UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-07538
LORD ABBETT SECURITIES TRUST
(Exact name of Registrant as specified in charter)
90 Hudson Street, Jersey City, NJ 07302 | ||
(Address of principal executive offices) (Zip code) |
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: 4/30/2013
Item 1: | Report(s) to Shareholders. |
2 0 1 3
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
Value Opportunities Fund
For the six-month period ended April 30, 2013
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Table of Contents | ||
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1 |
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2 |
| Information About Your Fund’s Expenses and Holdings Presented by Sector |
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10 |
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11 |
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14 |
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23 |
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31 |
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38 |
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42 |
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46 |
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48 |
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53 |
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10 | 5 | |
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13 | 0 |
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Semiannual Report |
For the six-month period ended April 30, 2013 |
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, 2013. 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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Daria L. Foster |
Trustee, President and Chief Executive Officer |
1
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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, 2012 through April 30, 2013).
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 11/1/12 – 4/30/13” 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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| 11/1/12 |
| 4/30/13 |
| 11/1/12 - |
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Class A |
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Actual |
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| $1,000.00 |
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| $1,158.20 |
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| $1.34 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,023.56 |
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| $1.25 |
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Class B |
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Actual |
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| $1,000.00 |
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| $1,153.70 |
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| $5.34 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,019.85 |
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| $5.01 |
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Class C |
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Actual |
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| $1,000.00 |
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| $1,153.90 |
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| $5.34 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,019.88 |
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| $5.01 |
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Class F |
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Actual |
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| $1,000.00 |
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| $1,158.80 |
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| $0.54 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,024.30 |
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| $0.50 |
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Class I |
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Actual |
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| $1,000.00 |
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| $1,159.40 |
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| $0.00 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,024.79 |
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| $0.00 |
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Class R2 |
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Actual |
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| $1,000.00 |
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| $1,156.20 |
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| $3.21 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,021.82 |
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| $3.01 |
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Class R3 |
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Actual |
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| $1,000.00 |
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| $1,156.70 |
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| $2.67 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,022.33 |
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| $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 Classes B and 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 181/365 (to reflect one-half year period). |
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# | Does not include expenses of Underlying Funds in which Alpha Strategy Fund invests. |
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Portfolio Holdings Presented by Portfolio Allocation |
April 30, 2013 |
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Underlying Fund Name |
| %* |
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Lord Abbett Developing Growth Fund, Inc. – Class I |
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| 20.03 | % |
Lord Abbett Securities Trust – International Opportunities Fund – Class I |
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| 20.21 | % |
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I |
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| 10.00 | % |
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I |
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| 9.88 | % |
Lord Abbett Equity Trust – Small-Cap Blend Fund – Class I |
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| 9.87 | % |
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I |
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| 19.98 | % |
Lord Abbett Securities Trust – Value Opportunities Fund – Class I |
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| 10.03 | % |
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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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| 11/1/12 |
| 4/30/13 |
| 11/1/12 - |
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Class A |
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Actual |
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| $1,000.00 |
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| $1,181.00 |
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| $5.79 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,019.47 |
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| $5.36 |
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Class B |
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Actual |
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| $1,000.00 |
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| $1,177.90 |
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| $9.29 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,016.25 |
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| $8.60 |
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Class C |
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Actual |
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| $1,000.00 |
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| $1,177.90 |
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| $9.29 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,016.26 |
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| $8.60 |
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Class F |
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Actual |
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| $1,000.00 |
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| $1,183.20 |
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| $4.44 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,020.71 |
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| $4.11 |
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Class I |
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Actual |
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| $1,000.00 |
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| $1,184.40 |
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| $3.90 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,021.20 |
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| $3.61 |
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Class P |
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Actual |
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| $1,000.00 |
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| $1,181.60 |
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| $6.33 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,018.97 |
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| $5.86 |
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Class R2 |
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Actual |
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| $1,000.00 |
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| $1,180.00 |
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| $7.13 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,018.23 |
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| $6.61 |
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Class R3 |
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Actual |
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| $1,000.00 |
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| $1,180.60 |
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| $6.60 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,018.74 |
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| $6.11 |
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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 181/365 (to reflect one-half year period). |
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Portfolio Holdings Presented by Sector |
April 30, 2013 |
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Sector* |
| %** |
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Consumer Discretionary |
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| 14.10 | % |
Consumer Staples |
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| 6.56 | % |
Energy |
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| 8.80 | % |
Financials |
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| 24.73 | % |
Health Care |
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| 18.29 | % |
Industrials |
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| 6.10 | % |
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Sector* |
| %** |
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Information Technology |
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| 7.31 | % |
Materials |
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| 3.11 | % |
Telecommunication Services |
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| 4.86 | % |
Utilities |
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| 6.03 | % |
Short-Term Investment |
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| 0.11 | % |
Total |
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| 100.00 | % |
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* | A sector may comprise several industries. |
** | Represent 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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| 11/1/12 |
| 4/30/13 |
| 11/1/12 - |
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Class A |
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Actual |
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| $1,000.00 |
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| $1,154.50 |
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| $4.54 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,020.59 |
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| $4.26 |
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Class B |
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Actual |
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| $1,000.00 |
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| $1,051.30 |
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| $3.33 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,021.56 |
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| $3.28 |
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Class C |
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Actual |
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| $1,000.00 |
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| $1,150.20 |
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| $7.89 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,017.46 |
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| $7.40 |
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Class F |
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Actual |
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| $1,000.00 |
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| $1,156.20 |
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| $3.21 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,021.83 |
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| $3.01 |
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Class I |
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Actual |
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| $1,000.00 |
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| $1,156.50 |
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| $2.67 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,022.32 |
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| $2.51 |
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Class R2 |
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Actual |
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| $1,000.00 |
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| $1,156.40 |
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| $2.57 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,022.40 |
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| $2.41 |
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Class R3 |
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Actual |
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| $1,000.00 |
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| $1,154.10 |
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| $5.29 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,019.91 |
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| $4.96 |
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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 B, 1.48% for Class C, 0.60% for Class F, 0.50% for Class I, 0.48% for Class R2 and 0.99% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period for A, C, F, I, R2 and R3) and 79/365 (to reflect the period from February 11, 2013 to April 30, 2013 for Class B). |
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Portfolio Holdings Presented by Sector |
April 30, 2013 |
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Sector* |
| %** |
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Consumer Discretionary |
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| 22.10 | % |
Consumer Staples |
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| 7.95 | % |
Energy |
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| 3.20 | % |
Financials |
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| 6.68 | % |
Health Care |
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| 13.97 | % |
Industrials |
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| 13.38 | % |
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Sector* |
| %** |
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Information Technology |
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| 26.66 | % |
Materials |
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| 1.69 | % |
Telecommunication Services |
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| 3.07 | % |
Short-Term Investment |
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| 1.30 | % |
Total |
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| 100.00 | % |
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* | A sector may comprise several industries. |
** | Represent 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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| 11/1/12 |
| 4/30/13 |
| 11/1/12 - |
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Class A |
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Actual |
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| $1,000.00 |
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| $1,146.10 |
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| $5.96 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,019.25 |
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| $5.61 |
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Class B |
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Actual |
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| $1,000.00 |
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| $1,142.50 |
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| $9.40 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,016.02 |
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| $8.85 |
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Class C |
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Actual |
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| $1,000.00 |
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| $1,143.30 |
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| $9.30 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,016.13 |
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| $8.75 |
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Class F |
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Actual |
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| $1,000.00 |
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| $1,148.00 |
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| $4.63 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,020.48 |
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| $4.36 |
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Class I |
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Actual |
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| $1,000.00 |
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| $1,147.60 |
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| $4.10 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,020.98 |
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| $3.86 |
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Class P |
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Actual |
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| $1,000.00 |
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| $1,146.00 |
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| $6.49 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,018.74 |
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| $6.11 |
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Class R2 |
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Actual |
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| $1,000.00 |
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| $1,144.40 |
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| $7.28 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,018.02 |
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| $6.85 |
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Class R3 |
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Actual |
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| $1,000.00 |
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| $1,145.60 |
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| $6.70 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,018.54 |
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| $6.31 |
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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 181/365 (to reflect one-half year period). |
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Portfolio Holdings Presented by Sector |
April 30, 2013 |
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Sector* |
| %** |
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Consumer Discretionary |
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| 14.08 | % |
Consumer Staples |
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| 9.80 | % |
Energy |
|
| 4.55 | % |
Financials |
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| 22.78 | % |
Health Care |
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| 9.26 | % |
Industrials |
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| 11.93 | % |
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Sector* |
| %** |
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Information Technology |
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| 8.34 | % |
Materials |
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| 3.64 | % |
Telecommunication Services |
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| 4.96 | % |
Utilities |
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| 4.61 | % |
Short-Term Investment |
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| 6.05 | % |
Total |
|
| 100.00 | % |
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* | A sector may comprise several industries. |
** | Represent 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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| 11/1/12 |
| 4/30/13 |
| 11/1/12 - |
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|
|
|
|
| ||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,144.20 |
|
|
| $ | 5.95 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,019.25 |
|
|
| $ | 5.61 |
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,140.60 |
|
|
| $ | 9.34 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,016.05 |
|
|
| $ | 8.80 |
|
|
Class F |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,145.40 |
|
|
| $ | 4.63 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,020.49 |
|
|
| $ | 4.36 |
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,145.50 |
|
|
| $ | 4.10 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,020.98 |
|
|
| $ | 3.86 |
|
|
Class R2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,141.60 |
|
|
| $ | 7.27 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,018.02 |
|
|
| $ | 6.85 |
|
|
Class R3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,143.50 |
|
|
| $ | 6.75 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,018.50 |
|
|
| $ | 6.36 |
|
|
|
|
† | 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, 0.87% for Class F, 0.77% for Class I, 1.37% for Class R2 and 1.27% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Sector |
April 30, 2013 |
|
|
|
|
|
|
Sector* |
| %** |
| ||
Consumer Discretionary |
|
| 12.09% |
|
|
Consumer Staples |
|
| 9.60% |
|
|
Energy |
|
| 6.91% |
|
|
Financials |
|
| 22.92% |
|
|
Health Care |
|
| 5.80% |
|
|
Industrials |
|
| 8.99% |
|
|
|
|
|
|
|
|
Sector* |
| %** |
| ||
Information Technology |
|
| 4.07% |
|
|
Materials |
|
| 3.45% |
|
|
Telecommunication Services |
|
| 13.38% |
|
|
Utilities |
|
| 11.00% |
|
|
Short-Term Investment |
|
| 1.79% |
|
|
Total |
|
| 100.00% |
|
|
|
|
* | A sector may comprise several industries. |
** | Represent percent of total investments. |
7
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Expenses |
| |||||||||
|
|
|
|
| ||||||||||||
|
| 11/1/12 |
| 4/30/13 |
| 11/1/12 - |
| |||||||||
|
|
|
|
| ||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
| ||||||
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,178.80 |
|
|
| $ | 8.00 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,017.47 |
|
|
| $ | 7.40 |
|
|
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,173.90 |
|
|
| $ | 11.43 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,014.26 |
|
|
| $ | 10.59 |
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,174.20 |
|
|
| $ | 11.32 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,014.38 |
|
|
| $ | 10.49 |
|
|
Class F |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,179.80 |
|
|
| $ | 6.54 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,018.79 |
|
|
| $ | 6.06 |
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,180.80 |
|
|
| $ | 6.11 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,019.20 |
|
|
| $ | 5.66 |
|
|
Class P |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,177.70 |
|
|
| $ | 8.53 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,016.97 |
|
|
| $ | 7.90 |
|
|
Class R2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,176.70 |
|
|
| $ | 9.34 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,016.24 |
|
|
| $ | 8.65 |
|
|
Class R3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,177.40 |
|
|
| $ | 8.75 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,016.76 |
|
|
| $ | 8.10 |
|
|
|
|
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.48% for Class A, 2.12% for Class B, 2.10% for Class C, 1.21% for Class F, 1.13% for Class I, 1.58% for Class P, 1.73% for Class R2 and 1.62% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Sector |
April 30, 2013 |
|
|
|
|
|
Sector* |
| %** |
| |
Consumer Discretionary |
| 24.59% |
|
|
Consumer Staples |
| 9.16% |
|
|
Energy |
| 4.68% |
|
|
Financials |
| 22.18% |
|
|
Health Care |
| 4.79% |
|
|
Industrials |
| 15.82% |
|
|
|
|
|
|
|
Sector* |
| %** |
| |
Information Technology |
| 8.09% |
|
|
Materials |
| 6.18% |
|
|
Telecommunication Services |
| 0.96% |
|
|
Utilities |
| 3.16% |
|
|
Short-Term Investment |
| 0.39% |
|
|
Total |
| 100.00% |
|
|
|
|
* | A sector may comprise several industries. |
** | Represent percent of total investments. |
8
|
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 |
| |||||||||
|
|
|
|
| ||||||||||||
|
| 11/1/12 |
| 4/30/13 |
| 11/1/12 - |
| |||||||||
|
|
|
|
| ||||||||||||
Class A |
|
|
|
|
|
|
|
|
|
| ||||||
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,181.40 |
|
|
| $ | 7.03 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,018.36 |
|
|
| $ | 6.51 |
|
|
Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,178.20 |
|
|
| $ | 10.53 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,015.14 |
|
|
| $ | 9.74 |
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,178.20 |
|
|
| $ | 10.53 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,015.14 |
|
|
| $ | 9.74 |
|
|
Class F |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,183.60 |
|
|
| $ | 5.68 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,019.59 |
|
|
| $ | 5.26 |
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,184.20 |
|
|
| $ | 5.14 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,020.09 |
|
|
| $ | 4.76 |
|
|
Class P |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,181.80 |
|
|
| $ | 7.57 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,017.86 |
|
|
| $ | 7.00 |
|
|
Class R2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,180.50 |
|
|
| $ | 8.38 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,017.12 |
|
|
| $ | 7.75 |
|
|
Class R3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,180.70 |
|
|
| $ | 7.84 |
|
|
Hypothetical (5% Return Before Expenses) |
|
| $ | 1,000.00 |
|
|
| $ | 1,017.62 |
|
|
| $ | 7.25 |
|
|
|
|
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.30% for Class A, 1.95% for Classes B and C, 1.05% for Class F, 0.95% for Class I, 1.40% for Class P, 1.55% for Class R2 and 1.45% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). |
|
Portfolio Holdings Presented by Sector |
|
|
|
|
|
Sector* |
| %** |
| |
Consumer Discretionary |
| 10.46% |
|
|
Consumer Staples |
| 4.15% |
|
|
Energy |
| 5.25% |
|
|
Financial |
| 27.51% |
|
|
Health Care |
| 7.31% |
|
|
Industrials |
| 12.00% |
|
|
|
|
|
|
|
Sector* |
| %** |
| |
Information Technology |
| 14.95% |
|
|
Materials |
| 10.52% |
|
|
Utilities |
| 5.46% |
|
|
Short-Term Investments |
| 2.39% |
|
|
Total |
| 100.00% |
|
|
|
|
* | A sector may comprise several industries. |
** | Represent percent of total investments. |
9
Schedule of Investments (unaudited)
ALPHA STRATEGY FUND April 30, 2013
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
INVESTMENTS IN UNDERLYING FUNDS(a) |
|
|
|
|
|
|
|
| |||||||
Lord Abbett Developing |
|
| 7,789,688 |
| $ | 188,511 |
|
Lord Abbett Securities |
|
| 12,211,961 |
|
| 190,262 |
|
Lord Abbett Securities |
|
| 5,360,351 |
|
| 94,128 |
|
Lord Abbett Securities |
|
| 3,017,489 |
|
| 93,029 |
|
Lord Abbett Equity |
|
| 5,058,608 |
|
| 92,927 |
|
Lord Abbett Research |
|
| 4,900,292 |
|
| 188,024 |
|
Lord Abbett Securities |
|
| 4,912,736 |
|
| 94,423 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 941,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
| |||||||
SHORT-TERM INVESTMENT 0.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 937 |
| $ | 937 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 942,241 |
|
|
|
|
|
|
| ||
Liabilities in Excess of |
|
|
|
|
| (1,176 | ) |
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 941,065 |
|
|
|
|
|
|
|
|
|
* | 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. |
|
|
10 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
FUNDAMENTAL EQUITY FUND April 30, 2013
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
COMMON STOCKS 100.80% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 1.25% |
|
|
|
|
|
|
|
United Technologies Corp. |
|
| 698,300 |
| $ | 63,748 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Beverages 1.01% |
|
|
|
|
|
|
|
Coca-Cola Co. (The) |
|
| 1,220,900 |
|
| 51,681 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Biotechnology 3.88% |
|
|
|
|
|
|
|
Celgene Corp.* |
|
| 599,900 |
|
| 70,830 |
|
Incyte Corp.* |
|
| 1,491,500 |
|
| 33,037 |
|
Onyx Pharmaceuticals, Inc.* |
|
| 739,200 |
|
| 70,076 |
|
Sarepta Therapeutics, Inc.* |
|
| 833,300 |
|
| 24,199 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 198,142 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Capital Markets 3.65% |
|
|
|
|
|
|
|
Affiliated Managers |
|
|
|
|
|
|
|
Group, Inc.* |
|
| 333,600 |
|
| 51,935 |
|
Artisan Partners Asset |
|
| 459,394 |
|
| 17,135 |
|
Franklin Resources, Inc. |
|
| 299,800 |
|
| 46,367 |
|
Raymond James Financial, |
|
| 1,395,100 |
|
| 57,785 |
|
TD Ameritrade Holding |
|
| 668,800 |
|
| 13,316 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 186,538 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals 0.94% |
|
|
|
|
|
|
|
Axiall Corp. |
|
| 537,600 |
|
| 28,197 |
|
Celanese Corp. Series A |
|
| 397,500 |
|
| 19,641 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 47,838 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 5.23% |
|
|
|
|
|
|
|
Fifth Third Bancorp |
|
| 2,342,300 |
|
| 39,889 |
|
First Republic Bank |
|
| 663,000 |
|
| 25,181 |
|
PNC Financial Services |
|
| 477,000 |
|
| 32,379 |
|
Signature Bank* |
|
| 315,000 |
|
| 22,557 |
|
SunTrust Banks, Inc. |
|
| 1,649,651 |
|
| 48,252 |
|
U.S. Bancorp |
|
| 842,390 |
|
| 28,035 |
|
Wells Fargo & Co. |
|
| 1,870,900 |
|
| 71,057 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 267,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Communications Equipment 0.12% |
|
|
|
|
|
|
|
QUALCOMM, Inc. |
|
| 100,100 |
| $ | 6,168 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Computers & Peripherals 1.22% |
|
|
|
|
|
|
|
NCR Corp.* |
|
| 2,293,000 |
|
| 62,530 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 1.91% |
|
|
|
|
|
|
|
Jacobs Engineering |
|
|
|
|
|
|
|
Group, Inc.* |
|
| 877,300 |
|
| 44,286 |
|
URS Corp. |
|
| 1,210,000 |
|
| 53,143 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 97,429 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Finance 1.89% |
|
|
|
|
|
|
|
Capital One Financial |
|
|
|
|
|
|
|
Corp. |
|
| 1,674,500 |
|
| 96,753 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Containers & Packaging 0.60% |
|
|
|
|
|
|
|
Berry Plastics Group, Inc.* |
|
| 1,625,600 |
|
| 30,886 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Financial Services 5.84% |
|
|
|
|
|
|
|
Citigroup, Inc. |
|
| 2,970,500 |
|
| 138,603 |
|
IntercontinentalExchange, |
|
| 162,700 |
|
| 26,509 |
|
JPMorgan Chase & Co. |
|
| 2,720,500 |
|
| 133,332 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 298,444 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 4.91% |
|
|
|
|
|
|
|
AT&T, Inc. |
|
| 3,085,200 |
|
| 115,572 |
|
Verizon Communications, |
|
| 2,508,700 |
|
| 135,244 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 250,816 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 3.80% |
|
|
|
|
|
|
|
Duke Energy Corp. |
|
| 936,700 |
|
| 70,440 |
|
Edison International |
|
| 738,916 |
|
| 39,754 |
|
NextEra Energy, Inc. |
|
| 650,500 |
|
| 53,360 |
|
Xcel Energy, Inc. |
|
| 970,000 |
|
| 30,836 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 194,390 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electrical Equipment 1.21% |
|
|
|
|
|
|
|
Eaton Corp. plc (Ireland)(a) |
|
| 1,004,600 |
|
| 61,692 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 11 |
Schedule of Investments (unaudited)(continued)
FUNDAMENTAL EQUITY FUND April 30, 2013
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Electronic Equipment, Instruments & |
|
|
|
|
|
|
|
Anixter International, Inc. |
|
| 784,900 |
| $ | 56,309 |
|
Arrow Electronics, Inc.* |
|
| 881,100 |
|
| 34,565 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 90,874 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy Equipment & Services 0.46% |
|
|
|
|
|
|
|
Schlumberger Ltd. |
|
| 318,100 |
|
| 23,676 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 0.57% |
|
|
|
|
|
|
|
CVS Caremark Corp. |
|
| 500,000 |
|
| 29,090 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 3.54% |
|
|
|
|
|
|
|
Archer Daniels Midland Co. |
|
| 797,300 |
|
| 27,061 |
|
Kraft Foods Group, Inc. |
|
| 1,463,300 |
|
| 75,345 |
|
|
|
|
|
|
|
|
|
Mondelez International, |
|
| 2,495,100 |
|
| 78,471 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 180,877 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Providers & Services 8.32% |
|
|
|
|
|
|
|
CIGNA Corp. |
|
| 1,014,600 |
|
| 67,136 |
|
Community Health |
|
| 1,150,700 |
|
| 52,437 |
|
DaVita HealthCare |
|
| 385,000 |
|
| 45,680 |
|
Express Scripts Holding |
|
| 1,521,600 |
|
| 90,337 |
|
Humana, Inc. |
|
| 831,000 |
|
| 61,586 |
|
Laboratory Corp. of |
|
| 726,800 |
|
| 67,854 |
|
Team Health Holdings, |
|
| 1,082,200 |
|
| 40,345 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 425,375 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 0.98% |
|
|
|
|
|
|
|
Darden Restaurants, Inc. |
|
| 967,680 |
|
| 49,961 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Products 1.50% |
|
|
|
|
|
|
|
Kimberly-Clark Corp. |
|
| 743,400 |
|
| 76,711 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Information Technology Services 1.47% |
|
|
|
|
|
|
|
Alliance Data Systems Corp.* 436,900 |
|
|
|
|
| 75,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Insurance 6.93% |
|
|
|
|
|
|
|
ACE Ltd. (Switzerland)(a) |
|
| 800,900 |
| $ | 71,392 |
|
Allstate Corp. (The) |
|
| 1,213,800 |
|
| 59,792 |
|
Berkshire Hathaway, Inc. |
|
| 500,620 |
|
| 53,226 |
|
Hartford Financial Services |
|
| 1,861,700 |
|
| 52,295 |
|
Marsh & McLennan Cos., |
|
| 940,500 |
|
| 35,749 |
|
Travelers Cos., Inc. (The) |
|
| 956,413 |
|
| 81,687 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 354,141 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Internet Software & Services 1.12% |
|
|
|
|
|
|
|
eBay, Inc.* |
|
| 1,095,300 |
|
| 57,383 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Life Sciences Tools & Services 2.32% |
|
|
|
|
|
|
|
Life Technologies Corp.* |
|
| 413,059 |
|
| 30,439 |
|
Thermo Fisher Scientific, |
|
| 1,095,900 |
|
| 88,417 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 118,856 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 5.90% |
|
|
|
|
|
|
|
Comcast Corp. Class A |
|
| 1,673,800 |
|
| 69,128 |
|
Interpublic Group of Cos., |
|
| 3,632,300 |
|
| 50,271 |
|
Starz - Liberty Capital* |
|
| 2,003,514 |
|
| 46,842 |
|
Time Warner, Inc. |
|
| 1,398,000 |
|
| 83,573 |
|
Walt Disney Co. (The) |
|
| 826,500 |
|
| 51,937 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 301,751 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Metals & Mining 1.01% |
|
|
|
|
|
|
|
Reliance Steel & |
|
| 792,600 |
|
| 51,574 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Line Retail 2.46% |
|
|
|
|
|
|
|
Macy’s, Inc. |
|
| 1,530,300 |
|
| 68,252 |
|
Target Corp. |
|
| 812,900 |
|
| 57,358 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 125,610 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Utilities 2.28% |
|
|
|
|
|
|
|
Dominion Resources, Inc. |
|
| 841,860 |
|
| 51,926 |
|
PG&E Corp. |
|
| 817,200 |
|
| 39,585 |
|
Sempra Energy |
|
| 304,200 |
|
| 25,203 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 116,714 |
|
|
|
|
|
|
|
|
|
|
12 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(concluded)
FUNDAMENTAL EQUITY FUND April 30, 2013
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Oil, Gas & Consumable Fuels 8.42% |
|
|
|
|
|
|
|
Anadarko Petroleum Corp. |
|
| 850,700 |
| $ | 72,105 |
|
Chevron Corp. |
|
| 438,500 |
|
| 53,501 |
|
Exxon Mobil Corp. |
|
| 1,159,200 |
|
| 103,157 |
|
Noble Energy, Inc. |
|
| 150,300 |
|
| 17,028 |
|
Occidental Petroleum |
|
| 933,200 |
|
| 83,298 |
|
Range Resources Corp. |
|
| 221,052 |
|
| 16,252 |
|
Valero Energy Corp. |
|
| 2,109,500 |
|
| 85,055 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 430,396 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Paper & Forest Products 0.59% |
|
|
|
|
|
|
|
International Paper Co. |
|
| 637,100 |
|
| 29,931 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 3.93% |
|
|
|
|
|
|
|
Actavis, Inc.* |
|
| 1,010,400 |
|
| 106,829 |
|
Eli Lilly & Co. |
|
| 1,213,500 |
|
| 67,204 |
|
Teva Pharmaceutical |
|
| 706,127 |
|
| 27,038 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 201,071 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Professional Services 0.58% |
|
|
|
|
|
|
|
Robert Half International, |
|
| 901,700 |
|
| 29,594 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 0.83% |
|
|
|
|
|
|
|
Ventas, Inc. |
|
| 530,400 |
|
| 42,236 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Management |
|
|
|
|
|
|
|
Jones Lang LaSalle, Inc. |
|
| 304,800 |
|
| 30,181 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 1.21% |
|
|
|
|
|
|
|
Hertz Global Holdings, |
|
| 2,573,100 |
|
| 61,960 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor |
|
|
|
|
|
|
|
Broadcom Corp. Class A |
|
| 1,314,200 |
|
| 47,311 |
|
Xilinx, Inc. |
|
| 988,600 |
|
| 37,478 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 84,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Specialty Retail 4.38% |
|
|
|
|
|
|
|
Bed Bath & Beyond, Inc.* |
|
| 938,926 |
| $ | 64,598 |
|
Foot Locker, Inc. |
|
| 1,127,367 |
|
| 39,311 |
|
GNC Holdings, Inc. Class A |
|
| 1,437,600 |
|
| 65,167 |
|
Home Depot, Inc. (The) |
|
| 746,300 |
|
| 54,741 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 223,817 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods 0.51% |
|
|
|
|
|
|
|
VF Corp. |
|
| 147,100 |
|
| 26,216 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 5,152,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
| |||||||
SHORT-TERM INVESTMENT 0.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 5,470 |
|
| 5,470 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 5,157,705 |
|
|
|
|
|
|
| ||
Liabilities in Excess of |
|
|
|
|
| (46,585 | ) |
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 5,111,120 |
|
|
|
|
|
|
|
|
|
ADR | American Depositary Receipt. |
* | Non-income producing security. |
(a) | Foreign security traded in U.S. dollars. |
|
|
|
| See Notes to Financial Statements. | 13 |
Schedule of Investments (unaudited)
GROWTH LEADERS FUND April 30, 2013
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
COMMON STOCKS 98.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 4.50% |
|
|
|
|
|
|
|
B/E Aerospace, Inc.* |
|
| 31,235 |
| $ | 1,960 |
|
Boeing Co. (The) |
|
| 33,191 |
|
| 3,034 |
|
Honeywell International, Inc. |
|
| 28,060 |
|
| 2,063 |
|
United Technologies Corp. |
|
| 9,580 |
|
| 875 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 7,932 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Airlines 2.33% |
|
|
|
|
|
|
|
Delta Air Lines, Inc.* |
|
| 121,911 |
|
| 2,090 |
|
United Continental Holdings, |
|
| 62,365 |
|
| 2,014 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 4,104 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Automobiles 0.85% |
|
|
|
|
|
|
|
Tesla Motors, Inc.* |
|
| 27,598 |
|
| 1,490 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Beverages 2.78% |
|
|
|
|
|
|
|
Coca-Cola Co. (The) |
|
| 52,586 |
|
| 2,226 |
|
PepsiCo, Inc. |
|
| 32,369 |
|
| 2,669 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 4,895 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Biotechnology 7.37% |
|
|
|
|
|
|
|
Biogen Idec, Inc.* |
|
| 11,451 |
|
| 2,507 |
|
BioMarin Pharmaceutical, |
|
| 16,040 |
|
| 1,052 |
|
Celgene Corp.* |
|
| 16,497 |
|
| 1,948 |
|
Gilead Sciences, Inc.* |
|
| 63,749 |
|
| 3,228 |
|
Onyx Pharmaceuticals, Inc.* |
|
| 13,489 |
|
| 1,279 |
|
Regeneron Pharmaceuticals, |
|
| 10,768 |
|
| 2,317 |
|
Sarepta Therapeutics, Inc.* |
|
| 22,487 |
|
| 653 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 12,984 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Capital Markets 4.17% |
|
|
|
|
|
|
|
Affiliated Managers Group, |
|
| 6,733 |
|
| 1,048 |
|
BlackRock, Inc. |
|
| 8,107 |
|
| 2,161 |
|
Charles Schwab Corp. (The) |
|
| 52,252 |
|
| 886 |
|
Financial Engines, Inc. |
|
| 38,464 |
|
| 1,399 |
|
Franklin Resources, Inc. |
|
| 11,934 |
|
| 1,846 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 7,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Chemicals 1.68% |
|
|
|
|
|
|
|
Monsanto Co. |
|
| 27,694 |
| $ | 2,958 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Communications Equipment 1.00% |
|
|
|
|
|
|
|
Palo Alto Networks, Inc.* |
|
| 16,130 |
|
| 872 |
|
QUALCOMM, Inc. |
|
| 14,326 |
|
| 883 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,755 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Computers & Peripherals 0.94% |
|
|
|
|
|
|
|
SanDisk Corp.* |
|
| 31,536 |
|
| 1,654 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Finance 1.30% |
|
|
|
|
|
|
|
American Express Co. |
|
| 33,395 |
|
| 2,285 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Consumer Services 0.58% |
|
|
|
|
|
|
|
LifeLock, Inc.* |
|
| 114,323 |
|
| 1,029 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Financial Services 1.18% |
|
|
|
|
|
|
|
IntercontinentalExchange, |
|
| 12,744 |
|
| 2,076 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 3.05% |
|
|
|
|
|
|
|
Verizon Communications, Inc. |
|
| 99,602 |
|
| 5,370 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Trimble Navigation Ltd.* |
|
| 30,486 |
|
| 876 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy Equipment & Services 1.54% |
|
|
|
|
|
|
|
FMC Technologies, Inc.* |
|
| 24,499 |
|
| 1,330 |
|
Oceaneering International, |
|
| 19,619 |
|
| 1,377 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,707 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 2.48% |
|
|
|
|
|
|
|
Costco Wholesale Corp. |
|
| 21,314 |
|
| 2,311 |
|
CVS Caremark Corp. |
|
| 35,500 |
|
| 2,065 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 4,376 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Products 1.02% |
|
|
|
|
|
|
|
Green Mountain Coffee |
|
| 31,371 |
|
| 1,801 |
|
|
|
|
|
|
|
|
|
|
14 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
GROWTH LEADERS FUND April 30, 2013
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Health Care Providers & Services 1.69% |
|
|
|
|
|
|
|
UnitedHealth Group, Inc. |
|
| 27,397 |
| $ | 1,642 |
|
Universal Health Services, |
|
| 20,079 |
|
| 1,337 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,979 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 4.98% |
|
|
|
|
|
|
|
Chipotle Mexican Grill, Inc.* |
|
| 5,581 |
|
| 2,027 |
|
Dunkin’ Brands Group, Inc. |
|
| 44,888 |
|
| 1,742 |
|
Las Vegas Sands Corp. |
|
| 15,576 |
|
| 876 |
|
Panera Bread Co. Class A* |
|
| 7,836 |
|
| 1,389 |
|
Starbucks Corp. |
|
| 45,144 |
|
| 2,747 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 8,781 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Durables 0.77% |
|
|
|
|
|
|
|
SodaStream International |
|
| 25,241 |
|
| 1,359 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Products 1.61% |
|
|
|
|
|
|
|
Colgate-Palmolive Co. |
|
| 23,806 |
|
| 2,843 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Information Technology Services 0.99% |
|
|
|
|
|
|
|
Visa, Inc. Class A |
|
| 10,342 |
|
| 1,742 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
Internet & Catalog Retail 2.17% |
|
|
|
|
|
|
|
Amazon.com, Inc.* |
|
| 1,790 |
|
| 454 |
|
Netflix, Inc.* |
|
| 5,292 |
|
| 1,143 |
|
Shutterfly, Inc.* |
|
| 19,711 |
|
| 878 |
|
TripAdvisor, Inc.* |
|
| 25,779 |
|
| 1,356 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,831 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Internet Software & Services 13.69% |
|
|
|
|
|
|
|
Angie’s List, Inc.* |
|
| 31,225 |
|
| 757 |
|
