330,738,446 |
|
Reinvestment of distributions |
|
| 1,197,637 |
|
| 13,066,217 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (6,632,849 | ) |
| (80,048,404 | ) |
| (10,881,312 | ) |
| (131,285,633 | ) |
Increase |
|
| 751,125 |
| $ | 7,398,764 |
|
| 15,599,798 |
| $ | 199,452,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 15,686,352 |
| $ | 194,780,371 |
|
| 47,488,655 |
| $ | 613,663,776 |
|
Reinvestment of distributions |
|
| 1,049,284 |
|
| 12,014,305 |
|
| 113,052 |
|
| 1,349,838 |
|
Shares reacquired |
|
| (14,088,919 | ) |
| (178,833,440 | ) |
| (19,856,321 | ) |
| (244,823,681 | ) |
Increase |
|
| 2,646,717 |
| $ | 27,961,236 |
|
| 27,745,386 |
| $ | 370,189,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 14,361,935 |
| $ | 180,454,859 |
|
| 15,499,795 |
| $ | 201,042,105 |
|
Reinvestment of distributions |
|
| 526,879 |
|
| 6,085,450 |
|
| 85,242 |
|
| 1,026,317 |
|
Shares reacquired |
|
| (2,892,077 | ) |
| (37,295,105 | ) |
| (9,643,350 | ) |
| (117,946,920 | ) |
Increase |
|
| 11,996,737 |
| $ | 149,245,204 |
|
| 5,941,687 |
| $ | 84,121,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 208,222 |
| $ | 2,606,348 |
|
| 701,531 |
| $ | 8,975,649 |
|
Reinvestment of distributions |
|
| 59,153 |
|
| 673,753 |
|
| 5,136 |
|
| 60,973 |
|
Shares reacquired |
|
| (341,832 | ) |
| (4,293,324 | ) |
| (784,591 | ) |
| (10,161,435 | ) |
Decrease |
|
| (74,457 | ) | $ | (1,013,223 | ) |
| (77,924 | ) | $ | (1,124,813 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 577,004 |
| $ | 7,206,440 |
|
| 1,743,023 |
| $ | 22,258,410 |
|
Reinvestment of distributions |
|
| 23,061 |
|
| 261,971 |
|
| 327 |
|
| 3,877 |
|
Shares reacquired |
|
| (328,886 | ) |
| (4,104,048 | ) |
| (499,848 | ) |
| (6,429,314 | ) |
Increase |
|
| 271,179 |
| $ | 3,364,363 |
|
| 1,243,502 |
| $ | 15,832,973 |
|
132
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fundamental Equity Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class R3 Shares |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
Shares sold |
|
| 7,400,834 |
| $ | 92,489,286 |
|
| 11,864,112 |
| $ | 152,455,028 |
|
Reinvestment of distributions |
|
| 386,917 |
|
| 4,418,600 |
|
| 12,471 |
|
| 148,520 |
|
Shares reacquired |
|
| (1,600,831 | ) |
| (20,409,596 | ) |
| (3,043,492 | ) |
| (39,766,256 | ) |
Increase |
|
| 6,186,920 |
| $ | 76,498,290 |
|
| 8,833,091 |
| $ | 112,837,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth Leaders Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 556,035 |
| $ | 8,575,182 |
|
| 741,893 |
| $ | 11,010,377 |
|
Shares reacquired |
|
| (82,110 | ) |
| (1,249,767 | ) |
| (198,386 | ) |
| (2,795,313 | ) |
Increase |
|
| 473,925 |
| $ | 7,325,415 |
|
| 543,507 |
| $ | 8,215,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 70,123 |
| $ | 1,081,182 |
|
| 12,760 |
| $ | 177,222 |
|
Shares reacquired |
|
| (830 | ) |
| (13,125 | ) |
| (674 | ) |
| (9,649 | ) |
Increase |
|
| 69,293 |
| $ | 1,068,057 |
|
| 12,086 |
| $ | 167,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 189,110 |
| $ | 2,927,467 |
|
| 564,988 |
| $ | 8,008,604 |
|
Reinvestment of distributions |
|
| 17 |
|
| 239 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (325,383 | ) |
| (4,511,435 | ) |
| (151,971 | ) |
| (2,179,817 | ) |
Increase (decrease) |
|
| (136,256 | ) | $ | (1,583,729 | ) |
| 413,017 |
| $ | 5,828,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 86,190 |
| $ | 1,299,945 |
|
| 176,705 |
| $ | 2,578,224 |
|
Reinvestment of distributions |
|
| 2 |
|
| 23 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (60,493 | ) |
| (911,670 | ) |
| (42,191 | ) |
| (541,779 | ) |
Increase |
|
| 25,699 |
| $ | 388,298 |
|
| 134,514 |
| $ | 2,036,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| — |
| $ | — |
|
| 669 |
| $ | 10,037 |
|
Increase |
|
| — |
| $ | — |
|
| 669 |
| $ | 10,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 226 |
| $ | 3,541 |
|
| 669 |
| $ | 10,037 |
|
Increase |
|
| 226 |
| $ | 3,541 |
|
| 669 |
| $ | 10,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Core Equity Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 2,013,496 |
| $ | 22,529,818 |
|
| 5,431,077 |
| $ | 66,865,824 |
|
Converted from Class B* |
|
| 96,043 |
|
| 1,094,181 |
|
| 172,770 |
|
| 2,118,045 |
|
Reinvestment of distributions |
|
| 787,259 |
|
| 8,030,037 |
|
| 461,749 |
|
| 5,504,062 |
|
Shares reacquired |
|
| (5,793,854 | ) |
| (64,353,498 | ) |
| (11,716,592 | ) |
| (142,642,633 | ) |
Decrease |
|
| (2,897,056 | ) | $ | (32,699,462 | ) |
| (5,650,996 | ) | $ | (68,154,702 | ) |
133
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Core Equity Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class B Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 22,357 |
| $ | 249,418 |
|
| 97,051 |
| $ | 1,185,490 |
|
Reinvestment of distributions |
|
| 28,856 |
|
| 291,736 |
|
| 12,172 |
|
| 143,389 |
|
Shares reacquired |
|
| (326,385 | ) |
| (3,591,364 | ) |
| (707,349 | ) |
| (8,467,456 | ) |
Converted to Class A* |
|
| (97,098 | ) |
| (1,094,181 | ) |
| (175,248 | ) |
| (2,118,045 | ) |
Decrease |
|
| (372,270 | ) | $ | (4,144,391 | ) |
| (773,374 | ) | $ | (9,256,622 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 277,940 |
| $ | 3,052,402 |
|
| 624,087 |
| $ | 7,558,239 |
|
Reinvestment of distributions |
|
| 68,444 |
|
| 692,650 |
|
| 25,820 |
|
| 304,674 |
|
Shares reacquired |
|
| (1,084,892 | ) |
| (12,000,366 | ) |
| (2,157,857 | ) |
| (25,964,464 | ) |
Decrease |
|
| (738,508 | ) | $ | (8,255,314 | ) |
| (1,507,950 | ) | $ | (18,101,551 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 4,204,122 |
| $ | 45,693,297 |
|
| 5,902,735 |
| $ | 71,196,973 |
|
Reinvestment of distributions |
|
| 187,399 |
|
| 1,896,476 |
|
| 33,906 |
|
| 401,453 |
|
Shares reacquired |
|
| (914,428 | ) |
| (10,187,828 | ) |
| (1,309,583 | ) |
| (15,900,801 | ) |
Increase |
|
| 3,477,093 |
| $ | 37,401,945 |
|
| 4,627,058 |
| $ | 55,697,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 2,424,887 |
| $ | 26,207,809 |
|
| 6,056,012 |
| $ | 73,817,288 |
|
Reinvestment of distributions |
|
| 430,129 |
|
| 4,404,522 |
|
| 364,403 |
|
| 4,361,900 |
|
Shares reacquired |
|
| (15,028,167 | ) |
| (163,113,759 | ) |
| (8,650,892 | ) |
| (104,247,092 | ) |
Decrease |
|
| (12,173,151 | ) | $ | (132,501,428 | ) |
| (2,230,477 | ) | $ | (26,067,904 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 3,440 |
| $ | 38,723 |
|
| 17,278 |
| $ | 210,353 |
|
Reinvestment of distributions |
|
| 591 |
|
| 6,017 |
|
| 485 |
|
| 5,747 |
|
Shares reacquired |
|
| (13,775 | ) |
| (151,261 | ) |
| (122,264 | ) |
| (1,508,434 | ) |
Decrease |
|
| (9,744 | ) | $ | (106,521 | ) |
| (104,501 | ) | $ | (1,292,334 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 10,658 |
| $ | 114,531 |
|
| 19,620 |
| $ | 246,233 |
|
Reinvestment of distributions |
|
| 323 |
|
| 3,296 |
|
| 151 |
|
| 1,801 |
|
Shares reacquired |
|
| (21,647 | ) |
| (244,909 | ) |
| (8,775 | ) |
| (99,504 | ) |
Increase (decrease) |
|
| (10,666 | ) | $ | (127,082 | ) |
| 10,996 |
| $ | 148,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 421,811 |
| $ | 4,697,819 |
|
| 575,644 |
| $ | 6,978,300 |
|
Reinvestment of distributions |
|
| 24,704 |
|
| 249,020 |
|
| 9,577 |
|
| 112,908 |
|
Shares reacquired |
|
| (178,893 | ) |
| (1,989,949 | ) |
| (308,676 | ) |
| (3,767,218 | ) |
Increase |
|
| 267,622 |
| $ | 2,956,890 |
|
| 276,545 |
| $ | 3,323,990 |
|
134
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Dividend Income Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 32,795,889 |
| $ | 255,534,908 |
|
| 22,238,700 |
| $ | 187,313,303 |
|
Reinvestment of distributions |
|
| 753,533 |
|
| 5,898,052 |
|
| 1,162,728 |
|
| 9,775,690 |
|
Shares reacquired |
|
| (6,148,825 | ) |
| (47,938,695 | ) |
| (6,836,394 | ) |
| (58,116,906 | ) |
Increase |
|
| 27,400,597 |
| $ | 213,494,265 |
|
| 16,565,034 |
| $ | 138,972,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 3,849,279 |
| $ | 30,373,536 |
|
| 1,850,727 |
| $ | 15,281,234 |
|
Reinvestment of distributions |
|
| 48,920 |
|
| 383,640 |
|
| 70,621 |
|
| 592,985 |
|
Shares reacquired |
|
| (382,098 | ) |
| (2,929,293 | ) |
| (651,210 | ) |
| (5,483,306 | ) |
Increase |
|
| 3,516,101 |
| $ | 27,827,883 |
|
| 1,270,138 |
| $ | 10,390,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 8,611,740 |
| $ | 68,491,064 |
|
| 3,229,799 |
| $ | 27,029,321 |
|
Reinvestment of distributions |
|
| 85,107 |
|
| 675,258 |
|
| 68,361 |
|
| 572,480 |
|
Shares reacquired |
|
| (1,262,069 | ) |
| (9,879,576 | ) |
| (1,364,580 | ) |
| (11,432,859 | ) |
Increase |
|
| 7,434,778 |
| $ | 59,286,746 |
|
| 1,933,580 |
| $ | 16,168,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 35,334,297 |
| $ | 275,387,161 |
|
| 40,893,914 |
| $ | 334,834,823 |
|
Reinvestment of distributions |
|
| 1,215,062 |
|
| 9,532,793 |
|
| 1,957,711 |
|
| 16,310,360 |
|
Shares reacquired |
|
| (8,101,324 | ) |
| (62,883,363 | ) |
| (2,668,858 | ) |
| (23,193,268 | ) |
Increase |
|
| 28,448,035 |
| $ | 222,036,591 |
|
| 40,182,767 |
| $ | 327,951,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 32,546 |
| $ | 267,987 |
|
| 884 |
| $ | 7,335 |
|
Reinvestment of distributions |
|
| 39 |
|
| 319 |
|
| 50 |
|
| 433 |
|
Shares reacquired |
|
| (64 | ) |
| (545 | ) |
| — |
|
| — |
|
Increase |
|
| 32,521 |
| $ | 267,761 |
|
| 934 |
| $ | 7,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 4,126,654 |
| $ | 31,779,736 |
|
| 30,256 |
| $ | 248,185 |
|
Reinvestment of distributions |
|
| 28,858 |
|
| 237,831 |
|
| 1,149 |
|
| 9,575 |
|
Shares reacquired |
|
| (219,566 | ) |
| (1,773,767 | ) |
| (2,564 | ) |
| (23,221 | ) |
Increase |
|
| 3,935,946 |
| $ | 30,243,800 |
|
| 28,841 |
| $ | 234,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Opportunities Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 344,132 |
| $ | 4,181,878 |
|
| 1,150,691 |
| $ | 15,035,819 |
|
Converted from Class B* |
|
| 39,477 |
|
| 494,359 |
|
| 107,995 |
|
| 1,412,156 |
|
Reinvestment of distributions |
|
| 48,225 |
|
| 528,063 |
|
| 28,802 |
|
| 373,845 |
|
Shares reacquired |
|
| (1,190,915 | ) |
| (14,375,961 | ) |
| (1,944,941 | ) |
| (25,406,734 | ) |
Decrease |
|
| (759,081 | ) | $ | (9,171,661 | ) |
| (657,453 | ) | $ | (8,584,914 | ) |
135
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Opportunities Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class B Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 8,135 |
