Lord Abbett Micro Cap Growth Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07538

LORD ABBETT SECURITIES TRUST

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, 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: 4/30/2018

Item 1:

Report(s) to Shareholders.

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Alpha Strategy Fund

Fundamental Equity Fund

Global Equity Research Fund*

Growth Leaders Fund

International Dividend Income Fund

International Equity Fund

International Opportunities Fund

Value Opportunities Fund

For the six-month period ended April 30, 2018

*Formerly Global Core Equity Fund

Table of Contents


1		A Letter to Shareholders

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

		Schedules of Investments:

19		Alpha Strategy Fund

20		Fundamental Equity Fund

23		Global Equity Research Fund

29		Growth Leaders Fund

32		International Dividend Income Fund

38		International Equity Fund

45		International Opportunities Fund

51		Value Opportunities Fund

56		Statements of Assets and Liabilities

60		Statements of Operations

62		Statements of Changes in Net Assets

68		Financial Highlights

98		Notes to Financial Statements

129		Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy Fund, Lord Abbett Fundamental Equity Fund, Lord Abbett Global Equity Research Fund, Lord Abbett Growth Leaders Fund, Lord Abbett International Dividend Income Fund, Lord Abbett International Equity Fund, Lord Abbett International Opportunities Fund, and Lord Abbett Value Opportunities Fund
Semiannual Report

For the six-month period ended April 30, 2018

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

Dear Shareholders: We are pleased to provide you with this semiannual report of the Funds for the six-month period ended April 30, 2018. For additional information about the Funds, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

Douglas B. Sieg

Trustee, President and Chief Executive Officer

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2017 through April 30, 2018).

Actual Expenses

For each class of each Fund, the first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 11/1/17 – 4/30/18” 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 Account Value	Ending Account Value	Expenses Paid During Period^†#
			11/1/17 –
	11/1/17	4/30/18	4/30/18
Class A
Actual	$1,000.00	$1,045.80	$2.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.66	$2.16
Class C
Actual	$1,000.00	$1,041.80	$5.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.94	$5.91
Class F
Actual	$1,000.00	$1,046.70	$1.42
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.41	$1.40
Class F3
Actual	$1,000.00	$1,047.40	$0.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.30	$0.45
Class I
Actual	$1,000.00	$1,047.50	$0.91
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.90	$0.90
Class R2
Actual	$1,000.00	$1,044.30	$3.95
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.93	$3.91
Class R3
Actual	$1,000.00	$1,044.70	$3.45
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.42	$3.41
Class R4
Actual	$1,000.00	$1,045.90	$2.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.66	$2.16
Class R5
Actual	$1,000.00	$1,047.10	$0.91
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.90	$0.90
Class R6
Actual	$1,000.00	$1,047.80	$0.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.35	$0.45


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.43% for Class A, 1.18% for Class C, 0.28% for Class F, 0.09% for Class F3, 0.18% for Class I, 0.78% for Class R2, 0.68% for Class R3, 0.43% for Class R4, 0.18% for Class R5 and 0.09% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
^#	Does not include expenses of Underlying Funds in which Alpha Strategy Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

April 30, 2018

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. – Class I	20.07	%
Lord Abbett Securities Trust – International Opportunities Fund – Class I	19.65	%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I	10.14	%
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I	10.12	%
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I	20.00	%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I	20.02	%
Total	100.00	%

*	Represents percent of total investments.

Fundamental Equity Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/17	4/30/18	11/1/17 – 4/30/18
Class A
Actual	$1,000.00	$1,015.80	$4.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.03	$4.81
Class C
Actual	$1,000.00	$1,012.10	$8.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.31	$8.55
Class F
Actual	$1,000.00	$1,016.80	$4.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.78	$4.06
Class F3
Actual	$1,000.00	$1,018.00	$3.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.80	$3.06
Class I
Actual	$1,000.00	$1,017.10	$3.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.27	$3.56
Class P
Actual	$1,000.00	$1,014.40	$5.83
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.15	$5.84
Class R2
Actual	$1,000.00	$1,014.00	$6.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.30	$6.56
Class R3
Actual	$1,000.00	$1,014.20	$6.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.79	$6.06
Class R4
Actual	$1,000.00	$1,016.00	$4.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.03	$4.81
Class R5
Actual	$1,000.00	$1,017.20	$3.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.27	$3.56
Class R6
Actual	$1,000.00	$1,018.00	$3.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.72	$3.11

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.96% for Class A, 1.71% for Class C, 0.81% for Class F, 0.61% for Class F3, 0.71% for Class I, 1.16% for Class P, 1.31% for Class R2, 1.21% for Class R3, 0.96% for Class R4, 0.71% for Class R5 and 0.62% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2018

Sector*	%**
Consumer Discretionary	5.61	%
Consumer Staples	7.30	%
Energy	12.33	%
Financials	25.47	%
Health Care	13.77	%
Industrials	9.23	%
Information Technology	11.22	%
Materials	2.60	%
Real Estate	2.57	%
Telecommunication Services	2.11	%
Utilities	4.98	%
Repurchase Agreement	2.81	%
Total	100.00	%


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

Global Equity Research Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/17	4/30/18	11/1/17 – 4/30/18
Class A*
Actual	$1,000.00	$1,049.80	$5.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.64	$5.21
Class C*
Actual	$1,000.00	$1,046.00	$9.03
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.97	$8.90
Class F*
Actual	$1,000.00	$1,050.10	$4.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.38	$4.46
Class F3*
Actual	$1,000.00	$1,052.10	$3.77
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.10	$3.71
Class I*
Actual	$1,000.00	$1,051.00	$4.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.88	$3.96
Class R2*
Actual	$1,000.00	$1,048.20	$7.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.90	$6.95
Class R3*
Actual	$1,000.00	$1,049.10	$6.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.40	$6.46
Class R4*
Actual	$1,000.00	$1,050.50	$5.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$5.16
Class R5*
Actual	$1,000.00	$1,051.00	$4.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.88	$3.96
Class R6*
Actual	$1,000.00	$1,051.20	$3.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.47	$3.36


^†		For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.04% for Class A, 1.78% for Class C, 0.89% for Class F, 0.74% for Class F3, 0.79% for Class I, 1.39% for Class R2, 1.29% for Class R3, 1.03% for Class R4, 0.79% for Class R5 and 0.67% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
*		The annualized expenses have been updated (0.90% for Class A, 1.65% for Class C, 0.75% for Class F, 0.63% for Class F3, 0.65% for Class I, 1.25% for Class R2, 1.15% for Class R3, 0.90% for Class R4, 0.65% for Class R5 and 0.63% for Class R6). Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$4.57	$4.50
Class C	$8.37	$8.21
Class F	$3.81	$3.75
Class F3	$3.21	$3.15
Class I	$3.31	$3.25
Class R2	$6.35	$6.24
Class R3	$5.84	$5.74
Class R4	$4.58	$4.50
Class R5	$3.31	$3.25
Class R6	$3.20	$3.15

Portfolio Holdings Presented by Sector

April 30, 2018

Sector*	%**
Consumer Discretionary	11.94	%
Consumer Staples	8.04	%
Energy	6.48	%
Financials	23.40	%
Health Care	10.39	%
Industrials	9.91	%
Information Technology	16.80	%
Materials	4.80	%
Real Estate	2.53	%
Telecommunication Services	3.01	%
Utilities	2.70	%
Total	100.00	%


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

Growth Leaders Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/17	4/30/18	11/1/17 – 4/30/18
Class A*
Actual	$1,000.00	$1,077.30	$4.64
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.33	$4.51
Class C
Actual	$1,000.00	$1,073.60	$8.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.61	$8.25
Class F
Actual	$1,000.00	$1,078.70	$3.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.52	$3.31
Class F3
Actual	$1,000.00	$1,079.20	$3.09
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.80	$3.01
Class I*
Actual	$1,000.00	$1,079.00	$3.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.57	$3.26
Class R2
Actual	$1,000.00	$1,075.70	$6.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.55	$6.31
Class R3
Actual	$1,000.00	$1,076.30	$5.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.09	$5.76
Class R4
Actual	$1,000.00	$1,077.70	$4.64
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.33	$4.51
Class R5*
Actual	$1,000.00	$1,079.00	$3.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.57	$3.26
Class R6
Actual	$1,000.00	$1,079.20	$3.09
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.82	$3.01
Class T
Actual	$1,000.00	$1,078.00	$4.22
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.73	$ 4.11


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.90% for Class A, 1.65% for Class C, 0.66% for Class F, 0.60% for Class F3, 0.65% for Class I, 1.26% for Class R2, 1.15% for Class R3, 0.90% for Class R4, 0.65% for Class R5, 0.60% for Class R6 and 0.82% for Class T) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
*	The annualized expenses have been updated (0.91% for Class A, 0.66% for Class I and Class R5). Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$4.69	$4.56
Class I	$3.40	$3.31
Class R5	$3.40	$3.31

Portfolio Holdings Presented by Sector

April 30, 2018

Sector*	%**
Consumer Discretionary	16.39	%
Consumer Staples	2.45	%
Energy	1.82	%
Financials	7.99	%
Health Care	16.25	%
Industrials	12.49	%
Information Technology	40.89	%
Repurchase Agreement	1.72	%
Total	100.00	%


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

International Dividend Income Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/17	4/30/18	11/1/17 – 4/30/18
Class A
Actual	$1,000.00	$1,030.00	$5.64
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$5.61
Class C
Actual	$1,000.00	$1,027.70	$9.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.52	$9.35
Class F
Actual	$1,000.00	$1,030.70	$4.58
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.28	$4.56
Class F3
Actual	$1,000.00	$1,032.50	$4.13
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.80	$4.11
Class I
Actual	$1,000.00	$1,031.10	$4.08
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.78	$4.06
Class R2
Actual	$1,000.00	$1,028.60	$7.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.50	$7.35
Class R3
Actual	$1,000.00	$1,028.00	$6.89
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.00	$6.85
Class R4
Actual	$1,000.00	$1,031.20	$5.64
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$5.61
Class R5
Actual	$1,000.00	$1,032.50	$4.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.53	$4.31
Class R6
Actual	$1,000.00	$1,032.50	$4.13
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.78	$4.11

^†

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, 0.82% for Class F3, 0.81% for Class I, 1.47% for Class R2, 1.37% for Class R3, 1.12% for Class R4, 0.86% for Class R5 and 0.82% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2018

Sector*	%**
Consumer Discretionary	9.43	%
Consumer Staples	5.14	%
Energy	10.38	%
Financials	36.05	%
Health Care	6.08	%
Industrials	6.72	%
Information Technology	6.05	%
Materials	6.30	%
Real Estate	3.75	%
Telecommunication Services	3.18	%
Utilities	5.04	%
Repurchase Agreement	1.88	%
Total	100.00	%


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

International Equity Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/17	4/30/18	11/1/17 – 4/30/18
Class A*
Actual	$1,000.00	$1,027.00	$5.73
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.14	$5.71
Class C*
Actual	$1,000.00	$1,023.10	$9.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.42	$9.44
Class F*
Actual	$1,000.00	$1,027.90	$4.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.38	$4.46
Class F3*
Actual	$1,000.00	$1,029.40	$3.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.10	$3.71
Class I*
Actual	$1,000.00	$1,028.60	$3.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.88	$3.96
Class P*
Actual	$1,000.00	$1,025.80	$6.73
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.15	$6.71
Class R2*
Actual	$1,000.00	$1,025.40	$7.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.41	$7.45
Class R3*
Actual	$1,000.00	$1,025.60	$6.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.95	$6.90
Class R4*
Actual	$1,000.00	$1,027.00	$5.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.19	$5.66
Class R5*
Actual	$1,000.00	$1,028.70	$4.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.38	$4.46
Class R6*
Actual	$1,000.00	$1,028.70	$3.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.12	$3.71


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.14% for Class A, 1.89% for Class C, 0.89% for Class F, 0.74% for Class F3, 0.79% for Class I, 1.34% for Class P, 1.49% for Class R2, 1.38% for Class R3, 1.13% for Class R4, 0.89% for Class R5 and 0.74% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
*	The annualized expenses have been updated (1.17% for Class A, 1.92% for Class C, 0.94% for Class F, 0.82% for Class F3, 0.84% for Class I, 1.37% for Class P, 1.52% for Class R2, 1.42% for Class R3, 1.17% for Class R4, 0.92% for Class R5 and 0.82% for Class R6). Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$5.88	$5.84
Class C	$9.63	$9.55
Class F	$4.73	$4.70
Class F3	$4.13	$4.10
Class I	$4.23	$4.20
Class P	$6.88	$6.83
Class R2	$7.63	$7.57
Class R3	$7.13	$7.08
Class R4	$5.88	$5.84
Class R5	$4.63	$4.60
Class R6	$4.12	$4.10

Portfolio Holdings Presented by Sector

April 30, 2018

Sector*	%**
Consumer Discretionary	13.92	%
Consumer Staples	7.76	%
Energy	4.76	%
Financials	27.36	%
Health Care	5.27	%
Industrials	12.53	%
Information Technology	12.48	%
Materials	8.13	%
Real Estate	2.06	%
Telecommunication Services	1.42	%
Utilities	1.29	%
Repurchase Agreement	3.02	%
Total	100.00	%


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

International Opportunities Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/17	4/30/18	11/1/17 – 4/30/18
Class A
Actual	$1,000.00	$1,012.40	$5.89
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.94	$5.91
Class C
Actual	$1,000.00	$1,008.60	$9.61
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.22	$9.64
Class F
Actual	$1,000.00	$1,013.00	$5.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$5.16
Class F3
Actual	$1,000.00	$1,013.70	$4.34
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.50	$4.36
Class I
Actual	$1,000.00	$1,013.70	$4.64
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.18	$4.66
Class P
Actual	$1,000.00	$ 1,011.30	$6.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.95	$6.90
Class R2
Actual	$1,000.00	$1,010.60	$7.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.21	$7.65
Class R3
Actual	$1,000.00	$1,011.30	$7.13
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.70	$7.15
Class R4
Actual	$1,000.00	$1,012.20	$5.89
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.94	$5.91
Class R5
Actual	$1,000.00	$1,013.70	$4.64
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.18	$4.66
Class R6
Actual	$1,000.00	$1,013.70	$4.34
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.48	$4.36

^†

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 Class C, 1.03% for Class F, 0.87% for Class F3, 0.93% for Class I, 1.38% for Class P, 1.53% for Class R2, 1.43% for Class R3, 1.18% for Class R4, 0.93% for Class R5 and 0.87% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2018

Sector*	%**
Consumer Discretionary	19.63	%
Consumer Staples	4.97	%
Energy	2.48	%
Financials	15.79	%
Health Care	6.72	%
Industrials	18.99	%
Information Technology	7.38	%
Materials	10.76	%
Real Estate	7.70	%
Telecommunication Services	0.44	%
Utilities	1.54	%
Repurchase Agreement	3.60	%
Total	100.00	%


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

Value Opportunities Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/17	4/30/18	11/1/17 – 4/30/18
Class A
Actual	$1,000.00	$ 994.60	$5.59
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.19	$5.66
Class C
Actual	$1,000.00	$ 990.60	$9.28
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.47	$9.39
Class F
Actual	$1,000.00	$ 995.60	$4.85
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.93	$4.91
Class F3
Actual	$1,000.00	$ 996.40	$3.86
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.90	$3.91
Class I
Actual	$1,000.00	$ 995.90	$4.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.43	$4.41
Class P
Actual	$1,000.00	$ 994.00	$6.58
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.20	$6.66
Class R2
Actual	$1,000.00	$ 993.40	$7.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.46	$7.40
Class R3
Actual	$1,000.00	$ 993.40	$6.82
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.95	$6.90
Class R4
Actual	$1,000.00	$ 994.40	$5.59
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.19	$5.66
Class R5
Actual	$1,000.00	$ 996.40	$4.36
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.43	$4.41
Class R6
Actual	$1,000.00	$ 996.90	$3.86
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.93	$3.91
Class T
Actual	$1,000.00	$ 995.70	$4.95
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.84	$5.01

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.13% for Class A, 1.88% for Class C, 0.98% for Class F, 0.78% for Class F3, 0.88% for Class I, 1.33% for Class P, 1.48% for Class R2, 1.38% for Class R3, 1.13% for Class R4, 0.88% for Class R5, 0.78% for Class R6 and 1.00% for Class T) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2018

Sector*	%**
Consumer Discretionary	10.44	%
Consumer Staples	2.25	%
Energy	3.80	%
Financials	16.37	%
Health Care	13.60	%
Industrials	13.04	%
Information Technology	18.62	%
Materials	10.52	%
Real Estate	3.02	%
Telecommunication Services	1.28	%
Utilities	4.84	%
Repurchase Agreement	2.22	%
Total	100.00	%


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

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND April 30, 2018

Investments	Shares		Fair Value (000)
INVESTMENTS IN UNDERLYING FUNDS^(a)100.06%
Lord Abbett Developing Growth Fund, Inc. – Class I*^(b)		7,439,021	$	217,517
Lord Abbett Securities Trust – International Opportunities Fund – Class I^(c)		10,248,993		212,974
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I*^(c)		5,768,955		109,841
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I*^(c)		3,476,597		109,617
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I^(c)		8,991,595		216,698
Lord Abbett Securities Trust – Value Opportunities Fund – Class I^(c)		10,733,866		216,931
Total Investments in Underlying Funds (cost $1,005,668,280)				1,083,578

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.06%

Repurchase Agreement
Repurchase Agreement dated 4/30/2018, 0.74% due 5/1/2018 with Fixed Income Clearing Corp. collateralized by $705,000 of U.S. Treasury Note at 2.00% due 12/31/2021; value: $692,138; proceeds: $677,652 (cost $677,638)	$	678	$	678
Total Investments in Securities 100.12% (cost $1,006,345,918)				1,084,256
Liabilities in Excess of Other Assets (0.12)%				(1,276	)
Net Assets 100.00%			$	1,082,980

*		Non-income producing security.
^(a)		Affiliated issuers (See Note 13).
^(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 April 30, 2018 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)
Investments in Underlying Funds	$	1,083,578	$	–	$	–	$	1,083,578
Repurchase Agreement		–		678		–		678
Total	$	1,083,578	$	678	$	–	$	1,084,256

	⁽¹⁾	Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each investment strategy of Underlying Funds.
	⁽³⁾	There were no Level 1/Level 2 transfers during the period ended April 30, 2018.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

FUNDAMENTAL EQUITY FUND April 30, 2018

Investments	Shares		Fair Value (000)
COMMON STOCKS 96.55%

Aerospace & Defense 2.87%
Boeing Co. (The)		35,231	$	11,752
General Dynamics Corp.		208,855		42,044
Northrop Grumman Corp.		47,379		15,258
Total				69,054

Airlines 0.74%
Delta Air Lines, Inc.		342,548		17,888

Banks 15.50%
Bank of America Corp.		3,306,860		98,941
Citizens Financial Group, Inc.		1,306,274		54,197
Comerica, Inc.		395,634		37,419
East West Bancorp, Inc.		341,533		22,753
JPMorgan Chase & Co.		992,643		107,980
Signature Bank*		256,751		32,646
Webster Financial Corp.		315,604		18,996
Total				372,932

Beverages 1.86%
Coca-Cola Co. (The)		701,830		30,326
PepsiCo, Inc.		143,000		14,434
Total				44,760

Biotechnology 0.72%
Gilead Sciences, Inc.		238,753		17,245

Capital Markets 3.99%
Goldman Sachs Group, Inc. (The)		227,016		54,105
State Street Corp.		419,790		41,886
Total				95,991

Chemicals 2.58%
DowDuPont, Inc.		982,932		62,161

Communications Equipment 3.31%
Cisco Systems, Inc.		1,794,848		79,494

Investments	Shares		Fair Value (000)
Consumer Finance 1.55%
Discover Financial Services		522,913	$	37,258

Diversified Telecommunication Services 2.10%
AT&T, Inc.		1,543,182		50,462

Electric: Utilities 4.94%
Duke Energy Corp.		679,722		54,486
NextEra Energy, Inc.		392,751		64,376
Total				118,862

Electrical Equipment 1.69%
AMETEK, Inc.		583,426		40,723

Electronic Equipment, Instruments & Components 1.01%
Corning, Inc.		895,669		24,201

Energy Equipment & Services 0.93%
Halliburton Co.		420,791		22,298

Equity Real Estate Investment Trusts 2.56%
Boston Properties, Inc.		151,166		18,353
Prologis, Inc.		664,773		43,150
Total				61,503

Food & Staples Retailing 2.30%
Walmart, Inc.		624,682		55,259

Food Products 1.67%
Mondelez International, Inc. Class A		1,014,753		40,083

Health Care Equipment & Supplies 5.49%
Abbott Laboratories		1,059,200		61,571
Baxter International, Inc.		664,584		46,189
Boston Scientific Corp.*		847,830		24,350
Total				132,110

Health Care Providers & Services 1.83%
UnitedHealth Group, Inc.		186,407		44,067

20	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND April 30, 2018

Investments	Shares		Fair Value (000)
Hotels, Restaurants & Leisure 1.81%
McDonald’s Corp.		115,218	$	19,292
Yum! Brands, Inc.		279,323		24,329
Total				43,621

Household Products 0.25%
Clorox Co. (The)		51,425		6,027

Industrial Conglomerates 2.50%
Honeywell International, Inc.		415,023		60,046

Insurance 4.26%
Chubb Ltd. (Switzerland)^(a)		378,721		51,381
Hartford Financial Services Group, Inc. (The)		726,066		39,092
RenaissanceRe Holdings Ltd.		88,424		12,029
Total				102,502

Internet & Direct Marketing Retail 0.55%
Amazon.com, Inc.*		8,509		13,326

Internet Software & Services 0.50%
Alphabet, Inc. Class A*		11,830		12,050

Media 1.42%
Walt Disney Co. (The)		340,291		34,141

Oil, Gas & Consumable Fuels 11.32%
Chevron Corp.		768,230		96,113
ConocoPhillips		850,400		55,701
Devon Energy Corp.		804,593		29,231
EOG Resources, Inc.		332,636		39,308
Royal Dutch Shell plc Class A ADR		742,372		51,892
Total				272,245

Personal Products 0.76%
Unilever NV Registered Shares (United Kingdom)^(a)		321,767		18,379

Investments	Shares		Fair Value (000)
Pharmaceuticals 5.64%
Johnson & Johnson		613,603	$	77,615
Merck & Co., Inc.		204,449		12,036
Novartis AG ADR		599,623		45,985
Total				135,636

Road & Rail 1.36%
CSX Corp.		551,390		32,747

Semiconductors & Semiconductor Equipment 3.27%
Intel Corp.		1,521,878		78,559

Software 3.07%
Microsoft Corp.		476,800		44,590
Oracle Corp.		640,910		29,271
Total				73,861

Specialty Retail 1.79%
Home Depot, Inc. (The)		97,442		18,007
Lowe’s Cos., Inc.		217,113		17,897
O’Reilly Automotive, Inc.*		27,684		7,089
Total				42,993

Tobacco 0.41%
Philip Morris International, Inc.		121,662		9,976
Total Common Stocks (cost $1,941,378,596)				2,322,460

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND April 30, 2018

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 2.79%

Repurchase Agreement
Repurchase Agreement dated 4/30/2018, 0.74% due 5/1/2018 with Fixed Income Clearing Corp. collateralized by $41,735,000 of U.S. Treasury Note at 1.125% due 8/31/2021 and $29,010,000 of U.S. Treasury Note at 2.125% due 8/15/2021; value: $68,373,057; proceeds: $67,032,425 (cost $67,031,047)	$	67,031	$	67,031
Total Investments in Securities 99.34% (cost $2,008,409,643)				2,389,491
Other Assets in Excess of Liabilities 0.66%				15,819
Net Assets 100.00%			$	2,405,310

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 April 30, 2018 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	$	2,322,460	$	–	$	–	$	2,322,460
Repurchase Agreement		–		67,031		–		67,031
Total	$	2,322,460	$	67,031	$	–	$	2,389,491

	⁽¹⁾	Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
	⁽³⁾	There were no Level 1/Level 2 transfers during the period ended April 30, 2018.