CoStar Group, Inc.* |
|
| 13,592 |
|
| 1,473 |
|
eBay, Inc.* |
|
| 16,437 |
|
| 861 |
|
Facebook, Inc. Class A* |
|
| 204,233 |
|
| 5,669 |
|
Google, Inc. Class A* |
|
| 8,667 |
|
| 7,147 |
|
LinkedIn Corp. Class A* |
|
| 34,221 |
|
| 6,574 |
|
MercadoLibre, Inc. |
|
| 6,919 |
|
| 696 |
|
Zillow, Inc.* |
|
| 15,848 |
|
| 932 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 24,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Life Sciences Tools & Services 0.86% |
|
|
|
|
|
|
|
Illumina, Inc.* |
|
| 23,394 |
| $ | 1,513 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 1.02% |
|
|
|
|
|
|
|
Chart Industries, Inc.* |
|
| 10,513 |
|
| 892 |
|
Proto Labs, Inc.* |
|
| 17,602 |
|
| 899 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,791 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 5.43% |
|
|
|
|
|
|
|
Comcast Corp. Class A |
|
| 69,413 |
|
| 2,867 |
|
DIRECTV* |
|
| 30,402 |
|
| 1,720 |
|
Time Warner, Inc. |
|
| 36,147 |
|
| 2,161 |
|
Walt Disney Co. (The) |
|
| 44,741 |
|
| 2,811 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 9,559 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Line Retail 1.00% |
|
|
|
|
|
|
|
Target Corp. |
|
| 25,050 |
|
| 1,768 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.64% |
|
|
|
|
|
|
|
Cobalt International Energy, |
|
| 33,303 |
|
| 930 |
|
Continental Resources, Inc.* |
|
| 11,465 |
|
| 916 |
|
Range Resources Corp. |
|
| 14,221 |
|
| 1,046 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,892 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 3.97% |
|
|
|
|
|
|
|
Allergan, Inc. |
|
| 21,411 |
|
| 2,431 |
|
Bristol-Myers Squibb Co. |
|
| 31,951 |
|
| 1,269 |
|
Eli Lilly & Co. |
|
| 35,256 |
|
| 1,952 |
|
Valeant Pharmaceuticals |
|
| 17,648 |
|
| 1,343 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 6,995 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Professional Services 1.58% |
|
|
|
|
|
|
|
Robert Half International, |
|
| 26,276 |
|
| 862 |
|
Verisk Analytics, Inc. Class A* |
|
| 31,231 |
|
| 1,914 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,776 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 2.04% |
|
|
|
|
|
|
|
Hertz Global Holdings, Inc.* |
|
| 75,777 |
|
| 1,825 |
|
Union Pacific Corp. |
|
| 11,922 |
|
| 1,764 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,589 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 15 |
Schedule of Investments (unaudited)(concluded)
GROWTH LEADERS FUND April 30, 2013
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
ARM Holdings plc ADR |
|
| 38,505 |
| $ | 1,800 |
|
Cree, Inc.* |
|
| 43,417 |
|
| 2,456 |
|
First Solar, Inc.* |
|
| 48,727 |
|
| 2,269 |
|
SunPower Corp.* |
|
| 109,501 |
|
| 1,488 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 8,013 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Software 4.85% |
|
|
|
|
|
|
|
Adobe Systems, Inc.* |
|
| 44,083 |
|
| 1,987 |
|
NetSuite, Inc.* |
|
| 10,996 |
|
| 967 |
|
Salesforce.com, Inc.* |
|
| 51,012 |
|
| 2,097 |
|
Splunk, Inc.* |
|
| 42,627 |
|
| 1,739 |
|
Workday, Inc. Class A* |
|
| 27,944 |
|
| 1,751 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 8,541 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Specialty Retail 4.03% |
|
|
|
|
|
|
|
Home Depot, Inc. (The) |
|
| 49,900 |
|
| 3,660 |
|
TJX Cos., Inc. (The) |
|
| 51,532 |
|
| 2,514 |
|
Williams-Sonoma, Inc. |
|
| 17,198 |
|
| 923 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 7,097 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods 2.15% |
|
|
|
|
|
|
|
NIKE, Inc. Class B |
|
| 59,462 |
|
| 3,782 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Trading Companies & Distributors 1.84% |
|
|
|
|
|
|
|
Air Lease Corp. |
|
| 65,983 |
|
| 1,815 |
|
United Rentals, Inc.* |
|
| 27,092 |
|
| 1,425 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,240 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 172,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
| |||||||
SHORT-TERM INVESTMENT 1.29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 2,271 |
| $ | 2,271 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 175,103 |
|
|
|
|
|
|
| ||
Other Assets in Excess |
|
|
|
|
| 1,025 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 176,128 |
|
|
|
|
|
|
|
|
|
ADR | American Depositary Receipt. |
* | Non-income producing security. |
(a) | Foreign security traded in U.S. dollars. |
|
|
|
16 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited) |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
COMMON STOCKS 96.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia 1.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beverages 0.66% |
|
|
|
|
|
|
|
Coca-Cola Amatil Ltd. |
|
| 322,494 |
| $ | 5,062 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 0.70% |
|
|
|
|
|
|
|
Leighton Holdings Ltd. |
|
| 262,584 |
|
| 5,442 |
|
|
|
|
|
|
| ||
Total Australia |
|
|
|
|
| 10,504 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Canada 0.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
Teck Resources Ltd. Class B |
|
| 183,900 |
|
| 4,892 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chile 1.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric: Utilities |
|
|
|
|
|
|
|
Enersis SA ADR |
|
| 566,918 |
|
| 10,703 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
China 1.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development |
|
|
|
|
|
|
|
China Overseas Land & |
|
|
|
|
|
|
|
Investment Ltd. |
|
| 2,670,000 |
|
| 8,154 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
France 8.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 1.47% |
|
|
|
|
|
|
|
Safran SA |
|
| 231,591 |
|
| 11,373 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 1.86% |
|
|
|
|
|
|
|
Vivendi SA |
|
| 633,633 |
|
| 14,353 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electrical Equipment 1.20% |
|
|
|
|
|
|
|
Schneider Electric SA |
|
| 120,947 |
|
| 9,223 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 1.50% |
|
|
|
|
|
|
|
Danone SA |
|
| 151,577 |
|
| 11,580 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 1.30% |
|
|
|
|
|
|
|
AXA SA |
|
| 533,428 |
|
| 9,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
Multi-Line Retail 1.00% |
|
|
|
|
|
|
|
PPR |
|
| 34,970 |
| $ | 7,693 |
|
|
|
|
|
|
| ||
Total France |
|
|
|
|
| 64,208 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Germany 6.19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics 0.75% |
|
|
|
|
|
|
|
Deutsche Post AG Registered |
|
| 243,554 |
|
| 5,780 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Automobiles 1.26% |
|
|
|
|
|
|
|
Daimler AG Registered |
|
| 175,104 |
|
| 9,689 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Capital Markets 0.79% |
|
|
|
|
|
|
|
Deutsche Bank AG |
|
| 132,730 |
|
| 6,102 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Financial Services 1.35% |
|
|
|
|
|
|
|
Deutsche Boerse AG |
|
| 167,113 |
|
| 10,432 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Providers & Services 1.42% |
|
|
|
|
|
|
|
Fresenius SE & Co. KGaA |
|
| 87,065 |
|
| 10,918 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Life Sciences Tools & Services 0.62% |
|
|
|
|
|
|
|
Morphosys AG* |
|
| 104,550 |
|
| 4,748 |
|
|
|
|
|
|
| ||
Total Germany |
|
|
|
|
| 47,669 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hong Kong 2.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 1.51% |
|
|
|
|
|
|
|
SJM Holdings Ltd. |
|
| 4,621,000 |
|
| 11,647 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Water Utilities 0.75% |
|
|
|
|
|
|
|
Guangdong Investment |
|
| 5,938,000 |
|
| 5,747 |
|
|
|
|
|
|
| ||
Total Hong Kong |
|
|
|
|
| 17,394 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
India 2.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks 1.25% |
|
|
|
|
|
|
|
Axis Bank Ltd. |
|
| 347,155 |
|
| 9,618 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 17 |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL CORE EQUITY FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
India (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology Services 0.81% |
|
|
|
|
|
|
|
Infosys Ltd. ADR |
|
| 150,400 |
| $ | 6,278 |
|
|
|
|
|
|
| ||
Total India |
|
|
|
|
| 15,896 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Indonesia 1.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks 1.00% |
|
|
|
|
|
|
|
PT Bank Negara Indonesia |
|
| 13,926,314 |
|
| 7,735 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 0.95% |
|
|
|
|
|
|
|
PT Indofood Sukses |
|
| 9,639,000 |
|
| 7,287 |
|
|
|
|
|
|
| ||
Total Indonesia |
|
|
|
|
| 15,022 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Italy 1.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
Eni SpA ADR |
|
| 267,300 |
|
| 12,780 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Japan 25.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airlines 1.03% |
|
|
|
|
|
|
|
Japan Airlines Co., Ltd. |
|
| 156,700 |
|
| 7,941 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Automobiles 4.04% |
|
|
|
|
|
|
|
Nissan Motor Co., Ltd. |
|
| 828,000 |
|
| 8,629 |
|
Toyota Motor Corp. |
|
| 389,800 |
|
| 22,552 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 31,181 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals 0.94% |
|
|
|
|
|
|
|
Asahi Kasei Corp. |
|
| 1,075,000 |
|
| 7,212 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 0.95% |
|
|
|
|
|
|
|
Bank of Yokohama Ltd. |
|
| 1,203,000 |
|
| 7,305 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Financial Services 1.63% |
|
|
|
|
|
|
|
ORIX Corp. |
|
| 819,500 |
|
| 12,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Hitachi Ltd. |
|
| 2,095,000 |
| $ | 13,367 |
|
Murata Manufacturing |
|
| 151,000 |
|
| 12,283 |
|
Omron Corp. |
|
| 383,100 |
|
| 12,085 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 37,735 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 1.27% |
|
|
|
|
|
|
|
NSK Ltd. |
|
| 1,216,000 |
|
| 9,829 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.16% |
|
|
|
|
|
|
|
Inpex Corp. |
|
| 1,849 |
|
| 8,914 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 1.75% |
|
|
|
|
|
|
|
Shionogi & Co., Ltd. |
|
| 549,200 |
|
| 13,510 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 1.37% |
|
|
|
|
|
|
|
East Japan Railway Co. |
|
| 125,100 |
|
| 10,549 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Specialty Retail 1.23% |
|
|
|
|
|
|
|
Yamada Denki Co., Ltd. |
|
| 196,740 |
|
| 9,475 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Tobacco 1.69% |
|
|
|
|
|
|
|
Japan Tobacco, Inc. |
|
| 344,200 |
|
| 13,011 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Trading Companies & Distributors 1.29% |
|
|
|
|
|
|
|
Sumitomo Corp. |
|
| 798,500 |
|
| 9,960 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 1.77% |
|
|
|
|
|
|
|
KDDI Corp. |
|
| 284,452 |
|
| 13,656 |
|
|
|
|
|
|
| ||
Total Japan |
|
|
|
|
| 192,854 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Mexico 1.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering 0.52% |
|
|
|
|
|
|
|
Empresas ICA SAB de CV* |
|
| 1,445,500 |
|
| 3,996 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 0.94% |
|
|
|
|
|
|
|
Macquarie Mexico Real |
|
| 2,988,200 |
|
| 7,216 |
|
|
|
|
|
|
| ||
Total Mexico |
|
|
|
|
| 11,212 |
|
|
|
|
|
|
|
|
|
|
18 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL CORE EQUITY FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
Netherlands 4.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beverages 1.68% |
|
|
|
|
|
|
|
Heineken Holding NV |
|
| 215,463 |
| $ | 12,956 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Financial Services 1.29% |
|
|
|
|
|
|
|
ING Groep NV CVA* |
|
| 1,211,677 |
|
| 9,945 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 1.25% |
|
|
|
|
|
|
|
Koninklijke Ahold NV |
|
| 608,547 |
|
| 9,601 |
|
|
|
|
|
|
| ||
Total Netherlands |
|
|
|
|
| 32,502 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Norway 6.61% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biotechnology 1.05% |
|
|
|
|
|
|
|
Algeta ASA* |
|
| 239,467 |
|
| 8,119 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 2.21% |
|
|
|
|
|
|
|
DnB NOR ASA |
|
| 1,041,308 |
|
| 17,019 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 1.45% |
|
|
|
|
|
|
|
Telenor ASA |
|
| 496,188 |
|
| 11,152 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy Equipment & Services 0.94% |
|
|
|
|
|
|
|
Ocean Rig UDW, Inc.* |
|
| 444,196 |
|
| 7,276 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 0.96% |
|
|
|
|
|
|
|
Storebrand ASA* |
|
| 1,623,101 |
|
| 7,374 |
|
|
|
|
|
|
| ||
Total Norway |
|
|
|
|
| 50,940 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Russia 0.42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Road & Rail |
|
|
|
|
|
|
|
Globaltrans Investment |
|
| 227,560 |
|
| 3,231 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
South Korea 2.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks 0.73% |
|
|
|
|
|
|
|
DGB Financial Group, Inc. |
|
| 400,900 |
|
| 5,606 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 2.03% |
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
| 11,357 |
|
| 15,675 |
|
|
|
|
|
|
| ||
Total South Korea |
|
|
|
|
| 21,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
Spain 2.61% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airlines 1.27% |
|
|
|
|
|
|
|
International Consolidated |
|
| 2,314,946 |
| $ | 9,781 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 0.59% |
|
|
|
|
|
|
|
Banco Popular Espanol SA |
|
| 5,871,503 |
|
| 4,570 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 0.75% |
|
|
|
|
|
|
|
Mediaset Espana |
|
| 737,161 |
|
| 5,787 |
|
|
|
|
|
|
| ||
Total Spain |
|
|
|
|
| 20,138 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Sweden 0.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household Durables |
|
|
|
|
|
|
|
Electrolux AB Ser B |
|
| 248,028 |
|
| 7,023 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Switzerland 6.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals 0.81% |
|
|
|
|
|
|
|
Syngenta AG Registered |
|
| 14,648 |
|
| 6,260 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electrical Equipment 0.73% |
|
|
|
|
|
|
|
ABB Ltd. Registered Shares* |
|
| 250,010 |
|
| 5,660 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 1.18% |
|
|
|
|
|
|
|
Swiss Re Ltd.* |
|
| 113,901 |
|
| 9,059 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 3.90% |
|
|
|
|
|
|
|
Novartis AG Registered |
|
| 155,514 |
|
| 11,549 |
|
Roche Holding AG |
|
| 74,035 |
|
| 18,505 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 30,054 |
|
|
|
|
|
|
| ||
Total Switzerland |
|
|
|
|
| 51,033 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Taiwan 0.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
Siliconware Precision |
|
| 1,001,800 |
|
| 6,101 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 19 |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL CORE EQUITY FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
Thailand 1.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Bangkok Bank Public |
|
| 1,110,300 |
| $ | 8,587 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
United Kingdom 16.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks 3.43% |
|
|
|
|
|
|
|
Barclays plc |
|
| 2,690,582 |
|
| 11,955 |
|
HSBC Holdings plc |
|
| 452,680 |
|
| 4,947 |
|
HSBC Holdings plc ADR |
|
| 76,900 |
|
| 4,219 |
|
Lloyds Banking Group plc* |
|
| 6,299,093 |
|
| 5,316 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 26,437 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 0.18% |
|
|
|
|
|
|
|
Balfour Beatty plc |
|
| 404,717 |
|
| 1,357 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 1.49% |
|
|
|
|
|
|
|
SSE plc |
|
| 474,315 |
|
| 11,471 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 1.47% |
|
|
|
|
|
|
|
Unilever plc |
|
| 261,062 |
|
| 11,298 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Durables 1.27% |
|
|
|
|
|
|
|
Berkeley Group Holdings plc |
|
| 303,224 |
|
| 9,821 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 1.56% |
|
|
|
|
|
|
|
Prudential plc |
|
| 700,179 |
|
| 12,018 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 2.44% |
|
|
|
|
|
|
|
British Sky Broadcasting |
|
|
|
|
|
|
|
Group plc |
|
| 403,395 |
|
| 5,289 |
|
WPP plc |
|
| 818,937 |
|
| 13,535 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 18,824 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Metals & Mining 1.34% |
|
|
|
|
|
|
|
Rio Tinto plc ADR |
|
| 225,000 |
|
| 10,363 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Utilities 1.10% |
|
|
|
|
|
|
|
National Grid plc |
|
| 667,663 |
|
| 8,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
Oil, Gas & Consumable Fuels 0.90% |
|
|
|
|
|
|
|
Afren plc* |
|
| 1,745,734 |
| $ | 3,636 |
|
Tullow Oil plc |
|
| 210,527 |
|
| 3,274 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,910 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 0.74% |
|
|
|
|
|
|
|
Shire plc |
|
| 184,350 |
|
| 5,733 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Tobacco 0.85% |
|
|
|
|
|
|
|
Imperial Tobacco Group plc |
|
| 182,963 |
|
| 6,537 |
|
|
|
|
|
|
| ||
Total United Kingdom |
|
|
|
|
| 129,268 |
|
|
|
|
|
|
| ||
Total Long-Term Investments |
|
|
|
|
| 741,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
| |
|
|
|
|
|
| ||
SHORT-TERM INVESTMENT 6.19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 47,727 |
|
| 47,727 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 789,119 |
|
|
|
|
|
|
| ||
Liabilities in Excess of Cash, |
|
|
|
|
| (18,389 | ) |
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 770,730 |
|
|
|
|
|
|
|
|
|
|
ADR |
| American Depositary Receipt. |
GDR |
| Global Depositary Receipt. |
* |
| Non-income producing security. |
† |
| Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. |
(a) |
| Liabilities in Excess of Cash, Foreign Cash and Other Assets include net unrealized appreciation on forward foreign currency exchange contracts as follows: |
|
|
|
20 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL CORE EQUITY FUND April 30, 2013 |
Open Forward Foreign Currency Exchange Contracts at April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
| U.S. $ |
| U.S. $ | Unrealized |
| ||||
Australian dollar |
| Buy |
| Barclays Bank plc |
| 8/19/2013 |
| 3,565,000 |
| $ | 3,657,961 |
| $ | 3,666,678 |
| $ | 8,717 |
|
Australian dollar |
| Buy |
| Deutsche Bank AG |
| 7/22/2013 |
| 2,120,000 |
|
| 2,183,028 |
|
| 2,184,748 |
|
| 1,720 |
|
Australian dollar |
| Buy |
| Goldman Sachs |
| 5/3/2013 |
| 1,690,000 |
|
| 1,737,574 |
|
| 1,751,891 |
|
| 14,317 |
|
Australian dollar |
| Buy |
| Goldman Sachs |
| 6/25/2013 |
| 18,450,000 |
|
| 18,755,735 |
|
| 19,050,466 |
|
| 294,731 |
|
Australian dollar |
| Buy |
| Morgan Stanley |
| 6/13/2013 |
| 2,600,000 |
|
| 2,648,126 |
|
| 2,686,963 |
|
| 38,837 |
|
Australian dollar |
| Buy |
| UBS AG |
| 7/15/2013 |
| 1,825,000 |
|
| 1,849,565 |
|
| 1,881,682 |
|
| 32,117 |
|
Brazilian real |
| Buy |
| Goldman Sachs |
| 8/5/2013 |
| 13,925,000 |
|
| 6,783,748 |
|
| 6,868,572 |
|
| 84,824 |
|
British pound |
| Buy |
| Barclays Bank plc |
| 6/25/2013 |
| 1,760,000 |
|
| 2,661,106 |
|
| 2,732,968 |
|
| 71,862 |
|
British pound |
| Buy |
| Barclays Bank plc |
| 8/15/2013 |
| 2,110,000 |
|
| 3,272,317 |
|
| 3,275,622 |
|
| 3,305 |
|
Canadian dollar |
| Buy |
| Deutsche Bank AG |
| 6/25/2013 |
| 4,970,000 |
|
| 4,889,422 |
|
| 4,927,045 |
|
| 37,623 |
|
euro |
| Buy |
| Barclays Bank plc |
| 5/9/2013 |
| 3,255,000 |
|
| 4,254,285 |
|
| 4,286,838 |
|
| 32,553 |
|
euro |
| Buy |
| Barclays Bank plc |
| 7/15/2013 |
| 2,940,000 |
|
| 3,832,455 |
|
| 3,873,724 |
|
| 41,269 |
|
euro |
| Buy |
| J.P. Morgan |
| 7/19/2013 |
| 12,500,000 |
|
| 16,375,000 |
|
| 16,470,384 |
|
| 95,384 |
|
euro |
| Buy |
| UBS AG |
| 7/15/2013 |
| 1,365,000 |
|
| 1,776,752 |
|
| 1,798,515 |
|
| 21,763 |
|
New Zealand dollar |
| Buy |
| J.P. Morgan |
| 6/19/2013 |
| 4,240,000 |
|
| 3,495,367 |
|
| 3,622,469 |
|
| 127,102 |
|
Singapore dollar |
| Buy |
| Barclays Bank plc |
| 8/12/2013 |
| 2,590,000 |
|
| 2,087,646 |
|
| 2,102,934 |
|
| 15,288 |
|
Singapore dollar |
| Buy |
| Deutsche Bank AG |
| 6/27/2013 |
| 1,620,000 |
|
| 1,296,783 |
|
| 1,315,292 |
|
| 18,509 |
|
Singapore dollar |
| Buy |
| J.P. Morgan |
| 5/30/2013 |
| 2,150,000 |
|
| 1,735,060 |
|
| 1,745,567 |
|
| 10,507 |
|
South African rand |
| Buy |
| Deutsche Bank AG |
| 8/19/2013 |
| 22,850,000 |
|
| 2,456,162 |
|
| 2,510,096 |
|
| 53,934 |
|
Swiss franc |
| Buy |
| Barclays Bank plc |
| 7/22/2013 |
| 1,920,000 |
|
| 2,036,524 |
|
| 2,066,688 |
|
| 30,164 |
|
Swiss franc |
| Buy |
| J.P. Morgan |
| 6/25/2013 |
| 4,870,000 |
|
| 5,238,193 |
|
| 5,240,447 |
|
| 2,254 |
|
Japanese yen |
| Sell |
| Barclays Bank plc |
| 6/12/2013 |
| 775,000,000 |
|
| 8,397,397 |
|
| 7,951,540 |
|
| 445,857 |
|
Japanese yen |
| Sell |
| Credit Suisse |
| 6/12/2013 |
| 1,558,000,000 |
|
| 16,539,559 |
|
| 15,985,161 |
|
| 554,398 |
|
Japanese yen |
| Sell |
| Credit Suisse |
| 7/29/2013 |
| 215,000,000 |
|
| 2,268,650 |
|
| 2,206,549 |
|
| 62,101 |
|
Japanese yen |
| Sell |
| J.P. Morgan |
| 6/12/2013 |
| 469,000,000 |
|
| 5,010,898 |
|
| 4,811,964 |
|
| 198,934 |
|
Norwegian krone |
| Sell |
| Barclays Bank plc |
| 5/14/2013 |
| 25,940,000 |
|
| 4,660,765 |
|
| 4,496,506 |
|
| 164,259 |
|
Norwegian krone |
| Sell |
| Barclays Bank plc |
| 8/12/2013 |
| 41,795,000 |
|
| 7,259,353 |
|
| 7,220,783 |
|
| 38,570 |
|
Norwegian krone |
| Sell |
| Deutsche Bank AG |
| 6/25/2013 |
| 62,500,000 |
|
| 11,009,163 |
|
| 10,816,821 |
|
| 192,342 |
|
Norwegian krone |
| Sell |
| Morgan Stanley |
| 6/13/2013 |
| 11,000,000 |
|
| 1,987,084 |
|
| 1,904,607 |
|
| 82,477 |
|
Norwegian krone |
| Sell |
| UBS AG |
| 5/14/2013 |
| 12,775,000 |
|
| 2,326,128 |
|
| 2,214,451 |
|
| 111,677 |
|
Norwegian krone |
| Sell |
| UBS AG |
| 6/25/2013 |
| 24,500,000 |
|
| 4,259,758 |
|
| 4,240,194 |
|
| 19,564 |
|
South Korean won |
| Sell |
| Deutsche Bank AG |
| 5/10/2013 |
| 5,077,000,000 |
|
| 4,747,300 |
|
| 4,609,628 |
|
| 137,672 |
|
Swiss franc |
| Sell |
| Morgan Stanley |
| 6/25/2013 |
| 4,610,000 |
|
| 4,985,681 |
|
| 4,960,670 |
|
| 25,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts |
|
|
|
|
|
|
| $ | 3,069,642 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
|
| U.S. $ |
|
| U.S. $ | Unrealized |
| ||
Australian dollar |
| Buy |
| Barclays Bank plc |
| 8/12/2013 |
| 2,075,000 |
| $ | 2,139,684 |
| $ | 2,135,214 |
| $ | (4,470 | ) |
Australian dollar |
| Buy |
| Credit Suisse |
| 8/6/2013 |
| 2,100,000 |
|
| 2,166,421 |
|
| 2,161,836 |
|
| (4,585 | ) |
Australian dollar |
| Buy |
| Deutsche Bank AG |
| 5/22/2013 |
| 4,085,000 |
|
| 4,266,468 |
|
| 4,228,532 |
|
| (37,936 | ) |
Australian dollar |
| Buy |
| J.P. Morgan |
| 8/15/2013 |
| 7,820,000 |
|
| 8,173,792 |
|
| 8,045,258 |
|
| (128,534 | ) |
euro |
| Buy |
| Deutsche Bank AG |
| 6/5/2013 |
| 1,745,000 |
|
| 2,387,328 |
|
| 2,298,564 |
|
| (88,764 | ) |
euro |
| Buy |
| Deutsche Bank AG |
| 6/19/2013 |
| 1,580,000 |
|
| 2,109,682 |
|
| 2,081,420 |
|
| (28,262 | ) |
euro |
| Buy |
| J.P. Morgan |
| 5/16/2013 |
| 4,920,000 |
|
| 6,578,237 |
|
| 6,479,933 |
|
| (98,304 | ) |
euro |
| Buy |
| UBS AG |
| 5/24/2013 |
| 4,420,000 |
|
| 5,891,109 |
|
| 5,821,700 |
|
| (69,409 | ) |
Japanese yen |
| Buy |
| Barclays Bank plc |
| 6/12/2013 |
| 227,000,000 |
|
| 2,426,956 |
|
| 2,329,032 |
|
| (97,924 | ) |
Japanese yen |
| Buy |
| UBS AG |
| 6/12/2013 |
| 468,000,000 |
|
| 4,907,873 |
|
| 4,801,704 |
|
| (106,169 | ) |
|
|
|
| See Notes to Financial Statements. | 21 |
|
Schedule of Investments (unaudited)(concluded) |
INTERNATIONAL CORE EQUITY FUND April 30, 2013 |
Open Forward Foreign Currency Exchange Contracts at April 30, 2013 (concluded):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
| U.S. $ |
| U.S. $ | Unrealized |
| ||||
South Korean won |
| Buy |
| Deutsche Bank AG |
| 7/5/2013 |
| 3,800,000,000 |
| $ | 3,484,097 |
| $ | 3,445,050 |
| $ | (39,047 | ) |
Swiss franc |
| Buy |
| J.P. Morgan |
| 5/30/2013 |
| 2,050,000 |
|
| 2,212,184 |
|
| 2,205,333 |
|
| (6,851 | ) |
Swiss franc |
| Buy |
| UBS AG |
| 5/30/2013 |
| 2,185,000 |
|
| 2,404,838 |
|
| 2,350,562 |
|
| (54,276 | ) |
British pound |
| Sell |
| Deutsche Bank AG |
| 6/25/2013 |
| 1,760,000 |
|
| 2,683,335 |
|
| 2,732,968 |
|
| (49,633 | ) |
Canadian dollar |
| Sell |
| Barclays Bank plc |
| 6/25/2013 |
| 9,200,000 |
|
| 9,007,651 |
|
| 9,120,485 |
|
| (112,834 | ) |
Canadian dollar |
| Sell |
| UBS AG |
| 7/12/2013 |
| 3,910,000 |
|
| 3,794,127 |
|
| 3,874,689 |
|
| (80,562 | ) |
Chilean peso |
| Sell |
| Morgan Stanley |
| 7/22/2013 |
| 1,429,000,000 |
|
| 2,975,534 |
|
| 3,001,690 |
|
| (26,156 | ) |
euro |
| Sell |
| Barclays Bank plc |
| 5/16/2013 |
| 2,035,000 |
|
| 2,651,379 |
|
| 2,680,216 |
|
| (28,837 | ) |
euro |
| Sell |
| Credit Suisse |
| 5/9/2013 |
| 2,920,000 |
|
| 3,785,079 |
|
| 3,845,642 |
|
| (60,563 | ) |
euro |
| Sell |
| Deutsche Bank AG |
| 5/9/2013 |
| 335,000 |
|
| 434,051 |
|
| 441,195 |
|
| (7,144 | ) |
euro |
| Sell |
| Deutsche Bank AG |
| 5/24/2013 |
| 3,615,000 |
|
| 4,710,833 |
|
| 4,761,413 |
|
| (50,580 | ) |
Indian rupee |
| Sell |
| Morgan Stanley |
| 6/6/2013 |
| 130,000,000 |
|
| 2,390,937 |
|
| 2,411,851 |
|
| (20,914 | ) |
Indonesian rupiah |
| Sell |
| J.P. Morgan |
| 6/25/2013 |
| 22,700,000,000 |
|
| 2,306,911 |
|
| 2,323,866 |
|
| (16,955 | ) |
Japanese yen |
| Sell |
| J.P. Morgan |
| 8/12/2013 |
| 583,000,000 |
|
| 5,885,768 |
|
| 5,983,950 |
|
| (98,182 | ) |
Japanese yen |
| Sell |
| UBS AG |
| 8/12/2013 |
| 607,100,000 |
|
| 6,147,910 |
|
| 6,231,314 |
|
| (83,404 | ) |
Mexican peso |
| Sell |
| Deutsche Bank AG |
| 7/22/2013 |
| 16,365,000 |
|
| 1,297,541 |
|
| 1,338,934 |
|
| (41,393 | ) |
New Zealand dollar |
| Sell |
| Deutsche Bank AG |
| 6/19/2013 |
| 3,855,000 |
|
| 3,243,813 |
|
| 3,293,542 |
|
| (49,729 | ) |
Norwegian krone |
| Sell |
| J.P. Morgan |
| 7/19/2013 |
| 24,600,000 |
|
| 4,250,173 |
|
| 4,253,724 |
|
| (3,551 | ) |
South Korean won |
| Sell |
| Barclays Bank plc |
| 8/12/2013 |
| 6,800,000,000 |
|
| 5,941,459 |
|
| 6,156,310 |
|
| (214,851 | ) |
South Korean won |
| Sell |
| UBS AG |
| 7/15/2013 |
| 2,710,000,000 |
|
| 2,450,936 |
|
| 2,455,954 |
|
| (5,018 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts |
|
|
|
|
|
|
| $ | (1,714,837 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
22 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited) |
|
|
|
|
|
|
|
|
Investments |
|
| Shares |
| U.S. $ |
| |
| |||||||
LONG-TERM INVESTMENTS 96.96% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 95.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia 11.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics 0.25% |
|
|
|
|
|
|
|
Toll Holdings Ltd. |
|
| 949,663 |
| $ | 5,612 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 2.20% |
|
|
|
|
|
|
|
National Australia Bank Ltd. |
|
| 1,424,573 |
|
| 50,213 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 0.72% |
|
|
|
|
|
|
|
Leighton Holdings Ltd. |
|
| 786,660 |
|
| 16,302 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 1.04% |
|
|
|
|
|
|
|
Telstra Corp., Ltd. |
|
| 4,572,547 |
|
| 23,607 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 2.75% |
|
|
|
|
|
|
|
SP AusNet |
|
| 17,892,113 |
|
| 23,279 |
|
Spark Infrastructure Group |
|
| 21,267,949 |
|
| 39,467 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 62,746 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 1.12% |
|
|
|
|
|
|
|
Metcash Ltd. |
|
| 6,021,387 |
|
| 25,531 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Line Retail 0.69% |
|
|
|
|
|
|
|
David Jones Ltd. |
|
| 5,078,359 |
|
| 15,689 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 2.92% |
|
|
|
|
|
|
|
Commonwealth Property Office Fund |
|
| 27,879,941 |
|
| 33,527 |
|
Stockland |
|
| 8,197,758 |
|
| 32,890 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 66,417 |
|
|
|
|
|
|
| ||
Total Australia |
|
|
|
|
| 266,117 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Austria 0.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
Voestalpine AG |
|
| 510,874 |
|
| 15,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| Shares |
| U.S. $ |
| |
| |||||||
Brazil 1.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
|
|
|
|
|
|
Sul America SA Unit |
|
| 3,123,705 |
| $ | 23,185 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Canada 1.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining 0.08% |
|
|
|
|
|
|
|
Kinross Gold Corp. |
|
| 316,800 |
|
| 1,726 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.23% |
|
|
|
|
|
|
|
Baytex Energy Corp. |
|
| 292,600 |
|
| 11,562 |
|
PetroBakken Energy Ltd. |
|
| 1,928,500 |
|
| 16,463 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 28,025 |
|
|
|
|
|
|
| ||
Total Canada |
|
|
|
|
| 29,751 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chile 1.42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric: Utilities |
|
|
|
|
|
|
|
Enersis SA ADR |
|
| 1,707,892 |
|
| 32,245 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Finland 0.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
UPM-Kymmene OYJ |
|
| 1,859,637 |
|
| 19,445 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
France 10.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 2.71% |
|
|
|
|
|
|
|
France Telecom SA |
|
| 1,848,287 |
|
| 19,775 |
|
Vivendi SA |
|
| 1,850,515 |
|
| 41,917 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 61,692 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electrical Equipment 1.09% |
|
|
|
|
|
|
|
Schneider Electric SA |
|
| 325,539 |
|
| 24,823 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 1.43% |
|
|
|
|
|
|
|
AXA SA |
|
| 1,738,895 |
|
| 32,553 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 1.06% |
|
|
|
|
|
|
|
Lagardere SCA |
|
| 649,271 |
|
| 24,130 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Line Retail 1.19% |
|
|
|
|
|
|
|
PPR |
|
| 122,857 |
|
| 27,028 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 23 |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
|
| Shares |
| U.S. $ |
| |
| |||||||
France (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.41% |
|
|
|
|
|
|
|
Total SA ADR |
|
| 639,680 |
| $ | 32,137 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 1.41% |
|
|
|
|
|
|
|
Sanofi |
|
| 294,098 |
|
| 32,232 |
|
|
|
|
|
|
| ||
Total France |
|
|
|
|
| 234,595 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Germany 4.80% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics 0.77% |
|
|
|
|
|
|
|
Deutsche Post AG |
|
| 742,572 |
|
| 17,622 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Automobiles 1.29% |
|
|
|
|
|
|
|
Daimler AG Registered |
|
| 529,308 |
|
| 29,287 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 0.79% |
|
|
|
|
|
|
|
Deutsche Telekom AG |
|
| 1,509,746 |
|
| 17,859 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 0.62% |
|
|
|
|
|
|
|
Metro AG |
|
| 454,341 |
|
| 14,166 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 1.33% |
|
|
|
|
|
|
|
Freenet AG |
|
| 1,216,088 |
|
| 30,285 |
|
|
|
|
|
|
| ||
Total Germany |
|
|
|
|
| 109,219 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hong Kong 6.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications Equipment 0.48% |
|
|
|
|
|
|
|
VTech Holdings Ltd. |
|
| 864,300 |
|
| 11,026 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 2.22% |
|
|
|
|
|
|
|
SJM Holdings Ltd. |
|
| 13,756,000 |
|
| 34,673 |
|
Wynn Macau Ltd.* |
|
| 5,210,000 |
|
| 15,811 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 50,484 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Industrial Conglomerates 1.83% |
|
|
|
|
|
|
|
NWS Holdings Ltd. |
|
| 12,479,000 |
|
| 22,288 |
|
Shanghai Industrial |
|
| 6,146,000 |
|
| 19,483 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 41,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| Shares |
|
| U.S. $ |
|
| |||||||
Real Estate Management & Development 1.20% |
|
|
|
|
|
|
|
New World Development |
|
| 1,275,000 |
| $ | 2,225 |
|
Yuexiu Property Co., Ltd. |
|
| 84,830,000 |
|
| 25,142 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 27,367 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Water Utilities 0.69% |
|
|
|
|
|
|
|
Guangdong Investment |
|
| 16,166,000 |
|
| 15,645 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.49% |
|
|
|
|
|
|
|
China Mobile Ltd. |
|
| 1,022,000 |
|
| 11,188 |
|
|
|
|
|
|
| ||
Total Hong Kong |
|
|
|
|
| 157,481 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Israel 1.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Bezeq The Israeli |
|
| 24,107,539 |
|
| 34,968 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Italy 2.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.40% |
|
|
|
|
|
|
|
Eni SpA ADR |
|
| 667,380 |
|
| 31,908 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Transportation Infrastructure 1.11% |
|
|
|
|
|
|
|
Atlantia SpA |
|
| 1,412,925 |
|
| 25,250 |
|
|
|
|
|
|
| ||
Total Italy |
|
|
|
|
| 57,158 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Japan 11.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobiles 3.54% |
|
|
|
|
|
|
|
Nissan Motor Co., Ltd. |
|
| 3,325,300 |
|
| 34,657 |
|
Toyota Motor Corp. |
|
| 794,600 |
|
| 45,971 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 80,628 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Office Electronics 1.52% |
|
|
|
|
|
|
|
Ricoh Co., Ltd. |
|
| 3,105,000 |
|
| 34,590 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 1.43% |
|
|
|
|
|
|
|
United Urban Investment |
|
| 19,822 |
|
| 32,635 |
|
|
|
|
|
|
|
|
|
24 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
|
| Shares |
| U.S. $ |
| |
| |||||||
Japan (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco 1.68% |
|
|
|
|
|
|
|
Japan Tobacco, Inc. |
|
| 1,010,600 |
| $ | 38,202 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Trading Companies & Distributors 1.37% |
|
|
|
|
|
|
|
Sumitomo Corp. |
|
| 2,505,900 |
|
| 31,258 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 1.80% |
|
|
|
|
|
|
|
KDDI Corp. |
|
| 854,076 |
|
| 41,002 |
|
|
|
|
|
|
| ||
Total Japan |
|
|
|
|
| 258,315 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Mexico 0.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts |
|
|
|
|
|
|
|
Macquarie Mexico Real |
|
| 7,618,400 |
|
| 18,396 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Netherlands 0.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
|
|
|
|
|
|
Delta Lloyd NV |
|
| 997,702 |
|
| 19,118 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Norway 1.48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Telenor ASA |
|
| 1,502,717 |
|
| 33,773 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Portugal 1.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric: Utilities |
|
|
|
|
|
|
|
EDP - Energias de |
|
| 10,707,227 |
|
| 36,803 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Russia 0.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 0.48% |
|
|
|
|
|
|
|
Gazprom OAO ADR |
|
| 1,386,300 |
|
| 11,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 0.36% |
|
|
|
|
|
|
|
Globaltrans Investment |
|
| 576,500 |
|
| 8,186 |
|
|
|
|
|
|
| ||
Total Russia |
|
|
|
|
| 19,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| Shares |
|
| U.S. $ |
|
| |||||||
Singapore 0.87% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts |
|
|
|
|
|
|
|
Mapletree Logistics Trust |
|
| 18,725,000 |
| $ | 19,915 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
South Africa 0.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
Kumba Iron Ore Ltd. |
|
| 287,146 |
|
| 15,145 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
South Korea 0.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
|
|
|
|
KT&G Corp. |
|
| 278,643 |
|
| 20,064 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Spain 4.65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks 1.37% |
|
|
|
|
|
|
|
Banco Bilbao Vizcaya |
|
|
|
|
|
|
|
Argentaria SA |
|
| 2,618,262 |
|
| 25,413 |
|
Banco Popular Espanol SA |
|
| 7,327,817 |
|
| 5,703 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 31,116 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 0.93% |
|
|
|
|
|
|
|
Red Electrica Corp. SA |
|
| 396,336 |
|
| 21,082 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Gas Utilities 0.35% |
|
|
|
|
|
|
|
Gas Natural SDG SA |
|
| 377,920 |
|
| 7,913 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 0.45% |
|
|
|
|
|
|
|
Mapfre SA |
|
| 2,829,275 |
|
| 10,377 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.55% |
|
|
|
|
|
|
|
Repsol SA |
|
| 1,510,027 |
|
| 35,398 |
|
|
|
|
|
|
| ||
Total Spain |
|
|
|
|
| 105,886 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Sweden 1.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering 0.99% |
|
|
|
|
|
|
|
NCC AB B Shares |
|
| 947,556 |
|
| 22,442 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Personal Products 0.96% |
|
|
|
|
|
|
|
Oriflame Cosmetics SA SDR |
|
| 606,363 |
|
| 21,959 |
|
|
|
|
|
|
| ||
Total Sweden |
|
|
|
|
| 44,401 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 25 |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
|
| Shares |
|
| U.S. $ |
|
| |||||||
Switzerland 4.19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance 1.00% |
|
|
|
|
|
|
|
Swiss Re Ltd.* |
|
| 287,417 |
| $ | 22,859 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 3.19% |
|
|
|
|
|
|
|
Novartis AG Registered |
|
| 408,223 |
|
| 30,316 |
|
Roche Holding AG |
|
| 169,209 |
|
| 42,293 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 72,609 |
|
|
|
|
|
|
| ||
Total Switzerland |
|
|
|
|
| 95,468 |
|
|
|
|
|
|
| ||
| |||||||
Taiwan 2.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals 0.66% |
|
|
|
|
|
|
|
Asustek Computer, Inc. |
|
| 1,281,000 |
|
| 14,910 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 1.36% |
|
|
|
|
|
|
|
Siliconware Precision |
|
| 5,092,920 |
|
| 31,016 |
|
|
|
|
|
|
| ||
Total Taiwan |
|
|
|
|
| 45,926 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Turkey 1.86% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 1.12% |
|
|
|
|
|
|
|
Turk Telekomunikasyon AS |
|
| 5,389,175 |
|
| 25,552 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 0.74% |
|
|
|
|
|
|
|
Tupras Turkiye Petrol |
|
| 600,753 |
|
| 16,755 |
|
|
|
|
|
|
| ||
Total Turkey |
|
|
|
|
| 42,307 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
United Kingdom 18.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beverages 0.84% |
|
|
|
|
|
|
|
Britvic plc |
|
| 2,791,472 |
|
| 19,079 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 1.79% |
|
|
|
|
|
|
|
Barclays plc |
|
| 2,909,245 |
|
| 12,927 |
|
HSBC Holdings plc |
|
| 2,537,822 |
|
| 27,733 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 40,660 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 0.38% |
|
|
|
|
|
|
|
Balfour Beatty plc |
|
| 2,601,486 |
|
| 8,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| Shares |
|
| U.S. $ |
|
| |||||||
Consumer Finance 0.80% |
|
|
|
|
|
|
|
Provident Financial plc |
|
| 721,468 |
| $ | 18,256 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 0.92% |
|
|
|
|
|
|
|
Cable & Wireless |
|
| 31,886,031 |
|
| 20,941 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 1.64% |
|
|
|
|
|
|
|
SSE plc |
|
| 1,543,388 |
|
| 37,328 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 2.37% |
|
|
|
|
|
|
|
Tate & Lyle plc |
|
| 1,702,226 |
|
| 22,330 |
|
Unilever plc |
|
| 732,574 |
|
| 31,703 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 54,033 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 4.49% |
|
|
|
|
|
|
|
Admiral Group plc |
|
| 1,108,737 |
|
| 22,062 |
|
Catlin Group Ltd. |
|
| 2,794,009 |
|
| 22,807 |
|
Prudential plc |
|
| 2,028,374 |
|
| 34,816 |
|
RSA Insurance Group plc |
|
| 13,076,164 |
|
| 22,607 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 102,292 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 0.97% |
|
|
|
|
|
|
|
Reed Elsevier plc |
|
| 1,891,115 |
|
| 22,090 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Metals & Mining 1.11% |
|
|
|
|
|
|
|
Rio Tinto plc ADR |
|
| 550,800 |
|
| 25,370 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Utilities 1.48% |
|
|
|
|
|
|
|
National Grid plc |
|
| 2,637,455 |
|
| 33,574 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 1.12% |
|
|
|
|
|
|
|
GlaxoSmithKline plc |
|
| 992,407 |
|
| 25,597 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Tobacco 1.00% |
|
|
|
|
|
|
|
Imperial Tobacco Group plc |
|
| 634,101 |
|
| 22,655 |
|
|
|
|
|
|
| ||
Total United Kingdom |
|
|
|
|
| 430,600 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 2,185,416 |
|
|
|
|
|
|
|
|
|
26 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2013
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
PREFERRED STOCK 0.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
|
ProSiebenSat.1 Media AG |
|
| 587,669 |
| $ | 22,506 |
|
|
|
|
|
|
| ||
Total Long-Term Investments |
|
|
|
|
| 2,207,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
| |||||||
SHORT-TERM INVESTMENT 1.77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 40,310 |
| $ | 40,310 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 2,248,232 |
|
|
|
|
|
|
| ||
Cash, Foreign Cash and |
|
|
|
|
| 29,019 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 2,277,251 |
|
|
|
|
|
|
|
|
|
|
ADR |
| American Depositary Receipt. |
GDR |
| Global Depositary Receipt. |
SDR |
| Special Drawing Rights. |
Unit |
| More than one class of securities traded together. |
* |
| Non-income producing security. |
† |
| Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. |
(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. | 27 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2013
Open Forward Foreign Currency Exchange Contracts at April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
| U.S. $ |
| U.S. $ | Unrealized |
| ||||
| ||||||||||||||||||
Australian dollar |
| Buy |
| Barclays Bank plc |
| 8/19/2013 |
| 10,270,000 |
| $ | 10,537,801 |
| $ | 10,562,912 |
| $ | 25,111 |
|
Australian dollar |
| Buy |
| Goldman Sachs |
| 5/3/2013 |
| 7,850,000 |
|
| 8,070,977 |
|
| 8,137,482 |
|
| 66,505 |
|
Australian dollar |
| Buy |
| J.P.Morgan |
| 5/30/2013 |
| 20,000,000 |
|
| 20,613,260 |
|
| 20,690,241 |
|
| 76,981 |
|
Australian dollar |
| Buy |
| J.P.Morgan |
| 8/19/2013 |
| 6,250,000 |
|
| 6,410,800 |
|
| 6,428,258 |
|
| 17,458 |
|
Australian dollar |
| Buy |
| UBS AG |
| 5/30/2013 |
| 14,000,000 |
|
| 14,429,184 |
|
| 14,483,169 |
|
| 53,985 |
|
Australian dollar |
| Buy |
| UBS AG |
| 6/4/2013 |
| 41,300,000 |
|
| 42,646,380 |
|
| 42,709,358 |
|
| 62,978 |
|
Australian dollar |
| Buy |
| UBS AG |
| 6/11/2013 |
| 114,870,000 |
|
| 117,583,804 |
|
| 118,729,394 |
|
| 1,145,590 |
|
Brazilian real |
| Buy |
| Credit Suisse |
| 7/26/2013 |
| 15,225,000 |
|
| 7,464,699 |
|
| 7,522,397 |
|
| 57,698 |
|
Canadian dollar |
| Buy |
| Barclays Bank plc |
| 8/19/2013 |
| 4,785,000 |
|
| 4,707,505 |
|
| 4,737,658 |
|
| 30,153 |
|
Canadian dollar |
| Buy |
| Goldman Sachs |
| 6/21/2013 |
| 39,400,000 |
|
| 38,716,080 |
|
| 39,063,048 |
|
| 346,968 |
|
Canadian dollar |
| Buy |
| J.P.Morgan |
| 5/29/2013 |
| 10,630,000 |
|
| 10,506,288 |
|
| 10,544,643 |
|
| 38,355 |
|
euro |
| Buy |
| Barclays Bank plc |
| 5/9/2013 |
| 14,000,000 |
|
| 18,298,000 |
|
| 18,438,011 |
|
| 140,011 |
|
euro |
| Buy |
| Barclays Bank plc |
| 8/12/2013 |
| 13,665,000 |
|
| 17,815,470 |
|
| 18,008,626 |
|
| 193,156 |
|
euro |
| Buy |
| Credit Suisse |
| 7/29/2013 |
| 8,840,000 |
|
| 11,466,010 |
|
| 11,648,686 |
|
| 182,676 |
|
euro |
| Buy |
| Deutsche Bank AG |
| 7/15/2013 |
| 7,750,000 | �� |
| 10,046,906 |
|
| 10,211,347 |
|
| 164,441 |
|
euro |
| Buy |
| Deutsche Bank AG |
| 8/19/2013 |
| 5,650,000 |
|
| 7,367,176 |
|
| 7,446,359 |
|
| 79,183 |
|
euro |
| Buy |
| Goldman Sachs |
| 8/19/2013 |
| 12,200,000 |
|
| 15,988,832 |
|
| 16,078,863 |
|
| 90,031 |
|
euro |
| Buy |
| UBS AG |
| 7/15/2013 |
| 10,600,000 |
|
| 13,797,490 |
|
| 13,966,488 |
|
| 168,998 |
|
euro |
| Buy |
| UBS AG |
| 7/26/2013 |
| 4,900,000 |
|
| 6,354,369 |
|
| 6,456,713 |
|
| 102,344 |
|
Israeli new shekel |
| Buy |
| Deutsche Bank AG |
| 5/30/2013 |
| 55,950,000 |
|
| 14,954,055 |
|
| 15,591,093 |
|
| 637,038 |
|
Israeli new shekel |
| Buy |
| J.P.Morgan |
| 8/19/2013 |
| 49,000,000 |
|
| 13,478,906 |
|
| 13,622,564 |
|
| 143,658 |
|
New Zealand dollar |
| Buy |
| Deutsche Bank AG |
| 6/11/2013 |
| 6,500,000 |
|
| 5,330,715 |
|
| 5,556,342 |
|
| 225,627 |
|
Singapore dollar |
| Buy |
| Deutsche Bank AG |
| 6/27/2013 |
| 11,200,000 |
|
| 8,965,415 |
|
| 9,093,374 |
|
| 127,959 |
|
Singapore dollar |
| Buy |
| J.P.Morgan |
| 6/27/2013 |
| 7,600,000 |
|
| 6,144,244 |
|
| 6,170,504 |
|
| 26,260 |
|
South African rand |
| Buy |
| Deutsche Bank AG |
| 5/28/2013 |
| 27,900,000 |
|
| 3,044,161 |
|
| 3,098,670 |
|
| 54,509 |
|
South African rand |
| Buy |
| Goldman Sachs |
| 7/18/2013 |
| 56,000,000 |
|
| 5,962,205 |
|
| 6,177,557 |
|
| 215,352 |
|
South African rand |
| Buy |
| J.P.Morgan |
| 7/25/2013 |
| 82,000,000 |
|
| 8,682,463 |
|
| 9,037,323 |
|
| 354,860 |
|
South African rand |
| Buy |
| J.P.Morgan |
| 8/5/2013 |
| 31,130,000 |
|
| 3,325,401 |
|
| 3,425,886 |
|
| 100,485 |
|
South African rand |
| Buy |
| UBS AG |
| 6/11/2013 |
| 102,000,000 |
|
| 11,253,218 |
|
| 11,307,297 |
|
| 54,079 |
|
Swiss franc |
| Buy |
| Goldman Sachs |
| 5/31/2013 |
| 13,550,000 |
|
| 14,211,846 |
|
| 14,576,850 |
|
| 365,004 |
|
Thai baht |
| Buy |
| Deutsche Bank AG |
| 7/8/2013 |
| 108,000,000 |
|
| 3,642,938 |
|
| 3,666,067 |
|
| 23,129 |
|
Thai baht |
| Buy |
| J.P.Morgan |
| 5/28/2013 |
| 839,132,000 |
|
| 28,000,000 |
|
| 28,548,953 |
|
| 548,953 |
|
Thai baht |
| Buy |
| J.P.Morgan |
| 7/8/2013 |
| 228,000,000 |
|
| 7,605,070 |
|
| 7,739,475 |
|
| 134,405 |
|
Turkish lira |
| Buy |
| Deutsche Bank AG |
| 7/26/2013 |
| 10,510,000 |
|
| 5,703,138 |
|
| 5,812,444 |
|
| 109,306 |
|
Turkish lira |
| Buy |
| Deutsche Bank AG |
| 9/3/2013 |
| 8,960,000 |
|
| 4,921,492 |
|
| 4,934,983 |
|
| 13,491 |
|
Turkish lira |
| Buy |
| Goldman Sachs |
| 5/2/2013 |
| 8,850,000 |
|
| 4,881,951 |
|
| 4,936,550 |
|
| 54,599 |
|
Turkish lira |
| Buy |
| J.P.Morgan |
| 5/16/2013 |
| 28,300,000 |
|
| 15,727,500 |
|
| 15,762,800 |
|
| 35,300 |
|
Turkish lira |
| Buy |
| UBS AG |
| 7/12/2013 |
| 10,700,000 |
|
| 5,842,844 |
