Lord Abbett Micro Cap Growth Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07538

LORD ABBETT SECURITIES TRUST

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

Brooke A. Fapohunda, 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: 10/31/2015

Item 1:

Report(s) to Shareholders.

2015 LORD ABBETT
ANNUAL REPORT

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 fiscal year ended October 31, 2015

Table of Contents

1		A Letter to Shareholders

13		Investment Comparisons

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

		Schedules of Investments:

35		Alpha Strategy Fund

36		Fundamental Equity Fund

39		Growth Leaders Fund

42		International Core Equity Fund

48		International Dividend Income Fund

55		International Opportunities Fund

63		Value Opportunities Fund

68		Statements of Assets and Liabilities

72		Statements of Operations

74		Statements of Changes in Net Assets

80		Financial Highlights

108		Notes to Financial Statements

138		Report of Independent Registered Public Accounting Firm

139		Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy Fund, Lord Abbett Fundamental Equity Fund, Lord Abbett Growth Leaders Fund, Lord Abbett International Core Equity Fund, Lord Abbett International Dividend Income Fund, Lord Abbett International Opportunities Fund, and Lord Abbett Value Opportunities Fund

Annual Report

For the fiscal year ended October 31, 2015

Daria L. Foster, Trustee, President and Chief Executive Officer of the Lord Abbett Funds, and E. Thayer Bigelow, Independent Chairman of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this overview of the performance of the Funds for the fiscal year ended October 31, 2015. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Funds, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on each Fund’s performance and other portfolio related updates.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Daria L. Foster

Trustee, President and Chief Executive Officer

Alpha Strategy Fund

For the fiscal year ended October 31, 2015, the Fund returned 2.54%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the combined 85% Russell 2000^® Index¹/15% S&P Developed Ex-U.S. SmallCap^® Index,²which returned 1.21% over the same period.

Domestic equity markets advanced over the past year, with the S&P 500^® Index³rising 5.20% during the trailing 12-month period. Despite this general move upwards, there were a few periods of short-term volatility, most notably in January 2015, when the S&P 500^® declined 3.1% and, in August 2015, when the index dropped 6.3%, its greatest monthly loss in three years. One of the prevailing market themes during the trailing 12-month period was the continued weakness in energy prices, with oil in particular plunging 60% from a June 2014 high to a six-year low in March of 2015. Finally, the real U.S. gross domestic product (GDP) initially was reported to have contracted by 0.2% in the first quarter of 2015; however, that figure was later revised up to a modest 0.6% expansion. In the second quarter of 2015, real GDP advanced 3.9%, while the advanced estimate from the Bureau of Economic Analysis indicated that real GDP increased 1.5% in the third quarter of 2015.

During the period, the performance of underlying investment strategies, as well as the Fund’s strategic allocation, contributed to relative performance. The Fund’s

exposure to international small-cap stocks and domestic small-cap value equities contributed to relative performance, as each of these investment strategies significantly outperformed the Fund’s benchmark index and the underlying investment strategies’ indexes. Within the international equity allocation, security selection in the financials and industrials sectors contributed positively to performance, relative to the underlying index. Similarly, stock selection in the financials and information technology sectors contributed to the performance within the domestic small-cap value strategy.

Detracting from the Fund’s relative performance was its exposure to domestic small-cap growth equities, as this investment strategy underperformed the Fund’s benchmark index. Within this underlying strategy, stock selection in the information technology and healthcare sectors detracted from performance relative to the Fund’s underlying index. Also detracting from the Fund’s relative performance was exposure to the domestic micro-cap growth underlying strategy. Stock selection within the information technology and consumer discretionary sectors caused this investment strategy to underperform its underlying index.

Fundamental Equity Fund

For the fiscal year ended October 31, 2015, the Fund returned 1.18%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the

Russell 1000^® Value Index,⁴which returned 0.53% over the same period.

Domestic equity markets advanced over the past year, with the S&P 500^® Index³rising 5.20% during the trailing 12-month period. Despite this general move upward, there were a few periods of short-term volatility, most notably in January 2015, when the S&P 500 declined 3.1%, and in August 2015, when the index dropped 6.3%, its greatest monthly loss in three years. One of the prevailing market themes during the trailing 12-month period was the continued weakness in energy prices, with oil, in particular, plunging 60% from a June 2014 high to a six-year low in March 2015. Finally, U.S. real gross domestic product (GDP) initially was reported to have contracted by 0.2% in the first quarter of 2015; however, that figure was later revised up to a modest 0.6% expansion. In the second quarter of 2015, real GDP increased 3.9%, while the advanced estimate from the Bureau of Economic Analysis indicated that real GDP increased 1.5% in the third quarter of 2015.

The Fund outperformed its index for the period. Stock selection within the information technology and consumer staples sectors contributed to relative performance during the period. Shares of Vantiv, Inc., a technology holding company, steadily increased due to impressive revenue/transaction growth, despite difficult comparisons. Performance from Vantiv’s Integrated Software Vendors (ISVs) and eCommerce segments likely

contributed to its performance. Shares of Activision, Inc., a videogame developer and publisher, climbed due to user growth, revenue monetization, and a strong offering of games, all of which aided margin expansion. Within the consumer staples sector, shares of Mondelez International, Inc., a snack food and beverage company, benefited from a reduction in overhead, plant closings in its legacy network, and near-term and long-term revenue growth opportunities in emerging markets. Despite volatility during the past 12 months, shares of PepsiCo, a global food and beverage company, climbed year over year in the face of a challenging global macro environment.

Stock selection detracted from the performance within the consumer discretionary and energy sectors. Shares of Time Warner Inc., a media and entertainment company, fell as the market reacted poorly to media stocks surrounding concerns on the decline in pay-TV subscribers. Despite the sell-off, growth opportunities remain in the HBO, Turner, and Warner Bros. segments. Shares of PVH Corp., an apparel company, detracted from performance, as sell-side analysts highlighted weakness in the U.S. retail market, particularly in apparel and accessories. Within the energy sector, shares of Marathon Oil Corp., an oil and natural gas exploration and production company, declined this year, as the company was adversely affected by lower commodity prices. These macroeconomic

concerns hurt the company’s cash flow outlook and return on equity. In addition, shares of Devon Energy Corp., a natural gas and oil producer, also fell due to weak commodity prices, which resulted in declining earnings.

Growth Leaders Fund

For the fiscal year ended October 31, 2015, the Growth Leaders Fund returned 8.84%, reflecting performance at the net asset value (NAV) of Class A Shares, with all distributions reinvested, compared to its benchmark, the Russell 1000^® Growth Index,⁵which returned 9.18% over the same period.

Domestic equity markets advanced over the past year, with the S&P 500^® Index³rising 5.20% during the trailing 12-month period. Despite this general move upward, there were a few periods of short-term volatility, most notably in January 2015, when the S&P 500 declined 3.1%, and in August 2015, when the index dropped 6.3%, its greatest monthly loss in three years. One of the prevailing market themes during the trailing 12-month period was the continued weakness in energy prices, with oil, in particular, plunging 60% from a June 2014 high to a six-year low in March of 2015. Finally, the real U.S. gross domestic product (GDP) initially was reported to have contracted by 0.2% in the first quarter of 2015; however, that figure was later revised up to a modest 0.6% expansion. In the second quarter of 2015, real GDP advanced 3.9%, while the advanced estimate from the

Bureau of Economic Analysis indicated that real GDP increased 1.5% in the third quarter of 2015.

The largest detractor from the Fund’s performance during the trailing 12-month period was security selection in the healthcare sector. Within this sector, the Fund’s holdings of Alexion Pharmaceuticals, Inc., a biopharmaceutical company, detracted most. Shares of Alexion were pressured in September 2015, after the company announced the timeline for the approval of one of its drugs had been extended by three months. Another detractor from performance within the healthcare sector was the Fund’s position in SAGE Therapeutics, Inc., a clinical-stage biopharmaceutical company. In September 2015, SAGE reported generally positive data from an early stage clinical trial of one of its drugs; however, further questions surrounding its efficacy remained.

Security selection in the financials sector also detracted from relative performance during the period. Within this sector, the Fund’s holdings of WisdomTree Investments, Inc., an asset management company focusing exclusively on exchange-traded funds (ETFs), detracted most. Shares of WisdomTree faced some weakness following notable outflows in two of the company’s marquee ETFs. Also detracting from relative performance within the financials sector was the Fund’s position in SVB Financial Group, a diversified financial services, bank holding, and financial holding company. Shares of

SVB Financial fell noticeably in July after the company reported decelerating loan growth in the second quarter of 2015.

The leading contributor to the Fund’s performance during the period was security selection in the consumer discretionary sector. Within this sector, the Fund’s holdings of Netflix, Inc., a provider of Internet television network, contributed most. Its shares rose during the period as the company continued to expand into untapped international markets. Another contributor within this sector during the period was the Fund’s position in Amazon.com, Inc., an e-commerce company. Shares of Amazon advanced as the company experienced accelerating year-over-year revenue growth and margin expansion across all of its core business segments.

Another contributor to the Fund’s relative performance during the period was its underweight position in the energy sector. Over the past 12 months, the energy sector was the worst-performing sector within the Fund’s benchmark. During this time, the Fund’s average exposure to the energy sector was approximately 2.5% less than that of its benchmark, which helped buoy relative performance. Security selection within the materials sector also contributed to the Fund’s performance during the period. Within this sector, the Fund’s holdings of Sherwin-Williams Co., a developer, manufacturer, and distributor of paint, contributed most. Shares of Sherwin-

Williams received a boost after the company announced Lowe’s Companies, Inc., a home improvement retailer, would begin to sell a line of Sherwin-Williams paint in its stores beginning in March 2015, which added another channel to Sherwin-Williams’ existing distribution network.

International Core Equity Fund

For the fiscal year ended October 31, 2015, the Fund returned -4.16%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the MSCI EAFE Index with Gross Dividends,⁶which returned 0.37% over the same period.

Over the period, global equity markets experienced significant volatility, partly as a result of sharp moves in commodity prices, low interest rates, and uncertainty around Chinese economic growth. Overall, Europe (as measured by the Euro Stoxx 50⁷) fell roughly -3.46% in U.S. dollars for the period, while Japan’s Nikkei 225⁸rose 8.02%.

By the end of 2014, crude oil prices had fallen by over 40% from the mid-year peak, as production consistently exceeded demand. Prices moved lower over the period, with WTI crude oil struggling to rise above $60 per barrel. In addition, the U.S. dollar strengthened going into 2015, as the market generally felt that the Federal Reserve (Fed) would begin to raise rates in the middle of the year, although the Fed has yet to raise its interest rate above the 0-0.25% target range.

In contrast, the European Central Bank (ECB) announced an asset purchase program in January to support investment and consumption. European markets were adversely affected by concerns around Greece’s solvency, yet a deal was eventually struck with creditors. In Asia, the Bank of Japan continued its quantitative easing (QE) program, which has acted as a tailwind for Japanese equities. The People’s Bank of China (PBoC) was also active over the trailing 12 months, cutting its interest rates six times to support a slowing economy.

Market volatility sharply increased after the devaluation of the Chinese yuan, which drew attention to the impact of slowing Chinese growth on the global economy. In the weeks following the devaluation announcement, global equity markets fell more than 10%, in some of the largest intraday moves since the global financial crisis of 2008-09. Markets subsequently recovered towards the end of the trailing 12-month period, supported by central banks debating further stimulus and relatively robust results from large bellwether companies.

During the period, the Fund’s underperformance relative to the benchmark was driven by stock selection, particularly within the consumer discretionary and telecommunications services sectors. Within the consumer discretionary sector, Hong Kong-based casino operator SJM Holdings Ltd. detracted from relative performance. Shares of the

company declined, as visitors decreased and margins moved lower. In addition, Great Wall Motor Co., a Chinese automobile manufacturer, performed poorly over the period after the company cut its price on two sports utility vehicle models amid increased competition in the market.

In the telecommunications services sector, Scandinavian telephone company Teliasonera AB detracted from relative performance. The company is facing fines due to allegations of corruption in Uzbekistan, while reports questioning the firm’s transparency about its Eurasian business also hurt the share price.

Although the Fund underperformed its benchmark during the period, stock selection within the financials sector contributed to the Fund’s relative performance during the period. Within financials, shares of Indiabulls Housing Finance Ltd., an Indian home loan company, rallied last year, supported by resilient lending activity, declining funding costs, and expectations of a better credit rating. In addition, shares of Italian asset management firm Anima Holding SpA rose, as the company was highlighted as one of the firms benefiting from the ECB’s QE program and growth in asset-managed products in Italy.

Stock selection within the utilities sector also bolstered the Fund’s relative performance. Within the sector, shares of Hong-Kong listed infrastructure company Cheung Kong Infrastructure Holdings Ltd. performed well, supported by a significant

increase in profitability and a higher-than-expected interim dividend payment.

International Dividend Income Fund

For the fiscal year ended October 31, 2015, the Fund returned -11.74%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the MSCI All Country World Ex-U.S. Value Index with Gross Dividends,⁹which returned -8.06% over the same period.

In contrast, the European Central Bank (ECB) announced an asset purchase program in January to support investment and consumption. European markets were adversely affected by concerns around

Greece’s solvency, yet a deal was eventually struck with creditors. In Asia, the Bank of Japan continued its quantitative easing (QE) program, which has acted as a tailwind for Japanese equities. The People’s Bank of China (PBoC) was also active over the trailing 12 months, cutting its interest rates six times to support a slowing economy.

The Fund’s underperformance was driven by stock selection, particularly within the energy and health care sectors. In the energy sector, Canadian oil and natural gas producers Baytex Energy Corp. and Crescent Point Energy Corp. detracted from relative performance. Given the industry in which they operate, both companies are leveraged to the oil price, which declined significantly over the course of the year. Additionally, Crescent Point cut its dividend in the middle of the period, sparking concerns that Baytex may do the same.

In the health care sector, Swiss pharmaceuticals and diagnostics company Roche Holding AG detracted from relative performance. The company’s stock price was hurt when the Swiss National Bank unexpectedly unpegged the Swiss franc from the euro, which prompted analysts to lower earnings and sales estimates out to 2020.

Although the Fund underperformed its benchmark during the period, stock selection within the financials sector contributed to the Fund’s relative performance during the period. Shares of Italian asset management firm Anima Holding SpA rose as the company was highlighted as one of the firms benefiting from the ECB’s QE program and growth in asset managed products in Italy. In addition, shares of Japanese homebuilder Daiwa House Industry Co. rose, as the firm was supported by an improving real estate market in Japan, as well as strong new orders for business and corporate facilities and single detached homes.

International Opportunities Fund

For the fiscal year ended October 31, 2015, the Fund returned 9.36%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the S&P Developed Ex-U.S. SmallCap^® Index,²which returned 5.83% over the same period.

Over the period, global equity markets experienced significant volatility, partly as a result of sharp moves in commodity prices,

low interest rates, and uncertainty around Chinese economic growth. Overall, Europe (as measured by the Euro Stoxx 50⁷) fell roughly -3.46% in U.S. dollars for the period, while Japan’s Nikkei 225⁸rose 8.02%.

markets fell more than 10%, in some of the largest intraday moves since the global financial crisis of 2008. Markets subsequently recovered towards the end of the trailing 12-month period, supported by central banks debating further stimulus and relatively robust results from large bellwether companies.

Stock selection, most notably in the financials and industrials sectors, was the primary driver of relative outperformance during the period. Within financials, shares of Italian asset management firm Anima Holding SpA rose as the company was highlighted as one of the firms benefitting from the ECB’s QE program and growth in asset managed products in Italy. In addition, shares of Indiabulls Housing Finance Ltd., an Indian home loan company rallied during the period, supported by resilient lending activity, declining funding costs and expectations of a better credit rating.

Within the industrials sector, shares of Dutch recruitment company USG People N.V. were stronger over the period, as the firm’s sales growth was high relative to peers and labor market trends have been supportive in the Netherlands.

Conversely, stock selection in the energy and utilities sectors detracted from relative performance. Within the energy sector, shares of Genel Energy plc, an oil company headquartered in the United Kingdom, fell significantly over the period. The company halted oil exploration in July as it awaited payments due from the Kurdistan Regional Government, and its

share price was also hurt by declines in the oil price. In addition, shares of Scottish oil and gas exploration firm Cairn Energy plc fell, while the Indian Income Tax Department assessed that the firm may owe US$1.6 billion in taxes, plus interest and penalties.

Within the utilities sector, APR Energy plc, a mobile turbine power business, adversely affected the Fund’s relative performance. Toward the end of 2014, the firm announced that it had temporarily suspended operations in Libya, and that this would have a significant negative impact on the company’s performance for the year.

Value Opportunities Fund

For the fiscal year ended October 31, 2015, the Fund returned 3.67%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the Russell 2500^TMIndex,¹⁰which returned 1.50% over the same period.

Domestic equity markets advanced over the past year, with the S&P 500^® Index³rising more than 5.20% during the trailing 12-month period. Despite this general move upward, there were a few periods of short-term volatility, most notably in January 2015, when the S&P 500 declined 3.1%, and in August 2015, when the index dropped 6.3%, its greatest monthly loss in three years. One of the prevailing market themes during the trailing 12-month period was the decline in energy prices, with oil, in particular,

plunging 60% from June 2014 to a six-year low in March 2015. Finally, the U.S. real gross domestic product (GDP) initially was reported to have contracted by 0.2% in the first quarter of 2015; however, that figure was later revised up to a modest 0.6% expansion. In the second quarter of 2015, real GDP increased 3.9%, while the advanced estimate from the Bureau of Economic Analysis indicated that real GDP increased 1.5% in the third quarter of 2015.

During the period, stock selection in the financials and information technology sectors contributed to the Fund’s relative outperformance. Within the financials sector, shares of HCC Insurance Holdings, Inc., a specialty insurer, immediately increased following the announcement that the company would be acquired at a premium by Tokio Marine Holdings, Inc. Western Alliance Bancorporation, a bank holding company, experienced strong annualized loan growth and tax rates below expectations.

Within the information technology sector, shares of Vantiv, Inc., a technology holding company, steadily increased due to impressive revenue/transaction growth, despite difficult comparisons. Strong performance from Vantiv’s Integrated Software Vendors (ISVs) distribution and eCommerce segments likely contributed to its stock performance. Shares of Sapient Corporation, a marketing and technology services provider, rose dramatically in the

middle of the period immediately after it agreed to be purchased for a premium to its share value in November 2014.

Conversely, stock selection in the industrials and healthcare sectors was a main detractor from the Fund’s performance over the period. Within the industrials sector, shares of Genesee & Wyoming, Inc., an owner and operator of regional railroads, stumbled due to weaker-than-expected volumes and management’s reduced guidance for second quarter earnings. Shares of United Rentals, Inc., an equipment rental holding company, fell, in part due to the company’s exposure to oil markets and foreign currency headwinds.

Within the healthcare sector, shares of ExamWorks Group, Inc., a provider of independent medical examinations and medical-related services, detracted from relative performance as revenue growth slowed and with legislative headwinds in the United Kingdom. Shares of HealthSouth Corp., an owner and operator of inpatient rehabilitation hospitals, stumbled after weaker revenues were reported in the first quarter.

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

¹ The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index.

² The S&P Developed Ex-U.S. SmallCap^® Index captures the bottom 15% of companies domiciled in the developed markets excluding the United States within the S&P Global BMI with a float-adjusted market capitalization of at least US$100 million and a minimum annual trading liquidity of US$50 million. Stocks are excluded if their market capitalization falls below US$75 million, or if the value is traded less than US$35 million at the time of reconstitution.

³ The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

⁴ The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

⁵ The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

⁶ The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

The MSCI EAFE Index with Gross Dividends approximates the maximum possible dividend reinvestment. The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

⁷ The EURO STOXX 50^®Index represents the performance of the 50 largest companies among the 19 supersectors in terms of free-float market cap in 12 eurozone countries. These countries include Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal

and Spain. The index has a fixed number of components and is part of the STOXX blue-chip index family. The index captures about 60% of the free-float market cap of the EURO STOXX Total Market Index (TMI).

⁸ The Nikkei Stock Average, the Nikkei 225 is used around the globe as the premier index of Japanese stocks. Because of the prominent nature of the index, many financial products linked to the Nikkei 225 have been created are traded worldwide while the index has been sufficiently used as the indicator of the movement of Japanese stock markets. The Nikkei 225 is a price-weighted equity index, which consists of 225 stocks in the 1st section of the Tokyo Stock Exchange.

⁹ The MSCI ACWI (All Country World Index) ex-U.S. Value Index is a subset of the MSCI ACWI ex-U.S Index. The index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the United States from a value perspective. The MSCI Global Value indexes cover the full range of developed, emerging, and All Country MSCI International Equity indexes across all size segmentations. MSCI uses a two-dimensional framework for style segmentation in which value and growth securities are categorized using a multi-factor approach, which uses three variables to define the value investment style characteristics and five variables to define the growth investment style characteristics, including forward looking variables. The objective of the index design is to divide constituents of an underlying MSCI Equity Index into respective value indexes, each targeting 50% of the free float-adjusted market capitalization of the underlying market index.

¹⁰ The Russell 2500^TMIndex is a market cap weighted index that includes the smallest 2,500 companies covered in the Russell 3000 universe of United States-based listed equities.

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

Important Performance and Other Information

investment in the Funds will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

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

During certain periods shown, expense waivers and reimbursements were in place for Alpha Strategy Fund, Growth Leaders Fund, International Core Equity Fund and International Dividend Income Fund. Without such expense reimbursements, each the Fund’s returns would have been lower.

The annual commentary above discusses the views of the Funds’ management and various portfolio holdings of the Funds as of October 31, 2015. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds’ portfolio is actively managed and may change significantly, the Funds may no longer own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds’ portfolio holdings, please visit www.lordabbett.com.

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

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

Alpha Strategy Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2015
	1 Year			5 Years			10 Years			Life of Class
Class A⁴		-3.37	%		10.01	%		8.64	%		–
Class B⁵		-2.80	%		10.22	%		8.69	%		–
Class C⁶		0.85	%		10.51	%		8.53	%		–
Class F⁷		2.68	%		11.49	%			–		6.23%
Class I⁸		2.78	%		11.60	%		9.62	%		–
Class R2⁷		2.16	%		10.93	%			–		5.69%
Class R3⁷		2.28	%		11.05	%			–		5.80%
Class R4⁹			–			–			–		-6.53%	*
Class R5⁹			–			–			–		-6.44%	*
Class R6⁹			–			–			–		-6.44%	*

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

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

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

⁴ Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2015, is calculated using the SEC-required uniform method to compute such return.

⁵ Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for 5 years, and 0% for 10 years. Class B shares

automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.

⁶ The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁷ Commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.

⁸ Performance is at net asset value.

⁹ Commenced operations and performance for the classes began on June 30, 2015. Performance is at net asset value.

* Because shares have existed for less than one year, average annual returns are not provided.

Fundamental Equity Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Russell 1000^® Value Index, Russell 3000^® Value Index, Russell 3000^® Index, and S&P 500^® Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2015
	1 Year			5 Years			10 Years			Life of Class
Class A³		-4.66	%		9.56	%		7.05	%		–
Class B⁴		-3.73	%		9.83	%		7.13	%		–
Class C⁵		-0.42	%		10.11	%		6.97	%		–
Class F⁶		1.35	%		11.12	%			–		6.24%
Class I⁷		1.37	%		11.22	%		8.06	%		–
Class P⁷		0.94	%		10.73	%		7.57	%		–
Class R2⁶		0.81	%		10.57	%			–		5.71%
Class R3⁶		0.97	%		10.68	%			–		5.81%
Class R4⁸			–			–			–		-1.48%	*
Class R5⁸			–			–			–		-1.40%	*
Class R6⁸			–			–			–		-1.40%	*

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

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

³ Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2015, is calculated using the SEC-required uniform method to compute such return.

⁴ Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for ⁵ years, and 0% for 10 years. Class B shares automatically convert to Class A shares after approximately 8

years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.

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

⁶ Commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.

⁷ Performance is at net asset value.

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

* Because shares have existed for less than one year, average annual returns are not provided.

Growth Leaders Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended October 31, 2015

	1 Year			Life of Class
Class A³		2.57	%		12.21%
Class B⁴		3.08	%		17.69%
Class C⁵		7.07	%		12.99%
Class F⁶		9.03	%		13.98%
Class I⁶		9.10	%		14.10%
Class R2⁶		8.49	%		13.74%
Class R3⁶		8.58	%		13.62%
Class R4⁷			–		1.37%	*
Class R5⁷			–		1.44%	*
Class R6⁷			–		1.48%	*

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

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance. Performance for each index begins on June 30, 2011.

³ Class A shares commenced operations on June 24, 2011 and performance for the Class began on June 30, 2011. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2015, is calculated using the SEC-required uniform method to compute such return.

⁴ Class B shares commenced operations and performance for the Class began on February 11, 2013. Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for 5 years, and

0% for 10 years. Class B shares automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.

⁵ Class C shares commenced operations on June 24, 2011 and performance for the Class began on June 30, 2011. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁶ Commenced operations on June 24, 2011 and performance for the Class began on June 30, 2011. Performance is at net asset value.

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

* Because shares have existed for less than one year, average annual returns are not provided.

International Core Equity Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2015
	1 Year			5 Years			10 Years			Life of Class
Class A³		-9.64	%		1.37	%		2.81	%		–
Class B⁴		-9.61	%		1.52	%		2.88	%		–
Class C⁵		-5.80	%		1.91	%		2.74	%		–
Class F⁶		-3.99	%		2.80	%			–		-1.15%
Class I⁷		-3.83	%		2.93	%		3.77	%		–
Class P⁷		-4.38	%		2.45	%		3.29	%		–
Class R2⁶		-4.48	%		2.30	%			–		-1.47%
Class R3⁶		-4.35	%		2.40	%			–		-1.52%
Class R4⁸			–			–			–		-3.29%	*
Class R5⁸			–			–			–		-3.19%	*
Class R6⁸			–			–			–		-3.12%	*

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

⁴ Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for ⁵ years and 0% for 10 years. Class B shares automatically convert to Class A shares after approximately 8 years. (There is no initial

sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.

⁵ Class C shares commenced operations on December 15, 2003 and performance for the Class began on December 31, 2003. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁶ Commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.

⁷ Performance is at net asset value.

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

* Because shares have existed for less than one year, average annual returns are not provided.

International Dividend Income Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended October 31, 2015

	1 Year			5 Years			Life of Class
Class A³		-16.78	%		0.11	%		-0.44	%
Class C⁴		-13.29	%		0.62	%		-0.31	%
Class F⁵		-11.65	%		1.54	%		0.59	%
Class I⁵		-11.52	%		1.66	%		0.71	%
Class R2⁵		-12.13	%		1.13	%		0.33	%
Class R3⁵		-12.03	%		1.11	%		0.27	%
Class R4⁶			–			–		-8.56	%*
Class R5⁶			–			–		-8.46	%*
Class R6⁶			–			–		-8.46	%*

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

³ Class A shares commenced operations on June 23, 2008 and performance for the Class began on June 30, 2008. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2015, is calculated using the SEC-required uniform method to compute such return.

⁴ Class C shares commenced operations on June 23, 2008 and performance for the Class began on June 30, 2008. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Commenced operations on June 23, 2008 and performance for the Class began on June 30, 2008. Performance is at net asset value.

⁶ Commenced operations and performance for the classes began on June 30, 2015. Performance is at net asset value.

* Because shares have existed for less than one year, average annual returns are not provided.

International Opportunities Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the S&P Developed Ex-U.S. SmallCap Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is no guarantee of future results.


Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2015
	1 Year			5 Years			10 Years			Life of Class
Class A³		3.07	%		6.28	%		5.45	%		–
Class B⁴		3.51	%		6.53	%		5.53	%		–
Class C⁵		7.58	%		6.85	%		5.38	%		–
Class F⁶		9.52	%		7.79	%			–		1.93%
Class I⁷		9.59	%		7.91	%		6.43	%		–
Class P⁷		9.15	%		7.41	%		5.96	%		–
Class R2⁶		8.92	%		7.24	%			–		1.42%
Class R3⁶		9.11	%		7.39	%			–		1.58%
Class R4⁸			–			–			–		-2.74%	*
Class R5⁸			–			–			–		-2.68%	*
Class R6⁸			–			–			–		-2.62%	*

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

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

⁴ Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for 5 years, and 0% for 10 years. Class B shares automatically convert to Class A shares after approximately 8

years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.

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

⁶ Commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.

⁷ Performance is at net asset value.

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

* Because shares have existed for less than one year, average annual returns are not provided.

Value Opportunities Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2015
	1 Year			5 Years			Life of Class
Class A³		-2.28	%		10.13	%		9.90%
Class B⁴		-1.51	%		10.45	%		10.00%
Class C⁵		1.98	%		10.70	%		9.85%
Class F⁶		3.84	%		11.71	%		7.95%
Class I⁷		3.94	%		11.81	%		10.94%
Class P⁷		3.50	%		11.32	%		10.45%
Class R2⁶		3.33	%		11.15	%		7.41%
Class R3⁶		3.42	%		11.27	%		7.52%
Class R4⁸			–			–		-3.74%	*
Class R5⁸			–			–		-3.68%	*
Class R6⁸			–			–		-3.63%	*

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

³ Class A shares commenced operations on December 20, 2005 and performance for the Class began on December 30, 2005. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2014, is calculated using the SEC-required uniform method to compute such return.

⁴ Class B shares commenced operations on December 20, 2005 and performance for the Class began on December 30, 2005. Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for 5 years, and 0% for Life of the Class. Class B shares automatically convert to Class

A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.

⁵ Class C shares commenced operations on December 20, 2005 and performance for the Class began on December 30, 2005. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁶ Commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.

⁷ Commenced operations on December 20, 2005 and performance for the Class began on December 30, 2005. Performance is at net asset value.

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

* Because shares have existed for less than one year, average annual returns are not provided.

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2015 through October 31, 2015).

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 5/1/15 – 10/31/15” 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.

Alpha Strategy Fund

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

	Beginning	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period^†#

				5/1/15 –
	5/1/15	10/31/15		10/31/15
Class A
Actual	$1,000.00	$	960.30	$1.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,023.95	$1.28
Class B
Actual	$1,000.00	$	956.70	$4.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.16	$5.09
Class C
Actual	$1,000.00	$	956.80	$4.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.16	$5.09
Class F
Actual	$1,000.00	$	961.10	$0.49
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,024.70	$0.51
Class I
Actual	$1,000.00	$	961.50	$0.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,025.21	$0.00
Class R2
Actual	$1,000.00	$	958.60	$2.96
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.18	$3.06
Class R3
Actual	$1,000.00	$	959.10	$2.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.68	$2.55
Class R4
Actual	$1,000.00	$	934.70	$0.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.01	$0.85
Class R5
Actual	$1,000.00	$	935.60	$0.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.85	$0.00
Class R6
Actual	$1,000.00	$	935.60	$0.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.85	$0.00

^†

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, 0.50% for Class R3, 0.25% for Class R4, 0.00% for Classes R5 and R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period for Classes A, B, C, F, I, R2 and R3) and multiplied by 123/365 (to reflect the period from June 30, 2015, commencement of operations, to October 31, 2015, for Classes R4, R5, and R6).

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

Portfolio Holdings Presented by Portfolio Allocation

October 31, 2015

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. – Class I	18.91	%
Lord Abbett Securities Trust–International Opportunities Fund – Class I	20.50	%
Lord Abbett Securities Trust–Micro-Cap Growth Fund – Class I	8.91	%
Lord Abbett Securities Trust–Micro-Cap Value Fund – Class I	10.59	%
Lord Abbett Research Fund, Inc.–Small-Cap Value Fund – Class I	20.75	%
Lord Abbett Securities Trust–Value Opportunities Fund – Class I	20.31	%
Repurchase Agreement	0.03	%
Total	100.00	%

*	Represents percent of total investments.

Fundamental Equity Fund

	Beginning	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period^{^†}

				5/1/15 –
	5/1/15	10/31/15		10/31/15
Class A
Actual	$1,000.00	$	985.20	$4.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.37	$4.89
Class B
Actual	$1,000.00	$	980.80	$8.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.59	$8.69
Class C
Actual	$1,000.00	$	981.40	$8.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.59	$8.69
Class F
Actual	$1,000.00	$	985.80	$4.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.12	$4.13
Class I
Actual	$1,000.00	$	986.00	$3.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.63	$3.62
Class P
Actual	$1,000.00	$	984.20	$5.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.36	$5.90
Class R2
Actual	$1,000.00	$	983.40	$6.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.60	$6.67
Class R3
Actual	$1,000.00	$	984.20	$6.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.11	$6.16
Class R4
Actual	$1,000.00	$	985.20	$3.11
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,013.75	$3.16
Class R5
Actual	$1,000.00	$	986.00	$2.28
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,014.56	$2.31
Class R6
Actual	$1,000.00	$	986.00	$1.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,014.89	$2.00

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.96% for Class A, 1.71% for Classes B and C, 0.81% for Class F, 0.71% for Class I, 1.16% for Class P, 1.31% for Class R2, 1.21% for Class R3, 0.93% for Class R4, 0.68% for Class R5 and 0.59% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period for Classes A, B, C, F, I, P, R2 and R3) and multiplied by 123/365 (to reflect the period from June 30, 2015, commencement of operations, to October 31, 2015, for Classes R4, R5, and R6).

Portfolio Holdings Presented by Sector

October 31, 2015

Sector*	%**
Consumer Discretionary		5.59	%
Consumer Staples		6.83	%
Energy		11.26	%
Financials		26.80	%
Health Care		10.91	%
Industrials		11.06	%

Sector*	%**
Information Technology		13.32	%
Materials		3.07	%
Telecommunication Services		3.86	%
Utilities		4.70	%
Repurchase Agreement		2.60	%
Total		100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments.

Growth Leaders Fund

	Beginning	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period^{^†}

				5/1/15 –
	5/1/15	10/31/15		10/31/15
Class A
Actual	$1,000.00	$	1,046.30	$4.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.92	$4.33
Class B
Actual	$1,000.00	$	1,042.60	$8.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.19	$8.08
Class C
Actual	$1,000.00	$	1,042.60	$8.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.19	$8.08
Class F
Actual	$1,000.00	$	1,047.40	$3.61
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.68	$3.57
Class I
Actual	$1,000.00	$	1,047.70	$3.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.18	$3.06
Class R2
Actual	$1,000.00	$	1,044.90	$6.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.16	$6.11
Class R3
Actual	$1,000.00	$	1,045.10	$5.67
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.66	$5.60
Class R4
Actual	$1,000.00	$	1,013.70	$2.95
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,013.92	$2.95
Class R5
Actual	$1,000.00	$	1,014.40	$2.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,014.83	$2.04
Class R6
Actual	$1,000.00	$	1,014.80	$1.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.23	$1.63

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.85% for Class A, 1.59% for Classes B and C, 0.70% for Class F, 0.60% for Class I, 1.20% for Class R2, 1.10% for Class R3, 0.87% for Class R4, 0.60% for Class R5 and 0.48% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period for Classes A, B, C, F, I, R2 and R3) and multiplied by 123/365 (to reflect the period from June 30, 2015, commencement of operations, to October 31, 2015, for Classes R4, R5 and R6).

Portfolio Holdings Presented by Sector

October 31, 2015

Sector*	%**
Consumer Discretionary		22.47	%
Consumer Staples		6.32	%
Energy		0.29	%
Financials		3.01	%
Health Care		14.65	%

Sector*	%**
Industrials		10.50	%
Information Technology		40.45	%
Utilities		0.75	%
Repurchase Agreement		1.56	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

International Core Equity Fund

	Beginning	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period^{^†}

				5/1/15 –
	5/1/15	10/31/15		10/31/15
Class A
Actual	$1,000.00	$	927.40	$5.44
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.56	$5.70
Class B
Actual	$1,000.00	$	923.10	$9.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.78	$9.50
Class C
Actual	$1,000.00	$	923.60	$8.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.88	$9.40
Class F
Actual	$1,000.00	$	927.60	$4.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.82	$4.43
Class I
Actual	$1,000.00	$	928.50	$3.74
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.32	$3.92
Class P
Actual	$1,000.00	$	926.00	$6.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.55	$6.72
Class R2
Actual	$1,000.00	$	925.70	$7.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.80	$7.48
Class R3
Actual	$1,000.00	$	926.30	$6.60
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.35	$6.92
Class R4
Actual	$1,000.00	$	967.10	$3.71
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,013.08	$3.80
Class R5
Actual	$1,000.00	$	968.10	$2.89
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,013.92	$2.95
Class R6
Actual	$1,000.00	$	968.80	$2.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,014.49	$2.38

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.87% for Class B, 1.85% for Class C, 0.87% for Class F, 0.77% for Class I, 1.32% for Class P, 1.47% for Class R2, 1.36% for Class R3, 1.12% for Class R4, 0.87% for Class R5 and 0.70% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period for Classes A, B, C, F, I, P, R2 and R3) and multiplied by 123/365 (to reflect the period from June 30, 2015, commencement of operations, to October 31, 2015, for Classes R4, R5 and R6).

Portfolio Holdings Presented by Sector

October 31, 2015

Sector*	%**
Consumer Discretionary		10.72	%
Consumer Staples		11.43	%
Energy		4.75	%
Financials		24.35	%
Health Care		13.36	%
Industrials		13.03	%

Sector*	%**
Information Technology		8.44	%
Materials		2.16	%
Telecommunication Services		5.40	%
Utilities		4.48	%
Repurchase Agreement		1.88	%
Total		100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments.

International Dividend Income Fund

	Beginning	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period^{^†}

				5/1/15 –
	5/1/15	10/31/15		10/31/15
Class A
Actual	$1,000.00	$	863.30	$5.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.56	$5.70
Class C
Actual	$1,000.00	$	858.60	$8.76
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.78	$9.50
Class F
Actual	$1,000.00	$	863.10	$4.27
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.62	$4.63
Class I
Actual	$1,000.00	$	864.00	$3.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.12	$4.13
Class R2
Actual	$1,000.00	$	860.90	$6.90
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.80	$7.48
Class R3
Actual	$1,000.00	$	861.20	$6.43
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.30	$6.97
Class R4
Actual	$1,000.00	$	914.40	$3.61
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,013.08	$3.80
Class R5
Actual	$1,000.00	$	915.40	$2.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,013.92	$2.95
Class R6
Actual	$1,000.00	$	915.40	$2.58
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,014.15	$2.71

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.87% for Class C, 0.91% for Class F, 0.81% for Class I, 1.47% for Class R2, 1.37% for Class R3, 1.12% for Class R4, 0.87% for Class R5 and 0.80% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period for Classes A, B, C, F, I, P, R2 and R3) and multiplied by 123/365 (to reflect the period from June 30, 2015, commencement of operations, to October 31, 2015, for Classes R4, R5 and R6).