22	See Notes to Financial Statements.

Schedule of Investments (unaudited)

GLOBAL EQUITY RESEARCH FUND April 30, 2018

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 97.52%

Australia 1.00%

Beverages
Coca-Cola Amatil Ltd.		3,356	$	23
Treasury Wine Estates Ltd.		2,518		36
Total Australia				59

Austria 0.79%

Banks
Erste Group Bank AG*		961		47

Belgium 0.24%

Beverages
Anheuser-Busch InBev SA		141		14

Brazil 0.45%

Real Estate Management & Development
BR Properties SA		10,459		27

Canada 0.98%

Metals & Mining 0.59%
Lundin Mining Corp.		5,204		35

Oil, Gas & Consumable Fuels 0.39%
Seven Generations Energy Ltd. Class A*		1,619		23
Total Canada				58

China 2.63%

Hotels, Restaurants & Leisure 0.69%
Yum China Holdings, Inc.		961		41

Internet Software & Services 1.94%
Alibaba Group Holding Ltd. ADR*		251		45
Ping An Healthcare & Technology Co., Ltd.		1,000		7
Tencent Holdings Ltd.		1,290		63
				115
Total China				156

Investments	Shares		U.S. $ Fair Value (000)
Denmark 0.74%

Biotechnology
Ascendis Pharma A/S ADR*		702	$	44

France 3.19%

Banks 0.51%
BNP Paribas SA		389		30

Beverages 0.51%
Remy Cointreau SA		216		30

Construction & Engineering 0.70%
Vinci SA		415		42

Electrical Equipment 0.68%
Legrand SA		518		40

Textiles, Apparel & Luxury Goods 0.79%
LVMH Moet Hennessy Louis Vuitton SE		136		47
Total France				189

Germany 3.21%

Health Care Equipment & Supplies 0.39%
Siemens Healthineers AG*^†		576		23

Hotels, Restaurants & Leisure 0.79%
TUI AG		2,093		47

Real Estate Management & Development 0.74%
Aroundtown SA*		5,461		44

Semiconductors & Semiconductor Equipment 0.46%
Infineon Technologies AG		1,071		27

Textiles, Apparel & Luxury Goods 0.83%
adidas AG		198		49
Total Germany				190

Hong Kong 1.17%

Hotels, Restaurants & Leisure 0.73%
Melco Resorts & Entertainment Ltd. ADR		1,391		43

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY RESEARCH FUND April 30, 2018

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

Insurance 0.44%
AIA Group Ltd.		2,906	$	26
Total Hong Kong				69

Hungary 0.42%

Oil, Gas & Consumable Fuels
MOL Hungarian Oil & Gas plc		2,192		25

India 0.89%

Banks
ICICI Bank Ltd. ADR		6,204		53

Ireland 1.76%

Banks 0.93%
Bank of Ireland Group plc		6,141		55

Building Products 0.68%
Allegion plc		522		40

Pharmaceuticals 0.15%
Jazz Pharmaceuticals plc*		56		9
Total Ireland				104

Italy 2.20%

Banks 1.72%
Mediobanca Banca di Credito Finanziario SpA		3,098		37
UniCredit SpA		2,979		65
				102
Textiles, Apparel & Luxury Goods 0.48%
Brunello Cucinelli SpA		851		28
Total Italy				130

Japan 4.80%

Automobiles 0.93%
Toyota Motor Corp.		832		55

Beverages 0.59%
Coca-Cola Bottlers Japan Holdings, Inc.		823		35

Investments	Shares		U.S. $ Fair Value (000)
Machinery 1.00%
Komatsu Ltd.		1,744	$	59

Metals & Mining 0.68%
Sumitomo Metal Mining Co. Ltd.		945		40

Software 0.84%
Nintendo Co., Ltd.		118		50

Wireless Telecommunication Services 0.76%
SoftBank Group Corp.		583		45
Total Japan				284

Mexico 1.08%

Banks
Grupo Financiero Banorte SAB de CV		10,228		64

Netherlands 2.63%

Health Care Equipment & Supplies 0.66%
Koninklijke Philips NV		919		39

Insurance 0.74%
ASR Nederland NV		934		44

Oil, Gas & Consumable Fuels 1.23%
Royal Dutch Shell plc B Shares		2,047		73
Total Netherlands				156

Norway 0.71%

Diversified Telecommunication Services
Telenor ASA		1,884		42

Portugal 0.57%

Oil, Gas & Consumable Fuels
Galp Energia SGPS SA		1,783		34

South Korea 1.49%

Insurance 0.53%
ING Life Insurance Korea Ltd.^†		811	$	31

24	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY RESEARCH FUND April 30, 2018

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

Technology Hardware, Storage & Peripherals 0.96%
Samsung Electronics Co., Ltd.		23	$	57
Total South Korea				88

Spain 0.83%

Banks
Banco Bilbao Vizcaya
Argentaria SA		6,095		49

Switzerland 1.06%

Food Products 0.47%
Nestle SA Registered Shares		363		28

Insurance 0.59%
Swiss Life Holding AG
Registered Shares*		98		35
Total Switzerland				63

United Kingdom 9.26%

Auto Components 0.42%
Aptiv plc		298		25

Banks 0.44%
Royal Bank of Scotland Group plc*		7,076		26

Biotechnology 0.39%
Myovant Sciences Ltd.*		1,097		23

Capital Markets 0.69%
BrightSphere Investment Group plc		2,668		41

Insurance 2.86%
Argo Group International Holdings Ltd.		546		32
Aspen Insurance Holdings Ltd.		309		13
Axis Capital Holdings Ltd.		242		14
Hiscox Ltd.		1,676		34
Lancashire Holdings Ltd.		3,517		29
RenaissanceRe Holdings Ltd.		346		47
				169

Investments	Shares		U.S. $ Fair Value (000)
Machinery 1.44%
Pentair plc		531	$	36
Weir Group plc (The)		1,673		49
				85

Multi-Utilities 0.52%
National Grid plc		2,699		31

Personal Products 1.00%
Unilever plc		1,043		59

Tobacco 0.69%
British American Tobacco plc		750		41

Wireless Telecommunication Services 0.81%
Vodafone Group plc		16,431		48
Total United Kingdom				548

United States 55.40%

Aerospace & Defense 2.35%
Boeing Co. (The)		137		46
General Dynamics Corp.		132		27
Lockheed Martin Corp.		110		35
Northrop Grumman Corp.		97		31
				139

Banks 2.90%
Bank of America Corp.		1,337		40
Byline Bancorp, Inc.*		1,323		28
Cadence BanCorp		926		27
First Horizon National Corp.		1,487		27
JPMorgan Chase & Co.		453		50
				172

Beverages 0.56%
Coca-Cola Co. (The)		757		33

Biotechnology 1.64%
AbbVie, Inc.		462		45
Repligen Corp.*		679		25
Vertex Pharmaceuticals, Inc.*		177		27
				97

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY RESEARCH FUND April 30, 2018

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

Capital Markets 1.08%
ETRADE Financial Corp.		771	$	47
Victory Capital Holdings, Inc.*		1,526		17
				64

Chemicals 2.08%
Ashland Global Holdings, Inc.		528		35
Axalta Coating Systems Ltd.*		1,423		44
DowDuPont, Inc.		701		44
				123

Commercial Services & Supplies 0.61%
Cintas Corp.		212		36

Containers & Packaging 0.83%
Berry Global Group, Inc.*		453		25
Owens-Illinois, Inc.*		1,203		24
				49

Electric: Utilities 1.28%
FirstEnergy Corp.		1,129		39
Great Plains Energy, Inc.		1,148		37
				76

Electrical Equipment 0.79%
AMETEK, Inc.		668		47

Electronic Equipment, Instruments & Components 1.06%
Corning, Inc.		980		26
Keysight Technologies, Inc.*		715		37
				63

Energy Equipment & Services 0.59%
Halliburton Co.		665		35

Equity Real Estate Investment Trusts 1.27%
Alexandria Real Estate Equities, Inc.		281		35
American Tower Corp.		297		40
				75

Investments	Shares		U.S. $ Fair Value (000)
Exchange-Traded Funds 5.57%
iShares MSCI Emerging Markets ETF		4,953	$	232
iShares MSCI Japan ETF		1,611		98
				330

Food & Staples Retailing 0.86%
Sysco Corp.		811		51

Food Products 1.39%
Kraft Heinz Co. (The)		644		36
Mondelez International, Inc. Class A		1,163		46
				82

Health Care Equipment & Supplies 1.18%
Boston Scientific Corp.*		1,348		38
Intuitive Surgical, Inc.*		72		32
				70

Health Care Providers & Services 1.25%
Centene Corp.*		393		43
UnitedHealth Group, Inc.		133		31
				74

Hotels, Restaurants & Leisure 0.66%
Starbucks Corp.		676		39

Household Durables 0.54%
Mohawk Industries, Inc.*		152		32

Information Technology Services 2.24%
Cognizant Technology Solutions Corp. Class A		318		26
Conduent, Inc.*		1,331		26
Euronet Worldwide, Inc.*		332		26
Global Payments, Inc.		195		22
PayPal Holdings, Inc.*		440		33
				133

Insurance 0.22%
Goosehead Insurance, Inc. Class A*		849		13

Internet & Direct Marketing Retail 1.93%
Amazon.com, Inc.*		73		114

26	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY RESEARCH FUND April 30, 2018

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

Internet Software & Services 3.43%
Alphabet, Inc. Class A*		101	$	103
Facebook, Inc. Class A*		391		67
IAC/InterActiveCorp.*		204		33
				203

Life Sciences Tools & Services 1.11%
Agilent Technologies, Inc.		411		27
Illumina, Inc.*		161		39
				66

Machinery 0.98%
Flowserve Corp.		572		25
Parker-Hannifin Corp.		197		33
				58

Media 1.40%
Cable One, Inc.		35		22
CBS Corp. Class B		626		31
Live Nation Entertainment, Inc.*		764		30
				83

Metals & Mining 0.51%
Nucor Corp.		483		30

Multi-Utilities 0.83%
Sempra Energy		437		49

Oil, Gas & Consumable Fuels 3.11%
Anadarko Petroleum Corp.		531		36
Andeavor		346		48
Cimarex Energy Co.		157		16
EOG Resources, Inc.		425		50
ONEOK, Inc.		574		34
				184

Pharmaceuticals 2.62%
Allergan plc		214		33
Merck & Co., Inc.		848		50
Mylan NV*		805		31
Zoetis, Inc.		488		41
				155

Investments	Shares		U.S. $ Fair Value (000)
Professional Services 0.44%
CoStar Group, Inc.*		72	$	26

Semiconductors & Semiconductor Equipment 1.20%
NVIDIA Corp.		92		21
QUALCOMM, Inc.		571		29
Universal Display Corp.		239		21
				71

Software 3.02%
Microsoft Corp.		862		81
salesforce.com, Inc.*		450		54
Ultimate Software Group, Inc. (The)*		183		44
				179

Specialty Retail 1.45%
TJX Cos., Inc. (The)		554		47
Ulta Salon, Cosmetics & Fragrance, Inc.*		154		39
				86

Technology Hardware, Storage & Peripheral 1.22%
Apple, Inc.		436		72

Tobacco 0.54%
Altria Group, Inc.		563		32

Wireless Telecommunication Services 0.66%
T-Mobile US, Inc.*		652		39
Total United States				3,280
Total Investments in Common Stocks 97.52% (cost $5,440,566)				5,773
Cash, Foreign Cash and Other Assets in Excess of Liabilities 2.48%				147
Net Assets 100.00%			$	5,920

ADR		American Depositary Receipt.
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.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GLOBAL EQUITY RESEARCH FUND April 30, 2018

Open Forward Foreign Currency Exchange Contracts at April 30, 2018:

Forward
Foreign
Currency
Exchange
Contracts

Transaction
Type

Counterparty

Expiration
Date

Foreign
Currency

U.S. $
Cost on
Origination
Date

U.S. $
Current
Value

Unrealized
Depreciation

Hong Kong dollar

Buy

Morgan Stanley

5/4/2018

55,352

$7,054

$7,053

$(1

)

The following is a summary of the inputs used as of April 30, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)			Level 3 (000)		Total (000)
Common Stocks
Australia⁽³⁾	$	–	$	59		$	–	$	59
Austria⁽³⁾		–		47			–		47
Belgium⁽³⁾		–		14			–		14
Brazil		27		–			–		27
Canada		58		–			–		58
China⁽³⁾		86		70			–		156
Denmark		44		–			–		44
France⁽³⁾		–		189			–		189
Germany⁽³⁾		23		167			–		190
Hong Kong		43		26			–		69
Hungary		–		25			–		25
India		53		–			–		53
Ireland⁽³⁾		49		55			–		104
Italy⁽³⁾		–		130			–		130
Japan⁽³⁾		–		284			–		284
Mexico		64		–			–		64
Netherlands⁽³⁾		–		156			–		156
Norway		–		42			–		42
Portugal⁽³⁾		–		34			–		34
South Korea⁽³⁾		–		88			–		88
Spain⁽³⁾		–		49			–		49
Switzerland⁽³⁾		–		63			–		63
United Kingdom⁽³⁾		260		288			–		548
United States		3,280		–			–		3,280
Total	$	3,987	$	1,786		$	–	$	5,773
Other Financial Instruments
Forward Foreign Currency Exchange Contract
Assets	$	–	$	–		$	–	$	–
Liabilities		–		(1	)		–		(1	)
Total	$	–	$	(1	)	$	–	$	(1	)

	⁽¹⁾	Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
	⁽³⁾	Securities in the amount of $1,100,313 were transferred from Level 1 to Level 2 due to a change in valuation technique resulting in adjusted valuations (as described in Note 2(a)) on April 30, 2018.

28	See Notes to Financial Statements.

Schedule of Investments (unaudited)

GROWTH LEADERS FUND April 30, 2018

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 98.77%

Aerospace & Defense 4.66%
Boeing Co. (The)		121,163	$	40,415
Lockheed Martin Corp.		80,314		25,768
Northrop Grumman Corp.		114,368		36,831
Raytheon Co.		263,159		53,932
Total				156,946

Air Freight & Logistics 1.27%
XPO Logistics, Inc.*		441,946		42,939

Banks 3.77%
SVB Financial Group*		193,460		57,963
Texas Capital Bancshares, Inc.*		189,938		18,737
Western Alliance Bancorp*		855,214		50,440
Total				127,140

Beverages 1.27%
Constellation Brands, Inc. Class A		183,189		42,707

Biotechnology 4.96%
Agios Pharmaceuticals, Inc.*		350,142		29,380
Alnylam Pharmaceuticals, Inc.*		160,403		15,163
Blueprint Medicines Corp.*		311,719		23,915
Sage Therapeutics, Inc.*		159,382		22,938
Spark Therapeutics, Inc.*		262,427		20,029
Vertex Pharmaceuticals, Inc.*		363,402		55,659
Total				167,084

Capital Markets 4.26%
Charles Schwab Corp. (The)		996,614		55,491
ETRADE Financial Corp.		821,366		49,841
MSCI, Inc.		255,008		38,208
Total				143,540

Communications Equipment 1.86%
Arista Networks, Inc.*		105,450		27,897
Palo Alto Networks, Inc.*		180,834		34,812
Total				62,709

			Fair
			Value
Investments	Shares		(000)
Construction & Engineering 0.98%
MasTec, Inc.*		747,661	$	32,897

Electrical Equipment 0.95%
AMETEK, Inc.		461,102		32,185

Food & Staples Retailing 1.20%
Costco Wholesale Corp.		204,476		40,314

Health Care Equipment & Supplies 4.79%
Align Technology, Inc.*		87,860		21,952
IDEXX Laboratories, Inc.*		200,701		39,034
Insulet Corp.*		442,391		38,046
Intuitive Surgical, Inc.*		141,982		62,583
Total				161,615

Health Care Providers & Services 2.12%
UnitedHealth Group, Inc.		301,670		71,315

Health Care Technology 0.71%
Veeva Systems, Inc. Class A*		343,076		24,060

Hotels, Restaurants & Leisure 2.10%
Marriott International, Inc. Class A		179,914		24,590
Planet Fitness, Inc. Class A*		1,146,356		46,187
Total				70,777

Industrial Conglomerates 0.71%
Roper Technologies, Inc.		90,851		24,002

Information Technology Services 5.99%
Mastercard, Inc. Class A		359,152		64,026
PayPal Holdings, Inc.*		343,122		25,600
Square, Inc. Class A*		811,649		38,424
Visa, Inc. Class A		581,592		73,792
Total				201,842

Internet & Direct Marketing Retail 8.67%
Amazon.com, Inc.*		136,262		213,404
Netflix, Inc.*		252,243		78,816
Total				292,220

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2018

			Fair
			Value
Investments	Shares		(000)
Internet Software & Services 13.48%
2U, Inc.*		486,922	$	39,192
Alibaba Group Holding Ltd. ADR*		193,597		34,565
Alphabet, Inc. Class A*		128,823		131,217
DocuSign, Inc.*		334,427		12,919
Dropbox, Inc. Class A*		407,101		12,258
Facebook, Inc. Class A*		584,028		100,453
GrubHub, Inc.*		288,086		29,137
Match Group, Inc.*		775,664		36,549
MercadoLibre, Inc. (Argentina)^(a)		70,292		23,872
Shopify, Inc. Class A (Canada)*^(a)		257,369		34,392
Total				454,554

Life Sciences Tools & Services 2.73%
Agilent Technologies, Inc.		351,906		23,134
Illumina, Inc.*		285,580		68,805
Total				91,939

Machinery 1.79%
Fortive Corp.		335,659		23,600
Gardner Denver Holdings, Inc.*		1,167,136		36,917
Total				60,517

Media 0.54%
World Wrestling
Entertainment, Inc. Class A		459,959		18,302

Oil, Gas & Consumable Fuels 1.83%
Continental Resources, Inc.*		671,312		44,347
Diamondback Energy, Inc.*		134,270		17,247
Total				61,594

Pharmaceuticals 1.02%
Zoetis, Inc.		413,791		34,543

Professional Services 1.31%
CoStar Group, Inc.*		120,328		44,119

Road & Rail 0.88%
Old Dominion Freight Line, Inc.		221,601		29,663

			Fair
			Value
Investments	Shares		(000)
Semiconductors & Semiconductor Equipment 1.90%
Applied Materials, Inc.		306,879	$	15,243
Lam Research Corp.		85,140		15,756
NVIDIA Corp.		146,840		33,024
Total				64,023

Software 14.45%
Activision Blizzard, Inc.		254,245		16,869
Adobe Systems, Inc.*		200,727		44,481
Atlassian Corp. plc Class A (Australia)*^(a)		526,572		29,478
Electronic Arts, Inc.*		210,124		24,790
HubSpot, Inc.*		234,970		24,883
Intuit, Inc.		140,666		25,994
Microsoft Corp.		1,643,481		153,698
Red Hat, Inc.*		235,708		38,435
salesforce.com, Inc.*		435,205		52,656
ServiceNow, Inc.*		209,362		34,783
Splunk, Inc.*		398,688		40,925
Total				486,992