|
| 5,925,588 |
|
| 82,744 |
|
British pound |
| Sell |
| J.P.Morgan |
| 5/30/2013 |
| 10,250,000 |
|
| 16,110,745 |
|
| 15,918,876 |
|
| 191,869 |
|
British pound |
| Sell |
| J.P.Morgan |
| 6/17/2013 |
| 16,180,000 |
|
| 25,176,323 |
|
| 25,125,829 |
|
| 50,494 |
|
euro |
| Sell |
| Goldman Sachs |
| 5/3/2013 |
| 4,975,000 |
|
| 6,642,844 |
|
| 6,551,829 |
|
| 91,015 |
|
Japanese yen |
| Sell |
| Barclays Bank plc |
| 5/9/2013 |
| 677,600,000 |
|
| 7,720,028 |
|
| 6,951,040 |
|
| 768,988 |
|
Japanese yen |
| Sell |
| Barclays Bank plc |
| 6/3/2013 |
| 1,300,000,000 |
|
| 14,267,997 |
|
| 13,337,376 |
|
| 930,621 |
|
Japanese yen |
| Sell |
| Barclays Bank plc |
| 6/12/2013 |
| 1,018,000,000 |
|
| 11,030,388 |
|
| 10,444,733 |
|
| 585,655 |
|
Japanese yen |
| Sell |
| Barclays Bank plc |
| 7/16/2013 |
| 458,170,000 |
|
| 4,773,435 |
|
| 4,701,814 |
|
| 71,621 |
|
Japanese yen |
| Sell |
| Deutsche Bank AG |
| 6/3/2013 |
| 727,000,000 |
|
| 7,848,175 |
|
| 7,458,671 |
|
| 389,504 |
|
Japanese yen |
| Sell |
| Goldman Sachs |
| 5/7/2013 |
| 355,700,000 |
|
| 4,126,498 |
|
| 3,648,852 |
|
| 477,646 |
|
Japanese yen |
| Sell |
| Goldman Sachs |
| 6/25/2013 |
| 3,900,000,000 |
|
| 42,011,375 |
|
| 40,017,204 |
|
| 1,994,171 |
|
Japanese yen |
| Sell |
| Goldman Sachs |
| 7/16/2013 |
| 590,000,000 |
|
| 6,120,326 |
|
| 6,054,675 |
|
| 65,651 |
|
|
|
|
28 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2013
Open Forward Foreign Currency Exchange Contracts at April 30, 2013 (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
|
| Foreign |
|
| U.S. $ |
|
| U.S. $ | Unrealized |
| ||
| |||||||||||||||||||
Japanese yen |
| Sell |
| J.P.Morgan |
| 6/12/2013 |
| 1,548,000,000 |
| $ | 16,539,168 |
| $ | 15,882,561 |
| $ | 656,607 |
| |
Japanese yen |
| Sell |
| J.P.Morgan |
| 6/25/2013 |
| 1,037,000,000 |
|
| 11,094,231 |
|
| 10,640,472 |
|
| 453,759 |
| |
Japanese yen |
| Sell |
| J.P.Morgan |
| 7/26/2013 |
|
| 337,000,000 |
|
| 3,595,867 |
|
| 3,458,571 |
|
| 137,296 |
|
Japanese yen |
| Sell |
| UBS AG |
| 5/7/2013 |
| 1,235,000,000 |
|
| 14,365,025 |
|
| 12,668,911 |
|
| 1,696,114 |
| |
Japanese yen |
| Sell |
| UBS AG |
| 5/24/2013 |
|
| 656,000,000 |
|
| 7,387,887 |
|
| 6,729,931 |
|
| 657,956 |
|
Japanese yen |
| Sell |
| UBS AG |
| 7/16/2013 |
|
| 908,500,000 |
|
| 9,458,152 |
|
| 9,323,173 |
|
| 134,979 |
|
Japanese yen |
| Sell |
| UBS AG |
| 7/26/2013 |
|
| 957,000,000 |
|
| 10,091,796 |
|
| 9,821,520 |
|
| 270,276 |
|
Russian ruble |
| Sell |
| UBS AG |
| 7/12/2013 |
|
| 117,400,000 |
|
| 3,738,854 |
|
| 3,729,155 |
|
| 9,699 |
|
South Korean won |
| Sell |
| Deutsche Bank AG |
| 5/10/2013 |
| 1,651,000,000 |
|
| 1,543,784 |
|
| 1,499,014 |
|
| 44,770 |
| |
Swiss franc |
| Sell |
| Morgan Stanley |
| 5/31/2013 |
|
| 13,550,000 |
|
| 14,683,158 |
|
| 14,576,850 |
|
| 106,308 |
|
Swiss franc |
| Sell |
| UBS AG |
| 8/15/2013 |
|
| 13,125,000 |
|
| 14,150,791 |
|
| 14,131,861 |
|
| 18,930 |
|
Taiwan dollar |
| Sell |
| Deutsche Bank AG |
| 6/3/2013 |
|
| 259,400,000 |
|
| 8,821,629 |
|
| 8,803,665 |
|
| 17,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts |
|
|
|
|
|
|
| $ | 16,171,273 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
| U.S. $ |
| U.S. $ | Unrealized |
| ||||
| ||||||||||||||||||
Australian dollar |
| Buy |
| Barclays Bank plc |
| 8/12/2013 |
| 32,800,000 |
| $ | 33,822,474 |
| $ | 33,751,812 |
| $ | (70,662 | ) |
Australian dollar |
| Buy |
| Credit Suisse |
| 7/31/2013 |
| 10,220,000 |
|
| 10,612,101 |
|
| 10,525,350 |
|
| (86,751 | ) |
Australian dollar |
| Buy |
| Credit Suisse |
| 8/6/2013 |
| 6,360,000 |
|
| 6,561,160 |
|
| 6,547,273 |
|
| (13,887 | ) |
Australian dollar |
| Buy |
| J.P.Morgan |
| 5/16/2013 |
| 5,850,000 |
|
| 6,126,120 |
|
| 6,058,289 |
|
| (67,831 | ) |
Australian dollar |
| Buy |
| J.P.Morgan |
| 8/12/2013 |
| 9,285,000 |
|
| 9,729,074 |
|
| 9,554,438 |
|
| (174,636 | ) |
Australian dollar |
| Buy |
| J.P.Morgan |
| 8/12/2013 |
| 4,280,000 |
|
| 4,466,064 |
|
| 4,404,200 |
|
| (61,864 | ) |
Australian dollar |
| Buy |
| Morgan Stanley |
| 5/24/2013 |
| 10,800,000 |
|
| 11,309,652 |
|
| 11,177,786 |
|
| (131,866 | ) |
Australian dollar |
| Buy |
| UBS AG |
| 5/31/2013 |
| 19,530,000 |
|
| 20,223,100 |
|
| 20,202,498 |
|
| (20,602 | ) |
Australian dollar |
| Buy |
| UBS AG |
| 8/8/2013 |
| 24,800,000 |
|
| 25,612,944 |
|
| 25,526,719 |
|
| (86,225 | ) |
Canadian dollar |
| Buy |
| J.P.Morgan |
| 5/29/2013 |
| 420,000 |
|
| 417,973 |
|
| 416,627 |
|
| (1,346 | ) |
euro |
| Buy |
| Deutsche Bank AG |
| 6/5/2013 |
| 15,000,000 |
|
| 20,521,440 |
|
| 19,758,427 |
|
| (763,013 | ) |
euro |
| Buy |
| Goldman Sachs |
| 5/3/2013 |
| 4,975,000 |
|
| 6,571,751 |
|
| 6,551,829 |
|
| (19,922 | ) |
euro |
| Buy |
| Goldman Sachs |
| 5/24/2013 |
| 1,040,000 |
|
| 1,385,930 |
|
| 1,369,812 |
|
| (16,118 | ) |
euro |
| Buy |
| Goldman Sachs |
| 6/7/2013 |
| 11,250,000 |
|
| 15,219,056 |
|
| 14,819,023 |
|
| (400,033 | ) |
Norwegian krone |
| Buy |
| Barclays Bank plc |
| 5/24/2013 |
| 102,910,000 |
|
| 18,321,771 |
|
| 17,831,873 |
|
| (489,898 | ) |
South African rand |
| Buy |
| Deutsche Bank AG |
| 8/15/2013 |
| 24,000,000 |
|
| 2,648,082 |
|
| 2,637,794 |
|
| (10,288 | ) |
Thai baht |
| Buy |
| Deutsche Bank AG |
| 8/26/2013 |
| 275,400,000 |
|
| 9,547,582 |
|
| 9,325,441 |
|
| (222,141 | ) |
Turkish lira |
| Buy |
| Goldman Sachs |
| 5/29/2013 |
| 12,694,000 |
|
| 7,076,104 |
|
| 7,060,869 |
|
| (15,235 | ) |
Turkish lira |
| Buy |
| Morgan Stanley |
| 6/12/2013 |
| 13,200,000 |
|
| 7,332,853 |
|
| 7,331,882 |
|
| (971 | ) |
British pound |
| Sell |
| Barclays Bank plc |
| 8/12/2013 |
| 6,805,000 |
|
| 10,406,580 |
|
| 10,564,412 |
|
| (157,832 | ) |
British pound |
| Sell |
| Barclays Bank plc |
| 8/15/2013 |
| 7,070,000 |
|
| 10,964,587 |
|
| 10,975,660 |
|
| (11,073 | ) |
British pound |
| Sell |
| Deutsche Bank AG |
| 6/25/2013 |
| 17,600,000 |
|
| 26,833,347 |
|
| 27,329,677 |
|
| (496,330 | ) |
British pound |
| Sell |
| Deutsche Bank AG |
| 6/25/2013 |
| 2,400,000 |
|
| 3,623,532 |
|
| 3,726,774 |
|
| (103,242 | ) |
British pound |
| Sell |
| Deutsche Bank AG |
| 7/31/2013 |
| 71,575,000 |
|
| 108,455,808 |
|
| 111,122,713 |
|
| (2,666,905 | ) |
British pound |
| Sell |
| Goldman Sachs |
| 8/5/2013 |
| 7,500,000 |
|
| 11,397,900 |
|
| 11,643,738 |
|
| (245,838 | ) |
British pound |
| Sell |
| Goldman Sachs |
| 8/15/2013 |
| 38,000,000 |
|
| 58,391,560 |
|
| 58,992,230 |
|
| (600,670 | ) |
British pound |
| Sell |
| J.P.Morgan |
| 8/12/2013 |
| 7,615,000 |
|
| 11,720,239 |
|
| 11,821,895 |
|
| (101,656 | ) |
British pound |
| Sell |
| UBS AG |
| 8/5/2013 |
| 500,000 |
|
| 755,575 |
|
| 776,249 |
|
| (20,674 | ) |
Chilean peso |
| Sell |
| Morgan Stanley |
| 7/22/2013 |
| 5,741,000,000 |
|
| 11,954,191 |
|
| 12,059,274 |
|
| (105,083 | ) |
|
|
|
| See Notes to Financial Statements. | 29 |
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL DIVIDEND INCOME FUND April 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open Forward Foreign Currency Exchange Contracts at April 30, 2013 (concluded): |
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
| U.S. $ |
| U.S. $ | Unrealized |
| ||||||||
euro |
|
| Sell |
|
| Barclays Bank plc |
|
| 6/5/2013 |
|
| 8,550,000 |
| $ | 11,196,952 |
| $ | 11,262,303 |
| $ | (65,351 | ) |
Japanese yen |
|
| Sell |
|
| Barclays Bank plc |
|
| 8/12/2013 |
|
| 3,870,000,000 |
|
| 39,284,554 |
|
| 39,721,935 |
|
| (437,381 | ) |
Japanese yen |
|
| Sell |
|
| Barclays Bank plc |
|
| 8/26/2013 |
|
| 461,680,000 |
|
| 4,727,349 |
|
| 4,739,219 |
|
| (11,870 | ) |
Japanese yen |
|
| Sell |
|
| J.P.Morgan |
|
| 8/12/2013 |
|
| 1,218,000,000 |
|
| 12,296,509 |
|
| 12,501,632 |
|
| (205,123 | ) |
Japanese yen |
|
| Sell |
|
| Morgan Stanley |
|
| 8/26/2013 |
|
| 1,207,000,000 |
|
| 12,135,983 |
|
| 12,390,049 |
|
| (254,066 | ) |
Japanese yen |
|
| Sell |
|
| UBS AG |
|
| 8/12/2013 |
|
| 827,200,000 |
|
| 8,376,794 |
|
| 8,490,435 |
|
| (113,641 | ) |
New Zealand dollar |
|
| Sell |
|
| UBS AG |
|
| 6/11/2013 |
|
| 8,950,000 |
|
| 7,421,170 |
|
| 7,650,656 |
|
| (229,486 | ) |
South Korean won |
|
| Sell |
|
| Barclays Bank plc |
|
| 8/12/2013 |
|
| 5,030,000,000 |
|
| 4,394,932 |
|
| 4,553,859 |
|
| (158,927 | ) |
South Korean won |
|
| Sell |
|
| Deutsche Bank AG |
|
| 7/22/2013 |
|
| 5,400,000,000 |
|
| 4,822,376 |
|
| 4,892,513 |
|
| (70,137 | ) |
South Korean won |
|
| Sell |
|
| UBS AG |
|
| 8/5/2013 |
|
| 7,105,000,000 |
|
| 6,318,645 |
|
| 6,433,940 |
|
| (115,295 | ) |
Taiwan dollar |
|
| Sell |
|
| Barclays Bank plc |
|
| 8/12/2013 |
|
| 42,200,000 |
|
| 1,407,605 |
|
| 1,435,496 |
|
| (27,891 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts |
|
|
|
|
|
|
| $ | (8,851,760 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2013
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
LONG-TERM INVESTMENTS 96.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 95.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia 1.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities |
|
|
|
|
|
|
|
DUET Group |
|
| 1,340,007 |
| $ | 3,417 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Belgium 0.57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric: Utilities |
|
|
|
|
|
|
|
Elia System Operator SA |
|
| 43,807 |
|
| 1,932 |
|
|
|
|
|
|
| ||
| |||||||
Canada 3.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining 0.85% |
|
|
|
|
|
|
|
HudBay Minerals, Inc. |
|
| 364,966 |
|
| 2,898 |
|
|
|
|
|
|
| ||
| |||||||
Oil, Gas & Consumable Fuels 0.75% |
|
|
|
|
|
|
|
PetroBakken Energy Ltd. |
|
| 116,500 |
|
| 995 |
|
TORC Oil & Gas Ltd.* |
|
| 917,290 |
|
| 1,548 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,543 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Paper & Forest Products 1.53% |
|
|
|
|
|
|
|
International Forest |
|
|
|
|
|
|
|
Products Ltd. Class A* |
|
| 188,709 |
|
| 1,948 |
|
West Fraser Timber Co., Ltd. |
|
| 37,008 |
|
| 3,231 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,179 |
|
|
|
|
|
|
| ||
Total Canada |
|
|
|
|
| 10,620 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
China 1.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development |
|
|
|
|
|
|
|
Franshion Properties |
|
| 6,230,000 |
|
| 2,128 |
|
Yuexiu Property Co., Ltd. |
|
| 6,502,000 |
|
| 1,927 |
|
|
|
|
|
|
| ||
Total China |
|
|
|
|
| 4,055 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Finland 1.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leisure Equipment & Products |
|
|
|
|
|
|
|
Amer Sports OYJ A Shares |
|
| 228,446 |
|
| 3,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
France 2.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Components 1.10% |
|
|
|
|
|
|
|
Plastic Omnium SA |
|
| 76,218 |
| $ | 3,721 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Ingenico |
|
| 83,699 |
|
| 5,609 |
|
|
|
|
|
|
| ||
Total France |
|
|
|
|
| 9,330 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Germany 4.63% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals 1.32% |
|
|
|
|
|
|
|
Symrise GmbH & Co. AG |
|
| 104,710 |
|
| 4,468 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Life Sciences Tools & Services 1.68% |
|
|
|
|
|
|
|
Gerresheimer AG |
|
| 68,903 |
|
| 3,934 |
|
Morphosys AG* |
|
| 38,714 |
|
| 1,758 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,692 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 0.50% |
|
|
|
|
|
|
|
Deutz AG* |
|
| 313,310 |
|
| 1,695 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Management & Development 1.13% |
|
|
|
|
|
|
|
Patrizia Immobilien AG* |
|
| 378,014 |
|
| 3,828 |
|
|
|
|
|
|
| ||
Total Germany |
|
|
|
|
| 15,683 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hong Kong 7.52% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Components 1.24% |
|
|
|
|
|
|
|
Minth Group Ltd. |
|
| 2,352,000 |
|
| 4,207 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Communications Equipment 1.52% |
|
|
|
|
|
|
|
VTech Holdings Ltd. |
|
| 404,700 |
|
| 5,163 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy Equipment & Services 0.43% |
|
|
|
|
|
|
|
Hilong Holding Ltd. |
|
| 3,604,000 |
|
| 1,472 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 1.19% |
|
|
|
|
|
|
|
REXLot Holdings Ltd. |
|
| 48,775,000 |
|
| 4,023 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Durables 1.39% |
|
|
|
|
|
|
|
Techtronic Industries Co. |
|
| 1,964,000 |
|
| 4,692 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 31 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2013
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
Hong Kong (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Machinery 0.53% |
|
|
|
|
|
|
|
Sinotruk Hong Kong Ltd. |
|
| 3,209,000 |
| $ | 1,786 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Line Retail 1.22% |
|
|
|
|
|
|
|
Maoye International |
|
| 19,329,000 |
|
| 4,135 |
|
|
|
|
|
|
| ||
Total Hong Kong |
|
|
|
|
| 25,478 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Indonesia 2.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks 1.49% |
|
|
|
|
|
|
|
PT Bank Tabungan |
|
|
|
|
|
|
|
Negara Persero Tbk |
|
| 32,902,000 |
|
| 5,042 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Finance 0.85% |
|
|
|
|
|
|
|
PT Clipan Finance |
|
| 62,979,350 |
|
| 2,883 |
|
|
|
|
|
|
| ||
Total Indonesia |
|
|
|
|
| 7,925 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Ireland 2.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beverages 0.96% |
|
|
|
|
|
|
|
C&C Group plc |
|
| 524,334 |
|
| 3,259 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Providers & Services 1.05% |
|
|
|
|
|
|
|
United Drug plc |
|
| 754,576 |
|
| 3,551 |
|
|
|
|
|
|
| ||
Total Ireland |
|
|
|
|
| 6,810 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Italy 3.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet & Catalog Retail 1.30% |
|
|
|
|
|
|
|
Yoox SpA* |
|
| 234,153 |
|
| 4,397 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods 2.69% |
|
|
|
|
|
|
|
Brunello Cucinelli SpA* |
|
| 97,283 |
|
| 2,083 |
|
Safilo Group SpA* |
|
| 429,386 |
|
| 7,041 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,124 |
|
|
|
|
|
|
| ||
Total Italy |
|
|
|
|
| 13,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
Japan 25.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Components 1.40% |
|
|
|
|
|
|
|
Keihin Corp. |
|
| 291,300 |
| $ | 4,757 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Building Products 1.16% |
|
|
|
|
|
|
|
Aica Kogyo Co., Ltd. |
|
| 195,600 |
|
| 3,941 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 0.77% |
|
|
|
|
|
|
|
SHO-BOND Holdings |
|
| 61,500 |
|
| 2,593 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Containers & Packaging 1.08% |
|
|
|
|
|
|
|
FP Corp. |
|
| 55,400 |
|
| 3,677 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Consumer Services 1.04% |
|
|
|
|
|
|
|
Benesse Holdings, Inc. |
|
| 79,600 |
|
| 3,523 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 1.10% |
|
|
|
|
|
|
|
Sundrug Co., Ltd. |
|
| 85,100 |
|
| 3,736 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 1.48% |
|
|
|
|
|
|
|
Nichirei Corp. |
|
| 337,000 |
|
| 1,981 |
|
Toyo Suisan Kaisha Ltd. |
|
| 89,000 |
|
| 3,022 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,003 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies 1.43% |
|
|
|
|
|
|
|
Hogy Medical Co., Ltd. |
|
| 79,000 |
|
| 4,862 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Durables 0.78% |
|
|
|
|
|
|
|
Arnest One Corp. |
|
| 69,800 |
|
| 1,598 |
|
Hajime Construction |
|
| 15,800 |
|
| 1,029 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,627 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Information Technology Services 1.03% |
|
|
|
|
|
|
|
Obic Co., Ltd. |
|
| 13,220 |
|
| 3,484 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 3.88% |
|
|
|
|
|
|
|
Nabtesco Corp. |
|
| 191,400 |
|
| 4,221 |
|
NSK Ltd. |
|
| 565,000 |
|
| 4,567 |
|
THK Co., Ltd. |
|
| 206,900 |
|
| 4,345 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 13,133 |
|
|
|
|
|
|
|
|
|
|
32 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2013
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
Japan (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Line Retail 1.33% |
|
|
|
|
|
|
|
Don Quijote Co., Ltd. |
|
| 82,900 |
| $ | 4,515 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Personal Products 1.52% |
|
|
|
|
|
|
|
Aderans Co., Ltd. |
|
| 208,608 |
|
| 3,482 |
|
Kobayashi Pharmaceutical |
|
| 30,300 |
|
| 1,653 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,135 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 0.98% |
|
|
|
|
|
|
|
Kenedix Realty Investment |
|
| 711 |
|
| 3,337 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Management & Development 2.78% |
|
|
|
|
|
|
|
Iida Home Max |
|
| 60,000 |
|
| 1,148 |
|
NTT Urban Development |
|
| 2,981 |
|
| 4,403 |
|
Takara Leben Co., Ltd. |
|
| 187,800 |
|
| 3,857 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,408 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Specialty Retail 3.05% |
|
|
|
|
|
|
|
K’s Holdings Corp. |
|
| 182,300 |
|
| 6,414 |
|
United Arrows Ltd. |
|
| 101,200 |
|
| 3,924 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,338 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.94% |
|
|
|
|
|
|
|
Okinawa Cellular |
|
|
|
|
|
|
|
Telephone Co. |
|
| 112,600 |
|
| 3,171 |
|
|
|
|
|
|
| ||
Total Japan |
|
|
|
|
| 87,240 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Mexico 1.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts |
|
|
|
|
|
|
|
Macquarie Mexico Real |
|
| 1,475,300 |
|
| 3,562 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Netherlands 1.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering 0.71% |
|
|
|
|
|
|
|
Arcadis NV |
|
| 87,165 |
|
| 2,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
Professional Services 0.61% |
|
|
|
|
|
|
|
Brunel International NV |
|
| 48,527 |
| $ | 2,056 |
|
|
|
|
|
|
| ||
Total Netherlands |
|
|
|
|
| 4,467 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Norway 2.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biotechnology 0.50% |
|
|
|
|
|
|
|
Algeta ASA* |
|
| 49,456 |
|
| 1,677 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy Equipment & Services 1.16% |
|
|
|
|
|
|
|
Dolphin Group AS* |
|
| 2,172,952 |
|
| 2,355 |
|
Electromagnetic |
|
| 1,089,431 |
|
| 1,577 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,932 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 0.57% |
|
|
|
|
|
|
|
DNO International ASA* |
|
| 1,110,862 |
|
| 1,940 |
|
|
|
|
|
|
| ||
Total Norway |
|
|
|
|
| 7,549 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Philippines 3.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks 1.26% |
|
|
|
|
|
|
|
Rizal Commercial |
|
| 2,380,000 |
|
| 4,279 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Management & Development 2.45% |
|
|
|
|
|
|
|
Filinvest Land, Inc. |
|
| 101,915,000 |
|
| 5,051 |
|
Megaworld Corp. |
|
| 32,302,000 |
|
| 3,257 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,308 |
|
|
|
|
|
|
| ||
Total Philippines |
|
|
|
|
| 12,587 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Portugal 0.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Banco Espirito Santo SA* |
|
| 2,512,546 |
|
| 2,875 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Singapore 1.09% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 0.71% |
|
|
|
|
|
|
|
Cape plc |
|
| 518,996 |
|
| 2,404 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 0.38% |
|
|
|
|
|
|
|
CDL Hospitality Trusts |
|
| 806,000 |
|
| 1,309 |
|
|
|
|
|
|
| ||
Total Singapore |
|
|
|
|
| 3,713 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 33 |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL OPPORTUNITIES FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
Spain 2.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Products 2.25% |
|
|
|
|
|
|
|
Ebro Foods SA |
|
| 186,979 |
| $ | 3,834 |
|
Viscofan SA |
|
| 73,150 |
|
| 3,799 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,633 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 0.65% |
|
|
|
|
|
|
|
Mediaset Espana |
|
| 277,882 |
|
| 2,182 |
|
|
|
|
|
|
| ||
Total Spain |
|
|
|
|
| 9,815 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Sweden 4.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 3.22% |
|
|
|
|
|
|
|
Intrum Justitia AB |
|
| 259,052 |
|
| 5,336 |
|
Loomis AB |
|
| 286,000 |
|
| 5,571 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,907 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food & Staples Retailing 0.73% |
|
|
|
|
|
|
|
Axfood AB |
|
| 55,910 |
|
| 2,459 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Personal Products 0.87% |
|
|
|
|
|
|
|
Oriflame Cosmetics SA SDR |
|
| 81,603 |
|
| 2,955 |
|
|
|
|
|
|
| ||
Total Sweden |
|
|
|
|
| 16,321 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Switzerland 1.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 0.91% |
|
|
|
|
|
|
|
EFG International AG* |
|
| 229,482 |
|
| 3,073 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Durables 0.98% |
|
|
|
|
|
|
|
Forbo Holding AG |
|
| 5,141 |
|
| 3,317 |
|
|
|
|
|
|
| ||
Total Switzerland |
|
|
|
|
| 6,390 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Taiwan 1.12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
Siliconware Precision |
|
| 624,800 |
|
| 3,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| Shares |
| U.S. $ |
| |
| |||||||
United Kingdom 18.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 2.63% |
|
|
|
|
|
|
|
3i Group plc |
|
| 410,923 |
| $ | 2,098 |
|
Ashmore Group plc |
|
| 802,607 |
|
| 4,977 |
|
Jupiter Fund Management |
|
| 357,666 |
|
| 1,836 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,911 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals 1.22% |
|
|
|
|
|
|
|
Filtrona plc |
|
| 378,153 |
|
| 4,150 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 1.11% |
|
|
|
|
|
|
|
Bank of Georgia |
|
| 149,894 |
|
| 3,751 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Communications Equipment 0.83% |
|
|
|
|
|
|
|
Spirent Communications |
|
| 1,390,173 |
|
| 2,818 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments |
|
|
|
|
|
|
|
Electrocomponents plc |
|
| 722,216 |
|
| 2,697 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Durables 1.48% |
|
|
|
|
|
|
|
Berkeley Group Holdings plc |
|
| 154,827 |
|
| 5,014 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Independent Power Producers & Energy |
|
|
|
|
|
|
|
APR Energy plc |
|
| 227,459 |
|
| 2,933 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 2.50% |
|
|
|
|
|
|
|
Amlin plc |
|
| 628,630 |
|
| 4,144 |
|
Catlin Group Ltd. |
|
| 528,442 |
|
| 4,314 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,458 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Internet & Catalog Retail 0.91% |
|
|
|
|
|
|
|
N Brown Group plc |
|
| 447,518 |
|
| 3,100 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.63% |
|
|
|
|
|
|
|
Afren plc* |
|
| 865,023 |
|
| 1,802 |
|
Genel Energy plc* |
|
| 270,143 |
|
| 3,735 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,537 |
|
|
|
|
|
|
|
|
|
|
34 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL OPPORTUNITIES FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| U.S. $ |
| ||
| |||||||
United Kingdom (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional Services 0.69% |
|
|
|
|
|
|
|
Michael Page International |
|
| 406,080 |
| $ | 2,350 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Software 0.91% |
|
|
|
|
|
|
|
Playtech Ltd. |
|
| 324,182 |
|
| 3,087 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Specialty Retail 1.03% |
|
|
|
|
|
|
|
Howden Joinery Group PLC |
|
| 901,832 |
|
| 3,484 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Trading Companies & Distributors 1.85% |
|
|
|
|
|
|
|
Ashtead Group plc |
|
| 686,430 |
|
| 6,264 |
|
|
|
|
|
|
| ||
Total United Kingdom |
|
|
|
|
| 62,554 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 323,536 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
PREFERRED STOCKS 1.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utilities 0.63% |
|
|
|
|
|
|
|
Companhia de Gas de |
|
| 78,800 |
|
| 2,122 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 0.77% |
|
|
|
|
|
|
|
Marcopolo SA |
|
| 387,058 |
|
| 2,604 |
|
|
|
|
|
|
| ||
Total Preferred Stocks |
|
|
|
|
| 4,726 |
|
|
|
|
|
|
| ||
Total Long-Term Investments |
|
|
|
|
| 328,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Principal |
| U.S. $ |
| ||
| |||||||
SHORT-TERM INVESTMENT 0.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 1,297 |
| $ | 1,297 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 329,559 |
|
|
|
|
|
|
| ||
Cash, Foreign Cash and |
|
| 2.73 | % |
| 9,261 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 338,820 |
|
|
|
|
|
|
|
|
|
|
ADR |
| American Depositary Receipt. |
* |
| 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. | 35 |
|
Schedule of Investments (unaudited)(continued) |
INTERNATIONAL OPPORTUNITIES FUND April 30, 2013 |
Open Forward Foreign Currency Exchange Contracts at April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
|
| U.S. $ |
|
| U.S. $ |
|
| Unrealized |
|
Australian dollar |
| Buy |
| Barclays Bank plc |
| 5/31/2013 |
| 805,000 |
| $ | 825,446 |
| $ | 832,719 |
| $ | 7,273 |
|
Australian dollar |
| Buy |
| Goldman Sachs |
| 5/3/2013 |
| 600,000 |
|
| 616,890 |
|
| 621,973 |
|
| 5,083 |
|
Australian dollar |
| Buy |
| Goldman Sachs |
| 6/25/2013 |
| 8,400,000 |
|
| 8,539,196 |
|
| 8,673,383 |
|
| 134,187 |
|
Australian dollar |
| Buy |
| J.P.Morgan |
| 5/30/2013 |
| 1,875,000 |
|
| 1,932,694 |
|
| 1,939,710 |
|
| 7,016 |
|
Australian dollar |
| Buy |
| J.P.Morgan |
| 8/19/2013 |
| 860,000 |
|
| 882,126 |
|
| 884,528 |
|
| 2,402 |
|
Australian dollar |
| Buy |
| UBS AG |
| 6/24/2013 |
| 1,760,000 |
|
| 1,800,040 |
|
| 1,817,412 |
|
| 17,372 |
|
Canadian dollar |
| Buy |
| Barclays Bank plc |
| 6/25/2013 |
| 6,700,000 |
|
| 6,559,919 |
|
| 6,642,092 |
|
| 82,173 |
|
Canadian dollar |
| Buy |
| Barclays Bank plc |
| 8/19/2013 |
| 1,230,000 |
|
| 1,210,080 |
|
| 1,217,830 |
|
| 7,750 |
|
Canadian dollar |
| Buy |
| Goldman Sachs |
| 7/15/2013 |
| 2,760,000 |
|
| 2,681,960 |
|
| 2,734,885 |
|
| 52,925 |
|
Canadian dollar |
| Buy |
| Goldman Sachs |
| 8/19/2013 |
| 2,550,000 |
|
| 2,480,308 |
|
| 2,524,770 |
|
| 44,462 |
|
euro |
| Buy |
| J.P.Morgan |
| 7/26/2013 |
| 1,510,000 |
|
| 1,971,796 |
|
| 1,989,722 |
|
| 17,926 |
|
euro |
| Buy |
| UBS AG |
| 6/3/2013 |
| 1,150,000 |
|
| 1,490,689 |
|
| 1,514,793 |
|
| 24,104 |
|
euro |
| Buy |
| UBS AG |
| 7/26/2013 |
| 1,360,000 |
|
| 1,763,662 |
|
| 1,792,067 |
|
| 28,405 |
|
Japanese yen |
| Buy |
| Goldman Sachs |
| 5/30/2013 |
| 226,000,000 |
|
| 2,311,420 |
|
| 2,318,608 |
|
| 7,188 |
|
South Korean won |
| Buy |
| Deutsche Bank AG |
| 7/22/2013 |
| 733,000,000 |
|
| 654,056 |
|
| 664,113 |
|
| 10,057 |
|
South Korean won |
| Buy |
| Goldman Sachs |
| 8/8/2013 |
| 2,975,000,000 |
|
| 2,621,723 |
|
| 2,693,745 |
|
| 72,022 |
|
South Korean won |
| Buy |
| Goldman Sachs |
| 8/30/2013 |
| 888,000,000 |
|
| 794,631 |
|
| 803,460 |
|
| 8,829 |
|
Swiss franc |
| Buy |
| Deutsche Bank AG |
| 6/25/2013 |
| 435,000 |
|
| 461,419 |
|
| 468,089 |
|
| 6,670 |
|
Swiss franc |
| Buy |
| J.P.Morgan |
| 6/25/2013 |
| 925,000 |
|
| 994,934 |
|
| 995,362 |
|
| 428 |
|
Swiss franc |
| Buy |
| J.P.Morgan |
| 8/5/2013 |
| 11,260,000 |
|
| 11,876,698 |
|
| 12,122,256 |
|
| 245,558 |
|
Brazilian real |
| Sell |
| J.P.Morgan |
| 7/19/2013 |
| 3,020,000 |
|
| 1,511,815 |
|
| 1,493,881 |
|
| 17,934 |
|
British pound |
| Sell |
| Goldman Sachs |
| 5/14/2013 |
| 1,765,000 |
|
| 2,837,961 |
|
| 2,741,444 |
|
| 96,517 |
|
euro |
| Sell |
| Barclays Bank plc |
| 6/3/2013 |
| 1,915,000 |
|
| 2,594,212 |
|
| 2,522,458 |
|
| 71,754 |
|
Japanese yen |
| Sell |
| Barclays Bank plc |
| 6/3/2013 |
| 210,000,000 |
|
| 2,304,830 |
|
| 2,154,499 |
|
| 150,331 |
|
Japanese yen |
| Sell |
| Barclays Bank plc |
| 6/12/2013 |
| 18,500,000 |
|
| 200,454 |
|
| 189,811 |
|
| 10,643 |
|
Japanese yen |
| Sell |
| Barclays Bank plc |
| 7/16/2013 |
| 157,200,000 |
|
| 1,637,785 |
|
| 1,613,212 |
|
| 24,573 |
|
Japanese yen |
| Sell |
| Credit Suisse |
| 7/16/2013 |
| 176,400,000 |
|
| 1,861,172 |
|
| 1,810,245 |
|
| 50,927 |
|
Japanese yen |
| Sell |
| Deutsche Bank AG |
| 7/16/2013 |
| 141,200,000 |
|
| 1,468,722 |
|
| 1,449,017 |
|
| 19,705 |
|
Japanese yen |
| Sell |
| Goldman Sachs |
| 6/12/2013 |
| 104,000,000 |
|
| 1,113,233 |
|
| 1,067,045 |
|
| 46,188 |
|
Japanese yen |
| Sell |
| Goldman Sachs |
| 7/16/2013 |
| 136,000,000 |
|
| 1,410,787 |
|
| 1,395,654 |
|
| 15,133 |
|
Japanese yen |
| Sell |
| Goldman Sachs |
| 7/16/2013 |
| 401,500,000 |
|
| 4,190,992 |
|
| 4,120,257 |
|
| 70,735 |
|
Japanese yen |
| Sell |
| J.P.Morgan |
| 5/30/2013 |
| 244,000,000 |
|
| 2,687,180 |
|
| 2,503,276 |
|
| 183,904 |
|
Japanese yen |
| Sell |
| UBS AG |
| 7/16/2013 |
| 98,500,000 |
|
| 1,025,458 |
|
| 1,010,823 |
|
| 14,635 |
|
Norwegian krone |
| Sell |
| Goldman Sachs |
| 5/3/2013 |
| 4,100,000 |
|
| 732,208 |
|
| 711,003 |
|
| 21,205 |
|
Norwegian krone |
| Sell |
| J.P.Morgan |
| 5/31/2013 |
| 7,600,000 |
|
| 1,322,913 |
|
| 1,316,549 |
|
| 6,364 |
|
Norwegian krone |
| Sell |
| Morgan Stanley |
| 5/31/2013 |
| 7,300,000 |
|
| 1,316,769 |
|
| 1,264,580 |
|
| 52,189 |
|
Philippine peso |
| Sell |
| J.P.Morgan |
| 7/11/2013 |
| 36,160,000 |
|
| 889,107 |
|
| 879,333 |
|
| 9,774 |
|
Philippine peso |
| Sell |
| J.P.Morgan |
| 8/2/2013 |
| 51,400,000 |
|
| 1,261,350 |
|
| 1,250,152 |
|
| 11,198 |
|
Philippine peso |
| Sell |
| Morgan Stanley |
| 5/24/2013 |
| 327,000,000 |
|
| 8,080,059 |
|
| 7,946,597 |
|
| 133,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts |
| $ | 1,789,001 |
| ||||||||||||||
|
|
|
|
|
|
36 | See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(concluded) |
INTERNATIONAL OPPORTUNITIES FUND April 30, 2013 |
Open Forward Foreign Currency Exchange Contracts at April 30, 2013 (concluded):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward |
| Transaction |
| Counterparty |
| Expiration |
| Foreign |
| U.S. $ |
| U.S. $ |
| Unrealized |
| |||
Australian dollar |
| Buy |
| Morgan Stanley |
| 5/31/2013 |
| 1,185,000 |
| $ | 1,226,905 |
| $ | 1,225,804 |
| $ | (1,101 | ) |
Australian dollar |
| Buy |
| UBS AG |
| 8/8/2013 |
| 1,970,000 |
|
| 2,034,577 |
|
| 2,027,727 |
|
| (6,850 | ) |
British pound |
| Buy |
| Morgan Stanley |
| 5/14/2013 |
| 810,000 |
|
| 1,269,654 |
|
| 1,258,113 |
|
| (11,541 | ) |
Canadian dollar |
| Buy |
| UBS AG |
| 6/3/2013 |
| 1,170,000 |
|
| 1,165,420 |
|
| 1,160,473 |
|
| (4,947 | ) |
euro |
| Buy |
| Barclays Bank plc |
| 6/3/2013 |
| 765,000 |
|
| 1,032,015 |
|
| 1,007,666 |
|
| (24,349 | ) |
South Korean won |
| Buy |
| Barclays Bank plc |
| 5/24/2013 |
| 10,521,000,000 |
|
| 9,827,200 |
|
| 9,550,905 |
|
| (276,295 | ) |
South Korean won |
| Buy |
| Goldman Sachs |
| 5/3/2013 |
| 883,500,000 |
|
| 823,009 |
|
| 802,234 |
|
| (20,775 | ) |
South Korean won |
| Buy |
| J.P.Morgan |
| 5/16/2013 |
| 1,331,000,000 |
|
| 1,251,999 |
|
| 1,208,388 |
|
| (43,611 | ) |
British pound |
| Sell |
| Goldman Sachs |
| 8/5/2013 |
| 980,000 |
|
| 1,489,326 |
|
| 1,521,448 |
|
| (32,122 | ) |
British pound |
| Sell |
| J.P.Morgan |
| 8/5/2013 |
| 1,950,000 |
|
| 3,016,364 |
|
| 3,027,372 |
|
| (11,008 | ) |
euro |
| Sell |
| Credit Suisse |
| 7/26/2013 |
| 760,000 |
|
| 985,697 |
|
| 1,001,449 |
|
| (15,752 | ) |
Indonesian rupiah |
| Sell |
| Deutsche Bank AG |
| 6/25/2013 |
| 20,500,000,000 |
|
| 2,083,333 |
|
| 2,098,645 |
|
| (15,312 | ) |
Indonesian rupiah |
| Sell |
| J.P.Morgan |
| 6/25/2013 |
| 16,410,000,000 |
|
| 1,667,683 |
|
| 1,679,940 |
|
| (12,257 | ) |
Japanese yen |
| Sell |
| Barclays Bank plc |
| 7/16/2013 |
| 331,900,000 |
|
| 3,368,387 |
|
| 3,406,011 |
|
| (37,624 | ) |
Japanese yen |
| Sell |
| Barclays Bank plc |
| 8/15/2013 |
| 115,500,000 |
|
| 1,164,339 |
|
| 1,185,526 |
|
| (21,187 | ) |
Japanese yen |
| Sell |
| Morgan Stanley |
| 8/15/2013 |
| 199,320,000 |
|
| 2,038,706 |
|
| 2,045,880 |
|
| (7,174 | ) |
Japanese yen |
| Sell |
| UBS AG |
| 7/16/2013 |
| 201,900,000 |
|
| 2,044,164 |
|
| 2,071,930 |
|
| (27,766 | ) |
South Korean won |
| Sell |
| Goldman Sachs |
| 5/3/2013 |
| 883,500,000 |
|
| 793,801 |
|
| 802,234 |
|
| (8,433 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts |
| $ | (578,104 | ) | ||||||||||||||
|
|
|
|
|
|
| See Notes to Financial Statements. | 37 |
|
Schedule of Investments (unaudited) |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
COMMON STOCKS 96.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 0.65% |
|
|
|
|
|
|
|
Hexcel Corp.* |
|
| 468,336 |
| $ | 14,284 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Airlines 0.53% |
|
|
|
|
|
|
|
Spirit Airlines, Inc.* |
|
| 437,429 |
|
| 11,679 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Auto Components 0.03% |
|
|
|
|
|
|
|
Tenneco, Inc.* |
|
| 17,533 |
|
| 678 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Beverages 0.71% |
|
|
|
|
|
|
|
Beam, Inc. |
|
| 243,283 |
|
| 15,743 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Building Products 1.22% |
|
|
|
|
|
|
|
Fortune Brands Home & |
|
| 460,728 |
|
| 16,766 |
|
Masco Corp. |
|
| 532,400 |
|
| 10,350 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 27,116 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Capital Markets 3.61% |
|
|
|
|
|
|
|
Ares Capital Corp. |
|
| 1,414,837 |
|
| 25,694 |
|
Raymond James Financial, |
|
| 766,983 |
|
| 31,768 |
|
Waddell & Reed Financial, |
|
| 523,000 |
|
| 22,421 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 79,883 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals 3.15% |
|
|
|
|
|
|
|
Axiall Corp. |
|
| 331,200 |
|
| 17,371 |
|
Celanese Corp. Series A |
|
| 248,900 |
|
| 12,298 |
|
Chemtura Corp.* |
|
| 1,481,601 |
|
| 31,499 |
|
Eastman Chemical Co. |
|
| 129,300 |
|
| 8,618 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 69,786 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 10.26% |
|
|
|
|
|
|
|
BOK Financial Corp. |
|
| 239,200 |
|
| 14,948 |
|
CapitalSource, Inc. |
|
| 2,769,565 |
|
| 24,788 |
|
CIT Group, Inc.* |
|
| 310,800 |
|
| 13,212 |
|
City National Corp. |
|
| 327,000 |
|
| 18,714 |
|
Comerica, Inc. |
|
| 922,357 |
|
| 33,435 |
|
East West Bancorp, Inc. |
|
| 1,153,856 |
|
| 28,073 |
|
FirstMerit Corp. |
|
| 1,502,600 |
|
| 25,739 |
|
Signature Bank* |
|
| 395,011 |
|
| 28,287 |
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Western Alliance Bancorp* |
|
| 1,140,649 |
| $ | 16,779 |
|
Wintrust Financial Corp. |
|
| 11,011 |
|
| 395 |
|
Zions Bancorporation |
|
| 922,300 |
|
| 22,707 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 227,077 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Services & Supplies 1.35% |
|
|
|
|
|
|
|
Tetra Tech, Inc.* |
|
| 741,470 |
|
| 19,493 |
|
Waste Connections, Inc. |
|
| 270,919 |
|
| 10,282 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 29,775 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Computers & Peripherals 0.76% |
|
|
|
|
|
|
|
Synaptics, Inc.* |
|
| 405,849 |
|
| 16,733 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 1.57% |
|
|
|
|
|
|
|
Jacobs Engineering Group, |
|
| 690,000 |
|
| 34,831 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction Materials 0.93% |
|
|
|
|
|
|
|
Vulcan Materials Co. |
|
| 413,200 |
|
| 20,610 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Containers & Packaging 3.29% |
|
|
|
|
|
|
|
Berry Plastics Group, Inc.* |
|
| 1,094,332 |
|
| 20,792 |
|
Rock-Tenn Co. Class A |
|
| 418,100 |
|
| 41,869 |
|
Sealed Air Corp. |
|
| 458,400 |
|
| 10,140 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 72,801 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electric: Utilities 2.99% |
|
|
|
|
|
|
|
Cleco Corp. |
|
| 269,300 |
|
| 13,336 |
|
ITC Holdings Corp. |
|
| 270,600 |
|
| 24,955 |
|
NV Energy, Inc. |
|
| 1,285,300 |
|
| 27,801 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 66,092 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & |
|
|
|
|
|
|
|
Amphenol Corp. Class A |
|
| 241,400 |
|
| 18,230 |
|
FLIR Systems, Inc. |
|
| 400,200 |
|
| 9,729 |
|
Jabil Circuit, Inc. |
|
| 1,028,700 |
|
| 18,311 |
|
Trimble Navigation Ltd.* |
|
| 581,900 |
|
| 16,724 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 62,994 |
|
|
|
|
|
|
|
|
|
|
38 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
VALUE OPPORTUNITIES FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Energy Equipment & Services 3.79% |
|
|
|
|
|
|
|
GulfMark Offshore, Inc. |
|
|
|
|
|
|
|
Class A |
|
| 447,096 |
| $ | 18,608 |
|
Helix Energy Solutions |
|
| 1,083,300 |
|
| 24,959 |
|
Helmerich & Payne, Inc. |
|
| 301,400 |
|
| 17,668 |
|
Superior Energy Services, |
|
| 821,700 |
|
| 22,671 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 83,906 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 2.36% |
|
|
|
|
|
|
|
Bunge Ltd. |
|
| 329,200 |
|
| 23,772 |
|
Ingredion, Inc. |
|
| 191,600 |
|
| 13,797 |
|
Pinnacle Foods, Inc.* |
|
| 610,300 |
|
| 14,568 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 52,137 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies 0.20% |
|
|
|
|
|
|
|
Hologic, Inc.* |
|
| 217,400 |
|
| 4,428 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Providers & Services 4.75% |
|
|
|
|
|
|
|
Community Health |
|
| 442,707 |
|
| 20,174 |
|
DaVita HealthCare |
|
| 64,606 |
|
| 7,665 |
|
Hanger, Inc.* |
|
| 334,900 |
|
| 10,178 |
|
Laboratory Corp. of |
|
| 167,500 |
|
| 15,638 |
|
MEDNAX, Inc.* |
|
| 318,000 |
|
| 28,216 |
|
Team Health Holdings, Inc.* |
|
| 622,500 |
|
| 23,207 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 105,078 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 1.00% |
|
|
|
|
|
|
|
Red Robin Gourmet |
|
| 456,200 |
|
| 22,066 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Durables 2.29% |
|
|
|
|
|
|
|
Jarden Corp.* |
|
| 447,000 |
|
| 20,120 |
|
Mohawk Industries, Inc.* |
|
| 276,398 |
|
| 30,647 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 50,767 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Products 1.03% |
|
|
|
|
|
|
|
Spectrum Brands |
|
|
|
|
|
|
|
Holdings, Inc. |
|
| 405,995 |
|
| 22,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Information Technology Services 6.50% |
|
|
|
|
|
|
|
Acxiom Corp.* |
|
| 619,496 |
| $ | 12,322 |
|
Alliance Data Systems |
|
| 137,500 |
|
| 23,618 |
|
Amdocs Ltd. |
|
| 653,198 |
|
| 23,319 |
|
Fidelity National |
|
| 595,300 |
|
| 25,032 |
|
FleetCor Technologies, Inc.* |
|
| 142,375 |
|
| 10,949 |
|
Lender Processing Services, |
|
| 920,600 |
|
| 25,538 |
|
Sapient Corp.* |
|
| 1,972,427 |
|
| 23,038 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 143,816 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 7.02% |
|
|
|
|
|
|
|
Alterra Capital Holdings |
|
| 1,247,119 |
|
| 40,594 |
|
Arch Capital Group Ltd.* |
|
| 599,906 |
|
| 31,831 |
|
Brown & Brown, Inc. |
|
| 619,900 |
|
| 19,211 |
|
Hartford Financial Services |
|
| 1,180,300 |
|
| 33,154 |
|
PartnerRe Ltd. |
|
| 198,800 |
|
| 18,755 |
|
RenaissanceRe Holdings |
|
| 125,300 |
|
| 11,764 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 155,309 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Internet Software & Services 1.12% |
|
|
|
|
|
|
|
Akamai Technologies, Inc.* |
|
| 564,800 |
|
| 24,800 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Leisure Equipment & Products 0.78% |
|
|
|
|
|
|
|
Arctic Cat, Inc.* |
|
| 75,572 |
|
| 3,400 |
|
Brunswick Corp. |
|
| 440,400 |
|
| 13,943 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 17,343 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Life Sciences Tools & Services 1.37% |
|
|
|
|
|
|
|
PerkinElmer, Inc. |
|
| 987,700 |
|
| 30,273 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 0.11% |
|
|
|
|
|
|
|
ESCO Technologies, Inc. |
|
| 68,942 |
|
| 2,480 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 1.00% |
|
|
|
|
|
|
|
Interpublic Group of Cos., |
|
| 1,601,143 |
|
| 22,160 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 39 |
|
Schedule of Investments (unaudited)(continued) |
VALUE OPPORTUNITIES FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Metals & Mining 2.99% |
|
|
|
|
|
|
|
Allegheny Technologies, |
|
| 781,400 |
| $ | 21,082 |
|
Carpenter Technology |
|
| 248,676 |
|
| 11,180 |
|
Reliance Steel & |
|
| 522,400 |
|
| 33,993 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 66,255 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Multi-Utilities 2.40% |
|
|
|
|
|
|
|
CMS Energy Corp. |
|
| 776,600 |
|
| 23,251 |
|
Wisconsin Energy Corp. |
|
| 662,099 |
|
| 29,755 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 53,006 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.39% |
|
|
|
|
|
|
|
EQT Corp. |
|
| 200,300 |
|
| 15,046 |
|
Range Resources Corp. |
|
| 213,000 |
|
| 15,660 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 30,706 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 0.89% |
|
|
|
|
|
|
|
Actavis, Inc.* |
|
| 187,200 |
|
| 19,793 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Professional Services 0.88% |
|
|
|
|
|
|
|
Robert Half International, |
|
| 591,500 |
|
| 19,413 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 5.15% |
|
|
|
|
|
|
|
BioMed Realty Trust, Inc. |
|
| 1,200,000 |
|
| 27,012 |
|
Brandywine Realty Trust |
|
| 1,088,700 |
|
| 16,254 |
|
Digital Realty Trust, Inc. |
|
| 297,400 |
|
| 20,973 |
|
Equity Lifestyle Properties, |
|
| 234,100 |
|
| 19,020 |
|
Liberty Property Trust |
|
| 538,800 |
|
| 23,163 |
|
Sovran Self Storage, Inc. |
|
| 110,112 |
|
| 7,554 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 113,976 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Real Estate Management & |
|
|
|
|
|
|
|
Realogy Holdings Corp.* |
|
| 498,330 |
|
| 23,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Road & Rail 2.92% |
|
|
|
|
|
|
|
Genesee & Wyoming, Inc. |
|
| 192,800 |
| $ | 16,427 |
|
Hertz Global Holdings, |
|
| 1,585,900 |
|
| 38,188 |
|
Kansas City Southern |
|
| 92,400 |
|
| 10,078 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 64,693 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor |
|
|
|
|
|
|
|
Lam Research Corp.* |
|
| 551,200 |
|
| 25,476 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Software 2.36% |
|
|
|
|
|
|
|
Nuance Communications, |
|
| 756,399 |
|
| 14,402 |
|
Rovi Corp.* |
|
| 1,616,200 |
|
| 37,803 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 52,205 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Specialty Retail 4.70% |
|
|
|
|
|
|
|
Abercrombie & Fitch Co. |
|
| 719,900 |
|
| 35,678 |
|
Chico’s FAS, Inc. |
|
| 698,300 |
|
| 12,758 |
|
Dick’s Sporting Goods, Inc. |
|
| 422,200 |
|
| 20,308 |
|
GameStop Corp. Class A |
|
| 294,400 |
|
| 10,275 |
|
Penske Automotive Group, |
|
| 391,400 |
|
| 12,102 |
|
Tiffany & Co. |
|
| 173,865 |
|
| 12,810 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 103,931 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods 0.51% |
|
|
|
|
|
|
|
PVH Corp. |
|
| 97,099 |
|
| 11,206 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Trading Companies & Distributors 2.60% |
|
|
|
|
|
|
|
TAL International Group, |
|
| 773,996 |
|
| 32,044 |
|
United Rentals, Inc.* |
|
| 483,200 |
|
| 25,421 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 57,465 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 2,129,426 |
|
|
|
|
|
|
|
|
|
|
40 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(concluded) |
VALUE OPPORTUNITIES FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
| |||||||
SHORT-TERM INVESTMENT 2.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 52,119 |
| $ | 52,119 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 2,181,545 |
|
|
|
|
|
|
| ||
Other Assets in Excess |
|
|
|
|
| 31,018 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 2,212,563 |
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
|
|
|
| See Notes to Financial Statements. | 41 |
Statements of Assets and Liabilities (unaudited)
April 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
| Alpha Strategy |
| Fundamental |
| Growth |
| |||
ASSETS: |
|
|
|
|
|
|
|
|
|
|
Investments in securities, at cost |
| $ | 729,258,227 |
| $ | 4,140,207,356 |
| $ | 161,227,797 |
|
Investments in securities, at fair value |
| $ | 942,240,855 |
| $ | 5,157,705,116 |
| $ | 175,103,315 |
|
Cash |
|
| — |
|
| — |
|
| — |
|
Foreign cash, at value (cost $0, $0, $0, $134,425, |
|
| — |
|
| — |
|
| — |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
Interest and dividends |
|
| — |
|
| 3,669,429 |
|
| 90,302 |
|
Investment securities sold |
|
| — |
|
| 34,658,127 |
|
| 4,378,188 |
|
Capital shares sold |
|
| 1,498,488 |
|
| 7,223,247 |
|
| 136,125 |
|
From advisor (See Note 3) |
|
| — |
|
| — |
|
| 38,129 |
|
From affiliates (See Note 3) |
|
| 57,977 |
|
| — |
|
| — |
|
Unrealized appreciation on forward foreign |
|
| — |
|
| — |
|
| — |
|
Prepaid expenses and other assets |
|
| 53,057 |
|
| 132,024 |
|
| 95,350 |
|
Total assets |
|
| 943,850,377 |
|
| 5,203,387,943 |
|
| 179,841,409 |
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
Investment securities purchased |
|
| 387,827 |
|
| 75,107,013 |
|
| 2,887,525 |
|
Capital shares reacquired |
|
| 1,570,985 |
|
| 10,545,769 |
|
| 422,298 |
|
Management fee |
|
| — |
|
| 2,149,863 |
|
| 78,277 |
|
12b-1 distribution fees |
|
| 384,776 |
|
| 2,125,636 |
|
| 86,853 |
|
Fund administration |
|
| — |
|
| 165,743 |
|
| 5,693 |
|
Trustees’ fees |
|
| 76,888 |
|
| 575,979 |
|
| 25,580 |
|
To affiliates (See Note 3) |
|
| — |
|
| 1,624 |
|
| 1,626 |
|
Unrealized depreciation on forward foreign |
|
| — |
|
| — |
|
| — |
|
Accrued expenses and other liabilities |
|
| 365,220 |
|
| 1,596,752 |
|
| 205,446 |
|
Total liabilities |
|
| 2,785,696 |
|
| 92,268,379 |
|
| 3,713,298 |
|
NET ASSETS |
| $ | 941,064,681 |
| $ | 5,111,119,564 |
| $ | 176,128,111 |
|
COMPOSITION OF NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
| $ | 717,676,630 |
| $ | 3,786,835,161 |
| $ | 175,948,406 |
|
Undistributed (distributions in excess of) net |
|
| 477,024 |
|
| 5,273,384 |
|
| (74,414 | ) |
Accumulated net realized gain (loss) on investments |
|
| 9,928,399 |
|
| 301,513,259 |
|
| (13,621,399 | ) |
Net unrealized appreciation on investments and |
|
| 212,982,628 |