Portfolio Holdings Presented by Sector

October 31, 2015

Sector*	%**
Consumer Discretionary		9.32	%
Consumer Staples		6.32	%
Energy		11.56	%
Financials		28.05	%
Health Care		5.59	%
Industrials		10.13	%

Sector*	%**
Information Technology		2.28	%
Materials		1.74	%
Telecommunication Services		12.66	%
Utilities		11.26	%
Repurchase Agreement		1.09	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

International Opportunities Fund

	Beginning	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period^{^†}

				5/1/15 –
	5/1/15	10/31/15		10/31/15
Class A
Actual	$1,000.00	$	964.30	$6.58
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.50	$6.77
Class B
Actual	$1,000.00	$	960.10	$10.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,014.77	$10.51
Class C
Actual	$1,000.00	$	960.80	$10.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,014.82	$10.46
Class F
Actual	$1,000.00	$	965.10	$5.89
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.21	$6.06
Class I
Actual	$1,000.00	$	965.10	$5.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.76	$5.50
Class P
Actual	$1,000.00	$	963.20	$7.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.49	$7.78
Class R2
Actual	$1,000.00	$	962.20	$8.36
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.69	$8.59
Class R3
Actual	$1,000.00	$	963.20	$7.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.34	$7.93
Class R4
Actual	$1,000.00	$	972.60	$4.49
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,012.30	$4.58
Class R5
Actual	$1,000.00	$	973.20	$3.66
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,013.14	$3.73
Class R6
Actual	$1,000.00	$	973.80	$3.09
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,013.72	$3.16

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.33% for Class A, 2.07% for Class B, 2.06% for Class C, 1.19% for Class F, 1.08% for Class I, 1.53% for Class P, 1.69% for Class R2, 1.56% for Class R3, 1.35% for Class R4, 1.10% for Class R5 and 0.93% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period for Classes A, B, C, F, I, P, R2 and R3) and multiplied by 123/365 (to reflect the period from June 30, 2015, commencement of operations, to October 31, 2015, for Classes R4, R5 and R6).

Portfolio Holdings Presented by Sector

October 31, 2015

Sector*	%**
Consumer Discretionary		20.52	%
Consumer Staples		7.63	%
Energy		2.47	%
Financials		20.78	%
Health Care		3.44	%
Industrials		21.64	%

Sector*	%**
Information Technology		12.59	%
Materials		3.84	%
Telecommunication Services		1.25	%
Utilities		2.36	%
Repurchase Agreement		3.48	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Value Opportunities Fund

	Beginning	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period^{^†}

				5/1/15 –
	5/1/15	10/31/15		10/31/15
Class A
Actual	$1,000.00	$	969.80	$5.86
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.26	$6.01
Class B
Actual	$1,000.00	$	966.90	$9.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.48	$9.80
Class C
Actual	$1,000.00	$	966.40	$9.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.48	$9.80
Class F
Actual	$1,000.00	$	971.10	$5.12
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.01	$5.24
Class I
Actual	$1,000.00	$	971.10	$4.62
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.52	$4.74
Class P
Actual	$1,000.00	$	969.50	$6.85
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.25	$7.02
Class R2
Actual	$1,000.00	$	968.50	$7.59
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.49	$7.78
Class R3
Actual	$1,000.00	$	968.70	$7.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.00	$7.27
Class R4
Actual	$1,000.00	$	962.60	$3.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,012.97	$3.90
Class R5
Actual	$1,000.00	$	963.20	$2.94
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,013.85	$3.02
Class R6
Actual	$1,000.00	$	963.70	$2.71
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,014.09	$2.78

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.18% for Class A, 1.93% for Classes B and C, 1.03% for Class F, 0.93% for Class I, 1.38% for Class P, 1.53% for Class R2 and 1.43% for Class R3, 1.15% for Class R4, 0.89% for Class R5 and 0.82% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period for Classes A, B, C, F, I, P, R2 and R3) and multiplied by 123/365 (to reflect the period from June 30, 2015, commencement of operations, to October 31, 2015, for Classes R4, R5, and R6).

Portfolio Holdings Presented by Sector

October 31, 2015

Sector*	%**
Consumer Discretionary		12.88	%
Consumer Staples		3.73	%
Energy		4.98	%
Financials		25.78	%
Health Care		9.04	%
Industrials		10.83	%

Sector*	%**
Information Technology		16.65	%
Materials		6.36	%
Telecommunication Services		1.39	%
Utilities		7.38	%
Repurchase Agreement		0.98	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Schedule of Investments

ALPHA STRATEGY FUND October 31, 2015

Investments	Shares		Fair Value (000)
INVESTMENTS IN UNDERLYING FUNDS^(a) 100.04%
Lord Abbett Developing Growth Fund, Inc. – Class I*^(b)		10,212,437	$	238,460
Lord Abbett Securities Trust – International Opportunities Fund – Class I^(c)		14,820,884		258,476
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I*^(c)		6,442,039		112,414
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I*^(c)		4,107,639		133,581
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I^(c)		8,850,716		261,627
Lord Abbett Securities Trust – Value Opportunities Fund – Class I*^(c)		12,705,466		256,142
Total Investments in Underlying Funds (cost $1,122,306,975)				1,260,700

Investments	Shares		Fair Value (000)
SHORT-TERM INVESTMENT 0.03%

Repurchase Agreement
Repurchase Agreement dated 10/30/2015, Zero Coupon due 11/2/2015 with Fixed Income Clearing Corp. collateralized by $335,000 of Federal Home Loan Mortgage Corp. at 0.875% due 2/22/2017; value: $336,675; proceeds: $326,276 (cost $326,276)	$	326	$	326
Total Investments in Securities 100.07% (cost $1,122,633,251)				1,261,026
Liabilities in Excess of Cash and Other Assets (0.07)%				(840	)
Net Assets 100.00%			$	1,260,186

*		Non-income producing security.
^(a)		Affiliated issuers (See Note 12).
^(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.

The following is a summary of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾⁽³⁾		(000)		(000)		(000)		(000)
Investments in Underlying Funds	$	1,260,700	$	—	$	—	$	1,260,700
Repurchase Agreement		—		326		—		326
Total	$	1,260,700	$	326	$	—	$	1,261,026

⁽¹⁾	Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each investment strategy of Underlying Funds.
⁽³⁾	There were no Level 1/Level 2 transfers during the fiscal year ended October 31, 2015.

See Notes to Financial Statements.

Schedule of Investments

FUNDAMENTAL EQUITY FUND October 31, 2015

Investments	Shares		Fair Value (000)
COMMON STOCKS 97.71%

Aerospace & Defense 3.50%
General Dynamics Corp.		554,516	$	82,390
TransDigm Group, Inc.*		210,655		46,312
Total				128,702

Banks 12.22%
Citizens Financial Group, Inc.		3,526,943		85,704
East West Bancorp, Inc.		1,885,073		76,138
First Republic Bank		1,071,869		70,004
JPMorgan Chase & Co.		2,238,922		143,851
Signature Bank*		492,653		73,366
Total				449,063

Beverages 3.30%
PepsiCo, Inc.		1,186,400		121,238

Building Products 0.66%
USG Corp.*		1,031,203		24,305

Capital Markets 3.73%
Affiliated Managers Group, Inc.*		303,736		54,751
Goldman Sachs Group, Inc. (The)		242,528		45,474
Greenhill & Co., Inc.		696,857		17,993
TD Ameritrade Holding Corp.		544,671		18,775
Total				136,993

Chemicals 3.08%
Dow Chemical Co. (The)		1,443,032		74,561
E.I. du Pont de Nemours & Co.		608,716		38,593
Total				113,154

Commercial Services & Supplies 1.33%
ADT Corp. (The)		1,477,289		48,810

Communications Equipment 3.46%
Cisco Systems, Inc.		3,775,148		108,913
QUALCOMM, Inc.		308,423		18,327
Total				127,240

Investments	Shares		Fair Value (000)
Consumer Finance 0.77%
Capital One Financial Corp.		359,068	$	28,330

Diversified Telecommunication Services 3.87%
AT&T, Inc.		2,729,127		91,453
Verizon Communications, Inc.		1,083,652		50,802
Total				142,255

Electric: Utilities 4.06%
Duke Energy Corp.		713,850		51,019
NextEra Energy, Inc.		955,251		98,066
Total				149,085

Energy Equipment & Services 2.17%
Halliburton Co.		1,095,691		42,053
Schlumberger Ltd.		482,808		37,736
Total				79,789

Food Products 2.22%
Mondelez International, Inc. Class A		1,766,653		81,549

Health Care Equipment & Supplies 0.98%
St. Jude Medical, Inc.		561,400		35,823

Health Care Providers & Services 0.73%
UnitedHealth Group, Inc.		229,007		26,972

Hotels, Restaurants & Leisure 2.09%
McDonald’s Corp.		524,100		58,830
Yum! Brands, Inc.		253,323		17,963
Total				76,793

Household Products 1.33%
Colgate-Palmolive Co.		735,700		48,814

Industrial Conglomerates 4.26%
General Electric Co.		5,409,215		156,435

Information Technology Services 0.57%
Vantiv, Inc. Class A*		420,846		21,105

Insurance 7.06%
ACE Ltd. (Switzerland)^(a)		318,805		36,197

See Notes to Financial Statements.

Schedule of Investments (continued)

FUNDAMENTAL EQUITY FUND October 31, 2015

Investments	Shares		Fair Value (000)
Insurance (continued)
Allstate Corp. (The)		297,200	$	18,391
American International Group, Inc.		1,800,986		113,570
Hartford Financial Services Group, Inc. (The)		1,968,502		91,063
Total				259,221

Internet Software & Services 1.13%
Alphabet, Inc. Class A*		56,331		41,538

Machinery 1.35%
ITT Corp.		1,250,893		49,510

Media 1.77%
Time Warner, Inc.		865,260		65,189

Multi-Line Retail 1.75%
Target Corp.		832,107		64,222

Multi-Utilities0.66%
Sempra Energy		235,116		24,078

Oil, Gas & Consumable Fuels 9.13%
Chevron Corp.		517,400		47,021
Devon Energy Corp.		532,600		22,332
EOG Resources, Inc.		799,675		68,652
Exxon Mobil Corp.		1,703,354		140,936
Marathon Oil Corp.		1,400,900		25,749
Occidental Petroleum Corp.		410,200		30,576
Total				335,266

Pharmaceuticals 9.23%
Allergan plc*		193,832		59,792
Merck & Co., Inc.		2,118,168		115,779
Pfizer, Inc.		4,840,600		163,709
Total				339,280

Real Estate Investment Trusts 3.11%
Simon Property Group, Inc.		298,100		60,055
Vornado Realty Trust		539,700		54,267
Total				114,322

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 4.49%
Intel Corp.		3,598,897	$	121,859
Microchip Technology, Inc.		894,579		43,199
Total				165,058

Software 2.92%
Activision Blizzard, Inc.		367,000		12,757
Microsoft Corp.		1,794,900		94,483
Total				107,240

Technology Hardware, Storage & Peripherals 0.78%
Apple, Inc.		239,446		28,614
Total Common Stocks (cost $3,154,646,276)				3,589,993

		Principal
		Amount
		(000)
SHORT-TERM INVESTMENT 2.61%

Repurchase Agreement
Repurchase Agreement dated 10/30/2015, Zero Coupon due 11/2/2015 with Fixed Income Clearing Corp. collateralized by $23,000,000 of Federal National Mortgage Assoc. at 1.25% due 1/30/2017; $17,610,000 of Federal National Mortgage Assoc. at 5.00% due 2/13/2017 and $55,560,000 of U.S. Treasury Note at 0.75% due 1/15/2017; value: $97,936,612; proceeds: $96,012,810 (cost $96,012,810)	$	96,013		96,013
Total Investments in Securities 100.32% (cost $3,250,659,086)				3,686,006
Liabilities in Excess of Cash and Other Assets (0.32)%				(11,673	)
Net Assets 100.00%			$	3,674,333

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

See Notes to Financial Statements.

Schedule of Investments (concluded)

FUNDAMENTAL EQUITY FUND October 31, 2015

The following is a summary of the inputs used as of October 31, 2015 in valuing the Fund‘s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾⁽³⁾		(000)		(000)		(000)		(000)
Common Stocks	$	3,589,993	$	—	$	—	$	3,589,993
Repurchase Agreement		—		96,013		—		96,013
Total	$	3,589,993	$	96,013	$	—	$	3,686,006

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
⁽³⁾		There were no Level 1/Level 2 transfers during the fiscal year ended October 31, 2015.

See Notes to Financial Statements.

Schedule of Investments

GROWTH LEADERS FUND October 31, 2015

Investments	Shares		Fair Value (000)
COMMON STOCKS 97.91%

Aerospace & Defense 5.22%
Boeing Co. (The)		135,739	$	20,099
Honeywell International, Inc.		145,528		15,030
Lockheed Martin Corp.		182,068		40,024
Raytheon Co.		250,701		29,432
Total				104,585

Airlines 2.22%
Delta Air Lines, Inc.		554,624		28,197
Southwest Airlines Co.		350,239		16,213
Total				44,410

Beverages 2.87%
Constellation Brands, Inc.
Class A		74,265		10,011
Dr. Pepper Snapple Group, Inc.		110,647		9,889
Monster Beverage Corp.*		71,184		9,704
PepsiCo, Inc.		273,299		27,928
Total				57,532

Biotechnology 9.06%
Agios Pharmaceuticals, Inc.*		68,452		4,987
Alexion Pharmaceuticals, Inc.*		85,067		14,972
Amgen, Inc.		154,624		24,458
BioMarin Pharmaceutical, Inc.*		42,498		4,974
Celgene Corp.*		276,969		33,987
Gilead Sciences, Inc.		270,244		29,222
Incyte Corp.*		125,388		14,737
Regeneron Pharmaceuticals, Inc.*		52,847		29,456
Sage Therapeutics, Inc.*		79,996		4,018
Vertex Pharmaceuticals, Inc.*		167,545		20,900
Total				181,711

Diversified Financial Services 2.24%
Intercontinental Exchange, Inc.		117,139		29,566
MarketAxess Holdings, Inc.		150,615		15,259
Total				44,825

Investments	Shares		Fair Value (000)
Electrical Equipment 1.01%
Acuity Brands, Inc.		92,877	$	20,303

Energy Equipment & Services 0.28%
Core Laboratories NV (Netherlands)^(a)		48,796		5,676

Food & Staples Retailing 2.44%
Costco Wholesale Corp.		184,670		29,200
CVS Health Corp.		96,666		9,548
Walgreens Boots Alliance, Inc.		119,623		10,130
Total				48,878

Health Care Equipment & Supplies 3.00%
Align Technology, Inc.*		320,341		20,969
Edwards Lifesciences Corp.*		156,052		24,524
ZELTIQ Aesthetics, Inc.*		435,797		14,704
Total				60,197

Health Care Technology 0.51%
athenahealth, Inc.*		66,984		10,212

Hotels, Restaurants & Leisure 3.34%
McDonald’s Corp.		177,053		19,874
Norwegian Cruise Line Holdings Ltd.*		348,890		22,196
Starbucks Corp.		399,212		24,979
Total				67,049

Household Durables 1.01%
DR Horton, Inc.		343,865		10,123
Lennar Corp. Class A		203,694		10,199
Total				20,322

Household Products 0.98%
Clorox Co. (The)		81,763		9,970
Colgate-Palmolive Co.		146,173		9,699
Total				19,669

Industrial Conglomerates 1.45%
3M Co.		93,607		14,716
General Electric Co.		498,226		14,409
Total				29,125

See Notes to Financial Statements.

Schedule of Investments (continued)

GROWTH LEADERS FUND October 31, 2015

Investments	Shares		Fair Value (000)
Information Technology Services 7.65%
Cognizant Technology Solutions Corp. Class A*		287,011	$	19,548
EPAM Systems, Inc.*		245,048		18,955
MasterCard, Inc. Class A		400,214		39,617
PayPal Holdings, Inc.*		413,243		14,881
Visa, Inc. Class A		778,118		60,366
Total				153,367

Internet & Catalog Retail 8.83%
Amazon.com, Inc.*		138,109		86,442
Netflix, Inc.*		95,095		10,306
Priceline Group, Inc. (The)*		28,095		40,857
TripAdvisor, Inc.*		233,237		19,541
Wayfair, Inc. Class A*		467,718		19,771
Total				176,917

Internet Software & Services 14.11%
Alphabet, Inc. Class A*		185,905		137,085
CoStar Group, Inc.*		45,000		9,138
Criteo SA ADR*		194,870		7,417
Facebook, Inc. Class A*		993,900		101,348
LinkedIn Corp. Class A*		115,599		27,844
Total				282,832

Machinery 0.54%
Middleby Corp. (The)*		93,316		10,912

Media 2.06%
Comcast Corp. Class A		344,753		21,588
Walt Disney Co. (The)		174,086		19,801
Total				41,389

Pharmaceuticals 2.00%
Bristol-Myers Squibb Co.		607,328		40,053

Real Estate Investment Trusts 0.76%
Equinix, Inc.		51,229		15,199

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 2.83%
Avago Technologies Ltd. (Singapore)^(a)		77,080	$	9,491
Cavium, Inc.*		210,946		14,967
First Solar, Inc.*		196,783		11,230
NVIDIA Corp.		740,811		21,017
Total				56,705

Software 11.49%
Adobe Systems, Inc.*		494,710		43,861
Microsoft Corp.		1,405,012		73,960
Red Hat, Inc.*		189,720		15,009
salesforce.com, Inc.*		589,289		45,794
ServiceNow, Inc.*		306,181		25,000
Tableau Software, Inc. Class A*		112,037		9,406
Ultimate Software Group, Inc. (The)*		84,500		17,267
Total				230,297

Specialty Retail 5.33%
Home Depot, Inc. (The)		325,023		40,186
O’Reilly Automotive, Inc.*		75,692		20,911
TJX Cos., Inc. (The)		398,432		29,161
Ulta Salon, Cosmetics & Fragrance, Inc.*		95,884		16,680
Total				106,938

Technology Hardware, Storage & Peripherals 4.16%
Apple, Inc.		698,067		83,419

Textiles, Apparel & Luxury Goods 1.77%
NIKE, Inc. Class B		195,311		25,591
Under Armour, Inc. Class A*		104,217		9,909
Total				35,500

Water Utilities 0.75%
American Water
Works Co., Inc.		261,418		14,995
Total Common Stocks (cost $1,835,218,234)				1,963,017

40	See Notes to Financial Statements.

Schedule of Investments (concluded)

GROWTH LEADERS FUND October 31, 2015

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 1.55%

Repurchase Agreement
Repurchase Agreement dated 10/30/2015, Zero Coupon due 11/2/2015 with Fixed Income Clearing Corp. collateralized by $31,520,000 of Federal Home Loan Mortgage Corp. at 0.875% due 2/22/2017; value: $31,677,600; proceeds: $31,052,961 (cost $31,052,961)	$	31,053	$	31,053
Total Investments in Securities 99.46% (cost $1,866,271,195)				1,994,070
Cash and Other Assets in Excess of Liabilities 0.54%				10,748
Net Assets 100.00%			$	2,004,818

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

The following is a summary of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾⁽³⁾	(000)		(000)		(000)		(000)
Common Stocks	$	1,963,017	$	–	$	–	$	1,963,017
Repurchase Agreement		–		31,053		–		31,053
Total	$	1,963,017	$	31,053	$	–	$	1,994,070

⁽¹⁾	Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
⁽³⁾	There were no Level 1/Level 2 transfers during the fiscal year ended October 31, 2015.

See Notes to Financial Statements.

Schedule of Investments

INTERNATIONAL CORE EQUITY FUND October 31, 2015

Investments	Shares		U.S. $ Fair Value (000)
LONG-TERM INVESTMENTS 96.28%
COMMON STOCKS 96.04%

Australia 2.20%

Banks 1.19%
National Australia Bank Ltd. 296,503			$	6,375

Real Estate Investment Trusts 1.01%
Mirvac Group		4,176,170		5,375
Total Australia				11,750

Austria 0.75%
Diversified Telecommunication Services
Telekom Austria AG		663,294		3,999

Canada 0.64%

Oil, Gas & Consumable Fuels
Baytex Energy Corp.		425,100		1,729
Seven Generations Energy Ltd. Class A *		159,100		1,695
				3,424

China 4.09%

Automobiles 0.44%
Great Wall Motor Co., Ltd. Class H		1,943,744		2,377

Internet Software & Services 1.67%
Baidu, Inc. ADR *		47,432		8,892

Personal Products 0.76%
Hengan International Group Co., Ltd.		375,000		4,062

Real Estate Management & Development 1.22%
China Overseas Land & Investment Ltd.		1,997,677		6,495
Total China				21,826

France 9.98%

Aerospace & Defense 1.84%
Safran SA		129,183		9,818

Investments	Shares		U.S. $ Fair Value (000)
Banks 1.38%
BNP Paribas SA		121,052	$	7,356

Food Products 2.19%
Danone SA		167,353		11,669

Insurance 1.46%
AXA SA		291,328		7,793

Life Sciences Tools & Services 0.57%
Genfit*		68,339		3,072

Oil, Gas & Consumable Fuels 1.12%
Total SA		123,744		6,007

Real Estate Investment Trusts 1.42%
Klepierre		159,600		7,577
Total France				53,292

Germany 7.69%

Diversified Financial Services 0.91%
Deutsche Boerse AG		52,924		4,874

Diversified Telecommunication Services 1.59%
Deutsche Telekom AG Registered Shares		455,484		8,517

Health Care Providers & Services 2.69%
Fresenius Medical Care AG & Co. KGaA		63,850		5,750
Fresenius SE & Co. KGaA		117,313		8,611
				14,361

Life Sciences Tools & Services 0.65%
MorphoSys AG *		55,930		3,461

Software 1.85%
SAP SE		124,740		9,860
Total Germany				41,073

Hong Kong 2.58%

Electric: Utilities 0.80%
Cheung Kong Infrastructure Holdings Ltd.		460,091		4,283

42	See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL CORE EQUITY FUND October 31, 2015

Investments	Shares		U.S. $ Fair Value (000)
Hong Kong (continued)

Hotels, Restaurants & Leisure 0.20%
SJM Holdings Ltd.		1,243,100	$	1,038

Industrial Conglomerates 1.56%
CK Hutchison Holdings Ltd.		605,600		8,321

Real Estate Management & Development 0.02%
China Overseas Property Holdings Ltd. *		639,225		110
Total Hong Kong				13,752

India 1.90%

Oil, Gas & Consumable Fuels 0.97%
Reliance Industries Ltd.		358,764		5,203

Thrifts & Mortgage Finance 0.93%
Indiabulls Housing Finance Ltd.		448,362		4,944
Total India				10,147

Indonesia 0.67%

Food Products
PT Indofood Sukses Makmur Tbk		8,862,000		3,577

Israel 1.63%

Pharmaceuticals
Teva Pharmaceutical Industries Ltd. ADR		147,225		8,714

Italy 3.72%

Banks 0.86%
UniCredit SpA		704,750		4,557

Capital Markets 0.91%
Anima Holding SpA ^†		495,746		4,866

Gas Utilities 1.95%
Snam SpA		2,011,690		10,419
Total Italy				19,842

Investments	Shares		U.S. $ Fair Value (000)
Japan 19.57%

Airlines 1.46%
Japan Airlines Co., Ltd.		204,600	$	7,765

Auto Components 1.16%
Stanley Electric Co., Ltd.		322,500		6,211

Automobiles 3.05%
Honda Motor Co., Ltd.		327,300		10,969
Toyota Motor Corp.		85,800		5,310
				16,279

Banks 1.75%
Sumitomo Mitsui Financial Group, Inc.		231,600		9,328

Chemicals 0.63%
Asahi Kasei Corp.		542,486		3,356

Diversified Financial Services 1.09%
ORIX Corp.		393,000		5,802

Electrical Equipment 1.30%
Nidec Corp.		91,400		6,948

Information Technology Services 3.29%
Obic Co., Ltd.		157,300		8,369
SCSK Corp.		237,600		9,166
				17,535

Pharmaceuticals 1.44%
Astellas Pharma, Inc.		527,100		7,710

Real Estate Management & Development 1.68%
Daiwa House Industry Co., Ltd.		339,000		8,979

Trading Companies & Distributors 1.57%
Sumitomo Corp.		760,700		8,387

Wireless Telecommunication Services 1.15%
SoftBank Group Corp.		109,400		6,162
Total Japan				104,462

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL CORE EQUITY FUND October 31, 2015

Investments	Shares		U.S. $ Fair Value (000)
Netherlands 5.82%

Beverages 2.83%
Heineken Holding NV		188,413	$	15,110

Construction & Engineering 0.24%
Arcadis NV		51,568		1,302

Insurance 0.83%
Aegon NV		717,751		4,423

Oil, Gas & Consumable Fuels 1.92%
Royal Dutch Shell plc Class A ADR		195,139		10,237
Total Netherlands				31,072

Norway 0.44%

Banks
DNB ASA		185,874		2,367

South Korea 2.34%

Technology Hardware, Storage & Peripherals 1.49%
Samsung Electronics Co., Ltd.		6,607		7,951

Wireless Telecommunication Services 0.85%
SK Telecom Co., Ltd.		21,574		4,561
Total South Korea				12,512

Spain 1.11%

Construction & Engineering
ACS Actividades de Construccion y Servicios SA		174,264		5,930

Sweden 1.82%

Diversified Telecommunication Services 0.95%
TeliaSonera AB		986,749		5,051

Machinery 0.87%
Volvo AB B Shares		450,121		4,676
Total Sweden				9,727

Investments	Shares		U.S. $ Fair Value (000)
Switzerland 3.83%

Pharmaceuticals
Novartis AG Registered Shares		115,501	$	10,499
Roche Holding AG		36,710		9,964
Total Switzerland				20,463

United Kingdom 24.20%

Aerospace & Defense 1.09%
BAE Systems plc		854,886		5,803

Airlines 1.22%
International Consolidated Airlines Group SA*		727,956		6,537

Banks 4.14%
Barclays plc		1,731,229		6,192
HSBC Holdings plc		1,125,667		8,808
Lloyds Banking Group plc		6,246,856		7,100
				22,100

Beverages 1.27%
SABMiller plc		109,759		6,760

Capital Markets 1.00%
Jupiter Fund Management plc		769,492		5,349

Household Durables 1.64%
Berkeley Group Holdings plc		170,853		8,739

Insurance 1.67%
Prudential plc		380,337		8,906

Media 3.14%
ITV plc		2,226,530		8,663
Pearson plc		181,739		2,414
WPP plc		253,622		5,701
				16,778

Metals & Mining 1.49%
Rio Tinto plc ADR		218,007		7,959

44	See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL CORE EQUITY FUND October 31, 2015

Investments	Shares		U.S. $ Fair Value (000)
United Kingdom (continued)

Multi-Line Retail 0.65%
Debenhams plc		2,503,484	$	3,452

Multi-Utilities 1.65%
National Grid plc		616,330		8,787

Personal Products 1.32%
Unilever plc		157,986		7,046

Pharmaceuticals 1.23%
AstraZeneca plc		102,707		6,572

Tobacco 2.18%
Imperial Tobacco Group plc		215,562		11,627

Trading Companies & Distributors 0.51%
Ashtead Group plc		178,258		2,748
Total United Kingdom				129,163

United States 1.06%

Health Care Equipment & Supplies
ResMed, Inc.		97,700		5,629
Total Common Stocks (cost $502,923,913)				512,721

PREFERRED STOCK 0.24%

Germany

Automobiles
Volkswagen AG (cost $2,526,496)		10,809		1,299
Total Long-Term Investments (cost $505,450,409)				514,020

Investments	Principal Amount (000)		U.S. $ Fair Value (000)
SHORT-TERM INVESTMENT 1.85%

Repurchase Agreement
Repurchase Agreement dated 10/30/2015, Zero Coupon due 11/2/2015 with Fixed Income Clearing Corp. collateralized by $10,010,000 of Federal Home Loan Mortgage Corp. at 0.875% due 2/22/2017; value: $10,060,050; proceeds: $9,859,030 (cost $9,859,030)	$	9,859	$	9,859
Total Investments in Securities 98.13% (cost $515,309,439)				523,879
Cash and Other Assets in Excess of Liabilities^(a)1.87%				9,992
Net Assets 100.00%			$	533,871

ADR		American Depositary Receipt.
*		Non-income producing security.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
^(a)		Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts as follows:

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL CORE EQUITY FUND October 31, 2015

Open Forward Foreign Currency Exchange Contracts at October 31, 2015:

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Appreciation
Indian rupee	Buy	Goldman Sachs	11/2/2015	175,000,000	$	2,624,829	$	2,678,093	$	53,264
Brazilian real	Sell	Morgan Stanley	11/16/2015	6,800,000		1,788,909		1,756,592		32,317
British pound	Sell	J.P. Morgan	1/19/2016	14,200,000		22,055,166		21,884,888		170,278
Canadian dollar	Sell	Bank of America	12/14/2015	3,722,000		2,849,793		2,845,742		4,051
euro	Sell	Deutsche Bank AG	2/16/2016	1,264,000		1,442,307		1,392,873		49,434
euro	Sell	Deutsche Bank AG	2/16/2016	2,400,000		2,715,521		2,644,695		70,826
euro	Sell	Deutsche Bank AG	2/16/2016	1,300,000		1,460,937		1,432,543		28,394
euro	Sell	J.P. Morgan	2/16/2016	7,200,000		8,117,345		7,934,086		183,259
euro	Sell	J.P. Morgan	2/16/2016	800,000		902,717		881,565		21,152
euro	Sell	Morgan Stanley	2/16/2016	2,200,000		2,507,592		2,424,304		83,288
euro	Sell	Morgan Stanley	2/16/2016	980,000		1,105,906		1,079,917		25,989
euro	Sell	UBS AG	2/16/2016	1,080,000		1,228,575		1,190,113		38,462
Indian rupee	Sell	Deutsche Bank AG	11/2/2015	366,000,000		5,632,069		5,601,041		31,028
Indian rupee	Sell	Goldman Sachs	11/2/2015	131,000,000		2,017,936		2,004,744		13,192
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts									$	804,934

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Depreciation
Australian dollar	Buy	Bank of America	12/14/2015	9,800,000	$	7,116,074	$	6,973,826	$	(142,248	)
Australian dollar	Buy	Standard Chartered Bank	2/19/2016	13,200,000		9,590,882		9,364,035		(226,847	)
Brazilian real	Buy	Goldman Sachs	11/16/2015	13,650,000		4,188,855		3,526,101		(662,754	)
Danish krone	Buy	Deutsche Bank AG	2/16/2016	125,400,000		18,966,716		18,549,119		(417,597	)
euro	Buy	J.P. Morgan	2/16/2016	500,000		568,699		550,978		(17,721	)
Indian rupee	Buy	Morgan Stanley	11/2/2015	322,000,000		4,950,419		4,927,691		(22,728	)
South African rand	Buy	Morgan Stanley	11/23/2015	52,285,000		3,970,465		3,765,119		(205,346	)
Swiss franc	Buy	Morgan Stanley	1/19/2016	12,986,000		13,481,765		13,174,728		(307,037	)
Swiss franc	Buy	Standard Chartered Bank	2/22/2016	9,160,000		9,660,053		9,306,372		(353,681	)
British pound	Sell	Bank of America	1/19/2016	1,650,000		2,535,362		2,542,962		(7,600	)
British pound	Sell	Goldman Sachs	1/19/2016	830,000		1,258,875		1,279,187		(20,312	)
British pound	Sell	J.P. Morgan	1/19/2016	830,000		1,257,806		1,279,187		(21,381	)
British pound	Sell	Morgan Stanley	1/19/2016	1,080,000		1,653,452		1,664,485		(11,033	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts									$	(2,416,285	)

46	See Notes to Financial Statements.

Schedule of Investments (concluded)

INTERNATIONAL CORE EQUITY FUND October 31, 2015

The following is a summary of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2			Level 3		Total
Investment Type⁽²⁾	(000)		(000)			(000)		(000)
Common Stocks⁽³⁾	$	512,721	$	–		$	–	$	512,721
Preferred Stock⁽³⁾		1,299		–			–		1,299
Repurchase Agreement		–		9,859			–		9,859
Total	$	514,020	$	9,859		$	–	$	523,879
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	805		$	–	$	805
Liabilities		–		(2,416	)		–		(2,416	)
Total	$	–	$	(1,611	)	$	–	$	(1,611	)

⁽¹⁾	Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
⁽³⁾	As of October 31, 2015, the Fund utilized the last sale or official closing price on the exchange or system on which the foreign equity securities are principally traded, which resulted in Level 1 inputs for all foreign equity securities. As of October 31, 2014, the Fund utilized adjusted valuations for the majority of foreign equity securities (as described in Note 2(a)), which resulted in Level 2 inputs. For the fiscal year ended October 31, 2015, the total securities transferred from Level 2 to Level 1 amounted to $368,938,979.

See Notes to Financial Statements.