| $ | 96,463 |
|
| 31,006 |
| $ | 395,816 |
|
Shares reacquired |
|
| (120,752 | ) |
| (1,387,170 | ) |
| (257,614 | ) |
| (3,202,108 | ) |
Converted to Class A* |
|
| (41,487 | ) |
| (494,359 | ) |
| (113,693 | ) |
| (1,412,156 | ) |
Decrease |
|
| (154,104 | ) | $ | (1,785,066 | ) |
| (340,301 | ) | $ | (4,218,448 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 83,632 |
| $ | 966,321 |
|
| 198,688 |
| $ | 2,457,879 |
|
Reinvestment of distributions |
|
| 947 |
|
| 9,818 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (176,367 | ) |
| (2,033,312 | ) |
| (461,967 | ) |
| (5,736,735 | ) |
Decrease |
|
| (91,788 | ) | $ | (1,057,173 | ) |
| (263,279 | ) | $ | (3,278,856 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 17,330 |
| $ | 205,130 |
|
| 66,658 |
| $ | 872,261 |
|
Reinvestment of distributions |
|
| 786 |
|
| 8,537 |
|
| 549 |
|
| 7,072 |
|
Shares reacquired |
|
| (19,985 | ) |
| (249,784 | ) |
| (61,873 | ) |
| (790,038 | ) |
Increase (decrease) |
|
| (1,869 | ) | $ | (36,117 | ) |
| 5,334 |
| $ | 89,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 594,209 |
| $ | 7,156,726 |
|
| 3,731,275 |
| $ | 50,794,344 |
|
Reinvestment of distributions |
|
| 203,773 |
|
| 2,278,186 |
|
| 127,433 |
|
| 1,691,087 |
|
Shares reacquired |
|
| (2,564,566 | ) |
| (31,402,749 | ) |
| (4,065,081 | ) |
| (52,681,810 | ) |
Decrease |
|
| (1,766,584 | ) | $ | (21,967,837 | ) |
| (206,373 | ) | $ | (196,379 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 5,540 |
| $ | 70,072 |
|
| 8,696 |
| $ | 113,721 |
|
Reinvestment of distributions |
|
| 435 |
|
| 4,835 |
|
| 223 |
|
| 2,941 |
|
Shares reacquired |
|
| (4,120 | ) |
| (51,586 | ) |
| (10,434 | ) |
| (143,808 | ) |
Increase (decrease) |
|
| 1,855 |
| $ | 23,321 |
|
| (1,515 | ) | $ | (27,146 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 627 |
| $ | 7,673 |
|
| 861 |
| $ | 11,208 |
|
Reinvestment of distributions |
|
| 25 |
|
| 268 |
|
| 7 |
|
| 92 |
|
Shares reacquired |
|
| (2,469 | ) |
| (29,364 | ) |
| (408 | ) |
| (5,415 | ) |
Increase (decrease) |
|
| (1,817 | ) | $ | (21,423 | ) |
| 460 |
| $ | 5,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 120,367 |
| $ | 1,443,289 |
|
| 294,165 |
| $ | 3,814,400 |
|
Reinvestment of distributions |
|
| 3,414 |
|
| 36,876 |
|
| 1,137 |
|
| 14,582 |
|
Shares reacquired |
|
| (113,344 | ) |
| (1,354,476 | ) |
| (101,985 | ) |
| (1,321,638 | ) |
Increase |
|
| 10,437 |
| $ | 125,689 |
|
| 193,317 |
| $ | 2,507,344 |
|
136
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap Value Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 885,422 |
| $ | 8,834,298 |
|
| 983,291 |
| $ | 10,025,497 |
|
Converted from Class B* |
|
| 6,999 |
|
| 71,828 |
|
| 32,060 |
|
| 316,400 |
|
Reinvestment of distributions |
|
| 23,694 |
|
| 207,087 |
|
| 11,199 |
|
| 106,052 |
|
Shares reacquired |
|
| (498,067 | ) |
| (4,906,991 | ) |
| (1,178,029 | ) |
| (11,810,505 | ) |
Increase (decrease) |
|
| 418,048 |
| $ | 4,206,222 |
|
| (151,479 | ) |
| (1,362,556 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 7,932 |
| $ | 73,984 |
|
| 29,810 |
| $ | 302,588 |
|
Reinvestment of distributions |
|
| 217 |
|
| 1,873 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (26,817 | ) |
| (253,323 | ) |
| (69,656 | ) |
| (703,388 | ) |
Converted to Class A* |
|
| (7,097 | ) |
| (71,828 | ) |
| (32,613 | ) |
| (316,400 | ) |
Decrease |
|
| (25,765 | ) | $ | (249,294 | ) |
| (72,459 | ) | $ | (717,200 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 108,750 |
| $ | 1,067,852 |
|
| 180,158 |
| $ | 1,784,361 |
|
Reinvestment of distributions |
|
| 1,563 |
|
| 13,471 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (70,207 | ) |
| (675,380 | ) |
| (157,374 | ) |
| (1,528,827 | ) |
Increase |
|
| 40,106 |
| $ | 405,943 |
|
| 22,784 |
| $ | 255,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 1,648 |
| $ | 14,980 |
|
| 61,863 |
| $ | 636,347 |
|
Reinvestment of distributions |
|
| 263 |
|
| 2,281 |
|
| 130 |
|
| 1,232 |
|
Shares reacquired |
|
| (46,049 | ) |
| (453,833 | ) |
| (33,857 | ) |
| (330,788 | ) |
Increase (decrease) |
|
| (44,138 | ) | $ | (436,572 | ) |
| 28,136 |
| $ | 306,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 17,792 |
| $ | 164,026 |
|
| 138,089 |
| $ | 1,491,957 |
|
Reinvestment of distributions |
|
| 4,540 |
|
| 39,768 |
|
| 7,356 |
|
| 69,885 |
|
Shares reacquired |
|
| (32,051 | ) |
| (327,639 | ) |
| (705,618 | ) |
| (6,548,186 | ) |
Decrease |
|
| (9,719 | ) | $ | (123,845 | ) |
| (560,173 | ) | $ | (4,986,344 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| — |
| $ | — |
|
| — | (a) | $ | 1 |
|
Reinvestment of distributions |
|
| 12 |
|
| 104 |
|
| 5 |
|
| 45 |
|
Increase |
|
| 12 |
| $ | 104 |
|
| 5 |
| $ | 46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions |
|
| 7 |
| $ | 66 |
|
| 4 |
| $ | 34 |
|
Increase |
|
| 7 |
| $ | 66 |
|
| 4 |
| $ | 34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 7,271 |
| $ | 72,151 |
|
| 16,837 |
| $ | 171,072 |
|
Reinvestment of distributions |
|
| 222 |
|
| 1,934 |
|
| 66 |
|
| 631 |
|
Shares reacquired |
|
| (6,916 | ) |
| (64,769 | ) |
| (4,617 | ) |
| (47,871 | ) |
Increase |
|
| 577 |
| $ | 9,316 |
|
| 12,286 |
| $ | 123,832 |
|
137
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value Opportunities Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 10,727,983 |
| $ | 168,193,699 |
|
| 40,572,808 |
| $ | 642,999,510 |
|
Converted from Class B* |
|
| 40,501 |
|
| 643,808 |
|
| 116,216 |
|
| 1,851,249 |
|
Reinvestment of distributions |
|
| 211,564 |
|
| 3,044,400 |
|
| 195,812 |
|
| 2,841,224 |
|
Shares reacquired |
|
| (11,121,916 | ) |
| (172,682,162 | ) |
| (22,941,658 | ) |
| (347,588,834 | ) |
Increase (decrease) |
|
| (141,868 | ) | $ | (800,255 | ) |
| 17,943,178 |
| $ | 300,103,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 27,602 |
| $ | 420,833 |
|
| 119,334 |
| $ | 1,826,992 |
|
Reinvestment of distributions |
|
| 3,513 |
|
| 48,759 |
|
| 5,846 |
|
| 82,368 |
|
Shares reacquired |
|
| (89,312 | ) |
| (1,340,885 | ) |
| (293,484 | ) |
| (4,383,470 | ) |
Converted to Class A* |
|
| (42,062 | ) |
| (643,808 | ) |
| (119,985 | ) |
| (1,851,249 | ) |
Decrease |
|
| (100,259 | ) | $ | (1,515,101 | ) |
| (288,289 | ) | $ | (4,325,359 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 2,398,102 |
| $ | 36,403,293 |
|
| 10,347,523 |
| $ | 160,773,372 |
|
Reinvestment of distributions |
|
| 56,315 |
|
| 781,662 |
|
| 43,442 |
|
| 611,665 |
|
Shares reacquired |
|
| (2,271,929 | ) |
| (34,684,485 | ) |
| (2,843,088 | ) |
| (42,098,995 | ) |
Increase |
|
| 182,488 |
| $ | 2,500,470 |
|
| 7,547,877 |
| $ | 119,286,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 10,206,824 |
| $ | 159,428,139 |
|
| 22,230,832 |
| $ | 355,426,842 |
|
Reinvestment of distributions |
|
| 69,134 |
|
| 998,292 |
|
| 43,212 |
|
| 627,438 |
|
Shares reacquired |
|
| (7,359,803 | ) |
| (115,945,411 | ) |
| (8,596,138 | ) |
| (131,399,436 | ) |
Increase |
|
| 2,916,155 |
| $ | 44,481,020 |
|
| 13,677,906 |
| $ | 224,654,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 9,569,455 |
| $ | 151,797,891 |
|
| 10,069,306 |
| $ | 164,687,851 |
|
Reinvestment of distributions |
|
| 70,413 |
|
| 1,025,918 |
|
| 65,097 |
|
| 952,376 |
|
Shares reacquired |
|
| (2,484,254 | ) |
| (39,337,193 | ) |
| (4,207,704 | ) |
| (65,816,748 | ) |
Increase |
|
| 7,155,614 |
| $ | 113,486,616 |
|
| 5,926,699 |
| $ | 99,823,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 24,566 |
| $ | 383,702 |
|
| 94,923 |
| $ | 1,521,886 |
|
Reinvestment of distributions |
|
| 796 |
|
| 11,405 |
|
| 1,286 |
|
| 18,586 |
|
Shares reacquired |
|
| (38,403 | ) |
| (577,818 | ) |
| (173,146 | ) |
| (2,767,227 | ) |
Decrease |
|
| (13,041 | ) | $ | (182,711 | ) |
| (76,937 | ) | $ | (1,226,755 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 369,679 |
| $ | 5,786,617 |
|
| 554,464 |
| $ | 8,612,420 |
|
Reinvestment of distributions |
|
| 1,329 |
|
| 18,938 |
|
| 524 |
|
| 7,548 |
|
Shares reacquired |
|
| (158,447 | ) |
| (2,472,249 | ) |
| (145,378 | ) |
| (2,272,836 | ) |
Increase |
|
| 212,561 |
| $ | 3,333,306 |
|
| 409,610 |
| $ | 6,347,132 |
|
138
Notes to Financial Statements (unaudited)(concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value Opportunities Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class R3 Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 1,980,146 |
| $ | 31,032,767 |
|
| 3,878,230 |
| $ | 60,498,976 |
|
Reinvestment of distributions |
|
| 17,214 |
|
| 245,648 |
|
| 6,944 |
|
| 100,002 |
|
Shares reacquired |
|
| (560,611 | ) |
| (8,743,514 | ) |
| (1,018,897 | ) |
| (16,018,989 | ) |
Increase |
|
| 1,436,749 |
| $ | 22,534,901 |
|
| 2,866,277 |
| $ | 44,579,989 |
|
|
|
* | Automatic conversion of Class B shares occurs 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 day on which the purchase order was accepted. |
† | For the period June 24, 2011 (commencement of operations) to October 31, 2011. |
(a) | Value is less than 1 share. |
|
|
|
13. | RECENT ACCOUNTING STANDARD |
|
The Financial Accounting Standards Board issued amended guidance to improve disclosure of fair value measurements. Fair value measurements categorized as Level 3 will require quantitative information with respect to unobservable inputs and assumptions used, a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs, and enhanced disclosure of valuation policies and procedures. In addition, quantitative and qualitative disclosure will be required for all transfers in and out of Level 1 and Level 2. The amended guidance is effective for the first reporting period beginning after December 15, 2011. Management is evaluating the impact of this guidance on the Fund’s financial statements and disclosures.
|
|
|
14. | SUBSEQUENT EVENTS |
|
After the close of business on June 15, 2012, Fundamental Equity Fund acquired the net assets of Large Cap Value Fund pursuant to a plan of reorganization approved by the shareholders of Large Cap Value Fund on May 18, 2012. The acquisition was accomplished by a tax-free exchange. The total net assets of Fundamental Equity Fund immediately before the transfer were $4,619,436,391. Total net assets of Large Cap Value Fund immediately before the transfer were $39,288,499. Total net assets of Fundamental Equity Fund immediately after the transfer were $4,658,724,890.