|
| 1,017,497,760 |
|
| 13,875,518 |
|
Net Assets |
| $ | 941,064,681 |
| $ | 5,111,119,564 |
| $ | 176,128,111 |
|
|
|
|
42 | See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International |
| International |
| International |
| Value |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 674,845,383 |
| $ | 1,971,200,080 |
| $ | 278,481,825 |
| $ | 1,707,882,039 |
|
| $ | 789,118,978 |
| $ | 2,248,232,155 |
| $ | 329,559,377 |
| $ | 2,181,545,389 |
|
|
| 20,000 |
|
| 2,850,000 |
|
| 60,000 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 134,596 |
|
| 699,969 |
|
| 96,696 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,800,907 |
|
| 7,317,526 |
|
| 1,341,607 |
|
| 566,143 |
|
|
| 492,057 |
|
| 8,153,049 |
|
| 7,490,818 |
|
| 41,420,658 |
|
|
| 1,781,773 |
|
| 8,005,798 |
|
| 296,607 |
|
| 3,338,657 |
|
|
| 164,450 |
|
| 201,025 |
|
| — |
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,069,642 |
|
| 16,171,273 |
|
| 1,789,001 |
|
| — |
|
|
| 54,009 |
|
| 112,516 |
|
| 42,347 |
|
| 64,742 |
|
|
| 798,636,412 |
|
| 2,291,743,311 |
|
| 340,676,453 |
|
| 2,226,935,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 23,852,520 |
|
| 1,573,799 |
|
| 720,790 |
|
| 7,889,990 |
|
|
| 1,106,541 |
|
| 1,984,223 |
|
| 88,969 |
|
| 3,499,926 |
|
|
| 409,629 |
|
| 1,202,235 |
|
| 204,232 |
|
| 1,283,175 |
|
|
| 196,010 |
|
| 380,197 |
|
| 57,102 |
|
| 794,122 |
|
|
| 23,407 |
|
| 71,930 |
|
| 10,892 |
|
| 71,378 |
|
|
| 125,076 |
|
| 47,582 |
|
| 50,496 |
|
| 82,092 |
|
|
| 1,921 |
|
| 31,195 |
|
| 12,888 |
|
| 9,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,714,837 |
|
| 8,851,760 |
|
| 578,104 |
|
| — |
|
|
| 476,111 |
|
| 349,259 |
|
| 132,620 |
|
| 742,860 |
|
|
| 27,906,052 |
|
| 14,492,180 |
|
| 1,856,093 |
|
| 14,372,862 |
|
| $ | 770,730,360 |
| $ | 2,277,251,131 |
| $ | 338,820,360 |
| $ | 2,212,562,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 975,369,855 |
| $ | 2,060,474,610 |
| $ | 335,947,341 |
| $ | 1,607,385,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,682,825 |
|
| 7,349,766 |
|
| (543,396 | ) |
| (2,269,520 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (322,890,779 | ) |
| (74,922,331 | ) |
| (48,888,353 | ) |
| 133,783,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 115,568,459 |
|
| 284,349,086 |
|
| 52,304,768 |
|
| 473,663,350 |
|
| $ | 770,730,360 |
| $ | 2,277,251,131 |
| $ | 338,820,360 |
| $ | 2,212,562,727 |
|
|
|
|
| See Notes to Financial Statements. | 43 |
Statements of Assets and Liabilities (unaudited)(concluded)
April 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
| Alpha Strategy |
| Fundamental |
| Growth |
| |||
|
|
|
|
|
|
|
|
|
|
|
Net assets by class: |
|
|
|
|
|
|
|
|
|
|
Class A Shares |
| $ | 452,939,514 |
| $ | 2,706,596,343 |
| $ | 95,347,498 |
|
Class B Shares |
| $ | 21,631,555 |
| $ | 66,741,277 |
| $ | 7,583,111 |
|
Class C Shares |
| $ | 245,019,587 |
| $ | 879,949,715 |
| $ | 28,593,415 |
|
Class F Shares |
| $ | 153,148,878 |
| $ | 644,265,917 |
| $ | 8,702,877 |
|
Class I Shares |
| $ | 36,997,766 |
| $ | 460,281,758 |
| $ | 29,566,871 |
|
Class P Shares |
|
| — |
| $ | 27,324,664 |
|
| — |
|
Class R2 Shares |
| $ | 2,497,411 |
| $ | 23,212,405 |
| $ | 22,660 |
|
Class R3 Shares |
| $ | 28,829,970 |
| $ | 302,747,485 |
| $ | 6,311,679 |
|
Outstanding shares by class (unlimited number |
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| 16,538,547 |
|
| 178,499,659 |
|
| 5,466,651 |
|
Class B Shares |
|
| 851,368 |
|
| 4,641,691 |
|
| 435,532 |
|
Class C Shares |
|
| 9,712,443 |
|
| 61,500,990 |
|
| 1,657,858 |
|
Class F Shares |
|
| 5,583,160 |
|
| 42,692,231 |
|
| 498,468 |
|
Class I Shares |
|
| 1,337,246 |
|
| 30,229,541 |
|
| 1,692,541 |
|
Class P Shares |
|
| — |
|
| 1,822,230 |
|
| — |
|
Class R2 Shares |
|
| 92,610 |
|
| 1,553,460 |
|
| 1,292.387 |
|
Class R3 Shares |
|
| 1,065,997 |
|
| 20,163,400 |
|
| 361,490 |
|
Net asset value, offering and redemption price |
|
|
|
|
|
|
|
|
|
|
Class A Shares-Net asset value |
|
| $27.39 |
|
| $15.16 |
|
| $17.44 |
|
Class A Shares-Maximum offering price |
|
|
|
|
|
|
|
|
|
|
(Net asset value plus sales charge of 5.75%) |
|
| $29.06 |
|
| $16.08 |
|
| $18.50 |
|
Class B Shares-Net asset value |
|
| $25.41 |
|
| $14.38 |
|
| $17.41 |
|
Class C Shares-Net asset value |
|
| $25.23 |
|
| $14.31 |
|
| $17.25 |
|
Class F Shares-Net asset value |
|
| $27.43 |
|
| $15.09 |
|
| $17.46 |
|
Class I Shares-Net asset value |
|
| $27.67 |
|
| $15.23 |
|
| $17.47 |
|
Class P Shares-Net asset value |
|
| — |
|
| $15.00 |
|
| — |
|
Class R2 Shares-Net asset value |
|
| $26.97 |
|
| $14.94 |
|
| $17.53 |
|
Class R3 Shares-Net asset value |
|
| $27.05 |
|
| $15.01 |
|
| $17.46 |
|
|
|
|
44 | See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
| International |
| International |
| Value |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
$ | 412,910,215 |
| $ | 824,996,056 |
| $ | 86,574,180 |
| $ | 967,722,599 |
|
$ | 18,603,035 |
|
| — |
| $ | 6,488,342 |
| $ | 14,152,456 |
|
$ | 55,206,030 |
| $ | 113,744,949 |
| $ | 15,853,825 |
| $ | 274,782,400 |
|
$ | 131,515,839 |
| $ | 193,281,258 |
| $ | 9,314,870 |
| $ | 366,170,428 |
|
$ | 132,573,487 |
| $ | 1,106,464,461 |
| $ | 213,975,324 |
| $ | 476,583,819 |
|
$ | 257,137 |
|
| — |
| $ | 1,143,120 |
| $ | 908,770 |
|
$ | 833,041 |
| $ | 660,161 |
| $ | 108,207 |
| $ | 11,961,823 |
|
$ | 18,831,576 |
| $ | 38,104,246 |
| $ | 5,362,492 |
| $ | 100,280,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 32,217,906 |
|
| 93,085,376 |
|
| 5,686,100 |
|
| 51,222,348 |
|
| 1,468,830 |
|
| — |
|
| 447,979 |
|
| 783,964 |
|
| 4,356,416 |
|
| 12,927,481 |
|
| 1,103,053 |
|
| 15,222,442 |
|
| 10,335,052 |
|
| 21,777,682 |
|
| 616,296 |
|
| 19,250,729 |
|
| 10,286,021 |
|
| 124,408,744 |
|
| 13,737,352 |
|
| 24,798,804 |
|
| 20,095 |
|
| — |
|
| 73,967 |
|
| 48,373 |
|
| 65,141 |
|
| 73,222 |
|
| 7,159 |
|
| 641,774 |
|
| 1,489,794 |
|
| 4,264,596 |
|
| 357,419 |
|
| 5,365,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $12.82 |
|
| $8.86 |
|
| $15.23 |
|
| $18.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| $13.60 |
|
| $9.40 |
|
| $16.16 |
|
| $20.04 |
|
| $12.67 |
|
| — |
|
| $14.48 |
|
| $18.05 |
|
| $12.67 |
|
| $8.80 |
|
| $14.37 |
|
| $18.05 |
|
| $12.73 |
|
| $8.88 |
|
| $15.11 |
|
| $19.02 |
|
| $12.89 |
|
| $8.89 |
|
| $15.58 |
|
| $19.22 |
|
| $12.80 |
|
| — |
|
| $15.45 |
|
| $18.79 |
|
| $12.79 |
|
| $9.02 |
|
| $15.11 |
|
| $18.64 |
|
| $12.64 |
|
| $8.94 |
|
| $15.00 |
|
| $18.69 |
|
|
|
|
| See Notes to Financial Statements. | 45 |
|
|
|
|
|
|
|
|
|
|
|
|
| Alpha Strategy |
| Fundamental |
| Growth |
| |||
Investment income: |
|
|
|
|
|
|
|
|
|
|
Dividends (net of foreign withholding taxes of |
| $ | 5,723,952 |
| $ | 41,792,328 |
| $ | 272,595 |
|
Interest and other |
|
| — |
|
| 1,947 |
|
| 50 |
|
Total investment income |
|
| 5,723,952 |
|
| 41,794,275 |
|
| 272,645 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Management fee |
|
| 443,063 |
|
| 12,363,999 |
|
| 154,583 |
|
12b-1 distribution plan-Class A |
|
| 529,506 |
|
| 4,405,838 |
|
| 57,330 |
|
12b-1 distribution plan-Class B |
|
| 107,598 |
|
| 357,141 |
|
| 7,722 |
|
12b-1 distribution plan-Class C |
|
| 1,139,603 |
|
| 4,098,834 |
|
| 36,258 |
|
12b-1 distribution plan-Class F |
|
| 72,318 |
|
| 301,228 |
|
| 2,358 |
|
12b-1 distribution plan-Class P |
|
| — |
|
| 61,338 |
|
| — |
|
12b-1 distribution plan-Class R2 |
|
| 8,387 |
|
| 66,856 |
|
| — |
|
12b-1 distribution plan-Class R3 |
|
| 76,480 |
|
| 694,163 |
|
| 3,007 |
|
Shareholder servicing |
|
| 753,749 |
|
| 3,347,549 |
|
| 14,276 |
|
Professional |
|
| 17,693 |
|
| 35,733 |
|
| 22,230 |
|
Reports to shareholders |
|
| 60,775 |
|
| 260,954 |
|
| 4,202 |
|
Fund administration |
|
| — |
|
| 951,432 |
|
| 11,242 |
|
Custody |
|
| 7,472 |
|
| 39,234 |
|
| 5,135 |
|
Trustees’ fees |
|
| 12,764 |
|
| 68,751 |
|
| 776 |
|
Registration |
|
| 41,582 |
|
| 106,905 |
|
| 34,434 |
|
Subsidy (See Note 3) |
|
| — |
|
| 27,434 |
|
| 5,003 |
|
Other |
|
| 9,352 |
|
| 52,208 |
|
| 89,303 |
|
Gross expenses |
|
| 3,280,342 |
|
| 27,239,597 |
|
| 447,859 |
|
Expense reductions (See Note 7) |
|
| (319 | ) |
| (1,812 | ) |
| (24 | ) |
Management fee waived and expenses |
|
| (443,063 | ) |
| — |
|
| (200,630 | ) |
Expenses assumed by Underlying Funds |
|
| (903,068 | ) |
| — |
|
| — |
|
Net expenses |
|
| 1,933,892 |
|
| 27,237,785 |
|
| 247,205 |
|
Net investment income |
|
| 3,790,060 |
|
| 14,556,490 |
|
| 25,440 |
|
Net realized and unrealized gain: |
|
|
|
|
|
|
|
|
|
|
Capital gain distributions received from |
|
| 16,728,760 |
|
| — |
|
| — |
|
Net realized gain on investments (net of foreign |
|
| 2,439,534 |
|
| 309,923,418 |
|
| 3,636,076 |
|
Net change in unrealized appreciation/ |
|
| 107,584,708 |
|
| 473,762,685 |
|
| 3,658,904 |
|
Net realized and unrealized gain |
|
| 126,753,002 |
|
| 783,686,103 |
|
| 7,294,980 |
|
Net Increase in Net Assets Resulting |
| $ | 130,543,062 |
| $ | 798,242,593 |
| $ | 7,320,420 |
|
|
|
|
46 | See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International |
| International |
| International |
| Value |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 8,324,238 |
| $ | 32,061,993 |
| $ | 2,912,984 |
| $ | 14,767,519 |
|
|
|
| 3,053 |
|
| 5,178 |
|
| — |
|
| 1,663 |
|
|
|
| 8,327,291 |
|
| 32,067,171 |
|
| 2,912,984 |
|
| 14,769,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,684,893 |
|
| 6,931,462 |
|
| 1,154,196 |
|
| 7,424,426 |
|
|
|
| 682,035 |
|
| 1,229,615 |
|
| 135,257 |
|
| 1,567,294 |
|
|
|
| 96,145 |
|
| — |
|
| 32,420 |
|
| 68,201 |
|
|
|
| 262,423 |
|
| 459,014 |
|
| 70,762 |
|
| 1,277,397 |
|
|
|
| 65,367 |
|
| 80,582 |
|
| 1,418 |
|
| 172,973 |
|
|
|
| 550 |
|
| — |
|
| 2,249 |
|
| 2,106 |
|
|
|
| 2,227 |
|
| 1,559 |
|
| 291 |
|
| 35,226 |
|
|
|
| 43,737 |
|
| 86,472 |
|
| 16,353 |
|
| 230,316 |
|
|
|
| 803,685 |
|
| 762,254 |
|
| 163,239 |
|
| 1,497,305 |
|
|
|
| 30,653 |
|
| 30,026 |
|
| 29,686 |
|
| 29,344 |
|
|
|
| 70,519 |
|
| 64,884 |
|
| 12,518 |
|
| 121,246 |
|
|
|
| 146,361 |
|
| 392,966 |
|
| 61,557 |
|
| 411,279 |
|
|
|
| 128,794 |
|
| 352,586 |
|
| 70,517 |
|
| 21,816 |
|
|
|
| 10,882 |
|
| 26,676 |
|
| 4,399 |
|
| 29,715 |
|
|
|
| 46,665 |
|
| 68,231 |
|
| 36,374 |
|
| 56,307 |
|
|
|
| 29,969 |
|
| 483,831 |
|
| 201,428 |
|
| 146,578 |
|
|
|
| 11,789 |
|
| 23,760 |
|
| 5,244 |
|
| 24,661 |
|
|
|
| 5,116,694 |
|
| 10,993,918 |
|
| 1,997,908 |
|
| 13,116,190 |
|
|
|
| (251 | ) |
| (553 | ) |
| (38 | ) |
| (747 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1,146,515 | ) |
| (1,571,529 | ) |
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
| 3,969,928 |
|
| 9,421,836 |
|
| 1,997,870 |
|
| 13,115,443 |
|
|
|
| 4,357,363 |
|
| 22,645,335 |
|
| 915,114 |
|
| 1,653,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 28,789,660 |
|
| 77,436,314 |
|
| 15,082,465 |
|
| 141,857,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 69,368,428 |
|
| 167,813,382 |
|
| 35,699,578 |
|
| 200,040,284 |
|
|
|
| 98,158,088 |
|
| 245,249,696 |
|
| 50,782,043 |
|
| 341,897,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 102,515,451 |
| $ | 267,895,031 |
| $ | 51,697,157 |
| $ | 343,551,177 |
|
|
|
|
| See Notes to Financial Statements. | 47 |
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
| Alpha Strategy Fund |
| ||||
|
| ||||||
INCREASE (DECREASE) IN NET ASSETS |
| For the Six Months |
| For the |
| ||
Operations: |
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 3,790,060 |
| $ | (2,039,983 | ) |
Capital gains distributions received from Underlying Funds |
|
| 16,728,760 |
|
| 23,324,449 |
|
Net realized gain on investments |
|
| 2,439,534 |
|
| 13,988,321 |
|
Net change in unrealized appreciation/depreciation |
|
| 107,584,708 |
|
| 39,699,323 |
|
Net increase in net assets resulting from operations |
|
| 130,543,062 |
|
| 74,972,110 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
Class A |
|
| (647,485 | ) |
| — |
|
Class C |
|
| — |
|
| — |
|
Class F |
|
| (432,685 | ) |
| — |
|
Class I |
|
| (134,848 | ) |
| — |
|
Class P |
|
| — |
|
| — |
|
Class R2 |
|
| — |
|
| — |
|
Class R3 |
|
| — |
|
| — |
|
Net realized gain |
|
|
|
|
|
|
|
Class A |
|
| (17,131,264 | ) |
| (1,320,901 | ) |
Class B |
|
| (966,734 | ) |
| (89,833 | ) |
Class C |
|
| (10,054,013 | ) |
| (758,348 | ) |
Class F |
|
| (5,841,246 | ) |
| (496,799 | ) |
Class I |
|
| (1,352,332 | ) |
| (86,333 | ) |
Class P |
|
| — |
|
| — |
|
Class R2 |
|
| (122,985 | ) |
| (10,876 | ) |
Class R3 |
|
| (1,261,213 | ) |
| (88,046 | ) |
Total distributions to shareholders |
|
| (37,944,805 | ) |
| (2,851,136 | ) |
Capital share transactions (Net of share conversions) (See Note 12): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
| 98,490,143 |
|
| 160,376,566 |
|
Net proceeds from reorganizations (See Note 13) |
|
| — |
|
| — |
|
Reinvestment of distributions |
|
| 31,294,843 |
|
| 2,290,398 |
|
Cost of shares reacquired |
|
| (140,369,195 | ) |
| (257,960,933 | ) |
Net increase (decrease) in net assets resulting from |
|
| (10,584,209 | ) |
| (95,293,969 | ) |
Net increase (decrease) in net assets |
|
| 82,014,048 |
|
| (23,172,995 | ) |
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
| $ | 859,050,633 |
| $ | 882,223,628 |
|
End of period |
| $ | 941,064,681 |
| $ | 859,050,633 |
|
Undistributed (distributions in excess of) |
| $ | 477,024 |
| $ | (2,098,018 | ) |
|
|
|
48 | See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fundamental Equity Fund |
| Growth Leaders Fund |
| ||||||||
|
| ||||||||||||
|
| For the Six Months |
| For the |
| For the Six Months |
| For the |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 14,556,490 |
| $ | 28,622,896 |
| $ | 25,440 |
| $ | (157 | ) |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
| 309,923,418 |
|
| 56,031,069 |
|
| 3,636,076 |
|
| 723,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 473,762,685 |
|
| 238,428,823 |
|
| 3,658,904 |
|
| (698,127 | ) |
|
|
| 798,242,593 |
|
| 323,082,788 |
|
| 7,320,420 |
|
| 24,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (16,829,219 | ) |
| (4,346,345 | ) |
| (44,858 | ) |
| — |
|
|
|
| (597,013 | ) |
| — |
|
| (4,106 | ) |
| — |
|
|
|
| (5,561,734 | ) |
| (2,767,175 | ) |
| (19,394 | ) |
| (4,091 | ) |
|
|
| (4,107,851 | ) |
| (1,297,980 | ) |
| (17,861 | ) |
| (1,877 | ) |
|
|
| (151,921 | ) |
| (15,617 | ) |
| — |
|
| — |
|
|
|
| (97,503 | ) |
| (9,753 | ) |
| (21 | ) |
| — |
|
|
|
| (1,540,249 | ) |
| (295,096 | ) |
| (55 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (27,685,960 | ) |
| (50,846,537 | ) |
| — |
|
| — |
|
|
|
| (914,107 | ) |
| (2,537,677 | ) |
| — |
|
| — |
|
|
|
| (9,641,827 | ) |
| (18,296,808 | ) |
| — |
|
| — |
|
|
|
| (6,775,122 | ) |
| (13,809,878 | ) |
| — |
|
| — |
|
|
|
| (4,471,009 | ) |
| (5,334,579 | ) |
| — |
|
| — |
|
|
|
| (312,583 | ) |
| (658,136 | ) |
| — |
|
| — |
|
|
|
| (257,833 | ) |
| (438,898 | ) |
| — |
|
| — |
|
|
|
| (3,113,664 | ) |
| (4,123,564 | ) |
| — |
|
| — |
|
|
|
| (82,057,595 | ) |
| (104,778,043 | ) |
| (86,295 | ) |
| (5,968 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 385,567,209 |
|
| 1,267,974,937 |
|
| 12,770,497 |
|
| 20,271,860 |
|
|
|
| — |
|
| 39,288,499 |
|
| 141,354,303 |
|
| — |
|
|
|
| 72,629,172 |
|
| 89,512,509 |
|
| 66,454 |
|
| 262 |
|
|
|
| (695,405,538 | ) |
| (1,414,939,992 | ) |
| (9,082,734 | ) |
| (12,527,193 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (237,209,157 | ) |
| (18,164,047 | ) |
| 145,108,520 |
|
| 7,744,929 |
|
|
|
| 478,975,841 |
|
| 200,140,698 |
|
| 152,342,645 |
|
| 7,763,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 4,632,143,723 |
| $ | 4,432,003,025 |
| $ | 23,785,466 |
| $ | 16,021,642 |
|
|
| $ | 5,111,119,564 |
| $ | 4,632,143,723 |
| $ | 176,128,111 |
| $ | 23,785,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 5,273,384 |
| $ | 19,602,384 |
| $ | (74,414 | ) | $ | 11,717 |
|
|
|
|
| See Notes to Financial Statements. | 49 |
|
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 |
| $ | 4,357,363 |
| $ | 18,288,954 |
|
Net realized gain (loss) on investments and foreign |
|
| 28,789,660 |
|
| (7,748,252 | ) |
Net change in unrealized appreciation/depreciation |
|
| 69,368,428 |
|
| 17,454,403 |
|
Net increase in net assets resulting from operations |
|
| 102,515,451 |
|
| 27,995,105 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
Class A |
|
| (8,588,056 | ) |
| (8,371,658 | ) |
Class B |
|
| (318,035 | ) |
| (316,771 | ) |
Class C |
|
| (906,187 | ) |
| (830,063 | ) |
Class F |
|
| (3,996,551 | ) |
| (2,022,225 | ) |
Class I |
|
| (2,934,294 | ) |
| (4,638,582 | ) |
Class P |
|
| (5,020 | ) |
| (6,017 | ) |
Class R2 |
|
| (15,516 | ) |
| (12,015 | ) |
Class R3 |
|
| (389,151 | ) |
| (249,020 | ) |
Total distributions to shareholders |
|
| (17,152,810 | ) |
| (16,446,351 | ) |
Capital share transactions (Net of share conversions) (See Note 12): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
| 118,664,481 |
|
| 205,500,578 |
|
Reinvestment of distributions |
|
| 16,249,579 |
|
| 15,573,757 |
|
Cost of shares reacquired |
|
| (183,418,919 | ) |
| (352,301,226 | ) |
Net increase (decrease) in net assets resulting from |
|
| (48,504,859 | ) |
| (131,226,891 | ) |
Net increase (decrease) in net assets |
|
| 36,857,782 |
|
| (119,678,137 | ) |
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
| $ | 733,872,578 |
| $ | 853,550,715 |
|
End of period |
| $ | 770,730,360 |
| $ | 733,872,578 |
|
Undistributed (distributions in excess of) |
| $ | 2,682,825 |
| $ | 15,478,272 |
|
|
|
|
50 | See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
International Dividend Income Fund |
| International Opportunities Fund |
| ||||||||
For the Six Months |
| For the |
| For the Six Months |
| For the |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
$ | 22,645,335 |
| $ | 66,003,619 |
| $ | 915,114 |
| $ | 4,195,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 77,436,314 |
|
| (109,644,672 | ) |
| 15,082,465 |
|
| 7,557,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 167,813,382 |
|
| 114,844,497 |
|
| 35,699,578 |
|
| 19,362,776 |
|
| 267,895,031 |
|
| 71,203,444 |
|
| 51,697,157 |
|
| 31,116,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (5,183,507 | ) |
| (22,602,992 | ) |
| (1,418,818 | ) |
| (555,543 | ) |
| — |
|
| — |
|
| (82,875 | ) |
| — |
|
| (413,435 | ) |
| (2,102,331 | ) |
| (194,491 | ) |
| (10,632 | ) |
| (1,391,655 | ) |
| (4,103,730 | ) |
| (20,145 | ) |
| (10,276 | ) |
| (8,719,460 | ) |
| (37,908,179 | ) |
| (4,209,751 | ) |
| (2,327,143 | ) |
| — |
|
| — |
|
| (17,169 | ) |
| (4,835 | ) |
| (3,108 | ) |
| (10,747 | ) |
| (1,645 | ) |
| (384 | ) |
| (226,014 | ) |
| (1,138,500 | ) |
| (117,563 | ) |
| (35,689 | ) |
| (15,937,179 | ) |
| (67,866,479 | ) |
| (6,062,457 | ) |
| (2,944,502 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| 452,934,267 |
|
| 1,047,552,615 |
|
| 27,048,618 |
|
| 19,978,248 |
|
| 13,916,270 |
|
| 59,256,416 |
|
| 5,914,722 |
|
| 2,867,207 |
|
| (190,001,792 | ) |
| (250,121,696 | ) |
| (40,684,398 | ) |
| (79,691,628 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| 276,848,745 |
|
| 856,687,335 |
|
| (7,721,058 | ) |
| (56,846,173 | ) |
| 528,806,597 |
|
| 860,024,300 |
|
| 37,913,642 |
|
| (28,674,639 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
$ | 1,748,444,534 |
| $ | 888,420,234 |
| $ | 300,906,718 |
| $ | 329,581,357 |
|
$ | 2,277,251,131 |
| $ | 1,748,444,534 |
| $ | 338,820,360 |
| $ | 300,906,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 7,349,766 |
| $ | 641,610 |
| $ | (543,396 | ) | $ | 4,603,947 |
|
|
|
|
| See Notes to Financial Statements. | 51 |
Statements of Changes in Net Assets (concluded)
|
|
|
|
|
|
|
|
|
| Value Opportunities Fund |
| ||||
|
| ||||||
INCREASE IN NET ASSETS |
| For the Six Months |
| For the |
| ||
Operations: |
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 1,653,739 |
| $ | (3,517,380 | ) |
Net realized gain (loss) on investments |
|
| 141,857,154 |
|
| (6,641,357 | ) |
Net change in unrealized appreciation/depreciation |
|
| 200,040,284 |
|
| 122,363,437 |
|
Net increase in net assets resulting from operations |
|
| 343,551,177 |
|
| 112,204,700 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net realized gain |
|
|
|
|
|
|
|
Class A |
|
| — |
|
| (3,286,340 | ) |
Class B |
|
| — |
|
| (59,750 | ) |
Class C |
|
| — |
|
| (1,016,764 | ) |
Class F |
|
| — |
|
| (1,427,757 | ) |
Class I |
|
| — |
|
| (1,077,354 | ) |
Class P |
|
| — |
|
| (11,405 | ) |
Class R2 |
|
| — |
|
| (35,968 | ) |
Class R3 |
|
| — |
|
| (245,680 | ) |
Total distributions to shareholders |
|
| — |
|
| (7,161,018 | ) |
Capital share transactions (Net of share conversions) (See Note 12): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
| 242,015,448 |
|
| 775,084,950 |
|
Reinvestment of distributions |
|
| — |
|
| 6,175,022 |
|
Cost of shares reacquired |
|
| (384,526,330 | ) |
| (790,564,647 | ) |
Net decrease in net assets resulting from capital |
|
| (142,510,882 | ) |
| (9,304,675 | ) |
Net increase in net assets |
|
| 201,040,295 |
|
| 95,739,007 |
|
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
| $ | 2,011,522,432 |
| $ | 1,915,783,425 |
|
End of period |
| $ | 2,212,562,727 |
| $ | 2,011,522,432 |
|
Distributions in excess of net investment income |
| $ | (2,269,520 | ) | $ | (3,923,259 | ) |
|
|
|
52 | See Notes to Financial Statements. |
|
|
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $24.71 |
|
|
| $22.72 |
|
| $21.93 |
|
| $17.24 |
|
| $15.58 |
|
| $29.08 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| .13 |
|
|
| (.01 | ) |
| (.02 | ) |
| (.03 | ) |
| .01 |
|
| (.02 | ) |
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 3.64 |
|
|
| 2.07 |
|
| .81 |
|
| 4.74 |
|
| 2.81 |
|
| (11.23 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 3.77 |
|
|
| 2.06 |
|
| .79 |
|
| 4.71 |
|
| 2.82 |
|
| (11.25 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.04 | ) |
|
| — |
|
| — |
|
| (.02 | ) |
| (.03 | ) |
| (.76 | ) |
Net realized gain |
|
|
| (1.05 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (1.09 | ) |
|
| (.07 | ) |
| — |
|
| (.02 | ) |
| (1.16 | ) |
| (2.25 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $27.39 |
|
|
| $24.71 |
|
| $22.72 |
|
| $21.93 |
|
| $17.24 |
|
| $15.58 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 15.82 | %(c) |
|
| 9.12 | % |
| 3.60 | % |
| 27.36 | % |
| 20.57 | % |
| (41.64 | )% |
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .12 | %(c) |
|
| .25 | % |
| .28 | % |
| .35 | % |
| .35 | % |
| .35 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .12 | %(c) |
|
| .25 | % |
| .28 | % |
| .35 | % |
| .35 | % |
| .35 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .27 | %(c) |
|
| .57 | % |
| .60 | % |
| .70 | % |
| .87 | % |
| .76 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .51 | %(c) |
|
| (.05 | )% |
| (.10 | )% |
| (.16 | )% |
| .09 | % |
| (.09 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 452,940 |
|
| $ | 421,927 |
| $ | 432,698 |
| $ | 404,804 |
| $ | 296,989 |
| $ | 257,398 |
|
Portfolio turnover rate |
|
|
| 3.59 | %(c) |
|
| 3.84 | % |
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
|
|
* | 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. | 53 |
|
Financial Highlights (continued) |
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class B Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $23.05 |
|
|
| $21.36 |
|
| $20.76 |
|
| $16.41 |
|
| $14.94 |
|
| $27.98 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| .04 |
|
|
| (.17 | ) |
| (.18 | ) |
| (.15 | ) |
| (.08 | ) |
| (.15 | ) |
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| �� |
|
|
|
|
|
unrealized gain (loss) |
|
|
| 3.37 |
|
|
| 1.93 |
|
| .78 |
|
| 4.50 |
|
| 2.68 |
|
| (10.81 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 3.41 |
|
|
| 1.76 |
|
| .60 |
|
| 4.35 |
|
| 2.60 |
|
| (10.96 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (.59 | ) |
Net realized gain |
|
|
| (1.05 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (1.05 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (1.13 | ) |
| (2.08 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $25.41 |
|
|
| $23.05 |
|
| $21.36 |
|
| $20.76 |
|
| $16.41 |
|
| $14.94 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 15.37 | %(c) |
|
| 8.29 | % |
| 2.89 | % |
| 26.51 | % |
| 19.86 | % |
| (42.04 | )% |
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .49 | %(c) |
|
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .49 | %(c) |
|
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .64 | %(c) |
|
| 1.32 | % |
| 1.32 | % |
| 1.35 | % |
| 1.52 | % |
| 1.42 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .16 | %(c) |
|
| (.78 | )% |
| (.79 | )% |
| (.79 | )% |
| (.55 | )% |
| (.70 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
|
| $21,632 |
|
| $ | 21,776 |
| $ | 26,877 |
| $ | 33,394 |
| $ | 31,294 |
| $ | 31,193 |
|
Portfolio turnover rate |
|
|
| 3.59 | %(c) |
|
| 3.84 | % |
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
|
|
* | 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. |
|
|
|
54 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $22.89 |
|
|
| $21.21 |
|
| $20.61 |
|
| $16.29 |
|
| $14.85 |
|
| $27.87 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| .04 |
|
|
| (.18 | ) |
| (.18 | ) |
| (.15 | ) |
| (.08 | ) |
| (.16 | ) |
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 3.35 |
|
|
| 1.93 |
|
| .78 |
|
| 4.47 |
|
| 2.65 |
|
| (10.73 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 3.39 |
|
|
| 1.75 |
|
| .60 |
|
| 4.32 |
|
| 2.57 |
|
| (10.89 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (.64 | ) |
Net realized gain |
|
|
| (1.05 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (1.05 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (1.13 | ) |
| (2.13 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $25.23 |
|
|
| $22.89 |
|
| $21.21 |
|
| $20.61 |
|
| $16.29 |
|
| $14.85 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 15.39 | %(c) |
|
| 8.30 | % |
| 2.91 | % |
| 26.52 | % |
| 19.78 | % |
| (42.02 | )% |
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .49 | %(c) |
|
| .99 | % |
| .99 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .49 | %(c) |
|
| .99 | % |
| .99 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .64 | %(c) |
|
| 1.31 | % |
| 1.31 | % |
| 1.35 | % |
| 1.52 | % |
| 1.41 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .15 | %(c) |
|
| (.79 | )% |
| (.80 | )% |
| (.81 | )% |
| (.59 | )% |
| (.74 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 245,020 |
|
| $ | 223,165 |
| $ | 223,295 |
| $ | 208,051 |
| $ | 150,633 |
| $ | 122,504 |
|
Portfolio turnover rate |
|
|
| 3.59 | %(c) |
|
| 3.84 | % |
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
|
|
* | 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. | 55 |
|
Financial Highlights (continued) |
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $24.77 |
|
|
| $22.74 |
|
| $21.91 |
|
| $17.22 |
|
| $15.58 |
|
| $29.09 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| .15 |
|
|
| .03 |
|
| .02 |
|
| — | (b) |
| .01 |
|
| (.02 | ) |
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 3.64 |
|
|
| 2.07 |
|
| .81 |
|
| 4.76 |
|
| 2.85 |
|
| (11.17 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 3.79 |
|
|
| 2.10 |
|
| .83 |
|
| 4.76 |
|
| 2.86 |
|
| (11.19 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.08 | ) |
|
| — |
|
| — |
|
| (.07 | ) |
| (.09 | ) |
| (.83 | ) |
Net realized gain |
|
|
| (1.05 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (1.13 | ) |
|
| (.07 | ) |
| — |
|
| (.07 | ) |
| (1.22 | ) |
| (2.32 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $27.43 |
|
|
| $24.77 |
|
| $22.74 |
|
| $21.91 |
|
| $17.22 |
|
| $15.58 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(c) |
|
|
| 15.88 | %(d) |
|
| 9.28 | % |
| 3.79 | % |
| 27.67 | % |
| 20.95 | % |
| (41.50 | )% |
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .05 | %(d) |
|
| .10 | % |
| .10 | % |
| .10 | % |
| .10 | % |
| .10 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .05 | %(d) |
|
| .10 | % |
| .10 | % |
| .10 | % |
| .10 | % |
| .10 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .20 | %(d) |
|
| .42 | % |
| .42 | % |
| .44 | % |
| .60 | % |
| .55 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .59 | %(d) |
|
| .12 | % |
| .08 | % |
| (.01 | )% |
| .05 | % |
| (.11 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 153,149 |
|
| $ | 140,860 |
| $ | 142,150 |
| $ | 120,316 |
| $ | 29,762 |
| $ | 6,845 |
|
Portfolio turnover rate |
|
|
| 3.59 | %(d) |
|
| 3.84 | % |
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
|
|
* | Does not include expenses of the Underlying Funds in which the Fund invests. |
(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. |
|
|
|
56 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
ALPHA STRATEGY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $24.99 |
|
|
| $22.92 |
|
| $22.06 |
|
| $17.33 |
|
| $15.67 |
|
| $29.23 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .18 |
|
|
| .06 |
|
| .05 |
|
| .04 |
|
| .06 |
|
| .01 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 3.66 |
|
|
| 2.08 |
|
| .81 |
|
| 4.77 |
|
| 2.83 |
|
| (11.24 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 3.84 |
|
|
| 2.14 |
|
| .86 |
|
| 4.81 |
|
| 2.89 |
|
| (11.23 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.11 | ) |
|
| — |
|
| — |
|
| (.08 | ) |
| (.10 | ) |
| (.84 | ) |
Net realized gain |
|
|
| (1.05 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (1.16 | ) |
|
| (.07 | ) |
| — |
|
| (.08 | ) |
| (1.23 | ) |
| (2.33 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $27.67 |
|
|
| $24.99 |
|
| $22.92 |
|
| $22.06 |
|
| $17.33 |
|
| $15.67 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 15.94 | %(c) |
|
| 9.39 | % |
| 3.90 | % |
| 27.80 | % |
| 21.06 | % |
| (41.45 | )% |
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .00 | %(c) |
|
| .00 | % |
| .00 | % |
| .00 | % |
| .00 | % |
| .00 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .00 | %(c) |
|
| .00 | % |
| .00 | % |
| .00 | % |
| .00 | % |
| .00 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .15 | %(c) |
|
| .32 | % |
| .32 | % |
| .35 | % |
| .52 | % |
| .41 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .67 | %(c) |
|
| .24 | % |
| .20 | % |
| .18 | % |
| .39 | % |
| .06 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 36,998 |
|
| $ | 18,677 |
| $ | 26,906 |
| $ | 25,426 |
| $ | 11,785 |
| $ | 8,293 |
|
Portfolio turnover rate |
|
|
| 3.59 | %(c) |
|
| 3.84 | % |
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
|
|
* | 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. |
|
|
|
| See Notes to Financial Statements. | 57 |
Financial Highlights (continued)
ALPHA STRATEGY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $24.35 |
|
|
| $22.47 |
|
| $21.76 |
|
| $17.13 |
|
| $15.51 |
|
| $29.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| .10 |
|
|
| (.09 | ) |
| (.09 | ) |
| (.09 | ) |
| (.05 | ) |
| (.12 | ) |
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 3.57 |
|
|
| 2.04 |
|
| .80 |
|
| 4.72 |
|
| 2.83 |
|
| (11.16 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 3.67 |
|
|
| 1.95 |
|
| .71 |
|
| 4.63 |
|
| 2.78 |
|
| (11.28 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (.03 | ) |
| (.80 | ) |
Net realized gain |
|
|
| (1.05 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total distributions |
|
|
| (1.05 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (1.16 | ) |
| (2.29 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $26.97 |
|
|
| $24.35 |
|
| $22.47 |
|
| $21.76 |
|
| $17.13 |
|
| $15.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 15.62 | %(c) |
|
| 8.73 | % |
| 3.26 | % |
| 27.03 | % |
| 20.37 | % |
| (41.82 | )% |
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .30 | %(c) |
|
| .60 | % |
| .60 | % |
| .60 | % |
| .60 | % |
| .60 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .30 | %(c) |
|
| .60 | % |
| .60 | % |
| .60 | % |
| .60 | % |
| .59 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .45 | %(c) |
|
| .92 | % |
| .92 | % |
| .94 | % |
| 1.11 | % |
| 1.02 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .39 | %(c) |
|
| (.39 | )% |
| (.39 | )% |
| (.44 | )% |
| (.32 | )% |
| (.59 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
|
| $2,497 |
|
|
| $2,982 |
|
| $3,373 |
|
| $3,437 |
|
| $1,433 |
|
| $564 |
|
Portfolio turnover rate |
|
|
| 3.59 | %(c) |
|
| 3.84 | % |
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
|
|
* | 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. |
|
|
|
58 | See Notes to Financial Statements. |
|
Financial Highlights (concluded)
ALPHA STRATEGY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
|
| 2012 |
|
| 2011 |
|
| 2010 |
|
| 2009 |
|
| 2008 |
| ||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $24.41 |
|
|
| $22.50 |
|
| $21.76 |
|
| $17.12 |
|
| $15.53 |
|
| $29.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| .10 |
|
|
| (.07 | ) |
| (.07 | ) |
| (.08 | ) |
| (.02 | ) |
| (.10 | ) |
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 3.59 |
|
|
| 2.05 |
|
| .81 |
|
| 4.73 |
|
| 2.79 |
|
| (11.15 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 3.69 |
|
|
| 1.98 |
|
| .74 |
|
| 4.65 |
|
| 2.77 |
|
| (11.25 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| (.01 | ) |
| (.05 | ) |
| (.81 | ) |
Net realized gain |
|
|
| (1.05 | ) |
|
| (.07 | ) |
| — |
|
| — |
|
| (1.13 | ) |
| (1.49 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total distributions |
|
|
| (1.05 | ) |
|
| (.07 | ) |
| — |
|
| (.01 | ) |
| (1.18 | ) |
| (2.30 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $27.05 |
|
|
| $24.41 |
|
| $22.50 |
|
| $21.76 |
|
| $17.12 |
|
| $15.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 15.67 | %(c) |
|
| 8.85 | % |
| 3.40 | % |
| 27.18 | % |
| 20.39 | % |
| (41.72 | )% |
Ratios to Average Net Assets:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .25 | %(c) |
|
| .50 | % |
| .50 | % |
| .50 | % |
| .50 | % |
| .50 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .25 | %(c) |
|
| .50 | % |
| .50 | % |
| .50 | % |
| .50 | % |
| .49 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses assumed and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
| .40 | %(c) |
|
| .82 | % |
| .82 | % |
| .84 | % |
| 1.01 | % |
| .95 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .39 | %(c) |
|
| (.30 | )% |
| (.31 | )% |
| (.39 | )% |
| (.15 | )% |
| (.51 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
|
| $28,830 |
|
|
| $29,663 |
|
| $26,924 |
|
| $22,941 |
|
| $6,979 |
|
| $3,949 |
|
Portfolio turnover rate |
|
|
| 3.59 | %(c) |
|
| 3.84 | % |
| 6.78 | % |
| 1.16 | % |
| 7.18 | % |
| 7.64 | % |
|
|
* | 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. |
|
|
|
| See Notes to Financial Statements. | 59 |
Financial Highlights
FUNDAMENTAL EQUITY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $13.08 |
|
|
| $12.51 |
|
| $11.89 |
|
| $9.99 |
|
| $8.85 |
|
| $13.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .05 |
|
|
| .09 |
|
| .02 |
|
| .04 |
|
| .03 |
|
| .07 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.27 |
|
|
| .77 |
|
| .64 |
|
| 1.86 |
|
| 1.17 |
|
| (3.89 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.32 |
|
|
| .86 |
|
| .66 |
|
| 1.90 |
|
| 1.20 |
|
| (3.82 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.09 | ) |
|
| (.02 | ) |
| (.04 | ) |
| — | (b) |
| (.06 | ) |
| (.08 | ) |
Net realized gain |
|
|
| (.15 | ) |
|
| (.27 | ) |
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total distributions |
|
|
| (.24 | ) |
|
| (.29 | ) |
| (.04 | ) |
| — | (b) |
| (.06 | ) |
| (1.02 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $15.16 |
|
|
| $13.08 |
|
| $12.51 |
|
| $11.89 |
|
| $9.99 |
|
| $8.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| |||||||||||||||||||||
Total Return(c) |
|
|
| 18.10 | %(d) |
|
| 7.17 | % |
| 5.53 | % |
| 19.06 | % |
| 13.84 | % |
| (29.89 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .53 | %(d) |
|
| 1.09 | % |
| 1.09 | % |
| 1.12 | % |
| 1.19 | % |
| 1.12 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .53 | %(d) |
|
| 1.09 | % |
| 1.09 | % |
| 1.12 | % |
| 1.19 | % |
| 1.12 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .34 | %(d) |
|
| .68 | % |
| .16 | % |
| .38 | % |
| .28 | % |
| .58 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 2,706,596 |
|
| $ | 2,439,466 |
|
| $2,379,453 |
|
| $1,850,569 |
|
| $1,656,209 |
| $ | 1,512,312 |
|
Portfolio turnover rate |
|
|
| 37.46 | %(d) |
|
| 83.80 | %(e) |
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
|
|
(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) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012. |
|
|
|
60 | See Notes to Financial Statements. |
|
Financial Highlights (continued)
FUNDAMENTAL EQUITY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class B Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $12.36 |
|
|
| $11.89 |
|
| $11.35 |
|
| $9.58 |
|
| $8.48 |
|
| $13.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| — | (b) |
|
| .01 |
|
| (.06 | ) |
| (.03 | ) |
| (.03 | ) |
| (.01 | ) |
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.17 |
|
|
| .73 |
|
| .60 |
|
| 1.80 |
|
| 1.13 |
|
| (3.73 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.17 |
|
|
| .74 |
|
| .54 |
|
| 1.77 |
|
| 1.10 |
|
| (3.74 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| (.15 | ) |
|
| (.27 | ) |
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total distributions |
|
|
| (.15 | ) |
|
| (.27 | ) |
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $14.38 |
|
|
| $12.36 |
|
| $11.89 |
|
| $11.35 |
|
| $9.58 |
|
| $8.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| |||||||||||||||||||||
Total Return(c) |
|
|
| 17.79 | %(d) |
|
| 6.47 | % |
| 4.76 | % |
| 18.48 | % |
| 12.97 | % |
| (30.35 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .85 | %(d) |
|
| 1.74 | % |
| 1.73 | % |
| 1.77 | % |
| 1.84 | % |
| 1.77 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .85 | %(d) |
|
| 1.74 | % |
| 1.73 | % |
| 1.77 | % |
| 1.84 | % |
| 1.77 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .03 | %(d) |
|
| .04 | % |
| (.49 | )% |
| (.29 | )% |
| (.35 | )% |
| (.07 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 66,741 |
|
| $ | 76,533 |
| $ | 114,980 |
| $ | 149,531 |
| $ | 161,233 |
| $ | 169,131 |
|
Portfolio turnover rate |
|
|
| 37.46 | %(d) |
|
| 83.80 | %(e) |
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
|
|
(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) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012. |
|
|
|
| See Notes to Financial Statements. | 61 |
Financial Highlights (continued)
FUNDAMENTAL EQUITY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $12.31 |
|
|
| $11.85 |
|
| $11.30 |
|
| $9.55 |
|
| $8.45 |
|
| $13.11 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| — | (b) |
|
| — | (b) |
| (.06 | ) |
| (.03 | ) |
| (.03 | ) |
| (.01 | ) |
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.16 |
|
|
| .73 |
|
| .61 |
|
| 1.78 |
|
| 1.13 |
|
| (3.71 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.16 |
|
|
| .73 |
|
| .55 |
|
| 1.75 |
|
| 1.10 |
|
| (3.72 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.01 | ) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — | (b) |
Net realized gain |
|
|
| (.15 | ) |
|
| (.27 | ) |
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.16 | ) |
|
| (.27 | ) |
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $14.31 |
|
|
| $12.31 |
|
| $11.85 |
|
| $11.30 |
|
| $9.55 |
|
| $ 8.45 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(c) |
|
|
| 17.79 | %(d) |
|
| 6.41 | % |
| 4.87 | % |
| 18.32 | % |
| 13.02 | % |
| (30.31 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .85 | %(d) |
|
| 1.74 | % |
| 1.73 | % |
| 1.77 | % |
| 1.84 | % |
| 1.77 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .85 | %(d) |
|
| 1.74 | % |
| 1.73 | % |
| 1.77 | % |
| 1.84 | % |
| 1.77 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .02 | %(d) |
|
| .03 | % |
| (.49 | )% |
| (.26 | )% |
| (.37 | )% |
| (.07 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 879,950 |
|
| $ | 802,053 |
| $ | 817,590 |
| $ | 603,639 |
| $ | 485,484 |
| $ | 419,157 |
|
Portfolio turnover rate |
|
|
| 37.46 | %(d) |
|
| 83.80 | %(e) |
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
|
|
(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) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012. |
|
|
|
62 | See Notes to Financial Statements. |
|
Financial Highlights (continued)
FUNDAMENTAL EQUITY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $13.03 |
|
|
| $12.47 |
|
| $11.86 |
|
| $9.96 |
|
| $8.85 |
|
| $13.70 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .06 |
|
|
| .12 |
|
| .05 |
|
| .09 |
|
| .03 |
|
| .08 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.27 |
|
|
| .76 |
|
| .63 |
|
| 1.84 |
|
| 1.18 |
|
| (3.87 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.33 |
|
|
| .88 |
|
| .68 |
|
| 1.93 |
|
| 1.21 |
|
| (3.79 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.12 | ) |
|
| (.05 | ) |
| (.07 | ) |
| (.03 | ) |
| (.10 | ) |
| (.12 | ) |
Net realized gain |
|
|
| (.15 | ) |
|
| (.27 | ) |
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.27 | ) |
|
| (.32 | ) |
| (.07 | ) |
| (.03 | ) |
| (.10 | ) |
| (1.06 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $15.09 |
|
|
| $13.03 |
|
| $12.47 |
|
| $11.86 |
|
| $9.96 |
|
| $ 8.85 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 18.32 | %(c) |
|
| 7.40 | % |
| 5.75 | % |
| 19.42 | % |
| 14.03 | % |
| (29.70 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .41 | %(c) |
|
| .84 | % |
| .84 | % |
| .86 | % |
| .93 | % |
| .87 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .41 | %(c) |
|
| .84 | % |
| .84 | % |
| .86 | % |
| .93 | % |
| .88 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .46 | %(c) |
|
| .93 | % |
| .41 | % |
| .77 | % |
| .29 | % |
| .77 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 644,266 |
|
| $ | 598,688 |
| $ | 642,636 |
| $ | 282,018 |
| $ | 73,742 |
| $ | 8,995 |
|
Portfolio turnover rate |
|
|
| 37.46 | %(c) |
|
| 83.80 | %(d) |
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012. |
|
|
|
| See Notes to Financial Statements. | 63 |
Financial Highlights (continued)
FUNDAMENTAL EQUITY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $13.15 |
|
|
| $12.59 |
|
| $11.96 |
|
| $10.04 |
|
| $8.92 |
|
| $13.79 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .07 |
|
|
| .13 |
|
| .07 |
|
| .08 |
|
| .05 |
|
| .11 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.30 |
|
|
| .76 |
|
| .64 |
|
| 1.88 |
|
| 1.17 |
|
| (3.92 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.37 |
|
|
| .89 |
|
| .71 |
|
| 1.96 |
|
| 1.22 |
|
| (3.81 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.14 | ) |
|
| (.06 | ) |
| (.08 | ) |
| (.04 | ) |
| (.10 | ) |
| (.12 | ) |
Net realized gain |
|
|
| (.15 | ) |
|
| (.27 | ) |
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.29 | ) |
|
| (.33 | ) |
| (.08 | ) |
| (.04 | ) |
| (.10 | ) |
| (1.06 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $15.23 |
|
|
| $13.15 |
|
| $12.59 |
|
| $11.96 |
|
| $10.04 |
|
| $ 8.92 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 18.44 | %(c) |
|
| 7.43 | % |
| 5.94 | % |
| 19.54 | % |
| 14.11 | % |
| (29.62 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .36 | %(c) |
|
| .74 | % |
| .74 | % |
| .77 | % |
| .84 | % |
| .77 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .36 | %(c) |
|
| .74 | % |
| .74 | % |
| .77 | % |
| .84 | % |
| .77 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .51 | %(c) |
|
| 1.00 | % |
| .52 | % |
| .75 | % |
| .58 | % |
| .92 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 460,282 |
|
| $ | 394,842 |
| $ | 245,329 |
| $ | 162,114 |
| $ | 98,570 |
| $ | 54,483 |
|
Portfolio turnover rate |
|
|
| 37.46 | %(c) |
|
| 83.80 | %(d) |
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012. |
|
|
|
64 | See Notes to Financial Statements. |
|
Financial Highlights (continued)
FUNDAMENTAL EQUITY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class P Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $12.92 |
|
|
| $12.36 |
|
| $11.75 |
|
| $9.87 |
|
| $8.75 |
|
| $13.55 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .04 |
|
|
| .07 |
|
| .01 |
|
| .03 |
|
| .01 |
|
| .06 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.26 |
|
|
| .77 |
|
| .62 |
|
| 1.85 |
|
| 1.16 |
|
| (3.85 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.30 |
|
|
| .84 |
|
| .63 |
|
| 1.88 |
|
| 1.17 |
|
| (3.79 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.07 | ) |
|
| (.01 | ) |
| (.02 | ) |
| — |
|
| (.05 | ) |
| (.07 | ) |
Net realized gain |
|
|
| (.15 | ) |
|
| (.27 | ) |
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.22 | ) |
|
| (.28 | ) |
| (.02 | ) |
| — |
|
| (.05 | ) |
| (1.01 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $15.00 |
|
|
| $12.92 |
|
| $12.36 |
|
| $11.75 |
|
| $9.87 |
|
| $ 8.75 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 18.16 | %(c) |
|
| 7.03 | % |
| 5.40 | % |
| 19.05 | % |
| 13.59 | % |
| (29.98 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .58 | %(c) |
|
| 1.19 | % |
| 1.19 | % |
| 1.22 | % |
| 1.29 | % |
| 1.22 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
| .58 | %(c) |
|
| 1.19 | % |
| 1.19 | % |
| 1.22 | % |
| 1.29 | % |
| 1.22 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .29 | %(c) |
|
| .58 | % |
| .05 | % |
| .28 | % |
| .17 | % |
| .49 | % |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 27,325 |
|
| $ | 27,937 |
| $ | 31,223 |
| $ | 30,598 |
| $ | 29,361 |
| $ | 24,711 |
|
Portfolio turnover rate |
|
|
| 37.46 | %(c) |
|
| 83.80 | %(d) |
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012. |
|
|
|
| See Notes to Financial Statements. | 65 |
|
Financial Highlights (continued) |
FUNDAMENTAL EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $12.87 |
|
|
| $12.33 |
|
| $11.75 |
|
| $ 9.89 |
|
| $8.82 |
|
| $13.69 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| .03 |
|
|
| .05 |
|
| (.01 | ) |
| .04 |
|
| (.01 | ) |