Schedule of Investments

INTERNATIONAL DIVIDEND INCOME FUND October 31, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
LONG-TERM INVESTMENTS 97.98%

COMMON STOCKS 95.70%

Australia 7.40%

Banks 2.13%
National Australia Bank Ltd.		2,138,930	$	45,987

Electric: Utilities 0.92%
AusNet Services		19,299,206		19,886

Personal Products 0.86%
Asaleo Care Ltd.		14,835,707		18,620

Real Estate Investment Trusts 3.49%
Federation Centres		10,746,660		22,301
Mirvac Group		22,571,856		29,053
Scentre Group		8,115,525		23,959
				75,313
Total Australia				159,806

Belgium 0.92%

Air Freight & Logistics
bpost SA		790,042		19,782

Canada 6.74%

Oil, Gas & Consumable Fuels 5.93%
ARC Resources Ltd.		1,179,300		17,388
Baytex Energy Corp.		2,231,300		9,078
Crescent Point Energy Corp.		3,149,652		42,923
Freehold Royalties Ltd.		1,570,240		12,189
Whitecap Resources, Inc.		5,218,900		46,338
				127,916

Real Estate Investment Trusts 0.81%
RioCan Real Estate Investment Trust		898,700		17,526
Total Canada				145,442

			U.S. $
			Fair Value
Investments	Shares		(000)
China 2.01%

Real Estate Management & Development
Greentown China Holdings Ltd.*		5,592,100	$	4,914
KWG Property Holding Ltd.		22,361,200		16,214
Longfor Properties Co., Ltd.		16,622,300		22,347
				43,475

Denmark 0.63%

Diversified Telecommunication Services
TDC A/S		2,590,539		13,578

Finland 1.49%

Diversified Telecommunication Services
Elisa OYJ		854,292		32,203

France 7.24%

Banks 1.49%
BNP Paribas SA		528,927		32,141

Diversified Telecommunication Services 1.18%
Orange SA		1,450,116		25,570

Insurance 1.40%
AXA SA		1,128,995		30,200

Oil, Gas & Consumable Fuels 1.72%
Total SA ADR		768,362		37,058

Real Estate Investment Trusts 1.45%
Klepierre		659,207		31,297
Total France				156,266

Germany 4.23%

Diversified Telecommunication Services 1.45%
Deutsche Telekom AG Registered Shares		1,676,384		31,348

Media 1.06%
ProSiebenSat.1 Media SE		423,399		22,902

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL DIVIDEND INCOME FUND October 31, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
Germany (continued)

Wireless Telecommunication Services 1.72%
Freenet AG		1,097,484	$	37,026
Total Germany				91,276

Hong Kong 2.98%

Communications Equipment 0.85%
VTech Holdings Ltd.		1,512,400		18,372

Hotels, Restaurants & Leisure 0.51%
SJM Holdings Ltd.		13,102,500		10,937

Industrial Conglomerates 1.62%
CK Hutchison Holdings Ltd.		2,550,400		35,045
Total Hong Kong				64,354

India 0.77%

Thrifts & Mortgage Finance
Indiabulls Housing Finance Ltd.		1,502,917		16,573

Israel 1.53%

Diversified Telecommunication Services
Bezeq The Israeli Telecommunication Corp., Ltd.		15,381,741		32,963

Italy 2.68%

Capital Markets 0.46%
Anima Holding SpA^†		1,006,269		9,876

Gas Utilities 2.22%
Snam SpA		9,255,722		47,939
Total Italy				57,815

Japan 8.28%

Airlines 1.58%
Japan Airlines Co., Ltd.		897,200		34,053

Automobiles 1.98%
Nissan Motor Co., Ltd.		2,189,000		22,975

			U.S. $
			Fair Value
Investments	Shares		(000)
Toyota Motor Corp.		317,700	$	19,664
				42,639

Banks 1.49%
Aozora Bank Ltd.		4,419,400		16,225
Sumitomo Mitsui Financial Group, Inc.		396,700		15,977
				32,202

Capital Markets 0.72%
Daiwa Securities Group, Inc.		2,259,000		15,577

Real Estate Management & Development 0.87%
Daiwa House Industry Co., Ltd.		708,900		18,776

Trading Companies & Distributors 1.64%
Sumitomo Corp.		3,220,800		35,512
Total Japan				178,759

Netherlands 2.95%

Insurance 0.72%
Aegon NV		2,500,893		15,412

Oil, Gas & Consumable Fuels 2.23%
Royal Dutch Shell plc Class A ADR		918,948		48,208
Total Netherlands				63,620

New Zealand 2.61%

Airlines 1.13%
Air New Zealand Ltd.		12,338,813		24,314

Diversified Telecommunication Services 1.48%
Spark New Zealand Ltd.		14,073,183		32,019
Total New Zealand				56,333

Portugal 1.63%

Electric: Utilities
EDP—Energias de Portugal SA		9,498,814		35,180

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL DIVIDEND INCOME FUND October 31, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
Singapore 0.86%

Real Estate Investment Trusts
Mapletree Logistics Trust		25,351,500	$	18,459

South Korea 0.86%

Wireless Telecommunication Services
SK Telecom Co., Ltd.		87,978		18,598

Spain 4.19%

Construction & Engineering 1.08%
ACS Actividades de Construccion y Servicios SA		686,353		23,356

Diversified Financial Services 1.16%
Bolsas y Mercados Espanoles, SHMFS, SA		692,882		24,904

Gas Utilities 1.95%
Enagas SA		1,390,899		42,145
Total Spain				90,405

Sweden 1.68%

Diversified Telecommunication Services 0.88%
TeliaSonera AB		3,723,195		19,057

Machinery 0.80%
Volvo AB B Shares		1,650,306		17,143
Total Sweden				36,200

Switzerland 4.64%

Food Products 1.58%
Nestle SA Registered Shares		445,239		34,053

Pharmaceuticals 3.06%
Novartis AG
Registered Shares		354,765		32,248
Roche Holding AG		124,961		33,919
				66,167
Total Switzerland				100,220

			U.S. $
			Fair Value
Investments	Shares		(000)
Taiwan 0.83%

Technology Hardware, Storage & Peripherals
Asustek Computer, Inc.		2,004,300	$	17,966

Turkey 0.76%

Automobiles
Tofas Turk Otomobil Fabrikasi AS		2,499,786		16,506

United Kingdom 27.79%

Aerospace & Defense 1.27%
BAE Systems plc		4,041,562		27,433

Banks 2.90%
Barclays plc		7,501,330		26,829
HSBC Holdings plc		4,583,871		35,869
				62,698

Capital Markets 1.53%
Jupiter Fund Management plc		4,738,567		32,938

Electric: Utilities 1.80%
SSE plc		1,664,331		38,871

Household Durables 1.80%
Berkeley Group Holdings plc		761,960		38,974

Insurance 2.47%
Lancashire Holdings Ltd.		1,886,679		20,723
Prudential plc		1,395,201		32,671
				53,394

Media 3.12%
ITV plc		8,767,089		34,113
Pearson plc		770,921		10,238
RELX plc		1,280,550		22,939
				67,290

Metals & Mining 1.73%
Rio Tinto plc ADR		1,020,155		37,246

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL DIVIDEND INCOME FUND October 31, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
United Kingdom (continued)

Multi-Utilities 1.99%
National Grid plc		3,020,191	$	43,058

Oil, Gas & Consumable Fuels 1.57%
BP plc		5,693,838		33,917

Personal Products 1.47%
Unilever plc		710,307		31,679

Pharmaceuticals 2.48%
AstraZeneca plc		367,921		23,541
GlaxoSmithKline plc		1,381,021		29,912
				53,453

Tobacco 2.35%
Imperial Tobacco Group plc		939,408		50,672

Wireless Telecommunication Services 1.31%
Vodafone Group plc		8,586,628		28,361
Total United Kingdom				599,984
Total Common Stocks (cost $2,203,622,837)				2,065,763

		Principal
		Amount
CORPORATE BOND 1.07%

Spain

Banks
Banco Popular Espanol SA^(a) (cost $27,637,521)	$	19,000,000		23,095

		Shares
PREFERRED STOCKS 1.21%

Brazil 0.64%

Independent Power and Renewable Electricity Producer
AES Tiete SA		3,845,400		13,780

			U.S. $
			Fair Value
Investments	Shares		(000)
South Korea 0.57%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co., Ltd.		11,829	$	12,399
Total Preferred Stocks (cost $48,327,174)				26,179
Total Long-Term Investments (cost $2,279,587,532)				2,115,037

		Principal Amount
SHORT-TERM INVESTMENT 1.08%

Repurchase Agreement
Repurchase Agreement dated 10/30/2015, Zero Coupon due 11/2/2015 with Fixed Income Clearing Corp. collateralized by $23,550,000 of Federal Home Loan Mortgage Corp. at 0.875% due 2/22/2017; value: $23,667,750; proceeds: $23,200,664 (cost $23,200,664)	$	23,201	$	23,201
Total Investments in Securities 99.06%
(cost $2,302,788,196)				2,138,238
Cash, Foreign Cash and Other Assets in Excess of Liabilities^(b)0.94%				20,366
Net Assets 100.00%			$	2,158,604

ADR		American Depositary Receipt.
*		Non-income producing security.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
^(a)		The security has an interest rate of 11.50%, is perpetual in nature and has no stated maturity.
^(b)		Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/ depreciation on forward foreign currency exchange contracts as follows:

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL DIVIDEND INCOME FUND October 31, 2015

Open Forward Foreign Currency Exchange Contracts at October 31, 2015:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Australian dollar	Buy	Morgan Stanley	2/19/2016	11,900,000	$	8,371,418	$	8,441,820		$	70,402
British pound	Buy	J.P.Morgan	1/19/2016	6,880,000		10,434,917		10,603,382			168,465
Swedish krona	Buy	Morgan Stanley	11/23/2015	407,000,000		47,380,992		47,658,594			277,602
British pound	Sell	Morgan Stanley	1/19/2016	85,370,000		131,954,710		131,571,329			383,381
British pound	Sell	Morgan Stanley	1/19/2016	63,987,000		98,853,932		98,616,078			237,854
euro	Sell	J.P.Morgan	2/16/2016	18,700,000		21,082,548		20,606,583			475,965
euro	Sell	Morgan Stanley	2/16/2016	7,900,000		8,711,130		8,705,455			5,675
Israeli new shekel	Sell	Deutsche Bank AG	2/23/2016	30,000,000		7,780,527		7,765,482			15,045
Japanese yen	Sell	Morgan Stanley	2/22/2016	17,200,000,000		143,910,173		142,854,130			1,056,043
South African rand	Sell	Goldman Sachs	11/23/2015	83,600,000		6,030,605		6,020,157			10,448
Swedish krona	Sell	Deutsche Bank AG	11/23/2015	68,840,000		8,141,582		8,060,977			80,605
Swiss franc	Sell	Deutsche Bank AG	2/22/2016	6,040,000		6,249,994		6,136,516			113,478
Swiss franc	Sell	Standard Chartered Bank	2/22/2016	50,191,000		52,930,972		50,993,024			1,937,948
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	4,832,911

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL DIVIDEND INCOME FUND October 31, 2015

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Australian dollar	Buy	Bank of America	2/19/2016	137,150,000	$	99,760,853	$	97,293,749		$	(2,467,104	)
Australian dollar	Buy	J.P.Morgan	2/19/2016	18,400,000		13,124,503		13,052,898			(71,605	)
Australian dollar	Buy	Standard Chartered Bank	2/19/2016	15,300,000		11,044,496		10,853,769			(190,727	)
Australian dollar	Buy	Standard Chartered Bank	2/19/2016	14,800,000		10,841,305		10,499,070			(342,235	)
Australian dollar	Buy	Standard Chartered Bank	2/19/2016	131,000,000		95,299,880		92,930,959			(2,368,921	)
Australian dollar	Buy	Standard Chartered Bank	2/19/2016	130,800,000		95,036,926		92,789,080			(2,247,846	)
Canadian dollar	Buy	State Street Bank and Trust	2/19/2016	61,000,000		47,217,825		46,627,130			(590,695	)
Japanese yen	Buy	Morgan Stanley	1/12/2016	900,000,000		7,521,026		7,468,851			(52,175	)
Russian ruble	Buy	J.P.Morgan	11/23/2015	537,500,000		9,045,776		8,367,786			(677,990	)
South African rand	Buy	Deutsche Bank AG	11/23/2015	100,000,000		7,731,351		7,201,145			(530,206	)
South African rand	Buy	J.P.Morgan	11/23/2015	386,000,000		30,327,139		27,796,420			(2,530,719	)
South African rand	Buy	J.P.Morgan	11/23/2015	250,000,000		19,320,685		18,002,863			(1,317,822	)
South African rand	Buy	J.P.Morgan	11/23/2015	200,000,000		15,456,548		14,402,290			(1,054,258	)
South African rand	Buy	Morgan Stanley	11/23/2015	105,000,000		8,116,741		7,561,202			(555,539	)
South African rand	Buy	Morgan Stanley	11/23/2015	65,000,000		5,036,123		4,680,744			(355,379	)
Swedish krona	Buy	J.P.Morgan	11/23/2015	61,150,000		7,354,262		7,160,499			(193,763	)
Thai baht	Buy	Morgan Stanley	12/8/2015	448,000,000		12,641,084		12,579,615			(61,469	)
Turkish lira	Buy	Bank of America	12/4/2015	72,600,000		25,252,174		24,669,417			(582,757	)
Turkish lira	Buy	J.P.Morgan	12/4/2015	21,650,000		7,555,221		7,356,651			(198,570	)
Australian dollar	Sell	J.P.Morgan	2/19/2016	12,500,000		8,833,461		8,867,458			(33,997	)
Australian dollar	Sell	J.P.Morgan	2/19/2016	11,300,000		8,014,997		8,016,182			(1,185	)
Japanese yen	Sell	Standard Chartered Bank	1/12/2016	5,260,000,000		43,551,194		43,651,286			(100,092	)
New Zealand dollar	Sell	Standard Chartered Bank	2/5/2016	17,500,000		11,135,198		11,770,885			(635,687	)
Russian ruble	Sell	J.P.Morgan	11/23/2015	537,500,000		8,251,458		8,367,786			(116,328	)
South African rand	Sell	Deutsche Bank AG	11/23/2015	258,000,000		18,568,647		18,578,954			(10,307	)
South African rand	Sell	J.P.Morgan	11/23/2015	61,500,000		4,367,747		4,428,704			(60,957	)
Swedish krona	Sell	Barclays Bank plc	11/23/2015	173,000,000		20,078,911		20,257,830			(178,919	)
Thai baht	Sell	Morgan Stanley	12/8/2015	448,000,000		12,277,336		12,579,615			(302,279	)
Turkish lira	Sell	Deutsche Bank AG	12/4/2015	94,250,000		30,416,619		32,026,068			(1,609,449	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(19,438,980	)

See Notes to Financial Statements.

Schedule of Investments (concluded)

INTERNATIONAL DIVIDEND INCOME FUND October 31, 2015

The following is a summary of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2			Level 3		Total
Investment Type⁽²⁾	(000)		(000)			(000)		(000)
Common Stocks⁽³⁾	$	2,065,763	$	–		$	–	$	2,065,763
Corporate Bond		–		23,095			–		23,095
Preferred Stocks		26,179		–			–		26,179
Repurchase Agreement		–		23,201			–		23,201
Total	$	2,091,942	$	46,296		$	–	$	2,138,238
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	4,833		$	–	$	4,833
Liabilities		–		(19,439	)		–		(19,439)
Total	$	–	$	(14,606	)	$	–	$	(14,606)

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
⁽³⁾		As of October 31, 2015, the Fund utilized the last sale or official closing price on the exchange or system on which the foreign equity securities are principally traded, which resulted in Level 1 inputs for all foreign equity securities. As of October 31, 2014, the Fund utilized adjusted valuations for the majority of foreign equity securities (as described in Note 2(a)), which resulted in Level 2 inputs. For the fiscal year ended October 31, 2015, the total securities transferred from Level 2 to Level 1 amounted to $1,487,746,498.

See Notes to Financial Statements.

Schedule of Investments

INTERNATIONAL OPPORTUNITIES FUND October 31, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
COMMON STOCKS 95.18%

Australia 6.65%

Beverages 1.18%
Treasury Wine Estates Ltd.		1,456,370	$	7,353

Commercial Services & Supplies 1.62%
Spotless Group Holdings Ltd.		6,572,720		10,077

Food Products 0.42%
Select Harvests Ltd.		355,622		2,576

Hotels, Restaurants & Leisure 1.22%
Mantra Group Ltd.		2,580,926		7,601

Multi-Utilities 1.10%
DUET Group		4,060,678		6,834

Real Estate Investment Trusts 1.11%
Charter Hall Group		2,150,026		6,884
Total Australia				41,325

Austria 0.39%

Semiconductors & Semiconductor Equipment
ams AG		76,264		2,446

Canada 4.28%

Auto Components 1.00%
Linamar Corp.		107,027		6,220

Metals & Mining 0.53%
HudBay Minerals, Inc.		634,866		3,297

Oil, Gas & Consumable Fuels 1.84%
Bankers Petroleum Ltd.*		1,530,850		2,575
Vermilion Energy, Inc.		84,100		2,959
Whitecap Resources, Inc.		660,300		5,863
				11,397

Paper & Forest Products 0.91%
Interfor Corp.*		597,609		5,676
Total Canada				26,590

			U.S. $
			Fair Value
Investments	Shares		(000)
China 0.39%

Oil, Gas & Consumable Fuels
China Suntien Green Energy Corp., Ltd. Class H		13,468,000	$	2,415

Finland 2.35%

Leisure Product 1.43%
Amer Sports OYJ		317,417		8,908

Trading Companies & Distributors 0.92%
Cramo OYJ		310,614		5,704
Total Finland				14,612

France 2.65%

Commercial Services & Supplies 1.13%
Elior Participations SCA^†		368,281		6,994

Information Technology Services 1.14%
Altran Technologies SA		568,561		7,096

Life Sciences Tools & Services 0.38%
Genfit*		51,980		2,337
Total France				16,427

Germany 4.51%

Internet Software & Services 0.61%
XING AG		19,136		3,779

Life Sciences Tools & Services 1.67%
Gerresheimer AG		98,660		7,700
MorphoSys AG*		43,213		2,674
				10,374

Machinery 0.99%
Deutz AG		1,636,239		6,141

Real Estate Management & Development 1.24%
Patrizia Immobilien AG*		279,903		7,699
Total Germany				27,993

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
Hong Kong 3.94%

Communications Equipment 1.43%
VTech Holdings Ltd.		732,500	$	8,898

Diversified Telecommunication Services 0.72%
HKBN Ltd.*		3,739,206		4,501

Energy Equipment & Services 0.22%
Hilong Holding Ltd.		6,298,900		1,341

Household Durables 1.57%
Techtronic Industries Co., Ltd.		2,652,500		9,737
Total Hong Kong				24,477

India 2.44%

Real Estate Management & Development 0.73%
Housing Development & Infrastructure Ltd.*		4,057,606		4,511

Thrifts & Mortgage Finance 1.71%
Dewan Housing Finance Corp., Ltd.		3,092,718		10,640
Total India				15,151

Indonesia 1.10%

Banks 0.93%
Bank Tabungan Negara Persero Tbk PT		66,942,204		5,796

Consumer Finance 0.17%
PT Clipan Finance Indonesia Tbk*		52,233,850		1,030
Total Indonesia				6,826

Ireland 3.95%

Beverages 0.69%
C&C Group plc		1,077,008		4,305

Health Care Providers & Services 1.34%
UDG Healthcare plc		1,138,723		8,342

			U.S. $
			Fair Value
Investments	Shares		(000)
Household Durables 1.19%
Cairn Homes plc*		6,629,700	$	7,363

Real Estate Investment Trusts 0.73%
Hibernia REIT plc		3,066,734		4,539
Total Ireland				24,549

Israel 1.11%

Chemicals
Frutarom Industries Ltd.		159,037		6,868

Italy 6.00%
Banks 1.17%
Banca Popolare di Milano Scarl		7,723,076		7,261

Beverages 1.54%
Davide Campari-Milano SpA		1,116,982		9,568

Capital Markets 1.24%
Anima Holding SpA^†		785,113		7,706

Construction & Engineering 0.69%
Maire Tecnimont SpA*		1,482,855		4,282

Textiles, Apparel & Luxury Goods 1.36%
Brunello Cucinelli SpA		262,456		4,754
Moncler SpA		231,304		3,726
				8,480
Total Italy				37,297

Japan 18.06%

Construction & Engineering 1.82%
Maeda Road Construction Co., Ltd.		254,000		4,662
SHO-BOND Holdings Co., Ltd.		166,000		6,624
				11,286

56	See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
Japan (continued)

Electronic Equipment, Instruments & Components 0.73%
Hitachi
High-Technologies Corp.		168,100	$	4,562

Food & Staples Retailing 1.29%
Sundrug Co., Ltd.		151,200		8,044

Hotels, Restaurants & Leisure 2.17%
Resorttrust, Inc.		275,900		7,134
St. Marc Holdings Co., Ltd.		211,900		6,330
				13,464

Household Durables 1.47%
Iida Group Holdings Co., Ltd.		483,500		9,143

Information Technology Services 4.49%
NS Solutions Corp.		153,900		7,563
Obic Co., Ltd.		189,600		10,087
SCSK Corp.		265,800		10,254
				27,904

Machinery 1.01%
CKD Corp.		344,600		3,164
Nabtesco Corp.		154,600		3,129
				6,293

Professional Services 2.64%
en-japan, Inc.		124,200		3,330
Tanseisha Co., Ltd.		917,500		6,835
Temp Holdings Co., Ltd.		414,300		6,232
				16,397

Real Estate Management & Development 0.31%
Hulic Co., Ltd.		201,700		1,899

Software 1.62%
NSD Co., Ltd.		359,300		5,032
Trend Micro, Inc.		128,200		5,031
				10,063

			U.S. $
			Fair Value
Investments	Shares		(000)
Wireless Telecommunication Services 0.51%
Okinawa Cellular Telephone Co.		112,600	$	3,154
Total Japan				112,209

Luxembourg 2.71%

Machinery 1.28%
Stabilus SA*		207,220		7,976

Real Estate Management & Development 1.43%
Grand City Properties SA		444,882		8,884
Total Luxembourg				16,860

Netherlands 2.69%

Construction & Engineering 0.34%
Arcadis NV		82,203		2,074

Machinery 1.28%
Aalberts Industries NV		244,597		7,952

Professional Services 1.07%
USG People NV		417,795		6,662
Total Netherlands				16,688

New Zealand 0.88%

Airlines
Air New Zealand Ltd.		2,783,004		5,484

Philippines 1.46%

Banks 0.46%
Rizal Commercial Banking Corp.		4,295,080		2,848

Real Estate Management & Development 1.00%
Filinvest Land, Inc.		166,708,000		6,196
Total Philippines				9,044

Portugal 1.22%

Multi-Utilities
REN–Redes Energeticas Nacionais SGPS SA		2,487,660		7,597

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
Spain 4.03%

Food Products 1.35%
Ebro Foods SA		442,067	$	8,390

Real Estate Investment Trusts 1.63%
Merlin Properties Socimi SA		789,260		10,120

Real Estate Management & Development 1.05%
Hispania Activos Inmobiliarios SA*		434,720		6,549
Total Spain				25,059

Sweden 3.77%

Commercial Services & Supplies 1.50%
Loomis AB Class B		359,896		9,331

Consumer Finance 1.22%
Hoist Finance AB*^†		872,334		7,556

Food & Staples Retailing 1.05%
Axfood AB		361,994		6,529
Total Sweden				23,416

Switzerland 3.77%

Capital Markets 0.61%
EFG International AG*		376,379		3,781

Commercial Services & Supplies 1.48%
Gategroup Holding AG*		245,904		9,230

Electronic Equipment, Instruments & Components 0.60%
Sunny Optical Technology Group Co., Ltd.		1,590,000		3,725

Household Durables 1.08%
Forbo Holding AG Registered Shares*		5,890		6,704
Total Switzerland				23,440

Taiwan 0.85%

Technology Hardware, Storage & Peripherals
Adlink Technology, Inc.		1,950,100		5,262

			U.S. $
			Fair Value
Investments	Shares		(000)
United Kingdom 15.03%

Capital Markets 1.35%
Ashmore Group plc		443,243	$	1,845
Jupiter Fund Management plc		941,134		6,542
				8,387
Chemicals 1.24%
Essentra plc		593,285		7,701

Communications Equipment 0.48%
Telit Communications plc*		779,897		2,994

Diversified Financial Services 1.47%
Arrow Global Group plc		2,371,848		9,104

Household Durables 3.07%
Bellway plc		180,390		7,219
Berkeley Group Holdings plc		86,657		4,433
DFS Furniture plc*		1,494,262		7,440
				19,092
Multi-Line Retail 2.95%
B&M European Value Retail SA		1,464,199		7,525
Debenhams plc		6,032,844		8,319
Poundland Group plc		585,119		2,481
				18,325
Professional Services 2.68%
Exova Group plc		1,666,655		3,822
Hays plc		2,318,022		5,035
Michael Page International plc		1,024,919		7,818
				16,675
Software 0.07%
Tungsten Corp. plc*		614,443		419

Specialty Retail 1.21%
Howden Joinery Group plc		1,048,028		7,490

Textiles, Apparel & Luxury Goods 0.51%
Jimmy Choo plc*		1,423,571		3,182
Total United Kingdom				93,369

58	See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
United States 0.95%

Diversified Financial Services
iShares MSCI EAFE Small-Cap ETF		117,827	$	5,906
Total Common Stocks (cost $570,186,439)				591,310

	Principal Amount (000)
SHORT-TERM INVESTMENT 3.43%

Repurchase Agreement
Repurchase Agreement dated 10/30/2015, Zero Coupon due 11/2/2015 with Fixed Income Clearing Corp. collateralized by $21,630,000 of U.S. Treasury Note at 0.75% due 1/15/2017; value: $21,738,150; proceeds: $21,308,292 (cost $21,308,292)	$	21,308		21,308
Total Investments in Securities 98.61% (cost $591,494,731)				612,618
Cash, Foreign Cash and Other Assets in Excess of Liabilities^(a)1.39%				8,635
Net Assets 100.00%			$	621,253

ETF		Exchange Traded Fund.
*		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/ depreciation on forward foreign currency exchange contracts as follows:

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2015

Open Forward Foreign Currency Exchange Contracts at October 31, 2015:

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Appreciation
British pound	Buy	Morgan Stanley	2/16/2016	2,420,000	$	3,713,292	$	3,729,393	$	16,101
Canadian dollar	Buy	Bank of America	12/14/2015	3,940,000		2,966,599		3,012,419		45,820
euro	Buy	Deutsche Bank AG	2/16/2016	2,200,000		2,414,927		2,424,304		9,377
Indian rupee	Buy	Goldman Sachs	11/2/2015	195,000,000		2,905,566		2,984,161		78,595
Indian rupee	Buy	Morgan Stanley	11/2/2015	341,000,000		5,154,561		5,218,456		63,895
Indian rupee	Buy	UBS AG	11/2/2015	65,000,000		973,312		994,720		21,408
Indian rupee	Buy	UBS AG	11/2/2015	135,750,000		2,025,557		2,077,435		51,878
South Korean won	Buy	Bank of America	12/7/2015	16,615,000,000		14,264,006		14,537,739		273,733
South Korean won	Buy	Barclays Bank plc	2/1/2016	15,190,000,000		12,652,113		13,267,805		615,692
euro	Sell	Deutsche Bank AG	2/16/2016	1,620,000		1,811,588		1,785,169		26,419
euro	Sell	Deutsche Bank AG	2/16/2016	1,668,000		1,866,902		1,838,063		28,839
euro	Sell	Deutsche Bank AG	2/16/2016	950,000		1,074,894		1,046,859		28,035
euro	Sell	Deutsche Bank AG	2/16/2016	2,490,000		2,841,254		2,743,871		97,383
euro	Sell	J.P. Morgan	2/16/2016	29,700,000		33,484,047		32,728,103		755,944
euro	Sell	Morgan Stanley	2/16/2016	860,000		986,202		947,682		38,520
euro	Sell	Morgan Stanley	2/16/2016	1,058,000		1,185,162		1,165,870		19,292
euro	Sell	Morgan Stanley	2/16/2016	970,000		1,105,472		1,068,898		36,574
euro	Sell	Morgan Stanley	2/16/2016	870,000		991,639		958,702		32,937
euro	Sell	Morgan Stanley	2/16/2016	970,000		1,107,053		1,068,898		38,155
euro	Sell	Morgan Stanley	2/16/2016	762,000		866,830		839,691		27,139
euro	Sell	Standard Chartered Bank	2/16/2016	1,900,000		2,098,555		2,093,717		4,838
Indian rupee	Sell	Barclays Bank plc	2/29/2016	652,000,000		9,833,939		9,779,853		54,086
Indian rupee	Sell	Deutsche Bank AG	11/2/2015	962,000,000		14,803,416		14,721,861		81,555
Indian rupee	Sell	J.P. Morgan	11/2/2015	316,000,000		4,841,576		4,835,871		5,705
Indian rupee	Sell	UBS AG	11/2/2015	98,000,000		1,520,776		1,499,732		21,044
Swiss franc	Sell	Deutsche Bank AG	11/17/2015	704,000		740,989		712,526		28,463
Swiss franc	Sell	UBS AG	11/17/2015	1,800,000		1,845,815		1,821,800		24,015
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts									$	2,525,442

60	See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2015

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Depreciation
British pound	Buy	J.P. Morgan	1/19/2016	3,852,000	$	5,982,852	$	5,936,661	$	(46,191	)
Canadian dollar	Buy	Bank of America	12/14/2015	19,400,000		14,853,835		14,832,722		(21,113	)
Danish krone	Buy	Deutsche Bank AG	2/16/2016	126,000,000		19,057,466		18,637,871		(419,595	)
Danish krone	Buy	Morgan Stanley	2/16/2016	9,600,000		1,447,936		1,420,028		(27,908	)
euro	Buy	J.P. Morgan	2/16/2016	1,410,000		1,603,732		1,553,758		(49,974	)
Indian rupee	Buy	Barclays Bank plc	11/2/2015	639,250,000		9,830,683		9,782,692		(47,991	)
Japanese yen	Buy	Morgan Stanley	2/19/2016	256,932,000		2,157,192		2,133,782		(23,410	)
Japanese yen	Buy	Morgan Stanley	2/19/2016	589,200,000		4,926,595		4,893,219		(33,376	)
Japanese yen	Buy	Morgan Stanley	2/19/2016	645,000,000		5,451,941		5,356,630		(95,311	)
Swiss franc	Buy	Deutsche Bank AG	11/17/2015	1,450,000		1,517,749		1,467,561		(50,188	)
Swiss franc	Buy	Morgan Stanley	11/17/2015	17,050,000		18,028,981		17,256,493		(772,488	)
Swiss franc	Buy	Morgan Stanley	11/17/2015	3,640,000		3,738,615		3,684,084		(54,531	)
Swiss franc	Buy	Morgan Stanley	11/17/2015	1,210,000		1,247,108		1,224,654		(22,454	)
Australian dollar	Sell	Bank of America	12/14/2015	1,415,000		989,610		1,006,935		(17,325	)
Australian dollar	Sell	Bank of America	12/14/2015	4,470,000		3,127,614		3,180,918		(53,304	)
Australian dollar	Sell	Deutsche Bank AG	12/14/2015	1,623,000		1,150,972		1,154,951		(3,979	)
Australian dollar	Sell	Morgan Stanley	12/14/2015	4,000,000		2,786,228		2,846,459		(60,231	)
Australian dollar	Sell	Morgan Stanley	12/14/2015	2,100,000		1,488,280		1,494,391		(6,111	)
British pound	Sell	Bank of America	1/19/2016	3,852,000		5,911,649		5,936,661		(25,012	)
Canadian dollar	Sell	Morgan Stanley	12/14/2015	1,700,000		1,290,494		1,299,775		(9,281	)
Canadian dollar	Sell	State Street Bank and Trust	12/14/2015	2,400,000		1,828,386		1,834,976		(6,590	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts									$	(1,846,363	)

See Notes to Financial Statements.

Schedule of Investments (concluded)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2015

The following is a summary of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2			Level 3		Total
Investment Type⁽²⁾	(000)		(000)			(000)		(000)
Common Stocks⁽³⁾	$	591,310	$	–		$	–	$	591,310
Repurchase Agreement		–		21,308			–		21,308
Total	$	591,310	$	21,308		$	–	$	612,618
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	2,525		$	–	$	2,525
Liabilities		–		(1,846	)		–		(1,846	)
Total	$	–	$	679		$	–	$	679

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
⁽³⁾		As of October 31, 2015, the Fund utilized the last sale or official closing price on the exchange or system on which the foreign equity securities are principally traded, which resulted in Level 1 inputs for all foreign equity securities. As of October 31, 2014, the Fund utilized adjusted valuations for the majority of foreign equity securities (as described in Note 2(a)), which resulted in Level 2 inputs. For the fiscal year ended October 31, 2015, the total securities transferred from Level 2 to Level 1 amounted to $229,904,124.

62	See Notes to Financial Statements.

Schedule of Investments

VALUE OPPORTUNITIES FUND October 31, 2015

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 98.30%

Banks 7.57%

Bank of Hawaii Corp.		567,100	$	37,134
Citizens Financial Group, Inc.		1,386,611		33,695
East West Bancorp, Inc.		392,256		15,843
First Republic Bank		424,700		27,737
Signature Bank*		315,111		46,926
Western Alliance Bancorp*		1,209,994		43,257
Total				204,592

Capital Markets 1.91%
Ares Management LP		524,629		8,494
Moelis & Co. Class A		716,300		21,116
Raymond James Financial, Inc.		397,983		21,933
Total				51,543

Chemicals 0.78%
RPM International, Inc.		460,698		21,059

Commercial Services & Supplies 2.64%
Herman Miller, Inc.		1,055,400		33,488
KAR Auction Services, Inc.		984,080		37,789
Total				71,277

Communications Equipment 1.39%
ARRIS Group, Inc.*		1,334,175		37,704

Construction & Engineering 2.86%
AECOM*		1,568,698		46,230
Jacobs Engineering Group, Inc.*		771,162		30,954
Total				77,184

Containers & Packaging 3.81%
Berry Plastics Group, Inc.*		1,025,832		34,365
Sealed Air Corp.		665,100		32,670
WestRock Co.		670,500		36,046
Total				103,081

Diversified Telecommunication Services 1.38%
Zayo Group Holdings, Inc.*		1,408,416		37,365

			Fair
			Value
Investments	Shares		(000)
Electric: Utilities 3.11%
ITC Holdings Corp.		1,142,700	$	37,389
Portland General Electric Co.		1,256,200		46,580
Total				83,969

Electronic Equipment, Instruments & Components 1.00%
Amphenol Corp. Class A		500,200		27,121

Energy Equipment & Services 0.47%
Helmerich & Payne, Inc.		227,900		12,824

Food & Staples Retailing 0.49%
United Natural Foods, Inc.*		263,358		13,286

Food Products 1.92%
Pinnacle Foods, Inc.		1,175,753		51,827

Health Care Equipment & Supplies 2.18%
STERIS Corp.		786,971		58,984

Health Care Providers & Services 3.38%
ExamWorks Group, Inc.*		846,459		23,904
HealthSouth Corp.		1,231,768		42,902
MEDNAX, Inc.*		348,700		24,573
Total				91,379

Hotels, Restaurants & Leisure 3.27%
Aramark		657,543		19,957
Red Robin Gourmet Burgers, Inc.*		418,628		31,351
SeaWorld Entertainment, Inc.		1,862,427		37,118
Total				88,426

Household Durables 3.10%
Jarden Corp.*		1,121,438		50,241
Lennar Corp. Class A		668,650		33,479
Total				83,720

Information Technology Services 10.15%
Acxiom Corp.*		1,685,636		37,286
Amdocs Ltd.		650,798		38,768

See Notes to Financial Statements.

Schedule of Investments (continued)

VALUE OPPORTUNITIES FUND October 31, 2015

			Fair
			Value
Investments	Shares		(000)
Information Technology Services (continued)
Booz Allen Hamilton Holding Corp.		1,766,340	$	52,036
Cardtronics, Inc.*		695,800		24,005
Fidelity National Information Services, Inc.		745,236		54,343
MAXIMUS, Inc.		610,466		41,634
Vantiv, Inc. Class A*		522,548		26,206
Total				274,278

Insurance 7.49%
Arch Capital Group Ltd.*		734,006		54,970
Hartford Financial Services Group, Inc. (The)		856,135		39,605
Markel Corp.*		43,113		37,422
RenaissanceRe Holdings Ltd.		641,826		70,363
Total				202,360

Internet Software & Services 1.12%
Akamai Technologies, Inc.*		497,596		30,264

Leisure Product 0.92%
Brunswick Corp.		464,100		24,973

Life Sciences Tools & Services 2.33%
PerkinElmer, Inc.		786,900		40,636
Quintiles Transnational Holdings, Inc.*		350,749		22,325
Total				62,961

Machinery 2.26%
Snap-on, Inc.		244,100		40,494
WABCO Holdings, Inc.*		184,000		20,650
Total				61,144

Media 2.46%
AMC Networks, Inc. Class A*		416,300		30,760
New York Times Co. (The) Class A		2,696,964		35,816
Total				66,576

Metals & Mining 1.72%
Reliance Steel & Aluminum Co.		777,100		46,595

			Fair
			Value
Investments	Shares		(000)
Multi-Utilities 2.00%
CMS Energy Corp.		1,501,800	$	54,170

Oil, Gas & Consumable Fuels 4.47%
Carrizo Oil & Gas, Inc.*		1,012,400		38,097
Cimarex Energy Co.		239,203		28,240
EQT Corp.		413,000		27,287
Rice Energy, Inc.*		1,774,478		27,078
Total				120,702

Personal Products 1.30%
Coty, Inc. Class A		1,211,800		35,082

Pharmaceuticals 1.08%
Prestige Brands Holdings, Inc.*		593,600		29,092

Real Estate Investment Trusts 6.60%
Federal Realty Investment Trust		457,200		65,604
Highwoods Properties, Inc.		919,300		39,944
Physicians Realty Trust		2,346,644		37,499
Retail Opportunity Investments Corp.		1,942,501		35,217
Total				178,264

Real Estate Management & Development 0.90%
Realogy Holdings Corp.*		618,826		24,196

Road & Rail 1.88%
Genesee & Wyoming, Inc. Class A*		377,100		25,304
Old Dominion Freight Line, Inc.*		414,000		25,643
Total				50,947

Semiconductors & Semiconductor Equipment 2.86%
Lam Research Corp.		404,691		30,995
Synaptics, Inc.*		544,954		46,370
Total				77,365

64	See Notes to Financial Statements.

Schedule of Investments (continued)

VALUE OPPORTUNITIES FUND October 31, 2015

			Fair
			Value
Investments	Shares		(000)
Specialty Retail 1.65%
American Eagle Outfitters, Inc.		484,700	$	7,406
Penske Automotive Group, Inc.		355,800		17,377
Urban Outfitters, Inc.*		688,004		19,677
Total				44,460

Textiles, Apparel & Luxury Goods 1.38%
Steven Madden Ltd.*		1,073,086		37,397

Thrifts & Mortgage Finance 1.14%
Essent Group Ltd.*		1,280,505		30,860

Trading Companies & Distributors 1.11%
Watsco, Inc.		244,300		30,056

Water Utilities 2.22%
American Water Works Co., Inc.		1,044,318		59,902
Total Common Stocks (cost $2,130,112,677)				2,656,985

	Principal
	Amount
	(000)
SHORT-TERM INVESTMENT 0.98%

Repurchase Agreement
Repurchase Agreement dated 10/30/2015, Zero Coupon due 11/2/2015 with Fixed Income Clearing Corp. collateralized by $26,820,000 of U.S. Treasury Note at 0.625% due 5/31/2017; value: $26,887,050; proceeds: $26,355,834 (cost $26,355,834)	$	26,356		26,356
Total Investments in Securities 99.28% (cost $2,156,468,511)				2,683,341
Cash and Other Assets in Excess of Liabilities 0.72%				19,490
Net Assets 100.00%			$	2,702,831

Non-income producing security.

See Notes to Financial Statements.

Schedule of Investments (concluded)

VALUE OPPORTUNITIES FUND October 31, 2015

The following is a summary of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾⁽³⁾	(000)		(000)		(000)		(000)
Common Stocks	$	2,656,985	$	–	$	–	$	2,656,985
Repurchase Agreement		–		26,356		–		26,356
Total	$	2,656,985	$	26,356	$	–	$	2,683,341

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
⁽³⁾		There were no Level 1/Level 2 transfers during the fiscal year ended October 31, 2015.

66	See Notes to Financial Statements.

This page is intentionally left blank.

Statements of Assets and Liabilities

October 31, 2015

	Alpha Strategy			Fundamental		Growth
	Fund			Equity Fund		Leaders Fund
ASSETS:
Investments in securities, at cost	$	1,122,633,251		$	3,250,659,086	$	1,866,271,195
Investments in securities, at fair value	$	1,261,026,243		$	3,686,005,997	$	1,994,069,512
Segregated cash held at custodian		–			–		–
Foreign cash, at value (cost $0, $0, $0, $0, $1,872,216, $1,922,163 and $0, respectively)		–			–		–
Cash		55,793			25,540,861		5,310,031
Receivables:
Investment securities sold		–			39,304,186		189,285,017
Interest and dividends		–			4,593,130		1,564,301
Capital shares sold		1,795,721			2,373,571		14,160,049
From advisor (See Note 3)		–			–		339,060
From affiliates (See Note 3)		281,408			–		–
Unrealized appreciation on forward foreign currency exchange contracts		–			–		–
Prepaid expenses and other assets		70,969			118,222		42,108
Total assets		1,263,230,134			3,757,935,967		2,204,770,078
LIABILITIES:
Payables:
Investment securities purchased		–			70,204,414		196,102,870
Capital shares reacquired		1,990,900			8,143,603		1,694,174
12b-1 distribution plan		502,363			1,446,209		668,881
Management fee		–			1,619,493		888,730
Trustees’ fees		138,959			797,457		80,693
Fund administration		–			123,105		64,637
To affiliates (See Note 3)		–			14,178		14,178
Unrealized depreciation on forward foreign currency exchange contracts		–			–		–
Foreign currency overdraft		–			–		–
Accrued expenses		412,275			1,254,073		437,863
Total liabilities		3,044,497			83,602,532		199,952,026
NET ASSETS	$	1,260,185,637		$	3,674,333,435	$	2,004,818,052
COMPOSITION OF NET ASSETS:
Paid-in capital	$	972,402,319		$	2,979,492,999	$	1,815,465,995
Undistributed (distributions in excess of) net investment income		(3,389,449	)		30,684,339		(626,463	)
Accumulated net realized gain (loss) on investments and foreign currency related transactions		152,779,775			228,809,186		62,180,203
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		138,392,992			435,346,911		127,798,317
Net Assets	$	1,260,185,637		$	3,674,333,435	$	2,004,818,052

68	See Notes to Financial Statements.

International			International			International		Value
Core Equity			Dividend			Opportunities		Opportunities
Fund			Income Fund			Fund		Fund

$	515,309,439		$	2,302,788,196		$	591,494,731	$	2,156,468,511
$	523,879,042		$	2,138,237,740		$	612,617,543	$	2,683,341,245
	1,470,000			16,910,000			800,000		–

	–			1,877,346			1,891,644		–
	1,685,886			4,420,678			3,643,700		31,395,376

	8,455,005			25,530,844			178,954		19,989,981
	1,720,023			6,589,619			921,967		405,528
	474,915			1,597,907			2,904,499		1,758,045
	65,382			234,805			–		–
	–			–			–		–

	804,934			4,832,911			2,525,442		–
	53,869			91,377			63,166		144,478
	538,609,056			2,200,323,227			625,546,915		2,737,034,653

	16,635			13,910,032			669,335		25,275,115
	1,190,411			5,628,409			937,587		4,882,430
	118,732			342,377			95,168		896,488
	314,083			1,250,296			389,803		1,613,067
	143,575			193,716			69,341		379,973
	17,948			74,860			20,789		91,426
	11,333			227,253			65,166		66,394

	2,416,285			19,438,980			1,846,363		–
	231,321			–			–		–
	277,456			653,517			200,433		999,174
	4,737,779			41,719,440			4,293,985		34,204,067
$	533,871,277		$	2,158,603,787		$	621,252,930	$	2,702,830,586

$	730,246,408		$	2,527,774,518		$	580,963,174	$	1,991,097,121

	5,520,996			(202,859	)		556,711		(6,823,845	)

	(208,825,986	)		(189,723,220	)		17,986,799		191,684,576

	6,929,859			(179,244,652	)		21,746,246		526,872,734
$	533,871,277		$	2,158,603,787		$	621,252,930	$	2,702,830,586

See Notes to Financial Statements.