Specialty Retail 2.82%
Floor & Decor Holdings, Inc. Class A*		747,767		41,569
Home Depot, Inc. (The)		290,093		53,609
Total				95,178

Technology Hardware, Storage & Peripherals 3.42%
Apple, Inc.		697,378		115,249

Textiles, Apparel & Luxury Goods 2.33%
Canada Goose Holdings, Inc. (Canada)*^(a)		854,836		31,697
Lululemon Athletica, Inc. (Canada)*^(a)		470,436		46,950
Total				78,647
Total Common Stocks (cost $2,958,770,347)				3,329,612

30	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GROWTH LEADERS FUND April 30, 2018

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 1.73%

Repurchase Agreement
Repurchase Agreement dated 4/30/2018, 0.74% due 5/1/2018 with Fixed Income Clearing Corp. collateralized by $55,050,000 of U.S. Treasury Note at 0.125% due 1/15/2022; value: $59,489,287; proceeds: $58,323,171 (cost $58,321,972)	$	58,322	$	58,322
Total Investments in Securities 100.50% (cost $3,017,092,319)				3,387,934
Liabilities in Excess of Other Assets (0.50)%				(16,691	)
Net Assets 100.00%			$	3,371,243

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 April 30, 2018 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	$	3,329,612	$	–	$	–	$	3,329,612
Repurchase Agreement		–		58,322		–		58,322
Total	$	3,329,612	$	58,322	$	–	$	3,387,934

	⁽¹⁾	Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
	⁽³⁾	There were no Level 1/Level 2 transfers during the period ended April 30, 2018.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2018

			U.S. $
			Fair Value
Investments	Shares		(000)
COMMON STOCKS 95.17%

Australia 2.23%

Capital Markets 1.03%
Macquarie Group Ltd.		118,139	$	9,621

Hotels, Restaurants & Leisure 1.20%
Crown Resorts Ltd.		1,159,300		11,252
Total Australia				20,873

Austria 1.60%

Banks
Erste Group Bank AG*		307,257		15,025

Belgium 1.17%

Air Freight & Logistics 0.39%
bpost SA		166,081		3,644

Beverages 0.78%
Anheuser-Busch InBev SA		74,095		7,360
Total Belgium				11,004

Brazil 1.89%

Electric: Utilities 0.82%
Transmissora Alianca de Energia Eletrica SA Unit		1,270,700		7,723

Household Durables 1.07%
MRV Engenharia e Participacoes SA		2,343,000		10,032
Total Brazil				17,755

Canada 4.71%

Banks 3.11%
Bank of Nova Scotia (The)		269,700		16,578
Royal Bank of Canada		165,100		12,555
				29,133

			U.S. $
			Fair Value
Investments	Shares		(000)
Oil, Gas & Consumable Fuels 1.60%
Pembina Pipeline Corp.		336,100	$	10,704
Seven Generations Energy Ltd. Class A*		301,200		4,297
				15,001
Total Canada				44,134

China 5.82%

Banks 4.93%
Bank of China Ltd. H Shares		51,836,000		28,138
China Construction Bank Corp. Class H		17,302,000		18,127
				46,265

Independent Power Producers & Energy Traders 0.89%
China Longyuan Power Group Corp. Ltd. Class H		8,473,000		8,322
Total China				54,587

Denmark 0.65%

Banks
Danske Bank A/S		175,872		6,121

Finland 1.37%

Insurance
Sampo OYJ A Shares		237,764		12,859

France 8.06%

Auto Components 0.54%
Valeo SA		75,862		5,072

Automobiles 1.29%
Renault SA		110,993		12,030

Banks 1.16%
BNP Paribas SA		141,047		10,889

Construction & Engineering 1.27%
Vinci SA		119,329		11,931

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2018

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

Oil, Gas & Consumable Fuels 2.84%
Total SA		423,412	$	26,612

Pharmaceuticals 0.96%
Sanofi		113,862		9,002
Total France				75,536

Germany 8.78%

Chemicals 1.86%
BASF SE		167,925		17,471

Hotels, Restaurants & Leisure 1.75%
TUI AG		723,965		16,372

Insurance 3.85%
Allianz SE Registered Shares		152,540		36,079

Real Estate Management & Development 1.32%
Aroundtown SA		1,547,474		12,385
Total Germany				82,307

Hong Kong 6.58%

Commercial Services & Supplies 1.47%
China Everbright International Ltd.		9,843,000		13,806

Communications Equipment 0.87%
VTech Holdings Ltd.		665,700		8,106

Equity Real Estate Investment Trusts 0.97%
Link REIT		1,030,500		9,108

Gas Utilities 0.97%
Beijing Enterprises Holdings Ltd.		1,828,500		9,133

Hotels, Restaurants & Leisure 1.51%
Melco Resorts & Entertainment Ltd. ADR		281,409		8,783
NagaCorp Ltd.		5,194,000		5,376
				14,159

			U.S. $
			Fair Value
Investments	Shares		(000)
Real Estate Management & Development 0.79%
Hysan Development Co., Ltd.		1,272,000	$	7,403
Total Hong Kong				61,715

Hungary 0.73%

Oil, Gas & Consumable Fuels
MOL Hungarian Oil & Gas plc		594,159		6,866

India 1.02%

Thrifts & Mortgage Finance
Indiabulls Housing Finance Ltd.		488,410		9,518

Indonesia 0.43%

Banks
PT Bank Negara Indonesia (Persero) Tbk		6,994,400		4,027

Italy 0.97%

Banks
UniCredit SpA*		418,203		9,067

Japan 1.56%

Banks 1.31%
Sumitomo Mitsui Financial Group, Inc.		294,200		12,262

Machinery 0.25%

Komatsu Ltd.		69,700		2,376
Total Japan				14,638

Macau 1.04%

Hotels, Restaurants & Leisure
Sands China Ltd.		1,686,000		9,744

Mexico 1.04%

Banks
Grupo Financiero Banorte SAB de CV		1,550,016		9,698

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2018

			U.S. $
			Fair Value
Investments	Shares		(000)
Netherlands 6.62%

Health Care Equipment & Supplies 1.48%
Koninklijke Philips NV		328,255	$	13,894

Insurance 1.83%
ASR Nederland NV		363,723		17,154

Oil, Gas & Consumable Fuels 3.31%
Royal Dutch Shell plc Class A ADR		443,314		30,988
Total Netherlands				62,036

New Zealand 1.52%

Diversified Telecommunication Services
Spark New Zealand Ltd.		5,852,828		14,213

Norway 0.00%

Banks
Sparebank 1 Oestlandet*		3,948		42

Russia 2.48%

Banks 0.89%
Sberbank of Russia PJSC ADR		566,712		8,380

Oil, Gas & Consumable Fuels 1.59%
Lukoil PJSC ADR		223,675		14,909
Total Russia				23,289

Singapore 1.73%

Banks
DBS Group Holdings Ltd.		704,400		16,252

South Africa 1.18%

Banks
Barclays Africa Group Ltd.		757,668		11,098

South Korea 1.87%

Insurance 0.79%
ING Life Insurance Korea Ltd.^†		192,517		7,396

			U.S. $
			Fair Value
Investments	Shares		(000)
Technology Hardware, Storage & Peripherals 1.08%
Samsung Electronics Co., Ltd.		4,085	$	10,130
Total South Korea				17,526

Spain 2.04%

Banks 1.03%
Banco Bilbao Vizcaya Argentaria SA		1,188,049		9,614

Electric: Utilities 1.01%
Red Electrica Corp. SA		456,039		9,499
Total Spain				19,113

Sweden 0.89%

Commercial Services & Supplies
Loomis AB Class B		229,228		8,348

Switzerland 2.28%

Insurance 1.19%
Swiss Life Holding AG Registered Shares*		31,905		11,161

Pharmaceuticals 1.09%
Roche Holding AG		46,131		10,250
Total Switzerland				21,411

Taiwan 3.93%

Electronic Equipment, Instruments & Components 0.84%
Hon Hai Precision Industry Co., Ltd.		2,812,000		7,821

Semiconductors & Semiconductor Equipment 3.09%
ASE Industrial Holding Co., Ltd.		4,205,000		11,413
Realtek Semiconductor Corp.		2,565,000		9,700
Taiwan Semiconductor Manufacturing Co., Ltd.		1,034,000		7,876
				28,989
Total Taiwan				36,810

34	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2018

			U.S. $
			Fair Value
Investments	Shares		(000)
Thailand 0.56%

Real Estate Management & Development
Pruksa Holding PCL		7,385,700	$	5,208

United Kingdom 20.42%

Aerospace & Defense 1.36%
BAE Systems plc		1,516,894		12,727

Beverages 0.97%
Coca-Cola European Partners plc		230,064		9,081

Capital Markets 0.34%
Jupiter Fund Management plc		511,020		3,196

Household Durables 0.76%
Berkeley Group Holdings plc		127,076		7,114

Insurance 3.52%
Direct Line Insurance Group plc		2,199,602		11,302
Lancashire Holdings Ltd.		934,557		7,668
Prudential plc		546,041		14,041
				33,011

Machinery 0.88%
Weir Group plc (The)		281,763		8,245

Metals & Mining 4.25%
Anglo American plc		778,635		18,321
Rio Tinto plc ADR		391,032		21,487
				39,808

Multi-Utilities 1.19%
National Grid plc		965,558		11,171

Personal Products 1.53%
Unilever NV CVA		249,938		14,329

Pharmaceuticals 2.36%
AstraZeneca plc		316,201		22,135

				U.S. $
				Fair Value
Investments	Shares			(000)
Tobacco 1.70%
British American Tobacco plc		138,618		$	7,603
Imperial Brands plc		233,362			8,349
					15,952

Wireless Telecommunication Services 1.56%
Vodafone Group plc		5,025,394			14,665
Total United Kingdom					191,434
Total Common Stocks (cost $800,933,543)					892,254

		Principal
		Amount
		(000	)
SHORT-TERM INVESTMENT 1.83%

Repurchase Agreement
Repurchase Agreement dated 4/30/2018, 0.74% due 5/1/2018 with Fixed Income Clearing Corp. collateralized by $18,355,000 of U.S. Treasury Bill at 1.125% due 8/31/2021; value: $17,480,733; proceeds: $17,136,328 (cost $17,135,976)	$	17,136			17,136
Total Investments in Securities 97.00% (cost $818,069,519)					909,390
Foreign Cash and Other Assets in Excess of Liabilities^(a)3.00%					28,165
Net Assets 100.00%				$	937,555

ADR		American Depositary Receipt.
CVA		Company Voluntary Arrangement.
Unit		More than one class of securities traded together.
*		Non-income producing security.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
^(a)		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 (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2018

Open Forward Foreign Currency Exchange Contracts at April 30, 2018:

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	Sell	Barclays Bank plc	5/8/2018	40,782,000	$ 57,794,725	$	56,159,234	$	1,635,491
British pound	Sell	Citibank	5/8/2018	1,594,000	2,239,119		2,195,032		44,087
British pound	Sell	Citibank	5/8/2018	8,253,000	11,604,036		11,364,871		239,165
British pound	Sell	J.P. Morgan	5/8/2018	1,898,000	2,645,860		2,613,659		32,201
British pound	Sell	J.P. Morgan	5/8/2018	1,093,000	1,527,885		1,505,126		22,759
British pound	Sell	State Street Bank and Trust	5/8/2018	2,574,000	3,682,811		3,544,551		138,260
British pound	Sell	State Street Bank and Trust	5/8/2018	1,301,000	1,818,218		1,791,554		26,664
Canadian dollar	Sell	Deutsche Bank AG	5/7/2018	46,906,000	37,499,481		36,536,966		962,515
euro	Sell	Deutsche Bank AG	5/21/2018	4,529,000	5,655,281		5,476,211		179,070
euro	Sell	Deutsche Bank AG	5/21/2018	11,119,000	13,972,402		13,444,467		527,935
euro	Sell	Deutsche Bank AG	5/21/2018	2,891,000	3,574,869		3,495,634		79,235
euro	Sell	Deutsche Bank AG	5/21/2018	7,263,000	8,947,551		8,782,009		165,542
euro	Sell	J.P. Morgan	5/21/2018	2,955,000	3,660,464		3,573,019		87,445
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts								$	4,140,369

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	Bank of America	5/8/2018	4,857,000	$ 6,816,139	$	6,688,377	$	(127,762	)
British pound	Buy	Barclays Bank plc	5/8/2018	1,845,000	2,638,905		2,540,674		(98,231	)
British pound	Buy	J.P. Morgan	5/8/2018	4,050,000	5,620,927		5,577,091		(43,836	)
British pound	Buy	State Street Bank and Trust	5/8/2018	2,347,000	3,319,194		3,231,958		(87,236	)
British pound	Buy	State Street Bank and Trust	5/8/2018	2,159,000	3,051,639		2,973,071		(78,568	)
British pound	Buy	State Street Bank and Trust	5/8/2018	2,480,000	3,474,202		3,415,107		(59,095	)
British pound	Buy	State Street Bank and Trust	5/8/2018	1,728,000	2,415,597		2,379,558		(36,039	)
British pound	Buy	State Street Bank and Trust	5/8/2018	1,925,000	2,706,948		2,650,839		(56,109	)
British pound	Buy	UBS AG	5/8/2018	2,354,000	3,298,879		3,241,598		(57,281	)
Canadian dollar	Buy	J.P. Morgan	5/7/2018	93,800,000	75,368,456		73,064,584		(2,303,872	)
euro	Buy	Citibank	5/21/2018	2,884,000	3,558,886		3,487,170		(71,716	)
euro	Buy	Deutsche Bank AG	5/21/2018	2,502,000	3,070,912		3,025,277		(45,635	)
euro	Buy	Deutsche Bank AG	5/21/2018	2,553,000	3,156,619		3,086,943		(69,676	)
euro	Buy	J.P. Morgan	5/21/2018	3,565,000	4,347,800		4,310,597		(37,203	)
euro	Buy	J.P. Morgan	5/21/2018	2,001,000	2,481,642		2,419,496		(62,146	)
euro	Buy	Standard Chartered Bank	5/21/2018	1,977,000	2,443,837		2,390,477		(53,360	)
euro	Buy	Standard Chartered Bank	5/21/2018	1,971,000	2,446,234		2,383,222		(63,012	)
euro	Buy	State Street Bank and Trust	5/21/2018	2,469,000	3,104,563		2,985,375		(119,188	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts								$	(3,469,965	)

36	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2018

The following is a summary of the inputs used as of April 30, 2018 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
Australia⁽³⁾	$	–	$	20,873		$	–	$	20,873
Austria⁽³⁾		–		15,025			–		15,025
Belgium⁽³⁾		3,644		7,360			–		11,004
Brazil		17,755		–			–		17,755
Canada		44,134		–			–		44,134
China⁽³⁾		–		54,587			–		54,587
Denmark		–		6,121			–		6,121
Finland⁽³⁾		–		12,859			–		12,859
France⁽³⁾		–		75,536			–		75,536
Germany⁽³⁾		–		82,307			–		82,307
Hong Kong⁽³⁾		8,783		52,932			–		61,715
Hungary		–		6,866			–		6,866
India⁽³⁾		–		9,518			–		9,518
Indonesia⁽³⁾		–		4,027			–		4,027
Italy⁽³⁾		–		9,067			–		9,067
Japan⁽³⁾		–		14,638			–		14,638
Macau⁽³⁾		–		9,744			–		9,744
Mexico		9,698		–			–		9,698
Netherlands⁽³⁾		30,988		31,048			–		62,036
New Zealand⁽³⁾		–		14,213			–		14,213
Norway⁽³⁾		–		42			–		42
Russia⁽³⁾		–		23,289			–		23,289
Singapore⁽³⁾		–		16,252			–		16,252
South Africa⁽³⁾		–		11,098			–		11,098
South Korea⁽³⁾		–		17,526			–		17,526
Spain⁽³⁾		–		19,113			–		19,113
Sweden⁽³⁾		–		8,348			–		8,348
Switzerland⁽³⁾		–		21,411			–		21,411
Taiwan⁽³⁾		11,413		25,397			–		36,810
Thailand⁽³⁾		–		5,208			–		5,208
United Kingdom⁽³⁾		29,155		162,279			–		191,434
Repurchase Agreement		–		17,136			–		17,136
Total	$	155,570	$	753,820		$	–	$	909,390
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	4,140		$	–	$	4,140
Liabilities		–		(3,470	)		–		(3,470	)
Total	$	–	$	670		$	–	$	670

	⁽¹⁾	Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.
	⁽³⁾	Securities in the amount of $714,207,198 were transferred from Level 1 to Level 2 due to a change in valuation technique resulting in adjusted valuations (as described in Note 2(a)) on April 30, 2018.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL EQUITY FUND April 30, 2018

			U.S. $
			Fair Value
Investments	Shares		(000)
COMMON STOCKS 95.03%

Australia 1.84%

Beverages 0.72%
Treasury Wine Estates Ltd.		356,533	$	5,093

Metals & Mining 1.12%
BHP Billiton Ltd.		340,436		7,942
Total Australia				13,035

Austria 1.17%

Banks
Erste Group Bank AG		169,160		8,272

Belgium 1.13%

Beverages
Anheuser-Busch InBev SA		80,362		7,983

Canada 0.61%

Oil, Gas & Consumable Fuels
Seven Generations Energy Ltd. Class A*		302,200		4,312

China 4.78%

Banks 1.04%
China Construction Bank Corp. Class H		7,002,000		7,336

Insurance 0.97%
Ping An Insurance Group Co. of China Ltd. Class H		705,000		6,889

Internet Software & Services 2.77%
Alibaba Group Holding Ltd. ADR*		46,350		8,275
Tencent Holdings Ltd.		230,200		11,317
				19,592
Total China				33,817

Denmark 1.45%

Banks 0.94%
Danske Bank A/S		190,893		6,644

			U.S. $
			Fair Value
Investments	Shares		(000)
Pharmaceuticals 0.51%
Novo Nordisk A/S Class B		76,241	$	3,585
Total Denmark				10,229

Finland 0.99%

Insurance
Sampo OYJ A Shares		129,667		7,013

France 8.69%

Auto Components 0.75%
Valeo SA		79,752		5,332

Beverages 1.28%
Remy Cointreau SA		65,907		9,080

Construction & Engineering 1.56%
Vinci SA		110,025		11,001

Information Technology Services 1.17%
Atos SE		61,046		8,241

Machinery 1.15%
Alstom SA		177,916		8,100

Oil, Gas & Consumable Fuels 1.17%
Total SA		131,976		8,295

Textiles, Apparel & Luxury Goods 1.61%
LVMH Moet Hennessy Louis Vuitton SE		32,760		11,401
Total France				61,450

Germany 10.61%

Hotels, Restaurants & Leisure 0.77%
TUI AG		240,765		5,445

Industrial Conglomerates 1.04%
Rheinmetall AG		56,389		7,369

Insurance 1.51%
Allianz SE Registered Shares		45,236		10,699

Life Sciences Tools & Services 0.72%
MorphoSys AG*		49,084		5,069

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2018

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

Pharmaceuticals 1.05%
Bayer AG Registered Shares		62,050	$	7,416

Real Estate Management & Development 2.02%
Aroundtown SA		1,135,628		9,089
PATRIZIA Immobilien AG*		261,393		5,218
				14,307

Semiconductors & Semiconductor Equipment 0.99%
Infineon Technologies AG		274,671		7,033

Software 1.15%
SAP SE		73,028		8,114

Textiles, Apparel & Luxury Goods 1.36%
adidas AG		39,121		9,615
Total Germany				75,067

Hong Kong 6.34%

Auto Components 0.99%
Xinyi Glass Holdings Ltd.		4,890,000		7,030

Hotels, Restaurants & Leisure 2.26%
Galaxy Entertainment Group Ltd.		935,000		8,184
Melco Resorts & Entertainment Ltd. ADR		250,350		7,813
				15,997

Insurance 2.07%
AIA Group Ltd.		1,634,000		14,604

Paper & Forest Products 1.02%
Nine Dragons Paper Holdings Ltd.		4,835,000		7,211
Total Hong Kong				44,842

Hungary 1.15%

Oil, Gas & Consumable Fuels
MOL Hungarian Oil & Gas plc		706,377		8,163

			U.S. $
			Fair Value
Investments	Shares		(000)
India 0.78%

Banks
ICICI Bank Ltd. ADR		649,442	$	5,527

Ireland 1.03%

Banks
Bank of Ireland Group plc		813,767		7,301

Israel 0.50%

Semiconductors & Semiconductor Equipment
Tower Semiconductor Ltd.*		136,691		3,536

Italy 4.67%

Banks 1.34%
UniCredit SpA		437,153		9,477

Capital Markets 1.35%
Anima Holding SpA^†		1,331,532		9,554

Consumer Finance 0.72%
doBank SpA*^†		336,642		5,095

Electric: Utilities 1.26%
Enel SpA		1,403,574		8,904
Total Italy				33,030

Japan 18.79%

Automobiles 1.24%
Honda Motor Co., Ltd.		255,900		8,799

Banks 2.01%
Shinsei Bank Ltd.		350,300		5,454
Sumitomo Mitsui Financial Group, Inc.		210,800		8,786
				14,240

Building Products 1.01%
Daikin Industries Ltd.		61,100		7,137

Chemicals 1.04%
Asahi Kasei Corp.		536,886		7,382

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2018

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

Construction & Engineering 0.79%
Taisei Corp.		103,500	$	5,583

Distributors 1.06%
PALTAC Corp.		149,300		7,473

Diversified Financial Services 1.26%
ORIX Corp.		506,400		8,882

Food & Staples Retailing 1.26%
Sundrug Co., Ltd.		173,800		8,941

Household Durables 1.09%
Sony Corp.		164,500		7,683

Machinery 1.64%
DMG Mori Co., Ltd.		194,100		3,627
Komatsu Ltd.		132,900		4,530
SMC Corp.		9,100		3,458
				11,615