| .05 |
|
Net realized and |
|
|
| 2.25 |
|
|
| .77 |
|
| .63 |
|
| 1.82 |
|
| 1.17 |
|
| (3.88 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
|
| 2.28 |
|
|
| .82 |
|
| .62 |
|
| 1.86 |
|
| 1.16 |
|
| (3.83 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.06 | ) |
|
| (.01 | ) |
| (.04 | ) |
| — | (b) |
| (.09 | ) |
| (.10 | ) |
Net realized gain |
|
|
| (.15 | ) |
|
| (.27 | ) |
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions |
|
|
| (.21 | ) |
|
| (.28 | ) |
| (.04 | ) |
| — | (b) |
| (.09 | ) |
| (1.04 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
|
| $14.94 |
|
|
| $12.87 |
|
| $12.33 |
|
| $11.75 |
|
| $9.89 |
|
| $ 8.82 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| |||||||||||||||||||||
Total Return(c) |
|
|
| 18.00 | %(d) |
|
| 6.87 | % |
| 5.27 | % |
| 18.81 | % |
| 13.44 | % |
| (29.98 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
| .66 | %(d) |
|
| 1.34 | % |
| 1.34 | % |
| 1.36 | % |
| 1.42 | % |
| 1.30 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| .66 | %(d) |
|
| 1.34 | % |
| 1.34 | % |
| 1.36 | % |
| 1.42 | % |
| 1.31 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .22 | %(d) |
|
| .43 | % |
| (.11 | )% |
| .36 | % |
| (.14 | )% |
| .47 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $23,212 |
|
|
| $22,335 |
|
| $19,997 |
|
| $4,444 |
|
| $1,187 |
|
| $319 |
|
Portfolio turnover rate |
|
|
| 37.46 | %(d) |
|
| 83.80 | %(e) |
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
|
|
(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) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012. |
|
|
66 | See Notes to Financial Statements. |
|
Financial Highlights (concluded) |
FUNDAMENTAL EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $12.94 |
|
|
| $12.40 |
|
| $11.80 |
|
| $ 9.92 |
|
| $8.82 |
|
| $13.69 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .04 |
|
|
| .06 |
|
| — | (b) |
| .03 |
|
| — | (b) |
| .04 |
|
Net realized and |
|
|
| 2.25 |
|
|
| .77 |
|
| .63 |
|
| 1.85 |
|
| 1.17 |
|
| (3.86 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
|
| 2.29 |
|
|
| .83 |
|
| .63 |
|
| 1.88 |
|
| 1.17 |
|
| (3.82 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.07 | ) |
|
| (.02 | ) |
| (.03 | ) |
| — | (b) |
| (.07 | ) |
| (.11 | ) |
Net realized gain |
|
|
| (.15 | ) |
|
| (.27 | ) |
| — |
|
| — |
|
| — |
|
| (.94 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions |
|
|
| (.22 | ) |
|
| (.29 | ) |
| (.03 | ) |
| — | (b) |
| (.07 | ) |
| (1.05 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
|
| $15.01 |
|
|
| $12.94 |
|
| $12.40 |
|
| $11.80 |
|
| $9.92 |
|
| $ 8.82 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| |||||||||||||||||||||
Total Return(c) |
|
|
| 18.06 | %(d) |
|
| 6.95 | % |
| 5.36 | % |
| 18.96 | % |
| 13.55 | % |
| (29.96 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
| .61 | %(d) |
|
| 1.24 | % |
| 1.24 | % |
| 1.26 | % |
| 1.33 | % |
| 1.26 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| .61 | %(d) |
|
| 1.24 | % |
| 1.24 | % |
| 1.26 | % |
| 1.33 | % |
| 1.26 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .26 | %(d) |
|
| .51 | % |
| .01 | % |
| .30 | % |
| .05 | % |
| .37 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $302,747 |
|
|
| $270,290 |
|
| $180,795 |
|
| $67,814 |
|
| $28,510 |
|
| $14,303 |
|
Portfolio turnover rate |
|
|
| 37.46 | %(d) |
|
| 83.80 | %(e) |
| 55.07 | % |
| 80.98 | % |
| 88.13 | % |
| 85.13 | % |
|
|
(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) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012. |
| See Notes to Financial Statements. | 67 |
|
Financial Highlights |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| |||||||||||||
|
| |||||||||||||||
|
| Six Months |
| Year Ended |
| 6/24/2011(a) |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, beginning of period |
|
|
| $15.15 |
|
|
|
| $14.50 |
|
|
|
| $15.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(b) |
|
|
| .01 |
|
|
|
| (.01 | ) |
|
|
| (.01 | ) |
|
Net realized and unrealized gain (loss) |
|
|
| 2.32 |
|
|
|
| .66 |
|
|
|
| (.49 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total from investment operations |
|
|
| 2.33 |
|
|
|
| .65 |
|
|
|
| (.50 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.04 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net asset value, end of period |
|
|
| $17.44 |
|
|
|
| $15.15 |
|
|
|
| $14.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| ||||||||||||||||
Total Return(c) |
|
|
| 15.45 | %(d) |
|
|
| 4.48 | % |
|
|
| (3.33 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Expenses, excluding expense reductions and including |
|
|
| .42 | %(d) |
|
|
| .85 | % |
|
|
| .84 | %(e) |
|
| ||||||||||||||||
Expenses, including expense reductions, management |
|
|
| .42 | %(d) |
|
|
| .85 | % |
|
|
| .84 | %(e) |
|
| ||||||||||||||||
Expenses, excluding expense reductions, management |
|
|
| .81 | %(d) |
|
|
| 1.55 | % |
|
|
| 3.04 | %(e) |
|
| ||||||||||||||||
Net investment income (loss) |
|
|
| .06 | %(d) |
|
|
| (.06 | )% |
|
|
| (.23 | )%(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
| $95,347 |
|
|
|
| $15,372 |
|
|
|
| $7,882 |
|
|
Portfolio turnover rate |
|
|
| 193.49 | %(d)(f) |
|
|
| 683.50 | % |
|
|
| 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. |
(f) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013. |
|
|
68 | See Notes to Financial Statements. |
|
Financial Highlights (continued) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
| Class B Shares |
| |||
|
| 2/11/2013(a) |
| |||
Per Share Operating Performance |
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
| $16.56 |
|
|
|
|
|
|
|
| |
Investment operations: |
|
|
|
|
|
|
Net investment loss(b) |
|
|
| (.03 | ) |
|
Net realized and unrealized gain |
|
|
| .88 |
|
|
|
|
|
|
|
| |
Total from investment operations |
|
|
| .85 |
|
|
|
|
|
|
|
| |
Net asset value, end of period |
|
|
| $17.41 |
|
|
|
|
|
|
|
| |
| ||||||
Total Return(c) |
|
|
| 5.13 | %(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
| ||||||
Expenses, excluding expense reductions and including management fee waived |
|
|
| .32 | %(d) |
|
| ||||||
Expenses, including expense reductions, management fee waived and |
|
|
| .32 | %(d) |
|
| ||||||
Expenses, excluding expense reductions, management fee waived and |
|
|
| .38 | %(d) |
|
| ||||||
Net investment loss |
|
|
| (.17 | )%(d) |
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
| $7,583 |
|
|
Portfolio turnover rate |
|
|
| 193.49 | %(d)(e) |
|
|
|
(a) | Commencement of operations was 2/11/2013, SEC effective date was 11/28/2012. |
(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) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013. |
|
|
|
| See Notes to Financial Statements. | 69 |
|
Financial Highlights (continued) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| |||||||||||||
|
| |||||||||||||||
|
| Six Months |
| Year Ended |
| 6/24/2011(a) |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
| ||||||
Net asset value, beginning of period |
|
|
| $15.02 |
|
|
|
| $14.47 |
|
|
|
| $15.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(b) |
|
|
| (.05 | ) |
|
|
| (.11 | ) |
|
|
| (.05 | ) |
|
Net realized and unrealized gain (loss) |
|
|
| 2.31 |
|
|
|
| .66 |
|
|
|
| (.48 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total from investment operations |
|
|
| 2.26 |
|
|
|
| .55 |
|
|
|
| (.53 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.03 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net asset value, end of period |
|
|
| $17.25 |
|
|
|
| $15.02 |
|
|
|
| $14.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| ||||||||||||||||
Total Return(c) |
|
|
| 15.02 | %(d) |
|
|
| 3.80 | % |
|
|
| (3.53 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Expenses, excluding expense reductions and including |
|
|
| .73 | %(d) |
|
|
| 1.49 | % |
|
|
| 1.47 | %(e) |
|
| ||||||||||||||||
Expenses, including expense reductions, management |
|
|
| .73 | %(d) |
|
|
| 1.49 | % |
|
|
| 1.47 | %(e) |
|
| ||||||||||||||||
Expenses, excluding expense reductions, management |
|
|
| .99 | %(d) |
|
|
| 2.15 | % |
|
|
| 2.78 | %(e) |
|
| ||||||||||||||||
Net investment loss |
|
|
| (.30 | )%(d) |
|
|
| (.70 | )% |
|
|
| (.91 | )%(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
| $28,593 |
|
|
|
| $1,898 |
|
|
|
| $175 |
|
|
Portfolio turnover rate |
|
|
| 193.49 | %(d)(f) |
|
|
| 683.50 | % |
|
|
| 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. |
(f) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013. |
|
|
70 | See Notes to Financial Statements. |
|
Financial Highlights (continued) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares | ||||||||||
|
| |||||||||||
|
| Six Months |
| Year Ended |
| 6/24/2011(a) | ||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $15.18 |
|
|
| $14.51 |
|
|
| $15.00 |
|
|
|
|
|
|
|
|
|
|
| |||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
| .05 |
|
|
| .03 |
|
|
| — | (c) |
Net realized and unrealized gain (loss) |
|
| 2.31 |
|
|
| .65 |
|
|
| (.49 | ) |
|
|
|
|
|
|
|
|
|
| |||
Total from investment operations |
|
| 2.36 |
|
|
| .68 |
|
|
| (.49 | ) |
|
|
|
|
|
|
|
|
|
| |||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (.08 | ) |
|
| (.01 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
| |||
Net asset value, end of period |
|
| $17.46 |
|
|
| $15.18 |
|
|
| $14.51 |
|
|
|
|
|
|
|
|
|
|
| |||
| ||||||||||||
Total Return(d) |
|
| 15.62 | %(e) |
|
| 4.69 | % |
|
| (3.27 | )%(e) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Expenses, excluding expense reductions and including |
|
| .30 | %(e) |
|
| .60 | % |
|
| .59 | %(f) |
| ||||||||||||
Expenses, including expense reductions, management |
|
| .30 | %(e) |
|
| .60 | % |
|
| .59 | %(f) |
| ||||||||||||
Expenses, excluding expense reductions, management |
|
| .79 | %(e) |
|
| 1.33 | % |
|
| 1.95 | %(f) |
| ||||||||||||
Net investment income |
|
| .29 | %(e) |
|
| .21 | % |
|
| .08 | %(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $8,703 |
|
|
| $3,797 |
|
|
| $5,993 |
|
Portfolio turnover rate |
|
| 193.49 | %(e)(g) |
|
| 683.50 | % |
|
| 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. |
(g) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013. |
|
|
|
| See Notes to Financial Statements. | 71 |
|
Financial Highlights (continued) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares | ||||||||||
|
| |||||||||||
|
| Six Months |
| Year Ended |
| 6/24/2011(a) | ||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $15.20 |
|
|
| $14.51 |
|
|
| $15.00 |
|
|
|
|
|
|
|
|
|
|
| |||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
| .04 |
|
|
| .04 |
|
|
| .01 |
|
Net realized and unrealized gain (loss) |
|
| 2.32 |
|
|
| .67 |
|
|
| (.50 | ) |
|
|
|
|
|
|
|
|
|
| |||
Total from investment operations |
|
| 2.36 |
|
|
| .71 |
|
|
| (.49 | ) |
|
|
|
|
|
|
|
|
|
| |||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (.09 | ) |
|
| (.02 | ) |
|
| — |
|
|
|
|
|
|
|
|
|
|
| |||
Net asset value, end of period |
|
| $17.47 |
|
|
| $15.20 |
|
|
| $14.51 |
|
|
|
|
|
|
|
|
|
|
| |||
| ||||||||||||
Total Return(c) |
|
| 15.65 | %(d) |
|
| 4.87 | % |
|
| (3.27 | )%(d) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Expenses, excluding expense reductions and including |
|
| .25 | %(d) |
|
| .50 | % |
|
| .49 | %(e) |
| ||||||||||||
Expenses, including expense reductions, management |
|
| .25 | %(d) |
|
| .50 | % |
|
| .49 | %(e) |
| ||||||||||||
Expenses, excluding expense reductions, management |
|
| .56 | %(d) |
|
| 1.22 | % |
|
| 2.20 | %(e) |
| ||||||||||||
Net investment income |
|
| .25 | %(d) |
|
| .29 | % |
|
| .17 | %(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $29,567 |
|
|
| $2,697 |
|
|
| $1,952 |
|
Portfolio turnover rate |
|
| 193.49 | %(d)(f) |
|
| 683.50 | % |
|
| 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. |
(f) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013. |
|
|
72 | See Notes to Financial Statements. |
|
Financial Highlights (continued) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares | ||||||||||
|
| |||||||||||
|
| Six Months |
| Year Ended |
| 6/24/2011(a) | ||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $15.19 |
|
|
| $14.49 |
|
|
| $15.00 |
|
|
|
|
|
|
|
|
|
|
| |||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(b) |
|
| .06 |
|
|
| .05 |
|
|
| (.03 | ) |
Net realized and unrealized gain (loss) |
|
| 2.31 |
|
|
| .65 |
|
|
| (.48 | ) |
|
|
|
|
|
|
|
|
|
| |||
Total from investment operations |
|
| 2.37 |
|
|
| .70 |
|
|
| (.51 | ) |
|
|
|
|
|
|
|
|
|
| |||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (.03 | ) |
|
| — |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
| |||
Net asset value, end of period |
|
| $17.53 |
|
|
| $15.19 |
|
|
| $14.49 |
|
|
|
|
|
|
|
|
|
|
| |||
| ||||||||||||
Total Return(c) |
|
| 15.64 | %(d) |
|
| 4.83 | % |
|
| (3.40 | )%(d) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Expenses, excluding expense reductions and including |
|
| .24 | %(d) |
|
| .48 | % |
|
| 1.06 | %(e) |
| ||||||||||||
Expenses, including expense reductions, management |
|
| .24 | %(d) |
|
| .48 | % |
|
| 1.06 | %(e) |
| ||||||||||||
Expenses, excluding expense reductions, management |
|
| .75 | %(d) |
|
| 1.22 | % |
|
| 5.05 | %(e) |
| ||||||||||||
Net investment income (loss) |
|
| .35 | %(d) |
|
| .31 | % |
|
| (.49 | )%(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $23 |
|
|
| $10 |
|
|
| $10 |
|
Portfolio turnover rate |
|
| 193.49 | %(d)(f) |
|
| 683.50 | % |
|
| 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. |
(f) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013. |
|
|
|
| See Notes to Financial Statements. | 73 |
|
Financial Highlights (concluded) |
GROWTH LEADERS FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares | ||||||||||
|
| |||||||||||
|
| Six Months |
| Year Ended |
| 6/24/2011(a) | ||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $15.16 |
|
|
| $14.49 |
|
|
| $15.00 |
|
|
|
|
|
|
|
|
|
|
| |||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(b) |
|
| (.02 | ) |
|
| .01 |
|
|
| (.02 | ) |
Net realized and unrealized gain (loss) |
|
| 2.35 |
|
|
| .66 |
|
|
| (.49 | ) |
|
|
|
|
|
|
|
|
|
| |||
Total from investment operations |
|
| 2.33 |
|
|
| .67 |
|
|
| (.51 | ) |
|
|
|
|
|
|
|
|
|
| |||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (.03 | ) |
|
| — |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
| |||
Net asset value, end of period |
|
| $17.46 |
|
|
| $15.16 |
|
|
| $14.49 |
|
|
|
|
|
|
|
|
|
|
| |||
| ||||||||||||
Total Return(c) |
|
| 15.41 | %(d) |
|
| 4.62 | % |
|
| (3.40 | )%(d) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Expenses, excluding expense reductions and including |
|
| .49 | %(d) |
|
| .72 | % |
|
| .97 | %(e) |
| ||||||||||||
Expenses, including expense reductions, management |
|
| .49 | %(d) |
|
| .72 | % |
|
| .97 | %(e) |
| ||||||||||||
Expenses, excluding expense reductions, management |
|
| .62 | %(d) |
|
| 1.42 | % |
|
| 4.96 | %(e) |
| ||||||||||||
Net investment income (loss) |
|
| (.13 | )%(d) |
|
| .08 | % |
|
| (.40 | )%(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $6,312 |
|
|
| $11 |
|
|
| $10 |
|
Portfolio turnover rate |
|
| 193.49 | %(d)(f) |
|
| 683.50 | % |
|
| 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. |
(f) | Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013. |
|
|
74 | See Notes to Financial Statements. |
|
Financial Highlights |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $11.43 |
|
|
| $11.25 |
|
| $12.12 |
|
| $11.20 |
|
| $ 8.68 |
|
| $18.34 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .07 |
|
|
| .28 |
|
| .20 |
|
| .12 |
|
| .08 |
|
| .23 |
|
Net realized and |
|
|
| 1.58 |
|
|
| .12 |
|
| (.94 | ) |
| .88 |
|
| 2.66 |
|
| (8.23 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.65 |
|
|
| .40 |
|
| (.74 | ) |
| 1.00 |
|
| 2.74 |
|
| (8.00 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.26 | ) |
|
| (.22 | ) |
| (.13 | ) |
| (.08 | ) |
| (.22 | ) |
| (.13 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.26 | ) |
|
| (.22 | ) |
| (.13 | ) |
| (.08 | ) |
| (.22 | ) |
| (1.66 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $12.82 |
|
|
| $11.43 |
|
| $11.25 |
|
| $12.12 |
|
| $11.20 |
|
| $ 8.68 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 14.61 | %(c) |
|
| 3.81 | % |
| (6.16 | )% |
| 8.95 | % |
| 32.32 | % |
| (47.48 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
| .55 | %(c) |
|
| 1.12 | % |
| 1.12 | % |
| 1.18 | % |
| 1.55 | % |
| 1.43 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
| .55 | %(c) |
|
| 1.12 | % |
| 1.12 | % |
| 1.18 | % |
| 1.55 | % |
| 1.42 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| .71 | %(c) |
|
| 1.47 | % |
| 1.42 | % |
| 1.44 | % |
| 1.55 | % |
| 1.43 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .61 | %(c) |
|
| 2.53 | % |
| 1.64 | % |
| 1.05 | % |
| .92 | % |
| 1.68 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $ | 412,910 |
|
| $ | 383,244 |
| $ | 439,938 |
| $ | 542,452 |
| $ | 574,731 |
| $ | 527,567 |
|
Portfolio turnover rate |
|
|
| 42.72 | %(c) |
|
| 81.50 | % |
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
|
|
(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. | 75 |
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class B Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $11.26 |
|
|
| $11.06 |
|
| $11.91 |
|
| $11.02 |
|
| $8.50 |
|
| $18.00 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .03 |
|
|
| .21 |
|
| .12 |
|
| .04 |
|
| .02 |
|
| .14 |
|
Net realized and |
|
|
| 1.57 |
|
|
| .12 |
|
| (.92 | ) |
| .87 |
|
| 2.62 |
|
| (8.07 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 1.60 |
|
|
| .33 |
|
| (.80 | ) |
| .91 |
|
| 2.64 |
|
| (7.93 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.19 | ) |
|
| (.13 | ) |
| (.05 | ) |
| (.02 | ) |
| (.12 | ) |
| (.04 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.19 | ) |
|
| (.13 | ) |
| (.05 | ) |
| (.02 | ) |
| (.12 | ) |
| (1.57 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $12.67 |
|
|
| $11.26 |
|
| $11.06 |
|
| $11.91 |
|
| $11.02 |
|
| $8.50 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 14.25 | %(c) |
|
| 3.13 | % |
| (6.75 | )% |
| 8.23 | % |
| 31.46 | % |
| (47.80 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
| .88 | %(c) |
|
| 1.77 | % |
| 1.77 | % |
| 1.84 | % |
| 2.20 | % |
| 2.08 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
| .88 | %(c) |
|
| 1.77 | % |
| 1.77 | % |
| 1.84 | % |
| 2.20 | % |
| 2.08 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| 1.03 | %(c) |
|
| 2.12 | % |
| 2.06 | % |
| 2.09 | % |
| 2.20 | % |
| 2.08 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .25 | %(c) |
|
| 1.91 | % |
| .96 | % |
| .40 | % |
| .27 | % |
| 1.02 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $ | 18,603 |
|
| $ | 20,125 |
| $ | 27,896 |
| $ | 39,255 |
| $ | 43,492 |
| $ | 39,604 |
|
Portfolio turnover rate |
|
|
| 42.72 | %(c) |
|
| 81.50 | % |
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
|
|
(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. |
|
|
76 | See Notes to Financial Statements. |
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $11.27 |
|
|
| $11.08 |
|
| $11.93 |
|
| $11.04 |
|
| $ 8.50 |
|
| $18.00 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .03 |
|
|
| .21 |
|
| .12 |
|
| .04 |
|
| .03 |
|
| .14 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 1.57 |
|
|
| .12 |
|
| (.92 | ) |
| .87 |
|
| 2.62 |
|
| (8.07 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 1.60 |
|
|
| .33 |
|
| (.80 | ) |
| .91 |
|
| 2.65 |
|
| (7.93 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.20 | ) |
|
| (.14 | ) |
| (.05 | ) |
| (.02 | ) |
| (.11 | ) |
| (.04 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.20 | ) |
|
| (.14 | ) |
| (.05 | ) |
| (.02 | ) |
| (.11 | ) |
| (1.57 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $12.67 |
|
|
| $11.27 |
|
| $11.08 |
|
| $11.93 |
|
| $11.04 |
|
| $ 8.50 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 14.33 | %(c) |
|
| 3.11 | % |
| (6.73 | )% |
| 8.21 | % |
| 31.52 | % |
| (47.82 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .87 | %(c) |
|
| 1.75 | % |
| 1.74 | % |
| 1.84 | % |
| 2.20 | % |
| 2.08 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .87 | %(c) |
|
| 1.75 | % |
| 1.74 | % |
| 1.84 | % |
| 2.20 | % |
| 2.08 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| 1.02 | %(c) |
|
| 2.10 | % |
| 2.03 | % |
| 2.09 | % |
| 2.20 | % |
| 2.08 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .28 | %(c) |
|
| 1.91 | % |
| 1.01 | % |
| .38 | % |
| .28 | % |
| 1.01 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 55,206 |
|
| $ | 54,056 |
| $ | 68,316 |
| $ | 91,550 |
| $ | 105,557 |
| $ | 95,496 |
|
Portfolio turnover rate |
|
|
| 42.72 | %(c) |
|
| 81.50 | % |
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
|
|
(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. | 77 |
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $11.36 |
|
|
| $11.20 |
|
| $12.08 |
|
| $11.16 |
|
| $ 8.68 |
|
| $18.34 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .06 |
|
|
| .30 |
|
| .24 |
|
| .16 |
|
| .16 |
|
| .24 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 1.60 |
|
|
| .12 |
|
| (.95 | ) |
| .86 |
|
| 2.59 |
|
| (8.19 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 1.66 |
|
|
| .42 |
|
| (.71 | ) |
| 1.02 |
|
| 2.75 |
|
| (7.95 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.29 | ) |
|
| (.26 | ) |
| (.17 | ) |
| (.10 | ) |
| (.27 | ) |
| (.18 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.29 | ) |
|
| (.26 | ) |
| (.17 | ) |
| (.10 | ) |
| (.27 | ) |
| (1.71 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $12.73 |
|
|
| $11.36 |
|
| $11.20 |
|
| $12.08 |
|
| $11.16 |
|
| $ 8.68 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 14.80 | %(c) |
|
| 4.02 | % |
| (5.98 | )% |
| 9.25 | % |
| 32.76 | % |
| (47.37 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .43 | %(c) |
|
| .87 | % |
| .87 | % |
| .90 | % |
| 1.27 | % |
| 1.26 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .43 | %(c) |
|
| .87 | % |
| .87 | % |
| .90 | % |
| 1.27 | % |
| 1.25 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .59 | %(c) |
|
| 1.22 | % |
| 1.18 | % |
| 1.18 | % |
| 1.27 | % |
| 1.26 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .51 | %(c) |
|
| 2.71 | % |
| 1.98 | % |
| 1.45 | % |
| 1.73 | % |
| 2.02 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $131,516 |
|
| $151,246 |
| $80,747 |
| $31,153 |
| $9,009 |
| $1,869 |
| ||||||
Portfolio turnover rate |
|
|
| 42.72 | %(c) |
|
| 81.50 | % |
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
78 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
| ||||||||||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $11.51 |
|
|
| $11.34 |
|
| $12.21 |
|
| $11.28 |
|
| $8.77 |
|
| $18.49 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .10 |
|
|
| .27 |
|
| .25 |
|
| .15 |
|
| .13 |
|
| .29 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 1.58 |
|
|
| .17 |
|
| (.95 | ) |
| .89 |
|
| 2.65 |
|
| (8.30 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 1.68 |
|
|
| .44 |
|
| (.70 | ) |
| 1.04 |
|
| 2.78 |
|
| (8.01 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.30 | ) |
|
| (.27 | ) |
| (.17 | ) |
| (.11 | ) |
| (.27 | ) |
| (.18 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.30 | ) |
|
| (.27 | ) |
| (.17 | ) |
| (.11 | ) |
| (.27 | ) |
| (1.71 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $12.89 |
|
|
| $11.51 |
|
| $11.34 |
|
| $12.21 |
|
| $11.28 |
|
| $8.77 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 14.76 | %(c) |
|
| 4.15 | % |
| (5.78 | )% |
| 9.31 | % |
| 32.86 | % |
| (47.30 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .38 | %(c) |
|
| .77 | % |
| .77 | % |
| .82 | % |
| 1.19 | % |
| 1.07 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .38 | %(c) |
|
| .77 | % |
| .77 | % |
| .82 | % |
| 1.19 | % |
| 1.07 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .54 | %(c) |
|
| 1.12 | % |
| 1.07 | % |
| 1.08 | % |
| 1.19 | % |
| 1.07 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .81 | %(c) |
|
| 2.48 | % |
| 2.06 | % |
| 1.34 | % |
| 1.34 | % |
| 2.05 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 132,573 |
|
| $ | 107,076 |
| $ | 222,808 |
| $ | 267,253 |
| $ | 167,574 |
| $ | 113,975 |
|
Portfolio turnover rate |
|
|
| 42.72 | %(c) |
|
| 81.50 | % |
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
|
|
(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. | 79 |
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class P Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $11.39 |
|
|
| $11.17 |
|
| $12.04 |
|
| $11.13 |
|
| $8.63 |
|
| $18.30 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .07 |
|
|
| .27 |
|
| .10 |
|
| .10 |
|
| .07 |
|
| .23 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 1.58 |
|
|
| .12 |
|
| (.84 | ) |
| .88 |
|
| 2.64 |
|
| (8.19 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 1.65 |
|
|
| .39 |
|
| (.74 | ) |
| .98 |
|
| 2.71 |
|
| (7.96 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.24 | ) |
|
| (.17 | ) |
| (.13 | ) |
| (.07 | ) |
| (.21 | ) |
| (.18 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.24 | ) |
|
| (.17 | ) |
| (.13 | ) |
| (.07 | ) |
| (.21 | ) |
| (1.71 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $12.80 |
|
|
| $11.39 |
|
| $11.17 |
|
| $12.04 |
| $11.13 |
|
| $8.63 |
| |
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 14.60 | %(c) |
|
| 3.63 | % |
| (6.23 | )% |
| 8.84 | % |
| 32.29 | % |
| (47.56 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .61 | %(c) |
|
| 1.22 | % |
| 1.22 | % |
| 1.29 | % |
| 1.64 | % |
| 1.52 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .61 | %(c) |
|
| 1.22 | % |
| 1.22 | % |
| 1.29 | % |
| 1.64 | % |
| 1.52 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .76 | %(c) |
|
| 1.58 | % |
| 1.51 | % |
| 1.54 | % |
| 1.64 | % |
| 1.52 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .55 | %(c) |
|
| 2.45 | % |
| .83 | % |
| .92 | % |
| .78 | % |
| 1.68 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
|
| $257 |
|
|
| $282 |
|
| $470 |
|
| $1,765 |
|
| $1,825 |
|
| $1,135 |
|
Portfolio turnover rate |
|
|
| 42.72 | %(c) |
|
| 81.50 | % |
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
80 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $11.41 |
|
|
| $11.24 |
|
| $12.14 |
|
| $11.20 |
|
| $8.69 |
|
| $18.33 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .06 |
|
|
| .23 |
|
| .18 |
|
| .08 |
|
| .12 |
|
| .27 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 1.57 |
|
|
| .14 |
|
| (.95 | ) |
| .91 |
|
| 2.65 |
|
| (8.21 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 1.63 |
|
|
| .37 |
|
| (.77 | ) |
| .99 |
|
| 2.77 |
|
| (7.94 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.25 | ) |
|
| (.20 | ) |
| (.13 | ) |
| (.05 | ) |
| (.26 | ) |
| (.17 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.25 | ) |
|
| (.20 | ) |
| (.13 | ) |
| (.05 | ) |
| (.26 | ) |
| (1.70 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $12.79 |
|
|
| $11.41 |
|
| $11.24 |
|
| $12.14 |
|
| $11.20 |
|
| $8.69 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 14.44 | %(c) |
|
| 3.51 | % |
| (6.38 | )% |
| 8.86 | % |
| 32.77 | % |
| (47.24 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .68 | %(c) |
|
| 1.37 | % |
| 1.37 | % |
| 1.35 | % |
| 1.16 | % |
| 1.17 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .68 | %(c) |
|
| 1.37 | % |
| 1.37 | % |
| 1.35 | % |
| 1.16 | % |
| 1.16 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .83 | %(c) |
|
| 1.72 | % |
| 1.67 | % |
| 1.64 | % |
| 1.16 | % |
| 1.17 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .52 | %(c) |
|
| 2.13 | % |
| 1.46 | % |
| .73 | % |
| 1.33 | % |
| 1.92 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
|
| $833 |
|
|
| $568 |
|
| $651 |
|
| $570 |
|
| $7 |
|
| $5 |
|
Portfolio turnover rate |
|
|
| 42.72 | %(c) |
|
| 81.50 | % |
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
|
|
(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. | 81 |
|
Financial Highlights (concluded) |
INTERNATIONAL CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $11.28 |
|
|
| $11.11 |
|
| $12.00 |
|
| $11.10 |
|
| $8.65 |
|
| $18.33 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .06 |
|
|
| .26 |
|
| .19 |
|
| .11 |
|
| .06 |
|
| .22 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 1.56 |
|
|
| .12 |
|
| (.94 | ) |
| .87 |
|
| 2.64 |
|
| (8.20 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 1.62 |
|
|
| .38 |
|
| (.75 | ) |
| .98 |
|
| 2.70 |
|
| (7.98 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.26 | ) |
|
| (.21 | ) |
| (.14 | ) |
| (.08 | ) |
| (.25 | ) |
| (.17 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1.53 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.26 | ) |
|
| (.21 | ) |
| (.14 | ) |
| (.08 | ) |
| (.25 | ) |
| (1.70 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $12.64 |
|
|
| $11.28 |
|
| $11.11 |
|
| $12.00 |
|
| $11.10 |
|
| $8.65 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 14.56 | %(c) |
|
| 3.68 | % |
| (6.35 | )% |
| 8.89 | % |
| 32.23 | % |
| (47.55 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .63 | %(c) |
|
| 1.26 | % |
| 1.26 | % |
| 1.28 | % |
| 1.68 | % |
| 1.62 | % |
| |||||||||||||||||||||
Expenses, including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .63 | %(c) |
|
| 1.26 | % |
| 1.26 | % |
| 1.28 | % |
| 1.68 | % |
| 1.62 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense reductions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .78 | %(c) |
|
| 1.61 | % |
| 1.57 | % |
| 1.57 | % |
| 1.68 | % |
| 1.62 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .54 | %(c) |
|
| 2.36 | % |
| 1.54 | % |
| 1.02 | % |
| .65 | % |
| 1.79 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
|
| $18,832 |
|
|
| $17,275 |
|
| $12,725 |
|
| $10,418 |
|
| $1,439 |
|
| $523 |
|
Portfolio turnover rate |
|
|
| 42.72 | %(c) |
|
| 81.50 | % |
| 83.78 | % |
| 98.73 | % |
| 132.22 | % |
| 125.37 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
82 | See Notes to Financial Statements. |
|
|
Financial Highlights |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
| 6/28/2008(a) |
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $7.80 |
|
|
| $7.88 |
|
| $8.64 |
|
| $8.22 |
|
| $6.29 |
|
|
| $10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .09 |
|
|
| .35 |
|
| .42 |
|
| .34 |
|
| .28 |
|
|
| .16 |
|
|
Net realized and |
|
|
| 1.03 |
|
|
| (.08 | ) |
| (.78 | ) |
| .42 |
|
| 1.90 |
|
|
| (3.74 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
|
| 1.12 |
|
|
| .27 |
|
| (.36 | ) |
| .76 |
|
| 2.18 |
|
|
| (3.58 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.06 | ) |
|
| (.35 | ) |
| (.40 | ) |
| (.34 | ) |
| (.25 | ) |
|
| (.13 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
|
| $8.86 |
|
|
| $7.80 |
|
| $7.88 |
|
| $8.64 |
|
| $8.22 |
|
|
| $ 6.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| |||||||||||||||||||||||
Total Return(c) |
|
|
| 14.42 | %(d) |
|
| 3.60 | % |
| (4.42 | )% |
| 9.58 | % |
| 35.88 | % |
|
| (36.10 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .55 | %(d) |
|
| 1.12 | % |
| 1.12 | % |
| 1.14 | % |
| 1.35 | % |
|
| .48 | %(d) |
|
| |||||||||||||||||||||||
Expenses, including expense |
|
|
| .55 | %(d) |
|
| 1.12 | % |
| 1.12 | % |
| 1.14 | % |
| 1.35 | % |
|
| .48 | %(d) |
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .63 | %(d) |
|
| 1.36 | % |
| 1.43 | % |
| 1.46 | % |
| 1.63 | % |
|
| .68 | %(d) |
|
| |||||||||||||||||||||||
Net investment income |
|
|
| 1.07 | %(d) |
|
| 4.59 | % |
| 4.96 | % |
| 4.23 | % |
| 4.08 | % |
|
| 1.98 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $824,996 |
|
| $618,824 |
| $278,975 |
| $162,611 |
| $52,935 |
|
| $9,075 |
|
| ||||||
Portfolio turnover rate |
|
|
| 34.20 | %(d) |
|
| 84.81 | % |
| 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. | 83 |
|
Financial Highlights (continued) |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
| 6/28/2008(a) |
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
| $7.75 |
|
|
| $7.84 |
|
| $8.60 |
|
| $8.19 |
|
| $6.28 |
|
|
| $10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .06 |
|
|
| .29 |
|
| .36 |
|
| .29 |
|
| .21 |
|
|
| .09 |
|
|
Net realized and |
|
|
| 1.03 |
|
|
| (.07 | ) |
| (.77 | ) |
| .41 |
|
| 1.92 |
|
|
| (3.68 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
|
| 1.09 |
|
|
| .22 |
|
| (.41 | ) |
| .70 |
|
| 2.13 |
|
|
| (3.59 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.04 | ) |
|
| (.31 | ) |
| (.35 | ) |
| (.29 | ) |
| (.22 | ) |
|
| (.13 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
|
| $8.80 |
|
|
| $7.75 |
|
| $7.84 |
|
| $8.60 |
|
| $8.19 |
|
|
| $6.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| |||||||||||||||||||||||
Total Return(c) |
|
|
| 14.06 | %(d) |
|
| 2.95 | % |
| (5.03 | )% |
| 8.99 | % |
| 34.87 | % |
|
| (36.22 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .87 | %(d) |
|
| 1.76 | % |
| 1.76 | % |
| 1.79 | % |
| 1.98 | % |
|
| .68 | %(d) |
|
| |||||||||||||||||||||||
Expenses, including expense |
|
|
| .87 | %(d) |
|
| 1.76 | % |
| 1.76 | % |
| 1.79 | % |
| 1.98 | % |
|
| .68 | %(d) |
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .95 | %(d) |
|
| 2.01 | % |
| 2.07 | % |
| 2.10 | % |
| 2.26 | % |
|
| 1.44 | %(d) |
|
| |||||||||||||||||||||||
Net investment income |
|
|
| .77 | %(d) |
|
| 3.88 | % |
| 4.29 | % |
| 3.61 | % |
| 2.93 | % |
|
| 1.23 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $113,745 |
|
| $74,664 |
| $22,329 |
| $13,561 |
| $4,376 |
|
| $177 |
|
| ||||||
Portfolio turnover rate |
|
|
| 34.20 | %(d) |
|
| 84.81 | % |
| 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. |
|
|
84 | See Notes to Financial Statements. |
|
Financial Highlights (continued) |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
| 6/28/2008(a) |
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, |
|
|
| $7.81 |
|
|
| $7.89 |
|
| $8.65 |
|
| $8.23 |
|
| $6.29 |
|
|
| $10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .10 |
|
|
| .37 |
|
| .45 |
|
| .39 |
|
| .18 |
|
|
| .15 |
|
|
Net realized and |
|
|
| 1.04 |
|
|
| (.08 | ) |
| (.79 | ) |
| .39 |
|
| 2.02 |
|
|
| (3.72 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
|
| 1.14 |
|
|
| .29 |
|
| (.34 | ) |
| .78 |
|
| 2.20 |
|
|
| (3.57 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.07 | ) |
|
| (.37 | ) |
| (.42 | ) |
| (.36 | ) |
| (.26 | ) |
|
| (.14 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
|
| $8.88 |
|
|
| $7.81 |
|
| $7.89 |
|
| $8.65 |
|
| $8.23 |
|
|
| $6.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| |||||||||||||||||||||||
Total Return(c) |
|
|
| 14.54 | %(d) |
|
| 3.83 | % |
| (4.18 | )% |
| 9.95 | % |
| 36.13 | % |
|
| (36.08 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .43 | %(d) |
|
| .87 | % |
| .87 | % |
| .88 | % |
| 1.07 | % |
|
| .35 | %(d) |
|
| |||||||||||||||||||||||
Expenses, including expense |
|
|
| .43 | %(d) |
|
| .87 | % |
| .87 | % |
| .88 | % |
| 1.07 | % |
|
| .35 | %(d) |
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .51 | %(d) |
|
| 1.11 | % |
| 1.18 | % |
| 1.21 | % |
| 1.39 | % |
|
| 1.53 | %(d) |
|
| |||||||||||||||||||||||
Net investment income |
|
|
| 1.21 | %(d) |
|
| 4.79 | % |
| 5.27 | % |
| 4.78 | % |
| 2.32 | % |
|
| 1.91 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $193,281 |
|
| $128,360 |
| $26,892 |
| $12,745 |
| $1,772 |
|
| $28 |
|
| ||||||
Portfolio turnover rate |
|
|
| 34.20 | %(d) |
|
| 84.81 | % |
| 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. | 85 |
|
Financial Highlights (continued) |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
| 6/28/2008(a) |
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, |
|
|
| $7.83 |
|
|
| $7.91 |
|
| $8.66 |
|
| $8.24 |
|
| $6.29 |
|
|
| $10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .10 |
|
|
| .38 |
|
| .43 |
|
| .37 |
|
| .29 |
|
|
| .19 |
|
|
Net realized and |
|
|
| 1.03 |
|
|
| (.09 | ) |
| (.75 | ) |
| .41 |
|
| 1.93 |
|
|
| (3.76 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
|
| 1.13 |
|
|
| .29 |
|
| (.32 | ) |
| .78 |
|
| 2.22 |
|
|
| (3.57 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.07 | ) |
|
| (.37 | ) |
| (.43 | ) |
| (.36 | ) |
| (.27 | ) |
|
| (.14 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
|
| $8.89 |
|
|
| $7.83 |
|
| $7.91 |
|
| $8.66 |
|
| $8.24 |
|
|
| $6.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| |||||||||||||||||||||||
Total Return(c) |
|
|
| 14.55 | %(d) |
|
| 3.91 | % |
| (3.97 | )% |
| 10.03 | % |
| 36.38 | % |
|
| (36.07 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .38 | %(d) |
|
| .77 | % |
| .77 | % |
| .81 | % |
| .99 | % |
|
| .36 | %(d) |
|
| |||||||||||||||||||||||
Expenses, including expense |
|
|
| .38 | %(d) |
|
| .77 | % |
| .77 | % |
| .81 | % |
| .99 | % |
|
| .36 | %(d) |
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .46 | %(d) |
|
| 1.01 | % |
| 1.09 | % |
| 1.10 | % |
| 1.28 | % |
|
| .54 | %(d) |
|
| |||||||||||||||||||||||
Net investment income |
|
|
| 1.22 | %(d) |
|
| 5.00 | % |
| 5.06 | % |
| 4.53 | % |
| 4.13 | % |
|
| 2.19 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $1,106,464 |
|
| $893,066 |
| $559,879 |
| $265,348 |
| $225,668 |
|
| $83,413 |
|
| ||||||
Portfolio turnover rate |
|
|
| 34.20 | %(d) |
|
| 84.81 | % |
| 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. |
|
|
86 | See Notes to Financial Statements. |
|
Financial Highlights (continued) |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
| 6/28/2008(a) |
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $7.94 |
|
|
| $8.03 |
|
| $8.76 |
|
| $8.29 |
|
| $6.30 |
|
|
| $10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .08 |
|
|
| .33 |
|
| .45 |
|
| .37 |
|
| .31 |
|
|
| .18 |
|
|
Net realized and |
|
|
| 1.05 |
|
|
| (.08 | ) |
| (.79 | ) |
| .42 |
|
| 1.91 |
|
|
| (3.76 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
|
| 1.13 |
|
|
| .25 |
|
| (.34 | ) |
| .79 |
|
| 2.22 |
|
|
| (3.58 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.05 | ) |
|
| (.34 | ) |
| (.39 | ) |
| (.32 | ) |
| (.23 | ) |
|
| (.12 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
|
| $9.02 |
|
|
| $7.94 |
|
| $8.03 |
|
| $8.76 |
|
| $8.29 |
|
|
| $6.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| |||||||||||||||||||||||
Total Return(c) |
|
|
| 14.16 | %(d) |
|
| 3.32 | % |
| (4.15 | )% |
| 9.96 | % |
| 36.26 | % |
|
| (36.08 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .68 | %(d) |
|
| 1.34 | % |
| .91 | % |
| .84 | % |
| .96 | % |
|
| .50 | %(d) |
|
| |||||||||||||||||||||||
Expenses, including expense |
|
|
| .68 | %(d) |
|
| 1.34 | % |
| .91 | % |
| .84 | % |
| .96 | % |
|
| .50 | %(d) |
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .76 | %(d) |
|
| 1.60 | % |
| 1.22 | % |
| 1.13 | % |
| 1.27 | % |
|
| 2.87 | %(d) |
|
| |||||||||||||||||||||||
Net investment income |
|
|
| .95 | %(d) |
|
| 4.24 | % |
| 5.15 | % |
| 4.45 | % |
| 4.63 | % |
|
| 2.07 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $660 |
|
| $464 |
| $16 |
| $10 |
| $9 |
|
| $6 |
|
| ||||||
Portfolio turnover rate |
|
|
| 34.20 | %(d) |
|
| 84.81 | % |
| 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. | 87 |
|
Financial Highlights (concluded) |
INTERNATIONAL DIVIDEND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares |
| ||||||||||||||||||||
|
| ||||||||||||||||||||||
|
| Six Months |
|
|
| 6/28/2008(a) |
| ||||||||||||||||
|
|
| Year Ended 10/31 |
|
| ||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
|
| ||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $7.86 |
|
|
| $7.94 |
|
| $8.71 |
|
| $8.28 |
|
| $6.30 |
|
|
| $10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b) |
|
|
| .08 |
|
|
| .37 |
|
| .41 |
|
| .36 |
|
| .31 |
|
|
| .18 |
|
|
Net realized and |
|
|
| 1.05 |
|
|
| (.12 | ) |
| (.79 | ) |
| .40 |
|
| 1.91 |
|
|
| (3.75 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment |
|
|
| 1.13 |
|
|
| .25 |
|
| (.38 | ) |
| .76 |
|
| 2.22 |
|
|
| (3.57 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.05 | ) |
|
| (.33 | ) |
| (.39 | ) |
| (.33 | ) |
| (.24 | ) |
|
| (.13 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, |
|
|
| $8.94 |
|
|
| $7.86 |
|
| $7.94 |
|
| $8.71 |
|
| $8.28 |
|
|
| $6.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| |||||||||||||||||||||||
Total Return(c) |
|
|
| 14.35 | %(d) |
|
| 3.39 | % |
| (4.61 | )% |
| 9.62 | % |
| 36.22 | % |
|
| (36.06 | )%(d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .63 | %(d) |
|
| 1.27 | % |
| 1.26 | % |
| 1.24 | % |
| .96 | % |
|
| .46 | %(d) |
|
| |||||||||||||||||||||||
Expenses, including expense |
|
|
| .63 | %(d) |
|
| 1.27 | % |
| 1.26 | % |
| 1.24 | % |
| .96 | % |
|
| .46 | %(d) |
|
| |||||||||||||||||||||||
Expenses, excluding expense |
|
|
| .71 | %(d) |
|
| 1.50 | % |
| 1.59 | % |
| 1.58 | % |
| 1.27 | % |
|
| 2.84 | %(d) |
|
| |||||||||||||||||||||||
Net investment income |
|
|
| .97 | %(d) |
|
| 4.80 | % |
| 4.80 | % |
| 4.40 | % |
| 4.62 | % |
|
| 2.10 | %(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $38,104 |
|
| $33,065 |
| $331 |
| $111 |
| $9 |
|
| $6 |
|
| ||||||
Portfolio turnover rate |
|
|
| 34.20 | %(d) |
|
| 84.81 | % |
| 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. |
|
|
88 | See Notes to Financial Statements. |
|
Financial Highlights |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 | ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $13.17 |
|
|
| $12.00 |
|
| $12.87 |
|
| $10.70 |
|
| $ 7.29 |
|
| $19.81 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .03 |
|
|
| .15 |
|
| .10 |
|
| .06 |
|
| .04 |
|
| .09 |
|
Net realized and |
|
|
| 2.29 |
|
|
| 1.10 |
|
| (.92 | ) |
| 2.20 |
|
| 3.42 |
|
| (10.36 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.32 |
|
|
| 1.25 |
|
| (.82 | ) |
| 2.26 |
|
| 3.46 |
|
| (10.27 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.26 | ) |
|
| (.08 | ) |
| (.05 | ) |
| (.09 | ) |
| (.05 | ) |
| (.08 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.26 | ) |
|
| (.08 | ) |
| (.05 | ) |
| (.09 | ) |
| (.05 | ) |
| (2.25 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $15.23 |
|
|
| $13.17 |
|
| $12.00 |
|
| $12.87 |
|
| $10.70 |
|
| $ 7.29 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 17.88 | %(c) |
|
| 10.59 | % |
| (6.39 | )% |
| 21.21 | % |
| 47.94 | % |
| (57.81 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
| .73 | %(c) |
|
| 1.52 | % |
| 1.49 | % |
| 1.54 | % |
| 1.77 | % |
| 1.60 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| .73 | %(c) |
|
| 1.52 | % |
| 1.49 | % |
| 1.54 | % |
| 1.77 | % |
| 1.61 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .21 | %(c) |
|
| 1.20 | % |
| .79 | % |
| .54 | % |
| .50 | % |
| .65 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $ | 86,574 |
|
| $ | 76,139 |
| $ | 83,729 |
| $ | 98,272 |
| $ | 92,188 |
| $ | 67,815 |
|
Portfolio turnover rate |
|
|
| 50.90 | %(c) |
|
| 91.18 | % |
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
(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. | 89 |
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class B Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 | ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $12.49 |
|
|
| $11.36 |
|
| $12.21 |
|
| $10.17 |
|
| $ 6.92 |
|
| $18.96 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| (.02 | ) |
|
| .06 |
|
| .02 |
|
| (.01 | ) |
| (.01 | ) |
| — | (b) |
Net realized and |
|
|
| 2.17 |
|
|
| 1.07 |
|
| (.87 | ) |
| 2.08 |
|
| 3.26 |
|
| (9.87 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.15 |
|
|
| 1.13 |
|
| (.85 | ) |
| 2.07 |
|
| 3.25 |
|
| (9.87 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.16 | ) |
|
| — |
|
| — |
|
| (.03 | ) |
| — |
|
| — |
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.16 | ) |
|
| — |
|
| — |
|
| (.03 | ) |
| — |
|
| (2.17 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $14.48 |
|
|
| $12.49 |
|
| $11.36 |
|
| $12.21 |
|
| $10.17 |
|
| $ 6.92 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(c) |
|
|
| 17.39 | %(d) |
|
| 9.95 | % |
| (6.96 | )% |
| 20.35 | % |
| 46.97 | % |
| (58.10 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
| 1.05 | %(d) |
|
| 2.16 | % |
| 2.13 | % |
| 2.19 | % |
| 2.42 | % |
| 2.25 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| 1.05 | %(d) |
|
| 2.16 | % |
| 2.13 | % |
| 2.19 | % |
| 2.42 | % |
| 2.26 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| (.15 | )%(d) |
|
| .52 | % |
| .12 | % |
| (.13 | )% |
| (.15 | )% |
| (.01 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $ | 6,488 |
|
| $ | 6,854 |
| $ | 9,439 |
| $ | 14,307 |
| $ | 17,103 |
| $ | 14,192 |
|
Portfolio turnover rate |
|
|
| 50.90 | %(d) |
|
| 91.18 | % |
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
(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. |
|
|
|
90 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 | ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $12.41 |
|
|
| $11.29 |
|
| $12.14 |
|
| $10.12 |
|
| $ 6.88 |
|
| $18.86 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
| (.01 | ) |
|
| .07 |
|
| .02 |
|
| (.01 | ) |
| (.01 | ) |
| — | (b) |
Net realized and |
|
|
| 2.15 |
|
|
| 1.06 |
|
| (.87 | ) |
| 2.06 |
|
| 3.25 |
|
| (9.81 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.14 |
|
|
| 1.13 |
|
| (.85 | ) |
| 2.05 |
|
| 3.24 |
|
| (9.81 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.18 | ) |
|
| (.01 | ) |
| — |
|
| (.03 | ) |
| — |
|
| — |
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.18 | ) |
|
| (.01 | ) |
| — |
|
| (.03 | ) |
| — |
|
| (2.17 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $14.37 |
|
|
| $12.41 |
|
| $11.29 |
|
| $12.14 |
|
| $10.12 |
|
| $ 6.88 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(c) |
|
|
| 17.42 | %(d) |
|
| 10.00 | % |
| (7.00 | )% |
| 20.34 | % |
| 47.09 | % |
| (58.09 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
| 1.04 | %(d) |
|
| 2.14 | % |
| 2.10 | % |
| 2.19 | % |
| 2.42 | % |
| 2.25 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| 1.04 | %(d) |
|
| 2.14 | % |
| 2.10 | % |
| 2.19 | % |
| 2.42 | % |