Statements of Assets and Liabilities (concluded)

October 31, 2015

	Alpha Strategy		Fundamental		Growth
	Fund		Equity Fund		Leaders Fund

Net assets by class:
Class A Shares	$	580,945,196	$	2,027,292,271	$	742,392,590
Class B Shares	$	9,907,422	$	28,798,130	$	4,191,371
Class C Shares	$	314,945,893	$	713,823,629	$	414,556,536
Class F Shares	$	271,864,511	$	436,263,036	$	733,462,983
Class I Shares	$	43,134,544	$	236,867,011	$	96,090,419
Class P Shares		–	$	13,732,662		–
Class R2 Shares	$	2,704,187	$	10,543,124	$	592,899
Class R3 Shares	$	36,655,826	$	206,984,003	$	13,500,829
Class R4 Shares	$	9,347	$	9,849	$	10,135
Class R5 Shares	$	9,355	$	9,858	$	10,143
Class R6 Shares	$	9,356	$	9,862	$	10,147
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		19,503,228		152,204,732		31,282,472
Class B Shares		364,772		2,353,656		180,313
Class C Shares		11,739,375		58,779,581		18,015,912
Class F Shares		9,102,546		32,983,090		30,723,323
Class I Shares		1,428,244		17,670,654		4,011,458
Class P Shares		–		1,048,093		–
Class R2 Shares		92,742		807,911		24,970
Class R3 Shares		1,250,965		15,781,428		571,504
Class R4 Shares		313.78		739.65		427
Class R5 Shares		309.79		735		423.55
Class R6 Shares		309.79		735.38		423.55
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$29.79		$13.32		$23.73
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$31.61		$14.13		$25.18
Class B Shares-Net asset value		$27.16		$12.24		$23.24
Class C Shares-Net asset value		$26.83		$12.14		$23.01
Class F Shares-Net asset value		$29.87		$13.23		$23.87
Class I Shares-Net asset value		$30.20		$13.40		$23.95
Class P Shares-Net asset value		–		$13.10		–
Class R2 Shares-Net asset value		$29.16		$13.05		$23.74
Class R3 Shares-Net asset value		$29.30		$13.12		$23.62
Class R4 Shares-Net asset value		$29.79		$13.32		$23.74
Class R5 Shares-Net asset value		$30.20		$13.41		$23.95
Class R6 Shares-Net asset value		$30.20		$13.41		$23.96

70	See Notes to Financial Statements.

International		International		International		Value
Core Equity		Dividend		Opportunities		Opportunities
Fund		Income Fund		Fund		Fund

$	341,437,360	$	710,834,838	$	160,627,674	$	1,026,958,570
$	6,206,708		–	$	2,702,043	$	11,520,526
$	42,056,658	$	142,491,799	$	31,272,934	$	356,708,977
$	63,830,297	$	210,696,387	$	118,962,575	$	557,742,464
$	61,077,084	$	1,080,844,211	$	296,964,579	$	557,008,276
$	109,732		–	$	594,961	$	42,224,867
$	657,970	$	1,028,830	$	934,543	$	7,119,655
$	18,466,433	$	12,680,281	$	9,160,809	$	114,489,220
$	9,671	$	9,141	$	9,725	$	9,626
$	9,679	$	9,149	$	9,733	$	9,634
$	9,685	$	9,151	$	13,354	$	29,038,771	��

	27,022,899		100,863,578		9,443,582		52,491,251
	497,247		–		167,675		635,961
	3,376,924		20,399,362		1,964,200		19,691,915
	5,084,525		29,840,652		7,047,855		28,099,968
	4,796,979		152,695,572		17,026,216		27,626,908
	8,685		–		34,456		2,181,320
	52,317		143,099		55,585		373,182
	1,484,749		1,782,365		547,527		5,963,287
	766		1,297		571.76		492
	760.46		1,293		558		477.78
	760		1,293		765.22		1,439,738

	$12.64		$7.05		$17.01		$19.56

	$13.41		$7.48		$18.05		$20.75
	$12.48		–		$16.11		$18.12
	$12.45		$6.99		$15.92		$18.11
	$12.55		$7.06		$16.88		$19.85
	$12.73		$7.08		$17.44		$20.16
	$12.63		–		$17.27		$19.36
	$12.58		$7.19		$16.81		$19.08
	$12.44		$7.11		$16.73		$19.20
	$12.63		$7.05		$17.01		$19.57
	$12.73		$7.08		$17.44		$20.16
	$12.74		$7.08		$17.45		$20.17

See Notes to Financial Statements.

Statements of Operations

For the Year Ended October 31, 2015

	Alpha Strategy			Fundamental			Growth
	Fund			Equity Fund			Leaders Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $0, $0, $1,382,740, $9,850,800, $887,992 and $18,414, respectively)	$	4,270,178		$	90,447,618		$	12,197,973
Interest and other		–			12,822			660
Total investment income		4,270,178			90,460,440			12,198,633
Expenses:
Management fee		1,303,306			22,893,302			8,894,054
12b-1 distribution plan–Class A		1,495,716			5,795,707			1,518,324
12b-1 distribution plan–Class B		136,530			371,970			54,458
12b-1 distribution plan–Class C		3,249,145			8,357,601			3,146,389
12b-1 distribution plan–Class F		275,045			589,291			589,701
12b-1 distribution plan–Class P		–			76,595			–
12b-1 distribution plan–Class R2		19,369			83,802			3,168
12b-1 distribution plan–Class R3		185,151			1,239,681			59,893
12b-1 distribution plan–Class R4		8			8			9
Shareholder servicing		1,824,666			5,440,643			1,709,290
Professional		37,782			69,930			49,215
Reports to shareholders		150,550			372,527			165,447
Fund administration		–			1,755,464			646,842
Custody		24,206			73,652			35,687
Trustees’ fees		44,755			159,485			52,113
Registration		127,930			153,737			171,398
Subsidy (See Note 3)		–			102,615			102,816
Other		184,961			598,494			221,774
Gross expenses		9,059,120			48,134,504			17,420,578
Expense reductions (See Note 9)		(1,168	)		(4,054	)		(1,478	)
Expenses assumed by Underlying Funds (See Note 3)		(2,393,682	)		–			–
Fees waived and expenses reimbursed (See Note 3)		(1,303,306	)		–			(2,344,530	)
Shareholder servicing reimbursed–Class F		–			–			–
Shareholder servicing reimbursed–Class I		–			–			–
Net expenses		5,360,964			48,130,450			15,074,570
Net investment income (loss)		(1,090,786	)		42,329,990			(2,875,937	)
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds		162,371,628			–			–
Net realized gain (loss) on investments (net of foreign capital gains tax of $0, $0, $0, $714,089, $74,685, $1,398,383 and $0, respectively)		17,427,574			305,298,883			86,104,090
Net realized loss on foreign currency related transactions		–			–			–
Net change in unrealized appreciation/depreciation on investments		(148,529,041	)		(283,605,428	)		46,305,726
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		–			–			–
Net realized and unrealized gain (loss)		31,270,161			21,693,455			132,409,816
Net Increase (Decrease) in Net Assets Resulting From Operations	$	30,179,375		$	64,023,445		$	129,533,879

72	See Notes to Financial Statements.

International			International			International			Value
Core Equity			Dividend			Opportunities			Opportunities
Fund			Income Fund			Fund			Fund

$	15,353,953		$	105,179,917		$	9,822,793		$	33,521,962
	–			1,972,204			–			5,197
	15,353,953			107,152,121			9,822,793			33,527,159

	4,008,833			16,544,891			4,004,326			20,947,078
	1,013,339			2,629,996			336,072			3,038,237
	86,351			–			34,785			157,682
	446,853			1,737,464			249,929			3,886,409
	74,989			289,345			65,320			562,078
	537			–			2,782			214,379
	5,075			7,332			2,419			53,997
	96,637			62,444			34,330			641,945
	8			8			8			8
	1,028,881			2,053,984			454,566			3,852,660
	70,540			67,950			71,765			63,150
	84,236			194,954			42,384			262,513
	229,076			1,002,993			213,564			1,196,743
	212,902			686,029			221,513			75,607
	20,252			88,203			17,593			104,766
	109,684			178,372			108,057			139,535
	82,156			1,490,782			541,034			550,450
	122,194			342,706			94,272			407,210
	7,692,543			27,377,453			6,494,719			36,154,447
	(466	)		(1,489	)		(222	)		(2,532	)
	–			–			–			–
	(1,176,339	)		(1,660,861	)		–			–
	(50,350	)		(112,628	)		–			–
	(42,463	)		(450,901	)		–			–
	6,422,925			25,151,574			6,494,497			36,151,915
	8,931,028			82,000,547			3,328,296			(2,624,756	)

	–			–			–			–

	(5,593,371	)		(143,881,284	)		23,241,933			191,750,643

	(4,688,690	)		(8,249,480	)		(6,440,961	)		–

	(20,831,214	)		(208,185,960	)		17,037,532			(72,964,023	)

	(1,683,589	)		(37,613,253	)		2,173,747			–
	(32,796,864	)		(397,929,977	)		36,012,251			118,786,620

$	(23,865,836	)	$	(315,929,430	)	$	39,340,547		$	116,161,864

See Notes to Financial Statements.

Statements of Changes in Net Assets

	Alpha Strategy Fund
	For the			For the
	Year Ended			Year Ended
INCREASE (DECREASE) IN NET ASSETS	October 31, 2015			October 31, 2014
Operations:
Net investment income (loss)	$	(1,090,786	)	$	(1,305,470	)
Capital gain distributions received from Underlying Funds		162,371,628			154,541,730
Net realized gain on investments		17,427,574			8,706,212
Net change in unrealized appreciation/depreciation on investments		(148,529,041	)		(85,215,053	)
Net increase in net assets resulting from operations		30,179,375			76,727,419
Distributions to shareholders from:
Net investment income
Class A		(8,735,703	)		(22,621,066	)
Class B		(110,177	)		(781,984	)
Class C		(2,903,994	)		(10,866,042	)
Class F		(4,375,758	)		(8,279,754	)
Class I		(876,848	)		(1,866,385	)
Class P		–			–
Class R2		(45,570	)		(101,979	)
Class R3		(463,657	)		(1,306,745	)
Net realized gain
Class A		(53,231,567	)		(19,636,123	)
Class B		(1,575,772	)		(827,561	)
Class C		(31,532,792	)		(11,101,894	)
Class F		(23,981,277	)		(6,954,422	)
Class I		(4,551,420	)		(1,536,193	)
Class P		–			–
Class R2		(337,467	)		(96,738	)
Class R3		(3,355,770	)		(1,208,674	)
Total distributions to shareholders		(136,077,772	)		(87,185,560	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		267,736,331			352,357,950
Reinvestment of distributions		113,655,114			72,427,203
Cost of shares reacquired		(297,467,265	)		(297,203,605	)
Net increase (decrease) in net assets resulting from capital share transactions		83,924,180			127,581,548
Net increase (decrease) in net assets		(21,974,217	)		117,123,407
NET ASSETS:
Beginning of year	$	1,282,159,854		$	1,165,036,447
End of year	$	1,260,185,637		$	1,282,159,854
Undistributed (distributions in excess of) net investment income	$	(3,389,449	)	$	(3,326,317	)

74	See Notes to Financial Statements.

Fundamental Equity Fund						Growth Leaders Fund
For the			For the			For the			For the
Year Ended			Year Ended			Year Ended			Year Ended
October 31, 2015			October 31, 2014			October 31, 2015			October 31, 2014

$	42,329,990		$	21,085,349		$	(2,875,937	)	$	(415,821	)
	–			–			–			–
	305,298,883			898,006,158			86,104,090			55,788,492

	(283,605,428	)		(290,878,798	)		46,305,726			58,450,935
	64,023,445			628,212,709			129,533,879			113,823,606

	(16,981,478	)		(7,924,144	)		–			–
	–			–			–			–
	(273,945	)		–			–			–
	(6,894,688	)		(3,576,864	)		–			–
	(4,367,437	)		(3,123,996	)		–			–
	(105,867	)		(35,677	)		–			–
	(34,584	)		(2,679	)		–			–
	(1,383,142	)		(396,978	)		–			–

	(456,064,578	)		(453,760,571	)		(28,085,049	)		(13,166,895	)
	(8,388,211	)		(9,817,310	)		(357,210	)		(515,769	)
	(180,777,593	)		(161,178,500	)		(13,786,944	)		(4,901,914	)
	(131,065,272	)		(108,046,097	)		(27,241,459	)		(7,704,589	)
	(74,720,912	)		(79,526,478	)		(3,976,895	)		(3,280,397	)
	(3,676,969	)		(4,004,231	)		–			–
	(2,913,506	)		(3,758,156	)		(24,630	)		(2,801	)
	(50,977,599	)		(49,141,629	)		(573,767	)		(541,921	)
	(938,625,781	)		(884,293,310	)		(74,045,954	)		(30,114,286	)

	398,373,326			991,547,006			1,029,331,348			1,180,087,087
	843,553,618			778,816,758			63,024,578			26,466,991
	(1,997,183,983	)		(1,939,026,230	)		(463,316,036	)		(403,953,739	)

	(755,257,039	)		(168,662,466	)		629,039,890			802,600,339
	(1,629,859,375	)		(424,743,067	)		684,527,815			886,309,659

$	5,304,192,810		$	5,728,935,877		$	1,320,290,237		$	433,980,578
$	3,674,333,435		$	5,304,192,810		$	2,004,818,052		$	1,320,290,237

$	30,684,339		$	18,610,883		$	(626,463	)	$	(275,172	)

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	International Core Equity Fund
	For the			For the
	Year Ended			Year Ended
INCREASE (DECREASE) IN NET ASSETS	October 31, 2015			October 31, 2014
Operations:
Net investment income	$	8,931,028		$	8,811,114
Net realized gain (loss) on investments and foreign currency related transactions		(10,282,061	)		90,907,956
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(22,514,803	)		(114,258,116	)
Net increase (decrease) in net assets resulting from operations		(23,865,836	)		(14,539,046	)
Distributions to shareholders from:
Net investment income
Class A		(4,064,820	)		(8,189,914	)
Class B		(24,995	)		(190,774	)
Class C		(194,225	)		(740,053	)
Class F		(1,155,547	)		(3,005,898	)
Class I		(882,163	)		(3,461,213	)
Class P		(1,034	)		(4,907	)
Class R2		(8,563	)		(14,821	)
Class R3		(196,637	)		(348,924	)
Class R4		–			–
Class R5		–			–
Class R6		–			–
Net realized gain
Class A		–			–
Class B		–			–
Class C		–			–
Class F		–			–
Class I		–			–
Class P		–			–
Class R2		–			–
Class R3		–			–
Total distributions to shareholders		(6,527,984	)		(15,956,504	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		93,773,921			113,762,329
Reinvestment of distributions		6,119,891			14,531,792
Cost of shares reacquired		(159,972,056	)		(304,443,916	)
Net increase (decrease) in net assets resulting from capital share transactions		(60,078,244	)		(176,149,795	)
Net increase (decrease) in net assets		(90,472,064	)		(206,645,345	)
NET ASSETS:
Beginning of year	$	624,343,341		$	830,988,686
End of year	$	533,871,277		$	624,343,341
Undistributed (distributions in excess of) net investment income	$	5,520,996		$	5,141,251

76	See Notes to Financial Statements.

International Dividend Income Fund						International Opportunities Fund
For the			For the			For the			For the
Year Ended			Year Ended			Year Ended			Year Ended
October 31, 2015			October 31, 2014			October 31, 2015			October 31, 2014

$	82,000,547		$	104,267,223		$	3,328,296		$	3,646,417

	(152,130,764	)		141,909,201			16,800,972			50,348,628

	(245,799,213	)		(239,215,862	)		19,211,279			(68,525,845	)
	(315,929,430	)		6,960,562			39,340,547			(14,530,800	)

	(28,874,101	)		(44,162,352	)		(1,283,985	)		(1,311,959	)
	–			–			(10,356	)		(38,338	)
	(4,202,046	)		(6,919,145	)		(105,237	)		(154,276	)
	(9,566,742	)		(13,058,313	)		(479,849	)		(363,209	)
	(38,558,387	)		(51,814,615	)		(4,017,988	)		(4,058,585	)
	–			–			(8,332	)		(10,936	)
	(33,325	)		(47,410	)		(1,661	)		(2,404	)
	(368,955	)		(395,120	)		(57,901	)		(63,608	)
	(45	)		–			–			–
	(51	)		–			–			–
	(51	)		–			–			–

	(55,166,901	)		–			(3,368,956	)		–
	–			–			(120,077	)		–
	(10,838,979	)		–			(665,488	)		–
	(17,750,095	)		–			(1,070,981	)		–
	(56,954,417	)		–			(8,248,533	)		–
	–			–			(25,750	)		–
	(70,138	)		–			(5,933	)		–
	(656,902	)		–			(181,392	)		–
	(223,041,135	)		(116,396,955	)		(19,652,419	)		(6,003,315	)

	958,048,879			1,108,630,618			250,489,054			182,628,755
	212,938,615			108,737,747			18,576,765			5,690,880
	(963,715,817	)		(955,945,630	)		(136,665,269	)		(108,073,583	)

	207,271,677			261,422,735			132,400,550			80,246,052
	(331,698,888	)		151,986,342			152,088,678			59,711,937

$	2,490,302,675		$	2,338,316,333		$	469,164,252		$	409,452,315
$	2,158,603,787		$	2,490,302,675		$	621,252,930		$	469,164,252

$	(202,859	)	$	(61,480	)	$	556,711		$	5,107,725

See Notes to Financial Statements.

Statements of Changes in Net Assets (concluded)

	Value Opportunities Fund
	For the			For the
	Year Ended			Year Ended
INCREASE (DECREASE) IN NET ASSETS	October 31, 2015			October 31, 2014
Operations:
Net investment loss	$	(2,624,756	)	$	(3,849,643	)
Net realized gain on investments		191,750,643			411,754,614
Net change in unrealized appreciation/depreciation on investments		(72,964,023	)		(84,214,459	)
Net increase in net assets resulting from operations		116,161,864			323,690,512
Distributions to shareholders from:
Net realized gain
Class A		(171,704,074	)		(121,752,407	)
Class B		(2,623,841	)		(2,291,824	)
Class C		(56,594,543	)		(37,287,982	)
Class F		(71,282,706	)		(40,521,094	)
Class I		(81,746,674	)		(58,885,306	)
Class P		(6,509,608	)		(4,796,664	)
Class R2		(1,387,879	)		(1,239,744	)
Class R3		(17,717,532	)		(11,829,334	)
Total distributions to shareholders		(409,566,857	)		(278,604,355	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		495,803,327			654,454,079
Reinvestment of distributions		382,316,773			258,105,337
Cost of shares reacquired		(1,013,074,895	)		(954,783,580	)
Net decrease in net assets resulting from capital share transactions		(134,954,795	)		(42,224,164	)
Net increase (decrease) in net assets		(428,359,788	)		2,861,993
NET ASSETS:
Beginning of year	$	3,131,190,374		$	3,128,328,381
End of year	$	2,702,830,586		$	3,131,190,374
Accumulated net investment loss	$	(6,823,845	)	$	(3,221,102	)

78	See Notes to Financial Statements.

This page is intentionally left blank.

Financial Highlights

ALPHA STRATEGY FUND

			Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)		Total from invest- ment opera- tions		Net investment income			Net realized gain			Total distri- butions
Class A
10/31/2015		$32.40		$0.02			$0.78		$0.80		$(0.48	)		$(2.93	)		$(3.41	)
10/31/2014		32.63		0.02			2.16		2.18		(1.29	)		(1.12	)		(2.41	)
10/31/2013		24.71		0.09			8.92		9.01		(0.04	)		(1.05	)		(1.09	)
10/31/2012		22.72		(0.01	)		2.07		2.06		–			(0.07	)		(0.07	)
10/31/2011		21.93		(0.02	)		0.81		0.79		–			–			–

Class B
10/31/2015		29.77		(0.17	)		0.70		0.53		(0.21	)		(2.93	)		(3.14	)
10/31/2014		30.16		(0.19	)		1.98		1.79		(1.06	)		(1.12	)		(2.18	)
10/31/2013		23.05		(0.09	)		8.25		8.16		–			(1.05	)		(1.05	)
10/31/2012		21.36		(0.17	)		1.93		1.76		–			(0.07	)		(0.07	)
10/31/2011		20.76		(0.18	)		0.78		0.60		–			–			–

Class C
10/31/2015		29.51		(0.19	)		0.71		0.52		(0.27	)		(2.93	)		(3.20	)
10/31/2014		29.95		(0.20	)		1.98		1.78		(1.10	)		(1.12	)		(2.22	)
10/31/2013		22.89		(0.10	)		8.21		8.11		–			(1.05	)		(1.05	)
10/31/2012		21.21		(0.18	)		1.93		1.75		–			(0.07	)		(0.07	)
10/31/2011		20.61		(0.18	)		0.78		0.60		–			–			–

Class F
10/31/2015		32.49		0.07			0.78		0.85		(0.54	)		(2.93	)		(3.47	)
10/31/2014		32.71		0.06			2.17		2.23		(1.33	)		(1.12	)		(2.45	)
10/31/2013		24.77		0.14			8.93		9.07		(0.08	)		(1.05	)		(1.13	)
10/31/2012		22.74		0.03			2.07		2.10		–			(0.07	)		(0.07	)
10/31/2011		21.91		0.02			0.81		0.83		–			–			–

Class I
10/31/2015		32.81		0.11			0.78		0.89		(0.57	)		(2.93	)		(3.50	)
10/31/2014		33.01		0.10			2.18		2.28		(1.36	)		(1.12	)		(2.48	)
10/31/2013		24.99		0.17			9.01		9.18		(0.11	)		(1.05	)		(1.16	)
10/31/2012		22.92		0.06			2.08		2.14		–			(0.07	)		(0.07	)
10/31/2011		22.06		0.05			0.81		0.86		–			–			–

*	Does note include expenses of the Underlying Funds in which the Fund invests.
^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.


80	See Notes to Financial Statements.

				Ratios to average net assets:*							Supplemental Data:
Net asset value, end of period		Total return^(b) (%)		Total expenses after waivers and/or reimburse- ments (%)		Total expenses (%)		Net invest- ment income (loss) (%)			Net assets end of period (000)		Portfolio turnover rate (%)

	$29.79		2.54		0.25		0.53		0.08			$580,945		8.24
	32.40		6.89		0.25		0.53		0.07			586,429		5.42
	32.63		37.98		0.25		0.54		0.33			567,124		8.12
	24.71		9.12		0.25		0.57		(0.05	)		421,927		3.84
	22.72		3.60		0.28		0.60		(0.10	)		432,698		6.78

	27.16		1.76		1.00		1.28		(0.61	)		9,907		8.24
	29.77		6.09		1.00		1.28		(0.65	)		16,870		5.42
	30.16		36.93		1.00		1.29		(0.36	)		22,883		8.12
	23.05		8.29		1.00		1.32		(0.78	)		21,776		3.84
	21.36		2.89		1.00		1.32		(0.79	)		26,877		6.78

	26.83		1.76		1.00		1.28		(0.67	)		314,946		8.24
	29.51		6.09		1.00		1.27		(0.68	)		318,668		5.42
	29.95		36.97		0.99		1.28		(0.40	)		294,780		8.12
	22.89		8.30		0.99		1.31		(0.79	)		223,165		3.84
	21.21		2.91		0.99		1.31		(0.80	)		223,295		6.78

	29.87		2.68		0.10		0.38		0.23			271,865		8.24
	32.49		7.05		0.10		0.38		0.20			267,679		5.42
	32.71		38.19		0.10		0.39		0.49			197,939		8.12
	24.77		9.28		0.10		0.42		0.12			140,860		3.84
	22.74		3.79		0.10		0.42		0.08			142,150		6.78

	30.20		2.78		0.00		0.28		0.36			43,135		8.24
	32.81		7.14		0.00		0.28		0.31			52,339		5.42
	33.01		38.32		0.00		0.29		0.60			44,998		8.12
	24.99		9.39		0.00		0.32		0.24			18,677		3.84
	22.92		3.90		0.00		0.32		0.20			26,906		6.78


	See Notes to Financial Statements.	81

Financial Highlights (concluded)

ALPHA STRATEGY FUND

			Per Share Operating Performance:
			Investment operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R2
10/31/2015		$31.81		$(0.07	)		$0.75			$0.68			$(0.40	)		$(2.93	)		$(3.33	)
10/31/2014		32.07		(0.09	)		2.13			2.04			(1.18	)		(1.12	)		(2.30	)
10/31/2013		24.35		0.04			8.73			8.77			–			(1.05	)		(1.05	)
10/31/2012		22.47		(0.09	)		2.04			1.95			–			(0.07	)		(0.07	)
10/31/2011		21.76		(0.09	)		0.80			0.71			–			–			–

Class R3
10/31/2015		31.93		(0.05	)		0.76			0.71			(0.41	)		(2.93	)		(3.34	)
10/31/2014		32.18		(0.05	)		2.13			2.08			(1.21	)		(1.12	)		(2.33	)
10/31/2013		24.41		0.04			8.78			8.82			–			(1.05	)		(1.05	)
10/31/2012		22.50		(0.07	)		2.05			1.98			–			(0.07	)		(0.07	)
10/31/2011		21.76		(0.07	)		0.81			0.74			–			–			–

Class R4
6/30/2015 to 10/31/2015^(c)		31.87		(0.03	)		(2.05	)^(d)		(2.08	)		–						–

Class R5
6/30/2015 to 10/31/2015^(c)		32.28		–			(2.08	)^(d)		(2.08	)		–						–

Class R6
6/30/2015 to 10/31/2015^(c)		32.28		–	^(g)		(2.08	)^(d)		(2.08	)		–						–


*	Does note include expenses of the Underlying Funds in which the Fund invests.
^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Commenced on June 30, 2015.
^(d)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses.
^(e)	Not annualized.
^(f)	Annualized.
^(g)	Amount is less then $.01.


82	See Notes to Financial Statements.

					Ratios to average net assets:*									Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets end of period (000)		Portfolio turnover rate (%)

	$29.16		2.16			0.60			0.88			(0.22	)	$	2,704		8.24
	31.81		6.55			0.60			0.88			(0.30	)		3,479		5.42
	32.07		37.49			0.60			0.89			0.14			2,738		8.12
	24.35		8.73			0.60			0.92			(0.39	)		2,982		3.84
	22.47		3.26			0.60			0.92			(0.39	)		3,373		6.78

	29.30		2.28			0.50			0.78			(0.17	)		36,656		8.24
	31.93		6.62			0.50			0.78			(0.15	)		36,695		5.42
	32.18		37.60			0.50			0.79			0.13			34,574		8.12
	24.41		8.85			0.50			0.82			(0.30	)		29,663		3.84
	22.50		3.40			0.50			0.82			(0.31	)		26,924		6.78

	29.79		(6.53	)^(e)		0.25	^(f)		0.53	^(f)		(0.25	)^(f)		9		8.24

	30.20		(6.44	)^(e)		0.00	^(f)		0.28	^(f)		0.00	^(f)		9		8.24

	30.20		(6.44	)^(e)		0.00	^(f)		0.12	^(f)		0.03	^(f)		9		8.24


	See Notes to Financial Statements.	83

Financial Highlights

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)		Total from invest- ment opera- tions		Net investment income			Net realized gain			Total distri- butions
Class A
10/31/2015		$16.00		$0.15			$0.04		$0.19		$(0.10	)		$(2.77	)		$(2.87	)
10/31/2014		16.83		0.07			1.67		1.74		(0.04	)		(2.53	)		(2.57	)
10/31/2013		13.08		0.07			3.92		3.99		(0.09	)		(0.15	)		(0.24	)
10/31/2012		12.51		0.09			0.77		0.86		(0.02	)		(0.27	)		(0.29	)
10/31/2011		11.89		0.02			0.64		0.66		(0.04	)		–			(0.04	)

Class B
10/31/2015		14.92		0.04			0.05		0.09		–			(2.77	)		(2.77	)
10/31/2014		15.91		(0.03	)		1.57		1.54		–			(2.53	)		(2.53	)
10/31/2013		12.36		(0.02	)		3.72		3.70		–	^(d)		(0.15	)		(0.15	)
10/31/2012		11.89		0.01			0.73		0.74		–			(0.27	)		(0.27	)
10/31/2011		11.35		(0.06	)		0.60		0.54		–			–			–

Class C
10/31/2015		14.83		0.04			0.04		0.08		–	^(d)		(2.77	)		(2.77	)
10/31/2014		15.83		(0.03	)		1.56		1.53		–			(2.53	)		(2.53	)
10/31/2013		12.31		(0.02	)		3.70		3.68		(0.01	)		(0.15	)		(0.16	)
10/31/2012		11.85		–	^(d)		0.73		0.73		–			(0.27	)		(0.27	)
10/31/2011		11.30		(0.06	)		0.61		0.55		–			–			–

Class F
10/31/2015		15.93		0.17			0.05		0.22		(0.15	)		(2.77	)		(2.92	)
10/31/2014		16.77		0.10			1.67		1.77		(0.08	)		(2.53	)		(2.61	)
10/31/2013		13.03		0.11			3.90		4.01		(0.12	)		(0.15	)		(0.27	)
10/31/2012		12.47		0.12			0.76		0.88		(0.05	)		(0.27	)		(0.32	)
10/31/2011		11.86		0.05			0.63		0.68		(0.07	)		–			(0.07	)

Class I
10/31/2015		16.11		0.18			0.04		0.22		(0.16	)		(2.77	)		(2.93	)
10/31/2014		16.93		0.12			1.69		1.81		(0.10	)		(2.53	)		(2.63	)
10/31/2013		13.15		0.13			3.94		4.07		(0.14	)		(0.15	)		(0.29	)
10/31/2012		12.59		0.13			0.76		0.89		(0.06	)		(0.27	)		(0.33	)
10/31/2011		11.96		0.07			0.64		0.71		(0.08	)		–			(0.08	)


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012.
^(d)	Amount is less than $.01


84	See Notes to Financial Statements.

				Ratios to average net assets:					Supplemental Data:
Net asset value, end of period		Total return^(b) (%)		Total expenses (%)		Net invest- ment income (loss) (%)			Net assets end of period (000)		Portfolio turnover rate (%)

	$13.32		1.18		0.97		1.09			$2,027,292		149.38
	16.00		11.65		1.05		0.43			2,683,790		112.68
	16.83		31.11		1.06		0.50			3,031,190		87.47
	13.08		7.17		1.09		0.68			2,439,466		83.80	^(c)
	12.51		5.53		1.09		0.16			2,379,453		55.07

	12.24		0.37		1.72		0.34			28,798		149.38
	14.92		10.91		1.71		(0.23	)		45,475		112.68
	15.91		30.32		1.71		(0.12	)		62,409		87.47
	12.36		6.47		1.74		0.04			76,533		83.80	^(c)
	11.89		4.76		1.73		(0.49	)		114,980		55.07

	12.14		0.40		1.72		0.34			713,824		149.38
	14.83		10.90		1.71		(0.22	)		986,381		112.68
	15.83		30.30		1.71		(0.15	)		1,012,597		87.47
	12.31		6.41		1.74		0.03			802,053		83.80	^(c)
	11.85		4.87		1.73		(0.49	)		817,590		55.07

	13.23		1.35		0.82		1.25			436,263		149.38
	15.93		11.93		0.81		0.68			793,101		112.68
	16.77		31.49		0.82		0.75			716,579		87.47
	13.03		7.40		0.84		0.93			598,688		83.80	^(c)
	12.47		5.75		0.84		0.41			642,636		55.07

	13.40		1.37		0.72		1.36			236,867		149.38
	16.11		12.05		0.71		0.78			449,870		112.68
	16.93		31.66		0.72		0.84			531,676		87.47
	13.15		7.43		0.74		1.00			394,842		83.80	^(c)
	12.59		5.94		0.74		0.52			245,329		55.07


	See Notes to Financial Statements.	85

Financial Highlights (concluded)

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
			Investment operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class P
10/31/2015		$15.79		$0.12			$0.04			$0.16			$(0.08	)		$(2.77	)		$(2.85	)
10/31/2014		16.64		0.05			1.65			1.70			(0.02	)		(2.53	)		(2.55	)
10/31/2013		12.92		0.06			3.88			3.94			(0.07	)		(0.15	)		(0.22	)
10/31/2012		12.36		0.07			0.77			0.84			(0.01	)		(0.27	)		(0.28	)
10/31/2011		11.75		0.01			0.62			0.63			(0.02	)		–			(0.02	)

Class R2
10/31/2015		15.71		0.10			0.04			0.14			(0.03	)		(2.77	)		(2.80	)
10/31/2014		16.57		0.03			1.64			1.67			–	^(d)		(2.53	)		(2.53	)
10/31/2013		12.87		0.04			3.87			3.91			(0.06	)		(0.15	)		(0.21	)
10/31/2012		12.33		0.05			0.77			0.82			(0.01	)		(0.27	)		(0.28	)
10/31/2011		11.75		(0.01	)		0.63			0.62			(0.04	)		–			(0.04	)

Class R3
10/31/2015		15.80		0.11			0.06			0.17			(0.08	)		(2.77	)		(2.85	)
10/31/2014		16.66		0.04			1.65			1.69			(0.02	)		(2.53	)		(2.55	)
10/31/2013		12.94		0.05			3.89			3.94			(0.07	)		(0.15	)		(0.22	)
10/31/2012		12.40		0.06			0.77			0.83			(0.02	)		(0.27	)		(0.29	)
10/31/2011		11.80		–	^(d)		0.63			0.63			(0.03	)		–			(0.03	)

Class R4
6/30/2015 to 10/31/2015^(e)		13.52		0.05			(0.25	)^(f)		(0.20	)		–			–			–

Class R5
6/30/2015 to 10/31/2015^(e)		13.60		0.06			(0.25	)^(f)		(0.19	)		–			–			–

Class R6
6/30/2015 to 10/31/2015^(e)		13.60		0.06			(0.25	)^(f)		(0.19	)		–			–			–


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012.
^(d)	Amount is less than $.01
^(e)	Commenced on June 30, 2015.
^(f)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses.
^(g)	Not annualized.
^(h)	Annualized.


86	See Notes to Financial Statements.

					Ratios to average net assets:						Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets end of period (000)		Portfolio turnover rate (%)

	$13.10		0.94			1.17			0.90		$	13,733		149.38
	15.79		11.51			1.16			0.32			21,373		112.68
	16.64		31.08			1.17			0.42			26,424		87.47
	12.92		7.03			1.19			0.58			27,937		83.80	^(c)
	12.36		5.40			1.19			0.05			31,223		55.07

	13.05		0.81			1.33			0.76			10,543		149.38
	15.71		11.33			1.31			0.17			19,744		112.68
	16.57		30.87			1.31			0.26			25,111		87.47
	12.87		6.87			1.34			0.43			22,335		83.80	^(c)
	12.33		5.27			1.34			(0.11	)		19,997		55.07

	13.12		0.97			1.22			0.84			206,984		149.38
	15.80		11.41			1.21			0.28			304,459		112.68
	16.66		31.04			1.21			0.35			322,951		87.47
	12.94		6.95			1.24			0.51			270,290		83.80	^(c)
	12.40		5.36			1.24			0.01			180,795		55.07

	13.32		(1.48	)^(g)		0.93	^(h)		1.12	^(h)		10		149.38

	13.41		(1.40	)^(g)		0.68	^(h)		1.37	^(h)		10		149.38

	13.41		(1.40	)^(g)		0.59	^(h)		1.46	^(h)		10		149.38


	See Notes to Financial Statements.	87

Financial Highlights

GROWTH LEADERS FUND

			Per Share Operating Performance:
			Investment operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
10/31/2015		$23.08		$(0.02	)		$1.96			$1.94			$ –			$(1.29	)		$(1.29	)
10/31/2014		21.44		–	^(c)		3.01			3.01			–			(1.37	)		(1.37	)
10/31/2013		15.15		(0.03	)		6.36			6.33			(0.04	)		–			(0.04	)
10/31/2012		14.50		(0.01	)		0.66			0.65			–			–			–
6/24/2011 to 10/31/2011^(e)		15.00		(0.01	)		(0.49	)		(0.50	)		–			–			–

Class B
10/31/2015		22.79		(0.18	)		1.92			1.74			–			(1.29	)		(1.29	)
10/31/2014		21.33		(0.15	)		2.98			2.83			–			(1.37	)		(1.37	)
2/11/2013 to 10/31/2013^(h)		16.56		(0.11	)		4.88			4.77			–			–			–

Class C
10/31/2015		22.57		(0.19	)		1.92			1.73			–			(1.29	)		(1.29	)
10/31/2014		21.14		(0.15	)		2.95			2.80			–			(1.37	)		(1.37	)
10/31/2013		15.02		(0.15	)		6.30			6.15			(0.03	)		–			(0.03	)
10/31/2012		14.47		(0.11	)		0.66			0.55			–			–			–
6/24/2011 to 10/31/2011^(e)		15.00		(0.05	)		(0.48	)		(0.53	)		–			–			–

Class F
10/31/2015		23.17		0.01			1.98			1.99			–			(1.29	)		(1.29	)
10/31/2014		21.49		0.04			3.01			3.05			–			(1.37	)		(1.37	)
10/31/2013		15.18		–	^(c)		6.39			6.39			(0.08	)		–			(0.08	)
10/31/2012		14.51		0.03			0.65			0.68			(0.01	)		–			(0.01	)
6/24/2011 to 10/31/2011^(e)		15.00		–	^(c)		(0.49	)		(0.49	)		–			–			–

Class I
10/31/2015		23.23		0.04			1.97			2.01			–			(1.29	)		(1.29	)
10/31/2014		21.51		0.06			3.03			3.09			–			(1.37	)		(1.37	)
10/31/2013		15.20		0.04			6.36			6.40			(0.09	)		–			(0.09	)
10/31/2012		14.51		0.04			0.67			0.71			(0.02	)		–			(0.02	)
6/24/2011 to 10/31/2011^(e)		15.00		0.01			(0.50	)		(0.49	)		–			–			–


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B, and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Amount is less than $.01.
^(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.
^(e)	Commenced on June 24, 2011.
^(f)	Not annualized.
^(g)	Annualized.
^(h)	Commenced on February 11, 2013.