Metals & Mining 1.17%
Sumitomo Metal Mining Co. Ltd.		193,600		8,259

Personal Products 0.61%
Pola Orbis Holdings, Inc.		98,700		4,306

Professional Services 1.18%
en-japan, Inc.		52,700		2,464
Recruit Holdings Co., Ltd.		254,700		5,872
				8,336

Software 1.44%
Nintendo Co., Ltd.		24,200		10,168

Specialty Retail 0.74%
Bic Camera, Inc.		319,900		5,243

Trading Companies & Distributors 1.25%
Mitsubishi Corp.		320,300		8,833
Total Japan				132,880

			U.S. $
			Fair Value
Investments	Shares		(000)
Luxembourg 2.55%

Metals & Mining 1.41%
ArcelorMittal*		293,311	$	9,942

Multi-Line Retail 1.14%
B&M European Value Retail SA		1,453,219		8,098
Total Luxembourg				18,040

Mexico 1.18%

Banks
Grupo Financiero Banorte SAB de CV		1,339,600		8,382

Netherlands 6.60%

Banks 1.03%
ING Groep NV		430,415		7,253

Health Care Equipment & Supplies 1.40%
Koninklijke Philips NV		234,859		9,941

Insurance 1.24%
ASR Nederland NV		185,499		8,749

Oil, Gas & Consumable Fuels 1.73%
Royal Dutch Shell plc B Shares		342,604		12,230

Semiconductors & Semiconductor Equipment 1.20%
ASML Holding NV		44,601		8,491
Total Netherlands				46,664

Norway 0.28%

Banks
Sparebank 1 Oestlandet		182,414		1,947

Philippines 0.70%

Banks
Metropolitan Bank & Trust Co.		3,002,014		4,917

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2018

			U.S. $
			Fair Value
Investments	Shares		(000)
Singapore 1.38%

Banks
United Overseas Bank Ltd.		430,500	$	9,748

South Africa 1.13%

Paper & Forest Products
Mondi plc		286,659		7,980

South Korea 2.07%

Auto Components 0.61%
Mando Corp.		20,454		4,327

Insurance 0.19%
ING Life Insurance Korea Ltd.^†		34,668		1,332

Technology Hardware, Storage & Peripherals 1.27%
Samsung Electronics Co., Ltd.		3,618		8,972
Total South Korea				14,631

Sweden 1.62%

Commercial Services & Supplies 1.14%
Loomis AB Class B		222,152		8,090

Machinery 0.48%
Volvo AB B Shares		199,876		3,387
Total Sweden				11,477

Switzerland 2.73%

Insurance 1.24%
Swiss Life Holding AG Registered Shares*		25,080		8,773

Pharmaceuticals 1.49%
Novartis AG Registered Shares		91,736		7,061
Roche Holding AG		15,606		3,468
				10,529
Total Switzerland				19,302

			U.S. $
			Fair Value
Investments	Shares		(000)
Taiwan 1.74%

Semiconductors & Semiconductor Equipment 1.45%
ASE Industrial Holding Co., Ltd.		2,453,636	$	6,659
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		92,858		3,571
				10,230

Technology Hardware, Storage & Peripherals 0.29%
Primax Electronics Ltd.		1,032,044		2,087
Total Taiwan				12,317

United Kingdom 8.52%

Beverages 0.96%
Coca-Cola European Partners plc		171,713		6,778

Capital Markets 1.10%
Schroders plc		172,011		7,782

Insurance 1.30%
Hiscox Ltd.		449,599		9,194

Machinery 1.05%
Weir Group plc (The)		253,409		7,415

Metals & Mining 1.08%
Rio Tinto plc		139,845		7,622

Personal Products 1.64%
Unilever NV CVA		202,613		11,615

Wireless Telecommunication Services 1.39%
Vodafone Group plc		3,379,473		9,862
Total United Kingdom				60,268
Total Common Stocks (cost $629,147,185)				672,130

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2018

	Principal		U.S. $
	Amount		Fair Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 2.96%

Repurchase Agreement

Repurchase Agreement dated 4/30/2018, 0.74% due 5/1/2018 with Fixed Income Clearing Corp. collateralized by $860,000 of U.S. Treasury Bill at 1.875% due 1/31/2022; $9,975,000 of U.S. Treasury Bill at 2.00% due 12/31/2021 and $9,950,000 of U.S. Treasury Note at 0.125% due 1/15/2022; value: $21,383,483; proceeds: $20,961,022 (cost $20,960,591)	$	20,961	$	20,961
Total Investments in Securities 97.99% (cost $650,107,776)				693,091
Foreign Cash and Other Assets in Excess of Liabilities 2.01%				14,239
Net Assets 100.00%			$	707,330

ADR		American Depositary Receipt.
CVA		Company Voluntary Arrangement.
^*		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.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2018

The following is a summary of the inputs used as of April 30, 2018 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
Australia⁽³⁾	$	–	$	13,035	$	–	$	13,035
Austria⁽³⁾		–		8,272		–		8,272
Belgium⁽³⁾		–		7,983		–		7,983
Canada		4,312		–		–		4,312
China⁽³⁾		8,275		25,542		–		33,817
Denmark⁽³⁾		–		10,229		–		10,229
Finland⁽³⁾		–		7,013		–		7,013
France⁽³⁾		–		61,450		–		61,450
Germany⁽³⁾		–		75,067		–		75,067
Hong Kong⁽³⁾		7,813		37,029		–		44,842
Hungary		–		8,163		–		8,163
India		5,527		–		–		5,527
Ireland⁽³⁾		–		7,301		–		7,301
Israel		3,536		–		–		3,536
Italy⁽³⁾		–		33,030		–		33,030
Japan⁽³⁾		–		132,880		–		132,880
Luxembourg⁽³⁾		–		18,040		–		18,040
Mexico		8,382		–		–		8,382
Netherlands⁽³⁾		–		46,664		–		46,664
Norway⁽³⁾		–		1,947		–		1,947
Philippines		–		4,917		–		4,917
Singapore		–		9,748		–		9,748
South Africa		–		7,980		–		7,980
South Korea⁽³⁾		–		14,631		–		14,631
Sweden⁽³⁾		–		11,477		–		11,477
Switzerland⁽³⁾		–		19,302		–		19,302
Taiwan⁽³⁾		10,230		2,087		–		12,317
United Kingdom⁽³⁾		–		60,268		–		60,268
Repurchase Agreement		–		20,961		–		20,961
Total	$	48,075	$	645,016	$	–	$	693,091

	⁽¹⁾	Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.
	⁽³⁾	Securities in the amount of $401,139,356 were transferred from Level 1 to Level 2 due to a change in valuation technique resulting in adjusted valuations (as described in Note 2(a)) on April 30, 2018.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL EQUITY FUND April 30, 2018

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Common Stock
Balance as of November 1, 2017		$	663
Accrued Discounts (Premiums)			–
Realized Gain (Loss)			130
Change in Unrealized Appreciation (Depreciation)			7
Purchases			–
Sales			(800	)
Transfers into Level 3			–
Transfers out of Level 3			–
Balance as of April 30, 2018		$	–
Change in unrealized appreciation/depreciation for period ended April 30, 2018, related to Level 3 investments held at April 30, 2018		$	–

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2018

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 95.42%

Australia 3.85%

Auto Components 0.97%
GUD Holdings Ltd.		998,727		$	9,488

Beverages 1.30%
Coca-Cola Amatil Ltd.		1,807,322			12,615

Diversified Financial Services 0.58%
IMF Bentham Ltd.		3,004,012			5,622

Electric: Utilities 1.00%
AusNet Services		7,577,498			9,782
Total Australia					37,507

Canada 5.62%

Metals & Mining 2.04%
Hudbay Minerals, Inc.		1,421,466			9,931
Lundin Mining Corp.		1,503,200			9,951
					19,882

Oil, Gas & Consumable Fuels 2.46%
Africa Oil Corp.*		5,274,305			4,849
Canacol Energy Ltd.*		3,718,600			12,425
Vermilion Energy, Inc.		196,500			6,642
					23,916

Paper & Forest Products 1.12%
Interfor Corp.*		582,109			10,886
Total Canada					54,684

China 0.21%

Consumer Finance
China Rapid Finance Ltd. ADR*		497,137			2,058

Denmark 1.01%

Construction & Engineering
FLSmidth & Co. A/S		158,924			9,816

Investments	Shares		U.S. $ Fair Value (000)
Finland 3.41%

Health Care Providers & Services 0.73%
Terveystalo OYJ*^†		623,198		$	7,122

Machinery 1.75%
Konecranes OYJ		290,361			11,842
Outotec OYJ*		571,183			5,195
					17,037

Trading Companies & Distributors 0.93%
Cramo OYJ		383,515			9,003
Total Finland					33,162

France 4.85%

Construction Materials 1.06%
Vicat SA		139,547			10,284

Health Care Providers & Services 1.19%
Korian SA		331,681			11,597

Life Sciences Tools & Services 0.15%
Genfit*		51,980			1,467

Real Estate Management & Development 1.20%
Nexity SA*		186,829			11,683

Specialty Retail 1.25%
Maisons du Monde SA^†		299,781			12,181
Total France					47,212

Germany 6.54%

Industrial Conglomerates 1.23%
Rheinmetall AG		91,807			11,997

Internet Software & Services 1.05%
XING SE		33,056			10,246

Life Sciences Tools & Services 2.11%
Gerresheimer AG		148,109			12,048
MorphoSys AG*		82,237			8,494
					20,542

Machinery 1.16%
Deutz AG		1,165,187			11,257

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2018

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

Real Estate Management & Development 0.99%
PATRIZIA Immobilien AG*		482,458		$	9,631
Total Germany					63,673

Hong Kong 5.06%

Auto Components 1.02%
Xinyi Glass Holdings Ltd.		6,910,000			9,934

Communications Equipment 0.69%
VTech Holdings Ltd.		546,600			6,656

Consumer Finance 1.02%
Sun Hung Kai & Co., Ltd.		16,150,000			9,964

Hotels, Restaurants & Leisure 1.32%
Melco International Development Ltd.		3,462,000			12,817

Paper & Forest Products 1.01%
Lee & Man Paper Manufacturing Ltd.		8,943,000			9,850
Total Hong Kong					49,221

India 0.99%

Consumer Finance 0.71%
Satin Creditcare
Network Ltd.*		1,145,460			6,898

Thrifts & Mortgage Finance 0.28%
Dewan Housing Finance Corp., Ltd.		292,201			2,787
Total India					9,685

Indonesia 0.50%

Banks 0.37%
Bank Tabungan Negara Persero Tbk PT		16,386,304			3,652

Consumer Finance 0.13%
PT Clipan Finance Indonesia Tbk*		52,233,850			1,224
Total Indonesia					4,876

Investments	Shares		U.S. $ Fair Value (000)
Ireland 5.70%

Beverages 0.73%
C&C Group plc		1,882,837		$	7,078

Equity Real Estate Investment Trusts 1.13%
Hibernia REIT plc		6,149,489			11,020

Food Products 0.15%
Origin Enterprises plc		222,637			1,436

Health Care Providers & Services 1.03%
UDG Healthcare plc		801,248			10,067

Household Durables 1.88%
Cairn Homes plc*		3,359,490			7,287
Glenveagh Properties plc*^†		8,239,076			11,004
					18,291

Information Technology Services 0.78%
Keywords Studios plc		301,186			7,538
Total Ireland					55,430

Israel 1.21%

Chemicals 0.75%
Frutarom Industries Ltd.		76,517			7,314

Semiconductors & Semiconductor Equipment 0.46%
Tower Semiconductor Ltd.*		170,842			4,420
Total Israel					11,734

Italy 7.22%

Capital Markets 1.54%
Anima Holding SpA^†		2,081,729			14,936

Construction Materials 1.56%
Buzzi Unicem SpA		601,958			15,199

Consumer Finance 0.99%
doBank SpA*^†		639,344			9,676

Internet & Direct Marketing Retail 0.94%
Yoox Net-A-Porter
Group SpA*		200,465			9,172

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2018

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

Textiles, Apparel & Luxury Goods 2.19%
Brunello Cucinelli SpA		331,356		$	11,006
Moncler SpA		227,899			10,272
					21,278
Total Italy					70,261

Japan 17.64%

Banks 1.18%
Shinsei Bank Ltd.		739,100			11,508

Chemicals 1.36%
KH Neochem Co., Ltd.		437,800			13,240

Construction & Engineering 0.66%
SHO-BOND Holdings Co., Ltd.		84,200			6,365

Containers & Packaging 0.56%
Fuji Seal International, Inc.		145,100			5,414

Distributors 1.00%
PALTAC Corp.		194,900			9,755

Equity Real Estate Investment Trusts 1.15%
GLP J-Reit		10,424			11,205

Food Products 1.00%
Nichirei Corp.		336,700			9,754

Health Care Providers & Services 0.69%
Japan Lifeline Co., Ltd.		230,300			6,747

Hotels, Restaurants & Leisure 1.24%
HIS Co., Ltd.		181,900			6,638
St. Marc Holdings Co., Ltd.		192,500			5,451
					12,089

Information Technology Services 1.24%
NS Solutions Corp.		414,800			12,009

Machinery 2.08%
DMG Mori Co., Ltd.		670,500			12,528
Tsubakimoto Chain Co.		893,000			7,738
					20,266

Investments	Shares		U.S. $ Fair Value (000)
Professional Services 1.41%
en-japan, Inc.		91,400		$	4,273
TechnoPro Holdings, Inc.		162,900			9,478
					13,751

Real Estate Management & Development 0.99%
Kenedix, Inc.		1,667,500			9,631

Software 0.87%
Capcom Co., Ltd.		440,500			8,420

Specialty Retail 1.78%
Bic Camera, Inc.		443,300			7,265
United Arrows Ltd.		273,800			10,056
					17,321

Wireless Telecommunication Services 0.43%
Okinawa Cellular Telephone Co.		112,600			4,191
Total Japan					171,666

Luxembourg 2.13%

Machinery 0.61%
Stabilus SA		66,195			5,951

Multi-Line Retail 1.52%
B&M European Value Retail SA		2,647,458			14,753
Total Luxembourg					20,704

Mexico 0.54%

Banks
Banco del Bajio SA^†		2,487,100			5,305

Netherlands 3.43%

Air Freight & Logistics 0.57%
PostNL NV		1,437,789			5,582

Hotels, Restaurants & Leisure 1.09%
Basic-Fit NV*^†		350,696			10,566

Insurance 0.78%
ASR Nederland NV		161,337			7,609

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2018

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

Machinery 0.99%
Aalberts Industries NV		195,051		$	9,604
Total Netherlands					33,361

Philippines 2.21%

Banks 0.26%
Security Bank Corp.		613,390			2,470

Industrial Conglomerates 1.00%
Alliance Global Group, Inc.*		38,745,700			9,759

Real Estate Management & Development 0.95%
Filinvest Land, Inc.		289,015,000			9,271
Total Philippines					21,500

Portugal 0.51%

Multi-Utilities
REN—Redes Energeticas Nacionais SGPS SA		1,585,272			5,000

South Korea 1.54%

Auto Components 1.21%
Mando Corp.		55,582			11,759

Insurance 0.33%
ING Life Insurance Korea Ltd.^†		84,151			3,233
Total South Korea					14,992

Spain 4.32%

Food Products 1.20%
Ebro Foods SA		482,739			11,641

Household Durables 1.16%
Neinor Homes SA*^†		581,301			11,254

Professional Services 0.75%
Applus Services SA*		544,509			7,358

Real Estate Management & Development 1.21%
Aedas Homes SAU*^†		329,697			11,745
Total Spain					41,998

Investments	Shares		U.S. $ Fair Value (000)
Sweden 3.24%

Commercial Services & Supplies 2.69%
Bravida Holding AB^†		1,660,213		$	11,890
Intrum Justitia AB		88,531			2,349
Loomis AB Class B		328,986			11,981
					26,220

Food & Staples Retailing 0.55%
Axfood AB		288,045			5,351
Total Sweden					31,571

Switzerland 0.51%

Household Durables
Forbo Holding AG Registered Shares		3,527			4,933

Taiwan 1.51%

Semiconductors & Semiconductor Equipment 0.88%
Realtek Semiconductor Corp.		2,258,000			8,539

Technology Hardware, Storage & Peripherals 0.63%
Primax Electronics Ltd.		3,021,000			6,111
Total Taiwan					14,650

United Kingdom 9.37%

Capital Markets 2.31%
Man Group plc		4,086,400			10,149
TP ICAP plc		1,911,857			12,385
					22,534

Consumer Finance 1.34%
Arrow Global Group plc		2,556,675			13,001

Electronic Equipment, Instruments & Components 0.62%
accesso Technology Group plc*		199,258			6,008

Insurance 0.75%
Lancashire Holdings Ltd.		886,328			7,272

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2018

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

Machinery 1.95%
Bodycote plc		964,162		$	11,871
Concentric AB		433,056			7,070
					18,941

Media 0.36%
Huntsworth plc		2,569,438			3,523

Metals & Mining 1.19%
Hill & Smith Holdings plc		635,164			11,591

Pharmaceuticals 0.74%
Dechra Pharmaceuticals plc		191,107			7,178

Software 0.11%
Alfa Financial Software Holdings plc*^†		226,145			1,120
Total United Kingdom					91,168

United States 1.18%

Exchange-Traded Funds
VanEck Vectors Junior Gold Miners		353,518			11,493

Vietnam 1.12%

Closed-Ended Fund
VinaCapital Vietnam Opportunity Fund Ltd.		2,331,525			10,860
Total Common Stocks (cost $855,228,969)					928,520

Investments	Principal Amount (000)		U.S. $ Fair Value (000)
SHORT-TERM INVESTMENT 3.56%

Repurchase Agreement
Repurchase Agreement dated 4/30/2018, 0.74% due 5/1/2018 with Fixed Income Clearing Corp. collateralized by $35,825,000 of U.S. Treasury Note at 2.125% due 8/15/2021; value: $35,350,713; proceeds: $34,655,226 (cost $34,654,514)	$	34,655		$	34,655
Total Investments in Securities 98.98% (cost $889,883,483)					963,175
Cash, Foreign Cash and Other Assets in Excess of Liabilities 1.02%					9,972
Net Assets 100.00%				$	973,147

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.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2018

The following is a summary of the inputs used as of April 30, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks
Australia⁽³⁾	$	–	$	37,507	$	–		$	37,507
Canada⁽³⁾		49,835		4,849		–			54,684
China		2,058		–		–			2,058
Denmark		–		9,816		–			9,816
Finland⁽³⁾		–		33,162		–			33,162
France⁽³⁾		–		47,212		–			47,212
Germany⁽³⁾		–		63,673		–			63,673
Hong Kong⁽³⁾		–		49,221		–			49,221
India⁽³⁾		–		9,685		–			9,685
Indonesia⁽³⁾		1,224		3,652		–			4,876
Ireland⁽³⁾		38,285		17,145		–			55,430
Israel⁽³⁾		4,420		7,314		–			11,734
Italy⁽³⁾		–		70,261		–			70,261
Japan⁽³⁾		–		171,666		–			171,666
Luxembourg⁽³⁾		–		20,704		–			20,704
Mexico		5,305		–		–			5,305
Netherlands⁽³⁾		10,566		22,795		–			33,361
Philippines⁽³⁾		9,271		12,229		–			21,500
Portugal⁽³⁾		–		5,000		–			5,000
South Korea⁽³⁾		–		14,992		–			14,992
Spain⁽³⁾		11,745		30,253		–			41,998
Sweden⁽³⁾		–		31,571		–			31,571
Switzerland⁽³⁾		–		4,933		–			4,933
Taiwan⁽³⁾		–		14,650		–			14,650
United Kingdom⁽³⁾		16,803		74,365		–			91,168
United States		11,493		–		–			11,493
Vietnam		–		10,860		–			10,860
Repurchase Agreement		–		34,655		–			34,655
Total	$	161,005	$	802,170	$	–		$	963,175

	⁽¹⁾	Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
	⁽³⁾	Securities in the amount of $490,825,742 were transferred from Level 1 to Level 2 due to a change in valuation technique resulting in adjusted valuations (as described in Note 2(a)) on April 30, 2018. Securities in the amount of $5,953,769 were transferred from Level 2 to Level 1 as a result of utilizing the last sale or official closing price on the exchange or system on which the securities are principally traded on April 30, 2018.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

VALUE OPPORTUNITIES FUND April 30, 2018

Investments	Shares		Fair Value (000)
COMMON STOCKS 97.69%

Aerospace & Defense 1.02%
Teledyne Technologies, Inc.*		162,743	$	30,448

Air Freight & Logistics 1.71%
XPO Logistics, Inc.*		527,807		51,282

Banks 9.10%
Citizens Financial Group, Inc.		723,796		30,030
Cullen/Frost Bankers, Inc.		481,557		55,114
East West Bancorp, Inc.		362,614		24,158
First Horizon National Corp.		2,396,295		43,852
Signature Bank*		263,037		33,445
Webster Financial Corp.		281,979		16,973
Western Alliance Bancorp*		1,161,495		68,505
Total				272,077

Beverages 1.25%
Cott Corp. (Canada)^(a)		2,606,668		37,275

Building Products 0.95%
Allegion plc (Ireland)^(a)		368,475		28,439

Capital Markets 2.38%
Moelis & Co. Class A		595,743		32,051
Raymond James Financial, Inc.		436,158		39,145
Total				71,196