| 2.26 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| (.11 | )%(d) |
|
| .59 | % |
| .17 | % |
| (.13 | )% |
| (.14 | )% |
| .00 | %(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $ | 15,854 |
|
| $ | 13,953 |
| $ | 15,603 |
| $ | 19,969 |
| $ | 21,668 |
| $ | 15,297 |
|
Portfolio turnover rate |
|
|
| 50.90 | %(d) |
|
| 91.18 | % |
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Amount is less than $0.01. |
(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. | 91 |
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 | ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $13.09 |
|
|
| $11.94 |
|
| $12.81 |
|
| $10.65 |
|
| $ 7.28 |
|
| $19.81 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .10 |
|
|
| .18 |
|
| .13 |
|
| .10 |
|
| .09 |
|
| .09 |
|
Net realized and |
|
|
| 2.21 |
|
|
| 1.09 |
|
| (.91 | ) |
| 2.17 |
|
| 3.37 |
|
| (10.31 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.31 |
|
|
| 1.27 |
|
| (.78 | ) |
| 2.27 |
|
| 3.46 |
|
| (10.22 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.29 | ) |
|
| (.12 | ) |
| (.09 | ) |
| (.11 | ) |
| (.09 | ) |
| (.14 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.29 | ) |
|
| (.12 | ) |
| (.09 | ) |
| (.11 | ) |
| (.09 | ) |
| (2.31 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $15.11 |
|
|
| $13.09 |
|
| $11.94 |
|
| $12.81 |
|
| $10.65 |
|
| $ 7.28 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 17.98 | %(c) |
|
| 10.83 | % |
| (6.16 | )% |
| 21.47 | % |
| 48.36 | % |
| (57.70 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
| .60 | %(c) |
|
| 1.27 | % |
| 1.24 | % |
| 1.28 | % |
| 1.49 | % |
| 1.42 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| .60 | %(c) |
|
| 1.27 | % |
| 1.24 | % |
| 1.28 | % |
| 1.49 | % |
| 1.43 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .70 | %(c) |
|
| 1.47 | % |
| 1.00 | % |
| .88 | % |
| 1.00 | % |
| .84 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $9,315 |
|
|
| $944 |
|
| $934 |
|
| $934 |
|
| $384 |
|
| $121 |
|
Portfolio turnover rate |
|
|
| 50.90 | %(c) |
|
| 91.18 | % |
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
92 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 | ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $13.49 |
|
|
| $12.30 |
|
| $13.18 |
|
| $10.96 |
|
| $ 7.48 |
|
| $20.29 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .05 |
|
|
| .19 |
|
| .16 |
|
| .11 |
|
| .08 |
|
| .14 |
|
Net realized and |
|
|
| 2.34 |
|
|
| 1.13 |
|
| (.95 | ) |
| 2.23 |
|
| 3.50 |
|
| (10.64 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.39 |
|
|
| 1.32 |
|
| (.79 | ) |
| 2.34 |
|
| 3.58 |
|
| (10.50 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.30 | ) |
|
| (.13 | ) |
| (.09 | ) |
| (.12 | ) |
| (.10 | ) |
| (.14 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.30 | ) |
|
| (.13 | ) |
| (.09 | ) |
| (.12 | ) |
| (.10 | ) |
| (2.31 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $15.58 |
|
|
| $13.49 |
|
| $12.30 |
|
| $13.18 |
|
| $10.96 |
|
| $ 7.48 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 18.08 | %(c) |
|
| 10.96 | % |
| (6.01 | )% |
| 21.50 | % |
| 48.47 | % |
| (57.66 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
| .56 | %(c) |
|
| 1.17 | % |
| 1.14 | % |
| 1.18 | % |
| 1.42 | % |
| 1.27 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| .56 | %(c) |
|
| 1.17 | % |
| 1.14 | % |
| 1.18 | % |
| 1.42 | % |
| 1.27 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .37 | %(c) |
|
| 1.54 | % |
| 1.17 | % |
| .93 | % |
| .87 | % |
| 1.05 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
| $ | 213,975 |
|
| $ | 195,785 |
| $ | 213,865 |
| $ | 232,027 |
| $ | 160,456 |
| $ | 110,838 |
|
Portfolio turnover rate |
|
|
| 50.90 | %(c) |
|
| 91.18 | % |
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
|
|
(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. | 93 |
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class P Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 | ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $13.36 |
|
|
| $12.17 |
|
| $13.06 |
|
| $10.86 |
|
| $ 7.36 |
|
| $20.00 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .02 |
|
|
| .14 |
|
| .09 |
|
| .05 |
|
| .03 |
|
| .07 |
|
Net realized and |
|
|
| 2.32 |
|
|
| 1.12 |
|
| (.94 | ) |
| 2.22 |
|
| 3.48 |
|
| (10.46 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.34 |
|
|
| 1.26 |
|
| (.85 | ) |
| 2.27 |
|
| 3.51 |
|
| (10.39 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.25 | ) |
|
| (.07 | ) |
| (.04 | ) |
| (.07 | ) |
| (.01 | ) |
| (.08 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.25 | ) |
|
| (.07 | ) |
| (.04 | ) |
| (.07 | ) |
| (.01 | ) |
| (2.25 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $15.45 |
|
|
| $13.36 |
|
| $12.17 |
|
| $13.06 |
|
| $10.86 |
|
| $ 7.36 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 17.77 | %(c) |
|
| 10.49 | % |
| (6.51 | )% |
| 21.05 | % |
| 47.86 | % |
| (57.86 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
| .78 | %(c) |
|
| 1.62 | % |
| 1.59 | % |
| 1.64 | % |
| 1.87 | % |
| 1.70 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| .78 | %(c) |
|
| 1.62 | % |
| 1.59 | % |
| 1.64 | % |
| 1.87 | % |
| 1.71 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .17 | %(c) |
|
| 1.14 | % |
| .69 | % |
| .44 | % |
| .36 | % |
| .55 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $1,143 |
|
|
| $929 |
|
| $820 |
|
| $900 |
|
| $781 |
|
| $834 |
|
Portfolio turnover rate |
|
|
| 50.90 | %(c) |
|
| 91.18 | % |
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
94 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 | ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $13.07 |
|
|
| $11.90 |
|
| $12.77 |
|
| $10.64 |
|
| $ 7.24 |
|
| $19.80 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .01 |
|
|
| .11 |
|
| .07 |
|
| .03 |
|
| .03 |
|
| .06 |
|
Net realized and |
|
|
| 2.26 |
|
|
| 1.11 |
|
| (.92 | ) |
| 2.18 |
|
| 3.40 |
|
| (10.32 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.27 |
|
|
| 1.22 |
|
| (.85 | ) |
| 2.21 |
|
| 3.43 |
|
| (10.26 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.23 | ) |
|
| (.05 | ) |
| (.02 | ) |
| (.08 | ) |
| (.03 | ) |
| (.13 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.23 | ) |
|
| (.05 | ) |
| (.02 | ) |
| (.08 | ) |
| (.03 | ) |
| (2.30 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $15.11 |
|
|
| $13.07 |
|
| $11.90 |
|
| $12.77 |
|
| $10.64 |
|
| $ 7.24 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 17.67 | %(c) |
|
| 10.35 | % |
| (6.68 | )% |
| 20.90 | % |
| 47.69 | % |
| (57.93 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
| .86 | %(c) |
|
| 1.76 | % |
| 1.74 | % |
| 1.79 | % |
| 1.97 | % |
| 1.84 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| .86 | %(c) |
|
| 1.76 | % |
| 1.74 | % |
| 1.79 | % |
| 1.97 | % |
| 1.84 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .08 | %(c) |
|
| .90 | % |
| .56 | % |
| .31 | % |
| .34 | % |
| .51 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $108 |
|
|
| $91 |
|
| $95 |
|
| $96 |
|
| $91 |
|
| $31 |
|
Portfolio turnover rate |
|
|
| 50.90 | %(c) |
|
| 91.18 | % |
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
|
|
(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. | 95 |
|
Financial Highlights (concluded) |
INTERNATIONAL OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares | |||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 | ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
| $12.98 |
|
|
| $11.84 |
|
| $12.72 |
|
| $10.60 |
|
| $ 7.27 |
|
| $19.81 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .01 |
|
|
| .13 |
|
| .10 |
|
| .05 |
|
| .01 |
|
| .10 |
|
Net realized and |
|
|
| 2.26 |
|
|
| 1.09 |
|
| (.92 | ) |
| 2.17 |
|
| 3.41 |
|
| (10.34 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
| 2.27 |
|
|
| 1.22 |
|
| (.82 | ) |
| 2.22 |
|
| 3.42 |
|
| (10.24 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.25 | ) |
|
| (.08 | ) |
| (.06 | ) |
| (.10 | ) |
| (.09 | ) |
| (.13 | ) |
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (2.17 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| (.25 | ) |
|
| (.08 | ) |
| (.06 | ) |
| (.10 | ) |
| (.09 | ) |
| (2.30 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
| $15.00 |
|
|
| $12.98 |
|
| $11.84 |
|
| $12.72 |
|
| $10.60 |
|
| $ 7.27 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 17.74 | %(c) |
|
| 10.49 | % |
| (6.51 | )% |
| 21.04 | % |
| 47.75 | % |
| (57.77 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, including |
|
|
| .80 | %(c) |
|
| 1.65 | % |
| 1.60 | % |
| 1.67 | % |
| 1.81 | % |
| 1.52 | % |
| |||||||||||||||||||||
Expenses, excluding |
|
|
| .80 | %(c) |
|
| 1.65 | % |
| 1.60 | % |
| 1.67 | % |
| 1.81 | % |
| 1.52 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .10 | %(c) |
|
| 1.11 | % |
| .74 | % |
| .45 | % |
| .14 | % |
| .81 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
| $5,362 |
|
|
| $6,212 |
|
| $5,097 |
|
| $3,016 |
|
| $573 |
|
| $22 |
|
Portfolio turnover rate |
|
|
| 50.90 | %(c) |
|
| 91.18 | % |
| 103.98 | % |
| 83.13 | % |
| 115.58 | % |
| 130.51 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
96 | See Notes to Financial Statements. |
|
|
Financial Highlights |
VALUE OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $15.99 |
|
|
| $15.16 |
|
| $14.45 |
|
| $11.65 |
|
| $9.91 |
|
| $14.31 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| .01 |
|
|
| (.03 | ) |
| (.05 | ) |
| (.03 | ) |
| (.04 | ) |
| .04 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.89 |
|
|
| .92 |
|
| .83 |
|
| 2.83 |
|
| 1.80 |
|
| (3.92 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.90 |
|
|
| .89 |
|
| .78 |
|
| 2.80 |
|
| 1.76 |
|
| (3.88 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (.02 | ) |
| (.01 | ) |
Net realized gain |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| — |
| �� | (.51 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| (.02 | ) |
| (.52 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $18.89 |
|
|
| $15.99 |
|
| $15.16 |
|
| $14.45 |
|
| $11.65 |
|
| $9.91 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 18.14 | %(c) |
|
| 5.89 | % |
| 5.45 | % |
| 24.03 | % |
| 17.81 | % |
| (28.01 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .64 | %(c) |
|
| 1.31 | % |
| 1.31 | % |
| 1.34 | % |
| 1.35 | % |
| 1.34 | % |
| |||||||||||||||||||||
Expenses, including expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .64 | %(c) |
|
| 1.31 | % |
| 1.31 | % |
| 1.34 | % |
| 1.35 | % |
| 1.33 | % |
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .64 | %(c) |
|
| 1.31 | % |
| 1.31 | % |
| 1.34 | % |
| 1.46 | % |
| 1.44 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .07 | %(c) |
|
| (.19 | )% |
| (.29 | )% |
| (.19 | )% |
| (.34 | )% |
| .33 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
|
| $967,723 |
|
|
| $870,567 |
|
| $883,444 |
|
| $582,806 |
|
| $250,435 |
|
| $117,992 |
|
Portfolio turnover rate |
|
|
| 31.40 | %(c) |
|
| 58.84 | % |
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
|
|
(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. | 97 |
|
Financial Highlights (continued) |
VALUE OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class B Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
|
| 2012 |
|
| 2011 |
|
| 2010 |
|
| 2009 |
|
| 2008 |
| ||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $15.32 |
|
|
| $14.63 |
|
| $14.03 |
|
| $11.39 |
|
| $9.74 |
|
| $14.14 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| (.04 | ) |
|
| (.12 | ) |
| (.14 | ) |
| (.11 | ) |
| (.09 | ) |
| (.04 | ) |
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.77 |
|
|
| .87 |
|
| .81 |
|
| 2.75 |
|
| 1.74 |
|
| (3.85 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.73 |
|
|
| .75 |
|
| .67 |
|
| 2.64 |
|
| 1.65 |
|
| (3.89 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $18.05 |
|
|
| $15.32 |
|
| $14.63 |
|
| $14.03 |
|
| $11.39 |
|
| $9.74 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 17.82 | %(c) |
|
| 5.14 | % |
| 4.83 | % |
| 23.18 | % |
| 16.94 | % |
| (28.40 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.96 | % |
| 1.99 | % |
| 2.00 | % |
| 1.99 | % |
| |||||||||||||||||||||
Expenses, including expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.96 | % |
| 1.99 | % |
| 2.00 | % |
| 1.99 | % |
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.96 | % |
| 1.99 | % |
| 2.12 | % |
| 2.09 | % |
| |||||||||||||||||||||
Net investment loss |
|
|
| (.25 | )%(c) |
|
| (.83 | )% |
| (.91 | )% |
| (.85 | )% |
| (.95 | )% |
| (.32 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $ | 14,152 |
|
| $ | 13,315 |
| $ | 15,700 |
| $ | 19,110 |
| $ | 18,739 |
| $ | 14,239 |
|
Portfolio turnover rate |
|
|
| 31.40 | %(c) |
|
| 58.84 | % |
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
|
|
(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. |
|
|
|
98 | See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
VALUE OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $15.32 |
|
|
| $14.62 |
|
| $14.03 |
|
| $11.39 |
|
| $9.74 |
|
| $14.14 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| (.04 | ) |
|
| (.13 | ) |
| (.14 | ) |
| (.11 | ) |
| (.10 | ) |
| (.04 | ) |
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.77 |
|
|
| .89 |
|
| .80 |
|
| 2.75 |
|
| 1.75 |
|
| (3.85 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.73 |
|
|
| .76 |
|
| .66 |
|
| 2.64 |
|
| 1.65 |
|
| (3.89 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $18.05 |
|
|
| $15.32 |
|
| $14.62 |
|
| $14.03 |
|
| $11.39 |
|
| $9.74 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 17.82 | %(c) |
|
| 5.21 | % |
| 4.76 | % |
| 23.18 | % |
| 17.06 | % |
| (28.47 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.96 | % |
| 1.99 | % |
| 2.00 | % |
| 1.99 | % |
| |||||||||||||||||||||
Expenses, including expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.96 | % |
| 1.99 | % |
| 2.00 | % |
| 1.98 | % |
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .97 | %(c) |
|
| 1.96 | % |
| 1.96 | % |
| 1.99 | % |
| 2.11 | % |
| 2.09 | % |
| |||||||||||||||||||||
Net investment loss |
|
|
| (.25 | )%(c) |
|
| (.83 | )% |
| (.95 | )% |
| (.83 | )% |
| (.97 | )% |
| (.33 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
|
| $274,782 |
|
|
| $248,357 |
|
| $263,798 |
|
| $147,193 |
|
| $79,527 |
|
| $48,837 |
|
Portfolio turnover rate |
|
|
| 31.40 | %(c) |
|
| 58.84 | % |
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
|
|
(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. | 99 |
Financial Highlights (continued)
VALUE OPPORTUNITIES FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class F Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
beginning of period |
|
|
| $16.07 |
|
|
| $15.20 |
|
| $14.45 |
|
| $11.62 |
|
| $9.91 |
|
| $14.31 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| .04 |
|
|
| .01 |
|
| (.01 | ) |
| .01 |
|
| (.02 | ) |
| .06 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.91 |
|
|
| .92 |
|
| .83 |
|
| 2.82 |
|
| 1.78 |
|
| (3.91 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.95 |
|
|
| .93 |
|
| .82 |
|
| 2.83 |
|
| 1.76 |
|
| (3.85 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (.05 | ) |
| (.04 | ) |
Net realized gain |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| (.05 | ) |
| (.55 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $19.02 |
|
|
| $16.07 |
|
| $15.20 |
|
| $14.45 |
|
| $11.62 |
|
| $9.91 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 18.36 | %(c) |
|
| 6.13 | % |
| 5.73 | % |
| 24.25 | % |
| 18.12 | % |
| (27.81 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .52 | %(c) |
|
| 1.06 | % |
| 1.07 | % |
| 1.10 | % |
| 1.09 | % |
| 1.09 | % |
| |||||||||||||||||||||
Expenses, including expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .52 | %(c) |
|
| 1.06 | % |
| 1.07 | % |
| 1.10 | % |
| 1.09 | % |
| 1.09 | % |
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .52 | %(c) |
|
| 1.06 | % |
| 1.07 | % |
| 1.10 | % |
| 1.20 | % |
| 1.21 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .20 | %(c) |
|
| .06 | % |
| (.06 | )% |
| .07 | % |
| (.19 | )% |
| .50 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
|
| $366,170 |
|
|
| $369,321 |
|
| $385,086 |
|
| $168,415 |
|
| $51,757 |
|
| $4,157 |
|
Portfolio turnover rate |
|
|
| 31.40 | %(c) |
|
| 58.84 | % |
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
100 | See Notes to Financial Statements. |
|
Financial Highlights (continued)
VALUE OPPORTUNITIES FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $16.23 |
|
|
| $15.34 |
|
| $14.57 |
|
| $11.70 |
|
| $9.98 |
|
| $14.39 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
| .04 |
|
|
| .02 |
|
| .01 |
|
| .02 |
|
| — | (b) |
| .08 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.95 |
|
|
| .93 |
|
| .83 |
|
| 2.85 |
|
| 1.78 |
|
| (3.93 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.99 |
|
|
| .95 |
|
| .84 |
|
| 2.87 |
|
| 1.78 |
|
| (3.85 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (.06 | ) |
| (.05 | ) |
Net realized gain |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| (.06 | ) |
| (.56 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $19.22 |
|
|
| $16.23 |
|
| $15.34 |
|
| $14.57 |
|
| $11.70 |
|
| $9.98 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(c) |
|
|
| 18.42 | %(d) |
|
| 6.21 | % |
| 5.82 | % |
| 24.42 | % |
| 18.27 | % |
| (27.77 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .47 | %(d) |
|
| .97 | % |
| .97 | % |
| .99 | % |
| 1.00 | % |
| .99 | % |
| |||||||||||||||||||||
Expenses, including expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .47 | %(d) |
|
| .97 | % |
| .97 | % |
| .99 | % |
| 1.00 | % |
| .98 | % |
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .47 | %(d) |
|
| .97 | % |
| .97 | % |
| .99 | % |
| 1.12 | % |
| 1.08 | % |
| |||||||||||||||||||||
Net investment income |
|
|
| .24 | %(d) |
|
| .15 | % |
| .06 | % |
| .16 | % |
| .03 | % |
| .67 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $476,584 |
|
| $411,546 |
| $291,056 |
| $190,103 |
| $121,462 |
| $74,335 |
| ||||||
Portfolio turnover rate |
|
|
| 31.40 | %(d) |
|
| 58.84 | % |
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
|
|
(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. | 101 |
Financial Highlights (continued)
VALUE OPPORTUNITIES FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class P Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $15.90 |
|
|
| $15.09 |
|
| $14.40 |
|
| $11.62 |
|
| $9.88 |
|
| $14.28 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| — | (b) |
|
| (.04 | ) |
| (.05 | ) |
| (.04 | ) |
| (.04 | ) |
| .03 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.89 |
|
|
| .91 |
|
| .81 |
|
| 2.82 |
|
| 1.78 |
|
| (3.91 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.89 |
|
|
| .87 |
|
| .76 |
|
| 2.78 |
|
| 1.74 |
|
| (3.88 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (.01 | ) |
Net realized gain |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| — |
|
| (.52 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $18.79 |
|
|
| $15.90 |
|
| $15.09 |
|
| $14.40 |
|
| $11.62 |
|
| $9.88 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(c) |
|
|
| 18.18 | %(d) |
|
| 5.78 | % |
| 5.33 | % |
| 23.92 | % |
| 17.61 | % |
| (28.04 | )% |
| |||||||||||||||||||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .69 | %(d) |
|
| 1.41 | % |
| 1.41 | % |
| 1.44 | % |
| 1.45 | % |
| 1.44 | % |
| |||||||||||||||||||||
Expenses, including expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .69 | %(d) |
|
| 1.41 | % |
| 1.41 | % |
| 1.44 | % |
| 1.45 | % |
| 1.43 | % |
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .69 | %(d) |
|
| 1.41 | % |
| 1.41 | % |
| 1.44 | % |
| 1.57 | % |
| 1.53 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .02 | %(d) |
|
| (.24 | )% |
| (.35 | )% |
| (.29 | )% |
| (.39 | )% |
| .23 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
|
| $909 |
|
|
| $918 |
| $ | 3,392 |
|
| $4,344 |
| $ | 3,445 |
|
| $2,905 |
|
Portfolio turnover rate |
|
|
| 31.40 | %(d) |
|
| 58.84 | % |
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
|
|
(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. |
|
|
|
102 | See Notes to Financial Statements. |
|
Financial Highlights (continued)
VALUE OPPORTUNITIES FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R2 Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
|
| $15.79 |
|
|
| $15.01 |
|
| $14.34 |
|
| $11.59 |
|
| $9.87 |
|
| $14.30 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| (.01 | ) |
|
| (.07 | ) |
| (.09 | ) |
| (.06 | ) |
| (.09 | ) |
| .01 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.86 |
|
|
| .91 |
|
| .83 |
|
| 2.81 |
|
| 1.81 |
|
| (3.90 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.85 |
|
|
| .84 |
|
| .74 |
|
| 2.75 |
|
| 1.72 |
|
| (3.89 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (.03 | ) |
Net realized gain |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| — |
|
| (.54 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $18.64 |
|
|
| $15.79 |
|
| $15.01 |
|
| $14.34 |
|
| $11.59 |
|
| $9.87 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 18.05 | %(c) |
|
| 5.61 | % |
| 5.21 | % |
| 23.62 | % |
| 17.53 | % |
| (28.14 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .77 | %(c) |
|
| 1.56 | % |
| 1.57 | % |
| 1.60 | % |
| 1.59 | % |
| 1.58 | % |
| |||||||||||||||||||||
Expenses, including expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .77 | %(c) |
|
| 1.56 | % |
| 1.57 | % |
| 1.60 | % |
| 1.59 | % |
| 1.58 | % |
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .77 | %(c) |
|
| 1.56 | % |
| 1.57 | % |
| 1.60 | % |
| 1.68 | % |
| 1.66 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| (.05 | )%(c) |
|
| (.44 | )% |
| (.58 | )% |
| (.42 | )% |
| (.83 | )% |
| .11 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $11,962 |
|
| $11,056 |
| $8,804 |
| $2,538 |
| $1,466 |
|
| $33 |
| |||||
Portfolio turnover rate |
|
|
| 31.40 | %(c) |
|
| 58.84 | % |
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
|
|
(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. | 103 |
Financial Highlights (concluded)
VALUE OPPORTUNITIES FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R3 Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Year Ended 10/31 |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period |
|
| �� | $15.83 |
|
|
| $15.03 |
|
| $14.34 |
|
| $11.58 |
|
| $9.87 |
|
| $14.30 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)(a) |
|
|
| — | (b) |
|
| (.05 | ) |
| (.07 | ) |
| (.04 | ) |
| (.05 | ) |
| .02 |
|
Net realized and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unrealized gain (loss) |
|
|
| 2.86 |
|
|
| .91 |
|
| .83 |
|
| 2.80 |
|
| 1.78 |
|
| (3.90 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
|
| 2.86 |
|
|
| .86 |
|
| .76 |
|
| 2.76 |
|
| 1.73 |
|
| (3.88 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (.02 | ) |
| (.04 | ) |
Net realized gain |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| — |
|
| (.51 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total distributions |
|
|
| — |
|
|
| (.06 | ) |
| (.07 | ) |
| — |
|
| (.02 | ) |
| (.55 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period |
|
|
| $18.69 |
|
|
| $15.83 |
|
| $15.03 |
|
| $14.34 |
|
| $11.58 |
|
| $9.87 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(c) |
|
|
| 18.07 | %(d) |
|
| 5.74 | % |
| 5.35 | % |
| 23.73 | % |
| 17.69 | % |
| (28.08 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions and including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee waived |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and expenses reimbursed |
|
|
| .72 | %(d) |
|
| 1.46 | % |
| 1.47 | % |
| 1.49 | % |
| 1.49 | % |
| 1.49 | % |
| |||||||||||||||||||||
Expenses, including expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .72 | %(d) |
|
| 1.46 | % |
| 1.47 | % |
| 1.49 | % |
| 1.49 | % |
| 1.49 | % |
| |||||||||||||||||||||
Expenses, excluding expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reductions, management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee waived and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reimbursed |
|
|
| .72 | %(d) |
|
| 1.46 | % |
| 1.47 | % |
| 1.50 | % |
| 1.61 | % |
| 1.58 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| (.01 | )%(d) |
| (.35 | )% |
| (.47 | )% |
| (.31 | )% |
| (.50 | )% |
| .19 | % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of period (000) |
|
| $100,280 |
|
| $86,441 |
| $64,504 |
| $20,456 |
| $4,227 |
| $1,814 |
| ||||||
Portfolio turnover rate |
|
|
| 31.40 | %(d) |
|
| 58.84 | % |
| 56.87 | % |
| 69.83 | % |
| 77.87 | % |
| 83.92 | % |
|
|
(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. |
|
|
|
104 | 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 nine funds. This report covers the following seven 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, B, 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 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. Effective February 11, 2013, Class B of Growth Leaders Fund commenced investment operations.
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. International Dividend Income 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.
On March 22, 2013, Growth Leaders Fund acquired the net assets of Lord Abbett Stock Appreciation Fund (“Stock Appreciation Fund”). Refer to Note 13 Reorganizations for additional information.
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.
105
Notes to Financial Statements (unaudited)(continued)
|
|
|
2. | SIGNIFICANT ACCOUNTING POLICIES |
|
|
|
(a) | Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Funds’ investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|
|
| Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange 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. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Investments in the Underlying Funds are valued at their NAV each business day at the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time. |
|
|
| Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee and approved by the Board. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
|
|
| Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |
|
|
(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 |
106
Notes to Financial Statements (unaudited)(continued)
|
|
| substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|
|
| Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended October 31, 2009 through October 2012. 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. |
|
|
(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 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 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 |
107
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
| 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 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). |
|
|
|
|
| Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
108
Notes to Financial Statements (unaudited)(continued)
The following is a summary of the inputs used as of April 30, 2013 in valuing each Fund’s investments carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Strategy Fund(1) |
|
|
| Fundamental Equity Fund(1) |
| |||||||||||||||||||||
| ||||||||||||||||||||||||||
Investment Type* |
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
| Total |
|
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
| Total |
|
| ||||||||||||||||||||||||||
Common Stocks |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
| $ | 5,152,235 |
| $ | — |
| $ | — |
| $ | 5,152,235 |
|
Investments in |
|
| 941,304 |
|
| — |
|
| — |
|
| 941,304 |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
Repurchase Agreement |
|
| — |
|
| 937 |
|
| — |
|
| 937 |
|
|
| — |
|
| 5,470 |
|
| — |
|
| 5,470 |
|
| ||||||||||||||||||||||||||
Total |
| $ | 941,304 |
| $ | 937 |
| $ | — |
| $ | 942,241 |
|
| $ | 5,152,235 |
| $ | 5,470 |
| $ | — |
| $ | 5,157,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth Leaders Fund(1) |
|
|
| International Core Equity Fund(1) |
| |||||||||||||||||||||
| ||||||||||||||||||||||||||
Investment Type* |
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
| Total |
|
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
| Total |
|
| ||||||||||||||||||||||||||
Common Stocks |
| $ | 172,832 |
| $ | — |
| $ | — |
| $ | 172,832 |
|
| $ | 738,161 |
| $ | 3,231 | (2) | $ | — |
| $ | 741,392 |
|
Repurchase Agreement |
|
| — |
|
| 2,271 |
|
| — |
|
| 2,271 |
|
|
| — |
|
| 47,727 |
|
| — |
|
| 47,727 |
|
| ||||||||||||||||||||||||||
Total |
| $ | 172,832 |
| $ | 2,271 |
| $ | — |
| $ | 175,103 |
|
| $ | 738,161 |
| $ | 50,958 |
| $ | — |
| $ | 789,119 |
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
Forward Foreign Currency Exchange Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
| $ | — |
| $ | 3,070 |
| $ | — |
| $ | 3,070 |
|
Liabilities |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
| (1,715 | ) |
| — |
|
| (1,715 | ) |
| ||||||||||||||||||||||||||
Total |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
| $ | — |
| $ | 1,355 |
| $ | — |
| $ | 1,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Dividend Income Fund(1) |
|
|
| International Opportunities Fund(1) |
| |||||||||||||||||||||
| ||||||||||||||||||||||||||
Investment Type* |
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
| Total |
|
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
| Total |
|
| ||||||||||||||||||||||||||
Common Stocks |
| $ | 2,177,230 |
| $ | 8,186 | (2) | $ | — |
| $ | 2,185,416 |
|
| $ | 323,536 |
| $ | — |
| $ | — |
| $ | 323,536 |
|
Preferred Stocks |
|
| 22,506 |
|
| — |
|
| — |
|
| 22,506 |
|
|
| 4,726 |
|
| — |
|
| — |
|
| 4,726 |
|
Repurchase Agreement |
|
| — |
|
| 40,310 |
|
| — |
|
| 40,310 |
|
|
| — |
|
| 1,297 |
|
| — |
|
| 1,297 |
|
| ||||||||||||||||||||||||||
Total |
| $ | 2,199,736 |
| $ | 48,496 |
| $ | — |
| $ | 2,248,232 |
|
| $ | 328,262 |
| $ | 1,297 |
| $ | — |
| $ | 329,559 |
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
Forward Foreign Currency Exchange Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
| $ | — |
| $ | 16,171 |
| $ | — |
| $ | 16,171 |
|
| $ | — |
| $ | 1,789 |
| $ | — |
| $ | 1,789 |
|
Liabilities |
|
| — |
|
| (8,851 | ) |
| — |
|
| (8,851 | ) |
|
| — |
|
| (578 | ) |
| — |
|
| (578 | ) |
| ||||||||||||||||||||||||||
Total |
| $ | — |
| $ | 7,320 |
| $ | — |
| $ | 7,320 |
|
| $ | — |
| $ | 1,211 |
| $ | — |
| $ | 1,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value Opportunities Fund(1) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Investment Type* |
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Common Stocks |
| $ | 2,129,426 |
| $ | — |
| $ | — |
| $ | 2,129,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
| — |
|
| 52,119 |
|
| — |
|
| 52,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total |
| $ | 2,129,426 |
| $ | 52,119 |
| $ | — |
| $ | 2,181,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | See Schedule of Investments for fair values in each industry or investment strategy of underlying funds and identification of foreign issuers and/or geography. |
(1) | There were no level transfers during the period ended April 30, 2013. |
(2) | Globaltrans Investment plc (Russia) represents the Fund’s only level 2 common stock as of April 30, 2013. |
|
|
(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 for the six months ended April 30, 2013 (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 |
109
Notes to Financial Statements (unaudited)(continued)
duration of the contract. Each Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. Each Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts.
As of April 30, 2013, 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 |
| $ | 3,069,642 |
| $ | 1,714,837 |
|
International Dividend Income Fund |
|
| 16,171,273 |
|
| 8,851,760 |
|
International Opportunities Fund |
|
| 1,789,001 |
|
| 578,104 |
|
|
|
|
|
|
|
|
|
|
| |
|
| Net Realized |
| Net Change in |
| Average |
| |||
| ||||||||||
International Core Equity Fund |
| $ | 682,887 |
| $ | 1,466,365 |
| $ | 269,212,123 |
|
International Dividend Income Fund |
|
| 41,487,964 |
|
| 3,257,356 |
|
| 1,304,085,301 |
|
International Opportunities Fund |
|
| 403,458 |
|
| 784,542 |
|
| 94,077,671 |
|
|
|
* | Calculated based on the notional amounts for the six months ended April 30, 2013. |
(1) | Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts. |
(2) | Statements of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts. |
(3) | Statements of Operations location: Net realized gain 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 |
|
Management Fee
The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio.
110
Notes to Financial Statements (unaudited)(continued)
For the six months ended April 30, 2013, the effective management fee, net of any applicable waivers or reimbursements, 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 |
|
| .42%(4) |
|
International Dividend Income Fund |
|
| .54%(4) |
|
International Opportunities Fund |
|
| .75%(5) |
|
Value Opportunities Fund |
|
| .72%(6) |
|
|
|
(1) | The management fee for Alpha Strategy Fund is based on the Fund’s average daily net assets at an annual rate of .10%. For the period ended April 30, 2013 and continuing through February 28, 2014, Lord Abbett has contractually agreed to waive .05% of its management fee. For the six months ended April 30, 2013, Lord Abbett voluntarily waived 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 and International Dividend Income Fund is based on the Fund’s average daily net assets. Effective March 1, 2013, the management agreement was amended, resulting in the following annual rates: |
|
|
|
|
|
|
|
|
|
|
| Effective |
|
| Prior to |
|
| |||||||
First $1 billion |
|
| .70% |
|
| .75% |
|
Next $1 billion |
|
| .65% |
|
| .70% |
|
Over $2 billion |
|
| .60% |
|
| .65% |
|
|
|
(5) | The management fee for International Opportunities Fund is based on the average daily net assets at the following annual rates: |
|
|
|
|
|
First $1 billion |
|
| .75% |
|
Next $1 billion |
|
| .70% |
|
Over $2 billion |
|
| .65% |
|
|
|
(6) | The management fee for Value Opportunities Fund is based on the Fund’s average daily net assets. Effective March 1, 2013, the management agreement was amended, resulting in the following annual rates: |
|
|
|
|
|
|
|
|
|
|
| Effective |
|
| Prior to |
|
| |||||||
First $1 billion |
|
| .75% |
|
| .75% |
|
Next $1 billion |
|
| .70% |
|
| .70% |
|
Next $3 billion |
|
| .65% |
|
| .65% |
|
Over $5 billion |
|
| .58% |
|
| .65% |
|
111
Notes to Financial Statements (unaudited)(continued)
For the period ended April 30, 2013 and continuing through February 28, 2014, 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% |
|
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.
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 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 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, Growth Leaders 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 applicable 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.
112
Notes to Financial Statements (unaudited)(continued)
As of April 30, 2013, the percentages of Fundamental Equity Fund’s, Growth Leaders 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund of Funds |
| Fundamental |
| Growth |
| International |
| International |
| International |
| Value |
| ||||||
Alpha Strategy Fund |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 55.44 | % |
| 4.19 | % |
Balanced Strategy Fund |
|
| — |
|
| — |
|
| — |
|
| 10.77 | % |
| — |
|
| — |
|
Diversified Equity |
|
| .41 | % |
| 12.05 | % |
| 3.33 | % |
| — |
|
| 5.05 | % |
| .95 | % |
Diversified Income |
|
| — |
|
| — |
|
| — |
|
| 3.67 | % |
| — |
|
| — |
|
Global Allocation Fund |
|
| — |
|
| — |
|
| — |
|
| 3.57 | % |
| — |
|
| — |
|
Growth & Income |
|
| — |
|
| — |
|
| — |
|
| 8.21 | % |
| — |
|
| 1.40 | % |
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 |
| Class C |
| Class F |
| Class P(2) |
| 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) | The Class A 12b-1 fees for Alpha Strategy Fund is .25% (.25% service, .00% distribution) of the Fund’s average daily net assets. |
(2) | Fundamental Equity Fund, International Core Equity Fund, International Opportunities Fund and Value Opportunities Fund only. |
Class I shares do not have a distribution plan.
Commissions
Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended April 30, 2013:
|
|
|
|
|
|
|
|
|
| Distributor |
| Dealers’ |
| ||
| |||||||
Alpha Strategy Fund |
| $ | 102,770 |
| $ | 566,632 |
|
Fundamental Equity Fund |
|
| 281,208 |
|
| 1,540,077 |
|
Growth Leaders Fund |
|
| 12,198 |
|
| 65,087 |
|
International Core Equity Fund |
|
| 64,920 |
|
| 346,353 |
|
International Dividend Income Fund |
|
| 348,103 |
|
| 1,878,407 |
|
International Opportunities Fund |
|
| 16,876 |
|
| 90,903 |
|
Value Opportunities Fund |
|
| 104,710 |
|
| 578,131 |
|
113
Notes to Financial Statements (unaudited)(continued)
Distributor received the following amount of CDSCs for the six months ended April 30, 2013:
|
|
|
|
|
|
|
|
|
| Class A |
| Class C |
| ||
| |||||||
Alpha Strategy Fund |
| $ | 44 |
| $ | 7,777 |
|
Fundamental Equity Fund |
|
| 12,921 |
|
| 28,297 |
|
Growth Leaders Fund |
|
| 4,775 |
|
| 784 |
|
International Core Equity Fund |
|
| 1,311 |
|
| 1,975 |
|
International Dividend Income Fund |
|
| 7,418 |
|
| 14,379 |
|
International Opportunities Fund |
|
| 233 |
|
| 1,481 |
|
Value Opportunities Fund |
|
| 3,015 |
|
| 12,687 |
|
A Trustee 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, 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.
The tax character of distributions paid during the six months ended April 30, 2013 and the fiscal year ended October 31, 2012 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alpha Strategy Fund |
| Fundamental Equity Fund | ||||||||
|
| Six Months Ended |
| Year Ended |
| Six Months Ended |
| Year Ended | ||||
Distributions paid from: |
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income |
| $ | 1,215,018 |
| $ | — |
| $ | 28,885,490 |
| $ | 8,731,966 |
Net long-term capital gains |
|
| 36,729,787 |
|
| 2,851,136 |
|
| 53,172,105 |
|
| 96,046,077 |
Total distributions paid |
| $ | 37,944,805 |
| $ | 2,851,136 |
| $ | 82,057,595 |
| $ | 104,778,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth Leaders Fund |
| International Core Equity Fund | ||||||||||
|
| Six Months Ended |
| Year Ended |
| Six Months Ended |
| Year Ended | ||||
Distributions paid from: |
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income |
| $ | 86,295 |
| $ | 5,968 |
| $ | 17,152,810 |
| $ | 16,446,351 |
Total distributions paid |
| $ | 86,295 |
| $ | 5,968 |
| $ | 17,152,810 |
| $ | 16,446,351 |
114
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Dividend Income Fund |
| International Opportunities Fund | ||||||||
|
| Six Months Ended |
| Year Ended |
| Six Months Ended |
| Year Ended | ||||
Distributions paid from: |
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income |
| $ | 15,937,179 |
| $ | 67,866,479 |
| $ | 6,062,457 |
| $ | 2,944,502 |
Total distributions paid |
| $ | 15,937,179 |
| $ | 67,866,479 |
| $ | 6,062,457 |
| $ | 2,944,502 |
|
|
|
|
|
|
|
Value Opportunities Fund | ||||||
|
| Six Months Ended |
| Year Ended | ||
Distributions paid from: |
|
|
|
|
|
|
Net long-term capital gains |
| $ | — |
| $ | 7,161,018 |
Total distributions paid |
| $ | — |
| $ | 7,161,018 |
As of October 31, 2012, the capital loss carryforwards, along with the related expiration dates, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2016 |
| 2017 |
| Indefinite |
| Total | ||||
Fundamental Equity Fund |
| $ | 5,123,220 |
| $ | — |
| $ | — |
| $ | 5,123,220 |
Growth Leaders Fund |
|
| — |
|
| 15,711,703 |
|
| — |
|
| 15,711,703 |
International Core Equity Fund |
|
| 101,070,389 |
|
| 232,452,344 |
|
| 10,533,146 |
|
| 344,055,879 |
International Dividend Income Fund |
|
| 7,593,041 |
|
| 13,669,537 |
|
| 92,798,551 |
|
| 114,061,129 |
International Opportunities Fund |
|
| — |
|
| 59,542,093 |
|
| — |
|
| 59,542,093 |
Value Opportunities Fund |
|
| — |
|
| — |
|
| 5,885,399 |
|
| 5,885,399 |
As of March 22, 2013 (the date Growth Leaders Fund acquired the net assets of Stock Appreciation Fund), the cumulative allowable capital loss carryforwards of Stock Appreciation Fund transferred into Growth Leaders Fund were $15,711,703. These amounts may be subject to IRC limitations in the year of the merger.
As of June 15, 2012 (the date Fundamental Equity Fund acquired the net assets of Lord Abbett Large Cap Value Fund (“Large Cap Value Fund”)), the cumulative allowable capital loss carryforwards of Large Cap Value Fund transferred into Fundamental Equity Fund were $5,607,470. These amounts are subject to IRC annual limitations.
In accordance with the Regulated Investment Company Modernization Act of 2010, each 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.
115
Notes to Financial Statements (unaudited)(continued)
As of April 30, 2013, 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 |
| $ | 738,497,287 |
| $ | 4,143,488,239 |
| $ | 162,780,404 |
|
| ||||||||||
Gross unrealized gain |
|
| 203,743,568 |
|
| 1,019,101,807 |
|
| 13,491,872 |
|
Gross unrealized loss |
|
| — |
|
| (4,884,930 | ) |
| (1,168,961 | ) |
| ||||||||||
Net unrealized security gain |
| $ | 203,743,568 |
| $ | 1,014,216,877 |
| $ | 12,322,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Core |
| International |
| International |
| |||
| ||||||||||
Tax cost |
| $ | 684,108,592 |
| $ | 2,007,897,161 |
| $ | 283,377,670 |
|
| ||||||||||
Gross unrealized gain |
|
| 113,922,254 |
|
| 269,895,731 |
|
| 54,367,416 |
|
Gross unrealized loss |
|
| (8,911,868 | ) |
| (29,560,737 | ) |
| (8,185,709 | ) |
| ||||||||||
Net unrealized security gain |
| $ | 105,010,386 |
| $ | 240,334,994 |
| $ | 46,181,707 |
|
|
|
|
|
|
|
|
| Value |
| |
| ||||
Tax cost |
| $ | 1,710,070,709 |
|
| ||||
Gross unrealized gain |
|
| 490,318,843 |
|
Gross unrealized loss |
|
| (18,844,163 | ) |
| ||||
Net unrealized security gain |
| $ | 471,474,680 |
|
|
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, 2013 were as follows:
|
|
|
|
|
|
|
|
|
| Purchases |
| Sales |
| ||
| |||||||
Alpha Strategy Fund |
| $ | 32,225,392 |
| $ | 62,294,661 |
|
Fundamental Equity Fund |
|
| 1,789,613,918 |
|
| 2,009,219,513 |
|
Growth Leaders Fund |
|
| 138,051,448 |
|
| 131,020,711 |
|
International Core Equity Fund |
|
| 310,747,901 |
|
| 382,075,599 |
|
International Dividend Income Fund |
|
| 981,972,631 |
|
| 656,739,104 |
|
International Opportunities Fund |
|
| 153,985,280 |
|
| 165,125,479 |
|
Value Opportunities Fund |
|
| 644,012,330 |
|
| 838,798,400 |
|
There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2013.
|
|
|
6. | TRUSTEES’ REMUNERATION |
|
The Trust’s officers and a Trustee who are associated with Lord Abbett do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Trustees’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Trustees’ fees on the
116
Notes to Financial Statements (unaudited)(continued)
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 (the “participating funds”) entered into an unsecured revolving credit facility (“Facility”) with 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 Board considers annual renewal of the Facility 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. Effective April 1, 2013, the Funds and the participating funds entered into a short term extension of the Facility through June 30, 2013. As of April 30, 2013, there were no loans pursuant to this Facility, nor was the Facility utilized any time during the six months ended April 30, 2013. Subsequent to April 30, 2013, a participating fund utilized the Facility and fully repaid its borrowings on June 13, 2013.
|
|
|
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.
117
Notes to Financial Statements (unaudited)(continued)
|
|
|
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) for the six months ended April 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated Issuer |
| Balance of |
| Gross |
| Gross |
| Balance of |
| Fair |
| Net Realized |
| Dividend |
| |||||||
| ||||||||||||||||||||||
Lord Abbett Developing |
|
| 7,304,502 |
|
| 702,379 |
|
| (217,193 | ) |
| 7,789,688 |
| $ | 188,510,449 |
| $ | 13,336,884 | (a) | $ | — |
|
Lord Abbett Securities |
|
| 13,041,845 |
|
| 541,831 |
|
| (1,371,715 | ) |
| 12,211,961 |
|
| 190,262,349 |
|
| (1,543,160 | ) |
| 3,776,880 |
|
Lord Abbett Securities |
|
| 5,771,909 |
|
| 167,597 |
|
| (579,155 | ) |
| 5,360,351 |
|
| 94,127,772 |
|
| 1,243,484 | (b) |
| — |
|
Lord Abbett Securities |
|
| 3,236,470 |
|
| 15,732 |
|
| (234,713 | ) |
| 3,017,489 |
|
| 93,029,190 |
|
| (93,656 | ) |
| 58,968 |
|
Lord Abbett Equity |
|
| 5,134,095 |
|
| 106,075 |
|
| (181,562 | ) |
| 5,058,608 |
|
| 92,926,629 |
|
| (427,812 | ) |
| 191,205 |
|
Lord Abbett Research |
|
| 5,070,161 |
|
| 156,878 |
|
| (326,747 | ) |
| 4,900,292 |
|
| 188,024,218 |
|
| 5,186,780 | (c) |
| 1,696,899 |
|
Lord Abbett Securities |
|
| 5,316,888 |
|
| — |
|
| (404,152 | ) |
| 4,912,736 |
|
| 94,422,783 |
|
| 1,465,774 |
|
| — |
|
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 941,303,390 |
| $ | 19,168,294 |
| $ | 5,723,952 |
|
|
|
|
(a) | Includes $12,484,856 of distributed capital gains. |
(b) | Includes $610,091 of distributed capital gains. |
(c) | Includes $3,633,813 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 Fundamental Equity Fund and Growth Leaders Fund invest, may perform differently than the market as a whole and other types of stocks, such as small company
118
Notes to Financial Statements (unaudited)(continued)
stocks. Small and mid-sized company stocks, in which Fundamental Equity Fund, Growth Leaders Fund, and Value Opportunities Fund invest, may be less able to weather economic shifts or other adverse developments than those of larger, more established companies.
In general, Growth Leaders Fund employs a growth investing style and Fundamental Equity Fund, International Dividend Income 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, 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.