139
Investments in Underlying Funds (unaudited)
Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2012, Alpha Strategy Fund’s long-term investments were allocated among the Underlying Funds as follows:
|
|
|
|
|
Underlying Fund Name |
|
| % of Investments | |
Lord Abbett Developing Growth Fund, Inc. – Class I |
|
| 20.16 | % |
Lord Abbett Securities Trust – Lord Abbett International Opportunities Fund – Class I |
|
| 20.07 | % |
Lord Abbett Securities Trust – Lord Abbett Micro-Cap Growth Fund – Class I |
|
| 9.88 | % |
Lord Abbett Securities Trust – Lord Abbett Micro-Cap Value Fund – Class I |
|
| 9.99 | % |
Lord Abbett Equity Trust – Lord Abbett Small-Cap Blend Fund – Class I |
|
| 9.90 | % |
Lord Abbett Research Fund, Inc. – Lord Abbett Small-Cap Value Fund – Class I |
|
| 19.94 | % |
Lord Abbett Securities Trust – Lord Abbett Value Opportunities Fund – Class I |
|
| 10.06 | % |
The Ten Largest Holdings and the Holdings by Sector, as of April 30, 2012, 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 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-Q 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 | |
Align Technology, Inc. |
|
| 2.09 | % |
Concur Technologies, Inc. |
|
| 1.91 | % |
SolarWinds, Inc. |
|
| 1.82 | % |
Incyte Corp. |
|
| 1.76 | % |
Chart Industries, Inc. |
|
| 1.74 | % |
Spirit Airlines, Inc. |
|
| 1.57 | % |
Energy XXI Bermuda Ltd. |
|
| 1.54 | % |
CoStar Group, Inc. |
|
| 1.52 | % |
SVB Financial Group |
|
| 1.50 | % |
Cepheid, Inc. |
|
| 1.48 | % |
|
|
|
|
|
Holdings by Sector* |
|
| % of Investments | |
Consumer Discretionary |
|
| 14.93 | % |
Consumer Staples |
|
| 4.21 | % |
Energy |
|
| 6.60 | % |
Financials |
|
| 7.18 | % |
Health Care |
|
| 19.36 | % |
Industrials |
|
| 12.69 | % |
Information Technology |
|
| 33.58 | % |
Materials |
|
| 0.08 | % |
Short-Term Investment |
|
| 1.37 | % |
Total |
|
| 100.00 | % |
|
|
* | A sector may comprise several industries. |
140
Investments in Underlying Funds (unaudited)(continued)
Lord Abbett Securities Trust – International Opportunities Fund
|
|
|
|
|
Ten Largest Holdings |
|
| % of Investments | |
Brunel International NV |
|
| 2.13 | % |
FP Corp. |
|
| 1.97 | % |
Viscofan SA |
|
| 1.88 | % |
easyJet plc |
|
| 1.64 | % |
Park24 Co., Ltd. |
|
| 1.59 | % |
Croda International plc |
|
| 1.53 | % |
Gerresheimer AG |
|
| 1.50 | % |
Hitachi Kokusai Electric, Inc. |
|
| 1.48 | % |
Intertek Group plc |
|
| 1.47 | % |
Ingenico |
|
| 1.46 | % |
|
|
|
|
|
Holdings by Sector* |
|
| % of Investments | |
Consumer Discretionary |
|
| 17.17 | % |
Consumer Staples |
|
| 9.66 | % |
Energy |
|
| 7.55 | % |
Financials |
|
| 13.73 | % |
Health Care |
|
| 3.66 | % |
Industrials |
|
| 20.73 | % |
Information Technology |
|
| 14.58 | % |
Materials |
|
| 7.07 | % |
Telecommunication Services |
|
| 0.77 | % |
Utilities |
|
| 2.43 | % |
Short-Term Investment |
|
| 2.65 | % |
Total |
|
| 100.00 | % |
|
|
* | A sector may comprise several industries. |
Lord Abbett Securities Trust – Micro Cap Growth Fund
|
|
|
|
|
Ten Largest Holdings |
|
| % of Investments | |
Body Central Corp. |
|
| 2.69 | % |
Volterra Semiconductor Corp. |
|
| 2.40 | % |
Repurchase Agreement |
|
| 2.34 | % |
Thermon Group Holdings, Inc. |
|
| 2.27 | % |
EPAM Systems, Inc. |
|
| 2.19 | % |
Zumiez, Inc. |
|
| 2.16 | % |
Allot Communications Ltd. (Israel) |
|
| 1.97 | % |
RDA Microelectronics, Inc. ADR |
|
| 1.97 | % |
Endologix, Inc. |
|
| 1.86 | % |
Lumber Liquidators Holdings, Inc. |
|
| 1.81 | % |
141
Investments in Underlying Funds (unaudited)(continued)
|
|
|
|
|
Holdings by Sector* |
|
| % of Investments | |
Consumer Discretionary |
|
| 17.51 | % |
Consumer Staples |
|
| 0.25 | % |
Energy |
|
| 2.26 | % |
Financials |
|
| 6.73 | % |
Health Care |
|
| 22.03 | % |
Industrials |
|
| 11.97 | % |
Information Technology |
|
| 35.07 | % |
Materials |
|
| 1.84 | % |
Short-Term Investment |
|
| 2.34 | % |
Total |
|
| 100.00 | % |
|
|
* | A sector may comprise several industries. |
Lord Abbett Securities Trust – Micro Cap Value Fund
|
|
|
|
|
Ten Largest Holdings |
|
| % of Investments | |
Multi-Color Corp. |
|
| 2.36 | % |
ICU Medical, Inc. |
|
| 2.19 | % |
Overhill Farms, Inc. |
|
| 2.02 | % |
McGrath RentCorp |
|
| 1.90 | % |
SeaCube Container Leasing Ltd. |
|
| 1.81 | % |
Chefs’ Warehouse, Inc. (The) |
|
| 1.81 | % |
CTS Corp. |
|
| 1.80 | % |
Lithia Motors, Inc. Class A |
|
| 1.74 | % |
Asbury Automotive Group, Inc. |
|
| 1.73 | % |
Dorman Products, Inc. |
|
| 1.72 | % |
|
|
|
|
|
Holdings by Sector* |
|
| % of Investments | |
Consumer Discretionary |
|
| 11.20 | % |
Consumer Staples |
|
| 4.95 | % |
Energy |
|
| 1.23 | % |
Financials |
|
| 18.79 | % |
Health Care |
|
| 7.61 | % |
Industrials |
|
| 33.31 | % |
Information Technology |
|
| 10.09 | % |
Materials |
|
| 9.37 | % |
Utilities |
|
| 2.00 | % |
Short-Term Investment |
|
| 1.45 | % |
Total |
|
| 100.00 | % |
|
|
* | A sector may comprise several industries. |
142
Investments in Underlying Funds (unaudited)(continued)
Lord Abbett Equity Trust – Small Cap Blend Fund
|
|
|
|
|
Ten Largest Holdings |
|
| % of Investments | |
Wolverine World Wide, Inc. |
|
| 1.95 | % |
Triumph Group, Inc. |
|
| 1.84 | % |
Middleby Corp. (The) |
|
| 1.78 | % |
Jones Lang LaSalle, Inc. |
|
| 1.76 | % |
Semtech Corp. |
|
| 1.75 | % |
Cardtronics, Inc. |
|
| 1.71 | % |
Anixter International, Inc. |
|
| 1.71 | % |
Foster Wheeler AG (Switzerland) |
|
| 1.63 | % |
Ocwen Financial Corp. |
|
| 1.60 | % |
Stifel Financial Corp. |
|
| 1.57 | % |
|
|
|
|
|
Holdings by Sector* |
|
| % of Investments | |
Consumer Discretionary |
|
| 14.21 | % |
Consumer Staples |
|
| 5.61 | % |
Energy |
|
| 6.00 | % |
Financials |
|
| 18.80 | % |
Health Care |
|
| 10.86 | % |
Industrials |
|
| 17.53 | % |
Information Technology |
|
| 17.01 | % |
Materials |
|
| 6.55 | % |
Short-Term Investment |
|
| 3.43 | % |
Total |
|
| 100.00 | % |
|
|
* | A sector may comprise several industries. |
Lord Abbett Research Fund, Inc. - Small Cap Value Fund
|
|
|
|
|
Ten Largest Holdings |
|
| % of Investments | |
Cabot Corp. |
|
| 2.23 | % |
Chicago Bridge & Iron Co. NV |
|
| 1.83 | % |
Littelfuse, Inc. |
|
| 1.62 | % |
Superior Energy Services, Inc. |
|
| 1.57 | % |
MAXIMUS, Inc. |
|
| 1.53 | % |
TAL International Group, Inc. |
|
| 1.37 | % |
Par Pharmaceutical Cos., Inc. |
|
| 1.36 | % |
Alterra Capital Holdings Ltd. |
|
| 1.35 | % |
Ryder System, Inc. |
|
| 1.33 | % |
FleetCor Technologies, Inc. |
|
| 1.32 | % |
143
Investments in Underlying Funds (unaudited)(concluded)
|
|
|
|
|
Holdings by Sector* |
|
| % of Investments | |
Consumer Discretionary |
|
| 11.67 | % |
Consumer Staples |
|
| 1.33 | % |
Energy |
|
| 7.17 | % |
Financials |
|
| 21.26 | % |
Health Care |
|
| 6.43 | % |
Industrials |
|
| 25.08 | % |
Information Technology |
|
| 15.10 | % |
Materials |
|
| 9.76 | % |
Utilities |
|
| 0.74 | % |
Short-Term Investment |
|
| 1.46 | % |
Total |
|
| 100.00 | % |
|
|
* | A sector may comprise several industries. |
Lord Abbett Securities Trust – Value Opportunities Fund
|
|
|
|
|
Ten Largest Holdings |
|
| % of Investments | |
Watson Pharmaceuticals, Inc. |
|
| 2.32 | % |
Interpublic Group of Cos., Inc. (The) |
|
| 2.21 | % |
PerkinElmer, Inc. |
|
| 1.90 | % |
Comerica, Inc. |
|
| 1.89 | % |
Reliance Steel & Aluminum Co. |
|
| 1.75 | % |
Beam, Inc. |
|
| 1.69 | % |
Arch Capital Group Ltd. |
|
| 1.67 | % |
Chicago Bridge & Iron Co. NV |
|
| 1.63 | % |
Tetra Tech, Inc. |
|
| 1.56 | % |
DaVita, Inc. |
|
| 1.54 | % |
|
|
|
|
|
Holdings by Sector* |
|
| % of Investments | |
Consumer Discretionary |
|
| 12.20 | % |
Consumer Staples |
|
| 3.54 | % |
Energy |
|
| 5.98 | % |
Financials |
|
| 18.71 | % |
Health Care |
|
| 7.91 | % |
Industrials |
|
| 18.41 | % |
Information Technology |
|
| 15.21 | % |
Materials |
|
| 10.72 | % |
Utilities |
|
| 5.06 | % |
Short-Term Investment |
|
| 2.26 | % |
Total |
|
| 100.00 | % |
|
|
* | A sector may comprise several industries. |
144
Approval of Advisory Contract
All Funds other than Growth Leaders Fund
The Board of Trustees of the Company, including all of the Trustees who are not interested persons of the Company or Lord, Abbett & Co. LLC (“Lord Abbett”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett. In connection with its most recent approval, the Board reviewed materials relating specifically to the management agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through meetings and discussions. These meetings and discussions included the examination of the portfolio management teams conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management.
The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Lipper Inc. (“Lipper”) regarding the investment performance of a group of funds within the same investment classification/objective (the “performance universe”) and to the investment performance of an appropriate benchmark; (2) information on the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds with similar objectives and of similar size (the “peer group”); (3) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (4) sales and redemption information for the Fund; (5) information regarding Lord Abbett’s financial condition; (6) an analysis of the relative profitability of the management agreement to Lord Abbett; (7) information provided by Lord Abbett regarding the investment management fees Lord Abbett receives from its other advisory clients maintaining accounts with a similar investment strategy as the Fund; (8) information regarding the distribution arrangements of the Fund; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.
Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest resulting from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each of the Funds and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.
Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of the relevant performance universes, in each case as of various periods ended August 31, 2011.
As to Alpha Strategy Fund, the Board observed that the investment approach of the Fund was uncommon. It considered the performance of the Fund in comparison to a performance universe consisting of small-cap core funds. The Board observed that the investment performance of the Class A shares of the Fund was in the fourth quintile of the performance universe for the eight-month period, the third quintile for the one-year period, the second quintile for the three-year and ten-year periods, and the first quintile for the five-year period. The Board also observed that the performance was lower than that of the Lipper Small-Cap Core Index for the eight-month and one-year periods and higher than that of the Index for the three-year, five-year and ten-year periods.
145
Approval of Advisory Contract (continued)
As to Lord Abbett Fundamental Equity Fund, the Board observed that the investment performance of the Class A shares of the Fund was in the fourth quintile of the eight-month period, the third quintile in the one-year period, and the first quintile for the three-year, five-year and ten-year periods. The Board observed that the investment performance was higher than that of the Lipper Multi-Cap Core Index for the three-year, five-year, and ten-year periods.
As to International Core Equity Fund, the Board observed that the investment performance of the Class A shares of the Fund was in the second quintile of its performance universe for the eight-month and one-year periods, the first quintile for the three-year period, the second quintile for the five-year period, and higher than that of the Lipper International Large-Cap Core Index for each of those periods.
As to International Dividend Income Fund, the Board observed that the investment performance of the Class A shares of the Fund was in the first quintile of its performance universe for the eight-month and one-year periods, and the second quintile for the three-year period. The Board observed that the investment performance was higher than that of the Lipper International Multi-Cap Value Index for the eight-month, one-year, and three-year periods.
As to International Opportunities Fund, the Board observed that the investment performance of the Class A shares of the Fund was in the fourth quintile of its performance universe for the eight-month and one-year periods, the third quintile for the three-year period, and the fifth quintile for the five-year and ten-year periods. The Board also observed that the investment performance was higher than that of the Lipper International Small-/Mid-Cap Growth Index for the three-year period and lower than that of the Index for the eight-month, one-year, five-year, and ten-year periods.
As to Large Cap Value Fund, the Board observed that the investment performance of the Class A shares of the Fund was in the fifth quintile of the performance universe for the eight-month, one-year, and three-year periods, and the fourth quintile for the five-year period. The Board also observed that the performance was lower than that of the Lipper Large-Cap Value Index for each of those periods.
As to Value Opportunities Fund, the Board considered the investment performance of the Fund in relation to two different performance universes, the first consisting of mid-cap core funds and the second consisting of mid-cap value funds. The Board observed that the investment performance of the Class A shares of the Fund was in the fourth quintile of the first performance universe for the eight-month and one-year periods, and the first quintile for the three-year and five-year periods. The Board observed that the investment performance was higher than the Lipper Mid-Cap Core Index for the three-year and five-year periods and lower than that of the Index for the eight-month and one-year periods. The Board observed that the investment performance was in the fourth quintile of the second performance universe for the eight-month period, the third quintile for the one-year period, and the first quintile for the three-year and five-year periods. The Board observed that the investment performance was higher than that of the Lipper Mid-Cap Value Index for the one-year, three-year, and five-year periods, and lower than that of the Index for the eight-month period.
Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel. The Board also noted that Lord Abbett had changed the portfolio manager
146
Approval of Advisory Contract (continued)
for Large Cap Value Fund in 2009, naming Mr. Frascarelli to be the portfolio manager. The Board determined that Lord Abbett had the expertise and resources to manage each Fund effectively.
Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and Lord Abbett Distributor LLC (“Distributor”) and the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.
Expenses. The Board considered the expense level of each class of shares of each Fund and the expense levels of one or more corresponding peer groups. The Board considered the fiscal periods on which the peer group comparison or comparisons were based, and noted that the fiscal years of many funds in each Fund’s peer group did not coincide with the Fund’s fiscal year. It also considered the projected expense levels of each Fund. It also considered the amount and nature of the fees paid by shareholders.
As to Alpha Strategy Fund, the Board considered the management fee and the total expenses of the Fund in comparison to two peer groups, the first consisting of passively managed affiliated small-cap core and multi-cap core funds of funds and the second consisting of small-cap core funds that are not funds of funds. As to the first peer group, the Board observed that for the fiscal year ended October 31, 2010 the contractual management fee, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets, was approximately four basis points lower than the median of the peer group and the actual management fee, also calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets, was three basis points lower than the median of the peer group. As to the second peer group, the Board observed that for the fiscal year ended October 31, 2010 the contractual management and actual management fees were approximately seventy-five basis points below the median of the peer group. The Board observed that, like other funds in the first peer group, the Fund indirectly pays the management fees and other expenses of the underlying funds in which it invests. The Board also observed that, taking into account these indirect expenses, for the fiscal year ended October 31, 2010, the total expense ratio of Class A was approximately twenty basis points above the median of the first peer group, the total expense ratios of Class B and Class C were approximately the same as the median of the first peer group, the total expense ratio of Class F was approximately five basis points above the median of the first peer group, the total expense ratio of Class I was approximately ten basis points above the median of the first peer group, the total expense ratio of Class R2 was approximately twenty basis points above the median of the first peer group, and the total expense ratio of Class R3 was approximately ten basis points above the median of the first peer group. The Board also observed that, taking into account the indirect expenses, for the fiscal year ended October 31, 2010, the total expense ratio of Class A was approximately seven basis points above the median of the second peer group, the total expense ratios of Class B and Class C were approximately the same as the median of the second peer group, the total expense ratio of Class F was approximately seven basis points above the median of the second peer group, the total expense ratio of Class I was approximately fifteen basis points above the median of the second peer group, the total expense ratio of Class R2 was approximately twenty-two basis points above the median of the second peer group, and the total expense ratio of Class R3 was approximately twelve basis points above the median of the second peer group. The Board also noted that the Class A expense ratio did not reflect a recent reduction in the Rule 12b-1 fee rate. The Board noted that effective March 1, 2011 the Fund and Lord Abbett had entered into a management fee waiver agreement under which Lord
147
Approval of Advisory Contract (continued)
Abbett waived five basis points of its management fee and that Lord Abbett proposed to enter into a new management fee waiver agreement through February 28, 2013, under which it would continue to waive five basis points of its management fee. The Board also noted that Lord Abbett was voluntarily waiving an additional five basis points of its management fee, thereby effectively waiving its entire fee, but that Lord Abbett could cease this voluntary waiver at any time. The Board considered the projected expense ratio of each class and how those ratios would relate to those of the peer groups.