Chemicals 2.68%
Ashland Global Holdings, Inc.		567,868		37,582
Trinseo SA		198,154		14,455
Valvoline, Inc.		1,391,368		28,217
Total				80,254

Communications Equipment 0.77%
Plantronics, Inc.		353,547		23,034

Investments	Shares		Fair Value (000)
Construction & Engineering 2.48%
AECOM*		1,012,806	$	34,881
Jacobs Engineering Group, Inc.		674,847		39,202
Total				74,083

Construction Materials 1.05%
Eagle Materials, Inc.		316,131		31,284

Containers & Packaging 4.46%
AptarGroup, Inc.		443,815		41,497
Berry Global Group, Inc.*		680,767		37,442
Sealed Air Corp.		652,709		28,621
WestRock Co.		434,830		25,725
Total				133,285

Diversified Telecommunication Services 1.28%
Zayo Group Holdings, Inc.*		1,056,348		38,345

Electrical Equipment 0.44%
Hubbell, Inc.		127,384		13,230

Electronic Equipment, Instruments & Components 5.79%
Amphenol Corp. Class A		373,334		31,252
Belden, Inc.		541,376		33,349
FLIR Systems, Inc.		1,525,371		81,683
Littelfuse, Inc.		143,955		26,908
Total				173,192

Energy Equipment & Services 0.54%
Helmerich & Payne, Inc.		231,055		16,070

Equity Real Estate Investment Trusts 3.02%
Alexandria Real Estate Equities, Inc.		334,218		41,634
Highwoods Properties, Inc.		354,055		15,585
Pebblebrook Hotel Trust		946,837		33,130
Total				90,349

Food Products 1.00%
Pinnacle Foods, Inc.		495,155		29,907

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2018

Investments	Shares		Fair Value (000)
Health Care Equipment & Supplies 5.98%
Cooper Cos., Inc. (The)		202,297	$	46,268
Hill-Rom Holdings, Inc.		539,698		46,322
STERIS plc (United Kingdom)^(a)		376,484		35,585
Teleflex, Inc.		150,317		40,267
West Pharmaceutical Services, Inc.		118,318		10,437
Total				178,879

Health Care Providers & Services 2.23%
Encompass Health Corp.		804,427		48,925
Molina Healthcare, Inc.*		213,800		17,799
Total				66,724

Hotels, Restaurants & Leisure 2.26%
Dunkin’ Brands Group, Inc.		607,243		37,018
Texas Roadhouse, Inc.		478,730		30,677
Total				67,695

Household Durables 0.98%
Lennar Corp. Class A		554,755		29,341

Information Technology Services 8.04%
Acxiom Corp.*		798,856		20,754
Amdocs Ltd.		764,610		51,420
Booz Allen Hamilton Holding Corp.		1,318,985		52,272
Conduent, Inc.*		3,521,360		68,526
Fidelity National Information Services, Inc.		498,708		47,362
Total				240,334

Insurance 4.88%
Everest Re Group Ltd.		164,267		38,220
FNF Group		874,448		32,206
Hanover Insurance Group, Inc. (The)		258,841		29,728
RenaissanceRe Holdings Ltd.		336,066		45,718
Total				145,872

Investments	Shares		Fair Value (000)
Life Sciences Tools & Services 5.12%
Bio-Techne Corp.		225,374	$	34,011
Charles River Laboratories International, Inc.*		344,694		35,914
ICON plc (Ireland)*^(a)		321,617		37,832
PerkinElmer, Inc.		617,798		45,321
Total				153,078

Machinery 3.32%
Crane Co.		360,407		30,145
Rexnord Corp.*		1,027,624		28,270
Timken Co. (The)		430,933		18,422
WABCO Holdings, Inc.*		173,409		22,368
Total				99,205

Media 1.62%
Live Nation Entertainment, Inc.*		1,224,914		48,347

Metals & Mining 2.33%
Commercial Metals Co.		1,262,587		26,527
Reliance Steel & Aluminum Co.		489,529		43,039
Total				69,566

Multi-Utilities 3.23%
CMS Energy Corp.		1,039,499		49,054
NiSource, Inc.		1,947,428		47,498
Total				96,552

Oil, Gas & Consumable Fuels 3.25%
Cimarex Energy Co.		290,054		29,176
EQT Corp.		742,772		37,280
Parsley Energy, Inc. Class A*		1,029,073		30,903
Total				97,359

Pharmaceuticals 0.25%
Catalent, Inc.*		183,560		7,546

Professional Services 0.95%
Robert Half International, Inc.		469,097		28,498

52	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2018

Investments	Shares		Fair Value (000)
Road & Rail 1.15%
Old Dominion Freight Line, Inc.		256,222	$	34,298

Semiconductors & Semiconductor Equipment 1.30%
Entegris, Inc.		842,283		27,121
MACOM Technology Solutions Holdings, Inc.*		711,297		11,822
Total				38,943

Software 2.71%
FireEye, Inc.*		2,570,880		46,404
Ultimate Software Group, Inc. (The)*		143,900		34,525
Total				80,929

Specialty Retail 3.27%
Advance Auto Parts, Inc.		347,991		39,827
Burlington Stores, Inc.*		237,245		32,230
Foot Locker, Inc.		594,559		25,614
Total				97,671

Textiles, Apparel & Luxury Goods 2.30%
Lululemon Athletica, Inc. (Canada)*^(a)		351,740		35,103
Steven Madden Ltd.		700,887		33,818
Total				68,921

Trading Companies & Distributors 1.00%
Beacon Roofing Supply, Inc.*		613,769		30,044

Water Utilities 1.60%
American Water Works Co., Inc.		554,571		48,015
Total Common Stocks (cost $2,379,675,930)				2,921,567

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 2.21%

Repurchase Agreement
Repurchase Agreement dated 4/30/2018, 0.74% due 5/1/2018 with Fixed Income Clearing Corp. collateralized by $69,785,000 of U.S. Treasury Note at 2.00% due 10/31/2022; value: $67,500,658; proceeds: $66,174,801 (cost $66,173,440)		$66,173	$	66,173
Total Investments in Securities 99.90% (cost $2,445,849,370)				2,987,740
Cash and Other Assets in Excess of Liabilities 0.10%				3,114
Net Assets 100.00%			$	2,990,854

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

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

VALUE OPPORTUNITIES FUND April 30, 2018

The following is a summary of the inputs used as of April 30, 2018 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	$	2,921,567	$	–	$	–	$	2,921,567
Repurchase Agreement		–		66,173		–		66,173
Total	$	2,921,567	$	66,173	$	–	$	2,987,740

	⁽¹⁾	Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
	⁽³⁾	There were no Level 1/Level 2 transfers during the period ended April 30, 2018.

54	See Notes to Financial Statements.

This page is intentionally left blank.

Statements of Assets and Liabilities (unaudited)

April 30, 2018

	Alpha Strategy Fund				Fundamental Equity Fund			Global Equity Research Fund
ASSETS:
Investments in securities, at cost		$	677,638			$	2,008,409,643		$	5,440,566
Investments in Underlying Funds, at cost			1,005,668,280				–			–
Investments in securities, at value		$	677,638			$	2,389,491,159		$	5,772,708
Investments in Underlying Funds, at value			1,083,577,930				–			–
Cash			–				–			61,283
Segregated cash held at custodian for forward foreign currency exchange contracts			–				–			–
Foreign cash, at value (cost $0, $0, $45,597, $0, $21,136,017, $1,156,774, $10,016,354 and $0, respectively)			–				–			46,391
Receivables:
Investment securities sold			–				95,168,558			26,321
Investments in Underlying Funds sold			849,905				–			–
Capital shares sold			6,442,787				5,356,860			148
Interest and dividends			14				2,055,864			8,495
From advisor (See Note 3)			–				–			14,087
Unrealized appreciation on forward foreign currency exchange contracts			–				–			–
Prepaid expenses and other assets			74,691				95,620			79,126
Total assets			1,091,622,965				2,492,168,061			6,008,559
LIABILITIES:
Payables:
Investment securities purchased			–				74,079,577			33,720
Capital shares reacquired			7,802,621				9,318,739			–
Management fee			–				1,081,773			–
12b-1 distribution plan			347,502				870,223			1,153
Trustees’ fees			149,983				709,208			86
Fund administration			36,096				80,295			187
To bank			–				–			–
Offering costs			–				–			14,707
Unrealized depreciation on forward foreign currency exchange contracts			–				–			1
Distributions payable			–				–			2
Accrued expenses			306,634				717,979			38,207
Total liabilities			8,642,836				86,857,794			88,063
NET ASSETS		$	1,082,980,129			$	2,405,310,267		$	5,920,496
COMPOSITION OF NET ASSETS:
Paid-in capital		$	908,870,703			$	1,905,015,872		$	5,400,895
Accumulated net investment loss			(4,242,657	)			7,889,665			10,770
Accumulated net realized gain (loss) on investments, investments, options and foreign currency related transactions			100,442,433				111,323,214			175,944
Net unrealized appreciation on investments, investments, options and translation of assets and liabilities denominated in foreign currencies			77,909,650				381,081,516			332,887
Net Assets		$	1,082,980,129			$	2,405,310,267		$	5,920,496

56	See Notes to Financial Statements.

Growth Leaders Fund			International Dividend Income Fund			International Equity Fund		International Opportunities Fund			Value Opportunities Fund
$	3,017,092,319		$	818,069,519		$	650,107,776	$	889,883,483		$	2,445,849,370
	–			–			–		–			–
$	3,387,934,130		$	909,390,088		$	693,090,919	$	963,175,252		$	2,987,739,770
	–			–			–		–			–
	–			–			–		128,234			17,332
	–			2,290,000			–		–			–
	–			21,048,552			1,147,583		10,011,993			–
	2,611,530			3,263,232			20,086,422		6,350,531			16,465,587
	–			–			–		–			–
	8,462,681			410,238			173,571		2,108,840			3,875,896
	532,585			5,322,433			3,876,453		2,987,373			780,976
	88,973			47,701			21,088		–			–
	–			4,140,369			–		–			–
	60,621			46,213			72,302		128,709			183,972
	3,399,690,520			945,958,826			718,468,338		984,890,932			3,009,063,533
	19,165,945			2,581,229			8,888,049		9,734,875			8,873,110
	6,268,884			792,020			1,271,572		851,145			5,519,374
	1,461,627			540,819			410,613		606,108			1,741,686
	817,181			153,268			64,695		148,062			699,860
	155,252			198,963			129,387		77,015			399,471
	110,355			30,904			23,464		32,326			99,594
	55,986			–			–		–			–
	–			–			–		–			–
	–			3,469,965			–		–			–
	–			–			–		–			–
	411,905			637,069			350,322		294,588			876,044
	28,447,135			8,404,237			11,138,102		11,744,119			18,209,139
$	3,371,243,385		$	937,554,589		$	707,330,236	$	973,146,813		$	2,990,854,394
$	2,662,580,932		$	1,234,281,760		$	631,368,089	$	841,497,453		$	2,291,073,786
	(6,776,198	)		3,049,035			3,233,118		(285,534	)		130,153
	344,596,840			(391,680,440	)		29,799,220		58,680,145			157,760,055
	370,841,811			91,904,234			42,929,809		73,254,749			541,890,400
$	3,371,243,385		$	937,554,589		$	707,330,236	$	973,146,813		$	2,990,854,394

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

April 30, 2018

	Alpha Strategy Fund			Fundamental Equity Fund		Global Equity Research Fund
Net assets by class:
Class A Shares		$	494,975,254	$	1,426,940,993	$	2,544,834
Class C Shares		$	198,008,711	$	393,699,513	$	633,289
Class F Shares		$	217,359,864	$	268,192,570	$	1,276,280
Class F3 Shares		$	36,174,448	$	21,753,463	$	11,880
Class I Shares		$	96,465,615	$	131,277,436	$	1,195,662
Class P Shares			–	$	6,441,664		–
Class R2 Shares		$	2,674,303	$	6,173,156	$	12,107
Class R3 Shares		$	30,373,955	$	127,867,972	$	12,123
Class R4 Shares		$	2,912,565	$	4,615,343	$	12,160
Class R5 Shares		$	97,506	$	396,027	$	12,201
Class R6 Shares		$	3,937,908	$	17,952,130	$	209,960
Class T Shares			–		–		–
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			18,329,746		113,281,280		221,226
Class C Shares			8,669,061		35,081,985		55,412
Class F Shares			8,000,946		21,513,874		110,850
Class F3 Shares			1,307,194		1,711,280		1,030.5
Class I Shares			3,489,434		10,360,092		103,806
Class P Shares			–		520,883		–
Class R2 Shares			102,594		501,601		1,054
Class R3 Shares			1,156,271		10,332,765		1,054.6
Class R4 Shares			108,037		368,200		1,056.9
Class R5 Shares			3,525		31,244		1,059
Class R6 Shares			142,267		1,411,495		18,219
Class T Shares			–		–		–
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$27.00		$12.60		$11.50
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$28.65		$13.37		$12.20
Class C Shares-Net asset value			$22.84		$11.22		$11.43
Class F Shares-Net asset value			$27.17		$12.47		$11.51
Class F3 Shares-Net asset value			$27.67		$12.71		$11.53
Class I Shares-Net asset value			$27.65		$12.67		$11.52
Class P Shares-Net asset value			–		$12.37		–
Class R2 Shares-Net asset value			$26.07		$12.31		$11.49
Class R3 Shares-Net asset value			$26.27		$12.38		$11.50
Class R4 Shares-Net asset value			$26.96		$12.53		$11.51
Class R5 Shares-Net asset value			$27.66		$12.68		$11.52
Class R6 Shares-Net asset value			$27.68		$12.72		$11.52
Class T Shares-Net asset value			–		–		–
Class T Shares-Maximum offering price (Net asset value plus sales charge of 2.50%)			–		–		–

58	See Notes to Financial Statements.

Growth Leaders Fund		International Dividend Income Fund		International Equity Fund		International Opportunities Fund		Value Opportunities Fund
$	812,646,008	$	359,292,120	$	233,349,667	$	226,787,914	$	942,038,232
$	563,122,110	$	62,653,886	$	24,961,103	$	54,715,323	$	294,365,215
$	1,091,757,566	$	74,837,699	$	70,510,188	$	328,422,617	$	433,967,273
$	25,908,972	$	31,798,702	$	6,286,693	$	26,875,386	$	348,326,297
$	825,408,412	$	396,968,199	$	356,524,686	$	289,906,808	$	690,847,734
	–		–	$	51,888	$	229,336	$	29,582,782
$	1,718,549	$	397,125	$	568,602	$	5,036,361	$	8,342,904
$	13,846,562	$	9,313,002	$	10,982,245	$	9,755,041	$	85,117,123
$	5,812,790	$	28,415	$	839,811	$	5,406,529	$	58,116,581
$	7,040,108	$	11,001	$	77,806	$	4,204,537	$	5,607,004
$	23,970,756	$	2,254,440	$	3,177,547	$	21,806,961	$	94,532,926
$	11,552		–		–		–	$	10,323
	27,740,571		46,098,434		16,429,822		11,211,045		48,432,880
	20,291,947		8,110,155		1,774,162		2,907,270		16,971,864
	36,829,258		9,568,332		4,993,808		16,387,682		21,874,139
	867,363		4,058,383		438,159		1,289,623		17,171,589
	27,699,931		50,629,594		24,892,420		13,951,596		34,177,813
	–		–		3,651		11,106		1,549,217
	59,172		49,858		40,110		253,064		446,437
	478,293		1,182,606		785,134		490,930		4,508,090
	198,381		3,649		59,348		268,131		2,992,109
	236,188		1,405.13		5,449		202,407		277,214
	802,484		287,631		221,562		1,046,355		4,659,867
	394		–		–		–		531
	$29.29		$7.79		$14.20		$20.23		$19.45
	$31.08		$8.27		$15.07		$21.46		$20.64
	$27.75		$7.73		$14.07		$18.82		$17.34
	$29.64		$7.82		$14.12		$20.04		$19.84
	$29.87		$7.84		$14.35		$20.84		$20.29
	$29.80		$7.84		$14.32		$20.78		$20.21
	–		–		$14.21		$20.65		$19.10
	$29.04		$7.97		$14.18		$19.90		$18.69
	$28.95		$7.87		$13.99		$19.87		$18.88
	$29.30		$7.79		$14.15		$20.16		$19.42
	$29.81		$7.83		$14.28		$20.77		$20.23
	$29.87		$7.84		$14.34		$20.84		$20.29
	$29.32		–		–		–		$19.44
	$30.07		–		–		–		$19.94

See Notes to Financial Statements.

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2018

	Alpha Strategy Fund				Fundamental Equity Fund			Global Equity Research Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $437,917, $2,273, $0, $1,473,598, $940,041, $865,364 and $24,813, respectively)		$	–		$	27,028,623		$	42,476
Dividends from Underlying Funds			2,934,648			–			–
Interest and other			424			132,500			207
Total investment income			2,935,072			27,161,123			42,683
Expenses:
Management fee			554,803			6,889,444			16,832
12b-1 distribution plan-Class A			626,409			1,897,186			2,523
12b-1 distribution plan-Class B			3,562			9,858			–
12b-1 distribution plan-Class C			1,062,490			2,131,285			2,080
12b-1 distribution plan-Class F			110,713			141,290			618
12b-1 distribution plan-Class P			–			15,612			–
12b-1 distribution plan-Class R2			8,575			22,177			36
12b-1 distribution plan-Class R3			78,780			350,405			30
12b-1 distribution plan-Class R4			3,088			5,720			15
12b-1 distribution plan-Class T			–			–			–
Shareholder servicing			570,342			1,413,035			929
Fund administration			221,921			513,468			987
Registration			75,576			85,763			56,716
Reports to shareholders			65,947			124,445			1,685
Custody			9,614			27,215			4,948
Professional			23,821			45,318			25,801
Trustees’ fees			12,265			29,169			55
Offering costs			–			–			7,885
Other			11,437			48,490			4,851
Gross expenses			3,439,343			13,749,880			125,991
Expense reductions (See Note 9)			(7,973	)		(18,726	)		(37	)
Fees waived and expenses reimbursed (See Note 3)			(554,803	)		–			(101,183	)
Net expenses			2,876,567			13,731,154			24,771
Net investment income (loss)			58,505			13,429,969			17,912
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds			78,619,679			–			–
Net realized gain on investments in Underlying Funds			28,075,985			–			–
Net realized gain (loss) on investments (net of foreign capital gains tax of $0, $0, $0, $0, $0, $562,123, $601,090 and $0, respectively)			–			140,425,217			184,917
Net realized gain (loss) on foreign currency exchange contracts			–			–			(8,967	)
Net realized gain (loss) on written options			–			–			–
Net realized gain (loss) on foreign currency related transactions			–			–			(584	)
Net change in unrealized appreciation/depreciation on investments			–			(105,689,956	)		316
Net change in unrealized appreciation/depreciation in Underlying Funds			(56,947,265	)		–			–
Net change in unrealized appreciation/depreciation on foreign currency exchange contracts			–			–			11,075
Net change in unrealized appreciation/depreciation on options			–			–			–
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies			–			–			580
Net realized and unrealized gain (loss)			49,748,399			34,735,261			187,337
Net Increase (Decrease) in Net Assets Resulting From Operations		$	49,806,904		$	48,165,230		$	205,249

60	See Notes to Financial Statements.

Growth Leaders Fund			International Dividend Income Fund			International Equity Fund			International Opportunities Fund			Value Opportunities Fund
$	7,881,520		$	15,527,084		$	8,127,485		$	7,353,805		$	18,339,390
	–			–			–			–			–
	129,985			22,701			37,192			81,182			94,850
	8,011,505			15,549,785			8,164,677			7,434,987			18,434,240
	8,581,633			3,494,320			2,399,697			3,416,123			10,857,227
	982,388			457,523			300,379			267,506			1,240,874
	1,572			–			1,891			1,141			6,094
	2,742,339			331,977			128,861			245,998			1,586,332
	518,267			38,669			34,015			146,453			237,519
	–			–			156			522			71,573
	5,171			1,515			1,900			15,645			26,730
	33,972			29,339			29,768			24,515			211,287
	7,231			45			892			5,328			77,207
	14			–			–			–			13
	1,043,735			345,947			280,661			307,739			1,531,246
	646,859			200,142			137,126			182,193			622,363
	102,950			70,871			78,051			99,817			140,480
	118,062			48,560			36,906			31,151			169,419
	18,844			230,411			111,143			105,442			24,530
	36,631			49,111			47,204			39,725			42,302
	32,157			11,568			7,289			9,051			34,587
	–			–			–			–			–
	41,972			35,906			32,906			41,019			46,664
	14,913,797			5,345,904			3,628,845			4,939,368			16,926,447
	(19,513	)		(4,326	)		(2,742	)		(4,957	)		(18,314	)
	(518,689	)		(295,651	)		(276,327	)		–			–
	14,375,595			5,045,927			3,349,776			4,934,411			16,908,133
	(6,364,090	)		10,503,858			4,814,901			2,500,576			1,526,107
	–			–			–			–			–
	–			–			–			–			–
	349,576,677			54,073,546			38,940,034			59,675,419			161,588,094
	–			(4,987,385	)		(2,509,896	)		(1,805,331	)		–
	–			–			–			(1,001,000	)		–
	–			(590,770	)		1,727,448			503,346			–
	(104,215,206	)		(23,431,048	)		(31,840,832	)		(55,320,606	)		(175,126,598	)
	–			–			–			–			–
	–			2,582,152			1,726,452			2,114,700			–
	–			–			–			(992,421	)		–
	–			(109,657	)		(13,951	)		(51,898	)		–
	245,361,471			27,536,838			8,029,255			3,122,209			(13,538,504	)
$	238,997,381		$	38,040,696		$	12,844,156		$	5,622,785		$	(12,012,397	)

See Notes to Financial Statements.