88	See Notes to Financial Statements.

					Ratios to average net assets:									Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets end of period (000)		Portfolio turnover rate (%)

	$23.73		8.84			0.85			0.99			(0.09	)		$742,393		270.68
	23.08		14.59			0.85			1.04			0.01			495,861		506.90
	21.44		42.20			0.85			1.34			(0.14	)		191,798		451.09	^(d)
	15.15		4.48			0.85			1.55			(0.06	)		15,372		683.50
	14.50		(3.33	)^(f)		0.84	^(g)		3.04	^(g)		(0.23	)^(g)		7,882		208.96

	23.24		8.08			1.59			1.73			(0.81	)		4,191		270.68
	22.79		13.77			1.56			1.75			(0.69	)		6,332		506.90
	21.33		29.05	^(f)		1.49	^(g)		1.88	^(g)		(0.82	)^(g)		8,041		451.09	^(d)

	23.01		8.07			1.59			1.74			(0.84	)		414,557		270.68
	22.57		13.81			1.56			1.76			(0.71	)		236,853		506.90
	21.14		41.24			1.45			1.88			(0.79	)		66,471		451.09	^(d)
	15.02		3.80			1.49			2.15			(0.70	)		1,898		683.50
	14.47		(3.53	)^(f)		1.47	^(g)		2.78	^(g)		(0.91	)^(g)		175		208.96

	23.87		9.03			0.70			0.84			0.06			733,463		270.68
	23.17		14.80			0.68			0.87			0.17			498,908		506.90
	21.49		42.51			0.60			1.07			0.01			109,011		451.09	^(d)
	15.18		4.69			0.60			1.33			0.21			3,797		683.50
	14.51		(3.27	)^(f)		0.59	^(g)		1.95	^(g)		0.08	^(g)		5,993		208.96

	23.95		9.10			0.60			0.74			0.16			96,090		270.68
	23.23		14.93			0.57			0.76			0.29			71,803		506.90
	21.51		42.67			0.50			0.95			0.21			50,326		451.09	^(d)
	15.20		4.87			0.50			1.22			0.29			2,697		683.50
	14.51		(3.27	)^(f)		0.49	^(g)		2.20	^(g)		0.17	^(g)		1,952		208.96


	See Notes to Financial Statements.	89

Financial Highlights (concluded)

GROWTH LEADERS FUND

			Per Share Operating Performance:
			Investment operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R2
10/31/2015		$23.17		$(0.10	)		$1.96			$1.86			$ –			$(1.29	)		$(1.29	)
10/31/2014		21.58		(0.07	)		3.03			2.96			–			(1.37	)		(1.37	)
10/31/2013		15.19		0.04			6.38			6.42			(0.03	)		–			(0.03	)
10/31/2012		14.49		0.05			0.65			0.70			–			–			–
6/24/2011 to 10/31/2011^(d)		15.00		(0.03	)		(0.48	)		(0.51	)		–			–			–

Class R3
10/31/2015		23.03		(0.08	)		1.96			1.88			–			(1.29	)		(1.29	)
10/31/2014		21.45		(0.04	)		2.99			2.95			–			(1.37	)		(1.37	)
10/31/2013		15.16		(0.06	)		6.38			6.32			(0.03	)		–			(0.03	)
10/31/2012		14.49		0.01			0.66			0.67			–			–			–
6/24/2011 to 10/31/2011^(d)		15.00		(0.02	)		(0.49	)		(0.51	)		–			–			–

Class R4
6/30/2015 to 10/31/2015^(g)		23.42		(0.01	)		0.33			0.32			–			–			–

Class R5
6/30/2015 to 10/31/2015^(g)		23.61		0.01			0.33			0.34			–			–			–

Class R6
6/30/2015 to 10/31/2015^(g)		23.61		0.02			0.33			0.35			–			–			–


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B, and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.
^(d)	Commenced on June 24, 2011.
^(e)	Not annualized.
^(f)	Annualized.
^(g)	Commenced on June 30, 2015.


90	See Notes to Financial Statements.

					Ratios to average net assets:									Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets end of period (000)		Portfolio turnover rate (%)

	$23.74		8.49			1.20			1.34			(0.44	)	$	593		270.68
	23.17		14.24			1.18			1.37			(0.31	)		342		506.90
	21.58		42.62			0.58			1.70			0.22			44		451.09	^(c)
	15.19		4.83			0.48			1.22			0.31			10		683.50
	14.49		(3.40	)^(e)		1.06	^(f)		5.05	^(f)		(0.49	)^(f)		10		208.96

	23.62		8.58			1.10			1.24			(0.35	)		13,501		270.68
	23.03		14.34			1.07			1.26			(0.20	)		10,191		506.90
	21.45		41.98			1.00			1.39			(0.33	)		8,289		451.09	^(c)
	15.16		4.62			0.72			1.42			0.08			11		683.50
	14.49		(3.40	)^(e)		0.97	^(f)		4.96	^(f)		(0.40	)^(f)		10		208.96

	23.74		1.37	^(e)		0.87	^(f)		0.99	^(f)		(0.18	)^(f)		10		270.68

	23.95		1.44	^(e)		0.60	^(f)		0.72	^(f)		0.09	^(f)		10		270.68

	23.96		1.48	^(e)		0.48	^(f)		0.60	^(f)		0.21	^(f)		10		270.68


	See Notes to Financial Statements.	91

Financial Highlights

INTERNATIONAL CORE EQUITY FUND

			Per Share Operating Performance:
											Distributions
											to
											shareholders
			Investment operations:								from:

	Net asset value,		Net		Net realized and			Total from			Net			Net asset value,
	beginning of		investment		unrealized			investment			investment			end of
	period		income^(a)		gain (loss)			operations			income			period
Class A
10/31/2015		$13.34		$0.20		$(0.75	)		$(0.55	)		$(0.15	)	$	12.64
10/31/2014		13.97		0.17		(0.54	)		(0.37	)		(0.26	)		13.34
10/31/2013		11.43		0.18		2.62			2.80			(0.26	)		13.97
10/31/2012		11.25		0.28		0.12			0.40			(0.22	)		11.43
10/31/2011		12.12		0.20		(0.94	)		(0.74	)		(0.13	)		11.25

Class B
10/31/2015		13.15		0.10		(0.74	)		(0.64	)		(0.03	)		12.48
10/31/2014		13.76		0.08		(0.53	)		(0.45	)		(0.16	)		13.15
10/31/2013		11.26		0.09		2.60			2.69			(0.19	)		13.76
10/31/2012		11.06		0.21		0.12			0.33			(0.13	)		11.26
10/31/2011		11.91		0.12		(0.92	)		(0.80	)		(0.05	)		11.06

Class C
10/31/2015		13.14		0.11		(0.75	)		(0.64	)		(0.05	)		12.45
10/31/2014		13.77		0.09		(0.54	)		(0.45	)		(0.18	)		13.14
10/31/2013		11.27		0.09		2.61			2.70			(0.20	)		13.77
10/31/2012		11.08		0.21		0.12			0.33			(0.14	)		11.27
10/31/2011		11.93		0.12		(0.92	)		(0.80	)		(0.05	)		11.08

Class F
10/31/2015		13.26		0.24		(0.77	)		(0.53	)		(0.18	)		12.55
10/31/2014		13.89		0.18		(0.51	)		(0.33	)		(0.30	)		13.26
10/31/2013		11.36		0.18		2.64			2.82			(0.29	)		13.89
10/31/2012		11.20		0.30		0.12			0.42			(0.26	)		11.36
10/31/2011		12.08		0.24		(0.95	)		(0.71	)		(0.17	)		11.20

Class I
10/31/2015		13.44		0.25		(0.76	)		(0.51	)		(0.20	)		12.73
10/31/2014		14.07		0.21		(0.53	)		(0.32	)		(0.31	)		13.44
10/31/2013		11.51		0.22		2.64			2.86			(0.30	)		14.07
10/31/2012		11.34		0.27		0.17			0.44			(0.27	)		11.51
10/31/2011		12.21		0.25		(0.95	)		(0.70	)		(0.17	)		11.34

Class P
10/31/2015		13.31		0.17		(0.75	)		(0.58	)		(0.10	)		12.63
10/31/2014		13.94		0.17		(0.55	)		(0.38	)		(0.25	)		13.31
10/31/2013		11.39		0.16		2.63			2.79			(0.24	)		13.94
10/31/2012		11.17		0.27		0.12			0.39			(0.17	)		11.39
10/31/2011		12.04		0.10		(0.84	)		(0.74	)		(0.13	)		11.17

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

92	See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:

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

	(4.16	)		1.12		1.33		1.56	$	341,437		62.15
	(2.67	)		1.12		1.36		1.25		368,087		64.06
	24.99			1.12		1.38		1.41		437,271		80.77
	3.81			1.12		1.47		2.53		383,244		81.50
	(6.16	)		1.12		1.42		1.64		439,938		83.78

	(4.86	)		1.83		2.04		0.81		6,207		62.15
	(3.33	)		1.77		2.01		0.56		11,126		64.06
	24.18			1.77		2.03		0.73		17,239		80.77
	3.13			1.77		2.12		1.91		20,125		81.50
	(6.75	)		1.77		2.06		0.96		27,896		83.78

	(4.86	)		1.81		2.02		0.86		42,057		62.15
	(3.31	)		1.75		1.99		0.65		49,491		64.06
	24.26			1.75		2.01		0.77		57,779		80.77
	3.11			1.75		2.10		1.91		54,056		81.50
	(6.73	)		1.74		2.03		1.01		68,316		83.78

	(3.99	)		0.87		1.14		1.85		63,830		62.15
	(2.46	)		0.87		1.11		1.29		78,364		64.06
	25.35			0.87		1.13		1.42		142,063		80.77
	4.02			0.87		1.22		2.71		151,246		81.50
	(5.98	)		0.87		1.18		1.98		80,747		83.78

	(3.83	)		0.77		1.04		1.92		61,077		62.15
	(2.34	)		0.77		1.01		1.50		95,958		64.06
	25.37			0.77		1.03		1.77		155,754		80.77
	4.15			0.77		1.12		2.48		107,076		81.50
	(5.78	)		0.77		1.07		2.06		222,808		83.78

	(4.38	)		1.28		1.49		1.32		110		62.15
	(2.77	)		1.22		1.46		1.20		150		64.06
	24.91			1.22		1.48		1.30		278		80.77
	3.63			1.22		1.58		2.45		282		81.50
	(6.23	)		1.22		1.51		0.83		470		83.78

See Notes to Financial Statements.

Financial Highlights (concluded)

INTERNATIONAL CORE EQUITY FUND

			Per Share Operating Performance:
											Distributions
											to
											shareholders
			Investment operations:								from:

	Net asset				Net									Net asset
	value,		Net		realized and			Total from			Net			value,
	beginning of		investment		unrealized			investment			investment			end of
	period		income^(a)		gain (loss)			operations			income			period
Class R2
10/31/2015		$13.29		$0.17		$(0.76	)		$(0.59	)		$(0.12	)	$	12.58
10/31/2014		13.92		0.15		(0.55	)		(0.40	)		(0.23	)		13.29
10/31/2013		11.41		0.15		2.61			2.76			(0.25	)		13.92
10/31/2012		11.24		0.23		0.14			0.37			(0.20	)		11.41
10/31/2011		12.14		0.18		(0.95	)		(0.77	)		(0.13	)		11.24

Class R3
10/31/2015		13.14		0.17		(0.74	)		(0.57	)		(0.13	)		12.44
10/31/2014		13.77		0.16		(0.55	)		(0.39	)		(0.24	)		13.14
10/31/2013		11.28		0.16		2.59			2.75			(0.26	)		13.77
10/31/2012		11.11		0.26		0.12			0.38			(0.21	)		11.28
10/31/2011		12.00		0.19		(0.94	)		(0.75	)		(0.14	)		11.11

Class R4
6/30/2015 to 10/31/2015^(c)		13.06		0.04		(0.47	)		(0.43	)		—			12.63

Class R5
6/30/2015 to 10/31/2015^(c)		13.15		0.05		(0.47	)		(0.42	)		—			12.73

Class R6
6/30/2015 to 10/31/2015^(c)		13.15		0.06		(0.47	)		(0.41	)		—			12.74

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Commenced on June 30, 2015.
^(d)	Not annualized.
^(e)	Annualized.

94	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

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

	(4.48	)		1.43			1.64			1.31		$	658		62.15
	(2.89	)		1.37			1.61			1.07			1,011		64.06
	24.65			1.37			1.63			1.20			868		80.77
	3.51			1.37			1.72			2.13			568		81.50
	(6.38	)		1.37			1.67			1.46			651		83.78

	(4.35	)		1.33			1.53			1.35			18,466		62.15
	(2.85	)		1.26			1.50			1.15			20,156		64.06
	24.80			1.26			1.52			1.27			19,739		80.77
	3.68			1.26			1.61			2.36			17,275		81.50
	(6.35	)		1.26			1.57			1.54			12,725		83.78

	(3.29	)^(d)		1.12	^(e)		1.25	^(e)		0.89	^(e)		10		62.15

	(3.19	)^(d)		0.87	^(e)		1.00	^(e)		1.14	^(e)		10		62.15

	(3.12	)^(d)		0.70	^(e)		0.84	^(e)		1.31	^(e)		10		62.15

See Notes to Financial Statements.

Financial Highlights

INTERNATIONAL DIVIDEND INCOME FUND

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income^(a)		gain (loss)			tions			income			gain			butions
Class A
10/31/2015		$8.75		$0.25		$(1.22	)		$(0.97	)		$(0.24	)		$(0.49	)		$(0.73	)
10/31/2014		9.11		0.36		(0.31	)		0.05			(0.41	)		–			(0.41	)
10/31/2013		7.80		0.33		1.31			1.64			(0.33	)		–			(0.33	)
10/31/2012		7.88		0.35		(0.08	)		0.27			(0.35	)		–			(0.35	)
10/31/2011		8.64		0.42		(0.78	)		(0.36	)		(0.40	)		–			(0.40	)

Class C
10/31/2015		8.68		0.19		(1.20	)		(1.01	)		(0.19	)		(0.49	)		(0.68	)
10/31/2014		9.04		0.31		(0.31	)		–			(0.36	)		–			(0.36	)
10/31/2013		7.75		0.28		1.29			1.57			(0.28	)		–			(0.28	)
10/31/2012		7.84		0.29		(0.07	)		0.22			(0.31	)		–			(0.31	)
10/31/2011		8.60		0.36		(0.77	)		(0.41	)		(0.35	)		–			(0.35	)

Class F
10/31/2015		8.77		0.27		(1.23	)		(0.96	)		(0.26	)		(0.49	)		(0.75	)
10/31/2014		9.12		0.39		(0.30	)		0.09			(0.44	)		–			(0.44	)
10/31/2013		7.81		0.36		1.30			1.66			(0.35	)		–			(0.35	)
10/31/2012		7.89		0.37		(0.08	)		0.29			(0.37	)		–			(0.37	)
10/31/2011		8.65		0.45		(0.79	)		(0.34	)		(0.42	)		–			(0.42	)

Class I
10/31/2015		8.79		0.27		(1.22	)		(0.95	)		(0.27	)		(0.49	)		(0.76	)
10/31/2014		9.14		0.42		(0.32	)		0.10			(0.45	)		–			(0.45	)
10/31/2013		7.83		0.36		1.31			1.67			(0.36	)		–			(0.36	)
10/31/2012		7.91		0.38		(0.09	)		0.29			(0.37	)		–			(0.37	)
10/31/2011		8.66		0.43		(0.75	)		(0.32	)		(0.43	)		–			(0.43	)

Class R2
10/31/2015		8.92		0.22		(1.24	)		(1.02	)		(0.22	)		(0.49	)		(0.71	)
10/31/2014		9.27		0.36		(0.32	)		0.04			(0.39	)		–			(0.39	)
10/31/2013		7.94		0.32		1.32			1.64			(0.31	)		–			(0.31	)
10/31/2012		8.03		0.33		(0.08	)		0.25			(0.34	)		–			(0.34	)
10/31/2011		8.76		0.45		(0.79	)		(0.34	)		(0.39	)		–			(0.39	)


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

See Notes to Financial Statements.

					Ratios to average net assets:						Supplemental Data:
					Total
					expenses
					after
Net					waivers				Net		Net
asset					and/or				invest-		assets		Portfolio
value,		Total			reimburse-		Total		ment		end of		turnover
end of		return^(b)			ments		expenses		income		period		rate
period		(%)			(%)		(%)		(%)		(000)		(%)

	$7.05		(11.74	)		1.12		1.19		3.14		$ 710,835		76.52
	8.75		0.47			1.12		1.24		3.99		1,000,763		72.26
	9.11		21.54			1.12		1.27		3.94		954,305		78.39
	7.80		3.60			1.12		1.36		4.59		618,824		84.81
	7.88		(4.42	)		1.12		1.43		4.96		278,975		100.16

	6.99		(12.49	)		1.84		1.90		2.40		142,492		76.52
	8.68		(0.14	)		1.77		1.89		3.42		191,120		72.26
	9.04		20.70			1.77		1.92		3.33		143,807		78.39
	7.75		2.95			1.76		2.01		3.88		74,664		84.81
	7.84		(5.03	)		1.76		2.07		4.29		22,329		100.16

	7.06		(11.65	)		0.90		1.00		3.38		210,696		76.52
	8.77		0.83			0.87		0.99		4.24		322,648		72.26
	9.12		21.80			0.87		1.02		4.23		228,586		78.39
	7.81		3.83			0.87		1.11		4.79		128,360		84.81
	7.89		(4.18	)		0.87		1.18		5.27		26,892		100.16

	7.08		(11.52	)		0.80		0.91		3.50		1,080,845		76.52
	8.79		0.93			0.77		0.89		4.53		963,200		72.26
	9.14		21.86			0.77		0.92		4.28		1,005,558		78.39
	7.83		3.91			0.77		1.01		5.00		893,066		84.81
	7.91		(3.97	)		0.77		1.09		5.06		559,879		100.16

	7.19		(12.13	)		1.44		1.51		2.80		1,029		76.52
	8.92		0.33			1.37		1.49		3.86		1,298		72.26
	9.27		21.13			1.37		1.52		3.73		860		78.39
	7.94		3.32			1.34		1.60		4.24		464		84.81
	8.03		(4.15	)		0.91		1.22		5.15		16		100.16

See Notes to Financial Statements.

Financial Highlights (concluded)

INTERNATIONAL DIVIDEND INCOME FUND

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income^(a)		gain (loss)			tions			income			gain			butions
Class R3
10/31/2015		$8.83		$0.23		$(1.23	)		$(1.00	)		$(0.23	)		$(0.49	)		$(0.72	)
10/31/2014		9.18		0.37		(0.32	)		0.05			(0.40	)		–			(0.40	)
10/31/2013		7.86		0.35		1.29			1.64			(0.32	)		–			(0.32	)
10/31/2012		7.94		0.37		(0.12	)		0.25			(0.33	)		–			(0.33	)
10/31/2011		8.71		0.41		(0.79	)		(0.38	)		(0.39	)		–			(0.39	)

Class R4
6/30/2015 to 10/31/2015^(c)		7.75		0.05		(0.72	)		(0.67	)		(0.03	)		–			(0.03	)

Class R5
6/30/2015 to 10/31/2015^(c)		7.78		0.06		(0.72	)		(0.66	)		(0.04	)		–			(0.04	)

Class R6
6/30/2015 to 10/31/2015^(c)		7.78		0.06		(0.72	)		(0.66	)		(0.04	)		–			(0.04	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Not annualized.
^(d)	Annualized.
^(e)	Commenced on June 30, 2015.

See Notes to Financial Statements.

					Ratios to average net assets:									Supplemental Data:
					Total
					expenses
					after
Net					waivers						Net			Net
asset					and/or						invest-			assets		Portfolio
value,		Total			reimburse-			Total			ment			end of		turnover
end of		return^(b)			ments			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

	$7.11		(12.03	)		1.34			1.40			2.93			$12,680		76.52
	8.83		0.41			1.27			1.39			4.03			11,273		72.26
	9.18		21.30			1.27			1.42			4.11			5,200		78.39
	7.86		3.39			1.27			1.50			4.80			33,065		84.81
	7.94		(4.61	)		1.26			1.59			4.80			331		100.16

	7.05		(8.56	)^(d)		1.12	^(e)		1.15	^(e)		2.02	^(e)		9		76.52

	7.08		(8.46	)^(d)		0.87	^(e)		0.90	^(e)		2.28	^(e)		9		76.52

	7.08		(8.46	)^(d)		0.80	^(e)		0.80	^(e)		2.34	^(e)		9		76.52

See Notes to Financial Statements.

Financial Highlights

INTERNATIONAL OPPORTUNITIES FUND

			Per Share Operating Performance:
			Investment operations:										Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
10/31/2015		$16.22		$0.09			$1.36			$1.45			$(0.18	)		$(0.48	)		$(0.66	)
10/31/2014		16.83		0.11			(0.51	)		(0.40	)		(0.21	)		–			(0.21	)
10/31/2013		13.17		0.10			3.82			3.92			(0.26	)		–			(0.26	)
10/31/2012		12.00		0.15			1.10			1.25			(0.08	)		–			(0.08	)
10/31/2011		12.87		0.10			(0.92	)		(0.82	)		(0.05	)		–			(0.05	)

Class B
10/31/2015		15.37		(0.04	)		1.30			1.26			(0.04	)		(0.48	)		(0.52	)
10/31/2014		15.96		(0.03	)		(0.46	)		(0.49	)		(0.10	)		–			(0.10	)
10/31/2013		12.49		–	^(c)		3.63			3.63			(0.16	)		–			(0.16	)
10/31/2012		11.36		0.06			1.07			1.13			–			–			–
10/31/2011		12.21		0.02			(0.87	)		(0.85	)		–			–			–

Class C
10/31/2015		15.23		(0.04	)		1.29			1.25			(0.08	)		(0.48	)		(0.56	)
10/31/2014		15.84		(0.02	)		(0.46	)		(0.48	)		(0.13	)		–			(0.13	)
10/31/2013		12.41		–	^(c)		3.61			3.61			(0.18	)		–			(0.18	)
10/31/2012		11.29		0.07			1.06			1.13			(0.01	)		–			(0.01	)
10/31/2011		12.14		0.02			(0.87	)		(0.85	)		–			–			–

Class F
10/31/2015		16.11		0.10			1.37			1.47			(0.22	)		(0.48	)		(0.70	)
10/31/2014		16.73		0.14			(0.50	)		(0.36	)		(0.26	)		–			(0.26	)
10/31/2013		13.09		0.17			3.76			3.93			(0.29	)		–			(0.29	)
10/31/2012		11.94		0.18			1.09			1.27			(0.12	)		–			(0.12	)
10/31/2011		12.81		0.13			(0.91	)		(0.78	)		(0.09	)		–			(0.09	)

Class I
10/31/2015		16.63		0.13			1.39			1.52			(0.23	)		(0.48	)		(0.71	)
10/31/2014		17.25		0.15			(0.51	)		(0.36	)		(0.26	)		–			(0.26	)
10/31/2013		13.49		0.15			3.91			4.06			(0.30	)		–			(0.30	)
10/31/2012		12.30		0.19			1.13			1.32			(0.13	)		–			(0.13	)
10/31/2011		13.18		0.16			(0.95	)		(0.79	)		(0.09	)		–			(0.09	)

Class P
10/31/2015		16.46		0.05			1.40			1.45			(0.16	)		(0.48	)		(0.64	)
10/31/2014		17.08		0.07			(0.51	)		(0.44	)		(0.18	)		–			(0.18	)
10/31/2013		13.36		0.09			3.88			3.97			(0.25	)		–			(0.25	)
10/31/2012		12.17		0.14			1.12			1.26			(0.07	)		–			(0.07	)
10/31/2011		13.06		0.09			(0.94	)		(0.85	)		(0.04	)		–			(0.04	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Amount less than $0.01.

100

See Notes to Financial Statements.

				Ratios to average net assets:			Supplemental Data:

Net asset value, end of period		Total return^(b) (%)		Total expenses (%)	Net invest- ment income (loss) (%)		Net assets end of period (000)		Portfolio turnover rate (%)

$	17.01	9.36		1.33	0.51		$	160,628	81.57
	16.22	(2.39	)	1.35	0.66			117,037	80.08
	16.83	30.26		1.47	0.66			99,530	99.98
	13.17	10.59		1.52	1.20			76,139	91.18
	12.00	(6.39	)	1.49	0.79			83,729	103.98
	16.11	8.51		2.07	(0.24	)		2,702	81.57

	15.37	(3.09	)	2.07	(0.16	)		3,999	80.08
	15.96	29.39		2.12	(0.03	)		6,357	99.98
	12.49	9.95		2.16	0.52			6,854	91.18

	11.36	(6.96	)	2.13	0.12			9,439	103.98
	15.92	8.58		2.06	(0.23	)		31,273	81.57
	15.23	(3.12	)	2.06	(0.10	)		21,868	80.08
	15.84	29.43		2.10	0.03			18,138	99.98
	12.41	10.00		2.14	0.59			13,953	91.18
	11.29	(7.00	)	2.10	0.17			15,603	103.98

	16.88	9.52		1.18	0.61			118,963	81.57
	16.11	(2.21	)	1.18	0.80			44,607	80.08
	16.73	30.63		1.22	1.13			18,046	99.98
	13.09	10.83		1.27	1.47			944	91.18
	11.94	(6.16	)	1.24	1.00			934	103.98

	17.44	9.59		1.08	0.77			296,965	81.57
	16.63	(2.10	)	1.08	0.87			274,583	80.08
	17.25	30.74		1.12	0.99			259,952	99.98
	13.49	10.96		1.17	1.54			195,785	91.18
	12.30	(6.01	)	1.14	1.17			213,865	103.98

	17.27	9.15		1.53	0.29			595	81.57
	16.46	(2.60	)	1.53	0.38			872	80.08
	17.08	30.19		1.57	0.57			1,096	99.98
	13.36	10.49		1.62	1.14			929	91.18
	12.17	(6.51	)	1.59	0.69			820	103.98

See Notes to Financial Statements.

101

Financial Highlights (concluded)

INTERNATIONAL OPPORTUNITIES FUND

	Per Share Operating Performance:
			Investment operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R2
10/31/2015		$16.05		$0.02			$1.35			$1.37			$(0.13	)		$(0.48	)		$(0.61	)
10/31/2014		16.69		0.04			(0.48	)		(0.44	)		(0.20	)		–			(0.20	)
10/31/2013		13.07		0.06			3.79			3.85			(0.23	)		–			(0.23	)
10/31/2012		11.90		0.11			1.11			1.22			(0.05	)		–			(0.05	)
10/31/2011		12.77		0.07			(0.92	)		(0.85	)		(0.02	)		–			(0.02	)

Class R3
10/31/2015		15.97		0.05			1.34			1.39			(0.15	)		(0.48	)		(0.63	)
10/31/2014		16.57		0.07			(0.49	)		(0.42	)		(0.18	)		–			(0.18	)
10/31/2013		12.98		0.06			3.78			3.84			(0.25	)		–			(0.25	)
10/31/2012		11.84		0.13			1.09			1.22			(0.08	)		–			(0.08	)
10/31/2011		12.72		0.10			(0.92	)		(0.82	)		(0.06	)		–			(0.06	)

Class R4
6/30/2015 to 10/31/2015^(d)		17.49		–	^(c)		(0.48	)^(e)		(0.48	)		–			–			–

Class R5
6/30/2015 to 10/31/2015^(d)		17.92		0.02			(0.50	)^(e)		(0.48	)		–			–			–

Class R6
6/30/2015 to 10/31/2015^(d)		17.92		0.03			(0.50	)^(e)		(0.47	)		–			–			–

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Amount less than $0.01.
^(d)	Commenced on June 30, 2015.
^(e)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses.
^(f)	Not annualized.
^(g)	Annualized.

102

See Notes to Financial Statements.

					Ratios to average net assets:						Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets end of period (000)		Portfolio turnover rate (%)

	$16.81		8.92			1.68			0.15			$935		81.57
	16.05		(2.69	)		1.68			0.26			198		80.08
	16.69		29.97			1.72			0.40			201		99.98
	13.07		10.35			1.76			0.90			91		91.18
	11.90		(6.68	)		1.74			0.56			95		103.98

	16.73		9.11			1.56			0.29			9,161		81.57
	15.97		(2.63	)		1.56			0.39			6,000		80.08
	16.57		30.14			1.62			0.45			6,133		99.98
	12.98		10.49			1.65			1.11			6,212		91.18
	11.84		(6.51	)		1.60			0.74			5,097		103.98

	17.01		(2.74	)^(f)		1.35	^(g)		0.03	^(g)		10		81.57

	17.44		(2.68	)^(f)		1.10	^(g)		0.28	^(g)		10		81.57

	17.45		(2.62	)^(f)		0.93	^(g)		0.48	^(g)		13		81.57

See Notes to Financial Statements.

103

Financial Highlights

VALUE OPPORTUNITIES FUND

			Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)		Total from investment operations		Net realized gain			Net asset value, end of period
Class A
10/31/2015		$21.67		$(0.01	)		$0.77		$0.76		$(2.87	)		$19.56
10/31/2014		21.44		(0.03	)		2.16		2.13		(1.90	)		21.67
10/31/2013		15.99		–	^(c)		5.45		5.45		–			21.44
10/31/2012		15.16		(0.03	)		0.92		0.89		(0.06	)		15.99
10/31/2011		14.45		(0.05	)		0.83		0.78		(0.07	)		15.16

Class B
10/31/2015		20.41		(0.15	)		0.73		0.58		(2.87	)		18.12
10/31/2014		20.42		(0.16	)		2.05		1.89		(1.90	)		20.41
10/31/2013		15.32		(0.12	)		5.22		5.10		–			20.42
10/31/2012		14.63		(0.12	)		0.87		0.75		(0.06	)		15.32
10/31/2011		14.03		(0.14	)		0.81		0.67		(0.07	)		14.63

Class C
10/31/2015		20.41		(0.15	)		0.72		0.57		(2.87	)		18.11
10/31/2014		20.42		(0.16	)		2.05		1.89		(1.90	)		20.41
10/31/2013		15.32		(0.12	)		5.22		5.10		–			20.42
10/31/2012		14.62		(0.13	)		0.89		0.76		(0.06	)		15.32
10/31/2011		14.03		(0.14	)		0.80		0.66		(0.07	)		14.62

Class F
10/31/2015		21.92		0.02			0.78		0.80		(2.87	)		19.85
10/31/2014		21.62		0.02			2.18		2.20		(1.90	)		21.92
10/31/2013		16.07		0.05			5.50		5.55		–			21.62
10/31/2012		15.20		0.01			0.92		0.93		(0.06	)		16.07
10/31/2011		14.45		(0.01	)		0.83		0.82		(0.07	)		15.20

Class I
10/31/2015		22.20		0.04			0.79		0.83		(2.87	)		20.16
10/31/2014		21.85		0.05			2.20		2.25		(1.90	)		22.20
10/31/2013		16.23		0.06			5.56		5.62		–			21.85
10/31/2012		15.34		0.02			0.93		0.95		(0.06	)		16.23
10/31/2011		14.57		0.01			0.83		0.84		(0.07	)		15.34

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Amount less than $0.01.
^(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.

104

See Notes to Financial Statements.

	Ratios to Average Net Assets:					Supplemental Data:

Total return^(b) (%)	Total expenses (%)		Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

3.67		1.17		(0.05	)	$	1,026,959		46.88
10.72		1.26		(0.13	)		1,316,790		53.81
34.08		1.28		(0.01	)		1,372,436		69.49	^(d)
5.89		1.31		(0.19	)		870,567		58.84
5.45		1.31		(0.29	)		883,444		56.87

2.93		1.92		(0.79	)		11,521		46.88
10.02		1.91		(0.78	)		18,752		53.81
33.29		1.93		(0.68	)		24,911		69.49	^(d)
5.14		1.96		(0.83	)		13,315		58.84
4.83		1.96		(0.91	)		15,700		56.87

2.87		1.92		(0.80	)		356,709		46.88
10.02		1.91		(0.79	)		404,787		53.81
33.29		1.93		(0.66	)		400,420		69.49	^(d)
5.21		1.96		(0.83	)		248,357		58.84
4.76		1.96		(0.95	)		263,798		56.87

3.84		1.02		0.09			557,742		46.88
10.97		1.02		0.11			550,524		53.81
34.54		1.03		0.26			456,370		69.49	^(d)
6.13		1.06		0.06			369,321		58.84
5.73		1.07		(0.06	)		385,086		56.87

3.94		0.92		0.20			557,008		46.88
11.10		0.92		0.21			647,442		53.81
34.63		0.93		0.33			675,593		69.49	^(d)
6.21		0.97		0.15			411,546		58.84
5.82		0.97		0.06			291,056		56.87

See Notes to Financial Statements.

105

Financial Highlights (concluded)

VALUE OPPORTUNITIES FUND

			Per Share Operating Performance:
			Investment operations:									Distributions to shareholders from:

	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
Class P
10/31/2015		$21.51		$(0.05	)		$0.77			$0.72			$(2.87	)		$19.36
10/31/2014		21.32		(0.05	)		2.14			2.09			(1.90	)		21.51
10/31/2013		15.90		(0.07	)		5.49			5.42			–			21.32
10/31/2012		15.09		(0.04	)		0.91			0.87			(0.06	)		15.90
10/31/2011		14.40		(0.05	)		0.81			0.76			(0.07	)		15.09

Class R2
10/31/2015		21.27		(0.08	)		0.76			0.68			(2.87	)		19.08
10/31/2014		21.13		(0.08	)		2.12			2.04			(1.90	)		21.27
10/31/2013		15.79		(0.04	)		5.38			5.34			–			21.13
10/31/2012		15.01		(0.07	)		0.91			0.84			(0.06	)		15.79
10/31/2011		14.34		(0.09	)		0.83			0.74			(0.07	)		15.01

Class R3
10/31/2015		21.37		(0.06	)		0.76			0.70			(2.87	)		19.20
10/31/2014		21.20		(0.06	)		2.13			2.07			(1.90	)		21.37
10/31/2013		15.83		(0.03	)		5.40			5.37			–			21.20
10/31/2012		15.03		(0.05	)		0.91			0.86			(0.06	)		15.83
10/31/2011		14.34		(0.07	)		0.83			0.76			(0.07	)		15.03

Class R4
6/30/2015 to
10/31/2015^(e)		20.33		–	^(c)		(0.76	)^(f)		(0.76	)		–			19.57

Class R5
6/30/2015 to
10/31/2015^(e)		20.93		0.01			(0.78	)^(f)		(0.77	)		–			20.16

Class R6
6/30/2015 to
10/31/2015^(e)		20.93		0.02			(0.78	)^(f)		(0.76	)		–			20.17

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Amount less than $0.01.
^(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.
^(e)	Commenced on June 30, 2015.
^(f)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
^(g)	Not annualized.
^(h)	Annualized.

106

See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:

Total return^(b) (%)			Total expenses (%)			Net investment income (loss) (%)				Net assets, end of period (000)		Portfolio turnover rate (%)

	3.50			1.37			(0.25	)		$	42,225		46.88
	10.58			1.36			(0.23	)			49,179		53.81
	34.09			1.37			(0.34	)			54,081		69.49	^(d)
	5.78			1.41			(0.24	)			918		58.84
	5.33			1.41			(0.35	)			3,392		56.87

	3.33			1.53			(0.40	)			7,120		46.88
	10.42			1.52			(0.38	)			10,364		53.81
	33.82			1.53			(0.24	)			13,922		69.49	^(d)
	5.61			1.56			(0.44	)			11,056		58.84

	5.21			1.57			(0.58	)			8,804		56.87
	3.42			1.42			(0.30	)			114,489		46.88
	10.54			1.41			(0.29	)			133,353		53.81
	33.92			1.43			(0.17	)			130,597		69.49	^(d)
	5.74			1.46			(0.35	)			86,441		58.84
	5.35			1.47			(0.47	)			64,504		56.87

	(3.74	)^(g)		1.15	^(h)		(0.07	)^(h)			10		46.88

	(3.68	)^(g)		0.89	^(h)		0.19	^(h)			10		46.88

	(3.63	)^(g)		0.82	^(h)		0.28	^(h)			29,039		46.88

See Notes to Financial Statements.