As to Fundamental Equity Fund, the Board observed that for the fiscal year ended October 31, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets, were nine basis points below the median of the peer group and the actual management and administrative services fees were seven basis points below the median of the peer group. The Board also observed that for the fiscal year ended October 31, 2010 the total expense ratio of Class A was approximately three basis points below the median of the peer group, the total expense ratios of Class B, and Class C were approximately sixteen basis points below the median of the peer group, the total expense ratio of Class F was approximately three basis points below the median of the peer group, the total expense ratio of Class I was approximately four basis points below the median of the peer group, the total expense ratio of Class P was approximately eight basis points below the median of the peer group, the total expense ratio of Class R2 was approximately six basis points above the median of the peer group, and the total expense ratio of Class R3 was approximately four basis points below the median of the peer group. The Board also considered the projected expense ratio of each class and how those ratios would relate to those of the peer groups.
As to International Core Equity Fund, the Board observed that for the fiscal year ended October 31, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets, were approximately ten basis points below the median of the peer group and the actual management and administrative services fees were approximately twenty-eight basis points below the median of the peer group. The Board observed that for the fiscal year ended October 31, 2010 the total expense ratio of Class A was approximately twenty-seven basis points below the median of the peer group, the total expense ratios of Class B and Class C were approximately forty-one basis points below the median of the peer group, the total expense ratio of Class F was approximately twenty-two basis points below the median of the peer group, the total expense ratio of Class I was approximately twelve basis points below the median of the peer group, the total expense ratio of Class P was approximately six basis points below the median of the peer group, the total expense ratio of Class R2 was approximately three basis points above the median of the peer group, and the total expense ratio of Class R3 was approximately seven basis points below the median of the peer group. The Board also observed that the Rule 12b-1 plan had not been operational for a portion of the fiscal year for Class R2 and that had it been operational the expense ratio of Class R2 would have been approximately two basis points higher. The Board noted that for the period from March 1, 2011 through February 29, 2012, Lord Abbett had contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 0.77%. The Board also noted that Lord Abbett proposed to renew the agreement through February 28, 2013. The Board considered the projected expense ratio of each class and how those expense ratios would relate to those of the peer group.
148
Approval of Advisory Contract (continued)
As to International Dividend Income Fund, the Board observed that for the fiscal year ended October 31, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets, were approximately twenty-three basis points below the median of the peer group and the actual management and administrative services fees were approximately twenty-nine basis points below the median of the peer group. The Board observed that for the fiscal year ended October 31, 2010 the total expense ratio of Class A was approximately thirty-two basis points below the median of the peer group, the total expense ratio of Class C was approximately forty-two basis points below the median of the peer group, the total expense ratio of Class F was approximately forty basis points below the median of the peer group, the total expense ratio of Class I was approximately twenty-seven basis points below the median of the peer group, and the total expense ratio of Class R2 was approximately sixty-eight basis points below the median of the peer group. The Board also observed that the Rule 12b-1 plan had not been operational for a portion of the fiscal year for Class R2 and R3 and that had it been operational the expense ratios of Class R2 and Class R3 would have been approximately fifty-five and three basis points higher, respectively. The Board noted that for the period from March 1, 2011 through February 29, 2012, Lord Abbett had contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 0.77%. The Board also noted that Lord Abbett proposed to renew the agreement through February 28, 2013. The Board considered the projected expense ratio of each class and how those expense ratios would relate to those of the peer group.
As to International Opportunities Fund, the Board observed that for the fiscal year ended October 31, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets, were approximately eleven basis points below the median of the peer group and the actual management and administrative services fees were approximately eleven basis points below the median of the peer group. The Board observed that for the fiscal year ended October 31, 2010 the total expense ratio of Class A was approximately the same as the median of the peer group, the total expense ratios of Class B and Class C were approximately twelve basis points below the median of the peer group, the total expense ratio of Class F was approximately the same as the median of the peer group, the total expense ratio of Class I was approximately nine basis points above the median of the peer group, the total expense ratio of Class P was approximately three basis points below the median of the peer group, the total expense ratio of Class R2 was approximately twelve basis points above the median of the peer group, and the total expense ratio of Class R3 was approximately the same as the median of the peer group. The Board noted that effective March 1, 2011 it and Lord Abbett had entered into an expense limitation agreement that had the effect of limiting the total expense ratio of Class A to not more than 1.70%, the total expense ratios of Class B and Class C to not more than 2.35%, the total expense ratio of Class F to not more than 1.45%, the total expense ratio of Class I to 1.35%, the total expense ratio of Class R2 to not more than 1.95%, and the total expense ratio of Class R3 to not more than 1.85%. The Board also noted that Lord Abbett proposed not to renew the expense limitation agreement. The Board considered the projected expense ratio of each class and how those expense ratios would relate to those of the peer group.
As to Large Cap Value Fund, the Board observed that for the fiscal year ended October 31, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets, were approximately thirty-two basis points below the median of the peer group and the actual
149
Approval of Advisory Contract (continued)
management and administrative service fees were approximately twenty-six basis points below the median of the peer group. The Board observed that for the fiscal year ended October 31, 2010 the total expense ratio of Class A was approximately eighteen basis points below the median of the peer group, the total expense ratio of Class B was approximately eighteen basis points below the median of the peer group, the total expense ratio of Class C was approximately eighteen basis points below the median of the peer group, the total expense ratio of Class F was approximately fifteen basis points below the median of the peer group, the total expense ratio of Class I was approximately thirteen basis points below the median of the peer group, the total expense ratio of Class P was approximately three basis points above the median of the peer group, the total expense ratio of Class R2 was approximately forty-three basis points below the median of the peer group and the total expense ratio of Class R3 was approximately eight basis points above the median of the peer group. The Board also considered the projected expense ratio of each class and how those ratios would relate to those of the peer groups.
As to Value Opportunities Fund, the Board considered the management fees and the total expenses of the Fund in comparison to two peer groups, the first consisting of mid-cap core funds and the second consisting of mid-cap value funds. As to the first peer group, the Board observed that for the fiscal year ended October 31, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets, were approximately two basis points above the median of the peer group and the actual management and administrative service fees were approximately four basis points above the median of the peer group. The Board observed that for the fiscal year ended October 31, 2010 the total expense ratio of Class A was approximately ten basis points above the median of the peer group, the total expense ratios of Class B and Class C were approximately the same as the median of the peer group, the total expense ratio of Class F was approximately two basis points above the median of the peer group, the total expense ratio of Class I was eleven basis points above the median of the peer group, the total expense ratio of Class P was approximately the same as the median of the peer group, the total expense ratio of Class R2 was approximately sixteen basis points above the median of the peer group, and the total expense ratio of Class R3 was approximately five basis points above the median of the peer group. As to the second peer group, the Board observed that for the fiscal year ended October 31, 2010 the contractual management and administrative services fees were approximately two basis points above the median of the peer group and the actual management and administrative services fees were approximately seven basis points above the median of the peer group. The Board observed that for the fiscal year ended October 31, 2010 the total expense ratio of Class A was approximately twelve basis points above the median of the peer group, the total expense ratios of Class B and Class C were approximately the same as the median of the peer group, the total expense ratio of Class F was approximately five basis points below the median of the peer group, the total expense ratio of Class I was approximately four basis points below the median of the peer group, the total expense ratio of Class P was approximately five basis points below the median of the peer group, the total expense ratio of Class R2 was approximately ten basis points above the median of the peer group, and the total expense ratio of Class R3 was approximately the same as the median of the peer group. The Board considered the projected expense ratio of each class and how those ratios would relate to those of the peer groups.
Profitability. As to each Fund, the Board considered the level of Lord Abbett’s profits in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable
150
Approval of Advisory Contract (continued)
basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of each Fund, including the fee Lord Abbett receives from the Fund for providing administrative services to the Fund, and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to each Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund. The Board noted that Lord Abbett’s overall profitability had increased in its 2011 fiscal year. The Board concluded that Lord Abbett’s profitability overall and as to each Fund was not excessive.
Economies of Scale. As to each Fund, the Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that each existing management fee schedule, which for each Fund other than Alpha Strategy Fund had breakpoint(s) in the level of the management fee, adequately addressed any economies of scale in managing the applicable Fund.
Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectuses of the Funds, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund brokerage transactions.
Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving the continuation of the management agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms.
After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreements was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation. In considering whether to approve the continuation of the management agreements, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered.
Growth Leaders Fund
At the initial organizational meeting for the Fund, the Board, including all of the Trustees who are not interested persons of the Fund or Lord Abbett, considered whether to approve the proposed
151
Approval of Advisory Contract (continued)
management agreement between the Fund and Lord Abbett. The Board received materials relating to the management agreement before and at the meeting and had the opportunity to ask questions and request further information in connection with its consideration. The Board also took into account its familiarity with Lord Abbett gained through its previous meetings and discussions.
The materials received by the Board as to the Fund included, but were not limited to, (1) information provided by Lipper regarding the effective management fee rates and expense ratios for a group of funds with similar objectives (the “peer expense group”), (2) information regarding the distribution arrangements of the Fund, and (3) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.
Investment Management Services Generally. The Board considered the investment management services to be provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest resulting from being engaged in other lines of business.
Investment Performance. Because the Fund had not yet begun operations, the Board was not able to review the Fund’s investment performance and compliance.
Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel who would provide investment management services to the Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel. The Board determined that Lord Abbett had the expertise and resources to manage the Fund effectively.
Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services to be performed by Lord Abbett and Distributor and the nature and extent of Lord Abbett’s supervision of third party service providers, including the Fund’s transfer agent and custodian.
Expenses. The Board considered the expected expense levels of the Fund and the expense levels of the peer expense group. It also considered the amount and nature of the fees to be paid by shareholders. The Board noted that Lord Abbett had proposed to enter into an agreement providing that Lord Abbett would waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees, would not exceed an annual rate of 0.50%.
Profitability. Because the Fund had not yet begun operations, the Board was not able to consider the level of Lord Abbett’s profits in managing the Fund. The Board took into account Lord Abbett’s overall profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund.
Economies of Scale. The Board considered whether there might be economies of scale in managing the Fund and whether the Fund would benefit appropriately from any such economies of
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Approval of Advisory Contract (concluded)
scale. The Board concluded that the proposed management fee schedule, with its breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the Fund.
Other Benefits to Lord Abbett. The Board considered the character and amount of fees to be paid by the Fund and the Fund’s shareholders to Lord Abbett and Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that that business also benefits the Funds. The Board also noted that Lord Abbett, as was to be disclosed in the prospectus of the Fund, had entered into revenue sharing arrangements with certain entities that were expected to distribute shares of the Fund. The Board also took into consideration the investment research that Lord Abbett was expected to receive as a result of Fund brokerage transactions.
After considering all of the relevant factors, the Board unanimously found that approval of the proposed management agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve it. In considering whether to approve the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered.
153
Householding
The Trust has adopted a policy that allows them to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.
Proxy Voting Policies, Procedures and Records
A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. 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. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).
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| Lord Abbett Securities Trust |
| LST-3-0412 |
2 0 1 2
L O R D A B B E T T
S E M I A N N U A L
R E P O R T
Lord Abbett
Micro Cap Growth Fund
Micro Cap Value Fund
For the six-month period ended April 30, 2012
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Lord Abbett Securities Trust |
Lord Abbett Micro Cap Growth Fund and Lord Abbett |
Micro Cap Value Fund Semiannual Report |
For the six-month period ended April 30, 2012 |
From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.
Dear Shareholders: We are pleased to provide you with this semiannual report for the Funds for the six-month period ended April 30, 2012. For additional information about the Funds, please visit our Website at www.lordabbett.com, where you also can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.
Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.
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Best regards, |
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Robert S. Dow |
Chairman |
1
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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 the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2011 through April 30, 2012).
Actual Expenses
For each class of each Fund, the first line of the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 11/1/11 – 4/30/12” 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 tables 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 each 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.
2
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Micro Cap Growth 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.
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| Beginning |
| Ending |
| Expenses |
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| 11/1/11 |
| 4/30/12 |
| 11/1/11 - |
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Class A |
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Actual | $1,000.00 |
| $1,152.40 |
| $11.08 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,014.55 |
| $10.37 |
Class I |
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Actual | $1,000.00 |
| $1,153.60 |
| $ 9.75 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,015.79 |
| $ 9.12 |
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† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (2.07% for Class A and 1.82% for Class I) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
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Portfolio Holdings Presented by Sector | |
April 30, 2012 |
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Sector* |
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| %** |
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Consumer Discretionary |
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| 17.51 | % |
Consumer Staples |
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| 0.25 | % |
Energy |
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| 2.26 | % |
Financials |
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| 6.73 | % |
Health Care |
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| 22.03 | % |
Industrials |
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| 11.97 | % |
Information Technology |
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| 35.07 | % |
Materials |
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| 1.84 | % |
Short-Term Investment |
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| 2.34 | % |
Total |
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| 100.00 | % |
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* | A sector may comprise several industries. |
** | Represents percent of total investments. |
3
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Micro Cap Value 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.