119
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 |
|
| 1,464,725 |
| $ | 37,892,734 |
|
| 2,744,394 |
| $ | 65,776,411 |
|
Converted from Class B* |
|
| 43,832 |
|
| 1,134,800 |
|
| 98,618 |
|
| 2,352,294 |
|
Reinvestment of distributions |
|
| 658,966 |
|
| 16,032,632 |
|
| 52,615 |
|
| 1,177,003 |
|
Shares reacquired |
|
| (2,704,084 | ) |
| (68,947,557 | ) |
| (4,862,332 | ) |
| (114,861,666 | ) |
| |||||||||||||
Decrease |
|
| (536,561 | ) | $ | (13,887,391 | ) |
| (1,966,705 | ) | $ | (45,555,958 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 12,045 |
| $ | 285,717 |
|
| 26,108 |
| $ | 595,005 |
|
Reinvestment of distributions |
|
| 38,949 |
|
| 881,431 |
|
| 3,822 |
|
| 80,274 |
|
Shares reacquired |
|
| (97,394 | ) |
| (2,326,964 | ) |
| (238,199 | ) |
| (5,402,978 | ) |
Converted to Class A* |
|
| (47,168 | ) |
| (1,134,800 | ) |
| (105,294 | ) |
| (2,352,294 | ) |
| |||||||||||||
Decrease |
|
| (93,568 | ) | $ | (2,294,616 | ) |
| (313,563 | ) | $ | (7,079,993 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 667,270 |
| $ | 15,722,175 |
|
| 1,240,736 |
| $ | 27,780,678 |
|
Reinvestment of distributions |
|
| 345,497 |
|
| 7,763,311 |
|
| 26,850 |
|
| 559,832 |
|
Shares reacquired |
|
| (1,050,563 | ) |
| (24,767,487 | ) |
| (2,045,175 | ) |
| (45,478,583 | ) |
| |||||||||||||
Decrease |
|
| (37,796 | ) | $ | (1,282,001 | ) |
| (777,589 | ) | $ | (17,138,073 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 917,925 |
| $ | 23,568,266 |
|
| 2,147,676 |
| $ | 50,410,369 |
|
Reinvestment of distributions |
|
| 178,670 |
|
| 4,352,397 |
|
| 14,535 |
|
| 325,435 |
|
Shares reacquired |
|
| (1,200,881 | ) |
| (30,813,438 | ) |
| (2,725,631 | ) |
| (65,356,755 | ) |
| |||||||||||||
Decrease |
|
| (104,286 | ) | $ | (2,892,775 | ) |
| (563,420 | ) | $ | (14,620,951 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 584,828 |
| $ | 14,518,188 |
|
| 172,714 |
| $ | 4,159,050 |
|
Reinvestment of distributions |
|
| 39,680 |
|
| 974,536 |
|
| 2,583 |
|
| 58,300 |
|
Shares reacquired |
|
| (34,786 | ) |
| (902,946 | ) |
| (601,810 | ) |
| (14,841,437 | ) |
| |||||||||||||
Increase (decrease) |
|
| 589,722 |
| $ | 14,589,778 |
|
| (426,513 | ) | $ | (10,624,087 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 16,141 |
| $ | 406,129 |
|
| 56,946 |
| $ | 1,352,217 |
|
Reinvestment of distributions |
|
| 1,228 |
|
| 29,460 |
|
| 69 |
|
| 1,514 |
|
Shares reacquired |
|
| (47,240 | ) |
| (1,207,520 | ) |
| (84,622 | ) |
| (2,041,694 | ) |
| |||||||||||||
Decrease |
|
| (29,871 | ) | $ | (771,931 | ) |
| (27,607 | ) | $ | (687,963 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 239,541 |
| $ | 6,096,934 |
|
| 436,089 |
| $ | 10,302,836 |
|
Reinvestment of distributions |
|
| 52,435 |
|
| 1,261,076 |
|
| 3,977 |
|
| 88,040 |
|
Shares reacquired |
|
| (441,417 | ) |
| (11,403,283 | ) |
| (421,261 | ) |
| (9,977,820 | ) |
| |||||||||||||
Increase (decrease) |
|
| (149,441 | ) | $ | (4,045,273 | ) |
| 18,805 |
| $ | 413,056 |
|
|
120
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fundamental Equity Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
| |||||||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
| |||||||||||||
Shares sold |
|
| 12,427,875 |
| $ | 174,320,963 |
|
| 39,985,762 |
| $ | 506,102,792 |
|
Converted from Class B* |
|
| 1,044,752 |
|
| 14,592,447 |
|
| 2,454,435 |
|
| 31,130,048 |
|
Reinvestment of distributions |
|
| 3,274,779 |
|
| 41,622,437 |
|
| 4,400,057 |
|
| 50,688,649 |
|
Shares reacquired |
|
| (24,808,006 | ) |
| (343,223,801 | ) |
| (52,610,694 | ) |
| (667,045,386 | ) |
Shares issued in reorganization |
|
| — |
|
| — |
|
| 2,156,271 |
|
| 26,522,140 |
|
| |||||||||||||
Decrease |
|
| (8,060,600 | ) | $ | (112,687,954 | ) |
| (3,614,169 | ) | $ | (52,601,757 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 84,329 |
| $ | 1,105,099 |
|
| 259,123 |
| $ | 3,094,646 |
|
Reinvestment of distributions |
|
| 71,129 |
|
| 859,945 |
|
| 210,371 |
|
| 2,303,564 |
|
Shares reacquired |
|
| (605,878 | ) |
| (7,920,893 | ) |
| (1,491,769 | ) |
| (18,070,978 | ) |
Converted to Class A* |
|
| (1,100,184 | ) |
| (14,592,447 | ) |
| (2,588,385 | ) |
| (31,130,048 | ) |
Shares issued in reorganization |
|
| — |
|
| — |
|
| 135,760 |
|
| 1,581,601 |
|
| |||||||||||||
Decrease |
|
| (1,550,604 | ) | $ | (20,548,296 | ) |
| (3,474,900 | ) | $ | (42,221,215 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 3,290,533 |
| $ | 43,556,254 |
|
| 9,592,080 |
| $ | 115,153,465 |
|
Reinvestment of distributions |
|
| 650,031 |
|
| 7,819,878 |
|
| 1,197,637 |
|
| 13,066,217 |
|
Shares reacquired |
|
| (7,601,975 | ) |
| (98,758,767 | ) |
| (15,179,762 | ) |
| (183,197,750 | ) |
Shares issued in reorganization |
|
| — |
|
| — |
|
| 536,052 |
|
| 6,223,563 |
|
| |||||||||||||
Decrease |
|
| (3,661,411 | ) | $ | (47,382,635 | ) |
| (3,853,993 | ) | $ | (48,754,505 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 5,405,147 |
| $ | 75,073,957 |
|
| 22,401,344 |
| $ | 279,779,635 |
|
Reinvestment of distributions |
|
| 771,334 |
|
| 9,749,667 |
|
| 1,049,284 |
|
| 12,014,305 |
|
Shares reacquired |
|
| (9,426,371 | ) |
| (128,737,344 | ) |
| (29,070,202 | ) |
| (369,441,214 | ) |
Shares issued in reorganization |
|
| — |
|
| — |
|
| 37,059 |
|
| 453,972 |
|
| |||||||||||||
Decrease |
|
| (3,249,890 | ) | $ | (43,913,720 | ) |
| (5,582,515 | ) | $ | (77,193,302 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 4,302,752 |
| $ | 60,361,864 |
|
| 17,857,696 |
| $ | 224,988,551 |
|
Reinvestment of distributions |
|
| 568,497 |
|
| 7,248,343 |
|
| 526,879 |
|
| 6,085,451 |
|
Shares reacquired |
|
| (4,658,499 | ) |
| (63,662,106 | ) |
| (8,203,133 | ) |
| (107,105,769 | ) |
Shares issued in reorganization |
|
| — |
|
| — |
|
| 342,949 |
|
| 4,238,850 |
|
| |||||||||||||
Increase |
|
| 212,750 |
| $ | 3,948,101 |
|
| 10,524,391 |
| $ | 128,207,083 |
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 154,122 |
| $ | 2,137,897 |
|
| 424,212 |
| $ | 5,277,811 |
|
Reinvestment of distributions |
|
| 36,924 |
|
| 464,505 |
|
| 59,153 |
|
| 673,752 |
|
Shares reacquired |
|
| (530,751 | ) |
| (7,294,827 | ) |
| (848,069 | ) |
| (10,726,453 | ) |
Shares issued in reorganization |
|
| — |
|
| — |
|
| 1,089 |
|
| 13,238 |
|
| |||||||||||||
Decrease |
|
| (339,705 | ) | $ | (4,692,425 | ) |
| (363,615 | ) | $ | (4,761,652 | ) |
|
121
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fundamental Equity Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
| |||||||||||||
Class R2 Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
| |||||||||||||
Shares sold |
|
| 182,064 |
| $ | 2,462,911 |
|
| 777,833 |
| $ | 9,731,475 |
|
Reinvestment of distributions |
|
| 16,785 |
|
| 210,491 |
|
| 23,061 |
|
| 261,971 |
|
Shares reacquired |
|
| (380,849 | ) |
| (5,158,333 | ) |
| (687,844 | ) |
| (8,640,098 | ) |
Shares issued in reorganization |
|
| — |
|
| — |
|
| 851 |
|
| 10,317 |
|
| |||||||||||||
Increase (decrease) |
|
| (182,000 | ) | $ | (2,484,931 | ) |
| 113,901 |
| $ | 1,363,665 |
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 1,909,934 |
| $ | 26,548,264 |
|
| 9,889,962 |
| $ | 123,846,562 |
|
Reinvestment of distributions |
|
| 369,357 |
|
| 4,653,906 |
|
| 386,918 |
|
| 4,418,600 |
|
Shares reacquired |
|
| (2,999,744 | ) |
| (40,649,467 | ) |
| (3,992,062 | ) |
| (50,712,344 | ) |
Shares issued in reorganization |
|
| — |
|
| — |
|
| 20,100 |
|
| 244,818 |
|
| |||||||||||||
Increase (decrease) |
|
| (720,453 | ) | $ | (9,447,297 | ) |
| 6,304,918 |
| $ | 77,797,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth Leaders Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
| |||||||||||||
Class A Shares |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| |||||||||||||
Shares sold |
|
| 477,580 |
| $ | 7,692,476 |
|
| 827,488 |
| $ | 12,762,189 |
|
Converted from Class B* |
|
| 15,591 |
|
| 266,991 |
|
|
|
|
|
|
|
Reinvestment of distributions |
|
| 2,867 |
|
| 43,300 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (322,666 | ) |
| (5,215,549 | ) |
| (356,168 | ) |
| (5,434,181 | ) |
Shares issued in reorganization |
|
| 4,278,452 |
|
| 72,904,811 |
|
| — |
|
| — |
|
| |||||||||||||
Increase |
|
| 4,451,824 |
| $ | 75,692,029 |
|
| 471,320 |
| $ | 7,328,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Period Ended |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
| |||||||
Class B Shares |
|
| Shares |
|
| Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Shares sold |
|
| 2,036 |
| $ | 34,671 |
|
|
|
|
|
|
|
Shares reacquired |
|
| (12,225 | ) |
| (208,463 | ) |
|
|
|
|
|
|
Converted to Class A* |
|
| (15,614 | ) |
| (266,991 | ) |
|
|
|
|
|
|
Shares issued in reorganization |
|
| 461,335 |
|
| 7,851,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Increase |
|
| 435,532 |
| $ | 7,411,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended |
| Year Ended |
| ||||||||
| |||||||||||||
Class C Shares |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| |||||||||||||
Shares sold |
|
| 62,335 |
| $ | 1,024,986 |
|
| 118,327 |
| $ | 1,815,979 |
|
Reinvestment of distributions |
|
| 260 |
|
| 3,916 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (67,228 | ) |
| (1,122,143 | ) |
| (4,025 | ) |
| (61,737 | ) |
Shares issued in reorganization |
|
| 1,536,103 |
|
| 25,898,702 |
|
| — |
|
| — |
|
| |||||||||||||
Increase |
|
| 1,531,470 |
| $ | 25,805,461 |
|
| 114,302 |
| $ | 1,754,242 |
|
|
122
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended |
| Year Ended |
| ||||||||
| |||||||||||||
Class F Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
| |||||||||||||
Shares sold |
|
| 57,718 |
| $ | 963,062 |
|
| 236,829 |
| $ | 3,656,780 |
|
Reinvestment of distributions |
|
| 1,270 |
|
| 19,109 |
|
| 17 |
|
| 239 |
|
Shares reacquired |
|
| (56,034 | ) |
| (912,512 | ) |
| (399,733 | ) |
| (5,645,144 | ) |
Shares issued in reorganization |
|
| 245,384 |
|
| 4,183,797 |
|
| — |
|
| — |
|
| |||||||||||||
Increase (decrease) |
|
| 248,338 |
| $ | 4,253,456 |
|
| (162,887 | ) | $ | (1,988,125 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 164,078 |
| $ | 2,592,074 |
|
| 133,948 |
| $ | 2,032,231 |
|
Reinvestment of distributions |
|
| 6 |
|
| 84 |
|
| 2 |
|
| 23 |
|
Shares reacquired |
|
| (95,363 | ) |
| (1,485,613 | ) |
| (90,997 | ) |
| (1,382,487 | ) |
Shares issued in reorganization |
|
| 1,446,353 |
|
| 24,674,785 |
|
| — |
|
| — |
|
| |||||||||||||
Increase |
|
| 1,515,074 |
| $ | 25,781,330 |
|
| 42,953 |
| $ | 649,767 |
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 4.016 |
| $ | 73 |
|
| — |
| $ | — |
|
Reinvestment of distributions |
|
| 1.371 |
|
| 21 |
|
| — |
|
| — |
|
Shares issued in reorganization |
|
| 618.000 |
|
| 10,574 |
|
| — |
|
| — |
|
| |||||||||||||
Increase |
|
| 623.387 |
| $ | 10,668 |
|
| — |
| $ | — |
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 27,070 |
| $ | 463,155 |
|
| 302 |
| $ | 4,681 |
|
Reinvestment of distributions |
|
| 2 |
|
| 24 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (8,042 | ) |
| (138,454 | ) |
| (229 | ) |
| (3,644 | ) |
Shares issued in reorganization |
|
| 341,718 |
|
| 5,829,710 |
|
| — |
|
| — |
|
| |||||||||||||
Increase |
|
| 360,748 |
| $ | 6,154,435 |
|
| 73 |
| $ | 1,037 |
|
| |||||||||||||
| |||||||||||||
International Core Equity Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
| |||||||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
| |||||||||||||
Shares sold |
|
| 2,073,145 |
| $ | 24,900,400 |
|
| 3,727,406 |
| $ | 41,287,807 |
|
Converted from Class B* |
|
| 139,377 |
|
| 1,701,628 |
|
| 176,957 |
|
| 1,972,039 |
|
Reinvestment of distributions |
|
| 714,184 |
|
| 8,348,808 |
|
| 787,259 |
|
| 8,030,039 |
|
Shares reacquired |
|
| (4,240,856 | ) |
| (50,581,100 | ) |
| (10,252,135 | ) |
| (113,126,489 | ) |
| |||||||||||||
Decrease |
|
| (1,314,150 | ) | $ | (15,630,264 | ) |
| (5,560,513 | ) | $ | (61,836,604 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 34,319 |
| $ | 406,575 |
|
| 41,508 |
| $ | 454,177 |
|
Reinvestment of distributions |
|
| 25,470 |
|
| 294,946 |
|
| 28,856 |
|
| 291,736 |
|
Shares reacquired |
|
| (237,372 | ) |
| (2,786,463 | ) |
| (625,293 | ) |
| (6,835,933 | ) |
Converted to Class A* |
|
| (140,974 | ) |
| (1,701,628 | ) |
| (179,135 | ) |
| (1,972,039 | ) |
| |||||||||||||
Decrease |
|
| (318,557 | ) | $ | (3,786,570 | ) |
| (734,064 | ) | $ | (8,062,059 | ) |
|
123
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Core Equity Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
| |||||||||||||
Class C Shares |
| Shares |
| Amount |
| Shares |
|
| Amount |
| |||
| |||||||||||||
Shares sold |
|
| 246,477 |
| $ | 2,928,215 |
|
| 435,377 |
| $ | 4,753,980 |
|
Reinvestment of distributions |
|
| 67,697 |
|
| 783,929 |
|
| 68,444 |
|
| 692,650 |
|
Shares reacquired |
|
| (752,603 | ) |
| (8,889,597 | ) |
| (1,872,058 | ) |
| (20,516,594 | ) |
| |||||||||||||
Decrease |
|
| (438,429 | ) | $ | (5,177,453 | ) |
| (1,368,237 | ) | $ | (15,069,964 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 5,776,088 |
| $ | 70,605,743 |
|
| 8,371,734 |
| $ | 90,303,015 |
|
Reinvestment of distributions |
|
| 336,329 |
|
| 3,901,418 |
|
| 187,398 |
|
| 1,896,476 |
|
Shares reacquired |
|
| (9,085,719 | ) |
| (109,687,192 | ) |
| (2,457,327 | ) |
| (26,960,730 | ) |
| |||||||||||||
Increase (decrease) |
|
| (2,973,302 | ) | $ | (35,180,031 | ) |
| 6,101,805 |
| $ | 65,238,761 |
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 1,405,714 |
| $ | 16,815,873 |
|
| 5,807,790 |
| $ | 60,866,395 |
|
Reinvestment of distributions |
|
| 214,728 |
|
| 2,520,909 |
|
| 430,129 |
|
| 4,404,522 |
|
Shares reacquired |
|
| (639,935 | ) |
| (7,691,436 | ) |
| (16,582,054 | ) |
| (180,734,077 | ) |
| |||||||||||||
Increase (decrease) |
|
| 980,507 |
| $ | 11,645,346 |
|
| (10,344,135 | ) | $ | (115,463,160 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 1,283 |
| $ | 15,390 |
|
| 5,023 |
| $ | 55,967 |
|
Reinvestment of distributions |
|
| 430 |
|
| 5,020 |
|
| 591 |
|
| 6,018 |
|
Shares reacquired |
|
| (6,384 | ) |
| (74,099 | ) |
| (22,920 | ) |
| (249,460 | ) |
| |||||||||||||
Decrease |
|
| (4,671 | ) | $ | (53,689 | ) |
| (17,306 | ) | $ | (187,475 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 16,953 |
| $ | 196,728 |
|
| 20,563 |
| $ | 221,494 |
|
Reinvestment of distributions |
|
| 466 |
|
| 5,432 |
|
| 323 |
|
| 3,297 |
|
Shares reacquired |
|
| (2,101 | ) |
| (24,941 | ) |
| (29,013 | ) |
| (325,485 | ) |
| |||||||||||||
Increase (decrease) |
|
| 15,318 |
| $ | 177,219 |
|
| (8,127 | ) | $ | (100,694 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 235,440 |
| $ | 2,795,557 |
|
| 685,964 |
| $ | 7,557,743 |
|
Reinvestment of distributions |
|
| 33,748 |
|
| 389,117 |
|
| 24,704 |
|
| 249,019 |
|
Shares reacquired |
|
| (311,243 | ) |
| (3,684,091 | ) |
| (323,827 | ) |
| (3,552,458 | ) |
| |||||||||||||
Increase (decrease) |
|
| (42,055 | ) | $ | (499,417 | ) |
| 386,841 |
| $ | 4,254,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Dividend Income Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
| |||||||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
| |||||||||||||
Shares sold |
|
| 24,948,587 |
| $ | 209,235,103 |
|
| 56,664,307 |
| $ | 434,591,248 |
|
Reinvestment of distributions |
|
| 611,015 |
|
| 5,088,412 |
|
| 2,852,503 |
|
| 21,595,541 |
|
Shares reacquired |
|
| (11,797,275 | ) |
| (97,444,669 | ) |
| (15,575,692 | ) |
| (118,722,581 | ) |
| |||||||||||||
Increase |
|
| 13,762,327 |
| $ | 116,878,846 |
|
| 43,941,118 |
| $ | 337,464,208 |
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 4,002,879 |
| $ | 33,425,917 |
|
| 7,586,498 |
| $ | 58,324,210 |
|
Reinvestment of distributions |
|
| 42,875 |
|
| 354,645 |
|
| 238,003 |
|
| 1,789,711 |
|
Shares reacquired |
|
| (755,143 | ) |
| (6,289,442 | ) |
| (1,035,013 | ) |
| (7,783,211 | ) |
| |||||||||||||
Increase |
|
| 3,290,611 |
| $ | 27,491,120 |
|
| 6,789,488 |
| $ | 52,330,710 |
|
|
124
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
International Dividend Income Fund |
| Six Months Ended |
| Year Ended |
| |||||||||
| ||||||||||||||
Class F Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| |||||
| ||||||||||||||
Shares sold |
|
| 8,861,667 |
| $ | 74,147,576 |
|
| 16,261,875 |
| $ | 126,253,262 |
| |
Reinvestment of distributions |
|
| 122,166 |
|
| 1,019,262 |
|
| 409,351 |
|
| 3,107,094 |
| |
Shares reacquired |
|
| (3,638,119 | ) |
| (30,765,774 | ) |
| (3,646,404 | ) |
| (27,845,351 | ) | |
| ||||||||||||||
Increase |
|
| 5,345,714 |
| $ | 44,401,064 |
|
| 13,024,822 |
| $ | 101,515,005 |
| |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ||||||||||||||
Shares sold |
|
| 15,776,249 |
| $ | 132,358,481 |
|
| 51,100,305 |
| $ | 393,452,662 |
| |
Reinvestment of distributions |
|
| 865,486 |
|
| 7,226,754 |
|
| 4,160,567 |
|
| 31,622,657 |
| |
Shares reacquired |
|
| (6,326,213 | ) |
| (52,221,399 | ) |
| (11,980,127 | ) |
| (92,074,620 | ) | |
| ||||||||||||||
Increase |
|
| 10,315,522 |
| $ | 87,363,836 |
|
| 43,280,745 |
| $ | 333,000,699 |
| |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ||||||||||||||
Shares sold |
|
| 35,026 |
| $ | 300,711 |
|
| 59,977 |
| $ | 477,167 |
| |
Reinvestment of distributions |
|
| 138 |
|
| 1,166 |
|
| 376 |
|
| 2,913 |
| |
Shares reacquired |
|
| (20,469 | ) |
| (177,948 | ) |
| (3,857 | ) |
| (29,286 | ) | |
| ||||||||||||||
Increase |
|
| 14,695 |
| $ | 123,929 |
|
| 56,496 |
| $ | 450,794 |
| |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ||||||||||||||
Shares sold |
|
| 408,170 |
| $ | 3,466,479 |
|
| 4,481,895 |
| $ | 34,454,066 |
| |
Reinvestment of distributions |
|
| 26,942 |
|
| 226,031 |
|
| 148,376 |
|
| 1,138,500 |
| |
Shares reacquired |
|
| (375,220 | ) |
| (3,102,560 | ) |
| (467,185 | ) |
| (3,666,647 | ) | |
| ||||||||||||||
Increase |
|
| 59,892 |
| $ | 589,950 |
|
| 4,163,086 |
| $ | 31,925,919 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Opportunities Fund |
| Six Months Ended |
| Year Ended |
| ||||||||
| |||||||||||||
Class A Shares |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| |||||||||||||
Shares sold |
|
| 512,329 |
| $ | 7,123,521 |
|
| 571,200 |
| $ | 6,970,134 |
|
Converted from Class B* |
|
| 39,504 |
|
| 548,756 |
|
| 84,119 |
|
| 1,031,741 |
|
Reinvestment of distributions |
|
| 105,973 |
|
| 1,398,849 |
|
| 48,282 |
|
| 528,688 |
|
Shares reacquired |
|
| (752,387 | ) |
| (10,234,532 | ) |
| (1,902,468 | ) |
| (23,143,319 | ) |
| |||||||||||||
Decrease |
|
| (94,581 | ) | $ | (1,163,406 | ) |
| (1,198,867 | ) | $ | (14,612,756 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 15,252 |
| $ | 200,963 |
|
| 13,973 |
| $ | 163,791 |
|
Reinvestment of distributions |
|
| 6,350 |
|
| 79,951 |
|
| — |
|
| — |
|
Shares reacquired |
|
| (81,011 | ) |
| (1,064,059 | ) |
| (207,503 | ) |
| (2,417,152 | ) |
Converted to Class A* |
|
| (41,524 | ) |
| (548,756 | ) |
| (88,508 | ) |
| (1,031,741 | ) |
| |||||||||||||
Decrease |
|
| (100,933 | ) | $ | (1,331,901 | ) |
| (282,038 | ) | $ | (3,285,102 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 140,068 |
| $ | 1,825,120 |
|
| 133,306 |
| $ | 1,541,145 |
|
Reinvestment of distributions |
|
| 14,686 |
|
| 183,427 |
|
| 947 |
|
| 9,818 |
|
Shares reacquired |
|
| (176,241 | ) |
| (2,311,539 | ) |
| (391,251 | ) |
| (4,492,730 | ) |
| |||||||||||||
Decrease |
|
| (21,487 | ) | $ | (302,992 | ) |
| (256,998 | ) | $ | (2,941,767 | ) |
|
125
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
International Opportunities Fund |
| Six Months Ended |
| Year Ended |
| |||||||||
| ||||||||||||||
Class F Shares |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
| |
| ||||||||||||||
Shares sold |
|
| 559,620 |
| $ | 8,048,309 |
|
| 27,200 |
| $ | 326,612 |
| |
Reinvestment of distributions |
|
| 1,397 |
|
| 18,284 |
|
| 786 |
|
| 8,537 |
| |
Shares reacquired |
|
| (16,840 | ) |
| (230,240 | ) |
| (34,100 | ) |
| (422,407 | ) | |
| ||||||||||||||
Increase (decrease) |
|
| 544,177 |
| $ | 7,836,353 |
|
| (6,114 | ) | $ | (87,258 | ) | |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ||||||||||||||
Shares sold |
|
| 567,996 |
| $ | 7,921,272 |
|
| 668,608 |
| $ | 8,076,274 |
| |
Reinvestment of distributions |
|
| 303,804 |
|
| 4,098,308 |
|
| 203,773 |
|
| 2,278,186 |
| |
Shares reacquired |
|
| (1,644,646 | ) |
| (23,036,113 | ) |
| (3,754,194 | ) |
| (46,866,735 | ) | |
| ||||||||||||||
Decrease |
|
| (772,846 | ) | $ | (11,016,533 | ) |
| (2,881,813 | ) | $ | (36,512,275 | ) | |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class P Shares |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ||||||||||||||
Shares sold |
|
| 5,222 |
| $ | 73,561 |
|
| 9,237 |
| $ | 116,256 |
| |
Reinvestment of distributions |
|
| 1,281 |
|
| 17,169 |
|
| 435 |
|
| 4,835 |
| |
Shares reacquired |
|
| (2,066 | ) |
| (29,062 | ) |
| (7,514 | ) |
| (94,510 | ) | |
| ||||||||||||||
Increase |
|
| 4,437 |
| $ | 61,668 |
|
| 2,158 |
| $ | 26,581 |
| |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ||||||||||||||
Shares sold |
|
| 508 |
| $ | 6,963 |
|
| 1,414 |
| $ | 17,337 |
| |
Reinvestment of distributions |
|
| 108 |
|
| 1,418 |
|
| 25 |
|
| 268 |
| |
Shares reacquired |
|
| (394 | ) |
| (5,551 | ) |
| (2,471 | ) |
| (29,392 | ) | |
| ||||||||||||||
Increase (decrease) |
|
| 222 |
| $ | 2,830 |
|
| (1,032 | ) | $ | (11,787 | ) | |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ||||||||||||||
Shares sold |
|
| 134,763 |
| $ | 1,848,909 |
|
| 230,198 |
| $ | 2,766,699 |
| |
Reinvestment of distributions |
|
| 9,010 |
|
| 117,316 |
|
| 3,414 |
|
| 36,875 |
| |
Shares reacquired |
|
| (264,810 | ) |
| (3,773,302 | ) |
| (185,619 | ) |
| (2,225,383 | ) | |
| ||||||||||||||
Increase (decrease) |
|
| (121,037 | ) | $ | (1,807,077 | ) |
| 47,993 |
| $ | 578,191 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Value Opportunities Fund |
| Six Months Ended |
| Year Ended |
| |||||||||
| ||||||||||||||
Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
| |||||
| ||||||||||||||
Shares sold |
|
| 5,909,545 |
| $ | 104,385,928 |
|
| 16,555,751 |
| $ | 258,790,532 |
| |
Converted from Class B* |
|
| 30,794 |
|
| 547,639 |
|
| 86,539 |
|
| 1,336,917 |
| |
Reinvestment of distributions |
|
| — |
|
| — |
|
| 211,564 |
|
| 3,044,400 |
| |
Shares reacquired |
|
| (9,176,990 | ) |
| (157,366,035 | ) |
| (20,683,779 | ) |
| (320,940,218 | ) | |
| ||||||||||||||
Decrease |
|
| (3,236,651 | ) | $ | (52,432,468 | ) |
| (3,829,925 | ) | $ | (57,768,369 | ) | |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ||||||||||||||
Shares sold |
|
| 12,034 |
| $ | 198,308 |
|
| 46,272 |
| $ | 697,395 |
| |
Reinvestment of distributions |
|
| — |
|
| — |
|
| 3,513 |
|
| 48,759 |
| |
Shares reacquired |
|
| (64,786 | ) |
| (1,060,519 | ) |
| (164,436 | ) |
| (2,472,173 | ) | |
Converted to Class A* |
|
| (32,184 | ) |
| (547,639 | ) |
| (89,917 | ) |
| (1,336,917 | ) | |
| ||||||||||||||
Decrease |
|
| (84,936 | ) | $ | (1,409,850 | ) |
| (204,568 | ) | $ | (3,062,936 | ) | |
|
126
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value Opportunities Fund |
|
| Six Months Ended |
|
| Year Ended |
| ||||||
| |||||||||||||
Class C Shares |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| |||||||||||||
Shares sold |
|
| 1,079,012 |
| $ | 18,367,910 |
|
| 3,511,263 |
| $ | 52,966,007 |
|
Reinvestment of distributions |
|
| — |
|
| — |
|
| 56,316 |
|
| 781,663 |
|
Shares reacquired |
|
| (2,064,734 | ) |
| (33,855,673 | ) |
| (5,397,467 | ) |
| (81,438,102 | ) |
| |||||||||||||
Decrease |
|
| (985,722 | ) | $ | (15,487,763 | ) |
| (1,829,888 | ) | $ | (27,690,432 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 3,164,108 |
| $ | 56,098,449 |
|
| 13,711,141 |
| $ | 213,852,078 |
|
Reinvestment of distributions |
|
| — |
|
| — |
|
| 69,134 |
|
| 998,292 |
|
Shares reacquired |
|
| (6,888,684 | ) |
| (116,884,983 | ) |
| (16,135,037 | ) |
| (253,947,633 | ) |
| |||||||||||||
Decrease |
|
| (3,724,576 | ) | $ | (60,786,534 | ) |
| (2,354,762 | ) | $ | (39,097,263 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 2,382,770 |
| $ | 41,834,704 |
|
| 12,381,658 |
| $ | 195,795,308 |
|
Reinvestment of distributions |
|
| — |
|
| — |
|
| 70,413 |
|
| 1,025,918 |
|
Shares reacquired |
|
| (2,936,414 | ) |
| (51,552,906 | ) |
| (6,077,148 | ) |
| (95,981,797 | ) |
�� |
| ||||||||||||
Increase (decrease) |
|
| (553,644 | ) | $ | (9,718,202 | ) |
| 6,374,923 |
| $ | 100,839,429 |
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 3,262 |
| $ | 57,142 |
|
| 32,674 |
| $ | 507,505 |
|
Reinvestment of distributions |
|
| — |
|
| — |
|
| 795 |
|
| 11,405 |
|
Shares reacquired |
|
| (12,639 | ) |
| (225,889 | ) |
| (200,514 | ) |
| (3,140,409 | ) |
| |||||||||||||
Decrease |
|
| (9,377 | ) | $ | (168,747 | ) |
| (167,045 | ) | $ | (2,621,499 | ) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R2 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 148,927 |
| $ | 2,603,314 |
|
| 501,459 |
| $ | 7,801,233 |
|
Reinvestment of distributions |
|
| — |
|
| — |
|
| 1,329 |
|
| 18,938 |
|
Shares reacquired |
|
| (207,355 | ) |
| (3,660,875 | ) |
| (389,132 | ) |
| (6,032,819 | ) |
| |||||||||||||
Increase (decrease) |
|
| (58,428 | ) | $ | (1,057,561 | ) |
| 113,656 |
| $ | 1,787,352 |
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R3 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares sold |
|
| 1,055,558 |
| $ | 18,469,693 |
|
| 2,867,553 |
| $ | 44,674,892 |
|
Reinvestment of distributions |
|
| — |
|
| — |
|
| 17,214 |
|
| 245,647 |
|
Shares reacquired |
|
| (1,152,062 | ) |
| (19,919,450 | ) |
| (1,715,112 | ) |
| (26,611,496 | ) |
| |||||||||||||
Increase (decrease) |
|
| (96,504 | ) | $ | (1,449,757 | ) |
| 1,169,655 |
| $ | 18,309,043 |
|
|
|
|
* | 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 February 11, 2013 (commencement of operations) to April 30, 2013. |
|
|
|
13. | REORGANIZATIONS |
|
|
|
(a) | Growth Leaders Fund–As of the close of business on March 22, 2013, Growth Leaders Fund acquired the net assets of Stock Appreciation Fund pursuant to a plan of reorganization approved by Stock Appreciation Fund’s shareholders on March 15, 2013. The reorganization permitted Stock Appreciation Fund shareholders to pursue substantially similar investment objectives and strategies, but as part of a larger fund with greater investment flexibility and lower expenses. The acquisition was accomplished by a tax-free exchange whereas holders of 21,349,426 shares of Stock Appreciation Fund outstanding on March 22, 2013 received |
127
Notes to Financial Statements (unaudited)(continued)
|
|
| 8,309,963 shares (valued at $141,354,303) of Growth Leaders Fund. Stock Appreciation Fund’s net assets at the date of the acquisition, including $10,076,074 of unrealized appreciation, $25,576 of distributions in excess of net investment income, and $16,819,492 of accumulated net realized losses, were combined with those of Growth Leaders Fund. The cost basis of securities received from Stock Appreciation Fund was carried forward. |
|
|
| The total net assets of Growth Leaders Fund immediately before the transfer were $31,440,888. Total net assets of Stock Appreciation Fund immediately before the transfer were $141,354,303. Total net assets of Growth Leaders Fund immediately after the transfer were $172,795,191. |
|
|
| The following table illustrates share conversion ratios of the reorganization on March 22, 2013: |
|
|
| Conversion |
Class | Ratio |
A | 0.395053 |
B | 0.363226 |
C | 0.366714 |
F | 0.400346 |
I | 0.404730 |
R2 | 0.400841 |
R3 | 0.391788 |
|
|
| Had the acquisition been completed on November 1, 2012, the beginning of the current reporting period of Growth Leaders Fund, the Fund’s condensed pro forma results of operations for the six months ended April 30, 2013, would be as follows: |
|
|
|
|
|
Net investment income |
| $ | 125,398 |
|
Net realized and unrealized gain |
|
| 32,740,722 |
|
Net increase in net assets resulting from operations |
|
| 32,866,120 |
|
|
|
| The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed. Revenue and earnings of Stock Appreciation Fund’s portfolio holdings have been included in Growth Leaders Fund’s Statement of Operations since the date of acquisition. |
|
|
(b) | Fundamental Equity Fund–As of 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 Large Cap Value Fund’s shareholders on May 18, 2012. The reorganization permitted Large Cap Value Fund shareholders to pursue substantially similar investment objectives and strategies, but as part of a larger fund with greater investment flexibility and lower expenses. The acquisition was accomplished by a tax-free exchange whereas holders of 4,041,590 shares of Large Cap Value Fund outstanding on June 15, 2012 received 3,230,131 shares (valued at $39,288,499) of Fundamental Equity Fund. Large Cap Value Fund’s net assets at the date of the acquisition, including $3,457,796 of unrealized appreciation, $7,730 of distributions in excess of net investment income, and $14,876,070 of accumulated net realized losses, were combined with those of Fundamental Equity Fund. The cost basis of securities received from Large Cap Value Fund was carried forward. |
|
|
| 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. |
128
Notes to Financial Statements (unaudited)(concluded)
The following table illustrates share conversion ratios of the reorganization on June 15, 2012:
|
|
| Conversion |
Class | Ratio |
A | 0.792366 |
B | 0.826215 |
C | 0.827692 |
F | 0.790408 |
I | 0.790558 |
P | 0.804581 |
R2 | 0.814447 |
R3 | 0.796634 |
Had the acquisition been completed on November 1, 2011, the beginning of the current reporting period of Fundamental Equity Fund, the Fund’s condensed pro forma results of operations for the year ended October 31, 2012, would be as follows:
|
|
|
|
|
Net investment income |
| $ | 28,890,815 |
|
Net realized and unrealized gain |
|
| 299,455,283 |
|
Net increase in net assets resulting from operations |
|
| 328,346,098 |
|
The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed. Revenue and earnings of Large Cap Value Fund’s portfolio holdings have been included in Fundamental Equity Fund’s Statement of Operations since the date of acquisition.
|
|
|
14. | RECENT ACCOUNTING PRONOUNCEMENT |
|
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). This disclosure requirement is intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. ASU 2011-11 requires entities to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of assets and liabilities, and disclose instruments and transactions subject to an agreement similar to a master netting agreement. In addition, in January 2013, FASB issued Accounting Standards Update No. 2013-1 “Clarifying the Scope of Offsetting Assets and Liabilities” (“ASU 2013-1”), specifying exactly which transactions are subject to disclosures about offsetting. ASU 2011-11 and ASU 2013-1 are effective for public entities for interim and annual periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the adoption of ASU 2011-11 and ASU 2013-1 will have on the Funds’ financial statement disclosures.
|
|
|
15. | SUBSEQUENT EVENT |
|
On February 28, 2013, Lord Abbett Equity Trust – Lord Abbett Small Cap Blend Fund’s (“Small Cap Blend Fund”) Board approved a proposal to reorganize the Fund into Value Opportunities Fund to create a single larger fund. The reorganization requires the approval of Small Cap Blend Fund’s shareholders at a future shareholder meeting.
129
Investments in Underlying Funds (unaudited)
Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2013, 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 | 20.03% |
|
Lord Abbett Securities Trust – Lord Abbett International Opportunities Fund – Class I | 20.21% |
|
Lord Abbett Securities Trust – Lord Abbett Micro-Cap Growth Fund – Class I | 10.00% |
|
Lord Abbett Securities Trust – Lord Abbett Micro-Cap Value Fund – Class I | 9.88% |
|
Lord Abbett Equity Trust – Lord Abbett Small-Cap Blend Fund – Class I | 9.87% |
|
Lord Abbett Research Fund, Inc. – Lord Abbett Small-Cap Value Fund – Class I | 19.98% |
|
Lord Abbett Securities Trust – Lord Abbett Value Opportunities Fund – Class I | 10.03% |
|
|
The Ten Largest Holdings and the Holdings by Sector, as of April 30, 2013, for each Underlying Fund are presented below. Each Underlying Fund’s annual and semiannual reports, which are sent to shareholders and filed with the SEC, contain information about the Underlying Fund’s portfolio holdings, including a complete schedule of holdings. A complete schedule of holdings for each Underlying Fund is also filed with the SEC on Form N-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 |
|
| ||
Cree, Inc. | 1.77% |
|
CoStar Group, Inc. | 1.67% |
|
Medidata Solutions, Inc. | 1.62% |
|
Financial Engines, Inc. | 1.53% |
|
BioMarin Pharmaceutical, Inc. | 1.53% |
|
First Solar, Inc. | 1.46% |
|
Avis Budget Group, Inc. | 1.46% |
|
Team Health Holdings, Inc. | 1.41% |
|
Lumber Liquidators Holdings, Inc. | 1.36% |
|
Hexcel Corp. | 1.33% |
|
| ||
|
|
|
Holdings by Sector* | % of Investments |
|
| ||
Consumer Discretionary | 14.58% |
|
Consumer Staples | 4.35% |
|
Energy | 5.36% |
|
Financials | 6.03% |
|
Health Care | 22.08% |
|
Industrials | 16.81% |
|
Information Technology | 27.65% |
|
Materials | 0.72% |
|
Short-Term Investment | 2.42% |
|
| ||
Total | 100.00% |
|
|
|
|
* | A sector may comprise several industries. |
130
Investments in Underlying Funds (unaudited)(continued)
Lord Abbett Securities Trust – International Opportunities Fund
|
|
|
Ten Largest Holdings | % of Investments |
|
| ||
Safilo Group SpA | 2.14% |
|
K’s Holdings Corp. | 1.95% |
|
Ashtead Group plc | 1.90% |
|
Ingenico | 1.70% |
|
Loomis AB | 1.69% |
|
Intrum Justitia AB | 1.62% |
|
VTech Holdings Ltd. | 1.57% |
|
Filinvest Land, Inc. | 1.53% |
|
PT Bank Tabungan Negara Persero Tbk | 1.53% |
|
Berkeley Group Holdings plc | 1.52% |
|
|
|
|
|
Holdings by Sector* | % of Investments |
|
| ||
Consumer Discretionary | 24.59% |
|
Consumer Staples | 9.16% |
|
Energy | 4.68% |
|
Financials | 22.18% |
|
Health Care | 4.79% |
|
Industrials | 15.82% |
|
Information Technology | 8.09% |
|
Materials | 6.18% |
|
Telecommunication Services | 0.96% |
|
Utilities | 3.16% |
|
Short-Term Investment | 0.39% |
|
| ||
Total | 100.00% |
|
|
|
|
* | A sector may comprise several industries. |
|
|
|
Lord Abbett Securities Trust – Micro Cap Growth Fund |
|
|
|
|
|
Ten Largest Holdings | % of Investments |
|
| ||
ACADIA Pharmaceuticals, Inc. | 2.72% |
|
Aegerion Pharmaceuticals, Inc. | 2.19% |
|
Xoom Corp. | 2.18% |
|
Flotek Industries, Inc. | 2.02% |
|
Proofpoint, Inc. | 1.91% |
|
Celldex Therapeutics, Inc. | 1.78% |
|
SunPower Corp. | 1.73% |
|
RigNet, Inc. | 1.70% |
|
Proto Labs, Inc. | 1.66% |
|
Spectranetics Corp. (The) | 1.65% |
|
|
131
Investments in Underlying Funds (unaudited)(continued)
|
|
|
Holdings by Sector* | % of Investments |
|
| ||
Consumer Discretionary | 18.06% |
|
Consumer Staples | 2.17% |
|
Energy | 3.50% |
|
Financials | 4.16% |
|
Health Care | 32.75% |
|
Industrials | 13.80% |
|
Information Technology | 23.18% |
|
Materials | 2.03% |
|
Short-Term Investment | 0.35% |
|
| ||
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. | 2.51% |
|
Marlin Business Services Corp. | 2.06% |
|
CAI International, Inc. | 2.04% |
|
Virtusa Corp. | 1.99% |
|
Computer Task Group, Inc. | 1.79% |
|
TMS International Corp. Class A | 1.78% |
|
Electronics for Imaging, Inc. | 1.72% |
|
Rush Enterprises, Inc. Class A | 1.72% |
|
Asbury Automotive Group, Inc. | 1.71% |
|
Overhill Farms, Inc. | 1.71% |
|
|
|
|
|
Holdings by Sector* | % of Investments |
|
| ||
Consumer Discretionary | 11.34% |
|
Consumer Staples | 1.71% |
|
Energy | 0.45% |
|
Financials | 31.06% |
|
Health Care | 5.39% |
|
Industrials | 29.30% |
|
Information Technology | 9.30% |
|
Materials | 6.93% |
|
Utilities | 2.61% |
|
Short-Term Investment | 1.91% |
|
| ||
Total | 100.00% |
|
|
|
|
* | A sector may comprise several industries. |
132
Investments in Underlying Funds (unaudited)(continued)
Lord Abbett Equity Trust – Small Cap Blend Fund
|
|
|
Ten Largest Holdings | % of Investments |
|
| ||
Oshkosh Corp. | 2.69% |
|
Brinker International, Inc. | 2.50% |
|
Greatbatch, Inc. | 2.46% |
|
Berry Plastics Group, Inc. | 2.28% |
|
ExamWorks Group, Inc. | 2.23% |
|
Bally Technologies, Inc. | 2.14% |
|
SS&C Technologies Holdings, Inc. | 2.10% |
|
KapStone Paper and Packaging Corp. | 2.05% |
|
Jones Lang LaSalle, Inc. | 2.03% |
|
SVB Financial Group | 2.03% |
|
|
|
|
|
Holdings by Sector* | % of Investments |
|
| ||
Consumer Discretionary | 16.66% |
|
Consumer Staples | 3.23% |
|
Energy | 1.01% |
|
Financials | 26.13% |
|
Health Care | 10.15% |
|
Industrials | 16.02% |
|
Information Technology | 9.23% |
|
Materials | 8.21% |
|
Utilities | 3.29% |
|
Short-Term Investment | 6.07% |
|
| ||
Total | 100.00% |
|
|
|
|
* | A sector may comprise several industries. |
|
|
|
Lord Abbett Research Fund, Inc. – Small Cap Value Fund |
|
|
|
|
|
Ten Largest Holdings | % of Investments |
|
| ||
Ryder System, Inc. | 1.40% |
|
Team Health Holdings, Inc. | 1.30% |
|
TAL International Group, Inc. | 1.29% |
|
Superior Energy Services, Inc. | 1.20% |
|
EMCOR Group, Inc. | 1.17% |
|
Avis Budget Group, Inc. | 1.13% |
|
Pebblebrook Hotel Trust | 1.13% |
|
Reliance Steel & Aluminum Co. | 1.12% |
|
First Industrial Realty Trust, Inc. | 1.12% |
|
Navigators Group, Inc. (The) | 1.11% |
|
|
133
Investments in Underlying Funds (unaudited)(concluded)
|
|
|
Holdings by Sector* | % of Investments |
|
| ||
Consumer Discretionary | 9.17% |
|
Consumer Staples | 1.94% |
|
Energy | 5.67% |
|
Financials | 26.99% |
|
Health Care | 12.07% |
|
Industrials | 20.39% |
|
Information Technology | 10.08% |
|
Materials | 8.38% |
|
Utilities | 3.44% |
|
Short-Term Investment | 1.87% |
|
| ||
Total | 100.00% |
|
|
|
|
* | A sector may comprise several industries. |
|
|
|
Lord Abbett Securities Trust – Value Opportunities Fund |
|
|
|
|
|
Ten Largest Holdings | % of Investments |
|
| ||
Rock-Tenn Co. Class A | 1.92% |
|
Alterra Capital Holdings Ltd. | 1.86% |
|
Hertz Global Holdings, Inc. | 1.75% |
|
Rovi Corp. | 1.73% |
|
Abercrombie & Fitch Co. Class A | 1.63% |
|
Jacobs Engineering Group, Inc. | 1.60% |
|
Reliance Steel & Aluminum Co. | 1.56% |
|
Comerica, Inc. | 1.53% |
|
Hartford Financial Services Group, Inc. | 1.52% |
|
TAL International Group, Inc. | 1.47% |
|
|
|
|
|
Holdings by Sector* | % of Investments |
|
| ||
Consumer Discretionary | 10.46% |
|
Consumer Staples | 4.15% |
|
Energy | 5.25% |
|
Financials | 27.51% |
|
Health Care | 7.31% |
|
Industrials | 12.00% |
|
Information Technology | 14.95% |
|
Materials | 10.52% |
|
Utilities | 5.46% |
|
Short-Term Investment | 2.39% |
|
| ||
Total | 100.00% |
|
|
|
|
* | A sector may comprise several industries. |
134
Approval of Advisory Contract
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 the 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 its 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 the Fund compared to the investment performance of a group of funds within the same investment classification/objective (the “performance universe”) and 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. In addition, for each of the Funds other than Alpha Strategy Fund, the Board received detailed performance attribution analysis.
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 the Fund 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 September 30, 2012. As to Alpha Strategy Fund, the Board observed that the investment performance of the Class A shares was below the median of the performance universe for the nine-month, one-year, three-year, and five-year periods and above that of the performance universe for the ten-year period. As to Fundamental Equity Fund, the Board observed that the investment performance of the Class A shares was below the medians of the peer group for the nine-month, one-year, and three-year periods and above the medians for the five-year and ten-year periods. As to Growth Leaders Fund,
135
Approval of Advisory Contract (continued)
the Board observed that the investment performance of the Class A shares was below the median of the peer group for the nine-month and one-year periods. As to International Core Equity Fund, the Board observed that the investment performance of the Class A shares was below the median of the peer group for each of the periods. As to International Dividend Income Fund, the Board observed that the investment performance of the Class A shares was very close to the medians of one peer group and below the medians of a second peer group. As to International Opportunities Fund, the Board observed that the investment performance of the Class A shares was above the medians of the peer groups for some periods and below for other periods. As to Value Opportunities Fund, the Board observed that the investment performance of the Class A shares was below the medians of the peer groups for the nine-month, one-year, and three-year periods and above the medians for the five-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 also considered the steps Lord Abbett had taken or was taking to improve investment performance of each Fund.
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 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 and how those levels would relate to those of the peer group and the amount and nature of the fees paid by shareholders. As to Alpha Strategy Fund, the Board observed that the expense ratios of some classes were below the medians of the peer groups and other classes were above the medians. As to Fundamental Equity Fund, the Board observed that the expense ratios were below or the same as the medians of the peer group. As to Growth Leaders Fund, the Board observed that the expense ratios were well below the medians of the peer group. As to International Core Equity Fund, the Board observed that the expense ratios were below the medians of the peer group. As to International Dividend Income Fund, the Board observed that the expense ratios were well below the medians of the peer groups. As to each of International Opportunities Fund and Value Opportunities Fund, the Board observed that the Board observed that the expense ratios of some classes were below the medians of the peer groups and other classes were above the medians. In addition, as to each of International Core Equity Fund, International Dividend Income Fund, and Value Opportunities Fund, the Board noted that Lord Abbett had agreed to a new fee schedule to the management agreement, effective March 1, 2013.
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 that Lord Abbett receives from the Fund for providing
136
Approval of Advisory Contract (concluded)
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 the 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 the Fund. The Board concluded that Lord Abbett’s profitability 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, with its breakpoint or breakpoints 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 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 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 of the management agreements. In considering whether to approve the continuation of 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.
137
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 Alpha Strategy Fund |
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| LST-3-0413 |
2 0 1 3
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, 2013
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Table of Contents |
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1 |
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2 |
| Information About Your Fund’s Expenses and Holdings Presented by Sector |
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26 |
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Lord Abbett Micro Cap Growth Fund and Lord Abbett |
For the six-month period ended April 30, 2013 |
Dear Shareholders: We are pleased to provide you with this semiannual report for the Funds for the six-month period ended April 30, 2013. 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, |
Daria L. Foster |
Trustee, President and Chief Executive Officer |
1
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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, 2012 through April 30, 2013).