107

Notes to Financial Statements

1.	ORGANIZATION

The Trust currently consists of nine funds. This report covers the following seven funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes during the fiscal year ended October 31, 2015:

Funds	Share Classes
Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”)	A, B, C, F, I, P, R2, R3, R4, R5 and R6
Lord Abbett Fundamental Equity Fund (“Fundamental Equity Fund”)	A, B, C, F, I, P, R2, R3, R4, R5 and R6
Lord Abbett Growth Leaders Fund (“Growth Leaders Fund”)	A, B, C, F, I, R2, R3, R4, R5 and R6
Lord Abbett International Core Equity Fund (“International Core Equity Fund”)	A, B, C, F, I, P, R2, R3, R4, R5 and R6
Lord Abbett International Dividend Income Fund (“International Dividend Income Fund”)	A, C, F, I, R2, R3, R4, R5 and R6
Lord Abbett International Opportunities Fund (“International Opportunities Fund”)	A, B, C, F, I, P, R2, R3, R4, R5 and R6
Lord Abbett Value Opportunities Fund (“Value Opportunities Fund”)	A, B, C, F, I, P, R2, R3, R4, R5 and R6

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. Classes R4, R5 and R6 shares commenced on June 30, 2015.

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 principally in other funds (“Underlying Funds”) managed by Lord, Abbett & Co. LLC (“Lord Abbett”). Fundamental Equity Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. Growth Leaders Fund’s 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, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases

108

Notes to Financial Statements (continued)

and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), 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 (“NYSE”). Each Fund may utilize 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. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. 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. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof 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

109

Notes to Financial Statements (continued)

	accordance with the applicable country’s tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended October 31, 2012 through October 31, 2015. 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, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.

(f)	Foreign Transactions–The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in each Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized loss on foreign currency related transactions in each Fund’s Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	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 solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in each Fund’s Statement of Operations. The 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 loss on foreign currency related transactions in each Fund’s Statement of Operations.

110

Notes to Financial Statements (continued)

(h)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

(i)	Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

(j)	When-Issued or Forward Transactions–Each Fund may purchase portfolio securities on a when-issued or forward basis. When-issued or forward transactions involve a commitment by a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund’s custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. Each Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

(k)	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

111

Notes to Financial Statements (continued)

	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).

	A summary of inputs used in valuing each Fund’s investments and other financial instruments as of October 31, 2015 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the fiscal year then ended is included in each Fund’s Schedule of Investments.

	Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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.

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.

For the year ended October 31, 2015, the effective management fee, net of any applicable waivers, was based on each Fund’s average daily net assets at the following annualized rates:

	Net Effective
	Management Fee
Alpha Strategy Fund	.00%⁽¹⁾
Fundamental Equity Fund	.52%⁽²⁾
Growth Leaders Fund	.40%⁽³⁾
International Core Equity Fund	.49%⁽⁴⁾
International Dividend Income Fund	.59%⁽⁴⁾
International Opportunities Fund	.75%⁽⁵⁾
Value Opportunities Fund	.70%⁽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 fiscal year ended October 31, 2015 and continuing through February 29, 2016, Lord Abbett has contractually agreed to waive its management fee at an annual rate of .05%. For the fiscal year ended October 31, 2015, Lord Abbett voluntarily waived the remainder of its management fee at an annual rate of .05%. Lord Abbett may discontinue the voluntary waiver or change the level of its voluntary waiver 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%

112

Notes to Financial Statements (continued)

⁽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 are based on the Funds’ average daily net assets at the following annual rates:

	First $1 billion	.70%
	Next $1 billion	.65%
	Over $2 billion	.60%

⁽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 at the following annual rates:

	First $1 billion	.75%
	Next $1 billion	.70%
	Next $3 billion	.65%
	Over $5 billion	.58%

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of ..04% of each Fund’s average daily net assets. Alpha Strategy Fund does not pay such fee.

For the fiscal year ended October 31, 2015 and continuing through February 29, 2016, Lord Abbett has contractually agreed to waive its fees and reimburse expenses for Growth Leaders Fund to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to an annual rate of ..60% for each class, other than Class R6. For Class R6 shares, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses to an annual rate of .49%.

Effective March 1, 2015 and continuing through February 29, 2016, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to the following annual rates:

	Funds
Classes	International Core Equity Fund	International Dividend Income Fund
A, B, C, P, R2, R3, R4 and R5	0.87%	0.87%
F and I	0.77%	0.81%
R6	0.70%	0.80%

Prior to March 1, 2015, Lord Abbett had contractually agreed to waive its fees and reimburse expenses for International Core Equity Fund and International Dividend Income Fund to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to an annual rate of .77% for Classes A, B, C, F, I, P, R2 and R3.

All contractual fee waiver and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Funds’ Board.

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

113

Notes to Financial Statements (continued)

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 in 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 (collectively, the “Underlying Funds”), have entered into a Servicing Arrangement with certain “Fund of Funds” managed by Lord Abbett, pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of each Fund of Funds in proportion to the average daily value of the Underlying Fund shares owned by each Fund of Funds. Amounts paid pursuant to the Servicing Arrangement, if applicable, are included in Subsidy expense of each Fund’s Statement of Operations and Payable to affiliates on each Fund’s Statement of Assets and Liabilities.

As of October 31, 2015, 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 Equity Fund	Growth Leaders Fund	International Core Equity Fund	International Dividend Income Fund	International Opportunities Fund	Value Opportunities Fund
Alpha Strategy Fund	–	–	–	–	40.84%	9.17%
Diversified Equity Strategy Fund	1.10%	2.06%	6.12%	–	3.46%	0.98%
Multi-Asset Balanced Opportunity Fund	–	–	–	16.28%	–	–
Multi-Asset Global Opportunity Fund	–	–	–	5.26%	–	–
Multi-Asset Growth Fund	–	–	–	11.92%	–	–
Multi-Asset Income Fund	–	–	–	11.83%	–	–

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, B, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The following annual rates have been authorized by the Board pursuant to the plan:

Fees*	Class A⁽¹⁾	Class B	Class C	Class F	Class P⁽²⁾	Class R2		Class R3	Class R4
Service	.25%	.25%	.25%	–	.25%	.25	%	.25%	.25%
Distribution	–	.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⁾		Prior to March 1, 2015, Class A 12b-1 fees for International Core Equity Fund and International Dividend Income Fund were .35% (.25% service, .10% distribution) of each Fund’s average daily net assets.
⁽²⁾		Fundamental Equity Fund, International Core Equity Fund, International Opportunities Fund and Value Opportunities Fund only.

Classes I, R5 and R6 shares do not have a distribution plan.

114

Notes to Financial Statements (continued)

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the fiscal year ended October 31, 2015:

	Distributor	Dealers’
	Commissions	Concessions
Alpha Strategy Fund	$202,241	$1,124,854
Fundamental Equity Fund	269,936	1,472,910
Growth Leaders Fund	510,568	2,929,661
International Core Equity Fund	117,549	618,867
International Dividend Income Fund	412,521	2,174,913
International Opportunities Fund	78,786	427,838
Value Opportunities Fund	192,128	1,035,947

Distributor received the following amount of CDSCs for the fiscal year ended October 31, 2015:

	Class A	Class C
Alpha Strategy Fund	$27,360	$18,416
Fundamental Equity Fund	16,631	45,288
Growth Leaders Fund	79,380	70,217
International Core Equity Fund	553	1,770
International Dividend Income Fund	66,147	45,690
International Opportunities Fund	16,344	2,168
Value Opportunities Fund	10,134	18,469

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.

Subsequent to the Funds’ fiscal year ended October 31, 2015, distributions were declared on November 19, 2015 and paid on November 24, 2015 to shareholders of record on November 23, 2015. The approximate amounts were as follows:

	Net Investment Income		Net Short-Term Capital Gain		Net Long-Term Capital Gain
Fundamental Equity Fund	$	41,598,000	$	–	$	311,274,000
Growth Leaders Fund		–		86,118,000		10,008,000
Value Opportunities Fund		–		–		191,980,000

115

Notes to Financial Statements (continued)

Subsequent to the Funds’ fiscal year ended October 31, 2015, distributions were declared on December 11, 2015 and paid on December 18, 2015 to shareholders of record on December 17, 2015. The approximate amounts were as follows:

	Net Investment Income		Net Short-Term Capital Gain		Net Long-Term Capital Gain
International Core Equity Fund	$	6,596,000	$	–	$	–
International Opportunities Fund		4,390,000		5,954,000		16,342,000

Subsequent to Alpha Strategy Fund’s fiscal year ended October 31, 2015, distributions were declared on December 11, 2015 and paid on December 22, 2015 to shareholders of record on December 21, 2015. The approximate amounts were as follows:

	Net Investment Income		Net Long-Term Capital Gains
		$6,629,000		$162,271,000

The tax character of distributions paid during the fiscal years ended October 31, 2015 and 2014 was as follows:

	Alpha Strategy Fund				Fundamental Equity Fund
	Year Ended		Year Ended		Year Ended		Year Ended
	10/31/2015		10/31/2014		10/31/2015		10/31/2014
Distributions paid from:
Ordinary income	$	17,527,867	$	45,823,955	$	225,917,626	$	208,816,026
Net long-term capital gains		118,549,905		41,361,605		712,708,155		675,477,284
Total distributions paid	$	136,077,772	$	87,185,560	$	938,625,781	$	884,293,310

	Growth Leaders Fund				International Core Equity Fund
	Year Ended		Year Ended		Year Ended		Year Ended
	10/31/2015		10/31/2014		10/31/2015		10/31/2014
Distributions paid from:
Ordinary income	$	73,120,882	$	29,724,487	$	6,527,984	$	15,956,504
Net long-term capital gains		925,072		389,799		–		–
Total distributions paid	$	74,045,954	$	30,114,286	$	6,527,984	$	15,956,504

	International Dividend Income Fund				International Opportunities Fund
	Year Ended		Year Ended		Year Ended		Year Ended
	10/31/2015		10/31/2014		10/31/2015		10/31/2014
Distributions paid from:
Ordinary income	$	81,607,020	$	116,396,955	$	5,964,486	$	6,003,315
Net long-term capital gains		141,434,115		–		13,687,933		–
Total distributions paid	$	223,041,135	$	116,396,955	$	19,652,419	$	6,003,315

	Value Opportunities Fund
	Year Ended		Year Ended
	10/31/2015		10/31/2014
Distributions paid from:
Ordinary income	$	65,969,568	$	57,058,078
Net long-term capital gains		343,597,289		221,546,277
Total distributions paid	$	409,566,857	$	278,604,355

116

Notes to Financial Statements (continued)

As of October 31, 2015, the components of accumulated gains (losses) on a tax-basis were as follows:

	Alpha			Fundamental
	Strategy Fund			Equity Fund
Undistributed ordinary income – net	$	1,215,163		$	31,481,796
Undistributed long-term capital gains		162,271,023			311,146,483
Total undistributed earnings		163,486,186			342,628,279
Capital loss carryforwards*		–			(1,280,805	)
Temporary differences		(4,604,612	)		(797,457	)
Unrealized gains – net		128,901,744			354,290,419
Total accumulated gains – net	$	287,783,318		$	694,840,436

	Growth			International
	Leaders Fund			Core Equity Fund
Undistributed ordinary income – net	$	86,116,604		$	5,956,036
Undistributed long-term capital gains		9,999,176			–
Total undistributed earnings		96,115,780			5,956,036
Capital loss carryforwards*		–			(203,971,215	)
Temporary differences		(626,463	)		(143,575	)
Unrealized gains – net		93,862,740			1,783,623
Total accumulated gains (losses) – net	$	189,352,057		$	(196,375,131	)

	International			International
	Dividend			Opportunities
	Income Fund			Fund
Undistributed ordinary income – net	$	–		$	9,656,512
Undistributed long-term capital gains		–			16,340,480
Total undistributed earnings		–			25,996,992
Capital loss carryforwards*		(140,981,481	)		–
Temporary differences		(193,715	)		(69,341	)
Unrealized gains (losses) – net		(227,995,535	)		14,362,105
Total accumulated gains (losses) – net	$	(369,170,731	)	$	40,289,756

	Value
	Opportunities Fund
Undistributed long-term capital gains	$	191,978,284
Total undistributed earnings		191,978,284
Temporary differences		(6,823,845	)
Unrealized gains – net		526,579,026
Total accumulated gains – net	$	711,733,465

*	As of October 31, 2015, the capital loss carryforwards, along with the related expiration dates, were as follows:

	2016		2017		Indefinite		Total
Fundamental Equity Fund		$1,280,805	$	–	$	–	$	1,280,805
International Core Equity Fund		–		198,263,766		5,707,449		203,971,215
International Dividend Income Fund		–		–		140,981,481		140,981,481

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-

117

Notes to Financial Statements (continued)

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.

At each Fund’s election, certain losses incurred within the taxable year (Qualified Late-Year Losses) are deemed to arise on the first business day of the Fund’s next taxable year. The following Funds incurred and will elect to defer late-year ordinary losses during fiscal 2015 as follows:

Alpha Strategy Fund	$4,465,653
Growth Leaders Fund	545,770
Value Opportunities Fund	6,443,872

As of October 31, 2015, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Alpha			Fundamental			Growth
	Strategy Fund			Equity Fund			Leaders Fund
Tax cost	$	1,132,124,499		$	3,331,715,578		$	1,900,206,772
Gross unrealized gain		143,239,501			408,067,440			109,474,868
Gross unrealized loss		(14,337,757	)		(53,777,021	)		(15,612,128	)
Net unrealized security gain	$	128,901,744		$	354,290,419		$	93,862,740

				International
	International			Dividend			International
	Core Equity Fund			Income Fund			Opportunities Fund
Tax cost	$	521,649,316		$	2,365,771,476		$	597,752,961
Gross unrealized gain		42,419,160			116,833,289			51,055,527
Gross unrealized loss		(40,189,434	)		(344,367,025	)		(36,190,945	)
Net unrealized security gain (loss)	$	2,229,726		$	(227,533,736	)	$	14,864,582

	Value
	Opportunities Fund
Tax cost	$	2,156,762,219
Gross unrealized gain		590,129,691
Gross unrealized loss		(63,550,665	)
Net unrealized security gain	$	526,579,026

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities and wash sales.

Permanent items identified during the fiscal year ended October 31, 2015 have been reclassified among the components of net assets based on their tax basis treatment as follows:

	Undistributed
	(Distributions
	in Excess of)
	Net Investment			Accumulated Net
	Income			Realized Gain (Loss)			Paid-in Capital
Alpha Strategy Fund	$	18,539,361		$	(18,539,361	)	$	–
Fundamental Equity Fund		(215,393	)		(61,308,102	)		61,523,495
Growth Leaders Fund		2,524,646			(2,524,646	)		–
International Core Equity Fund		(2,023,299	)		2,023,299			–
International Dividend Income Fund		(538,223	)		838,265			(300,042	)
International Opportunities Fund		(1,914,001	)		1,914,001			–
Value Opportunities Fund		(977,987	)		977,987			–

118

Notes to Financial Statements (continued)

The permanent differences are primarily attributable to the tax treatment of net investment losses, certain distributions, certain expenses, foreign currency transactions, and certain securities.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended October 31, 2015 were as follows:

	Purchases		Sales
Alpha Strategy Fund	$	216,029,336	$	106,649,673
Fundamental Equity Fund		6,439,538,714		8,172,628,838
Growth Leaders Fund		4,802,394,314		4,264,748,234
International Core Equity Fund		346,330,018		412,984,331
International Dividend Income Fund		1,939,732,815		1,845,801,535
International Opportunities Fund		514,204,860		418,457,221
Value Opportunities Fund		1,383,160,245		1,961,589,977

There were no purchases or sales of U.S. Government securities for the fiscal year ended October 31, 2015.

6.	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 year ended October 31, 2015 (as described in note 2(g)). A forward foreign currency exchange contract reduces each Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the 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 October 31, 2015, International Core Equity Fund, International Dividend Income Fund and International Opportunities Fund had the following derivatives at fair value, grouped into risk categories that illustrate the Funds’ use of derivative instruments:

	International		International
	Core Equity Fund		Dividend Income Fund
	Foreign		Foreign
	Currency		Currency
Asset Derivatives	Contracts		Contracts
Forward Foreign Currency Exchange Contracts⁽¹⁾	$	804,934	$	4,832,911

Liability Derivatives
Forward Foreign Currency Exchange Contracts⁽²⁾	$	2,416,285	$	19,438,980

119

Notes to Financial Statements (continued)

	International
	Opportunities Fund
	Foreign
	Currency
Asset Derivatives	Contracts
Forward Foreign Currency Exchange Contracts⁽¹⁾	$	2,525,442

Liability Derivatives
Forward Foreign Currency Exchange Contracts⁽²⁾	$	1,846,363

⁽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.

Transactions in derivative instruments for the fiscal year ended October 31, 2015, were as follows:

	International			International
	Core Equity Fund			Dividend Income Fund
	Foreign			Foreign
	Currency			Currency
	Contracts			Contracts
Net Realized Gain (Loss)⁽¹⁾
Forward Foreign Currency Exchange Contracts	$	(3,270,147	)	$	(9,736,422	)
Net Change in Unrealized Appreciation/Depreciation⁽²⁾
Forward Foreign Currency Exchange Contracts	$	(1,730,284	)	$	(37,794,037	)
Average Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽³⁾	$	207,071,246		$	1,718,694,466

	International
	Opportunities Fund
	Foreign
	Currency
	Contracts
Net Realized Gain (Loss)⁽¹⁾
Forward Foreign Currency Exchange Contracts	$	(6,246,017	)
Net Change in Unrealized Appreciation/Depreciation⁽²⁾
Forward Foreign Currency Exchange Contracts	$	1,588,021
Average Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽³⁾	$	209,518,822

*	Calculated based on notional amounts for the fiscal year ended October 31, 2015.
⁽¹⁾	Statements of Operations location: Net realized loss on foreign currency related transactions.
⁽²⁾	Statements of Operations location: Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies.
⁽³⁾	Amount represents notional amounts in U.S. dollars.

120

Notes to Financial Statements (continued)

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The Financial Accounting Standards Board (“FASB”) requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the statement of assets and liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between the Funds and the applicable counterparty:

Alpha Strategy Fund

Gross Amounts

Net Amounts of

Offset in the

Assets Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Assets

and Liabilities

Assets and Liabilities

Repurchase Agreement

$326,276

–

$326,276

Total

$326,276

–

$326,276

Net Amounts

of Assets

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

$326,276

–

$(326,276

)

–

Total

$326,276

–

$(326,276

)

–

Fundamental Equity Fund

Gross Amounts

Net Amounts of

Offset in the

Assets Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Assets

and Liabilities

Assets and Liabilities

Repurchase Agreement

96,012,810

–

96,012,810

Total

96,012,810

–

96,012,810

Net Amounts

of Assets

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

96,012,810

–

(96,012,810

)

–

Total

96,012,810

–

(96,012,810

)

–

121

Notes to Financial Statements (continued)

Growth Leaders Fund

Gross Amounts

Net Amounts of

Offset in the

Assets Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Assets

and Liabilities

Assets and Liabilities

Repurchase Agreement

31,052,961

–

31,052,961

Total

31,052,961

–

31,052,961

Net Amounts

of Assets

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

31,052,961

–

(31,052,961

)

–

Total

31,052,961

–

(31,052,961

)

–

			International Core Equity Fund
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	804,934	$	–	$	804,934
Repurchase Agreement		9,859,030		–		9,859,030
Total	$	10,663,964	$	–	$	10,663,964

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral			Net
Counterparty	Liabilities		Instruments			Received^(a)			Received^(a)			Amount^(b)
Bank of America	$	4,051		$ (4,051	)	$	–		$	–		$	–
Deutsche Bank AG		179,682		(179,682	)		–			–			–
Fixed Income Clearing Corp.		9,859,030		–			–			(9,859,030	)		–
Goldman Sachs		66,456		(66,456	)		–			–			–
J.P. Morgan Chase		374,689		(39,102	)		(335,587	)		–			–
Morgan Stanley		141,594		(141,594	)		–			–			–
UBS AG		38,462		–			–			–			38,462
Total	$	10,663,964		$(430,885	)	$	(335,587	)	$	(9,859,030	)	$	38,462

				Gross Amounts		Net Amounts of
				Offset in the		Liabilities Presented
		Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities			and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	2,416,285	$	–	$	2,416,285
Total		$	2,416,285	$	–	$	2,416,285

122

Notes to Financial Statements (continued)

						International Core Equity Fund
	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)			Pledged^(a		Amount^(c)
Bank of America	$	149,848		$ (4,051	)	$	–		$	–	$	145,797
Deutsche Bank AG		417,597		(179,682	)		–			–		237,915
Goldman Sachs		683,066		(66,456	)		(610,000	)		–		6,610
J.P. Morgan Chase		39,102		(39,102	)		–			–		–
Morgan Stanley		546,144		(141,594	)		(290,000	)		–		114,550
Standard Chartered Bank		580,528		–			(570,000	)		–		10,528
Total	$	2,416,285		$(430,885	)	$	(1,470,000	)	$	–	$	515,400

			International Dividend Income Fund
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	4,832,911	$	–	$	4,832,911
Repurchase Agreement		23,200,664		–		23,200,664
Total	$	28,033,575	$	–	$	28,033,575

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral			Net
Counterparty	Liabilities		Instruments			Received^(a)			Received^(a)			Amount^(b)
Deutsche Bank AG	$	209,128	$	(209,128	)	$	–		$	–		$	–
Fixed Income Clearing Corp.		23,200,664		–			–			(23,200,664	)		–
Goldman Sachs		10,448		–			–			–			10,448
J.P. Morgan Chase		644,430		(644,430	)		–			–			–
Morgan Stanley		2,030,957		(1,326,841	)		(704,116	)		–			–
Standard Chartered Bank		1,937,948		(1,937,948	)		–			–			–
Total	$	28,033,575	$	(4,118,347	)	$	(704,116	)	$	(23,200,664	)	$	10,448

				Gross Amounts		Net Amounts of
				Offset in the		Liabilities Presented
		Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities			and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	19,438,980	$	–	$	19,438,980
Total		$	19,438,980	$	–	$	19,438,980

123

Notes to Financial Statements (continued)

			International Dividend Income Fund
	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America	$	3,049,861	$	–		$	(3,049,861	)	$	–	$	–
Barclays Bank plc		178,919		–			(178,919	)		–		–
Deutsche Bank AG		2,149,962		(209,128	)		(1,940,834	)		–		–
J.P. Morgan Chase		6,257,194		(644,430	)		(4,830,000	)		–		782,764
Morgan Stanley		1,326,841		(1,326,841	)		–			–		–
Standard Chartered Bank		5,885,508		(1,937,948	)		(3,947,560	)		–		–
State Street Bank and Trust		590,695		–			(590,695	)		–		–
Total	$	19,438,980	$	(4,118,347	)	$	(14,537,869	)	$	–	$	782,764

			International Opportunities Fund
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	2,525,442	$	–	$	2,525,442
Repurchase Agreement		21,308,292		–		21,308,292
Total	$	23,833,734	$	–	$	23,833,734

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral			Net
Counterparty	Liabilities		Instruments			Received^(a)			Received^(a)			Amount^(b)
Bank of America	$	319,553	$	(116,754	)	$	(202,799	)	$	–		$	–
Barclays Bank plc		669,778		(47,991	)		(621,787	)		–			–
Deutsche Bank AG		300,071		(300,071	)		–			–			–
Fixed Income Clearing Corp.		21,308,292		–			–			(21,308,292	)		–
Goldman Sachs		78,595		–			–			–			78,595
J.P. Morgan Chase		761,649		(96,165	)		(570,000	)		–			95,484
Morgan Stanley		272,613		(272,613	)		–			–			–
Standard Chartered Bank		4,838		–			–			–			4,838
UBS AG		118,345		–			–			–			118,345
Total	$	23,833,734	$	(833,594	)	$	(1,394,586	)	$	(21,308,292	)	$	297,262

				Gross Amounts		Net Amounts of
				Offset in the		Liabilities Presented
		Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities			and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	1,846,363	$	–	$	1,846,363
Total		$	1,846,363	$	–	$	1,846,363

124

Notes to Financial Statements (continued)

						International Opportunities Fund
	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral			Net
Counterparty	Liabilities		Instruments			Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America	$	116,754	$	(116,754	)	$	–		$	–		$	–
Barclays Bank plc		47,991		(47,991	)		–			–			–
Deutsche Bank AG		473,762		(300,071	)		–			–			173,691
J.P. Morgan Chase		96,165		(96,165	)		–			–			–
Morgan Stanley		1,105,101		(272,613	)		(800,000	)		–			32,488
State Street Bank and Trust		6,590		–			–			–			6,590
Total	$	1,846,363	$	(833,594	)	$	(800,000	)	$	–		$	212,769

Value Opportunities Fund

Gross Amounts

Net Amounts of

Offset in the

Assets Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Assets

and Liabilities

Assets and Liabilities

Repurchase Agreement

26,355,834

–

26,355,834

Total

26,355,834

–

26,355,834

Net Amounts

of Assets

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

26,355,834

–

(26,355,834

)

–

Total

26,355,834

–

(26,355,834

)

–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by each counterparty as of October 31, 2015.
^(c)	Net amount represents the amount owed by the Fund to each counterparty as of October 31, 2015.

8.	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 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.

9.	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.

125

Notes to Financial Statements (continued)

10.

LINE OF CREDIT

Effective August 31, 2015, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of: one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings. The Facility will continue through August 29, 2016.

Prior to August 31, 2015, the Funds and certain other funds managed by Lord Abbett participated in a $500 million unsecured revolving credit facility with SSB (the “SSB Facility”).

During the fiscal year ended October 31, 2015, the Funds did not utilize the Facility or the SSB Facility.

11.

CUSTODIAN AND ACCOUNTING AGENT

SSB is the Trust’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

12.

TRANSACTIONS WITH AFFILIATED ISSUERS

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Alpha Strategy Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) during the fiscal year ended October 31, 2015:

	Balance of							Balance of				Net Realized			Dividend
	Shares							Shares		Fair		Gain			Income
	Held at		Gross		Gross			Held at		Value at		11/1/2014 to			11/1/2014 to
Affiliated Issuer	10/31/2014		Additions		Sales			10/31/2015		10/31/2015		10/31/2015			10/31/2015
Lord Abbett Developing Growth Fund, Inc. – Class I		8,998,347		2,043,395		(829,305	)		10,212,437	$	238,460,392	$	44,181,134	^(a)	$	–
Lord Abbett Securities Trust – International Opportunities Fund – Class I		14,750,328		1,834,232		(1,763,676	)		14,820,884		258,476,218		12,629,333	^(b)		3,596,553
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		6,811,662		978,712		(1,348,335	)		6,442,039		112,413,589		23,065,583	^(c)		–
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I		3,649,832		592,972		(135,165	)		4,107,639		133,580,421		13,390,385	^(d)		–
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I		7,078,265		2,167,841		(395,390	)		8,850,716		261,627,157		53,764,081	^(e)		673,625
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		11,450,061		1,894,994		(639,589	)		12,705,466		256,142,190		32,768,686	^(f)		–
Total										$	1,260,699,967	$	179,799,202		$	4,270,178

^(a)	Includes $38,678,495 of distributed capital gains.
^(b)	Includes $7,399,283 of distributed capital gains.
^(c)	Includes $15,818,117 of distributed capital gains.
^(d)	Includes $13,100,341 of distributed capital gains.
^(e)	Includes $54,493,106 of distributed capital gains.
^(f)	Includes $32,882,286 of distributed capital gains.

126

Notes to Financial Statements (continued)

13.

INVESTMENT RISKS

Each Fund is subject to the general risks and considerations associated with equity investing. The value of the Funds’ investments will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies in which the Funds invest. If a Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

Large company stocks, in which Fundamental Equity Fund, Growth Leaders Fund, International Core Equity Fund and International Dividend Income Fund invest, may perform differently than the market as a whole and other types of stocks, such as small company stocks. Small and mid-sized company stocks, in which Alpha Strategy Fund, Fundamental Equity Fund, Growth Leaders Fund, International Core Equity Fund, International Opportunities Fund and Value Opportunities Fund invest, may be less able to weather economic shifts or other adverse developments than those of larger, more established companies.

In general, 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, International Dividend Income Fund and International Opportunities Fund are subject to the risks of investing in foreign securities. 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. These risks are generally greater for securities issued by companies in emerging market companies. Similarly, due to their investments in multinational and foreign companies, Alpha Strategy Fund, Fundamental Equity Fund, Growth Leaders Fund, and Value Opportunities Fund, may similarly experience increased market, liquidity, currency, political, informational and other risks.

International Dividend Income Fund is subject to the risks of investing in dividend paying stocks. Dividend paying stocks may be sensitive to changes in market interest rates, and the prices of such stocks may decline as rates rise. 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.

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.

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.

127

Notes to Financial Statements (continued)

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

				Year Ended						Year Ended
Alpha Strategy Fund	October 31, 2015						October 31, 2014
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		3,873,964		$	120,194,959			4,456,826		$	144,266,625
Converted from Class B*		144,500			4,428,542			128,387			4,122,941
Reinvestment of distributions		1,874,861			55,608,381			1,229,371			38,749,806
Shares reacquired		(4,487,732	)		(138,427,381	)		(5,096,876	)		(163,192,257	)
Increase		1,405,593		$	41,804,501			717,708		$	23,947,115

Class B Shares
Shares sold		13,442		$	379,613			14,057		$	418,789
Reinvestment of distributions		55,791			1,518,640			49,823			1,451,855
Shares reacquired		(113,171	)		(3,187,742	)		(116,710	)		(3,472,192	)
Converted to Class A*		(157,919	)		(4,428,542	)		(139,280	)		(4,122,941	)
Decrease		(201,857	)	$	(5,718,031	)		(192,110	)	$	(5,724,489	)

Class C Shares
Shares sold		1,822,858		$	50,634,624			2,041,211		$	60,181,754
Reinvestment of distributions		1,035,610			27,847,560			601,205			17,368,806
Shares reacquired		(1,917,956	)		(53,657,179	)		(1,687,194	)		(49,452,208	)
Increase		940,512		$	24,825,005			955,222		$	28,098,352

Class F Shares
Shares sold		2,626,001		$	81,100,949			3,893,432		$	125,667,687
Reinvestment of distributions		714,237			21,212,846			338,904			10,695,815
Shares reacquired		(2,476,491	)		(76,332,204	)		(2,045,281	)		(65,409,009	)
Increase		863,747		$	25,981,591			2,187,055		$	70,954,493

Class I Shares
Shares sold		152,896		$	4,801,060			353,114		$	11,231,550
Reinvestment of distributions		117,541			3,527,389			49,542			1,577,912
Shares reacquired		(437,191	)		(13,817,097	)		(170,965	)		(5,593,213	)
Increase (decrease)		(166,754	)	$	(5,488,648	)		231,691		$	7,216,249

Class R2 Shares
Shares sold		42,192		$	1,256,292			46,530		$	1,463,125
Reinvestment of distributions		4,158			121,075			2,178			67,573
Shares reacquired		(62,989	)		(1,937,941	)		(24,699	)		(772,307	)
Increase (decrease)		(16,639	)	$	(560,574	)		24,009		$	758,391

Class R3 Shares
Shares sold		305,299		$	9,338,834			287,480		$	9,128,420
Reinvestment of distributions		130,616			3,819,223			80,832			2,515,436
Shares reacquired		(334,311	)		(10,107,721	)		(293,231	)		(9,312,419	)
Increase		101,604		$	3,050,336			75,081		$	2,331,437

128

Notes to Financial Statements (continued)

				Year Ended						Year Ended
Alpha Strategy Fund	October 31, 2015						October 31, 2014
Class R4 Shares^(a)		Shares			Amount			Shares			Amount
Shares sold		313.78		$	10,000			–		$	–
Increase		313.78		$	10,000			–		$	–


Class R5 Shares^(a)
Shares sold		309.79		$	10,000			–		$	–
Increase		309.79		$	10,000			–		$	–

Class R6 Shares^(a)
Shares sold		309.79		$	10,000			–		$	–
Increase		309.79		$	10,000			–		$	–

				Year Ended						Year Ended
Fundamental Equity Fund	October 31, 2015						October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		11,889,659		$	161,233,919			23,177,410		$	355,721,430
Converted from Class B*		674,211			8,992,377			796,056			12,221,994
Reinvestment of distributions		33,212,561			443,387,370			29,302,263			431,622,315
Shares reacquired		(61,317,357	)		(830,840,457	)		(65,598,519	)		(1,017,302,933	)
Decrease		(15,540,926	)	$	(217,226,791	)		(12,322,790	)	$	(217,737,194	)

Class B Shares
Shares sold		66,635		$	825,600			116,377		$	1,655,305
Reinvestment of distributions		642,147			7,930,518			667,564			9,225,728
Shares reacquired		(672,389	)		(8,346,215	)		(807,161	)		(11,623,364	)
Converted to Class A*		(730,983	)		(8,992,377	)		(851,002	)		(12,221,994	)
Decrease		(694,590	)	$	(8,582,474	)		(874,222	)	$	(12,964,325	)

Class C Shares
Shares sold		5,212,851		$	64,245,185			9,012,161		$	127,676,704
Reinvestment of distributions		11,783,074			144,460,492			9,154,437			125,781,984
Shares reacquired		(24,725,022	)		(306,733,625	)		(15,615,391	)		(225,186,023	)
Increase (decrease)		(7,729,097	)	$	(98,027,948	)		2,551,207		$	28,272,665

Class F Shares
Shares sold		6,208,465		$	82,756,781			22,622,935		$	350,175,342
Reinvestment of distributions		8,695,953			115,134,419			5,875,803			85,962,996
Shares reacquired		(31,709,956	)		(427,561,453	)		(21,427,945	)		(329,999,908	)
Increase (decrease)		(16,805,538	)	$	(229,670,253	)		7,070,793		$	106,138,430

Class I Shares
Shares sold		4,729,463		$	63,864,717			6,883,658		$	105,887,593
Reinvestment of distributions		5,576,627			74,782,574			4,766,441			70,448,002
Shares reacquired		(20,566,971	)		(281,269,863	)		(15,116,571	)		(236,577,933	)
Decrease		(10,260,881	)	$	(142,622,572	)		(3,466,472	)	$	(60,242,338	)

129

Notes to Financial Statements (continued)

				Year Ended						Year Ended
Fundamental Equity Fund	October 31, 2015						October 31, 2014
Class P Shares		Shares			Amount			Shares			Amount
Shares sold		125,349		$	1,671,285			188,204		$	2,860,804
Reinvestment of distributions		283,708			3,733,602			277,657			4,039,907
Shares reacquired		(714,726	)		(9,487,970	)		(700,207	)		(10,669,645	)
Decrease		(305,669	)	$	(4,083,083	)		(234,346	)	$	(3,768,934	)


Class R2 Shares
Shares sold		204,955		$	2,705,054			320,912		$	4,791,341
Reinvestment of distributions		138,382			1,816,959			153,058			2,219,348
Shares reacquired		(792,407	)		(11,000,970	)		(732,650	)		(11,166,840	)
Decrease		(449,070	)	$	(6,478,957	)		(258,680	)	$	(4,156,151	)


Class R3 Shares
Shares sold		1,589,478		$	21,040,784			2,801,640		$	42,778,487
Reinvestment of distributions		3,968,717			52,307,684			3,398,523			49,516,478
Shares reacquired		(9,043,976	)		(121,943,430	)		(6,322,131	)		(96,499,584	)
Decrease		(3,485,781	)	$	(48,594,962	)		(121,968	)	$	(4,204,619	)

Class R4 Shares^(a)
Shares sold		739.65		$	10,000			–		$	–
Increase		739.65		$	10,000			–		$	–


Class R5 Shares^(a)
Shares sold		735		$	10,000			–		$	–
Increase		735		$	10,000			–		$	–

Class R6 Shares^(a)
Shares sold		735.38		$	10,001			–		$	–
Increase		735.38		$	10,001			–		$	–

					Year Ended						Year Ended
Growth Leaders Fund	October 31, 2015						October 31, 2014
Class A Shares		Shares		Amount			Shares			Amount
Shares sold		15,770,496		$	361,927,702			19,604,170		$	426,405,880
Converted from Class B*		59,092			1,359,056			67,796			1,472,786
Reinvestment of distributions		1,148,996			25,277,921			609,302			12,534,111
Shares reacquired		(7,183,725	)		(164,150,442	)		(7,739,921	)		(169,322,766	)
Increase		9,794,859		$	224,414,237			12,541,347		$	271,090,011


Class B Shares
Shares sold		16,336		$	370,974			23,941		$	513,709
Reinvestment of distributions		15,738			341,521			24,451			499,882
Shares reacquired		(69,515	)		(1,551,349	)		(79,090	)		(1,699,097	)
Converted to Class A*		(60,107	)		(1,359,056	)		(68,394	)		(1,472,786	)
Decrease		(97,548	)	$	(2,197,910	)		(99,092	)	$	(2,158,292	)

130

Notes to Financial Statements (continued)

				Year Ended						Year Ended
Growth Leaders Fund	October 31, 2015						October 31, 2014
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		9,261,807		$	207,326,087			8,367,136		$	178,712,962
Reinvestment of distributions		538,527			11,567,556			200,491			4,060,783
Shares reacquired		(2,277,713	)		(50,799,246	)		(1,219,039	)		(26,075,423	)
Increase		7,522,621		$	168,094,397			7,348,588		$	156,698,322


Class F Shares
Shares sold		18,229,630		$	421,672,703			24,977,386		$	545,302,841
Reinvestment of distributions		1,002,436			22,153,845			304,515			6,282,194
Shares reacquired		(10,037,981	)		(229,415,492	)		(8,826,195	)		(192,234,655	)
Increase		9,194,085		$	214,411,056			16,455,706		$	359,350,380


Class I Shares
Shares sold		1,409,386		$	32,621,478			1,208,471		$	26,241,730
Reinvestment of distributions		140,149			3,104,296			123,274			2,545,353
Shares reacquired		(629,631	)		(14,588,043	)		(579,766	)		(12,632,881	)
Increase		919,904		$	21,137,731			751,979		$	16,154,202


Class R2 Shares
Shares sold		19,777		$	461,212			13,238		$	296,770
Reinvestment of distributions		260			5,735			133			2,747
Shares reacquired		(9,815	)		(230,023	)		(664	)		(17,066	)
Increase		10,222		$	236,924			12,707		$	282,451