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| Beginning |
| Ending |
| Expenses |
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| |||
| 11/1/11 |
| 4/30/12 |
| 11/1/11 - |
|
|
| |||
Class A |
|
|
|
|
|
Actual | $1,000.00 |
| $1,135.50 |
| $10.88 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,014.69 |
| $10.27 |
Class I |
|
|
|
|
|
Actual | $1,000.00 |
| $1,136.50 |
| $ 9.56 |
Hypothetical (5% Return Before Expenses) | $1,000.00 |
| $1,015.93 |
| $ 9.02 |
|
|
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (2.05% for Class A and 1.80% for Class I) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one year period). |
|
|
Portfolio Holdings Presented by Sector | |
April 30, 2012 |
|
|
|
|
|
Sector * |
|
| %** |
|
Consumer Discretionary |
|
| 11.20 | % |
Consumer Staples |
|
| 4.95 | % |
Energy |
|
| 1.23 | % |
Financials |
|
| 18.79 | % |
Health Care |
|
| 7.61 | % |
Industrials |
|
| 33.31 | % |
Information Technology |
|
| 10.09 | % |
Materials |
|
| 9.37 | % |
Utilities |
|
| 2.00 | % |
Short-Term Investment |
|
| 1.45 | % |
Total |
|
| 100.00 | % |
|
|
* | A sector may comprise several industries. |
** | Represents percent of total investments. |
4
|
Schedule of Investments (unaudited) |
MICRO CAP GROWTH FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
LONG-TERM INVESTMENTS 97.65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 97.65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics 0.86% |
|
|
|
|
|
|
|
Echo Global Logistics, Inc.* |
|
| 56,611 |
| $ | 964 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Auto Components 1.34% |
|
|
|
|
|
|
|
Fuel Systems Solutions, Inc.* |
|
| 64,034 |
|
| 1,502 |
|
|
|
|
|
|
| ||
| |||||||
Biotechnology 3.64% |
|
|
|
|
|
|
|
Amarin Corp. plc ADR* |
|
| 67,096 |
|
| 819 |
|
Dynavax Technologies |
|
| 366,838 |
|
| 1,838 |
|
Genomic Health, Inc.* |
|
| 49,085 |
|
| 1,407 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 4,064 |
|
|
|
|
|
|
| ||
| |||||||
Capital Markets 2.43% |
|
|
|
|
|
|
|
Financial Engines, Inc.* |
|
| 44,121 |
|
| 1,008 |
|
WisdomTree Investments, |
|
| 199,700 |
|
| 1,707 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,715 |
|
|
|
|
|
|
| ||
| |||||||
Chemicals 1.04% |
|
|
|
|
|
|
|
Koppers Holdings, Inc. |
|
| 29,759 |
|
| 1,157 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| |||||||
Commercial Banks 3.02% |
|
|
|
|
|
|
|
Home BancShares, Inc. |
|
| 59,092 |
|
| 1,722 |
|
Western Alliance Bancorp* |
|
| 188,297 |
|
| 1,653 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,375 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Communications Equipment 0.98% |
|
|
|
|
|
|
|
Oplink Communications, Inc.* |
|
| 69,030 |
|
| 1,093 |
|
|
|
|
|
|
| ||
| |||||||
Construction & Engineering 0.95% |
|
|
|
|
|
|
|
MYR Group, Inc.* |
|
| 63,667 |
|
| 1,065 |
|
|
|
|
|
|
| ||
| |||||||
Diversified Financial Services 0.77% |
|
|
|
|
|
|
|
MarketAxess Holdings, Inc. |
|
| 25,114 |
|
| 862 |
|
|
|
|
|
|
| ||
| |||||||
Electrical Equipment 3.52% |
|
|
|
|
|
|
|
Capstone Turbine Corp.* |
|
| 1,272,327 |
|
| 1,387 |
|
Thermon Group Holdings, |
|
| 114,360 |
|
| 2,541 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,928 |
|
|
|
|
|
|
| ||
| |||||||
Electronic Equipment, Instruments & |
|
|
|
|
|
|
|
FARO Technologies, Inc.* |
|
| 30,764 |
|
| 1,722 |
|
Maxwell Technologies, Inc.* |
|
| 70,797 |
|
| 673 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,395 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy Equipment & Services 1.55% |
|
|
|
|
|
|
|
Global Geophysical |
|
|
|
|
|
|
|
Services, Inc.* |
|
| 150,146 |
|
| 1,437 |
|
RigNet, Inc.* |
|
| 17,091 |
|
| 292 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,729 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 0.25% |
|
|
|
|
|
|
|
Annie’s, Inc.* |
|
| 7,139 |
|
| 284 |
|
|
|
|
|
|
| ||
| |||||||
Health Care Equipment & Supplies 8.15% |
|
|
|
|
|
|
|
Conceptus, Inc.* |
|
| 82,295 |
|
| 1,546 |
|
DexCom, Inc.* |
|
| 98,349 |
|
| 963 |
|
Endologix, Inc.* |
|
| 139,060 |
|
| 2,083 |
|
Insulet Corp.* |
|
| 30,077 |
|
| 537 |
|
NxStage Medical, Inc.* |
|
| 41,325 |
|
| 703 |
|
OraSure Technologies, Inc.* |
|
| 175,945 |
|
| 2,018 |
|
STAAR Surgical Co.* |
|
| 114,800 |
|
| 1,259 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 9,109 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Providers & Services 1.21% |
|
|
|
|
|
|
|
Epocrates, Inc.* |
|
| 53,317 |
|
| 434 |
|
MWI Veterinary Supply, Inc.* |
|
| 9,734 |
|
| 919 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,353 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Technology 3.94% |
|
|
|
|
|
|
|
Greenway Medical |
|
|
|
|
|
|
|
Technologies* |
|
| 127,956 |
|
| 1,970 |
|
HealthStream, Inc.* |
|
| 57,666 |
|
| 1,322 |
|
Vocera Communications, |
|
| 50,060 |
|
| 1,109 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 4,401 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 5 |
|
Schedule of Investments (unaudited)(continued) |
MICRO CAP GROWTH FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
Hotels, Restaurants & Leisure 3.20% |
|
|
|
|
|
|
|
Caribou Coffee Co., Inc.* |
|
| 105,847 |
| $ | 1,737 |
|
Peet’s Coffee & Tea, Inc.* |
|
| 23,894 |
|
| 1,836 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,573 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Information Technology Services 3.93% |
|
|
|
|
|
|
|
EPAM Systems, Inc.* |
|
| 118,779 |
|
| 2,452 |
|
hiSoft Technology |
|
|
|
|
|
|
|
International Ltd. ADR* |
|
| 89,409 |
|
| 1,271 |
|
ServiceSource International, |
|
|
|
|
|
|
|
Inc.* |
|
| 40,211 |
|
| 667 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 4,390 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Internet Software & Services 12.18% |
|
|
|
|
|
|
|
Active Network, Inc. (The)* |
|
| 112,185 |
|
| 1,885 |
|
Angie’s List, Inc.* |
|
| 70,846 |
|
| 988 |
|
Bazaarvoice, Inc.* |
|
| 16,221 |
|
| 321 |
|
Carbonite, Inc.* |
|
| 72,700 |
|
| 581 |
|
comScore, Inc.* |
|
| 84,235 |
|
| 1,678 |
|
Constant Contact, Inc.* |
|
| 44,804 |
|
| 1,083 |
|
Cornerstone OnDemand, |
|
| 95,934 |
|
| 1,993 |
|
Demandware, Inc.* |
|
| 34,233 |
|
| 933 |
|
Liquidity Services, Inc.* |
|
| 12,014 |
|
| 641 |
|
LivePerson, Inc.* |
|
| 107,346 |
|
| 1,705 |
|
Responsys, Inc.* |
|
| 140,722 |
|
| 1,798 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 13,606 |
|
|
|
|
|
|
| ||
| |||||||
Leisure Equipment & Products 1.49% |
|
|
|
|
|
|
|
Shuffle Master, Inc.* |
|
| 93,946 |
|
| 1,660 |
|
|
|
|
|
|
| ||
| |||||||
Life Sciences Tools & Services 1.65% |
|
|
|
|
|
|
|
Fluidigm Corp.* |
|
| 118,092 |
|
| 1,843 |
|
|
|
|
|
|
| ||
| |||||||
Machinery 4.79% |
|
|
|
|
|
|
|
Allot Communications Ltd. |
|
| 89,856 |
|
| 2,205 |
|
Dynamic Materials Corp. |
|
| 50,918 |
|
| 931 |
|
Proto Labs, Inc.* |
|
| 16,655 |
|
| 618 |
|
RBC Bearings, Inc.* |
|
| 34,200 |
|
| 1,603 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 5,357 |
|
|
|
|
|
|
| ||
| |||||||
Metals & Mining 0.80% |
|
|
|
|
|
|
|
Materion Corp. |
|
| 36,249 |
|
| 896 |
|
|
|
|
|
|
| ||
| |||||||
Oil, Gas & Consumable Fuels 0.71% |
|
|
|
|
|
|
|
Magnum Hunter Resources |
|
| 127,731 |
|
| 793 |
|
|
|
|
|
|
| ||
| |||||||
Pharmaceuticals 3.44% |
|
|
|
|
|
|
|
Akorn, Inc.* |
|
| 133,929 |
|
| 1,624 |
|
Optimer Pharmaceuticals, |
|
| 104,845 |
|
| 1,552 |
|
Sagent Pharmaceuticals, |
|
| 36,958 |
|
| 665 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,841 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 0.71% |
|
|
|
|
|
|
|
Zipcar, Inc.* |
|
| 65,399 |
|
| 788 |
|
|
|
|
|
|
| ||
| |||||||
Semiconductors & Semiconductor |
|
|
|
|
|
|
|
Inphi Corp.* |
|
| 111,657 |
|
| 1,133 |
|
MaxLinear, Inc. Class A* |
|
| 72,502 |
|
| 352 |
|
Monolithic Power Systems, |
|
| 57,471 |
|
| 1,191 |
|
RDA Microelectronics, Inc. |
|
|
|
|
|
|
|
ADR* |
|
| 171,311 |
|
| 2,205 |
|
Volterra Semiconductor |
|
| 81,434 |
|
| 2,678 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 7,559 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Software 9.07% |
|
|
|
|
|
|
|
Envivio, Inc.* |
|
| 94,600 |
|
| 875 |
|
Imperva, Inc.* |
|
| 36,492 |
|
| 1,269 |
|
NQ Mobile, Inc. ADR* |
|
| 113,966 |
|
| 1,325 |
|
Proofpoint, Inc.* |
|
| 105,300 |
|
| 1,380 |
|
Sourcefire, Inc.* |
|
| 27,128 |
|
| 1,383 |
|
Synchronoss Technologies, |
|
|
|
|
|
|
|
Inc.* |
|
| 23,369 |
|
| 732 |
|
Tangoe, Inc.* |
|
| 57,365 |
|
| 1,175 |
|
Velti plc (Ireland)*(a) |
|
| 167,394 |
|
| 2,000 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 10,139 |
|
|
|
|
|
|
|
|
|
|
6 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(concluded)
MICRO CAP GROWTH FUND April 30, 2012
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
Specialty Retail 11.48% |
|
|
|
|
|
|
|
America’s Car-Mart, Inc.* |
|
| 35,598 |
| $ | 1,635 |
|
Body Central Corp.* |
|
| 98,965 |
|
| 3,006 |
|
Francesca’s Holdings Corp.* |
|
| 58,312 |
|
| 1,828 |
|
Hibbett Sports, Inc.* |
|
| 18,719 |
|
| 1,118 |
|
Lumber Liquidators |
|
| 69,854 |
|
| 2,021 |
|
rue21, Inc.* |
|
| 26,352 |
|
| 800 |
|
Zumiez, Inc.* |
|
| 65,960 |
|
| 2,418 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 12,826 |
|
|
|
|
|
|
| ||
Thrifts & Mortgage Finance 0.51% |
|
|
|
|
|
|
|
First PacTrust Bancorp, Inc. |
|
| 51,400 |
|
| 565 |
|
|
|
|
|
|
| ||
Trading Companies & Distributors 1.13% |
|
|
|
|
|
|
|
Rush Enterprises, Inc. |
|
|
|
|
|
|
|
Class A* |
|
| 69,988 |
|
| 1,265 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
|
|
|
|
(cost $89,363,419) |
|
|
|
|
| 109,097 |
|
|
|
|
|
|
| ||
| |||||||
WARRANT 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
Magnum Hunter Resources |
|
|
|
|
|
|
|
(cost $0) |
|
| 13,683 |
|
| — | (c) |
|
|
|
|
|
| ||
Total Long-Term Investments |
|
|
|
|
|
|
|
(cost $89,363,419) |
|
|
|
|
| 109,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
SHORT-TERM INVESTMENT 2.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 2,614 |
| $ | 2,614 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Total Investments in |
|
|
|
|
|
|
|
(cost $91,977,533) |
|
|
|
|
| 111,711 |
|
|
|
|
|
|
| ||
Other Assets in Excess |
|
|
|
|
| 10 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 111,721 |
|
|
|
|
|
|
|
|
|
ADR | American Depositary Receipt. |
* | Non-income producing security. |
(a) | Foreign security traded in U.S. dollars. |
(b) | Exercise price of $10.50 and expiration date of 10/14/2013. |
(c) | Valued at zero as of April 30, 2012. |
|
|
|
| See Notes to Financial Statements. | 7 |
|
Schedule of Investments (unaudited) |
MICRO CAP VALUE FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
COMMON STOCKS 98.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 0.87% |
|
|
|
|
|
|
|
CPI Aerostructures, Inc.* |
|
| 70,900 |
| $ | 1,148 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Auto Components 3.33% |
|
|
|
|
|
|
|
Dorman Products, Inc.* |
|
| 47,500 |
|
| 2,270 |
|
Drew Industries, Inc.* |
|
| 71,575 |
|
| 2,131 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 4,401 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals 6.60% |
|
|
|
|
|
|
|
Balchem Corp. |
|
| 44,500 |
|
| 1,286 |
|
KMG Chemicals, Inc. |
|
| 109,448 |
|
| 1,887 |
|
LSB Industries, Inc.* |
|
| 56,300 |
|
| 1,910 |
|
Quaker Chemical Corp. |
|
| 41,500 |
|
| 1,801 |
|
TPC Group, Inc.* |
|
| 43,600 |
|
| 1,830 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 8,714 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 10.94% |
|
|
|
|
|
|
|
Bank of Marin Bancorp |
|
| 35,000 |
|
| 1,297 |
|
Bryn Mawr Bank Corp. |
|
| 66,682 |
|
| 1,433 |
|
MidSouth Bancorp, Inc. |
|
| 128,800 |
|
| 1,816 |
|
Northrim BanCorp, Inc. |
|
| 68,074 |
|
| 1,493 |
|
Sandy Spring Bancorp, Inc. |
|
| 101,700 |
|
| 1,832 |
|
SCBT Financial Corp. |
|
| 46,260 |
|
| 1,591 |
|
Southern National Bancorp |
|
| 119,700 |
|
| 826 |
|
Sterling Bancorp |
|
| 212,900 |
|
| 2,025 |
|
Washington Banking Co. |
|
| 153,701 |
|
| 2,143 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 14,456 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Services & Supplies 9.26% |
|
|
|
|
|
|
|
McGrath RentCorp |
|
| 85,300 |
|
| 2,510 |
|
Mobile Mini, Inc.* |
|
| 117,100 |
|
| 2,208 |
|
Multi-Color Corp. |
|
| 146,086 |
|
| 3,115 |
|
Team, Inc.* |
|
| 74,800 |
|
| 2,216 |
|
TMS International Corp. |
|
| 180,800 |
|
| 2,184 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 12,233 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Communications Equipment 1.30% |
|
|
|
|
|
|
|
Bel Fuse, Inc. Class B |
|
| 96,400 |
|
| 1,715 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Computers & Peripherals 0.88% |
|
|
|
|
|
|
|
Electronics for Imaging, Inc.* |
|
| 65,459 |
|
| 1,168 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 1.13% |
|
|
|
|
|
|
|
MYR Group, Inc.* |
|
| 88,900 |
|
| 1,486 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Financial Services 1.52% |
|
|
|
|
|
|
|
Marlin Business Services |
|
|
|
|
|
|
|
Corp. |
|
| 136,968 |
|
| 2,011 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electrical Equipment 2.90% |
|
|
|
|
|
|
|
AZZ, Inc. |
|
| 17,800 |
|
| 920 |
|
Powell Industries, Inc.* |
|
| 28,600 |
|