Statements of Changes in Net Assets

	Alpha Strategy Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2018 (unaudited)				For the Year Ended October 31, 2017
Operations:
Net investment income (loss)		$	58,505			$	(3,479,487	)
Capital gain distributions received from Underlying Funds			78,619,679				57,871,335
Net realized gain (loss) on investments and foreign currency related transactions			–				–
Net realized gain on investments in Underlying Funds			28,075,985				73,204,166
Net change in unrealized appreciation/depreciation on investments in Underlying Funds			(56,947,265	)			118,138,740
Net change in unrealized appreciation/depreciation on investments, foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies			–				–
Net increase in net assets resulting from operations			49,806,904				245,734,754
Distributions to shareholders from:
Net investment income
Class A			–				–
Class B			–				–
Class C			–				–
Class F			–				–
Class F3			–				–
Class I			–				–
Class P			–				–
Class R2			–				–
Class R3			–				–
Class R4			–				–
Class R5			–				–
Class R6			–				–
Net realized gain
Class A			(54,348,075	)			(55,318,828	)
Class B			(139,024	)			(508,140	)
Class C			(27,631,213	)			(32,030,506	)
Class F			(24,159,500	)			(26,130,404	)
Class F3			(3,752,805	)			–
Class I			(10,054,757	)			(7,340,823	)
Class P			–				–
Class R2			(330,799	)			(298,197	)
Class R3			(3,558,134	)			(3,825,073	)
Class R4			(230,724	)			(40,486	)
Class R5			(9,146	)			(1,052	)
Class R6			(425,823	)			(80,661	)
Total distributions to shareholders			(124,640,000	)			(125,574,170	)
Capital share transactions (Net of share conversions) (See Note 15):
Net proceeds from sales of shares			111,725,172				290,270,982
Reinvestment of distributions			107,898,804				107,106,054
Cost of shares reacquired			(192,301,315	)			(501,332,811	)
Net increase (decrease) in net assets resulting from capital share transactions			27,322,661				(103,955,775	)
Net increase (decrease) in net assets			(47,510,435	)			16,204,809
NET ASSETS:
Beginning of period		$	1,130,490,564			$	1,114,285,755
End of period		$	1,082,980,129			$	1,130,490,564
Undistributed (distributions in excess of) net investment income		$	(4,242,657	)		$	(4,301,162	)

*	For the period January 17, 2017 (commencement of operations) to October 31, 2017.

62	See Notes to Financial Statements.

Fundamental Equity Fund						Global Equity Research Fund
For the Six Months Ended April 30, 2018 (unaudited)			For the Year Ended October 31, 2017			For the Six Months Ended April 30, 2018 (unaudited)			For the Year Ended October 31, 2017*
$	13,429,969		$	32,527,794		$	17,912		$	30,382
	–			–			–			–
	140,425,217			299,968,704			175,366			200,789
	–			–			–			–
	–			–			–			–
	(105,689,956	)		119,354,814			11,971			320,916
	48,165,230			451,851,312			205,249			552,087
	(19,522,930	)		(25,173,660	)		(16,201	)		–
	–			(102,842	)		–			–
	(2,510,845	)		(4,948,705	)		(2,359	)		–
	(4,020,383	)		(5,204,052	)		(12,787	)		–
	(312,089	)		–			(134	)		–
	(2,362,456	)		(2,486,080	)		(13,338	)		–
	(68,821	)		(148,944	)		–			–
	(75,532	)		(94,171	)		(74	)		–
	(1,485,703	)		(2,055,670	)		(84	)		–
	(58,356	)		(2,106	)		(110	)		–
	(15,964	)		(2,310	)		(136	)		–
	(97,676	)		(7,568	)		(138	)		–
	(159,018,493	)		(60,367,654	)		(75,602	)		–
	(436,747	)		(619,571	)		–			–
	(49,809,463	)		(21,921,733	)		(15,761	)		–
	(29,338,538	)		(11,296,010	)		(53,270	)		–
	(2,085,894	)		–			(510	)		–
	(15,916,253	)		(5,102,200	)		(51,401	)		–
	(738,443	)		(410,518	)		–			–
	(844,666	)		(296,884	)		(525	)		–
	(15,135,338	)		(5,891,910	)		(525	)		–
	(446,349	)		(4,500	)		(525	)		–
	(107,195	)		(4,692	)		(525	)		–
	(652,832	)		(15,303	)		(525	)		–
	(305,060,966	)		(146,157,083	)		(244,530	)		–
	147,375,723			382,748,155			1,338,298			3,850,124
	280,805,443			133,850,011			244,329			–
	(424,431,630	)		(1,000,946,753	)		(10,009	)		(15,052	)
	3,749,536			(484,348,587	)		1,572,618			3,835,072
	(253,146,200	)		(178,654,358	)		1,533,337			4,387,159
$	2,658,456,467		$	2,837,110,825		$	4,387,159		$	–
$	2,405,310,267		$	2,658,456,467		$	5,920,496		$	4,387,159
$	7,889,665		$	24,990,451		$	10,770		$	38,219

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Growth Leaders Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2018 (unaudited)				For the Year Ended October 31, 2017
Operations:
Net investment income (loss)		$	(6,364,090	)		$	(6,976,443	)
Net realized gain (loss) on investments and foreign currency related transactions			349,576,677				264,255,911
Net change in unrealized appreciation/depreciation on investments, foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies			(104,215,206	)			337,975,396
Net increase in net assets resulting from operations			238,997,381				595,254,864
Distributions to shareholders from:
Net investment income
Class A			–				–
Class B			–				–
Class C			–				–
Class F			–				–
Class F3			–				–
Class I			–				–
Class P			–				–
Class R2			–				–
Class R3			–				–
Class R4			–				–
Class R5			–				–
Class R6			–				–
Net realized gain
Class A			(47,438,304	)			–
Class B			(38,213	)			–
Class C			(34,566,934	)			–
Class F			(60,807,764	)			–
Class F3			(1,206,691	)			–
Class I			(45,292,112	)			–
Class R2			(115,744	)			–
Class R3			(849,982	)			–
Class R4			(312,085	)			–
Class R5			(359,518	)			–
Class R6			(1,316,788	)			–
Class T			(676	)			–
Total distributions to shareholders			(192,304,811	)			–
Capital share transactions (Net of share conversions) (See Note 15):
Net proceeds from sales of shares			973,824,804				990,493,367
Reinvestment of distributions			175,226,006				–
Cost of shares reacquired			(574,378,017	)			(955,261,897	)
Net increase (decrease) in net assets resulting from capital share transactions			574,672,793				35,231,470
Net increase (decrease) in net assets			621,365,363				630,486,334
NET ASSETS:
Beginning of period		$	2,749,878,022			$	2,119,391,688
End of period		$	3,371,243,385			$	2,749,878,022
Undistributed (distributions in excess of) net investment income		$	(6,776,198	)		$	(412,108	)

64	See Notes to Financial Statements.

International Dividend Income Fund						International Equity Fund
For the Six Months Ended April 30, 2018 (unaudited)			For the Year Ended October 31, 2017			For the Six Months Ended April 30, 2018 (unaudited)			For the Year Ended October 31, 2017
$	10,503,858		$	37,820,851		$	4,814,901		$	9,552,015
	48,495,391			(7,563,152	)		38,157,586			42,742,534
	(20,958,553	)		156,683,599			(30,128,331	)		58,903,800
	38,040,696			186,941,298			12,844,156			111,198,349
	(3,213,027	)		(12,788,289	)		(4,679,235	)		(5,326,381	)
	–			–			–			(31,492	)
	(328,809	)		(1,956,948	)		(313,590	)		(420,035	)
	(728,998	)		(4,070,409	)		(1,317,661	)		(1,455,989	)
	(306,175	)		(2,726	)		(129,945	)		–
	(4,413,465	)		(19,812,921	)		(6,383,141	)		(3,938,350	)
	–			–			(1,601	)		(1,887	)
	(3,311	)		(20,037	)		(10,881	)		(9,725	)
	(77,292	)		(402,876	)		(218,531	)		(294,578	)
	(285	)		(777	)		(13,032	)		(206	)
	(110	)		(359	)		(1,577	)		(227	)
	(23,210	)		(76,135	)		(68,783	)		(270,198	)
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	(9,094,682	)		(39,131,477	)		(13,137,977	)		(11,749,068	)
	106,815,202			169,320,262			151,633,792			233,755,451
	8,677,157			37,490,989			12,682,291			11,216,988
	(252,519,888	)		(650,587,021	)		(103,929,604	)		(244,826,099	)
	(137,027,529	)		(443,775,770	)		60,386,479			146,340
	(108,081,515	)		(295,965,949	)		60,092,658			99,595,621
$	1,045,636,104		$	1,341,602,053		$	647,237,578		$	547,641,957
$	937,554,589		$	1,045,636,104		$	707,330,236		$	647,237,578
$	3,049,035		$	1,639,859		$	3,233,118		$	11,556,194

See Notes to Financial Statements.

Statements of Changes in Net Assets (concluded)

	International Opportunities Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2018 (unaudited)			For the Year Ended October 31, 2017
Operations:
Net investment income	$	2,500,576		$	3,567,762
Net realized gain on investments, options written and foreign currency related transactions		57,372,434			60,370,944
Net change in unrealized appreciation/depreciation on investments, foreign currency exchange contracts, options written and translation of assets and liabilities denominated in foreign currencies		(54,250,225	)		97,767,153
Net increase (decrease) in net assets resulting from operations		5,622,785			161,705,859
Distributions to shareholders from:
Net investment income
Class A		(1,622,742	)		(1,014,524	)
Class C		(158,994	)		–
Class F		(2,481,783	)		(725,717	)
Class F3		(196,851	)		–
Class I		(2,806,785	)		(2,470,038	)
Class P		(1,321	)		(1,121	)
Class R2		(28,212	)		(15,577	)
Class R3		(57,534	)		(108,350	)
Class R4		(33,335	)		(16,612	)
Class R5		(41,452	)		(26,598	)
Class R6		(177,843	)		(22,874	)
Class T		–			–
Net realized gain
Class A		(6,943,251	)		–
Class B		(12,436	)		–
Class C		(1,609,242	)		–
Class F		(9,046,858	)		–
Class F3		(669,678	)		–
Class I		(9,642,409	)		–
Class P		(7,907	)		–
Class R2		(186,335	)		–
Class R3		(365,846	)		–
Class R4		(138,356	)		–
Class R5		(142,205	)		–
Class R6		(605,012	)		–
Class T		–			–
Total distributions to shareholders		(36,976,387	)		(4,401,411	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		338,670,519			364,531,156
Reinvestment of distributions		32,872,443			4,117,627
Cost of shares reacquired		(169,334,846	)		(288,977,464	)
Net increase in net assets resulting from capital share transactions		202,208,116			79,671,319
Net increase (decrease) in net assets		170,854,514			236,975,767
NET ASSETS:
Beginning of period	$	802,292,299		$	565,316,532
End of period	$	973,146,813		$	802,292,299
Undistributed (distributions in excess of) net investment income	$	(285,534	)	$	4,820,742

66	See Notes to Financial Statements.

Value Opportunities Fund
For the Six Months Ended April 30, 2018 (unaudited)			For the Year Ended October 31, 2017
$	1,526,107		$	3,803,259
	161,588,094			189,398,531
	(175,126,598	)		246,055,550
	(12,012,397	)		439,257,340
	–			–
	–			–
	(191,592	)		(744,559	)
	(778,813	)		–
	(1,689,351	)		(875,266	)
	–			–
	–			–
	–			–
	(48,534	)		(2,857	)
	(10,045	)		(83,687	)
	(252,212	)		(122,483	)
	(15	)		–
	(61,341,762	)		(57,219,828	)
	(137,223	)		(455,599	)
	(22,036,489	)		(21,417,677	)
	(28,118,942	)		(39,955,662	)
	(18,470,901	)		–
	(41,161,437	)		(26,858,098	)
	(2,002,032	)		(2,180,705	)
	(574,421	)		(381,708	)
	(5,401,401	)		(6,001,389	)
	(3,784,086	)		(194,885	)
	(292,775	)		(2,454,897	)
	(5,981,655	)		(3,441,365	)
	(622	)		–
	(192,274,308	)		(162,390,665	)
	609,104,733			1,474,040,599
	182,370,843			152,980,526
	(786,594,393	)		(1,388,276,457	)
	4,881,183			238,744,668
	(199,405,522	)		515,611,343
$	3,190,259,916		$	2,674,648,573
$	2,990,854,394		$	3,190,259,916
$	130,153		$	1,574,608

See Notes to Financial Statements.

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
4/30/2018^(c)		$28.92		$ 0.01			$1.25		$1.26			$ –			$(3.18	)		$(3.18	)
10/31/2017		25.94		(0.05	)		5.96		5.91			–			(2.93	)		(2.93	)
10/31/2016		29.79		(0.03	)		0.19		0.16			(0.19	)		(3.82	)		(4.01	)
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	)
Class C
4/30/2018^(c)		25.03		(0.07	)		1.06		0.99			–			(3.18	)		(3.18	)
10/31/2017		22.96		(0.21	)		5.21		5.00			–			(2.93	)		(2.93	)
10/31/2016		26.83		(0.19	)		0.14		(0.05	)		–			(3.82	)		(3.82	)
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	)
Class F
4/30/2018^(c)		29.06		0.03			1.26		1.29			–			(3.18	)		(3.18	)
10/31/2017		26.01		(0.02	)		6.00		5.98			–			(2.93	)		(2.93	)
10/31/2016		29.87		0.02			0.17		0.19			(0.23	)		(3.82	)		(4.05	)
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	)
Class F3
4/30/2018^(c)		29.52		0.06			1.27		1.33			–			(3.18	)		(3.18	)
4/4/2017 to 10/31/2017^(e)		26.15		(0.01	)		3.38		3.37			–			–			–
Class I
4/30/2018^(c)		29.50		0.05			1.28		1.33			–			(3.18	)		(3.18	)
10/31/2017		26.34		0.02			6.07		6.09			–			(2.93	)		(2.93	)
10/31/2016		30.20		0.02			0.20		0.22			(0.26	)		(3.82	)		(4.08	)
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	)
Class R2
4/30/2018^(c)		28.07		(0.03	)		1.21		1.18			–			(3.18	)		(3.18	)
10/31/2017		25.34		(0.14	)		5.80		5.66			–			(2.93	)		(2.93	)
10/31/2016		29.16		(0.11	)		0.18		0.07			(0.07	)		(3.82	)		(3.89	)
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	)

68	See Notes to Financial Statements.

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

	$27.00		4.58	^(d)		0.43	^(f)		0.53	^(f)		0.09	^(f)		$494,975		8	^(d)
	28.92		24.55			0.41			0.54			(0.19	)		510,601		6
	25.94		0.91			0.27			0.55			(0.10	)		507,241		13
	29.79		2.54			0.25			0.53			0.08			580,945		8
	32.40		6.89			0.25			0.53			0.07			586,429		5
	32.63		37.98			0.25			0.54			0.33			567,124		8

	22.84		4.18	^(d)		1.18	^(f)		1.28	^(f)		(0.64	)^(f)		198,009		8	^(d)
	25.03		23.69			1.16			1.29			(0.92	)		224,568		6
	22.96		0.12			1.02			1.30			(0.84	)		265,906		13
	26.83		1.76			1.00			1.28			(0.67	)		314,946		8
	29.51		6.09			1.00			1.27			(0.68	)		318,668		5
	29.95		36.97			0.99			1.28			(0.40	)		294,780		8

	27.17		4.67	^(d)		0.28	^(f)		0.38	^(f)		0.25	^(f)		217,360		8	^(d)
	29.06		24.78			0.27			0.39			(0.06	)		247,908		6
	26.01		1.05			0.12			0.40			0.06			230,558		13
	29.87		2.68			0.10			0.38			0.23			271,865		8
	32.49		7.05			0.10			0.38			0.20			267,679		5
	32.71		38.19			0.10			0.39			0.49			197,939		8

	27.67		4.74	^(d)		0.09	^(f)		0.19	^(f)		0.43	^(f)		36,174		8	^(d)
	29.52		12.89	^(d)		0.09	^(f)		0.19	^(f)		(0.08	)^(f)		34,672		6

	27.65		4.75	^(d)		0.18	^(f)		0.28	^(f)		0.34	^(f)		96,466		8	^(d)
	29.50		24.90			0.16			0.30			0.06			69,232		6
	26.34		1.15			0.02			0.30			0.09			67,982		13
	30.20		2.78			0.00			0.28			0.36			43,135		8
	32.81		7.14			0.00			0.28			0.31			52,339		5
	33.01		38.32			0.00			0.29			0.60			44,998		8

	26.07		4.43	^(d)		0.78	^(f)		0.88	^(f)		(0.23	)^(f)		2,674		8	^(d)
	28.07		24.11			0.76			0.89			(0.55	)		3,064		6
	25.34		0.57			0.62			0.90			(0.45	)		2,704		13
	29.16		2.16			0.60			0.88			(0.22	)		2,704		8
	31.81		6.55			0.60			0.88			(0.30	)		3,479		5
	32.07		37.49			0.60			0.89			0.14			2,738		8

See Notes to Financial Statements.

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 R3
4/30/2018^(c)		$28.25		$(0.02	)		$1.22			$1.20			$ –			$(3.18	)		$(3.18	)
10/31/2017		25.46		(0.11	)		5.83			5.72			–			(2.93	)		(2.93	)
10/31/2016		29.30		(0.09	)		0.19			0.10			(0.12	)		(3.82	)		(3.94	)
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	)
Class R4
4/30/2018^(c)		28.88		–			1.26			1.26			–			(3.18	)		(3.18	)
10/31/2017		25.90		(0.09	)		6.00			5.91			–			(2.93	)		(2.93	)
10/31/2016		29.79		(0.07	)		0.23			0.16			(0.23	)		(3.82	)		(4.05	)
6/30/2015 to 10/31/2015^(g)		31.87		(0.03	)		(2.05	)		(2.08	)		–			–			–
Class R5
4/30/2018^(c)		29.52		0.05			1.27			1.32			–			(3.18	)		(3.18	)
10/31/2017		26.35		(0.04	)		6.14			6.10			–			(2.93	)		(2.93	)
10/31/2016		30.20		0.04			0.19			0.23			(0.26	)		(3.82	)		(4.08	)
6/30/2015 to 10/31/2015^(g)		32.28		–			(2.08	)		(2.08	)		–			–			–
Class R6
4/30/2018^(c)		29.52		0.06			1.28			1.34			–			(3.18	)		(3.18	)
10/31/2017		26.34		(0.01	)		6.12			6.11			–			(2.93	)		(2.93	)
10/31/2016		30.20		–	^(h)		0.23			0.23			(0.27	)		(3.82	)		(4.09	)
6/30/2015 to 10/31/2015^(g)		32.28		–	^(h)		(2.08	)		(2.08	)		–			–			–

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Commenced on April 4, 2017.
^(f)	Annualized.
^(g)	Commenced on June 30, 2015.
^(h)	Amount less than $0.01.

70	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 (%)

	$26.27		4.47	^(d)		0.68	^(f)		0.78	^(f)		(0.15	)^(f)		$30,374		8	^(d)
	28.25		24.24			0.65			0.79			(0.43	)		33,190		6
	25.46		0.68			0.52			0.80			(0.35	)		34,223		13
	29.30		2.28			0.50			0.78			(0.17	)		36,656		8
	31.93		6.62			0.50			0.78			(0.15	)		36,695		5
	32.18		37.60			0.50			0.79			0.13			34,574		8

	26.96		4.59	^(d)		0.43	^(f)		0.53	^(f)		0.02	^(f)		2,913		8	^(d)
	28.88		24.60			0.42			0.53			(0.34	)		1,998		6
	25.90		0.91			0.28			0.55			(0.27	)		278		13
	29.79		(6.53	)^(d)		0.25	^(f)		0.53	^(f)		(0.25	)^(f)		9		8

	27.66		4.71	^(d)		0.18	^(f)		0.28	^(f)		0.35	^(f)		98		8	^(d)
	29.52		24.93			0.18			0.28			(0.13	)		84		6
	26.35		1.19			–			0.30			0.16			9		13
	30.20		(6.44	)^(d)		0.00	^(f)		0.28	^(f)		0.00	^(f)		9		8

	27.68		4.78	^(d)		0.09	^(f)		0.19	^(f)		0.43	^(f)		3,938		8	^(d)
	29.52		24.98			0.09			0.19			1.34			3,855		6
	26.34		1.17			0.03			0.17			(0.01	)		675		13
	30.20		(6.44	)^(d)		0.00	^(f)		0.12	^(f)		0.03	^(f)		9		8

See Notes to Financial Statements.