Class R3 Shares
Shares sold		215,725		$	4,921,192			120,338		$	2,613,195
Reinvestment of distributions		26,137			573,704			26,337			541,921
Shares reacquired		(112,799	)		(2,581,441	)		(90,727	)		(1,971,851	)
Increase		129,063		$	2,913,455			55,948		$	1,183,265


Class R4 Shares^(a)
Shares sold		427		$	10,000			–		$	–
Increase		427		$	10,000			–		$	–


Class R5 Shares^(a)
Shares sold		423.55		$	10,000			–		$	–
Increase		423.55		$	10,000			–		$	–


Class R6 Shares^(a)
Shares sold		423.55		$	10,000			–		$	–
Increase		423.55		$	10,000			–		$	–

131

Notes to Financial Statements (continued)

				Year Ended						Year Ended
International Core Equity Fund	October 31, 2015						October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		4,193,190		$	54,446,897			4,029,760		$	55,804,705
Converted from Class B*		224,438			2,933,802			280,938			3,893,032
Reinvestment of distributions		310,070			3,950,295			538,647			7,368,673
Shares reacquired		(5,304,255	)		(68,693,198	)		(8,554,121	)		(118,673,624	)
Decrease		(576,557	)	$	(7,362,204	)		(3,704,776	)	$	(51,607,214	)


Class B Shares
Shares sold		21,673		$	279,684			47,285		$	648,357
Reinvestment of distributions		1,924			24,377			13,338			181,000
Shares reacquired		(145,796	)		(1,872,858	)		(183,468	)		(2,513,879	)
Converted to Class A*		(226,545	)		(2,933,802	)		(284,068	)		(3,893,032	)
Decrease		(348,744	)	$	(4,502,599	)		(406,913	)	$	(5,577,554	)


Class C Shares
Shares sold		425,156		$	5,496,648			410,950		$	5,647,017
Reinvestment of distributions		13,665			172,731			47,776			647,849
Shares reacquired		(828,050	)		(10,615,629	)		(889,139	)		(12,124,594	)
Decrease		(389,229	)	$	(4,946,250	)		(430,413	)	$	(5,829,728	)


Class F Shares
Shares sold		1,255,673		$	16,208,527			1,743,639		$	24,025,992
Reinvestment of distributions		87,549			1,106,621			214,860			2,917,791
Shares reacquired		(2,169,782	)		(28,552,672	)		(6,277,445	)		(86,114,094	)
Decrease		(826,560	)	$	(11,237,524	)		(4,318,946	)	$	(59,170,311	)


Class I Shares
Shares sold		897,756		$	11,671,127			1,576,910		$	21,977,630
Reinvestment of distributions		52,035			666,045			222,343			3,057,215
Shares reacquired		(3,291,855	)		(43,443,304	)		(5,728,659	)		(80,438,316	)
Decrease		(2,342,064	)	$	(31,106,132	)		(3,929,406	)	$	(55,403,471	)


Class P Shares
Shares sold		769		$	10,010			1,935		$	26,868
Reinvestment of distributions		81			1,034			359			4,907
Shares reacquired		(3,469	)		(45,182	)		(10,901	)		(152,610	)
Decrease		(2,619	)	$	(34,138	)		(8,607	)	$	(120,835	)


Class R2 Shares
Shares sold		18,765		$	241,118			32,813		$	454,647
Reinvestment of distributions		171			2,178			435			5,947
Shares reacquired		(42,699	)		(556,709	)		(19,505	)		(266,696	)
Increase (decrease)		(23,763	)	$	(313,413	)		13,743		$	193,898


Class R3 Shares
Shares sold		422,703		$	5,389,910			378,700		$	5,177,113
Reinvestment of distributions		15,641			196,610			25,808			348,410
Shares reacquired		(487,596	)		(6,192,504	)		(304,343	)		(4,160,103	)
Increase (decrease)		(49,252	)	$	(605,984	)		100,165		$	1,365,420

132

Notes to Financial Statements (continued)

				Year Ended						Year Ended
International Core Equity Fund	October 31, 2015						October 31, 2014
Class R4 Shares^(a)	Shares			Amount			Shares			Amount
Shares sold		766		$	10,000			–		$	–
Increase		766		$	10,000			–		$	–


Class R5 Shares^(a)
Shares sold		760.46		$	10,000			–		$	–
Increase		760.46		$	10,000			–		$	–


Class R6 Shares^(a)
Shares sold		760		$	10,000			–		$	–
Increase		760		$	10,000			–		$	–


					Year Ended						Year Ended
International Dividend Income Fund		October 31, 2015						October 31, 2014
Class A Shares	Shares			Amount				Shares			Amount
Shares sold		34,157,964		$	272,558,029			42,828,118		$	389,026,577
Reinvestment of distributions		10,387,158			81,737,095			4,703,227			42,949,939
Shares reacquired		(58,002,068	)		(441,270,867	)		(38,005,152	)		(337,789,972	)
Increase (decrease)		(13,456,946	)	$	(86,975,743	)		9,526,193		$	94,186,544


Class C Shares
Shares sold		4,874,512		$	38,668,585			8,594,100		$	77,778,091
Reinvestment of distributions		1,658,029			12,971,559			645,448			5,857,311
Shares reacquired		(8,147,609	)		(62,688,521	)		(3,138,650	)		(28,150,985	)
Increase (decrease)		(1,615,068	)	$	(11,048,377	)		6,100,898		$	55,484,417


Class F Shares
Shares sold		15,483,920		$	123,485,702			20,891,112		$	191,171,297
Reinvestment of distributions		2,880,914			22,721,013			1,109,171			10,138,406
Shares reacquired		(25,320,078	)		(194,252,318	)		(10,268,610	)		(92,022,452	)
Increase (decrease)		(6,955,244	)	$	(48,045,603	)		11,731,673		$	109,287,251


Class I Shares
Shares sold		63,634,025		$	517,592,988			48,226,380		$	442,012,430
Reinvestment of distributions		12,012,645			94,446,085			5,365,301			49,380,978
Shares reacquired		(32,557,178	)		(262,765,559	)		(54,005,795	)		(495,936,568	)
Increase (decrease)		43,089,492		$	349,273,514			(414,114	)	$	(4,543,160	)


Class R2 Shares
Shares sold		47,458		$	377,000			70,578		$	654,514
Reinvestment of distributions		4,627			37,120			1,716			15,994
Shares reacquired		(54,530	)		(431,260	)		(19,595	)		(180,846	)
Increase (decrease)		(2,445	)	$	(17,140	)		52,699		$	489,662


Class R3 Shares
Shares sold		673,339		$	5,336,575			869,222		$	7,987,709
Reinvestment of distributions		129,406			1,025,596			42,741			395,119
Shares reacquired		(296,827	)		(2,307,292	)		(201,918	)		(1,864,807	)
Increase		505,918		$	4,054,879			710,045		$	6,518,021

133

Notes to Financial Statements (continued)

				Year Ended						Year Ended
International Dividend Income Fund	October 31, 2015						October 31, 2014
Class R4 Shares^(a)	Shares			Amount			Shares			Amount
Shares sold		1,290		$	10,000			–		$	–
Reinvestment of distributions		7			45			–			–
Increase		1,297		$	10,045			–		$	–


Class R5 Shares^(a)
Shares sold		1,285		$	10,000			–		$	–
Reinvestment of distributions		8			51			–			–
Increase		1,293		$	10,051			–		$	–


Class R6 Shares^(a)
Shares sold		1,285		$	10,000			–		$	–
Reinvestment of distributions		8			51			–			–
Increase		1,293		$	10,051			–		$	–


		Year Ended						Year Ended
International Opportunities Fund		October 31, 2015						October 31, 2014
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		4,674,746		$	80,280,418			4,496,628		$	77,634,216
Converted from Class B*		49,429			827,168			65,632			1,120,523
Reinvestment of distributions		276,906			4,300,348			77,406			1,285,710
Shares reacquired		(2,772,430	)		(45,665,589	)		(3,337,854	)		(56,663,143	)
Increase		2,228,651		$	39,742,345			1,301,812		$	23,377,306


Class B Shares
Shares sold		9,955		$	161,488			13,784		$	224,293
Reinvestment of distributions		8,574			126,986			2,328			36,880
Shares reacquired		(58,994	)		(937,947	)		(85,221	)		(1,384,219	)
Converted to Class A*		(52,002	)		(827,168	)		(69,037	)		(1,120,523	)
Decrease		(92,467	)	$	(1,476,641	)		(138,146	)	$	(2,243,569	)


Class C Shares
Shares sold		857,829		$	13,833,966			504,771		$	8,172,717
Reinvestment of distributions		48,814			714,146			9,264			145,352
Shares reacquired		(378,535	)		(5,891,665	)		(223,057	)		(3,576,238	)
Increase		528,108		$	8,656,447			290,978		$	4,741,831


Class F Shares
Shares sold		6,733,269		$	115,198,773			3,281,278		$	56,180,823
Reinvestment of distributions		75,959			1,169,017			12,449			205,039
Shares reacquired		(2,530,053	)		(41,734,979	)		(1,603,644	)		(26,648,234	)
Increase		4,279,175		$	74,632,811			1,690,083		$	29,737,628


Class I Shares
Shares sold		2,086,280		$	35,491,113			2,224,095		$	38,618,245
Reinvestment of distributions		754,491			11,988,860			232,179			3,942,396
Shares reacquired		(2,327,766	)		(39,949,275	)		(1,012,931	)		(17,860,966	)
Increase		513,005		$	7,530,698			1,443,343		$	24,699,675

134

Notes to Financial Statements (continued)

				Year Ended						Year Ended
International Opportunities Fund	October 31, 2015						October 31, 2014
Class P Shares	Shares			Amount			Shares			Amount
Shares sold		4,948		$	84,028			5,140		$	89,626
Reinvestment of distributions		2,158			34,082			648			10,936
Shares reacquired		(25,601	)		(408,320	)		(16,995	)		(293,951	)
Decrease		(18,495	)	$	(290,210	)		(11,207	)	$	(193,389	)


Class R2 Shares
Shares sold		54,884		$	923,364			1,482		$	24,855
Reinvestment of distributions		261			4,015			77			1,271
Shares reacquired		(11,911	)		(195,114	)		(1,236	)		(20,752	)
Increase		43,234		$	732,265			323		$	5,374


Class R3 Shares
Shares sold		270,606		$	4,482,189			99,533		$	1,683,980
Reinvestment of distributions		15,641			239,311			3,864			63,296
Shares reacquired		(114,354	)		(1,882,369	)		(97,809	)		(1,626,080	)
Increase		171,893		$	2,839,131			5,588		$	121,196


Class R4 Shares^(a)
Shares sold		571.76		$	10,000			–		$	–
Increase		571.76		$	10,000			–		$	–


Class R5 Shares^(a)
Shares sold		558		$	10,000			–		$	–
Increase		558		$	10,000			–		$	–


Class R6 Shares^(a)
Shares sold		765.22		$	13,715			–		$	–
Shares reacquired		–			(11	)		–			–
Increase		765.22		$	13,704			–		$	–


					Year Ended						Year Ended
Value Opportunities Fund		October 31, 2015						October 31, 2014
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		6,946,059		$	138,580,013			11,034,257		$	232,005,935
Converted from Class B*		228,109			4,528,890			257,223			5,354,802
Reinvestment of distributions		8,490,788			164,126,941			5,859,617			116,957,952
Shares reacquired		(23,931,040	)		(476,865,936	)		(20,394,254	)		(430,810,561	)
Decrease		(8,266,084	)	$	(169,630,092	)		(3,243,157	)	$	(76,491,872	)


Class B Shares
Shares sold		29,738		$	542,948			38,949		$	764,737
Reinvestment of distributions		129,984			2,342,305			109,518			2,070,988
Shares reacquired		(197,134	)		(3,652,958	)		(177,143	)		(3,531,023	)
Converted to Class A*		(245,486	)		(4,528,890	)		(272,119	)		(5,354,802	)
Decrease		(282,898	)	$	(5,296,595	)		(300,795	)	$	(6,050,100	)

135

Notes to Financial Statements (continued)

				Year Ended						Year Ended
Value Opportunities Fund	October 31, 2015						October 31, 2014
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		1,754,567		$	32,414,877			2,359,917		$	46,680,001
Reinvestment of distributions		2,692,059			48,510,902			1,652,048			31,240,230
Shares reacquired		(4,589,904	)		(85,326,351	)		(3,782,785	)		(75,201,809	)
Increase (decrease)		(143,278	)	$	(4,400,572	)		229,180		$	2,718,422


Class F Shares
Shares sold		9,264,039		$	189,741,767			11,248,121		$	240,824,053
Reinvestment of distributions		3,203,589			62,726,268			1,702,313			34,284,577
Shares reacquired		(9,484,403	)		(191,683,885	)		(8,944,383	)		(188,470,026	)
Increase		2,983,225		$	60,784,150			4,006,051		$	86,638,604


Class I Shares
Shares sold		3,644,497		$	75,270,484			4,567,592		$	97,393,753
Reinvestment of distributions		4,011,079			79,700,142			2,762,162			56,292,861
Shares reacquired		(9,191,123	)		(190,561,288	)		(9,083,119	)		(194,857,219	)
Decrease		(1,535,547	)	$	(35,590,662	)		(1,753,365	)	$	(41,170,605	)


Class P Shares
Shares sold		327,233		$	6,466,393			372,804		$	7,781,429
Reinvestment of distributions		337,411			6,464,784			241,852			4,795,921
Shares reacquired		(769,540	)		(15,148,909	)		(865,194	)		(18,072,112	)
Decrease		(104,896	)	$	(2,217,732	)		(250,538	)	$	(5,494,762	)


Class R2 Shares
Shares sold		119,878		$	2,319,679			172,734		$	3,537,034
Reinvestment of distributions		39,381			744,696			32,239			633,161
Shares reacquired		(273,320	)		(5,306,824	)		(376,581	)		(7,790,752	)
Decrease		(114,061	)	$	(2,242,449	)		(171,608	)	$	(3,620,557	)


Class R3 Shares
Shares sold		1,052,813		$	20,695,808			1,223,005		$	25,467,137
Reinvestment of distributions		931,127			17,700,735			600,185			11,829,647
Shares reacquired		(2,261,573	)		(44,481,384	)		(1,742,803	)		(36,050,078	)
Increase (decrease)		(277,633	)	$	(6,084,841	)		80,387		$	1,246,706


Class R4 Shares^(a)
Shares sold		492		$	10,000			–		$	–
Increase		492		$	10,000			–		$	–


Class R5 Shares^(a)
Shares sold		477.78		$	10,000			–		$	–
Increase		477.78		$	10,000			–		$	–


Class R6 Shares^(a)
Shares sold		1,442,093		$	29,751,358			–		$	–
Shares reacquired		(2,355	)		(47,360	)		–			–
Increase		1,439,738		$	29,703,998			–		$	–

*		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.
^(a)		Shares commenced at the close of business on June 30, 2015.

136

Notes to Financial Statements (concluded)

15.

RECENT ACCOUNTING PRONOUNCEMENT

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning after December 15, 2014. The effective dates for interim periods vary for the requirements within this guidance. Management has evaluated the impact of adopting this guidance, and determined the impact will not be material to the Funds’ financial statement disclosures.

137

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Lord Abbett Securities Trust and the Shareholders of Lord Abbett Alpha Strategy Fund, Lord Abbett Fundamental Equity Fund, Lord Abbett Growth Leaders Fund, Lord Abbett International Core Equity Fund, Lord Abbett International Dividend Income Fund, Lord Abbett International Opportunities Fund and Lord Abbett Value Opportunities Fund:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Lord Abbett Alpha Strategy Fund, Lord Abbett Fundamental Equity Fund, Lord Abbett Growth Leaders Fund, Lord Abbett International Core Equity Fund, Lord Abbett International Dividend Income Fund, Lord Abbett International Opportunities Fund and Lord Abbett Value Opportunities Fund (collectively, the “Funds”), seven of the nine portfolios constituting the Lord Abbett Securities Trust (the “Trust”) as of October 31, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2015, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

New York, New York
December 21, 2015

138

Investments in Underlying Funds

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of October 31, 2015, 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	18.91%
Lord Abbett Securities Trust – International Opportunities Fund – Class I	20.50%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I	8.92%
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I	10.60%
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I	20.75%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I	20.32%

The Ten Largest Holdings and the Holdings by Sector, as of October 31, 2015, 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
Ultimate Software Group, Inc. (The)	2.34%
Restoration Hardware Holdings, Inc.	1.85%
ZELTIQ Aesthetics, Inc.	1.67%
Prestige Brands Holdings, Inc.	1.67%
Wayfair, Inc. Class A	1.65%
Panera Bread Co. Class A	1.46%
EPAM Systems, Inc.	1.42%
IMAX Corp.	1.41%
Tyler Technologies, Inc.	1.39%
Paycom Software, Inc.	1.37%

Holdings by Sector*	% of Investments
Consumer Discretionary	17.55%
Consumer Staples	3.74%
Energy	0.83%
Financials	7.77%
Health Care	22.35%
Industrials	8.34%
Information Technology	36.19%
Materials	0.24%
Repurchase Agreement	2.99%
Total	100.00%

* A sector may comprise several industries.

139

Investments in Underlying Funds (continued)

International Opportunities Fund

Ten Largest Holdings	% of Investments
Dewan Housing Finance Corp., Ltd.	1.74%
SCSK Corp.	1.67%
Merlin Properties Socimi SA	1.65%
Obic Co., Ltd.	1.65%
Spotless Group Holdings Ltd.	1.64%
Techtronic Industries Co., Ltd.	1.59%
Davide Campari-Milano SpA	1.56%
Loomis AB Class B	1.52%
Gategroup Holding AG.	1.51%
Iida Group Holdings Co., Ltd.	1.49%

Holdings by Sector*	% of Investments
Consumer Discretionary	20.52%
Consumer Staples	7.63%
Energy	2.47%
Financials	20.78%
Health Care	3.44%
Industrials	21.64%
Information Technology	12.59%
Materials	3.84%
Telecommunication Services	1.25%
Utilities	2.36%
Repurchase Agreement	3.48%
Total	100.00%

* A sector may comprise several industries.

Micro Cap Growth Fund

Ten Largest Holdings	% of Investments
Inphi Corp.	2.17%
Entravision Communications Corp. Class A	2.06%
Textura Corp.	1.94%
ZELTIQ Aesthetics, Inc.	1.88%
LGI Homes, Inc.	1.88%
American Woodmark Corp.	1.78%
MaxLinear, Inc. Class A	1.74%
Ruckus Wireless, Inc.	1.74%
Intra-Cellular Therapies, Inc.	1.73%
Callidus Software, Inc.	1.68%

Holdings by Sector*	% of Investments
Consumer Discretionary	15.37%
Consumer Staples	2.55%
Energy	0.39%
Financials	6.04%
Health Care	31.36%
Industrials	7.71%
Information Technology	33.29%
Materials	1.03%
Repurchase Agreement	2.26%
Total	100.00%

* A sector may comprise several industries.

140

Investments in Underlying Funds (continued)

Micro Cap Value Fund

Ten Largest Holdings	% of Investments
Multi-Color Corp.	4.01%
Ameris Bancorp	3.58%
Pacific Premier Bancorp, Inc.	3.18%
Retail Opportunity Investments Corp.	3.15%
First Merchants Corp.	3.00%
BNC Bancorp	2.96%
Chesapeake Utilities Corp.	2.95%
J&J Snack Foods Corp.	2.77%
Aceto Corp.	2.76%
Marcus & Millichap, Inc.	2.71%

Holdings by Sector*	% of Investments
Consumer Discretionary	11.74%
Consumer Staples	6.56%
Energy	4.80%
Financials	33.20%
Health Care	5.08%
Industrials	18.84%
Information Technology	6.81%
Materials	5.34%
Telecommunication Services	1.16%
Utilities	5.13%
Repurchase Agreement	1.34%
Total	100.00%

* A sector may comprise several industries.

Lord Abbett Research Fund, Inc. – Small Cap Value Fund

Ten Largest Holdings	% of Investments
South State Corp.	2.88%
RenaissanceRe Holdings Ltd.	2.69%
IDACORP, Inc.	2.52%
PrivateBancorp, Inc.	2.32%
Electronics for Imaging, Inc.	2.23%
Western Alliance Bancorp	2.21%
STERIS Corp.	2.20%
Mentor Graphics Corp.	2.16%
Carrizo Oil & Gas, Inc.	1.89%
First Industrial Realty Trust, Inc.	1.88%

141

Investments in Underlying Funds (concluded)

Holdings by Sector*	% of Investments
Consumer Discretionary	11.66%
Consumer Staples	6.22%
Energy	4.67%
Financials	26.74%
Health Care	7.2%
Industrials	11.47%
Information Technology	19.62%
Materials	8.24%
Telecommunication Services	0.57%
Utilities	2.52%
Repurchase Agreement	1.09%
Total	100.00%

* A sector may comprise several industries.

Value Opportunities Fund

Ten Largest Holdings	% of Investments
RenaissanceRe Holdings Ltd.	2.62%
Federal Realty Investment Trust	2.44%
American Water Works Co., Inc.	2.23%
STERIS Corp.	2.20%
Arch Capital Group Ltd.	2.05%
Fidelity National Information Services, Inc.	2.03%
CMS Energy Corp.	2.02%
Booz Allen Hamilton Holding Corp.	1.94%
Pinnacle Foods, Inc.	1.93%
Jarden Corp.	1.87%

Holdings by Sector*	% of Investments
Consumer Discretionary	12.88%
Consumer Staples	3.73%
Energy	4.98%
Financials	25.78%
Health Care	9.04%
Industrials	10.83%
Information Technology	16.65%
Materials	6.36%
Telecommunication Services	1.39%
Utilities	7.38%
Repurchase Agreement	0.98%
Total	100.00%

* A sector may comprise several industries.

142

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Trust in accordance with the laws of the State of Delaware. The Board elects officers who are responsible for the day-to-day operations of the Funds and who execute policies authorized by the Board. The Board also approves an investment adviser to each Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the adviser. Generally, each Trustee holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Trust’s organizational documents.

Lord Abbett, a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Funds.

Interested Trustee

Ms. Foster is affiliated with Lord Abbett and is an “interested person” of the Trust as defined in the Act. Ms. Foster is a director/trustee and officer of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 58 portfolios or series.

	Current Position and
Name, Address and	Length of Service	Principal Occupation and Other Directorships
Year of Birth	with the Trust	During the Past Five Years
Daria L. Foster Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Trustee and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
		Other Directorships: None.

Independent Trustees

The following Independent Trustees also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 58 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Trust	Principal Occupation and Other Directorships During the Past Five Years
E. Thayer Bigelow Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1941)	Trustee since 1994; Chairman since 2013	Principal Occupation: Managing General Partner, Bigelow Media, LLC (since 2000); Senior Adviser, Time Warner Inc. (1998 – 2000). Other Directorships: Currently serves as director of Crane Co. (since 1984) and Huttig Building Products Inc. (since 1998). Previously served as a director of R.H. Donnelley Inc. (2009 – 2010).

Robert B. Calhoun, Jr. Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1942)	Trustee since 1998	Principal Occupation: Senior Advisor of Monitor Clipper Partners, a private equity investment fund (since 1997); President of Clipper Asset Management Corp. (1991 – 2009). Other Directorships: None.

143

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Trust	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Trustee since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001 – 2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999 – 2014).

Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Trustee since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004 – 2010). Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Trustee since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Trustee since 2001	Principal Occupation: Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Trustee since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009 – 2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007 – 2009). Other Directorships: Currently serves as director of Blyth, Inc., a home products company (since 2004).

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Trustee since 2006	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

144

Basic Information About Management (continued)

Officers

None of the officers listed below have received compensation from the Trust. All of the officers of the Funds also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

		Length of Service
Name and	Current Position	of Current	Principal Occupation
Year of Birth	with the Trust	Position	During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.

Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.

Robert I. Gerber (1954)	Executive Vice President	Elected in 2005	Partner and Chief Investment Officer, joined Lord Abbett in 1997.

Todd D. Jacobson (1966)	Executive Vice President	Elected in 2003	Partner and Associate Director, joined Lord Abbett in 2003.

Thomas B. Maher (1967)	Executive Vice President	Elected in 2008	Partner and Portfolio Manager, joined Lord Abbett in 2003.

Giulio Martini (1955)	Executive Vice President	Elected in 2015	Director of Strategic Asset Allocation, joined Lord Abbett in 2015 and was formerly Global Investment Strategist at Anderson Global Macro LLC (2012 – 2015) and Chief Investment Officer of Currency Strategies at AllianceBernstein (1985 – 2012).

Justin C. Maurer (1969)	Executive Vice President	Elected in 2008	Partner and Portfolio Manager, joined Lord Abbett in 2001.

Vincent J. McBride (1964)	Executive Vice President	Elected in 2003	Partner and Director, joined Lord Abbett in 2003.

F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2003	Partner and Portfolio Manager, joined Lord Abbett in 2001.

A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.

145

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Trust	Length of Service of Current Position	Principal Occupation During the Past Five Years
John W. Ashbrook (1964)	Vice President and Assistant Secretary	Elected in 2014	Assistant General Counsel, joined Lord Abbett in 2008.

Joan A. Binstock (1954)	Chief Financial Officer and Vice President	Elected in 1999	Partner and Chief Financial and Operations Officer, joined Lord Abbett in 1999.

Matthew R. DeCicco (1977)	Vice President	Elected in 2015	Portfolio Manager, joined Lord Abbett in 1999.

Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Deputy General Counsel, joined Lord Abbett in 2006.

John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.

Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

David J. Linsen (1974)	Vice President	Elected in 2011	Partner and Director, joined Lord Abbett in 2001.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003 – 2013).

A. Edward Oberhaus, III (1959)	Vice President	Elected in 1993	Partner and Director, joined Lord Abbett in 1983.

Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.

Arthur K. Weise (1970)	Vice President	Elected in 2011	Partner and Portfolio Manager, joined Lord Abbett in 2007.

Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.

Bernard J. Grzelak (1971)	Treasurer	Elected in 2003	Partner and Director of Fund Administration, joined Lord Abbett in 2003.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Trust’s Trustees. It is available free upon request.

146

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).

147

Tax Information

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

Fund Name	DRD	QDI
Alpha Strategy Fund	35%	55%
Fundamental Equity Fund	40%	40%
Growth Leaders Fund	9%	8%
International Core Equity Fund	–	100%
International Dividend Income Fund	–	100%
International Opportunities Fund	–	100%
Value Opportunities Fund	40%	41%

Additionally, of the distributions paid to the shareholders during the fiscal year ended October 31, 2015, the following amounts represent short-term and long-term capital gains:

	Short-Term		Long-Term
Fund Name	Capital Gains		Capital Gain
Alpha Strategy Fund	$	13,349	$118,549,905
Fundamental Equity Fund	195,876,485		712,708,155
Growth Leaders Fund	73,120,882		925,072
International Dividend Income Fund	–		141,434,115
International Opportunities Fund	–		13,687,933
Value Opportunities Fund	65,969,568		343,597,289

The Funds listed below intend to pass through foreign source income and foreign taxes as follows:

	Foreign
Fund Name	Source Income	Foreign Taxes
Alpha Strategy Fund	3,019,326	461,302
International Core Equity Fund	16,600,583	2,096,829
International Dividend Income Fund	117,005,006	9,845,060
International Opportunities Fund	10,588,321	2,286,375

148

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy Fund
Lord Abbett Fundamental Equity Fund
Lord Abbett Growth Leaders Fund
Lord Abbett International Core Equity Fund
Lord Abbett International Dividend Income Fund
Lord Abbett International Opportunities Fund
Lord Abbett Value Opportunities Fund

LST-2
(12/15)

2015 LORD ABBETT
ANNUAL REPORT

Lord Abbett

Micro Cap Growth Fund
Micro Cap Value Fund

For the fiscal year ended October 31, 2015

Table of Contents

1		A Letter to Shareholders

5		Investment Comparisons

7		Information About Your Fund’s Expenses and Holdings Presented by Sector

		Schedules of Investments:

10		Micro Cap Growth Fund

13		Micro Cap Value Fund

16		Statements of Assets and Liabilities

17		Statements of Operations

18		Statements of Changes in Net Assets

20		Financial Highlights

24		Notes to Financial Statements

32		Report of Independent Registered Public Accounting Firm

33		Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Micro Cap Growth Fund and Lord Abbett
Micro Cap Value Fund Annual Report

For the fiscal year ended October 31, 2015

Daria L. Foster, Trustee, President and Chief Executive Officer of the Lord Abbett Funds and E. Thayer Bigelow, Independent Chairman of the Lord Abbett Funds.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Daria L. Foster

Trustee, President and Chief Executive Officer

Micro Cap Growth Fund

For the fiscal year ended October 31, 2015, the Micro Cap Growth Fund returned 0.65%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the Russell Microcap^® Growth Index¹, which returned 4.24% over the same period.

Domestic equity markets advanced over the past year, with the representative S&P 500^® Index²rising 5.20% during the trailing 12-month period. Despite this

general move upward, there were a few periods of short-term volatility, most notably in January 2015, when the S&P 500 declined 3.1%, and in August 2015, when the index dropped 6.3%, its greatest monthly loss in three years. One of the prevailing market themes during the trailing 12-month period was the continued weakness in energy prices, with oil in particular plunging 60% from a June 2014 high to a six-year low in March 2015. Finally, the U.S. real gross domestic product (GDP) initially was reported to have

contracted by 0.2% in the first quarter of 2015; however, that figure was later revised up to a modest 0.6% expansion. Real GDP in the second quarter of 2015 advanced 3.9%, while the advanced estimate from the Bureau of Economic Analysis indicated that real GDP increased 1.5% in the third quarter of 2015.

The largest detractor from Fund performance during the period was security selection in the consumer discretionary sector. Within this sector, the Fund’s holdings of Rentrak Corp., a media measurement and consumer targeting company, detracted most. Shares of Rentrak fell sharply in August after the company reported quarterly revenue and earnings below consensus estimates. Sequential Brands Group, Inc., the owner of a portfolio of consumer brands in the fashion, active, and lifestyle categories, also detracted from relative performance during the period. Investor concerns related to the company’s exposure to struggling retail distribution partners and uncertainty about the closure of an acquisition caused shares of Sequential Brands to decline.

Security selection in the information technology sector was another detractor from Fund performance during the period. Within this sector, the Fund’s positioning in Gigamon, Inc., the provider of a service that delivers visibility and control of traffic across networks, detracted most from relative performance. During the period in which the Fund held a position in

Gigamon, the company’s share price declined due to recent weakness related to customer concentration. By contrast, the Fund’s benchmark index received a positive return from Gigamon due to the overall gains that Gigamon experienced during the trailing 12 month period. The Fund’s position in Ruckus Wireless, Inc., a global supplier of Wi-Fi solutions, also detracted from relative performance. Shares of Ruckus suffered following disappointing quarterly results in May, when the company reported earnings below consensus estimates and offered forward guidance below expectations as well.

The largest contributor to the Fund’s relative performance during the period was its underweight position in the energy sector. Over the past 12 months, energy was the worst performing sector within the Fund’s benchmark, the Russell Micro Cap Growth Index.¹During this time, the Fund’s average exposure to the energy sector was approximately 2% less than that of its benchmark, which helped relative performance.

Another contributor to Fund performance during the period was security selection in the financials and consumer staples sectors. Within the financials sector, the Fund’s holdings of LendingTree, Inc., an operator of an online loan marketplace, contributed most. Shares of LendingTree surged after the company reported second quarter 2015 earnings and revenue above consensus estimates and offered forward guidance that far

exceeded expectations. Another contributor within the financials sector was the Fund’s position in Noah Holdings Ltd., a wealth management service provider for high-net-worth individuals and enterprises in China. Shares of Noah rose in the first quarter of 2015. as the wealth management-focused company was able to successfully capitalize on an advancing Chinese equity market. Within the consumer staples sector, the Fund’s position in Diplomat Pharmacy, Inc., an independent specialty pharmacy, contributed most. Shares rose after the company reported in March 2015 that fourth quarter 2014 earnings and revenue beat consensus estimates, with recent acquisitions and core business growth both contributing to the strong quarter.

Micro Cap Value Fund

For the fiscal year ended October 31, 2015, the Fund returned 2.79%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the Russell Microcap^® Value Index,³which returned -2.06% over the same period.

Domestic equity markets advanced over the past year, with the S&P 500^® Index²rising 5.20% during the trailing 12-month period. Despite this general move upward, there were a few periods of short-term volatility, most notably in January 2015, when the S&P 500 declined 3.1%, and in August 2015, when the index dropped 6.3%, its greatest monthly loss in three years. One of the prevailing market

themes during the trailing 12-month period was the continued weakness in energy prices, with oil, in particular, plunging 60% from a June 2014 high to a six-year low in March 2015. Finally, U.S. real gross domestic product (GDP) initially was reported to have contracted by 0.2% in the first quarter of 2015; however, that figure was later revised up to a modest 0.6% expansion. In the second quarter of 2015, real GDP increased 3.9%, while the advanced estimate from the Bureau of Economic Analysis indicated that real GDP increased 1.5% in the third quarter of 2015.

Stock selection, especially in the industrials and financials sectors, strongly outperformed the Fund’s benchmark during the period. Within the sector, Multi-Color Corporation, a label solutions business, exhibited execution above-peer group margins and exhibited strong organic growth, during a period of positive market perception. In addition, shares of Patrick Industries, Inc., a manufacturer of component products and a distributor of building products and materials, outperformed relative to its sector peer group.

Within the financials sector, shares of Pacific Premier Bancorp, Inc., a bank holding company, increased as the market appeared to react to strong loan production and higher-than-expected revenues. Shares of Ameris Bancorp, a financial holding company, benefited as the market reacted positively to the immediately accretive acquisition of Jacksonville Bancorp.

Conversely, stock selection in the energy and consumer staples sectors detracted from the Fund’s relative performance during the period. Shares of Rice Energy Inc., an independent natural gas and oil company, fell amidst concerns over continued natural gas price weakness. Shares of Sanchez Energy Corporation, an independent exploration and production company, also slid as the market reacted poorly to falling natural gas prices.

Within the consumer staples sector, shares of Andersons, Inc., an agriculture-focused diversified company, struggled as industry dynamics remain lackluster and

operational challenges continue to limit performance of the company. Shares of Farmer Brothers Co., a manufacturer, wholesaler and distributor of culinary products, fell on weaker-than-expected second fiscal quarter earnings likely due to weak coffee volume growth and higher operating costs.

¹ The Russell Microcap^®Growth Index measures the performance of those Russell Micro Cap companies with higher price-to-book ratios and higher forecasted growth values.

² The S&P 500^®Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

³ The Russell Microcap^®Value Index measures the performance of those Russell Microcap companies with lower price-to-book ratios and lower forecasted growth values.

Important Performance and Other Information

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

Except where noted, comparative Fund performance does not account for the deduction of sales charges

and would be different if sales charges were included. Each Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see each Fund’s prospectus.

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

Micro Cap Growth Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended October 31, 2015

	1 Year			5 Years			10 Years
Class A³		-5.13	%		13.00	%		10.79	%
Class I⁴		0.71	%		14.48	%		11.65	%

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

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

³ Total return, which is the percent change in net asset value, after deduction of the maximum initial sales charge of 5.75%

applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2015, is calculated using the SEC required uniform method to compute such return.

⁴ Performance is at net asset value.

Micro Cap Value Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended October 31, 2015

	1 Year			5 Years			10 Years
Class A³		-3.14	%		9.91	%		7.13	%
Class I⁴		2.81	%		11.34	%		7.96	%

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

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

³ Total return, which is the percent change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2015, is calculated using the SEC required uniform method to compute such return.

⁴ Performance is at net asset value.

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in 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 (May 1, 2015 through October 31, 2015).

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 5/1/15 – 10/31/15” 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.

Micro Cap Growth Fund

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		Period^†
					5/1/15 -
	5/1/15		10/31/15		10/31/15
Class A
Actual	$	1,000.00	$	895.70		$8.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.03		$9.25
Class I
Actual	$	1,000.00	$	896.30		$8.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.03		$9.25


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.82% for Classes A and I) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2015

Sector*	%**
Consumer Discretionary		15.37	%
Consumer Staples		2.55	%
Energy		0.39	%
Financials		6.04	%
Health Care		31.36	%
Industrials		7.71	%
Information Technology		33.29	%
Materials		1.03	%
Repurchase Agreement		2.26	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Micro Cap Value Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	5/1/15		10/31/15		5/1/15 - 10/31/15
Class A
Actual		$1,000.00		$1,046.40		$9.28
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,016.13		$9.15
Class I
Actual		$1,000.00		$1,046.70		$9.29
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,016.13		$9.15

^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.80% for Classes A and I) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2015

Sector*	%**
Consumer Discretionary		11.74	%
Consumer Staples		6.56	%
Energy		4.80	%
Financials		33.20	%
Health Care		5.08	%
Industrials		18.84	%
Information Technology		6.81	%
Materials		5.34	%
Telecommunication Services		1.16	%
Utilities		5.13	%
Repurchase Agreement		1.34	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Schedule of Investments

MICRO CAP GROWTH FUND October 31, 2015

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.28%

Banks 3.19%
Cardinal Financial Corp.		64,498	$	1,466
LegacyTexas Financial Group, Inc.		25,689		737
Live Oak Bancshares, Inc.		71,947		1,032
ServisFirst Bancshares, Inc.		36,151		1,532
Total				4,767

Biotechnology 14.50%
Acceleron Pharma, Inc.*		31,561		985
aTyr Pharma, Inc.*		52,751		657
Blueprint Medicines Corp.*		89,732		1,803
Celldex Therapeutics, Inc.*		66,705		804
Coherus Biosciences, Inc.*		65,058		1,812
Dynavax Technologies Corp.*		67,109		1,524
Epizyme, Inc.*		35,922		470
Five Prime Therapeutics, Inc.*		35,916		1,155
Foundation Medicine, Inc.*		56,732		1,272
Global Blood Therapeutics, Inc.*		18,477		862
Ophthotech Corp.*		31,158		1,556
Repligen Corp.*		41,845		1,391
Sage Therapeutics, Inc.*		44,964		2,258
Sarepta Therapeutics, Inc.*		22,877		550
Seres Therapeutics, Inc.*		26,426		783
Spark Therapeutics, Inc.*		38,867		2,095
Synergy Pharmaceuticals, Inc.*		263,601		1,690
Total				21,667

Building Products 3.31%
American Woodmark Corp.*		36,839		2,678
Builders FirstSource, Inc.*		191,547		2,264
Total				4,942

Chemicals 1.04%
Flotek Industries, Inc.*		85,591		1,549

Commercial Services & Supplies 0.71%
US Ecology, Inc.		26,830		1,052

Investments	Shares		Fair Value (000)
Communications Equipment 2.79%
Applied Optoelectronics, Inc.*		75,094	$	1,548
Ruckus Wireless, Inc.*		231,974		2,617
Total				4,165

Construction & Engineering 1.07%
Comfort Systems USA, Inc.		50,227		1,604

Diversified Consumer Services 2.03%
2U, Inc.*		63,226		1,327
Chegg, Inc.*		248,157		1,712
Total				3,039

Food Products 2.56%
Calavo Growers, Inc.		39,621		2,037
Diamond Foods, Inc.*		45,196		1,791
Total				3,828

Health Care Equipment & Supplies 9.22%
AtriCure, Inc.*		60,503		1,121
Endologix, Inc.*		109,943		939
Entellus Medical, Inc.*		47,832		813
Glaukos Corp.*		64,992		1,302
Inogen, Inc.*		40,835		1,745
K2M Group Holdings, Inc.*		41,236		753
LDR Holding Corp.*		31,655		801
Nevro Corp.*		26,168		1,067
NxStage Medical, Inc.*		79,608		1,330
Penumbra, Inc.*		29,122		1,078
ZELTIQ Aesthetics, Inc.*		83,858		2,829
Total				13,778

Health Care Providers & Services 1.90%
HealthEquity, Inc.*		59,876		1,959
Teladoc, Inc.*		44,492		875
Total				2,834

Health Care Technology 1.66%
Evolent Health, Inc. Class A*		74,394		956
Press Ganey Holdings, Inc.*		48,534		1,521
Total				2,477

See Notes to Financial Statements.