| 933 |
|
Thermon Group Holdings, |
|
| 89,200 |
|
| 1,982 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,835 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & |
|
|
|
|
|
|
|
CTS Corp. |
|
| 221,525 |
|
| 2,377 |
|
Measurement Specialties, |
|
| 40,221 |
|
| 1,437 |
|
Methode Electronics, Inc. |
|
| 169,100 |
|
| 1,429 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 5,243 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy Equipment & Services 1.23% |
|
|
|
|
|
|
|
Tesco Corp.* |
|
| 99,800 |
|
| 1,630 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 2.93% |
|
|
|
|
|
|
|
Chefs’ Warehouse, Inc. |
|
| 98,713 |
|
| 2,387 |
|
Nash Finch Co. |
|
| 59,300 |
|
| 1,488 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,875 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 2.02% |
|
|
|
|
|
|
|
Overhill Farms, Inc.* |
|
| 587,957 |
|
| 2,669 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Gas Utilities 0.94% |
|
|
|
|
|
|
|
Chesapeake Utilities Corp. |
|
| 29,600 |
|
| 1,244 |
|
|
|
|
|
|
|
|
|
|
8 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
MICRO CAP VALUE FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
Health Care Equipment & Supplies 3.52% |
|
|
|
|
|
|
|
ICU Medical, Inc.* |
|
| 55,100 |
| $ | 2,892 |
|
Merit Medical Systems, Inc.* |
|
| 99,725 |
|
| 1,318 |
|
SurModics, Inc.* |
|
| 29,315 |
|
| 434 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 4,644 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Providers & Services 4.09% |
|
|
|
|
|
|
|
CorVel Corp.* |
|
| 26,520 |
|
| 1,153 |
|
Gentiva Health Services, |
|
| 105,600 |
|
| 875 |
|
Metropolitan Health |
|
| 191,200 |
|
| 1,430 |
|
U.S. Physical Therapy, Inc. |
|
| 79,845 |
|
| 1,947 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 5,405 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 0.85% |
|
|
|
|
|
|
|
Marcus Corp. (The) |
|
| 90,232 |
|
| 1,129 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 2.39% |
|
|
|
|
|
|
|
Donegal Group, Inc. Class A |
|
| 122,908 |
|
| 1,674 |
|
Homeowners Choice, Inc. |
|
| 105,400 |
|
| 1,477 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,151 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 3.80% |
|
|
|
|
|
|
|
Commercial Vehicle Group, |
|
| 146,828 |
|
| 1,562 |
|
Dynamic Materials Corp. |
|
| 89,200 |
|
| 1,631 |
|
Kadant, Inc.* |
|
| 28,509 |
|
| 737 |
|
RBC Bearings, Inc.* |
|
| 23,120 |
|
| 1,084 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 5,014 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Metals & Mining 1.68% |
|
|
|
|
|
|
|
Universal Stainless & Alloy |
|
| 47,831 |
|
| 2,219 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Paper & Forest Products 1.10% |
|
|
|
|
|
|
|
Neenah Paper, Inc. |
|
| 50,875 |
|
| 1,453 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Professional Services 3.14% |
|
|
|
|
|
|
|
CDI Corp. |
|
| 49,871 |
|
| 885 |
|
CRA International, Inc.* |
|
| 83,500 |
|
| 1,707 |
|
Exponent, Inc.* |
|
| 32,439 |
|
| 1,551 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 4,143 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 4.55% |
|
|
|
|
|
|
|
Celadon Group, Inc. |
|
| 136,700 |
|
| 2,136 |
|
Marten Transport Ltd. |
|
| 97,003 |
|
| 2,044 |
|
Roadrunner Transportation |
|
| 105,300 |
|
| 1,827 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 6,007 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor |
|
|
|
|
|
|
|
AXT, Inc.* |
|
| 290,819 |
|
| 1,480 |
|
Lattice Semiconductor |
|
| 271,500 |
|
| 1,483 |
|
Pericom Semiconductor |
|
| 184,627 |
|
| 1,451 |
|
Ultra Clean Holdings, Inc.* |
|
| 114,900 |
|
| 787 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 5,201 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Specialty Retail 7.02% |
|
|
|
|
|
|
|
America’s Car-Mart, Inc.* |
|
| 41,450 |
|
| 1,904 |
|
Asbury Automotive Group, |
|
| 82,100 |
|
| 2,293 |
|
Lithia Motors, Inc. Class A |
|
| 85,800 |
|
| 2,302 |
|
Pier 1 Imports, Inc. |
|
| 44,755 |
|
| 769 |
|
Shoe Carnival, Inc.* |
|
| 103,200 |
|
| 2,006 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 9,274 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Thrifts & Mortgage Finance 3.95% |
|
|
|
|
|
|
|
Brookline Bancorp, Inc. |
|
| 145,000 |
|
| 1,302 |
|
First PacTrust Bancorp, Inc. |
|
| 157,517 |
|
| 1,731 |
|
Territorial Bancorp, Inc. |
|
| 100,500 |
|
| 2,183 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 5,216 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 9 |
|
Schedule of Investments (unaudited)(concluded) |
MICRO CAP VALUE FUND April 30, 2012 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
Trading Companies & Distributors 7.69% |
|
|
|
|
|
|
|
CAI International, Inc.* |
|
| 105,100 |
| $ | 2,171 |
|
Essex Rental Corp.* |
|
| 366,584 |
|
| 1,441 |
|
H&E Equipment Services, |
|
| 103,700 |
|
| 2,001 |
|
Rush Enterprises, Inc. |
|
| 119,139 |
|
| 2,154 |
|
SeaCube Container |
|
| 128,824 |
|
| 2,390 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 10,157 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Water Utilities 1.06% |
|
|
|
|
|
|
|
Connecticut Water Service, |
|
| 50,600 |
|
| 1,404 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 130,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
SHORT-TERM INVESTMENT 1.45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 1,915 |
| $ | 1,915 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 132,160 |
|
|
|
|
|
|
| ||
Liabilities in Excess of |
|
|
|
|
| (62 | ) |
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 132,098 |
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
|
|
|
10 | See Notes to Financial Statements. |
|
Statements of Assets and Liabilities (unaudited)
April 30, 2012
|
|
|
|
|
|
|
|
|
| Micro Cap |
| Micro Cap |
| ||
ASSETS: |
|
|
|
|
|
|
|
Investments in securities, at cost |
| $ | 91,977,533 |
| $ | 110,474,989 |
|
Investments in securities, at fair value |
| $ | 111,710,752 |
| $ | 132,160,340 |
|
Receivables: |
|
|
|
|
|
|
|
Dividends |
|
| — |
|
| 43,468 |
|
Investment securities sold |
|
| 3,014,841 |
|
| 924,944 |
|
Capital shares sold |
|
| 18,009 |
|
| 29,429 |
|
Prepaid expenses |
|
| 4,291 |
|
| 12,337 |
|
Total assets |
|
| 114,747,893 |
|
| 133,170,518 |
|
LIABILITIES: |
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
Investment securities purchased |
|
| 2,690,406 |
|
| 808,562 |
|
Capital shares reacquired |
|
| 140,410 |
|
| 32,929 |
|
Management fee |
|
| 137,145 |
|
| 162,119 |
|
12b-1 distribution fees |
|
| 2,798 |
|
| 6,515 |
|
Fund administration |
|
| 3,657 |
|
| 4,323 |
|
Trustees’ fees |
|
| 6,145 |
|
| 8,126 |
|
To affiliate (See Note 3) |
|
| 14,931 |
|
| 14,877 |
|
Accrued expenses |
|
| 31,154 |
|
| 35,169 |
|
Total liabilities |
|
| 3,026,646 |
|
| 1,072,620 |
|
NET ASSETS |
| $ | 111,721,247 |
| $ | 132,097,898 |
|
COMPOSITION OF NET ASSETS: |
|
|
|
|
|
|
|
Paid-in capital |
| $ | 90,641,111 |
| $ | 116,703,294 |
|
Accumulated net investment loss |
|
| (1,006,783 | ) |
| (477,943 | ) |
Accumulated net realized gain (loss) on investments |
|
| 2,353,700 |
|
| (5,812,804 | ) |
Net unrealized appreciation on investments |
|
| 19,733,219 |
|
| 21,685,351 |
|
Net Assets |
| $ | 111,721,247 |
| $ | 132,097,898 |
|
Net assets by class: |
|
|
|
|
|
|
|
Class A Shares |
| $ | 13,111,975 |
| $ | 30,206,993 |
|
Class I Shares |
| $ | 98,609,272 |
| $ | 101,890,905 |
|
Outstanding shares by class (unlimited number of |
|
|
|
|
|
|
|
Class A Shares |
|
| 849,972 |
|
| 1,162,845 |
|
Class I Shares |
|
| 6,133,249 |
|
| 3,812,933 |
|
Net asset value, offering and redemption price per share |
|
|
|
|
|
|
|
Class A Shares-Net asset value |
|
| $15.43 |
|
| $25.98 |
|
Class A Shares-Maximum offering price |
|
| $16.37 |
|
| $27.56 |
|
Class I Shares-Net asset value |
|
| $16.08 |
|
| $26.72 |
|
|
|
|
| See Notes to Financial Statements. | 11 |
Statements of Operations (unaudited)
For the Six Months Ended April 30, 2012
|
|
|
|
|
|
|
|
|
| Micro Cap |
| Micro Cap |
| ||
Investment income: |
|
|
|
|
|
|
|
Dividends |
| $ | 99,492 |
| $ | 707,288 |
|
Interest |
|
| 101 |
|
| 116 |
|
Total investment income |
|
| 99,593 |
|
| 707,404 |
|
Expenses: |
|
|
|
|
|
|
|
Management fee |
|
| 821,222 |
|
| 953,332 |
|
12b-1 distribution plan-Class A |
|
| 16,344 |
|
| 35,298 |
|
Shareholder servicing |
|
| 8,618 |
|
| 13,670 |
|
Professional |
|
| 20,624 |
|
| 20,658 |
|
Reports to shareholders |
|
| 3,937 |
|
| 4,176 |
|
Fund administration |
|
| 21,899 |
|
| 25,422 |
|
Custody |
|
| 6,089 |
|
| 4,726 |
|
Trustees’ fees |
|
| 1,585 |
|
| 1,802 |
|
Registration |
|
| 14,385 |
|
| 14,257 |
|
Subsidy (See Note 3) |
|
| 100,403 |
|
| 102,654 |
|
Other |
|
| 1,690 |
|
| 1,919 |
|
Gross expenses |
|
| 1,016,796 |
|
| 1,177,914 |
|
Expense reductions (See Note 7) |
|
| (7 | ) |
| (13 | ) |
Net expenses |
|
| 1,016,789 |
|
| 1,177,901 |
|
Net investment loss |
|
| (917,196 | ) |
| (470,497 | ) |
Net realized and unrealized gain: |
|
|
|
|
|
|
|
Net realized gain on investments |
|
| 3,107,485 |
|
| 2,096,632 |
|
Net change in unrealized appreciation/depreciation on investments |
|
| 13,554,942 |
|
| 14,730,399 |
|
Net realized and unrealized gain |
|
| 16,662,427 |
|
| 16,827,031 |
|
Net Increase in Net Assets Resulting From Operations |
| $ | 15,745,231 |
| $ | 16,356,534 |
|
|
|
|
12 | See Notes to Financial Statements. |
|
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
| Micro Cap Growth Fund |
| ||||
|
| ||||||
INCREASE IN NET ASSETS |
| For the Six Months |
| For the Year Ended |
| ||
Operations: |
|
|
|
|
|
|
|
Net investment loss |
| $ | (917,196 | ) | $ | (2,070,238 | ) |
Net realized gain on investments |
|
| 3,107,485 |
|
| 24,812,106 |
|
Net change in unrealized appreciation/depreciation on |
|
| 13,554,942 |
|
| (19,800,201 | ) |
Net increase in net assets resulting from operations |
|
| 15,745,231 |
|
| 2,941,667 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net realized gain |
|
|
|
|
|
|
|
Class A |
|
| (2,348,826 | ) |
| — |
|
Class I |
|
| (13,998,254 | ) |
| — |
|
Total distributions to shareholders |
|
| (16,347,080 | ) |
| — |
|
Capital share transactions (See Note 11): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
| 2,879,494 |
|
| 14,332,083 |
|
Reinvestment of distributions |
|
| 14,787,271 |
|
| — |
|
Cost of shares reacquired |
|
| (14,548,743 | ) |
| (11,880,855 | ) |
Net increase in net assets resulting from |
|
| 3,118,022 |
|
| 2,451,228 |
|
Net increase in net assets |
|
| 2,516,173 |
|
| 5,392,895 |
|
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
| $ | 109,205,074 |
| $ | 103,812,179 |
|
End of period |
| $ | 111,721,247 |
| $ | 109,205,074 |
|
Accumulated net investment loss |
| $ | (1,006,783 | ) | $ | (89,587 | ) |
|
|
|
| See Notes to Financial Statements. | 13 |
Statements of Changes in Net Assets (concluded)
|
|
|
|
|
|
|
|
|
| Micro Cap Value Fund |
| ||||
|
| ||||||
INCREASE IN NET ASSETS |
| For the Six Months |
| For the Year Ended |
| ||
Operations: |
|
|
|
|
|
|
|
Net investment loss |
| $ | (470,497 | ) | $ | (1,339,550 | ) |
Net realized gain on investments |
|
| 2,096,632 |
|
| 7,571,775 |
|
Net change in unrealized appreciation/depreciation |
|
| 14,730,399 |
|
| (9,989,094 | ) |
Net increase (decrease) in net assets resulting |
|
| 16,356,534 |
|
| (3,756,869 | ) |
Capital share transactions (See Note 11): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
| 1,427,395 |
|
| 29,570,017 |
|
Cost of shares reacquired |
|
| (6,720,718 | ) |
| (20,785,659 | ) |
Net increase (decrease) in net assets resulting from |
|
| (5,293,323 | ) |
| 8,784,358 |
|
Net increase in net assets |
|
| 11,063,211 |
|
| 5,027,489 |
|
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
| $ | 121,034,687 |
| $ | 116,007,198 |
|
End of period |
| $ | 132,097,898 |
| $ | 121,034,687 |
|
Accumulated net investment loss |
| $ | (477,943 | ) | $ | (7,446 | ) |
|
|
|
14 | See Notes to Financial Statements. |
|
|
Financial Highlights |
MICRO CAP GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
| |||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $15.98 |
|
|
| $15.47 |
|
| $11.32 |
|
| $9.07 |
|
| $17.36 |
|
| $14.18 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| (.14 | ) |
|
| (.33 | ) |
| (.27 | ) |
| (.19 | ) |
| (.24 | ) |
| (.26 | ) |
Net increase from payment |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| — | (b) |
Net realized and |
|
|
| 2.05 |
|
|
| .84 |
|
| 4.42 |
|
| 2.44 |
|
| (7.71 | ) |
| 5.83 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.91 |
|
|
| .51 |
|
| 4.15 |
|
| 2.25 |
|
| (7.95 | ) |
| 5.57 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| (2.46 | ) |
|
| — |
|
| — |
|
| — |
|
| (.34 | ) |
| (2.39 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $15.43 |
|
|
| $15.98 |
|
| $15.47 |
|
| $11.32 |
|
| $9.07 |
|
| $17.36 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 15.24 | %(d) |
|
| 3.30 | % |
| 36.66 | % |
| 24.81 | % |
| (46.57 | )% |
| 45.19 | %(e) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| 1.03 | %(d) |
|
| 2.07 | % |
| 2.10 | % |
| 2.09 | % |
| 2.09 | % |
| 2.10 | % |