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
4/30/2018^(c)		$13.99		$0.07			$0.15		$0.22		$(0.18	)		$(1.43	)		$(1.61	)
10/31/2017		12.54		0.17			1.94		2.11		(0.19	)		(0.47	)		(0.66	)
10/31/2016		13.32		0.19			0.34		0.53		(0.17	)		(1.14	)		(1.31	)
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	)
Class C
4/30/2018^(c)		12.58		0.02			0.12		0.14		(0.07	)		(1.43	)		(1.50	)
10/31/2017		11.33		0.07			1.76		1.83		(0.11	)		(0.47	)		(0.58	)
10/31/2016		12.14		0.09			0.31		0.40		(0.07	)		(1.14	)		(1.21	)
10/31/2015		14.83		0.04			0.04		0.08		–	^(e)		(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	)
Class F
4/30/2018^(c)		13.87		0.08			0.15		0.23		(0.20	)		(1.43	)		(1.63	)
10/31/2017		12.44		0.19			1.93		2.12		(0.22	)		(0.47	)		(0.69	)
10/31/2016		13.23		0.21			0.33		0.54		(0.19	)		(1.14	)		(1.33	)
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	)
Class F3
4/30/2018^(c)		14.12		0.10			0.13		0.23		(0.21	)		(1.43	)		(1.64	)
4/4/2017 to 10/31/2017^(f)		13.24		0.11			0.77		0.88		–			–			–
Class I
4/30/2018^(c)		14.09		0.09			0.13		0.22		(0.21	)		(1.43	)		(1.64	)
10/31/2017		12.62		0.21			1.96		2.17		(0.23	)		(0.47	)		(0.70	)
10/31/2016		13.40		0.23			0.34		0.57		(0.21	)		(1.14	)		(1.35	)
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	)
Class P
4/30/2018^(c)		13.74		0.06			0.13		0.19		(0.13	)		(1.43	)		(1.56	)
10/31/2017		12.32		0.14			1.92		2.06		(0.17	)		(0.47	)		(0.64	)
10/31/2016		13.10		0.17			0.33		0.50		(0.14	)		(1.14	)		(1.28	)
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	)

72	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 (%)

	$12.60		1.58	^(d)		0.96	^(g)		1.15	^(g)		$1,426,941		58	^(d)
	13.99		17.45			0.96			1.29			1,571,170		96
	12.54		4.36			0.98			1.60			1,653,389		135
	13.32		1.18			0.97			1.09			2,027,292		149
	16.00		11.65			1.05			0.43			2,683,790		113
	16.83		31.11			1.06			0.50			3,031,190		87

	11.22		1.21	^(d)		1.71	^(g)		0.40	^(g)		393,700		58	^(d)
	12.58		16.63			1.72			0.55			445,017		96
	11.33		3.59			1.73			0.85			544,649		135
	12.14		0.40			1.72			0.34			713,824		149
	14.83		10.90			1.71			(0.22	⁾		986,381		113
	15.83		30.30			1.71			(0.15	⁾		1,012,597		87

	12.47		1.68	^(d)		0.81	^(g)		1.30	^(g)		268,193		58	^(d)
	13.87		17.62			0.81			1.43			323,584		96
	12.44		4.48			0.83			1.76			304,083		135
	13.23		1.35			0.82			1.25			436,263		149
	15.93		11.93			0.81			0.68			793,101		113
	16.77		31.49			0.82			0.75			716,579		87

	12.71		1.80	^(d)		0.61	^(g)		1.49	^(g)		21,753		58	^(d)
	14.12		6.65	^(d)		0.62	^(g)		1.42	^(g)		20,497		96

	12.67		1.71	^(d)		0.71	^(g)		1.41	^(g)		131,277		58	^(d)
	14.09		17.81			0.72			1.54			120,146		96
	12.62		4.64			0.73			1.87			142,316		135
	13.40		1.37			0.72			1.36			236,867		149
	16.11		12.05			0.71			0.78			449,870		113
	16.93		31.66			0.72			0.84			531,676		87

	12.37		1.44	^(d)		1.16	^(g)		0.94	^(g)		6,442		58	^(d)
	13.74		17.28			1.17			1.11			7,096		96
	12.32		4.17			1.18			1.40			10,798		135
	13.10		0.94			1.17			0.90			13,733		149
	15.79		11.51			1.16			0.32			21,373		113
	16.64		31.08			1.17			0.42			26,424		87

See Notes to Financial Statements.

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 R2
4/30/2018^(c)		$13.68		$0.05		$0.14			$0.19			$(0.13	)		$(1.43	)		$(1.56	)
10/31/2017		12.27		0.12		1.91			2.03			(0.15	)		(0.47	)		(0.62	)
10/31/2016		13.05		0.15		0.33			0.48			(0.12	)		(1.14	)		(1.26	)
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			–	^(e)		(2.53	)		(2.53	)
10/31/2013		12.87		0.04		3.87			3.91			(0.06	)		(0.15	)		(0.21	)
Class R3
4/30/2018^(c)		13.75		0.06		0.14			0.20			(0.14	)		(1.43	)		(1.57	)
10/31/2017		12.34		0.14		1.90			2.04			(0.16	)		(0.47	)		(0.63	)
10/31/2016		13.12		0.16		0.33			0.49			(0.13	)		(1.14	)		(1.27	)
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	)
Class R4
4/30/2018^(c)		13.94		0.07		0.14			0.21			(0.19	)		(1.43	)		(1.62	)
10/31/2017		12.52		0.16		1.95			2.11			(0.22	)		(0.47	)		(0.69	)
10/31/2016		13.32		0.17		0.36			0.53			(0.19	)		(1.14	)		(1.33	)
6/30/2015 to 10/31/2015^(h)		13.52		0.05		(0.25	)		(0.20	)		–			–			–
Class R5
4/30/2018^(c)		14.09		0.09		0.14			0.23			(0.21	)		(1.43	)		(1.64	)
10/31/2017		12.63		0.19		1.97			2.16			(0.23	)		(0.47	)		(0.70	)
10/31/2016		13.41		0.17		0.40			0.57			(0.21	)		(1.14	)		(1.35	)
6/30/2015 to 10/31/2015^(h)		13.60		0.06		(0.25	)		(0.19	)		–			–			–
Class R6
4/30/2018^(c)		14.12		0.10		0.14			0.24			(0.21	)		(1.43	)		(1.64	)
10/31/2017		12.64		0.21		1.97			2.18			(0.23	)		(0.47	)		(0.70	)
10/31/2016		13.41		0.23		0.35			0.58			(0.21	)		(1.14	)		(1.35	)
6/30/2015 to 10/31/2015^(h)		13.60		0.06		(0.25	)		(0.19	)		–			–			–

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Amount less than $0.01.
^(f)	Commenced on April 4, 2017.
^(g)	Annualized.
^(h)	Commenced on June 30, 2015.

74	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 (%)

	$12.31		1.40	^(d)		1.31	^(g)		0.81	^(g)		$ 6,173		58	^(d)
	13.68		17.07			1.31			0.93			8,062		96
	12.27		3.97			1.33			1.25			7,952		135
	13.05		0.81			1.33			0.76			10,543		149
	15.71		11.33			1.31			0.17			19,744		113
	16.57		30.87			1.31			0.26			25,111		87

	12.38		1.42	^(d)		1.21	^(g)		0.90	^(g)		127,868		58	^(d)
	13.75		17.19			1.21			1.04			147,010		96
	12.34		4.09			1.23			1.35			157,626		135
	13.12		0.97			1.22			0.84			206,984		149
	15.80		11.41			1.21			0.28			304,459		113
	16.66		31.04			1.21			0.35			322,951		87

	12.53		1.60	^(d)		0.96	^(g)		1.14	^(g)		4,615		58	^(d)
	13.94		17.45			0.95			1.19			4,355		96
	12.52		4.37			0.95			1.40			121		135
	13.32		(1.48	)^(d)		0.93	^(g)		1.12	^(g)		10		149

	12.68		1.72	^(d)		0.71	^(g)		1.45	^(g)		396		58	^(d)
	14.09		17.73			0.70			1.40			1,049		96
	12.63		4.64			0.68			1.40			125		135
	13.41		(1.40	)^(d)		0.68	^(g)		1.37	^(g)		10		149

	12.72		1.80	^(d)		0.62	^(g)		1.47	^(g)		17,952		58	^(d)
	14.12		17.97			0.62			1.51			6,440		96
	12.64		4.73			0.61			1.88			123		135
	13.41		(1.40	)^(d)		0.59	^(g)		1.46	^(g)		10		149

See Notes to Financial Statements.

Financial Highlights

GLOBAL EQUITY RESEARCH FUND

			Per Share Operating Performance:
			Investment Operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)		Total from invest- ment opera- tions		Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2018^(d)		$11.58		$0.04			$0.51		$0.55		$(0.11	)		$(0.52	)		$(0.63	)
1/17/2017 to 10/31/2017^(e)		10.00		0.08			1.50		1.58		–			–			–
Class C
4/30/2018^(d)		11.52		–	^(g)		0.51		0.51		(0.08	)		(0.52	)		(0.60	)
1/17/2017 to 10/31/2017^(e)		10.00		(0.02	)		1.54		1.52		–			–			–
Class F
4/30/2018^(d)		11.60		0.05			0.51		0.56		(0.13	)		(0.52	)		(0.65	)
1/17/2017 to 10/31/2017^(e)		10.00		0.10			1.50		1.60		–			–			–
Class F3
4/30/2018^(d)		11.61		0.05			0.53		0.58		(0.14	)		(0.52	)		(0.66	)
4/4/2017 to 10/31/2017^(h)		10.28		0.07			1.26		1.33		–			–			–
Class I
4/30/2018^(d)		11.61		0.05			0.52		0.57		(0.14	)		(0.52	)		(0.66	)
1/17/2017 to 10/31/2017^(e)		10.00		0.10			1.51		1.61		–			–			–
Class R2
4/30/2018^(d)		11.55		0.02			0.51		0.53		(0.07	)		(0.52	)		(0.59	)
1/17/2017 to 10/31/2017^(e)		10.00		0.05			1.50		1.55		–			–			–
Class R3
4/30/2018^(d)		11.56		0.03			0.51		0.54		(0.08	)		(0.52	)		(0.60	)
1/17/2017 to 10/31/2017^(e)		10.00		0.06			1.50		1.56		–			–			–
Class R4
4/30/2018^(d)		11.58		0.04			0.52		0.56		(0.11	)		(0.52	)		(0.63	)
1/17/2017 to 10/31/2017^(e)		10.00		0.08			1.50		1.58		–			–			–
Class R5
4/30/2018^(d)		11.61		0.05			0.52		0.57		(0.14	)		(0.52	)		(0.66	)
1/17/2017 to 10/31/2017^(e)		10.00		0.10			1.51		1.61		–			–			–
Class R6
4/30/2018^(d)		11.61		0.09			0.48		0.57		(0.14	)		(0.52	)		(0.66	)
1/17/2017 to 10/31/2017^(e)		10.00		0.11			1.50		1.61		–			–			–

^(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)	Unaudited.
^(e)	Commenced on January 17, 2017.
^(f)	Annualized.
^(g)	Amount less than $0.01.
^(h)	Commenced on April 4, 2017.

76	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		��	Total return (%)^(b)(c)		Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$11.50			4.98		1.04	^(f)		5.12	^(f)		0.70	^(f)		$2,545		50	^(c)
	11.58			15.80		1.05	^(f)		5.00	^(f)		0.96	^(f)		1,667		140

	11.43			4.60		1.78	^(f)		5.85	^(f)		(0.04	)^(f)		633		50	^(c)
	11.52			15.20		1.80	^(f)		5.61	^(f)		(0.24	)^(f)		336		140

	11.51			5.01		0.89	^(f)		5.00	^(f)		0.82	^(f)		1,276		50	^(c)
	11.60			16.00		0.90	^(f)		4.86	^(f)		1.12	^(f)		1,178		140

	11.53			5.21		0.74	^(f)		4.89	^(f)		0.97	^(f)		12		50	^(c)
	11.61			12.94		0.75	^(f)		4.78	^(f)		1.04	^(f)		11		140

	11.52			5.10		0.79	^(f)		4.90	^(f)		0.92	^(f)		1,196		50	^(c)
	11.61			16.10		0.80	^(f)		4.76	^(f)		1.23	^(f)		1,137		140

	11.49			4.82		1.39	^(f)		5.50	^(f)		0.32	^(f)		12		50	^(c)
	11.55			15.50		1.40	^(f)		5.36	^(f)		0.64	^(f)		12		140

	11.50			4.91		1.29	^(f)		5.41	^(f)		0.42	^(f)		12		50	^(c)
	11.56			15.60		1.30	^(f)		5.25	^(f)		0.74	^(f)		12		140

	11.51			5.05		1.03	^(f)		5.15	^(f)		0.73	^(f)		12		50	^(c)
	11.58			15.80		1.05	^(f)		5.00	^(f)		0.93	^(f)		12		140

	11.52			5.10		0.79	^(f)		4.91	^(f)		0.92	^(f)		12		50	^(c)
	11.61			16.10		0.80	^(f)		4.74	^(f)		1.25	^(f)		12		140

	11.52			5.12		0.67	^(f)		4.35	^(f)		1.62	^(f)		210		50	^(c)
	11.61			16.10		0.75	^(f)		4.72	^(f)		1.30	^(f)		12		140

See Notes to Financial Statements.

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
4/30/2018^(c)		$28.97		$(0.06	)		$2.21			$2.15			$ –			$(1.83	)		$(1.83	)
10/31/2017		22.42		(0.06	)		6.61			6.55			–			–			–
10/31/2016		23.73		0.03			(0.24	)		(0.21	)		–			(1.10	)		(1.10	)
10/31/2015		23.08		(0.02	)		1.96			1.94			–			(1.29	)		(1.29	)
10/31/2014		21.44		–	^(e)		3.01			3.01			–			(1.37	)		(1.37	)
10/31/2013		15.15		(0.03	)		6.36			6.33			(0.04	)		–			(0.04	)
Class C
4/30/2018^(c)		27.63		(0.16	)		2.11			1.95			–			(1.83	)		(1.83	)
10/31/2017		21.54		(0.24	)		6.33			6.09			–			–			–
10/31/2016		23.01		(0.14	)		(0.23	)		(0.37	)		–			(1.10	)		(1.10	)
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	)
Class F
4/30/2018^(c)		29.26		(0.02	)		2.23			2.21			–			(1.83	)		(1.83	)
10/31/2017		22.59		(0.01	)		6.68			6.67			–			–			–
10/31/2016		23.87		0.06			(0.24	)		(0.18	)		–			(1.10	)		(1.10	)
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		–	^(e)		6.39			6.39			(0.08	)		–			(0.08	)
Class F3
4/30/2018^(c)		29.46		(0.02	)		2.26			2.24			–			(1.83	)		(1.83	)
4/4/2017 to 10/31/2017^(h)		24.81		(0.03	)		4.68			4.65			–			–			–
Class I
4/30/2018^(c)		29.40		(0.02	)		2.25			2.23			–			(1.83	)		(1.83	)
10/31/2017		22.69		(0.01	)		6.72			6.71			–			–			–
10/31/2016		23.95		0.08			(0.24	)		(0.16	)		–			(1.10	)		(1.10	)
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	)
Class R2
4/30/2018^(c)		28.78		(0.11	)		2.20			2.09			–			(1.83	)		(1.83	)
10/31/2017		22.35		(0.15	)		6.58			6.43			–			–			–
10/31/2016		23.74		(0.05	)		(0.24	)		(0.29	)		–			(1.10	)		(1.10	)
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	)

78	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 (%)
	$29.29		7.73	^(d)		0.90	^(g)		0.91	^(g)		(0.41	)^(g)		$812,646		86	^(d)
	28.97		29.21			0.91			0.96			(0.23	)		754,101		192
	22.42		(0.96	)		0.85			0.98			0.12			750,576		246
	23.73		8.84			0.85			0.99			(0.09	)		742,393		271
	23.08		15.59			0.85			1.04			0.01			495,861		507
	21.44		42.20			0.85			1.34			(0.14	)		191,798		451	^(f)

	27.75		7.36	^(d)		1.65	^(g)		1.65	^(g)		(1.16	)^(g)		563,122		86	^(d)
	27.63		28.27			1.66			1.71			(0.99	)		523,008		192
	21.54		(1.72	)		1.60			1.73			(0.64	)		482,693		246
	23.01		8.07			1.59			1.74			(0.84	)		414,557		271
	22.57		13.81			1.56			1.76			(0.71	)		236,853		507
	21.14		41.24			1.45			1.88			(0.79	)		66,471		451	^(f)

	29.64		7.87	^(d)		0.66	^(g)		0.76	^(g)		(0.16	)^(g)		1,091,758		86	^(d)
	29.26		29.53			0.70			0.81			(0.04	)		1,103,103		192
	22.59		(0.82	)		0.70			0.83			0.26			763,623		246
	23.87		9.03			0.70			0.84			0.06			733,463		271
	23.17		14.80			0.68			0.87			0.17			498,908		507
	21.49		42.51			0.60			1.07			0.01			109,011		451	^(f)

	29.87		7.92	^(d)		0.60	^(g)		0.60	^(g)		(0.12	)^(g)		25,909		86	^(d)
	29.46		18.74	^(d)		0.59			0.62			(0.19	)		18,841		192

	29.80		7.90	^(d)		0.65	^(g)		0.66	^(g)		(0.16	)^(g)		825,408		86	^(d)
	29.40		29.57			0.67			0.70			(0.06	)		303,795		192
	22.69		(0.73	)		0.60			0.74			0.36			98,506		246
	23.95		9.10			0.60			0.74			0.16			96,090		271
	23.23		14.93			0.57			0.76			0.29			71,803		507
	21.51		42.67			0.50			0.95			0.21			50,326		451	^(f)

	29.04		7.57	^(d)		1.26	^(g)		1.26	^(g)		(0.74	)^(g)		1,719		86	^(d)
	28.78		28.77			1.26			1.30			(0.60	)		1,784		192
	22.35		(1.35	)		1.20			1.34			(0.24	)		1,267		246
	23.74		8.49			1.20			1.34			(0.44	)		593		271
	23.17		14.24			1.18			1.37			(0.31	)		342		507
	21.58		42.62			0.58			1.70			0.22			44		451	^(f)

See Notes to Financial Statements.

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 R3
4/30/2018^(c)		$28.68		$(0.09	)		$2.19			$2.10			$ –			$(1.83	)		$(1.83	)
10/31/2017		22.25		(0.12	)		6.55			6.43			–			–			–
10/31/2016		23.62		(0.04	)		(0.23	)		(0.27	)		–			(1.10	)		(1.10	)
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	)
Class R4
4/30/2018^(c)		28.97		(0.06	)		2.22			2.16			–			(1.83	)		(1.83	)
10/31/2017		22.42		(0.08	)		6.63			6.55			–			–			–
10/31/2016		23.74		(0.01	)		(0.21	)		(0.22	)		–			(1.10	)		(1.10	)
6/30/2015 to 10/31/2015⁽ⁱ⁾		23.42		(0.01	)		0.33			0.32			–			–			–
Class R5
4/30/2018^(c)		29.41		(0.02	)		2.25			2.23			–			(1.83	)		(1.83	)
10/31/2017		22.70		–	^(e)		6.71			6.71			–			–			–
10/31/2016		23.95		0.02			(0.17	)		(0.15	)		–			(1.10	)		(1.10	)
6/30/2015 to 10/31/2015⁽ⁱ⁾		23.61		0.01			0.33			0.34			–			–			–
Class R6
4/30/2018^(c)		29.46		(0.02	)		2.26			2.24			–			(1.83	)		(1.83	)
10/31/2017		22.72		(0.02	)		6.76			6.74			–			–			–
10/31/2016		23.96		0.08			(0.22	)		(0.14	)		–			(1.10	)		(1.10	)
6/30/2015 to 10/31/2015⁽ⁱ⁾		23.61		0.02			0.33			0.35			–			–			–
Class T
4/30/2018^(c)		28.96		(0.05	)		2.24			2.19			–			(1.83	)		(1.83	)
7/28/2017 to 10/31/2017^(j)		27.04		(0.02	)		1.96			1.94			–			–			–

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, C and T does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Amount less than $0.01.
^(f)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.
^(g)	Annualized.
^(h)	Commenced on April 4, 2017.
⁽ⁱ⁾	Commenced on June 30, 2015.
^(j)	Commenced on July 28, 2017.

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 (%)
	$28.95		7.63	^(d)		1.15	^(g)		1.15	^(g)		(0.65	)^(g)		$13,847		86	^(d)
	28.68		28.90			1.16			1.21			(0.48	)		13,261		192
	22.25		(1.23	)		1.10			1.24			(0.17	)		13,471		246
	23.62		8.58			1.10			1.24			(0.35	)		13,501		271
	23.03		14.34			1.07			1.26			(0.20	)		10,191		507
	21.45		41.98			1.00	^��		1.39			(0.33	)		8,289		451	^(f)

	29.30		7.77	^(d)		0.90	^(g)		0.90	^(g)		(0.43	)^(g)		5,813		86	^(d)
	28.97		29.21			0.92			0.95			(0.31	)		4,698		192
	22.42		(1.00	⁾		0.85			1.00			(0.03	)		1,735		246
	23.74		1.37	^(d)		0.87	^(h)		0.99	^(h)		(0.18	)^(h)		10		271

	29.81		7.90	^(d)		0.65	^(g)		0.66	^(g)		(0.16	)^(g)		7,040		86	^(d)
	29.41		29.56			0.67			0.71			(0.01	)		5,810		192
	22.70		(0.68	⁾		0.60			0.75			0.08			3,700		246
	23.95		1.44	^(d)		0.60	^(h)		0.72	^(h)		0.09	^(h)		10		271

	29.87		7.92	^(d)		0.60	^(g)		0.60	^(g)		(0.11	)^(g)		23,971		86	^(d)
	29.46		29.67			0.59			0.62			(0.06	)^(h)		20,884		192
	22.72		(0.64	⁾		0.50			0.63			0.34			1,534		246
	23.96		1.48	^(d)		0.48	^(h)		0.60	^(h)		0.21	^(h)		10		271

	29.32		7.80	^(d)		0.82	^(g)		0.82	^(g)		(0.32	)^(g)		12		86	^(d)
	28.98		7.17	^(d)		0.83			0.83			(0.30	)		11		192

See Notes to Financial Statements.