Schedule of Investments (continued)

MICRO CAP GROWTH FUND October 31, 2015

Investments	Shares		Fair Value (000)
Hotels, Restaurants & Leisure 3.73%
BJ’s Restaurants, Inc.*		30,618	$	1,315
Chuy’s Holdings, Inc.*		49,552		1,348
Habit Restaurants, Inc.
(The) Class A*		46,269		1,105
Zoe’s Kitchen, Inc.*		52,378		1,803
Total				5,571

Household Durables 2.64%
iRobot Corp.*		37,576		1,127
LGI Homes, Inc.*		100,596		2,820
Total				3,947

Information Technology Services 1.45%
Luxoft Holding, Inc. (Switzerland)*^(a)		32,397		2,159

Insurance 0.69%
Universal Insurance Holdings, Inc.		32,680		1,031

Internet & Catalog Retail 0.49%
Etsy, Inc.*		66,659		727

Internet Software & Services 12.15%
Apigee Corp.*		187,076		1,805
Appfolio, Inc. Class A*		67,534		1,183
Benefitfocus, Inc.*		61,179		1,955
Cvent, Inc.*		64,422		2,036
Gogo, Inc.*		114,187		1,613
Hortonworks, Inc.*		71,584		1,393
Q2 Holdings, Inc.*		60,401		1,489
Stamps.com, Inc.*		19,882		1,503
Textura Corp.*		99,269		2,915
TrueCar, Inc.*		122,563		753
Wix.com Ltd. (Israel)*^(a)		68,401		1,513
Total				18,158

Leisure Product 1.13%
Smith & Wesson Holding Corp.*		94,590		1,689

Investments	Shares		Fair Value (000)
Life Sciences Tools & Services 0.50%
Pacific Biosciences of California, Inc.*		105,919	$	752

Machinery 0.85%
RBC Bearings, Inc.*		18,622		1,274

Media 3.11%
Entravision Communications Corp. Class A		352,593		3,089
Rentrak Corp.*		28,175		1,554
Total				4,643

Oil, Gas & Consumable Fuels 0.39%
GasLog Ltd. (Monaco)^(a)		50,781		588

Pharmaceuticals 3.75%
Intersect ENT, Inc.*		40,488		776
Intra-Cellular Therapies, Inc.*		54,227		2,595
Revance Therapeutics, Inc.*		57,116		2,237
Total				5,608

Professional Services 1.31%
Barrett Business Services, Inc.		24,479		1,199
Kforce, Inc.		27,029		760
Total				1,959

Semiconductors & Semiconductor Equipment 4.86%
Inphi Corp.*		109,711		3,266
MaxLinear, Inc. Class A*		201,543		2,620
Silicon Motion Technology Corp. ADR		43,021		1,368
Total				7,254

Software 12.24%
BroadSoft, Inc.*		52,277		1,671
Callidus Software, Inc.*		145,214		2,522
Gigamon, Inc.*		66,239		1,737
Globant SA (Luxembourg)*^(a)		56,018		1,937
Glu Mobile, Inc.*		427,674		1,762
Materialise NV ADR*		208,423		1,759

See Notes to Financial Statements.

Schedule of Investments (concluded)

MICRO CAP GROWTH FUND October 31, 2015

Investments	Shares		Fair Value (000)
Software (continued)
Paylocity Holding Corp.*		56,428	$	1,894
Rapid7, Inc.*		54,697		1,125
Rubicon Project, Inc. (The)*		115,889		1,757
Silver Spring Networks, Inc.*		161,520		2,118
Total				18,282

Specialty Retail 1.62%
MarineMax, Inc.*		50,563		799
Sportsman’s Warehouse Holdings, Inc.*		72,017		775
Tile Shop Holdings, Inc.*		58,698		851
Total				2,425

Textiles, Apparel & Luxury Goods 0.70%
Sequential Brands Group, Inc.*		83,769		1,048

Thrifts & Mortgage Finance 2.19%
HomeStreet, Inc.*		59,737		1,251
LendingTree, Inc.*		16,696		2,026
Total				3,277

Trading Companies & Distributors 0.50%
Rush Enterprises, Inc. Class A*		30,886		753
Total Common Stocks (cost $138,256,265)				146,847

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 2.27%

Repurchase Agreement
Repurchase Agreement dated 10/30/2015, Zero Coupon due 11/2/2015 with Fixed Income Clearing Corp. collateralized by $3,445,000 of U.S. Treasury Note at 0.75% due 1/15/2017; value: $3,462,225; proceeds: $3,392,326 (cost $3,392,326)	$	3,392	$	3,392
Total Investments in Securities 100.55% (cost $141,648,591)				150,239
Liabilities in Excess of Cash and Other Assets (0.55)%				(823	)
Net Assets 100.00%			$	149,416

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

The following is a summary of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾⁽³⁾	(000)		(000)		(000)		(000)
Common Stocks	$	146,847	$	–	$	–	$	146,847
Repurchase Agreement		–		3,392		–		3,392
Total	$	146,847	$	3,392	$	–	$	150,239

⁽¹⁾	Refer to Note 2(g) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
⁽³⁾	There were no Level 1/Level 2 transfers during the fiscal year ended October 31, 2015.

See Notes to Financial Statements.

Schedule of Investments

MICRO CAP VALUE FUND October 31, 2015

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 96.96%

Auto Components 2.25%
Gentherm, Inc.*		42,922	$	2,110
Tower International, Inc.*		62,700		1,722
Total				3,832

Banks 17.66%
Ameris Bancorp		190,300		5,994
BNC Bancorp		221,000		4,961
CoBiz Financial, Inc.		130,366		1,624
First Merchants Corp.		191,279		5,017
Pacific Premier Bancorp, Inc.*		249,300		5,323
Renasant Corp.		105,800		3,664
South State Corp.		45,000		3,488
Total				30,071

Building Products 3.67%
Gibraltar Industries, Inc.*		69,409		1,758
Patrick Industries, Inc.*		110,600		4,488
Total				6,246

Chemicals 2.41%
Chase Corp.		44,500		1,976
Quaker Chemical Corp.		26,800		2,128
Total				4,104

Commercial Services & Supplies 3.94%
Multi-Color Corp.		86,300		6,718

Containers & Packaging 0.63%
Multi Packaging Solutions International Ltd.*		65,416		1,070

Diversified Telecommunication Services 1.14%
Cogent Communications Holdings, Inc.		63,019		1,936

Electrical Equipment 1.44%
AZZ, Inc.		44,200		2,446

Investments	Shares		Fair Value (000)
Electronic Equipment, Instruments & Components 2.47%
CTS Corp.		157,025	$	2,855
Orbotech Ltd. (Israel)*^(a)		81,200		1,344
Total				4,199

Food Products 4.09%
Diamond Foods, Inc.*		25,300		1,002
Farmer Bros Co.*		46,600		1,323
J&J Snack Foods Corp.		37,750		4,635
Total				6,960

Gas Utilities 2.90%
Chesapeake Utilities Corp.		94,500		4,934

Health Care Providers & Services 4.99%
Aceto Corp.		153,300		4,623
Providence Service Corp. (The)*		74,900		3,869
Total				8,492

Hotels, Restaurants & Leisure 1.41%
Denny’s Corp.*		219,300		2,403

Household Durables 2.94%
Ethan Allen Interiors, Inc.		94,702		2,577
Libbey, Inc.		72,000		2,422
Total				4,999

Household Products 2.36%
WD-40 Co.		42,000		4,014

Insurance 1.74%
AMERISAFE, Inc.		54,200		2,966

Machinery 4.28%
Lydall, Inc.*		116,700		3,994
Standex International Corp.		36,700		3,293
Total				7,287

See Notes to Financial Statements.

Schedule of Investments (continued)

MICRO CAP VALUE FUND October 31, 2015

Investments	Shares		Fair Value (000)
Oil, Gas & Consumable Fuels 4.72%
Carrizo Oil & Gas, Inc.*		84,012	$	3,162
Parsley Energy, Inc. Class A*		107,228		1,901
Rice Energy, Inc.*		83,375		1,272
RSP Permian, Inc.*		62,099		1,703
Total				8,038

Paper & Forest Products 2.20%
Neenah Paper, Inc.		55,675		3,753

Professional Services 1.74%
ICF International, Inc.*		96,768		2,968

Real Estate Investment Trusts 7.40%
CoreSite Realty Corp.		54,500		2,995
Physicians Realty Trust		270,999		4,330
Retail Opportunity Investments Corp.		291,000		5,276
Total				12,601

Real Estate Management & Development 4.73%
Marcus & Millichap, Inc.*		103,900		4,527
RE/MAX Holdings, Inc. Class A		93,700		3,530
Total				8,057

Road & Rail 0.47%
Roadrunner Transportation Systems, Inc.*		75,700		805

Semiconductors & Semiconductor Equipment 2.09%
Silicon Motion Technology Corp. ADR		112,000		3,560

Specialty Retail 4.12%
Express, Inc.*		139,500		2,692
Francesca’s Holdings Corp.*		303,700		4,316
Total				7,008

Investments	Shares		Fair Value (000)
Technology Hardware, Storage & Peripherals 2.14%
Electronics for Imaging, Inc.*		78,400	$	3,641

Textiles, Apparel & Luxury Goods 0.82%
Steven Madden Ltd.*		40,100		1,397

Thrifts & Mortgage Finance 1.09%
Essent Group Ltd.*		77,400		1,865

Trading Companies & Distributors 2.97%
Lawson Products, Inc.*		123,800		3,220
Rush Enterprises, Inc. Class A*		75,300		1,836
Total				5,056

Water Utilities 2.15%
Connecticut Water Service, Inc.		99,300		3,655
Total Common Stocks (cost $124,138,894)				165,081

	Principal Amount (000)
SHORT-TERM INVESTMENT 1.32%

Repurchase Agreement
Repurchase Agreement dated 10/30/2015, Zero Coupon due 11/2/2015 with Fixed Income Clearing Corp. collateralized by $2,280,000 of U.S. Treasury Note at 0.75% due 1/15/2017; value: $2,291,400; proceeds: $2,244,502 (cost $2,244,502)	$	2,245		2,245
Total Investments in Securities 98.28% (cost $126,383,396)				167,326
Cash and Other Assets in Excess of Liabilities 1.72%				2,922
Net Assets 100.00%			$	170,248

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

See Notes to Financial Statements.

Schedule of Investments (concluded)

MICRO CAP VALUE FUND October 31, 2015

The following is a summary of the inputs used as of October 31, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	165,081	$	–	$	–	$	165,081
Repurchase Agreement		–		2,245		–		2,245
Total	$	165,081	$	2,245	$	–	$	167,326

⁽¹⁾	Refer to Note 2(g) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
⁽³⁾	There were no Level 1/Level 2 transfers during the fiscal year ended October 31, 2015.

See Notes to Financial Statements.

Statements of Assets and Liabilities

October 31, 2015

	Micro Cap			Micro Cap
	Growth Fund			Value Fund
ASSETS:
Investments in securities, at cost	$	141,648,591		$	126,383,396
Investments in securities, at fair value	$	150,238,965		$	167,326,449
Cash		580,085			383,808
Receivables:
Investment securities sold		4,074,654			3,629,524
Dividends		3,597			5,866
Capital shares sold		28,276			5,894
Prepaid expenses		7,038			14,852
Total assets		154,932,615			171,366,393
LIABILITIES:
Payables:
Investment securities purchased		5,212,780			792,839
Capital shares reacquired		3,812			5,401
Management fee		193,057			214,186
Trustees’ fees		16,513			18,388
Fund administration		5,148			5,712
To affiliate (See Note 3)		26,630			29,086
Accrued expenses		58,473			52,609
Total liabilities		5,516,413			1,118,221
NET ASSETS	$	149,416,202		$	170,248,172
COMPOSITION OF NET ASSETS:
Paid-in capital	$	118,320,090		$	126,774,514
Accumulated net investment loss		(561,925	)		(1,304,593	)
Accumulated net realized gain on investments		23,067,663			3,835,198
Net unrealized appreciation on investments		8,590,374			40,943,053
Net Assets	$	149,416,202		$	170,248,172
Net assets by class:
Class A Shares	$	13,280,180		$	17,197,889
Class I Shares	$	136,136,022		$	153,050,283
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		813,445			548,820
Class I Shares		7,803,011			4,706,704
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$16.33			$31.34
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$17.33			$33.25
Class I Shares-Net asset value		$17.45			$32.52

16	See Notes to Financial Statements.

Statements of Operations

For the Year Ended October 31, 2015

	Micro Cap			Micro Cap
	Growth Fund			Value Fund
Investment income:
Dividends (net of foreign withholding taxes of $0 and $2,977, respectively)	$	277,308		$	1,524,414
Total investment income		277,308			1,524,414
Expenses:
Management fee		2,575,423			2,480,752
Shareholder servicing		50,122			41,537
Professional		45,983			45,960
Reports to shareholders		8,197			7,941
Fund administration		68,678			66,153
Custody		27,244			7,057
Trustees’ fees		5,920			5,643
Registration		31,974			33,163
Subsidy (See Note 3)		243,296			240,099
Other		24,995			23,910
Gross expenses		3,081,832			2,952,215
Expense reductions (See Note 8)		(39	)		(34	)
Net expenses		3,081,793			2,952,181
Net investment loss		(2,804,485	)		(1,427,767	)
Net realized and unrealized gain (loss):
Net realized gain on investments		28,749,646			3,889,353
Net change in unrealized appreciation/depreciation on investments		(22,832,254	)		2,234,855
Net realized and unrealized gain		5,917,392			6,124,208
Net Increase in Net Assets Resulting From Operations	$	3,112,907		$	4,696,441

See Notes to Financial Statements.

Statements of Changes in Net Assets

	Micro Cap Growth Fund
	For the Year Ended			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	October 31, 2015			October 31, 2014
Operations:
Net investment loss	$	(2,804,485	)	$	(2,457,704	)
Net realized gain on investments		28,749,646			20,636,719
Net change in unrealized appreciation/depreciation on investments		(22,832,254	)		(1,527,370	)
Net increase in net assets resulting from operations		3,112,907			16,651,645
Distributions to shareholders from:
Net realized gain
Class A		(1,633,376	)		(3,137,466	)
Class I		(18,532,831	)		(35,954,135	)
Total distributions to shareholders		(20,166,207	)		(39,091,601	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares		7,961,986			16,550,517
Reinvestment of distributions		18,676,181			36,811,431
Cost of shares reacquired		(29,706,060	)		(13,570,868	)
Net increase (decrease) in net assets resulting from capital share transactions		(3,067,893	)		39,791,080
Net increase (decrease) in net assets		(20,121,193	)		17,351,124
NET ASSETS:
Beginning of year	$	169,537,395		$	152,186,271
End of year	$	149,416,202		$	169,537,395
Accumulated net investment loss	$	(561,925	)	$	(507,881	)

18	See Notes to Financial Statements.

Statements of Changes in Net Assets (concluded)

	Micro Cap Value Fund
	For the Year Ended			For the Year Ended
INCREASE IN NET ASSETS	October 31, 2015			October 31, 2014
Operations:
Net investment loss	$	(1,427,767	)	$	(1,225,079	)
Net realized gain on investments		3,889,353			17,316,351
Net change in unrealized appreciation/depreciation on investments		2,234,855			1,456,882
Net increase in net assets resulting from operations		4,696,441			17,548,154
Distributions to shareholders from:
Net realized gain
Class A		(1,798,650	)		(3,831,074	)
Class I		(14,912,161	)		(14,965,367	)
Total distributions to shareholders		(16,710,811	)		(18,796,441	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares		8,732,431			11,494,312
Reinvestment of distributions		15,741,765			16,966,402
Cost of shares reacquired		(9,053,255	)		(20,473,797	)
Net increase in net assets resulting from capital share transactions		15,420,941			7,986,917
Net increase in net assets		3,406,571			6,738,630
NET ASSETS:
Beginning of year	$	166,841,601		$	160,102,971
End of year	$	170,248,172		$	166,841,601
Accumulated net investment loss	$	(1,304,593	)	$	(1,212,164	)

See Notes to Financial Statements.

Financial Highlights

MICRO CAP GROWTH FUND

						Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of year		Net investment loss^(a)			Net realized and unrealized gain		Total from investment operations		Net realized gain			Net asset value, end of year
Class A
10/31/2015		$18.56		$(0.30	)		$0.42		$0.12		$(2.35	)	$	16.33
10/31/2014		22.57		(0.28	)		2.27		1.99		(6.00	)		18.56
10/31/2013		14.03		(0.29	)		8.94		8.65		(0.11	)		22.57
10/31/2012		15.98		(0.28	)		0.79		0.51		(2.46	)		14.03
10/31/2011		15.47		(0.33	)		0.84		0.51		–			15.98

Class I
10/31/2015		19.67		(0.32	)		0.45		0.13		(2.35	)		17.45
10/31/2014		23.57		(0.29	)		2.39		2.10		(6.00	)		19.67
10/31/2013		14.64		(0.29	)		9.33		9.04		(0.11	)		23.57
10/31/2012		16.52		(0.25	)		0.83		0.58		(2.46	)		14.64
10/31/2011		15.96		(0.30	)		0.86		0.56		–			16.52

^(a)	Calculated using average shares outstanding during the year.
^(b)	Total return for class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for class I assumes the reinvestment of all distributions.

20	See Notes to Financial Statements.

		Ratios to Average Net Assets:					Supplemental Data:





Total return^(b) (%)		Total expenses (%)		Net investment loss (%)			Net assets, end of year (000)		Portfolio turnover rate (%)

	0.65		1.80		(1.64	)	$	13,280		202.96
	10.57		1.78		(1.50	)		12,881		208.12
	62.14		1.85		(1.64	)		11,220		197.69
	4.86		2.09		(1.92	)		11,484		119.77
	3.30		2.07		(1.98	)		15,271		120.62


	0.71		1.80		(1.63	)		136,136		202.96
	10.58		1.78		(1.50	)		156,657		208.12
	62.22		1.81		(1.60	)		140,967		197.69
	5.10		1.84		(1.68	)		89,897		119.77
	3.57		1.82		(1.73	)		93,934		120.62

See Notes to Financial Statements.

Financial Highlights

MICRO CAP VALUE FUND

			Per Share Operating Performance:
												Distributions to
			Investment operations:									shareholders from:
	Net asset value, beginning of year		Net invest- ment loss^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
10/31/2015		$34.19		$(0.26	)		$1.00			$0.74			$ –			$(3.59	)		$(3.59	)
10/31/2014		34.74		(0.23	)		3.84			3.61			–			(4.16	)		(4.16	)
10/31/2013		26.52		(0.10	)		8.32			8.22			–			–			–
10/31/2012		22.88		(0.08	)		3.72			3.64			–			–			–
10/31/2011		23.33		(0.29	)		(0.16	)		(0.45	)		–			–			–

Class I
10/31/2015		35.34		(0.27	)		1.04			0.77			–			(3.59	)		(3.59	)
10/31/2014		35.77		(0.26	)		3.99			3.73			–			(4.16	)		(4.16	)
10/31/2013		27.32		(0.09	)		8.56			8.47			(0.02	)		–			(.02	)
10/31/2012		23.50		(0.02	)		3.84			3.82			–			–			–
10/31/2011		23.91		(0.24	)		(0.17	)		(0.41	)		–			–			–

^(a)	Calculated using average shares outstanding during the year.
^(b)	Total return for class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for class I assumes the reinvestment of all distributions.

22	See Notes to Financial Statements.

					Ratios to Average Net Assets:					Supplemental Data:



Net asset value, end of year		Total return^(b) (%)			Total expenses (%)		Net investment loss (%)			Net assets end of year (000)		Portfolio turnover rate (%)

	$31.34		2.79			1.79		(0.86	)		$17,198		70.40
	34.19		11.16			1.76		(0.68	)		20,028		59.95
	34.74		31.00			1.82		(0.34	)		32,010		73.58
	26.52		15.91			2.05		(0.32	)		30,512		34.25
	22.88		(1.93	)		2.04		(1.17	)		26,239		56.97


	32.52		2.81			1.79		(0.86	)		153,050		70.40
	35.34		11.18			1.77		(0.74	)		146,813		59.95
	35.77		31.02			1.78		(0.29	)		128,093		73.58
	27.32		16.21			1.80		(0.09	)		96,962		34.25
	23.50		(1.67	)		1.79		(0.92	)		94,796		56.97

See Notes to Financial Statements.

Notes to Financial Statements

1.	ORGANIZATION

Lord Abbett Securities Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as 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 (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), 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. Each Fund may utilize 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. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof 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

Notes to Financial Statements (continued)

	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 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, 2012 through October 31, 2015. 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 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

Notes to Financial Statements (continued)

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).

A summary of inputs used in valuing each Fund’s investments as of October 31, 2015 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the fiscal year then ended is included in each Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on each Fund’s average daily net assets at an annual rate of 1.50%, which was each Fund’s annualized effective management fee rate for the fiscal year ended October 31, 2015.

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.

Each Fund, along with certain other funds managed by Lord Abbett (collectively, the “Underlying Funds”), has entered into a Servicing Arrangement with Lord Abbett Alpha Strategy Fund (“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 October 31, 2015, the percentages of Micro Cap Growth Fund’s and Micro Cap Value Fund’s outstanding shares owned by Lord Abbett Alpha Strategy Fund were 74.76% and 78.16%, respectively.

Notes to Financial Statements (continued)

12b- 1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A shares pursuant to Rule 12b-1 under the Act under which the Board may authorize the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. During the fiscal year ended October 31, 2015, the Board did not authorize such Class A 12b-1 fees.

Class I shares do not have a distribution plan.

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 at least annually for each 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.

	Short-Term	Long-Term
	Capital Gains	Capital Gains

Micro Cap Growth Fund	$6,651,000	$20,229,000
Micro Cap Value Fund	–	3,888,000

The tax character of distributions paid during the fiscal years ended October 31, 2015 and 2014 was as follows:

	Micro Cap Growth Fund				Micro Cap Value Fund
	Year Ended		Year Ended		Year Ended		Year Ended
	10/31/2015		10/31/2014		10/31/2015		10/31/2014
Distributions paid from:
Ordinary income	$	3,677,493	$	26,623,391	$	–	$	–
Net long-term capital gains		16,488,714		12,468,210		16,710,811		18,796,441
Total distributions paid	$	20,166,207	$	39,091,601	$	16,710,811	$	18,796,441

As of October 31, 2015, the components of accumulated gains on a tax-basis were as follows:

	Micro Cap			Micro Cap
	Growth Fund			Value Fund
Undistributed ordinary income - net	$	6,650,242		$	–
Undistributed long-term capital gains		20,228,802			3,888,228
Total undistributed earnings		26,879,044			3,888,228
Temporary differences		(561,925	)		(1,304,593	)
Unrealized gains - net		4,778,993			40,890,023
Total accumulated gains - net	$	31,096,112		$	43,473,658

Notes to Financial Statements (continued)

At each Fund’s election, certain losses incurred within the taxable year (Qualified Late-Year Losses) are deemed to arise on the first business day of the Fund’s next taxable year. Each Fund incurred and will elect to defer late-year ordinary losses during fiscal 2015 as follows:

Micro Cap Growth Fund	$ 545,412
Micro Cap Value Fund	1,286,205

As of October 31, 2015, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Micro Cap			Micro Cap
	Growth Fund			Value Fund
Tax cost	$	145,459,972		$	126,436,426
Gross unrealized gain		12,334,646			43,532,372
Gross unrealized loss		(7,555,653	)		(2,642,349	)
Net unrealized security gain	$	4,778,993		$	40,890,023

The difference between book-basis and tax basis unrealized gains (losses) is attributable to the tax treatment of wash sales.

Permanent items identified during the fiscal year ended October 31, 2015 have been reclassified among the components of net assets based on their tax basis treatment as follows:

	Accumulated	Accumulated
	Net Investment	Net Realized		Paid-in
	Loss	Gain		Capital
Micro Cap Growth Fund	$2,750,441	$(2,750,441	)	$ –
Micro Cap Value Fund	1,335,338	–		(1,335,338	)

The permanent differences are attributable to the tax treatment of net operating losses, certain securities and certain distributions received.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended October 31, 2015 were as follows:

	Purchases	Sales
Micro Cap Growth Fund	$334,651,855	$360,123,305
Micro Cap Value Fund	113,182,535	119,281,393

There were no purchases or sales of U.S. Government securities for the fiscal year ended October 31, 2015.

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The Financial Accounting Standards Board (“FASB”) requires disclosure to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. The following tables illustrate gross and net information about recognized assets eligible for offset in the statement of assets and liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of

Notes to Financial Statements (continued)

default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between the Funds and the applicable counterparty:

			Micro Cap Growth Fund
		Gross Amounts	Net Amounts of
		Offset in the	Assets Presented
	Gross Amounts of	Statement of Assets	in the Statement of
Description	Recognized Assets	and Liabilities	Assets and Liabilities
Repurchase Agreement	$3,392,326	$ –	$3,392,326
Total	$3,392,326	$ –	$3,392,326

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement				Cash		Securities
	of Assets and		Financial		Collateral		Collateral			Net
Counterparty	Liabilities		Instruments		Received^(a)		Received^(a)			Amount^(b)
Fixed Income Clearing Corp.	$	3,392,326	$	–	$	–	$	(3,392,326	)	$	–
Total	$	3,392,326	$	–	$	–	$	(3,392,326	)	$	–

			Micro Cap Value Fund
		Gross Amounts	Net Amounts of
		Offset in the	Assets Presented
	Gross Amounts of	Statement of Assets	in the Statement of
Description	Recognized Assets	and Liabilities	Assets and Liabilities
Repurchase Agreement	$2,244,502	$ –	$2,244,502
Total	$2,244,502	$ –	$2,244,502

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement				Cash		Securities
	of Assets and		Financial		Collateral		Collateral			Net
Counterparty	Liabilities		Instruments		Received^(a)		Received^(a)			Amount^(b)
Fixed Income Clearing Corp.	$	2,244,502	$	–	$	–	$	(2,244,502	)	$	–
Total	$	2,244,502	$	–	$	–	$	(2,244,502	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of October 31, 2015.

7.	TRUSTEES’ REMUNERATION

Notes to Financial Statements (continued)

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

Prior to August 31, 2015, the Funds and certain other funds managed by Lord Abbett participated in a $500 million unsecured revolving credit facility with SSB (the “SSB Facility”).

During the fiscal year ended October 31, 2015, the Funds did not utilize the Facility or the SSB Facility.

10.

CUSTODIAN AND ACCOUNTING AGENT

SSB is the Trust’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

11.

INVESTMENT RISKS

Each Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with micro-cap and growth or value stocks. The value of an investment in each Fund will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Funds invest. Micro-cap companies may be subject to greater risks and may be more sensitive to changes in economic conditions than larger, more established companies. There may be less liquidity in micro-cap company stocks, subjecting them to greater price fluctuations than larger company stocks. In the case of Micro Cap Growth Fund, the growth stocks in which it generally invests may add to the Fund’s volatility. In the case of 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.

Notes to Financial Statements (concluded)

12.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

	Year Ended						Year Ended
Micro Cap Growth Fund	October 31, 2015						October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		84,144		$	1,509,470			103,506		$	2,045,415
Reinvestment of distributions		100,381			1,633,205			180,089			3,137,146
Shares reacquired		(65,192	)		(1,229,708	)		(86,690	)		(1,587,982	)
Increase		119,333		$	1,912,967			196,905		$	3,594,579


Class I Shares
Shares sold		339,691		$	6,452,516			770,587		$	14,505,102
Reinvestment of distributions		980,044			17,042,976			1,823,188			33,674,285
Shares reacquired		(1,481,051	)		(28,476,352	)		(610,341	)		(11,982,886	)
Increase (decrease)		(161,316	)	$	(4,980,860	)		1,983,434		$	36,196,501

	Year Ended						Year Ended
Micro Cap Value Fund	October 31, 2015						October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		4,393		$	133,102			10,203		$	337,955
Reinvestment of distributions		57,549			1,701,736			93,032			2,979,819
Shares reacquired		(98,955	)		(3,255,230	)		(438,816	)		(14,299,631	)
Decrease		(37,013	)	$	(1,420,392	)		(335,581	)	$	(10,981,857	)


Class I Shares
Shares sold		279,535		$	8,599,329			328,999		$	11,156,357
Reinvestment of distributions		457,479			14,040,029			422,555			13,986,583
Shares reacquired		(185,093	)		(5,798,025	)		(177,565	)		(6,174,166	)
Increase		551,921		$	16,841,333			573,989		$	18,968,774

13.

RECENT ACCOUNTING PRONOUNCEMENT

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Lord Abbett Securities Trust and Shareholders of Lord Abbett Micro Cap Growth Fund and Lord Abbett Micro Cap Value Fund:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Lord Abbett Micro Cap Growth Fund and Lord Abbett Micro Cap Value Fund, two of the nine portfolios constituting the Lord Abbett Securities Trust (the “Trust”), as of October 31, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Lord Abbett Micro Cap Growth Fund and Lord Abbett Micro Cap Value Fund of the Lord Abbett Securities Trust as of October 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP
New York, New York
December 21, 2015

Basic Information About Management

Lord Abbett, a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Funds.

Interested Trustee

Name, Address and
Year of Birth

Current Position and
Length of Service
with the Trust

Principal Occupation and Other Directorships
During the Past Five Years

Daria L. Foster
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1954)

Trustee and President
since 2006; Chief
Executive Officer
since 2012

Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990.

Other Directorships: None.

Independent Trustees

The following Independent Trustees also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 58 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Trust	Principal Occupation and Other Directorships During the Past Five Years
E. Thayer Bigelow Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1941)	Trustee since 1994; Chairman since 2013	Principal Occupation: Managing General Partner, Bigelow Media, LLC (since 2000); Senior Adviser, Time Warner Inc. (1998 – 2000). Other Directorships: Currently serves as director of Crane Co. (since 1984) and Huttig Building Products Inc. (since 1998). Previously served as a director of R.H. Donnelley Inc. (2009 – 2010).

Robert B. Calhoun, Jr. Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1942)	Trustee since 1998	Principal Occupation: Senior Advisor of Monitor Clipper Partners, a private equity investment fund (since 1997); President of Clipper Asset Management Corp. (1991 – 2009). Other Directorships: None.

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Trust	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Trustee since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001 – 2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999 – 2014).

Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Trustee since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004 – 2010). Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Trustee since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Trustee since 2001	Principal Occupation: Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Trustee since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009 – 2012); Founder and Chairman of Marakon Associates,Inc., a strategy consulting firm (1978 – 2009); and Officer and Director of Trinsum Group, a holding company (2007 – 2009). Other Directorships: Currently serves as director of Blyth, Inc., a home products company (since 2004).

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Trustee since 2006	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Basic Information About Management (continued)

Officers

Name and Year of Birth	Current Position with the Trust	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.

Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.

Robert I. Gerber (1954)	Executive Vice President	Elected in 2005	Partner and Chief Investment Officer, joined Lord Abbett in 1997.

Todd D. Jacobson (1966)	Executive Vice President	Elected in 2003	Partner and Associate Director, joined Lord Abbett in 2003.

Thomas B. Maher (1967)	Executive Vice President	Elected in 2008	Partner and Portfolio Manager, joined Lord Abbett in 2003.

Giulio Martini (1955)	Executive Vice President	Elected in 2015	Director of Strategic Asset Allocation, joined Lord Abbett in 2015 and was formerly Global Investment Strategist at Anderson Global Macro LLC (2012 – 2015) and Chief Investment Officer of Currency Strategies at AllianceBernstein (1985 – 2012).

Justin C. Maurer (1969)	Executive Vice President	Elected in 2008	Partner and Portfolio Manager, joined Lord Abbett in 2001.

Vincent J. McBride (1964)	Executive Vice President	Elected in 2003	Partner and Director, joined Lord Abbett in 2003.

F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2003	Partner and Portfolio Manager, joined Lord Abbett in 2001.

A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.

John W. Ashbrook (1964)	Vice President and Assistant Secretary	Elected in 2014	Assistant General Counsel, joined Lord Abbett in 2008.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Trust	Length of Service of Current Position	Principal Occupation During the Past Five Years
Joan A. Binstock (1954)	Chief Financial Officer and Vice President	Elected in 1999	Partner and Chief Financial and Operations Officer, joined Lord Abbett in 1999.

Matthew R. DeCicco (1977)	Vice President	Elected in 2015	Portfolio Manager, joined Lord Abbett in 1999.

Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Deputy General Counsel, joined Lord Abbett in 2006.

John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.

Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

David J. Linsen (1974)	Vice President	Elected in 2011	Partner and Director, joined Lord Abbett in 2001.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003 – 2013).

A. Edward Oberhaus, III (1959)	Vice President	Elected in 1993	Partner and Director, joined Lord Abbett in 1983.

Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.

Arthur K. Weise (1970)	Vice President	Elected in 2011	Partner and Portfolio Manager, joined Lord Abbett in 2007.

Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.

Bernard J. Grzelak (1971)	Treasurer	Elected in 2003	Partner and Director of Fund Administration, joined Lord Abbett in 2003.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Trust’s Trustees. It is available free upon request.

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

Tax Information

Of the distributions paid by Micro Cap Growth Fund and Micro Cap Value Fund to shareholders during the fiscal year ended October 31, 2015, $16,488,714 and $16,710,811, respectively, represent long-term capital gains.

Of the distributions paid by Micro Cap Growth Fund to shareholders during the fiscal year ended October 31, 2015, $3,677,493 represents short-term capital gains.

11% of the ordinary income distributions paid by Micro Cap Growth Fund during the fiscal year ended October 31, 2015 is qualified dividend income. For corporate shareholders, 11% of Micro Cap Growth Fund’s ordinary income distributions qualified for the dividends received deduction.

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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

Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Micro-Cap Growth Fund Lord Abbett Micro-Cap Value Fund	LAMCVF-2 (12/15)

Item 2:

Code of Ethics.

(a)

In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended October 31, 2015 (the “Period”).

(b)

Not applicable.

(c)

The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

(d)

The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period.

(e)

Not applicable.

(f)

See Item 12(a)(1) concerning the filing of the Code of Ethics.

Item 3:

Audit Committee Financial Expert.

The Registrant’s board of trustees has determined that each of the following independent trustees who are members of the audit committee is an audit committee financial expert: E. Thayer Bigelow and Robert B. Calhoun, Jr. Each of these persons is independent within the meaning of the Form N-CSR.

Item 4:

Principal Accountant Fees and Services.

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended October 31, 2015 and 2014 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:

	Fiscal year ended:
		2015		2014
Audit Fees {a}	$	381,000	$	374,900
Audit-Related Fees		- 0 -		- 0 -
Total audit and audit-related fees		381,000		374,900

Tax Fees {b}		83,120		81,008
All Other Fees		- 0 -		- 0 -

Total Fees	$	464,120	$	455,908

{a} Consists of fees for audits of the Registrant’s annual financial statements.

{b} Fees for the fiscal year ended October 31, 2015 and 2014 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns.

(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant’s Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:

any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and

any audit-related, tax, and other services to be provided to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor’s independence.

The Audit Committee has delegated pre-approval authority to its Chairman, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

(e) (2) The Registrant’s Audit Committee has approved 100% of the services described in this Item 4 (b) through (d).

(f) Not applicable.

(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as “All Other Fees”.

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended October 31, 2015 and 2014 were:

	Fiscal year ended:
	2015		2014
All Other Fees {a}	$	185,031	$	185,734

{a} Consist of fees for Independent Services Auditors’ Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett’s Asset Management Services (“SOC-1 Report”).

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended October 31, 2015 and 2014 were:

	Fiscal year ended:
	2015		2014
All Other Fees		$- 0 -		$- 0 -

(h) The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.

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)

The Lord Abbett Family of Funds Sarbanes Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of Ex-99. CODEETH.

(a)(2)

Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

(b)

Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		LORD ABBETT SECURITIES TRUST

	By:	/s/ Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer

Date: December 21, 2015

	By:	/s/ Joan A. Binstock
		Joan A. Binstock
		Chief Financial Officer and Vice President

Date: December 21, 2015

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: December 21, 2015

	By:	/s/ Joan A. Binstock
		Joan A. Binstock
		Chief Financial Officer and Vice President

Date: December 21, 2015

Lord Abbett Micro Cap Growth Fund (LMIYX) N-CSRCertified annual shareholder report (management investment company)