Expenses, including |
|
|
| 1.03 | %(d) |
|
| 2.07 | % |
| 2.10 | % |
| 2.09 | % |
| 2.09 | % |
| 2.09 | % |
Expenses, excluding |
|
|
| 1.03 | %(d) |
|
| 2.07 | % |
| 2.11 | % |
| 2.30 | % |
| 2.23 | % |
| 2.48 | % |
Net investment loss |
|
|
| (.94 | )%(d) |
|
| (1.98 | )% |
| (2.03 | )% |
| (1.99 | )% |
| (1.88 | )% |
| (1.76 | )% |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $13,112 |
|
|
| $15,271 |
|
| $13,779 |
|
| $10,421 |
|
| $5,264 |
|
| $9,882 |
|
Portfolio turnover rate |
|
|
| 43.07 | %(d) |
|
| 120.62 | % |
| 115.89 | % |
| 147.34 | % |
| 173.93 | % |
| 205.25 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) | Not annualized. |
(e) | The effect of payment by an affiliate for violation of an investment restriction on total return is less than .01%. |
|
|
|
| See Notes to Financial Statements. | 15 |
|
Financial Highlights (concluded) |
MICRO CAP GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
| |||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $16.52 |
|
|
| $15.96 |
|
| $11.65 |
|
| $9.31 |
|
| $17.76 |
|
| $14.43 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| (.13 | ) |
|
| (.30 | ) |
| (.24 | ) |
| (.17 | ) |
| (.22 | ) |
| (.24 | ) |
Net increase from payment |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| — | (b) |
Net realized and |
|
|
| 2.15 |
|
|
| .86 |
|
| 4.55 |
|
| 2.51 |
|
| (7.89 | ) |
| 5.96 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.02 |
|
|
| .56 |
|
| 4.31 |
|
| 2.34 |
|
| (8.11 | ) |
| 5.72 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| (2.46 | ) |
|
| — |
|
| — |
|
| — |
|
| (.34 | ) |
| (2.39 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $16.08 |
|
|
| $16.52 |
|
| $15.96 |
|
| $11.65 |
|
| $9.31 |
|
| $17.76 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(c) |
|
|
| 15.36 | %(d) |
|
| 3.57 | % |
| 37.00 | % |
| 25.13 | % |
| (46.41 | )% |
| 45.49 | %(e) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .91 | %(d) |
|
| 1.82 | % |
| 1.85 | % |
| 1.85 | % |
| 1.84 | % |
| 1.85 | % |
Expenses, including |
|
|
| .91 | %(d) |
|
| 1.82 | % |
| 1.85 | % |
| 1.85 | % |
| 1.84 | % |
| 1.84 | % |
Expenses, excluding |
|
|
| .91 | %(d) |
|
| 1.82 | % |
| 1.86 | % |
| 2.05 | % |
| 1.98 | % |
| 2.04 | % |
Net investment loss |
|
|
| (.82 | )%(d) |
|
| (1.73 | )% |
| (1.78 | )% |
| (1.75 | )% |
| (1.64 | )% |
| (1.52 | )% |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $98,609 |
|
|
| $93,934 |
|
| $90,033 |
|
| $53,973 |
|
| $44,336 |
|
| $56,463 |
|
Portfolio turnover rate |
|
|
| 43.07 | %(d) |
|
| 120.62 | % |
| 115.89 | % |
| 147.34 | % |
| 173.93 | % |
| 205.25 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $.01. |
(c) | Total return assumes the reinvestment of all distributions. |
(d) | Not annualized. |
(e) | The effect of payment by an affiliate for violation of an investment restriction on total return is less than .01%. |
|
|
|
16 | See Notes to Financial Statements. |
|
|
Financial Highlights |
MICRO CAP VALUE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
|
| |||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $22.88 |
|
|
| $23.33 |
|
| $18.57 |
|
| $16.94 |
|
| $28.90 |
|
| $28.67 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| (.11 | ) |
|
| (.29 | ) |
| (.31 | ) |
| (.19 | ) |
| (.22 | ) |
| (.28 | ) |
Net realized and |
|
|
| 3.21 |
|
|
| (.16 | ) |
| 5.07 |
|
| 1.82 |
|
| (9.79 | ) |
| 4.89 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 3.10 |
|
|
| (.45 | ) |
| 4.76 |
|
| 1.63 |
|
| (10.01 | ) |
| 4.61 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (1.95 | ) |
| (4.38 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $25.98 |
|
|
| $22.88 |
| $23.33 |
|
| $18.57 |
|
| $16.94 |
|
| $28.90 |
| |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 13.55 | %(c) |
|
| (1.93 | )% |
| 25.63 | % |
| 9.62 | % |
| (36.82 | )% |
| 18.84 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| 1.02 | %(c) |
|
| 2.04 | % |
| 2.06 | % |
| 2.10 | % |
| 2.09 | % |
| 2.09 | % |
Expenses, including |
|
|
| 1.02 | %(c) |
|
| 2.04 | % |
| 2.06 | % |
| 2.10 | % |
| 2.08 | % |
| 2.09 | % |
Expenses, excluding |
|
|
| 1.02 | %(c) |
|
| 2.04 | % |
| 2.06 | % |
| 2.22 | % |
| 2.14 | % |
| 2.20 | % |
Net investment loss |
|
|
| (.47 | )%(c) |
|
| (1.17 | )% |
| (1.48 | )% |
| (1.14 | )% |
| (.95 | )% |
| (1.05 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $30,207 |
|
| $26,239 |
| $30,139 |
| $22,730 |
| $17,522 |
| $25,561 |
| ||||||
Portfolio turnover rate |
|
|
| 15.21 | %(c) |
|
| 56.97 | % |
| 48.03 | % |
| 42.27 | % |
| 56.70 | % |
| 37.11 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
| See Notes to Financial Statements. | 17 |
Financial Highlights (concluded)
MICRO CAP VALUE FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
|
| 2011 |
|
| 2010 |
|
| 2009 |
|
| 2008 |
|
| 2007 |
| ||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $23.50 |
|
|
| $23.91 |
|
| $18.98 |
|
| $17.27 |
|
| $29.36 |
|
| $28.99 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| (.09 | ) |
|
| (.24 | ) |
| (.27 | ) |
| (.15 | ) |
| (.16 | ) |
| (.20 | ) |
Net realized and |
|
|
| 3.31 |
|
|
| (.17 | ) |
| 5.20 |
|
| 1.86 |
|
| (9.98 | ) |
| 4.95 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 3.22 |
|
|
| (.41 | ) |
| 4.93 |
|
| 1.71 |
|
| (10.14 | ) |
| 4.75 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (1.95 | ) |
| (4.38 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $26.72 |
|
|
| $23.50 |
|
| $23.91 |
|
| $18.98 |
|
| $17.27 |
|
| $29.36 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Return(b) |
|
|
| 13.65 | %(c) |
|
| (1.67 | )% |
| 25.97 | % |
| 9.90 | % |
| (36.68 | )% |
| 19.16 | % |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding |
|
|
| .89 | %(c) |
|
| 1.79 | % |
| 1.81 | % |
| 1.85 | % |
| 1.84 | % |
| 1.83 | % |
Expenses, including |
|
|
| .89 | %(c) |
|
| 1.79 | % |
| 1.81 | % |
| 1.85 | % |
| 1.83 | % |
| 1.83 | % |
Expenses, excluding |
|
|
| .89 | %(c) |
|
| 1.79 | % |
| 1.81 | % |
| 1.97 | % |
| 1.89 | % |
| 1.93 | % |
Net investment loss |
|
|
| (.34 | )%(c) |
|
| (.92 | )% |
| (1.23 | )% |
| (.90 | )% |
| (.70 | )% |
| (.71 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $101,891 |
|
|
| $94,796 |
|
| $85,868 |
|
| $57,977 |
|
| $47,883 |
|
| $57,664 |
|
Portfolio turnover rate |
|
|
| 15.21 | %(c) |
|
| 56.97 | % |
| 48.03 | % |
| 42.27 | % |
| 56.70 | % |
| 37.11 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
18 | See Notes to Financial Statements. |
|
Notes to Financial Statements (unaudited)
|
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|
1. | ORGANIZATION |
|
Lord Abbett Securities Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993. The Trust currently consists of ten funds. This report covers the following two funds (separately, a “Fund” and collectively, the “Funds”) and their respective classes: Lord Abbett Micro-Cap Growth Fund (“Micro Cap Growth Fund”), Class A and I shares and Lord Abbett Micro-Cap Value Fund (“Micro Cap Value Fund”), Class A and I shares. The investment objective of both Micro Cap Growth Fund and Micro Cap Value Fund is long-term capital appreciation.
Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. A contingent deferred sales charge (“CDSC”) may apply to certain redemptions of Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus). Class I shares are not subject to any sales charges.
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.
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2. | SIGNIFICANT ACCOUNTING POLICIES |
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(a) | Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. Each Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Securities for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Trustees. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |
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|
(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. |
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|
(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 income on 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. |
19
Notes to Financial Statements (unaudited)(continued)
|
|
(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 the Funds’ U.S. federal tax returns filed remains open for the fiscal years ended October 31, 2008 through October 31, 2011. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. |
|
|
(e) | Expenses–Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. Expenses incurred by the Funds, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A shares bear class-specific expenses and fees relating to the Funds’ 12b-1 Distribution Plan. |
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|
(f) | 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. |
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|
(g) | 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 of inputs is summarized in the three broad Levels listed below: |
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|
|
|
| • | Level 1 – | unadjusted quoted prices in active markets for identical investments; |
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|
| • | Level 2 – | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and |
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|
|
| • | Level 3 – | significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
20
Notes to Financial Statements (unaudited)(continued)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of April 30, 2012 in valuing each Fund’s investments carried at fair value:
|
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|
| Micro Cap Growth Fund |
|
| Micro Cap Value Fund |
| ||||||||||||||||||||
Investment Type* |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||||||
Common Stocks |
| $ | 109,097 |
| $ | — |
| $ | — |
| $ | 109,097 |
|
| $ | 130,245 |
| $ | — |
| $ | — |
| $ | 130,245 |
|
Warrant |
|
| — |
|
| — |
|
| — | (1) |
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
Repurchase Agreement |
|
| — |
|
| 2,614 |
|
| — |
|
| 2,614 |
|
|
| — |
|
| 1,915 |
|
| — |
|
| 1,915 |
|
Total |
| $ | 109,097 |
| $ | 2,614 |
| $ | — |
| $ | 111,711 |
|
| $ | 130,245 |
| $ | 1,915 |
| $ | — |
| $ | 132,160 |
|
|
|
* | See Schedule of Investments for fair values in each industry. |
(1) | Fair valued at zero as of April 30, 2012. Total assets were zero at the beginning and end of the period. |
|
|
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3. | MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES |
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|
Management Fee |
The Trust has a management agreement with Lord, Abbett & Co. LLC (“Lord Abbett”), pursuant to which Lord Abbett supplies each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio. |
The management fee is based on each Fund’s average daily net assets at an annual rate of 1.50%, which was the Funds’ annualized effective management fee rate for the six months ended April 30, 2012.
In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund’s average daily net assets.
For the period ended April 30, 2012 and continuing through February 28, 2013, Lord Abbett contractually agreed to waive all or a portion of its management fee for each Fund and, if necessary, reimburse each Fund’s other expenses to the extent necessary so that each class’ total net annual operating expenses, excluding 12b-1 fees, do not exceed an annualized rate of 1.85%. This agreement may be terminated with respect to each Fund only upon the approval of the Funds’ Board of Trustees.
The Funds, along with certain other funds managed by Lord Abbett (collectively, the “Underlying Funds”), have entered into a Servicing Arrangement with Lord Abbett Alpha Strategy Fund (the “Alpha Strategy Fund”) of the Trust, pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of Alpha Strategy Fund in proportion to the average daily value of the Underlying Fund shares owned by Alpha Strategy Fund. Amounts paid pursuant to the Servicing Arrangement are included in Subsidy expense on each Fund’s Statement of Operations and Payable to affiliate on each Fund’s Statement of Assets and Liabilities.
As of April 30, 2012, the percentages of the Micro Cap Growth Fund’s and Micro Cap Value Fund’s outstanding shares owned by Alpha Strategy Fund were 82.34% and 70.26%, respectively.
21
Notes to Financial Statements (unaudited)(continued)
|
12b-1 Distribution Plan |
Each Fund has adopted a distribution plan with respect to Class A 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 fees are accrued daily at an annual rate of .25% based upon each Fund’s average daily net assets attributable to Class A shares. |
Class I shares do not have a distribution plan.
Two Trustees and certain of the Trust’s officers have an interest in Lord Abbett.
|
|
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4. | DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS |
|
Dividends from net investment income, if any, are declared and paid at least annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.