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 11/1/12 – 4/30/13” 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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| 11/1/12 |
| 4/30/13 |
| 11/1/12 - |
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Class A* |
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Actual |
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| $1,000.00 |
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| $1,207.60 |
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| $10.45 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,015.34 |
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| $ 9.54 |
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Class I |
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Actual |
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| $1,000.00 |
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| $1,208.50 |
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| $ 9.91 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,015.80 |
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| $ 9.05 |
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† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.91% for Class A and 1.81% for Class I) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). |
* | The annualized expenses for Class A have been restated to 1.81%. Had the restated expense ratio been in place throughout the most recent fiscal half-year, the expenses paid during the period would have been: |
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| Hypothetical |
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Class A |
| $9.91 |
| $9.05 |
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Portfolio Holdings Presented by Sector |
April 30, 2013 |
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Sector* |
| %** |
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Consumer Discretionary |
| 18.06 | % |
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Consumer Staples |
| 2.17 | % |
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Energy |
| 3.50 | % |
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Financials |
| 4.16 | % |
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Health Care |
| 32.75 | % |
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Industrials |
| 13.80 | % |
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Information Technology |
| 23.18 | % |
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Materials |
| 2.03 | % |
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Short-Term Investment |
| 0.35 | % |
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Total |
| 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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| 11/1/12 |
| 4/30/13 |
| 11/1/12 - |
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Class A* |
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Actual |
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| $1,000.00 |
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| $1,129.00 |
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| $9.82 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,015.56 |
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| $9.30 |
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Class I |
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Actual |
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| $1,000.00 |
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| $1,129.30 |
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| $9.40 |
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Hypothetical (5% Return Before Expenses) |
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| $1,000.00 |
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| $1,015.97 |
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| $8.90 |
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† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.86% for Class A and 1.78% for Class I) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). |
* | The annualized expenses for Class A have been restated to 1.78%. Had the restated expense ratio been in place throughout the most recent fiscal half-year, the expenses paid during the period would have been: |
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| Actual |
| Hypothetical |
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Class A |
| $9.40 |
| $8.90 |
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Portfolio Holdings Presented by Sector |
April 30, 2013 |
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Sector* |
| %** |
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Consumer Discretionary |
| 11.34 | % |
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Consumer Staples |
| 1.71 | % |
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Energy |
| 0.45 | % |
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Financials |
| 31.06 | % |
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Health Care |
| 5.39 | % |
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Industrials |
| 29.30 | % |
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Information Technology |
| 9.30 | % |
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Materials |
| 6.93 | % |
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Utilities |
| 2.61 | % |
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Short-Term Investment |
| 1.91 | % |
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Total |
| 100.00 | % |
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* | A sector may comprise several industries. |
** | Represents percent of total investments. |
4
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Investments |
| Shares |
| Fair |
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LONG-TERM INVESTMENTS 98.11% |
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COMMON STOCKS 98.11% |
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Air Freight & Logistics 0.89% |
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Echo Global Logistics, Inc.* |
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| 58,884 |
| $ | 1,022 |
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Biotechnology 16.78% |
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ACADIA Pharmaceuticals, |
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| 239,058 |
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| 3,082 |
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Achillion Pharmaceuticals, |
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| 125,193 |
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| 944 |
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Aegerion Pharmaceuticals, |
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| 59,198 |
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| 2,489 |
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Array BioPharma, Inc.* |
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| 214,454 |
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| 1,276 |
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Celldex Therapeutics, Inc.* |
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| 154,966 |
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| 2,022 |
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Genomic Health, Inc.* |
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| 19,438 |
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| 590 |
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Infinity Pharmaceuticals, |
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| 28,366 |
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| 1,222 |
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Intercept Pharmaceuticals, |
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| 21,477 |
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| 731 |
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Keryx Biopharmaceuticals, |
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| 174,146 |
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| 1,419 |
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LipoScience, Inc.* |
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| 108,604 |
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| 938 |
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Neurocrine Biosciences, Inc.* |
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| 88,972 |
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| 1,027 |
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Puma Biotechnology, Inc.* |
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| 42,102 |
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| 1,355 |
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Sarepta Therapeutics, Inc.* |
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| 32,859 |
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| 954 |
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TESARO, Inc.* |
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| 46,985 |
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| 1,293 |
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Total |
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| 19,342 |
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Building Products 1.15% |
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Trex Co., Inc.* |
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| 27,136 |
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| 1,321 |
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Capital Markets 2.12% |
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HFF, Inc. Class A |
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| 74,056 |
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| 1,551 |
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Piper Jaffray Cos.* |
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| 26,473 |
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| 894 |
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Total |
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| 2,445 |
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Chemicals 1.99% |
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Flotek Industries, Inc.* |
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| 143,189 |
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| 2,297 |
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Commercial Banks 1.03% |
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Western Alliance Bancorp* |
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| 80,455 |
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| 1,184 |
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Investments |
| Shares |
| Fair |
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| |||||||
Commercial Services & Supplies 2.73% |
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|
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EnerNOC, Inc.* |
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| 98,233 |
| $ | 1,721 |
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Performant Financial Corp.* |
|
| 146,246 |
|
| 1,423 |
|
|
|
|
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|
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Total |
|
|
|
|
| 3,144 |
|
|
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Communications Equipment 1.02% |
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Infinera Corp.* |
|
| 139,468 |
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| 1,174 |
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Construction & Engineering 1.00% |
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Orion Marine Group, Inc.* |
|
| 125,774 |
|
| 1,152 |
|
|
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Diversified Consumer Services 1.38% |
|
|
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LifeLock, Inc.* |
|
| 176,294 |
|
| 1,587 |
|
|
|
|
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| ||
|
|
|
|
|
|
|
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Electronic Equipment, Instruments & |
|
|
|
|
|
|
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FARO Technologies, Inc.* |
|
| 21,059 |
|
| 817 |
|
|
|
|
|
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| ||
|
|
|
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Energy Equipment & Services 1.90% |
|
|
|
|
|
|
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Geospace Technologies Corp.* |
|
| 3,072 |
|
| 259 |
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RigNet, Inc.* |
|
| 79,828 |
|
| 1,932 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,191 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
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Food & Staples Retailing 1.04% |
|
|
|
|
|
|
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Natural Grocers by Vitamin |
|
| 48,013 |
|
| 1,204 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 1.09% |
|
|
|
|
|
|
|
Annie’s, Inc.* |
|
| 33,381 |
|
| 1,261 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
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Health Care Equipment & Supplies 9.83% |
|
|
|
|
|
|
|
DexCom, Inc.* |
|
| 106,751 |
|
| 1,752 |
|
Endologix, Inc.* |
|
| 101,033 |
|
| 1,517 |
|
GenMark Diagnostics, Inc.* |
|
| 117,416 |
|
| 1,826 |
|
Insulet Corp.* |
|
| 35,084 |
|
| 886 |
|
Novadaq Technologies, Inc. |
|
| 104,899 |
|
| 1,413 |
|
Spectranetics Corp. (The)* |
|
| 100,159 |
|
| 1,868 |
|
SurModics, Inc.* |
|
| 44,144 |
|
| 1,168 |
|
Vascular Solutions, Inc.* |
|
| 56,460 |
|
| 898 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 11,328 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 5 |
|
Schedule of Investments (unaudited)(continued) |
MICRO CAP GROWTH FUND April 30, 2013 |
|
|
|
|
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Investments |
| Shares |
| Fair |
| ||
| |||||||
Health Care Providers & Services 1.44% |
|
|
|
|
|
|
|
IPC The Hospitalist Co., Inc.* |
|
| 24,901 |
| $ | 1,136 |
|
MWI Veterinary Supply, Inc.* |
|
| 4,484 |
|
| 528 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 1,664 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Technology 0.29% |
|
|
|
|
|
|
|
Vocera Communications, Inc.* |
|
| 16,839 |
|
| 333 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 6.05% |
|
|
|
|
|
|
|
AFC Enterprises, Inc.* |
|
| 41,693 |
|
| 1,329 |
|
Chuy’s Holdings, Inc.* |
|
| 50,943 |
|
| 1,666 |
|
Del Frisco’s Restaurant |
|
| 51,042 |
|
| 863 |
|
Multimedia Games Holding |
|
| 70,621 |
|
| 1,742 |
|
Sonic Corp.* |
|
| 109,416 |
|
| 1,371 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 6,971 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Household Durables 2.52% |
|
|
|
|
|
|
|
iRobot Corp.* |
|
| 40,498 |
|
| 1,178 |
|
SodaStream International |
|
| 32,170 |
|
| 1,732 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,910 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Information Technology Services 1.21% |
|
|
|
|
|
|
|
EPAM Systems, Inc.* |
|
| 64,651 |
|
| 1,390 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 0.46% |
|
|
|
|
|
|
|
Hilltop Holdings, Inc.* |
|
| 40,015 |
|
| 536 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Internet & Catalog Retail 1.00% |
|
|
|
|
|
|
|
Overstock.com, Inc.* |
|
| 55,356 |
|
| 1,151 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Internet Software & Services 7.76% |
|
|
|
|
|
|
|
Angie’s List, Inc.* |
|
| 62,668 |
|
| 1,519 |
|
Cornerstone OnDemand, Inc.* |
|
| 26,927 |
|
| 977 |
|
Demandware, Inc.* |
|
| 11,159 |
|
| 305 |
|
E2open, Inc.* |
|
| 42,162 |
|
| 599 |
|
Marin Software, Inc.* |
|
| 51,854 |
|
| 762 |
|
NIC, Inc. |
|
| 50,165 |
|
| 845 |
|
Trulia, Inc.* |
|
| 50,454 |
|
| 1,466 |
|
Xoom Corp.* |
|
| 133,831 |
|
| 2,471 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 8,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Life Sciences Tools & Services 1.11% |
|
|
|
|
|
|
|
Fluidigm Corp.* |
|
| 75,963 |
| $ | 1,279 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 3.58% |
|
|
|
|
|
|
|
ExOne Co. (The)* |
|
| 35,328 |
|
| 1,357 |
|
Proto Labs, Inc.* |
|
| 36,769 |
|
| 1,878 |
|
RBC Bearings, Inc.* |
|
| 18,536 |
|
| 891 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 4,126 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 1.21% |
|
|
|
|
|
|
|
Shutterstock, Inc.* |
|
| 33,390 |
|
| 1,392 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.54% |
|
|
|
|
|
|
|
GasLog Ltd. (Monaco)(a) |
|
| 139,070 |
|
| 1,780 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Pharmaceuticals 2.79% |
|
|
|
|
|
|
|
Cadence Pharmaceuticals, |
|
| 202,303 |
|
| 1,432 |
|
Santarus, Inc.* |
|
| 97,340 |
|
| 1,788 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,220 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Professional Services 1.60% |
|
|
|
|
|
|
|
WageWorks, Inc.* |
|
| 71,982 |
|
| 1,844 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
Intermolecular, Inc.* |
|
| 127,021 |
|
| 1,106 |
|
MagnaChip Semiconductor |
|
| 52,673 |
|
| 845 |
|
MEMC Electronic Materials, |
|
| 279,177 |
|
| 1,508 |
|
SunPower Corp.* |
|
| 144,444 |
|
| 1,963 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 5,422 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Software 7.43% |
|
|
|
|
|
|
|
Imperva, Inc.* |
|
| 43,946 |
|
| 1,713 |
|
Infoblox, Inc.* |
|
| 75,023 |
|
| 1,659 |
|
Jive Software, Inc.* |
|
| 61,991 |
|
| 843 |
|
Proofpoint, Inc.* |
|
| 118,510 |
|
| 2,171 |
|
PROS Holdings, Inc.* |
|
| 52,543 |
|
| 1,362 |
|
Silver Spring Networks, Inc.* |
|
| 45,007 |
|
| 812 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 8,560 |
|
|
|
|
|
|
|
|
|
|
6 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(concluded) |
MICRO CAP GROWTH FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Specialty Retail 5.63% |
|
|
|
|
|
|
|
America’s Car-Mart, Inc.* |
|
| 20,513 |
| $ | 949 |
|
Asbury Automotive Group, |
|
| 30,538 |
|
| 1,224 |
|
Lithia Motors, Inc. Class A |
|
| 23,279 |
|
| 1,153 |
|
Lumber Liquidators Holdings, |
|
| 13,589 |
|
| 1,114 |
|
MarineMax, Inc.* |
|
| 70,826 |
|
| 821 |
|
Tile Shop Holdings, Inc.* |
|
| 49,370 |
|
| 1,224 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 6,485 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Thrifts & Mortgage Finance 0.48% |
|
|
|
|
|
|
|
Home Loan Servicing |
|
| 24,349 |
|
| 552 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Trading Companies & Distributors 2.65% |
|
|
|
|
|
|
|
DXP Enterprises, Inc.* |
|
| 13,283 |
|
| 888 |
|
H&E Equipment Services, |
|
| 56,395 |
|
| 1,148 |
|
Rush Enterprises, Inc. |
|
| 44,463 |
|
| 1,018 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,054 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 113,082 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
WARRANT 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
Magnum Hunter Resources |
|
| 13,683 |
|
| — | (c) |
|
|
|
|
|
| ||
Total Long-Term Investments |
|
|
|
|
| 113,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
| |||||||
SHORT-TERM INVESTMENT 0.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 396 |
| $ | 396 |
|
|
|
|
|
|
| ||
Total Investments in |
|
|
|
|
| 113,478 |
|
|
|
|
|
|
| ||
Other Assets in Excess |
|
|
|
|
| 1,785 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 115,263 |
|
|
|
|
|
|
|
|
|
|
* |
| 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, 2013. |
|
|
|
| See Notes to Financial Statements. | 7 |
|
MICRO CAP VALUE FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
COMMON STOCKS 98.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 0.99% |
|
|
|
|
|
|
|
LMI Aerospace, Inc.* |
|
| 63,477 |
| $ | 1,358 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Auto Components 3.28% |
|
|
|
|
|
|
|
Dorman Products, Inc. |
|
| 38,300 |
|
| 1,445 |
|
Drew Industries, Inc. |
|
| 54,475 |
|
| 1,967 |
|
Gentherm, Inc.* |
|
| 72,000 |
|
| 1,097 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 4,509 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals 4.11% |
|
|
|
|
|
|
|
Balchem Corp. |
|
| 41,400 |
|
| 1,794 |
|
KMG Chemicals, Inc. |
|
| 101,948 |
|
| 1,872 |
|
Quaker Chemical Corp. |
|
| 32,100 |
|
| 1,981 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 5,647 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Banks 15.90% |
|
|
|
|
|
|
|
Bank of Marin Bancorp |
|
| 44,600 |
|
| 1,766 |
|
Bryn Mawr Bank Corp. |
|
| 69,782 |
|
| 1,621 |
|
CoBiz Financial, Inc. |
|
| 185,164 |
|
| 1,585 |
|
Lakeland Financial Corp. |
|
| 50,000 |
|
| 1,340 |
|
MidSouth Bancorp, Inc. |
|
| 127,946 |
|
| 2,010 |
|
Northrim BanCorp, Inc. |
|
| 76,074 |
|
| 1,657 |
|
Park Sterling Corp.* |
|
| 237,900 |
|
| 1,363 |
|
Renasant Corp. |
|
| 27,000 |
|
| 616 |
|
Sandy Spring Bancorp, Inc. |
|
| 103,600 |
|
| 2,122 |
|
SCBT Financial Corp. |
|
| 44,060 |
|
| 2,105 |
|
Southern National Bancorp |
|
| 126,400 |
|
| 1,273 |
|
Sterling Bancorp |
|
| 207,200 |
|
| 2,337 |
|
Washington Banking Co. |
|
| 147,701 |
|
| 2,038 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 21,833 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Services & Supplies 9.95% |
|
|
|
|
|
|
|
McGrath RentCorp |
|
| 66,700 |
|
| 2,072 |
|
Mobile Mini, Inc.* |
|
| 74,100 |
|
| 2,084 |
|
Multi-Color Corp. |
|
| 133,486 |
|
| 3,452 |
|
Performant Financial Corp.* |
|
| 193,300 |
|
| 1,881 |
|
Team, Inc.* |
|
| 44,900 |
|
| 1,740 |
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
TMS International Corp. |
|
| 169,100 |
| $ | 2,442 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 13,671 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Computers & Peripherals 1.72% |
|
|
|
|
|
|
|
Electronics for Imaging, Inc.* |
|
| 88,400 |
|
| 2,362 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Construction & Engineering 1.60% |
|
|
|
|
|
|
|
MYR Group, Inc.* |
|
| 96,500 |
|
| 2,200 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Financial Services 2.06% |
|
|
|
|
|
|
|
Marlin Business Services |
|
| 116,576 |
|
| 2,825 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electrical Equipment 2.72% |
|
|
|
|
|
|
|
AZZ, Inc. |
|
| 32,600 |
|
| 1,379 |
|
Powell Industries, Inc.* |
|
| 36,295 |
|
| 1,787 |
|
Thermon Group Holdings, |
|
| 29,000 |
|
| 568 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,734 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & |
|
|
|
|
|
|
|
CTS Corp. |
|
| 151,025 |
|
| 1,608 |
|
Measurement Specialties, |
|
| 44,159 |
|
| 1,889 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 3,497 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy Equipment & Services 0.45% |
|
|
|
|
|
|
|
Tesco Corp.* |
|
| 50,700 |
|
| 619 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Food Products 1.71% |
|
|
|
|
|
|
|
Overhill Farms, Inc.* |
|
| 587,957 |
|
| 2,352 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Gas Utilities 1.41% |
|
|
|
|
|
|
|
Chesapeake Utilities Corp. |
|
| 36,300 |
|
| 1,937 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies 1.63% |
|
|
|
|
|
|
|
ICU Medical, Inc.* |
|
| 11,800 |
|
| 711 |
|
SurModics, Inc.* |
|
| 57,915 |
|
| 1,532 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,243 |
|
|
|
|
|
|
|
|
|
|
8 | See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
MICRO CAP VALUE FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Health Care Providers & Services 3.76% |
|
|
|
|
|
|
|
BioScrip, Inc.* |
|
| 142,100 |
| $ | 1,969 |
|
CorVel Corp.* |
|
| 39,020 |
|
| 1,852 |
|
U.S. Physical Therapy, Inc. |
|
| 56,145 |
|
| 1,340 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 5,161 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 0.61% |
|
|
|
|
|
|
|
Marcus Corp. (The) |
|
| 65,463 |
|
| 841 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Information Technology Services 3.78% |
|
|
|
|
|
|
|
Computer Task Group, Inc. |
|
| 119,779 |
|
| 2,458 |
|
Virtusa Corp.* |
|
| 123,081 |
|
| 2,734 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 5,192 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Insurance 1.91% |
|
|
|
|
|
|
|
AMERISAFE, Inc. |
|
| 30,500 |
|
| 996 |
|
Donegal Group, Inc. Class A |
|
| 110,805 |
|
| 1,622 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,618 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Machinery 1.46% |
|
|
|
|
|
|
|
Commercial Vehicle Group, |
|
| 120,228 |
|
| 843 |
|
Twin Disc, Inc. |
|
| 54,400 |
|
| 1,160 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,003 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media 1.24% |
|
|
|
|
|
|
|
Carmike Cinemas, Inc.* |
|
| 97,100 |
|
| 1,705 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Metals & Mining 1.73% |
|
|
|
|
|
|
|
A. M. Castle & Co.* |
|
| 41,900 |
|
| 726 |
|
Universal Stainless & Alloy |
|
| 47,068 |
|
| 1,645 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 2,371 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Paper & Forest Products 1.09% |
|
|
|
|
|
|
|
Neenah Paper, Inc. |
|
| 52,275 |
|
| 1,503 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Professional Services 0.40% |
|
|
|
|
|
|
|
Exponent, Inc. |
|
| 10,539 |
|
| 555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Real Estate Investment Trusts 6.75% |
|
|
|
|
|
|
|
Agree Realty Corp. |
|
| 56,500 |
| $ | 1,699 |
|
Campus Crest Communities, |
|
| 157,400 |
|
| 2,150 |
|
CapLease, Inc. |
|
| 248,000 |
|
| 1,741 |
|
Parkway Properties, Inc. |
|
| 115,000 |
|
| 2,096 |
|
Terreno Realty Corp. |
|
| 84,100 |
|
| 1,583 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 9,269 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Road & Rail 4.06% |
|
|
|
|
|
|
|
Celadon Group, Inc. |
|
| 95,700 |
|
| 1,607 |
|
Marten Transport Ltd. |
|
| 82,349 |
|
| 1,677 |
|
Roadrunner Transportation |
|
| 101,600 |
|
| 2,287 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 5,571 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Software 1.25% |
|
|
|
|
|
|
|
Tangoe, Inc.* |
|
| 133,300 |
|
| 1,714 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Specialty Retail 6.20% |
|
|
|
|
|
|
|
America’s Car-Mart, Inc.* |
|
| 18,150 |
|
| 840 |
|
Asbury Automotive Group, |
|
| 58,700 |
|
| 2,353 |
|
Lithia Motors, Inc. Class A |
|
| 44,500 |
|
| 2,204 |
|
MarineMax, Inc.* |
|
| 103,400 |
|
| 1,198 |
|
Shoe Carnival, Inc. |
|
| 83,900 |
|
| 1,748 |
|
Tilly’s, Inc.* |
|
| 11,601 |
|
| 167 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 8,510 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Thrifts & Mortgage Finance 4.45% |
|
|
|
|
|
|
|
Federal Agricultural |
|
| 71,445 |
|
| 2,271 |
|
HomeStreet, Inc. |
|
| 76,700 |
|
| 1,649 |
|
Territorial Bancorp, Inc. |
|
| 93,500 |
|
| 2,186 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 6,106 |
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements. | 9 |
|
Schedule of Investments (unaudited)(concluded) |
MICRO CAP VALUE FUND April 30, 2013 |
|
|
|
|
|
|
|
|
Investments |
| Shares |
| Fair |
| ||
| |||||||
Trading Companies & Distributors 8.11% |
|
|
|
|
|
|
|
CAI International, Inc.* |
|
| 109,600 |
| $ | 2,794 |
|
Essex Rental Corp.* |
|
| 366,584 |
|
| 1,595 |
|
H&E Equipment Services, |
|
| 115,500 |
|
| 2,351 |
|
Rush Enterprises, Inc. |
|
| 102,839 |
|
| 2,354 |
|
Titan Machinery, Inc.* |
|
| 90,900 |
|
| 2,051 |
|
|
|
|
|
|
| ||
Total |
|
|
|
|
| 11,145 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Water Utilities 1.20% |
|
|
|
|
|
|
|
Connecticut Water |
|
| 57,900 |
|
| 1,649 |
|
|
|
|
|
|
| ||
Total Common Stocks |
|
|
|
|
| 134,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
| Principal |
| Fair |
| ||
| |||||||
SHORT-TERM INVESTMENT 1.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
Repurchase Agreement |
| $ | 2,621 |
| $ | 2,621 |
|
|
|
|
|
|
| ||
Total Investments |
|
|
|
|
| 137,321 |
|
|
|
|
|
|
| ||
Other Assets in Excess |
|
|
|
|
| 11 |
|
|
|
|
|
|
| ||
Net Assets 100.00% |
|
|
|
| $ | 137,332 |
|
|
|
|
|
|
|
|
|
|
* |
| Non-income producing security. |
|
|
|
10 | See Notes to Financial Statements. |
|
Statements of Assets and Liabilities (unaudited)
April 30, 2013
|
|
|
|
|
|
|
|
|
| Micro Cap |
| Micro Cap |
| ||
ASSETS: |
|
|
|
|
|
|
|
Investments in securities, at cost |
| $ | 88,690,656 |
| $ | 104,871,093 |
|
Investments in securities, at fair value |
| $ | 113,477,666 |
| $ | 137,321,050 |
|
Receivables: |
|
|
|
|
|
|
|
Investment securities sold |
|
| 3,199,421 |
|
| 1,295,216 |
|
Interest and dividends |
|
| 3,409 |
|
| 46,546 |
|
Capital shares sold |
|
| 19,846 |
|
| 19,446 |
|
From advisor (See Note 3) |
|
| 2,964 |
|
| 11,193 |
|
Prepaid expenses |
|
| 5,094 |
|
| 13,076 |
|
Total assets |
|
| 116,708,400 |
|
| 138,706,527 |
|
LIABILITIES: |
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
Investment securities purchased |
|
| 1,255,537 |
|
| 1,141,975 |
|
Management fee |
|
| 141,322 |
|
| 168,073 |
|
12b-1 distribution fees |
|
| 3,167 |
|
| 11,628 |
|
Trustees’ fees |
|
| 7,899 |
|
| 10,216 |
|
Fund administration |
|
| 3,769 |
|
| 4,482 |
|
To affiliate (See Note 3) |
|
| 5,873 |
|
| 5,751 |
|
Accrued expenses |
|
| 27,551 |
|
| 31,913 |
|
Total liabilities |
|
| 1,445,118 |
|
| 1,374,038 |
|
NET ASSETS |
| $ | 115,263,282 |
| $ | 137,332,489 |
|
COMPOSITION OF NET ASSETS: |
|
|
|
|
|
|
|
Paid-in capital |
| $ | 83,839,383 |
| $ | 103,715,235 |
|
Accumulated net investment loss |
|
| (2,429,445 | ) |
| (330,410 | ) |
Accumulated net realized gain on investments |
|
| 9,066,334 |
|
| 1,497,707 |
|
Net unrealized appreciation on investments |
|
| 24,787,010 |
|
| 32,449,957 |
|
Net Assets |
| $ | 115,263,282 |
| $ | 137,332,489 |
|
Net assets by class: |
|
|
|
|
|
|
|
Class A Shares |
| $ | 8,336,347 |
| $ | 28,612,349 |
|
Class I Shares |
| $ | 106,926,935 |
| $ | 108,720,140 |
|
Outstanding shares by class (unlimited number of authorized shares of beneficial interest): |
|
|
|
|
|
|
|
Class A Shares |
|
| 495,783 |
|
| 955,546 |
|
Class I Shares |
|
| 6,088,258 |
|
| 3,526,065 |
|
Net asset value, offering and redemption price per share |
|
|
|
|
|
|
|
Class A Shares-Net asset value |
|
| $16.81 |
|
| $29.94 |
|
Class A Shares-Maximum offering price |
|
| $17.84 |
|
| $31.77 |
|
Class I Shares-Net asset value |
|
| $17.56 |
|
| $30.83 |
|
|
|
|
| See Notes to Financial Statements. | 11 |
Statements of Operations (unaudited)
For the Six Months Ended April 30, 2013
|
|
|
|
|
|
|
|
|
| Micro Cap |
| Micro Cap |
| ||
Investment income: |
|
|
|
|
|
|
|
Dividends |
| $ | 165,304 |
| $ | 1,334,554 |
|
Interest |
|
| 131 |
|
| 94 |
|
Total investment income |
|
| 165,435 |
|
| 1,334,648 |
|
Expenses: |
|
|
|
|
|
|
|
Management fee |
|
| 803,997 |
|
| 982,410 |
|
12b-1 distribution plan-Class A |
|
| 3,641 |
|
| 11,495 |
|
Shareholder servicing |
|
| 10,354 |
|
| 18,997 |
|
Professional |
|
| 20,893 |
|
| 20,961 |
|
Reports to shareholders |
|
| 3,115 |
|
| 3,639 |
|
Fund administration |
|
| 21,440 |
|
| 26,198 |
|
Custody |
|
| 6,900 |
|
| 5,128 |
|
Trustees’ fees |
|
| 1,520 |
|
| 1,876 |
|
Registration |
|
| 13,912 |
|
| 13,923 |
|
Subsidy (See Note 3) |
|
| 90,067 |
|
| 91,302 |
|
Other |
|
| 1,408 |
|
| 1,641 |
|
Gross expenses |
|
| 977,247 |
|
| 1,177,570 |
|
Expense reductions (See Note 7) |
|
| (7 | ) |
| (16 | ) |
Net expenses |
|
| 977,240 |
|
| 1,177,554 |
|
Net investment income (loss) |
|
| (811,805 | ) |
| 157,094 |
|
Net realized and unrealized gain: |
|
|
|
|
|
|
|
Net realized gain on investments |
|
| 9,622,848 |
|
| 5,848,566 |
|
Net change in unrealized appreciation/depreciation on investments |
|
| 12,276,776 |
|
| 9,901,153 |
|
Net realized and unrealized gain |
|
| 21,899,624 |
|
| 15,749,719 |
|
Net Increase in Net Assets Resulting From Operations |
| $ | 21,087,819 |
| $ | 15,906,813 |
|
|
|
|
12 | See Notes to Financial Statements. |
|
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
| Micro Cap Growth Fund |
| ||||
|
| ||||||
INCREASE (DECREASE) IN NET ASSETS |
| For the Six Months |
| For the Year Ended |
| ||
Operations: |
|
|
|
|
|
|
|
Net investment loss |
| $ | (811,805 | ) | $ | (1,814,689 | ) |
Net realized gain on investments |
|
| 9,622,848 |
|
| 1,219,638 |
|
Net change in unrealized appreciation/depreciation on investments |
|
| 12,276,776 |
|
| 6,331,957 |
|
Net increase in net assets resulting from operations |
|
| 21,087,819 |
|
| 5,736,906 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net realized gain |
|
|
|
|
|
|
|
Class A |
|
| (87,341 | ) |
| (2,348,826 | ) |
Class I |
|
| (648,390 | ) |
| (13,998,254 | ) |
Total distributions to shareholders |
|
| (735,731 | ) |
| (16,347,080 | ) |
Capital share transactions (See Note 11): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
| 7,637,246 |
|
| 4,579,643 |
|
Reinvestment of distributions |
|
| 696,469 |
|
| 14,787,271 |
|
Cost of shares reacquired |
|
| (14,803,857 | ) |
| (16,580,478 | ) |
Net increase (decrease) in net assets resulting from capital share transactions |
|
| (6,470,142 | ) |
| 2,786,436 |
|
Net increase (decrease) in net assets |
|
| 13,881,946 |
|
| (7,823,738 | ) |
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
| $ | 101,381,336 |
| $ | 109,205,074 |
|
End of period |
| $ | 115,263,282 |
| $ | 101,381,336 |
|
Accumulated net investment loss |
| $ | (2,429,445 | ) | $ | (1,617,640 | ) |
|
|
|
| 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 income (loss) |
| $ | 157,094 |
| $ | (183,858 | ) |
Net realized gain on investments |
|
| 5,848,566 |
|
| 3,480,033 |
|
Net change in unrealized appreciation/depreciation on investments |
|
| 9,901,153 |
|
| 15,593,852 |
|
Net increase in net assets resulting from operations |
|
| 15,906,813 |
|
| 18,890,027 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
Class I |
|
| (68,689 | ) |
| — |
|
Total distributions to shareholders |
|
| (68,689 | ) |
| — |
|
Capital share transactions (See Note 11): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
| 6,741,468 |
|
| 1,918,385 |
|
Reinvestment of distributions |
|
| 58,968 |
|
| — |
|
Cost of shares reacquired |
|
| (12,780,311 | ) |
| (14,368,859 | ) |
Net decrease in net assets resulting from capital share transactions |
|
| (5,979,875 | ) |
| (12,450,474 | ) |
Net increase in net assets |
|
| 9,858,249 |
|
| 6,439,553 |
|
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
| $ | 127,474,240 |
| $ | 121,034,687 |
|
End of period |
| $ | 137,332,489 |
| $ | 127,474,240 |
|
Accumulated net investment loss |
| $ | (330,410 | ) | $ | (418,815 | ) |
|
|
|
14 | See Notes to Financial Statements. |
|
|
MICRO CAP GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
| Year Ended 10/31 |
| |||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, beginning of period |
|
|
| $14.03 |
|
|
| $15.98 |
|
| $15.47 |
|
| $11.32 |
|
| $ 9.07 |
|
| $17.36 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| (.12 | ) |
|
| (.28 | ) |
| (.33 | ) |
| (.27 | ) |
| (.19 | ) |
| (.24 | ) |
Net realized and unrealized gain (loss) |
|
|
| 3.01 |
|
|
| .79 |
|
| .84 |
|
| 4.42 |
|
| 2.44 |
|
| (7.71 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment operations |
|
|
| 2.89 |
|
|
| .51 |
|
| .51 |
|
| 4.15 |
|
| 2.25 |
|
| (7.95 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| (.11 | ) |
|
| (2.46 | ) |
| — |
|
| — |
|
| — |
|
| (.34 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period |
|
|
| $16.81 |
|
|
| $14.03 |
|
| $15.98 |
|
| $15.47 |
|
| $11.32 |
|
| $ 9.07 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 20.76 | %(c) |
|
| 4.86 | % |
| 3.30 | % |
| 36.66 | % |
| 24.81 | % |
| (46.57 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed |
|
|
| .95 | %(c) |
|
| 2.09 | % |
| 2.07 | % |
| 2.10 | % |
| 2.09 | % |
| 2.09 | % |
| |||||||||||||||||||||
Expenses, including expense reductions, management fee waived and expenses reimbursed |
|
|
| .95 | %(c) |
|
| 2.09 | % |
| 2.07 | % |
| 2.10 | % |
| 2.09 | % |
| 2.09 | % |
| |||||||||||||||||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed |
|
|
| .95 | %(c) |
|
| 2.09 | % |
| 2.07 | % |
| 2.11 | % |
| 2.30 | % |
| 2.23 | % |
| |||||||||||||||||||||
Net investment loss |
|
|
| (.80 | )%(c) |
|
| (1.92 | )% |
| (1.98 | )% |
| (2.03 | )% |
| (1.99 | )% |
| (1.88 | )% |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $8,336 |
|
| $11,484 |
| $15,271 |
| $13,779 |
| $10,421 |
| $5,264 |
| ||||||
Portfolio turnover rate |
|
|
| 91.08 | %(c) |
|
| 119.77 | % |
| 120.62 | % |
| 115.89 | % |
| 147.34 | % |
| 173.93 | % |
|
|
(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. | 15 |
|
Financial Highlights (concluded) |
MICRO CAP GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
| Year Ended 10/31 |
| |||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, beginning of period |
|
|
| $14.64 |
|
|
| $16.52 |
|
| $15.96 |
|
| $11.65 |
|
| $ 9.31 |
|
| $17.76 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss(a) |
|
|
| (.12 | ) |
|
| (.25 | ) |
| (.30 | ) |
| (.24 | ) |
| (.17 | ) |
| (.22 | ) |
Net realized and unrealized gain (loss) |
|
|
| 3.15 |
|
|
| .83 |
|
| .86 |
|
| 4.55 |
|
| 2.51 |
|
| (7.89 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment operations |
|
|
| 3.03 |
|
|
| .58 |
|
| .56 |
|
| 4.31 |
|
| 2.34 |
|
| (8.11 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| (.11 | ) |
|
| (2.46 | ) |
| — |
|
| — |
|
| — |
|
| (.34 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period |
|
|
| $17.56 |
|
|
| $14.64 |
|
| $16.52 |
|
| $15.96 |
|
| $11.65 |
|
| $ 9.31 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 20.85 | %(c) |
|
| 5.10 | % |
| 3.57 | % |
| 37.00 | % |
| 25.13 | % |
| (46.41 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed |
|
|
| .90 | %(c) |
|
| 1.84 | % |
| 1.82 | % |
| 1.85 | % |
| 1.85 | % |
| 1.84 | % |
| |||||||||||||||||||||
Expenses, including expense reductions, management fee waived and expenses reimbursed |
|
|
| .90 | %(c) |
|
| 1.84 | % |
| 1.82 | % |
| 1.85 | % |
| 1.85 | % |
| 1.84 | % |
| |||||||||||||||||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed |
|
|
| .90 | %(c) |
|
| 1.84 | % |
| 1.82 | % |
| 1.86 | % |
| 2.05 | % |
| 1.98 | % |
| |||||||||||||||||||||
Net investment loss |
|
|
| (.75 | )%(c) |
|
| (1.68 | )% |
| (1.73 | )% |
| (1.78 | )% |
| (1.75 | )% |
| (1.64 | )% |
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $106,927 |
|
| $89,897 |
| $93,934 |
| $90,033 |
| $53,973 |
| $44,336 |
| ||||||
Portfolio turnover rate |
|
|
| 91.08 | %(c) |
|
| 119.77 | % |
| 120.62 | % |
| 115.89 | % |
| 147.34 | % |
| 173.93 | % |
|
|
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
|
|
|
16 | See Notes to Financial Statements. |
|
|
Financial Highlights |
MICRO CAP VALUE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
| ||||||||||||||||||
|
| ||||||||||||||||||||
|
| Six Months |
|
| Year Ended 10/31 |
| |||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net asset value, beginning of period |
|
|
| $26.52 |
|
|
| $22.88 |
|
| $23.33 |
|
| $18.57 |
|
| $16.94 |
|
| $28.90 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(a) |
|
|
| .02 |
|
|
| (.08 | ) |
| (.29 | ) |
| (.31 | ) |
| (.19 | ) |
| (.22 | ) |
Net realized and unrealized gain (loss) |
|
|
| 3.40 |
|
|
| 3.72 |
|
| (.16 | ) |
| 5.07 |
|
| 1.82 |
|
| (9.79 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment operations |
|
|
| 3.42 |
|
|
| 3.64 |
|
| (.45 | ) |
| 4.76 |
|
| 1.63 |
|
| (10.01 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1.95 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period |
|
|
| $29.94 |
|
|
| $26.52 |
|
| $22.88 |
|
| $23.33 |
|
| $18.57 |
|
| $16.94 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 12.90 | %(c) |
|
| 15.91 | % |
| (1.93 | )% |
| 25.63 | % |
| 9.62 | % |
| (36.82 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed |
|
|
| .92 | %(c) |
|
| 2.05 | % |
| 2.04 | % |
| 2.06 | % |
| 2.10 | % |
| 2.09 | % |
| |||||||||||||||||||||
Expenses, including expense reductions, management fee waived and expenses reimbursed |
|
|
| .92 | %(c) |
|
| 2.05 | % |
| 2.04 | % |
| 2.06 | % |
| 2.10 | % |
| 2.08 | % |
| |||||||||||||||||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed |
|
|
| .92 | %(c) |
|
| 2.05 | % |
| 2.04 | % |
| 2.06 | % |
| 2.22 | % |
| 2.14 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .07 | %(c) |
|
| (.32 | )% |
| (1.17 | )% |
| (1.48 | )% |
| (1.14 | )% |
| (.95 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $28,612 |
|
| $30,512 |
| $26,239 |
| $30,139 |
| $22,730 |
| $17,522 |
| ||||||
Portfolio turnover rate |
|
|
| 19.36 | %(c) |
|
| 34.25 | % |
| 56.97 | % |
| 48.03 | % |
| 42.27 | % |
| 56.70 | % |
|
|
(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 |
| |||||||||||||||
|
|
|
| ||||||||||||||||||
|
|
| |||||||||||||||||||
|
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, beginning of period |
|
|
| $27.32 |
|
|
| $23.50 |
|
| $23.91 |
|
| $18.98 |
|
| $17.27 |
|
| $29.36 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(a) |
|
|
| .04 |
|
|
| (.02 | ) |
| (.24 | ) |
| (.27 | ) |
| (.15 | ) |
| (.16 | ) |
Net realized and unrealized gain (loss) |
|
|
| 3.49 |
|
|
| 3.84 |
|
| (.17 | ) |
| 5.20 |
|
| 1.86 |
|
| (9.98 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total from investment operations |
|
|
| 3.53 |
|
|
| 3.82 |
|
| (.41 | ) |
| 4.93 |
|
| 1.71 |
|
| (10.14 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (.02 | ) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gain |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (1.95 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period |
|
|
| $30.83 |
|
|
| $27.32 |
|
| $23.50 |
|
| $23.91 |
|
| $18.98 |
|
| $17.27 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| |||||||||||||||||||||
Total Return(b) |
|
|
| 12.93 | %(c) |
|
| 16.21 | % |
| (1.67 | )% |
| 25.97 | % |
| 9.90 | % |
| (36.68 | )% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed |
|
|
| .88 | %(c) |
|
| 1.80 | % |
| 1.79 | % |
| 1.81 | % |
| 1.85 | % |
| 1.84 | % |
| |||||||||||||||||||||
Expenses, including expense reductions, management fee waived and expenses reimbursed |
|
|
| .88 | %(c) |
|
| 1.80 | % |
| 1.79 | % |
| 1.81 | % |
| 1.85 | % |
| 1.83 | % |
| |||||||||||||||||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed |
|
|
| .88 | %(c) |
|
| 1.80 | % |
| 1.79 | % |
| 1.81 | % |
| 1.97 | % |
| 1.89 | % |
| |||||||||||||||||||||
Net investment income (loss) |
|
|
| .13 | %(c) |
|
| (.09 | )% |
| (.92 | )% |
| (1.23 | )% |
| (.90 | )% |
| (.70 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
| $108,720 |
|
| $96,962 |
| $94,796 |
| $85,868 |
| $57,977 |
| $47,883 |
| ||||||
Portfolio turnover rate |
|
|
| 19.36 | %(c) |
|
| 34.25 | % |
| 56.97 | % |
| 48.03 | % |
| 42.27 | % |
| 56.70 | % |
|
|
(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)
|
|
|
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 nine 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.
|
|
|
2. | SIGNIFICANT ACCOUNTING POLICIES |
|
|
|
(a) | Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), each Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|
|
| Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange 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 prices are not readily available are valued at fair value as determined by the Pricing Committee and approved by the Board. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as |
19
Notes to Financial Statements (unaudited)(continued)
|
|
| reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
|
|
| Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |
|
|
(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 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. |
|
|
(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’ filed U.S. federal tax returns remains open for the fiscal years ended October 31 2009 through October 31, 2012. 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. |
|
|
(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. |
|
|
(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 |
20
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
| 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). |
|
|
|
|
| Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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, 2013 in valuing each Fund’s investments carried at fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Micro Cap Growth Fund |
|
| Micro Cap Value Fund |
| ||||||||||||||||||||
Investment Type* |
|
|
| Level 2 |
| Level 3 |
| Total |
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||||||
Common Stocks |
| $ | 113,082 |
| $ | — |
| $ | — |
| $ | 113,082 |
|
| $ | 134,700 |
| $ | — |
| $ | — |
| $ | 134,700 |
|
Warrant |
|
| — |
|
| — |
|
| — | (1) |
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
Repurchase Agreement |
|
| — |
|
| 396 |
|
| — |
|
| 396 |
|
|
| — |
|
| 2,621 |
|
| — |
|
| 2,621 |
|
Total |
| $ | 113,082 |
| $ | 396 |
| $ | — |
| $ | 113,478 |
|
| $ | 134,700 |
| $ | 2,621 |
| $ | — |
| $ | 137,321 |
|
|
|
* | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. There were no level transfers during the period ended April 30, 2013. |
(1) | Fair value of Magnum Hunter Resources Corp. was 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, 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, 2013.
21
Notes to Financial Statements (unaudited)(continued)
In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund’s average daily net assets.
For the period November 1, 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%. Effective March 1, 2013, the contractual waiver was discontinued.
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, 2013, the percentages of Micro Cap Growth Fund’s and Micro Cap Value Fund’s outstanding shares owned by Lord Abbett Alpha Strategy Fund were 81.41% and 67.33%.
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. For the period through December 31, 2012, the fees accrued daily at an annual rate of .25% based upon each Fund’s average daily net assets attributable to Class A shares. From January 1, 2013 through February 28, 2013, the Distributor voluntarily waived the fees. Effective March 1, 2013, the Board authorized a Class A 12b-1 fee rate of .00%.
Class I shares do not have a distribution plan.
A Trustee and certain of the Trust’s officers have an interest in Lord Abbett.
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4. | DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS |
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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.
22
Notes to Financial Statements (unaudited)(continued)
The tax character of distributions paid during the six months ended April 30, 2013 and the fiscal year ended October 31, 2012 was as follows:
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| Micro Cap Growth Fund |
| Micro Cap Value Fund |
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| Six Months |
| Year Ended |
| Six Months |
| Year Ended |
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Distributions paid from: |
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Ordinary income |
| $ | — |
| $ | — |
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| $68,689 |
| $ | — |
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Net long-term capital gains |
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| 735,731 |
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| 16,347,080 |
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| — |
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| — |
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Total distributions paid |
| $ | 735,731 |
| $ | 16,347,080 |
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| $68,689 |
| $ | — |
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As of October 31, 2012, Micro Cap Value Fund had a capital loss carryforward of $4,255,555, set to expire in 2017.
In accordance with the Regulated Investment Company Modernization Act of 2010, each Fund will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) indefinitely. Post-enactment losses will also retain their character as either short-term or long-term and be utilized before any pre-enactment losses.
As of April 30, 2013, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:
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| Micro Cap |
| Micro Cap |
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Tax cost |
| $ | 89,778,762 |
| $ | 105,223,775 |
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Gross unrealized gain |
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| 25,387,402 |
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| 33,555,390 |
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Gross unrealized loss |
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| (1,688,498 | ) |
| (1,458,115 | ) |
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Net unrealized security gain |
| $ | 23,698,904 |
| $ | 32,097,275 |
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The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities and wash sales.
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5. | PORTFOLIO SECURITIES TRANSACTIONS |
Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2013 were as follows:
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| Purchases |
| Sales |
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Micro Cap Growth Fund |
| $96,517,267 |
| $103,661,010 |
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Micro Cap Value Fund |
| 25,317,169 |
| 32,060,176 |
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There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2013.
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6. | TRUSTEES’ REMUNERATION |
The Trust’s officers and a Trustee who are associated with Lord Abbett do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Trustees’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Trustees’ fees on the
23
Notes to Financial Statements (unaudited)(continued)
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.
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7. | EXPENSE REDUCTIONS |
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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.
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8. | LINE OF CREDIT |
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On April 2, 2012, the Funds and certain other funds managed by Lord Abbett (the “participating funds”) entered into an unsecured revolving credit facility (“Facility”) with 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 Board considers annual renewal of the Facility 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. Effective April 1, 2013, the Funds and the participating funds entered into a short term extension of the Facility through June 30, 2013. As of April 30, 2013, there were no loans outstanding pursuant to this Facility, nor was the Facility utilized any time during the six months ended April 30, 2013. Subsequent to April 30, 2013, a participating fund utilized the Facility and fully repaid its borrowings on June 13, 2013.
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9. | CUSTODIAN AND ACCOUNTING AGENT |
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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.
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10. | INVESTMENT RISKS |
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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 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.
24
Notes to Financial Statements (unaudited)(concluded)
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11. | SUMMARY OF CAPITAL TRANSACTIONS |
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Transactions in shares of beneficial interest were as follows:
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Micro Cap Growth Fund |
| Six Months Ended |
| Year Ended |
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Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
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Shares sold |
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| 11,184 |
| $ | 154,210 |
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| 80,587 |
| $ | 1,191,934 |
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Reinvestment of distributions |
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| 6,466 |
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| 86,378 |
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| 125,804 |
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| 1,593,934 |
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Shares reacquired |
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| (340,584 | ) |
| (4,611,497 | ) |
| (343,431 | ) |
| (4,640,849 | ) |
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Decrease |
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| (322,934 | ) | $ | (4,370,909 | ) |
| (137,040 | ) | $ | (1,854,981 | ) |
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Class I Shares |
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Shares sold |
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| 524,587 |
| $ | 7,483,036 |
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| 230,718 |
| $ | 3,387,709 |
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Reinvestment of distributions |
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| 43,734 |
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| 610,091 |
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| 1,000,253 |
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| 13,193,337 |
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Shares reacquired |
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| (621,514 | ) |
| (10,192,360 | ) |
| (774,017 | ) |
| (11,939,629 | ) |
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Increase (decrease) |
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| (53,193 | ) | $ | (2,099,233 | ) |
| 456,954 |
| $ | 4,641,417 |
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Micro Cap Value Fund |
| Six Months Ended |
| Year Ended |
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Class A Shares |
| Shares |
| Amount |
| Shares |
| Amount |
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Shares sold |
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| 5,950 |
| $ | 170,847 |
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| 25,487 |
| $ | 648,867 |
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Shares reacquired |
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| (200,825 | ) |
| (5,280,740 | ) |
| (21,988 | ) |
| (539,590 | ) |
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Increase (decrease) |
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| (194,875 | ) | $ | (5,109,893 | ) |
| 3,499 |
| $ | 109,277 |
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Class I Shares |
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Shares sold |
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| 238,809 |
| $ | 6,570,621 |
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| 50,766 |
| $ | 1,269,518 |
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Reinvestment of distributions |
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| 2,123 |
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| 58,968 |
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| — |
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| — |
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Shares reacquired |
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| (264,260 | ) |
| (7,499,571 | ) |
| (534,409 | ) |
| (13,829,269 | ) |
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Decrease |
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| (23,328 | ) | $ | (869,982 | ) |
| (483,643 | ) | $ | (12,559,751 | ) |
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12. | RECENT ACCOUNTING PRONOUNCEMENT |
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In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). This disclosure requirement is intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. ASU 2011-11 requires entities to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of assets and liabilities, and disclose instruments and transactions subject to an agreement similar to a master netting agreement. In addition, in January 2013, FASB issued Accounting Standards Update No. 2013-1 “Clarifying the Scope of Offsetting Assets and Liabilities” (“ASU 2013-1”), specifying exactly which transactions are subject to disclosures about offsetting. ASU 2011-11 and ASU 2013-1 are effective for public entities for interim and annual periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the adoption of ASU 2011-11 and ASU 2013-1 will have on the Funds’ financial statement disclosures.
25
Approval of Advisory Contracts
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 its 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 the Fund compared to the investment performance of a group of funds within the same investment classification/objective (the “performance universe”) and 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) detailed performance attribution analysis; (4) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the management agreement to Lord Abbett; (8) 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; (9) information regarding the distribution arrangements of the Fund; and (10) 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 the Fund 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 September 30, 2012. As to Micro-Cap Value Fund, the Board observed that the investment performance of the Class A shares was above the median of the performance universe for the nine-month, one-year, and ten-year periods and below that of the performance universe for the three-year and five-year periods. As to Micro-Cap Growth Fund, the Board observed that the investment performance of the Class A shares was below the median of the performance universe for the nine-month, one-year, three-year periods and above that of the performance universe for the five-year and ten-year periods.
26
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 considered the steps Lord Abbett had taken or was taking to improve investment performance of each Fund.
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 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 and how those levels would relate to those of the peer group and the amount and nature of the fees paid by shareholders. As to each Fund, the Board observed that the expense ratios were above the medians 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 basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of each Fund, including the fee that 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 the 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 the Fund. The Board concluded that Lord Abbett’s profitability 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 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
27
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 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 of the management agreements. In considering whether to approve the continuation of 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.
28
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).
29
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This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. | Lord Abbett Securities Trust | LAMCVF-3-0413 |
Item 2: | Code of Ethics. |
Not applicable. | |
Item 3: | Audit Committee Financial Expert. |
Not applicable. | |
Item 4: | Principal Accountant Fees and Services. |
Not applicable. | |
Item 5: | Audit Committee of Listed Registrants. |
Not applicable. | |
Item 6: | Investments. |
Not applicable. | |
Item 7: | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable. | |
Item 8: | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable. | |
Item 9: | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable. | |
Item 10: | Submission of Matters to a Vote of Security Holders. |
Not applicable. | |
Item 11: | Controls and Procedures. |
(a) | 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. | |
(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. |
Item 12: | Exhibits. |
(a)(1) | Code of Ethics. Not applicable. | |
(a)(2) | Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT. | |
(b) | Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
LORD ABBETT SECURITIES TRUST | |||
By: | /s/ Daria L. Foster | ||
Daria L. Foster | |||
President and Chief Executive Officer | |||
Date: June 18, 2013 | |||
By: | /s/ Joan A. Binstock | ||
Joan A. Binstock | |||
Chief Financial Officer and Vice President | |||
Date: June 18, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Daria L. Foster | ||
Daria L. Foster | |||
President and Chief Executive Officer | |||
Date: June 18, 2013 | |||
By: | /s/ Joan A. Binstock | ||
Joan A. Binstock | |||
Chief Financial Officer and Vice President | |||
Date: June 18, 2013 |