The tax character of distributions paid during the six months ended April 30, 2012 and the fiscal year ended October 31, 2011 was as follows:
|
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|
|
|
|
|
|
|
| Micro Cap Growth Fund |
| ||||
|
| Six Months Ended |
| Year Ended |
| ||
Distributions paid from: |
|
|
|
|
|
|
|
Net long-term capital gains |
| $ | 16,347,080 |
| $ | — |
|
Total distributions paid |
| $ | 16,347,080 |
| $ | — |
|
As of October 31, 2011, the Micro Cap Value Fund had a capital loss carryforward of $7,823,026, set to expire in 2017.
In accordance with the Regulated Investment Company Modernization Act of 2010, the Fund will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) indefinitely. Post-enactment losses will retain their character as either short-term or long-term and be utilized before any pre-enactment losses.
|
|
|
|
|
|
|
|
|
| Micro Cap |
| Micro Cap |
| ||
Tax cost |
| $ | 92,815,202 |
| $ | 110,561,399 |
|
Gross unrealized gain |
|
| 23,514,340 |
|
| 25,474,096 |
|
Gross unrealized loss |
|
| (4,618,790 | ) |
| (3,875,155 | ) |
Net unrealized security gain |
| $ | 18,895,550 |
| $ | 21,598,941 |
|
22
Notes to Financial Statements (unaudited)(continued)
The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities and wash sales.
|
|
|
5. | PORTFOLIO SECURITIES TRANSACTIONS |
|
Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2012 were as follows:
|
|
|
|
|
|
|
|
|
| Purchases |
| Sales |
| ||
Micro Cap Growth Fund |
| $ | 46,758,531 |
| $ | 60,026,942 |
|
Micro Cap Value Fund |
|
| 19,087,451 |
|
| 23,382,441 |
|
There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2012.
|
|
|
6. | TRUSTEES’ REMUNERATION |
|
The Trust’s officers and the two Trustees who are associated with Lord Abbett do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Trustees’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Trustees’ fees on the Statements of Operations and in Trustees’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.
|
|
|
7. | EXPENSE REDUCTIONS |
|
The Trust has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.
|
|
|
8. | LINE OF CREDIT |
|
On April 2, 2012, the Funds and certain other funds managed by Lord Abbett entered into an unsecured revolving credit facility (“Facility”) from State Street Bank and Trust Company (“SSB”), to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Facility is renewed annually under terms that depend on market conditions at the time of the renewal. The amounts available under the Facility are (i) the lesser of either $250,000,000 or 33.33% of total assets per participating fund and (ii) $350,000,000 in the aggregate for all participating funds. The annual fee to maintain the Facility is .09% of the amount available under the Facility. Each participating fund pays its pro rata share based on the net assets of each participating fund. This amount is included in Other expenses on the Funds’ Statements of Operations. Any borrowings under this Facility will bear interest at current market rates as set forth in the credit agreement. As of April 30, 2012, there were no loans outstanding pursuant to this Facility.
For the period February 3, 2011 through April 1, 2012, the Funds and certain other funds managed by Lord Abbett had an amount of $200,000,000 available under a Facility from SSB with an annual fee to maintain the Facility of .125% of the amount available under the Facility.
23
Notes to Financial Statements (unaudited)(continued)
|
|
|
9. | 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.
|
|
|
10. | INVESTMENT RISKS |
|
Each Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with micro-cap and growth or value stocks. The value of an investment in each Fund will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Funds invest. Micro-cap companies may be subject to greater risks and may be more sensitive to changes in economic conditions than larger, more established companies. There may be less liquidity in micro-cap company stocks, subjecting them to greater price fluctuations than larger company stocks. In the case of Micro Cap Growth Fund, the growth stocks in which it generally invests may add to the Fund’s volatility. In the case of the Micro Cap Value Fund, the prices of value stocks in which it generally invests may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth.
These factors can affect each Fund’s performance.
|
|
|
11. | SUMMARY OF CAPITAL TRANSACTIONS |
|
Transactions in shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Micro Cap Growth Fund |
| Six Months Ended |
| Year Ended | |||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 71,916 |
| $ | 1,071,003 |
|
| 67,906 |
| $ | 1,138,505 |
|
Reinvestment of distributions |
|
| 125,804 |
|
| 1,593,934 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (303,505 | ) |
| (4,084,675 | ) |
| (2,966 | ) |
| (45,750 | ) |
Increase (decrease) |
|
| (105,785 | ) | $ | (1,419,738 | ) |
| 64,940 |
| $ | 1,092,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 126,027 |
| $ | 1,808,491 |
|
| 730,124 |
| $ | 13,193,578 |
|
Reinvestment of distributions |
|
| 1,000,253 |
|
| 13,193,337 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (677,528 | ) |
| (10,464,068 | ) |
| (687,583 | ) |
| (11,835,105 | ) |
Increase |
|
| 448,752 |
| $ | 4,537,760 |
|
| 42,541 |
| $ | 1,358,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Micro Cap Value Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
Class A Shares | �� | Shares |
| Amount |
| Shares |
| Amount |
| ||||
Shares sold |
|
| 23,400 |
| $ | 596,004 |
|
| 117,157 |
| $ | 2,875,802 |
|
Shares reacquired |
|
| (7,477 | ) |
| (184,353 | ) |
| (262,120 | ) |
| (5,733,339 | ) |
Increase (decrease) |
|
| 15,923 |
| $ | 411,651 |
|
| (144,963 | ) | $ | (2,857,537 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 33,822 |
| $ | 831,391 |
|
| 998,515 |
| $ | 26,694,215 |
|
Shares reacquired |
|
| (253,925 | ) |
| (6,536,365 | ) |
| (557,135 | ) |
| (15,052,320 | ) |
Increase (decrease) |
|
| (220,103 | ) | $ | (5,704,974 | ) |
| 441,380 |
| $ | 11,641,895 |
|
24
Notes to Financial Statements (unaudited)(concluded)
|
|
|
12. | RECENT ACCOUNTING STANDARD |
|
The Financial Accounting Standards Board issued amended guidance to improve disclosure of fair value measurements. Fair value measurements categorized as Level 3 will require quantitative information with respect to unobservable inputs and assumptions used, a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs, and enhanced disclosure of valuation policies and procedures. In addition, quantitative and qualitative disclosure will be required for all transfers in and out of Level 1 and Level 2. The amended guidance is effective for the first reporting period beginning after December 15, 2011. Management is evaluating the impact of this guidance on the Fund’s financial statements and disclosures.
25
Approval of Advisory Contracts
Micro-Cap Growth Fund and Micro-Cap Value Fund
The Board of Trustees of the Company, including all of the Trustees who are not interested persons of the Company or Lord, Abbett & Co. LLC (“Lord Abbett”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett. In connection with its most recent approval, the Board reviewed materials relating specifically to the management agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through meetings and discussions. These meetings and discussions included the examination of the portfolio management teams conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management.
The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Lipper Inc. regarding the investment performance of a group of funds within the same investment classification/objective (the “performance universe”) and to the investment performance of an appropriate benchmark; (2) information on the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds with similar objectives and of similar size (the “peer group”); (3) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (4) sales and redemption information for the Fund; (5) information regarding Lord Abbett’s financial condition; (6) an analysis of the relative profitability of the management agreement to Lord Abbett; (7) information provided by Lord Abbett regarding the investment management fees Lord Abbett receives from its other advisory clients maintaining accounts with a similar investment strategy as the Fund; (8) information regarding the distribution arrangements of the Fund; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.
Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest resulting from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each of the Funds and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.
Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of the relevant performance universes, in each case as of various periods ended August 31, 2011.
As to Micro-Cap Growth Fund, the Board observed the difficulty of comparing the Fund to an appropriate performance universe and peer expense group, given the limited number of registered investment companies having a similar investment strategy, and considered the investment performance of the Fund in comparison to a performance universe of small-cap growth funds. The Board observed that the investment performance of the Class A shares of the Fund was in the fifth
26
Approval of Advisory Contracts (continued)
quintile for the eight-month period, the fourth quintile for the one-year period, and the first quintile for the three-year, five-year, and ten-year periods. The Board also observed that the investment performance was higher than that of the Lipper Small-Cap Growth Index for the three-year, five-year, and ten-year periods, and lower than that of the Index for the eight month and one-year periods.
As to Micro-Cap Value Fund, the Board noted the difficulty of comparing the Fund to an appropriate performance universe, given the limited number of registered investment companies having a similar investment strategy, and considered the investment performance of the Fund in relation to a performance universe consisting of small-cap value funds. The Board observed that the investment performance of the Class A shares of the Fund was in the fifth quintile of the performance universe for the eight-month period, the fourth quintile for the one-year period, the fifth quintile for the three-year period, the third quintile for the five-year period, and the first quintile for the ten-year period. The Board also observed that the investment performance was lower than that of the Lipper Small-Cap Value Index for the eight-month, one-year, three-year, and five-year periods and higher than that of the Index for the ten-year period.
Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel. The Board determined that Lord Abbett had the expertise and resources to manage each Fund effectively.
Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and Lord Abbett Distributor LLC (“Distributor”) and the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.
Expenses. The Board considered the expense level of each class of shares of each Fund and the expense levels of one or more corresponding peer groups. The Board considered the fiscal periods on which the peer group comparison or comparisons were based, and noted that the fiscal years of many funds in each Fund’s peer group did not coincide with the Fund’s fiscal year. It also considered the projected expense levels of each Fund. It also considered the amount and nature of the fees paid by shareholders.
As to Micro-Cap Growth Fund, the Board noted the difficulty in finding an appropriate universe of funds for purposes of expense comparisons, given the limited number of registered investment companies having a similar investment strategy, and instead considered the relationship of the Fund’s expenses to those of a group of small-cap core, small-cap value, and small-cap growth funds, but recognized that the comparison was of limited utility, given the inherent differences between micro-cap equity funds and small-cap equity funds. The Board observed that for the fiscal year ended October 31, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets, were approximately forty-seven basis points above the median of the peer group and the actual management and administrative services fees were approximately fifty-six basis points above the median of the peer group. The Board observed that for the fiscal year ended October 31, 2010 the total expense ratio of Class A was approximately thirty-six basis points above the median of the peer
27
Approval of Advisory Contracts (continued)
group and the total expense ratio of Class I was approximately twenty-eight basis points above the median of the peer group. The Board noted that for the period from March 1, 2011 through February 29, 2012, Lord Abbett had contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 1.85%. The Board also noted that Lord Abbett proposed to renew the agreement through February 28, 2013. The Board considered the projected expense ratios of each class and how those expense ratios would relate to those of the peer group. The Board also observed that the Fund was offered only to institutional investors, employees of Lord Abbett, and Alpha Strategy Fund.
As to Micro-Cap Value Fund, the Board noted the difficulty in finding an appropriate universe of funds for purposes of expense comparisons, given the limited number of the registered investment companies having a similar investment strategy, and instead considered the relationship of the Fund’s expenses to those of a group of small-cap core, small-cap value, and small-cap growth funds, but recognized that the comparison was of limited utility, given the inherent differences between micro-cap equity funds and small-cap equity funds. The Board observed that for the fiscal year ended October 31, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets, were approximately forty-seven basis points above the median of the peer group and the actual management and administrative services fees were approximately fifty-seven basis points above the median of the peer group. The Board observed that for the fiscal year ended October 31, 2010 the total expense ratio of Class A was approximately thirty-three basis points above the median of the peer group, and the total expense ratio of Class I was approximately twenty-five basis points above the median of the peer group. The Board noted that for the period from March 1, 2011 through February 29, 2012, Lord Abbett had contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 1.85%. The Board also noted that Lord Abbett proposed to renew the agreement through February 28, 2013. The Board considered the projected expense ratios of each class and how those expense ratios would relate to those of the peer group. The Board also observed that the Fund was offered only to institutional investors, employees of Lord Abbett, and Alpha Strategy Fund.
Profitability. As to each Fund, the Board considered the level of Lord Abbett’s profits in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of each Fund, including the fee Lord Abbett receives from the Fund for providing administrative services to the Fund, and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to each Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund. The Board noted that Lord Abbett’s overall profitability had increased in its 2011 fiscal year. The Board concluded that Lord Abbett’s profitability overall and as to each Fund was not excessive.
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Approval of Advisory Contracts (concluded)
Economies of Scale. As to each Fund, the Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had benefited from any such economies of scale, and whether there was potential for realization of any economies of scale. The Board concluded that each existing management fee schedule adequately addressed any economies of scale in managing the applicable Fund.
Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectuses of the Funds, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund brokerage transactions.
Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving the continuation of the management agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms.
After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreements was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation. In considering whether to approve the continuation of the management agreements, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered.
29
Householding
The Trust has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.
Proxy Voting Policies, Procedures and Records
A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).
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| Lord Abbett Securities Trust |
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Lord Abbett mutual fund shares are distributed by |
| Lord Abbett Micro-Cap Growth Fund |
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LORD ABBETT DISTRIBUTOR LLC. |
| Lord Abbett Micro-Cap Value Fund |
| LAMCVF-3-0412 |
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Item 2: | Code of Ethics. |
| Not applicable. |
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Item 3: | Audit Committee Financial Expert. |
| Not applicable. |
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Item 4: | Principal Accountant Fees and Services. |
| Not applicable. |
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Item 5: | Audit Committee of Listed Registrants. |
| Not applicable. |
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Item 6: | Investments. |
| Not applicable. |
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Item 7: | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
| Not applicable. |
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Item 8: | Portfolio Managers of Closed-End Management Investment Companies. |
| Not applicable. |
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Item 9: | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
| Not applicable. |
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Item 10: | Submission of Matters to a Vote of Security Holders. |
| Not applicable. |
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Item 11: | Controls and Procedures. |
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| (a) | Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities. |
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| (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 second fiscal quarter of 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. |
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Item 12: | Exhibits. |
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| (a)(1) | Amendments to Code of Ethics – Not applicable. |
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| (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. |
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| (a)(3) | Not applicable. |
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| (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.
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| LORD ABBETT SECURITIES TRUST |
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| By: | /s/ Robert S. Dow |
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| Robert S. Dow |
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| Chief Executive Officer and Chairman |
Date: June 18, 2012
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| By: | /s/ Joan A. Binstock |
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| Joan A. Binstock |
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| Chief Financial Officer and Vice President |
Date: June 18, 2012
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.
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| By: | /s/ Robert S. Dow |
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| Robert S. Dow |
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| Chief Executive Officer and Chairman |
Date: June 18, 2012
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| By: | /s/ Joan A. Binstock |
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| Joan A. Binstock |
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| Chief Financial Officer and Vice President |
Date: June 18, 2012