Financial Highlights

INTERNATIONAL DIVIDEND INCOME FUND

		Per Share Operating Performance:
		Investment Operations:						Distributions to shareholders from:
						Total
		Net		Net		from
	Net asset	invest-		realized		invest-
	value,	ment		and		ment		Net		Net		Total
	beginning	income		unrealized		opera-		investment		realized		distri-
	of period	(loss)^(a)		gain (loss)		tions		income		gain		butions
Class A
4/30/2018^(c)	$7.63	$0.08		$0.15		$ 0.23		$(0.07	)	$ –		$(0.07	)
10/31/2017	6.71	0.22		0.95		1.17		(0.25	)	–		(0.25	)
10/31/2016	7.05	0.24		(0.35	)	(0.11	)	(0.23	)	–		(0.23	)
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	)
Class C
4/30/2018^(c)	7.56	0.05		0.16		0.21		(0.04	)	–		(0.04	)
10/31/2017	6.66	0.17		0.92		1.09		(0.19	)	–		(0.19	)
10/31/2016	6.99	0.19		(0.34	)	(0.15	)	(0.18	)	–		(0.18	)
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	)
Class F
4/30/2018^(c)	7.66	0.09		0.14		0.23		(0.07	)	–		(0.07	)
10/31/2017	6.73	0.24		0.95		1.19		(0.26	)	–		(0.26	)
10/31/2016	7.06	0.25		(0.34	)	(0.09	)	(0.24	)	–		(0.24	)
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	)
Class F3
4/30/2018^(c)	7.67	0.09		0.16		0.25		(0.08	)	–		(0.08	)
4/4/2017 to 10/31/2017^(e)	7.03	(0.01	)	0.79		0.78		(0.14	)	–		(0.14	)
Class I
4/30/2018^(c)	7.68	0.09		0.15		0.24		(0.08	)	–		(0.08	)
10/31/2017	6.75	0.25		0.94		1.19		(0.26	)	–		(0.26	)
10/31/2016	7.08	0.26		(0.34	)	(0.08	)	(0.25	)	–		(0.25	)
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	)
Class R2
4/30/2018^(c)	7.80	0.06		0.16		0.22		(0.05	)	–		(0.05	)
10/31/2017	6.86	0.21		0.95		1.16		(0.22	)	–		(0.22	)
10/31/2016	7.19	0.22		(0.35	)	(0.13	)	(0.20	)	–		(0.20	)
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	)


82	See Notes to Financial Statements.

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

$7.79	3.00	^(d)	1.12	^(f)	1.15	^(f)	2.05	^(f)	$ 359,292	26	^(d)
7.63	17.68		1.12		1.14		3.15		367,465	61
6.71	(1.52	)	1.12		1.20		3.57		419,886	58
7.05	(11.74	)	1.12		1.19		3.14		710,835	77
8.75	0.47		1.12		1.24		3.99		1,000,763	72
9.11	21.54		1.12		1.27		3.94		954,305	78

7.73	2.77	^(d)	1.87	^(f)	1.90	^(f)	1.28	^(f)	62,654	26	^(d)
7.56	16.60		1.87		1.89		2.41		68,558	61
6.66	(2.01	)	1.87		1.95		2.85		86,306	58
6.99	(12.49	)	1.84		1.90		2.40		142,492	77
8.68	(0.14	)	1.77		1.89		3.42		191,120	72
9.04	20.70		1.77		1.92		3.33		143,807	78

7.82	3.07	^(d)	0.91	^(f)	1.00	^(f)	2.24	^(f)	74,838	26	^(d)
7.66	17.96		0.91		0.99		3.37		95,299	61
6.73	(1.22	)	0.91		1.05		3.78		111,056	58
7.06	(11.65	)	0.90		1.00		3.38		210,696	77
8.77	0.83		0.87		0.99		4.24		322,648	72
9.12	21.80		0.87		1.02		4.23		228,586	78

7.84	3.25	^(d)	0.82	^(f)	0.84	^(f)	2.42	^(f)	31,799	26	^(d)
7.67	11.16	^(d)	0.77	^(f)	0.83	^(f)	(0.19	)^(f)	27,215	61

7.84	3.11	^(d)	0.81	^(f)	0.90	^(f)	2.23	^(f)	396,968	26	^(d)
7.68	18.02		0.81		0.89		3.48		471,341	61
6.75	(1.10	)	0.81		0.95		3.90		710,951	58
7.08	(11.52	)	0.80		0.91		3.50		1,080,845	77
8.79	0.93		0.77		0.89		4.53		963,200	72
9.14	21.86		0.77		0.92		4.28		1,005,558	78

7.97	2.86	^(d)	1.47	^(f)	1.50	^(f)	1,62	^(f)	397	26	^(d)
7.80	17.17		1.47		1.49		2.93		592	61
6.86	(1.70	)	1.47		1.55		3.28		680	58
7.19	(12.13	)	1.44		1.51		2.80		1,029	77
8.92	0.33		1.37		1.49		3.86		1,298	72
9.27	21.13		1.37		1.52		3.73		860	78


	See Notes to Financial Statements.	83

Financial Highlights (concluded)

INTERNATIONAL DIVIDEND INCOME FUND

		Per Share Operating Performance:
		Investment Operations:					Distributions to shareholders from:
					Total
		Net	Net		from
	Net asset	invest-	realized		invest-
	value,	ment	and		ment		Net		Net		Total
	beginning	income	unrealized		opera-		investment		realized		distri-
	of period	(loss)^(a)	gain (loss)		tions		income		gain		butions
Class R3
4/30/2018^(c)	$7.71	$0.06	$ 0.16		$ 0.22		$(0.06	)	$ –		$(0.06	)
10/31/2017	6.78	0.21	0.95		1.16		(0.23	)	–		(0.23	)
10/31/2016	7.11	0.22	(0.34	)	(0.12	)	(0.21	)	–		(0.21	)
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	)
Class R4
4/30/2018^(c)	7.62	0.08	0.16		0.24		(0.07	)	–		(0.07	)
10/31/2017	6.71	0.21	0.95		1.16		(0.25	)	–		(0.25	)
10/31/2016	7.05	0.24	(0.35	)	(0.11	)	(0.23	)	–		(0.23	)
6/30/2015 to 10/31/2015^(g)	7.75	0.05	(0.72	)	(0.67	)	(0.03	)	–		(0.03	)
Class R5
4/30/2018^(c)	7.66	0.09	0.16		0.25		(0.08	)	–		(0.08	)
10/31/2017	6.74	0.24	0.94		1.18		(0.26	)	–		(0.26	)
10/31/2016	7.08	0.26	(0.35	)	(0.09	)	(0.25	)	–		(0.25	)
6/30/2015 to 10/31/2015^(g)	7.78	0.06	(0.72	)	(0.66	)	(0.04	)	–		(0.04	)
Class R6
4/30/2018^(c)	7.67	0.09	0.16		0.25		(0.08	)	–		(0.08	)
10/31/2017	6.75	0.26	0.92		1.18		(0.26	)	–		(0.26	)
10/31/2016	7.08	0.26	(0.34	)	(0.08	)	(0.25	)	–		(0.25	)
6/30/2015 to 10/31/2015^(g)	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)	Unaudited.
^(d)	Not annualized.
^(e)	Commenced on April 4, 2017.
^(f)	Annualized.
^(g)	Commenced on June 30, 2015.

84	See Notes to Financial Statements.

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

$7.87	2.80	^(d)	1.37	^(f)	1.40	^(f)	1.63	^(f)	$ 9,313	26	^(d)
7.71	17.35		1.37		1.39		2.90		12,888	61
6.78	(1.58	)	1.37		1.44		3.29		12,697	58
7.11	(12.03	)	1.34		1.40		2.93		12,680	77
8.83	0.41		1.27		1.39		4.03		11,273	72
9.18	21.30		1.27		1.42		4.11		5,200	78

7.79	3.12	^(d)	1.12	^(f)	1.14	^(f)	1.99	^(f)	28	26	^(d)
7.62	17.60		1.11		1.11		2.85		38	61
6.71	(1.48	)	1.12		1.16		3.57		9	58
7.05	(8.56	)^(d)	1.12	^(f)	1.15	^(f)	2.02	^(f)	9	77

7.83	3.25	^(d)	0.86	^(f)	0.86	^(f)	2.32	^(f)	11	26	^(d)
7.66	17.90		0.87		0.87		3.39		11	61
6.74	(1.24	)	0.87		0.92		3.81		9	58
7.08	(8.46	)^(d)	0.87	^(f)	0.90	^(f)	2.28	^(f)	9	77

7.84	3.25	^(d)	0.82	^(f)	0.84	^(f)	2.38	^(f)	2,254	26	^(d)
7.67	17.88		0.81		0.83		3.45		2,229	61
6.75	(1.09	)	0.80		0.82		3.88		9	58
7.08	(8.46	)^(d)	0.80	^(f)	0.80	^(f)	2.34	^(f)	9	77


	See Notes to Financial Statements.	85

Financial Highlights

INTERNATIONAL EQUITY FUND

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

	Net asset	Net	Net						Net asset
	value,	investment	realized and		Total from		Net		value,
	beginning	income	unrealized		investment		investment		end of
	of period	(loss)^(a)	gain (loss)		operations		income		period
Class A
4/30/2018^(c)	$14.10	$0.08	$ 0.30		$ 0.38		$(0.28	)	$14.20
10/31/2017	12.03	0.18	2.15		2.33		(0.26	)	14.10
10/31/2016	12.64	0.27	(0.72	)	(0.45	)	(0.16	)	12.03
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
Class C
4/30/2018^(c)	13.92	0.03	0.29		0.32		(0.17	)	14.07
10/31/2017	11.86	0.09	2.13		2.22		(0.16	)	13.92
10/31/2016	12.45	0.18	(0.70	)	(0.52	)	(0.07	)	11.86
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
Class F
4/30/2018^(c)	14.02	0.11	0.29		0.40		(0.30	)	14.12
10/31/2017	11.96	0.22	2.12		2.34		(0.28	)	14.02
10/31/2016	12.55	0.29	(0.70	)	(0.41	)	(0.18	)	11.96
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
Class F3
4/30/2018^(c)	14.25	0.11	0.30		0.41		(0.31	)	14.35
4/4/2017 to 10/31/2017^(e)	12.34	0.05	1.86		1.91		–		14.25
Class I
4/30/2018^(c)	14.23	0.12	0.28		0.40		(0.31	)	14.32
10/31/2017	12.13	0.24	2.16		2.40		(0.30	)	14.23
10/31/2016	12.73	0.33	(0.73	)	(0.40	)	(0.20	)	12.13
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
Class P
4/30/2018^(c)	14.10	0.06	0.30		0.36		(0.25	)	14.21
10/31/2017	12.03	0.15	2.16		2.31		(0.24	)	14.10
10/31/2016	12.63	0.25	(0.71	)	(0.46	)	(0.14	)	12.03
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


86	See Notes to Financial Statements.

		Ratios to Average Net Assets:						Supplemental Data:

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

2.70	^(d)	1.14	^(f)	1.16	^(f)	1.16	^(f)	$233,350	47	^(d)
19.80		1.12		1.22		1.43		241,626	163
(3.54	)	1.12		1.31		2.29		263,064	164
(4.16	)	1.12		1.33		1.56		341,437	62
(2.67	)	1.12		1.36		1.25		368,087	64
24.99		1.12		1.38		1.41		437,271	81

2.31	^(d)	1.89	^(f)	1.91	^(f)	0.41	^(f)	24,961	47	^(d)
19.02		1.85		1.95		0.71		25,687	163
(4.21	)	1.85		2.04		1.54		31,798	164
(4.86	)	1.81		2.02		0.86		42,057	62
(3.31	)	1.75		1.99		0.65		49,491	64
24.26		1.75		2.01		0.77		57,779	81

2.79	^(d)	0.89	^(f)	1.01	^(f)	1.50	^(f)	70,510	47	^(d)
20.17		0.87		1.06		1.71		63,479	163
(3.24	)	0.87		1.16		2.48		62,655	164
(3.99	)	0.87		1.14		1.85		63,830	62
(2.46	)	0.87		1.11		1.29		78,364	64
25.35		0.87		1.13		1.42		142,063	81

2.94	^(d)	0.74	^(f)	0.84	^(f)	1.58	^(f)	6,287	47	^(d)
15.48	^(d)	0.68	^(f)	0.91	^(f)	0.65	^(f)	5,847	163

2.86	^(d)	0.79	^(f)	0.91	^(f)	1.66	^(f)	356,525	47	^(d)
20.26		0.77		0.96		1.87		292,598	163
(3.15	)	0.77		1.05		2.74		160,673	164
(3.83	)	0.77		1.04		1.92		61,077	62
(2.34	)	0.77		1.01		1.50		95,958	64
25.37		0.77		1.03		1.77		155,754	81

2.58	^(d)	1.34	^(f)	1.37	^(f)	0.78	^(f)	52	47	^(d)
19.59		1.32		1.42		1.19		89	163
(3.65	)	1.32		1.51		2.12		95	164
(4.38	)	1.28		1.49		1.32		110	62
(2.77	)	1.22		1.46		1.20		150	64
24.91		1.22		1.48		1.30		278	81


	See Notes to Financial Statements.	87

Financial Highlights (concluded)

INTERNATIONAL 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	investment	unrealized		investment		investment		end of
	of period	income^(a)	gain (loss)		operations		income		period
Class R2
4/30/2018^(c)	$14.05	$0.05	$ 0.30		$ 0.35		$(0.22	)	$14.18
10/31/2017	11.99	0.16	2.12		2.28		(0.22	)	14.05
10/31/2016	12.58	0.23	(0.71	)	(0.48	)	(0.11	)	11.99
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
Class R3
4/30/2018^(c)	13.87	0.06	0.30		0.36		(0.24	)	13.99
10/31/2017	11.84	0.15	2.12		2.27		(0.24	)	13.87
10/31/2016	12.44	0.23	(0.70	)	(0.47	)	(0.13	)	11.84
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
Class R4
4/30/2018^(c)	14.07	0.09	0.29		0.38		(0.30	)	14.15
10/31/2017	12.00	0.17	2.16		2.33		(0.26	)	14.07
10/31/2016	12.63	0.27	(0.72	)	(0.45	)	(0.18	)	12.00
6/30/2015 to 10/31/2015^(g)	13.06	0.04	(0.47	)	(0.43	)	–		12.63
Class R5
4/30/2018^(c)	14.19	0.11	0.29		0.40		(0.31	)	14.28
10/31/2017	12.11	0.16	2.21		2.37		(0.29	)	14.19
10/31/2016	12.73	0.30	(0.72	)	(0.42	)	(0.20	)	12.11
6/30/2015 to 10/31/2015^(g)	13.15	0.05	(0.47	)	(0.42	)	–		12.73
Class R6
4/30/2018^(c)	14.24	0.11	0.30		0.41		(0.31	)	14.34
10/31/2017	12.14	0.26	2.14		2.40		(0.30	)	14.24
10/31/2016	12.74	0.17	(0.57	)	(0.40	)	(0.20	)	12.14
6/30/2015 to 10/31/2015^(g)	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 and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Commenced on April 4, 2017.
^(f)	Annualized.
^(g)	Commenced on June 30, 2015.

88	See Notes to Financial Statements.

		Ratios to Average Net Assets:						Supplemental Data:

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

2.54	^(d)	1.49	^(f)	1.52	^(f)	0.69	^(f)	$ 569	47	^(d)
19.40		1.47		1.56		1.22		679	163
(3.85	)	1.47		1.66		1.93		517	164
(4.48	)	1.43		1.64		1.31		658	62
(2.89	)	1.37		1.61		1.07		1,011	64
24.65		1.37		1.63		1.20		868	81

2.56	^(d)	1.38	^(f)	1.41	^(f)	0.84	^(f)	10,982	47	^(d)
19.63		1.34		1.44		1.23		12,674	163
(3.79	)	1.36		1.54		1.99		14,945	164
(4.35	)	1.33		1.53		1.35		18,466	62
(2.85	)	1.26		1.50		1.15		20,156	64
24.80		1.26		1.52		1.27		19,739	81

2.70	^(d)	1.13	^(f)	1.16	^(f)	1.31	^(f)	840	47	^(d)
19.92		1.10		1.18		1.25		582	163
(3.55	)	1.12		1.28		2.27		9	164
(3.29	)^(d)	1.12	^(f)	1.25	^(f)	0.89	^(f)	10	62

2.87	^(d)	0.89	^(f)	0.91	^(f)	1.47	^(f)	78	47	^(d)
20.10		0.87		0.94		1.21		71	163
(3.31	)	0.87		1.04		2.52		9	164
(3.19	)^(d)	0.87	^(f)	1.00	^(f)	1.14	^(f)	10	62

2.87	^(d)	0.74	^(f)	0.84	^(f)	1.59	^(f)	3,178	47	^(d)
20.35		0.70		0.86		2.04		3,074	163
(3.14	)	0.65		0.88		1.39		10,765	164
(3.12	)^(d)	0.70	^(f)	0.84	^(f)	1.31	^(f)	10	62


	See Notes to Financial Statements.	89

Financial Highlights

INTERNATIONAL OPPORTUNITIES FUND

		Per Share Operating Performance:
		Investment Operations:						Distributions to shareholders from:
						Total
		Net		Net		from
	Net asset	invest-		realized		invest-
	value,	ment		and		ment		Net		Net		Total
	beginning	income		unrealized		opera-		investment		realized		distri-
	of period	(loss)^(a)		gain (loss)		tions		income		gain		butions
Class A
4/30/2018^(c)	$20.88	$0.05		$ 0.20		$ 0.25		$(0.17	)	$(0.73	)	$(0.90	)
10/31/2017	16.13	0.09		4.77		4.86		(0.11	)	–		(0.11	)
10/31/2016	17.01	0.13		(0.30	)	(0.17	)	(0.10	)	(0.61	)	(0.71	)
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	)
Class C
4/30/2018^(c)	19.46	(0.03	)	0.19		0.16		(0.07	)	(0.73	)	(0.80	)
10/31/2017	15.03	(0.04	)	4.47		4.43		–		–		–
10/31/2016	15.92	0.01		(0.28	)	(0.27	)	(0.01	)	(0.61	)	(0.62	)
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	–	^(e)	3.61		3.61		(0.18	)	–		(0.18	)
Class F
4/30/2018^(c)	20.70	0.07		0.20		0.27		(0.20	)	(0.73	)	(0.93	)
10/31/2017	16.00	0.11		4.73		4.84		(0.14	)	–		(0.14	)
10/31/2016	16.88	0.15		(0.29	)	(0.14	)	(0.13	)	(0.61	)	(0.74	)
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	)
Class F3
4/30/2018^(c)	21.49	0.09		0.21		0.30		(0.22	)	(0.73	)	(0.95	)
4/4/2017 to 10/31/2017^(f)	17.75	(0.02	)	3.76		3.74		–		–		–
Class I
4/30/2018^(c)	21.44	0.07		0.21		0.28		(0.21	)	(0.73	)	(0.94	)
10/31/2017	16.56	0.14		4.90		5.04		(0.16	)	–		(0.16	)
10/31/2016	17.44	0.17	��	(0.30	)	(0.13	)	(0.14	)	(0.61	)	(0.75	)
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	)
Class P
4/30/2018^(c)	21.26	0.02		0.22		0.24		(0.12	)	(0.73	)	(0.85	)
10/31/2017	16.40	0.04		4.88		4.92		(0.06	)	–		(0.06	)
10/31/2016	17.27	0.08		(0.29	)	(0.21	)	(0.05	)	(0.61	)	(0.66	)
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	)


90	See Notes to Financial Statements.

			Ratios to Average Net Assets:				Supplemental Data:

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

$20.23	1.24	^(d)	1.18	^(g)	0.44	^(g)	$226,788	37	^(d)
20.88	30.38		1.23		0.50		190,861	76
16.13	(0.99	)	1.35		0.82		153,000	82
17.01	9.36		1.33		0.51		160,628	82
16.22	(2.39	)	1.35		0.66		117,037	80
16.83	30.26		1.47		0.66		99,530	100

18.82	0.86	^(d)	1.93	^(g)	(0.26	)^(g)	54,715	37	^(d)
19.46	29.47		1.97		(0.26	)	39,434	76
15.03	(1.75	)	2.09		0.08		27,396	82
15.92	8.58		2.06		(0.23	)	31,273	82
15.23	(3.12	)	2.06		(0.10	)	21,868	80
15.84	29.43		2.10		0.03		18,138	100

20.04	1.30	^(d)	1.03	^(g)	0.65	^(g)	328,423	37	^(d)
20.70	30.59		1.07		0.58		264,221	76
16.00	(0.84	)	1.20		0.96		88,852	82
16.88	9.52		1.18		0.61		118,963	82
16.11	(2.21	)	1.18		0.80		44,607	80
16.73	30.63		1.22		1.13		18,046	100

20.84	1.37	^(d)	0.87	^(g)	0.85	^(g)	26,875	37	^(d)
21.49	21.13	^(d)	0.89	^(g)	(0.15	)^(g)	18,095	76

20.78	1.37	^(d)	0.93	^(g)	0.65	^(g)	289,907	37	^(d)
21.44	30.74		0.99		0.76		249,331	76
16.56	(0.75	)	1.10		1.06		267,188	82
17.44	9.59		1.08		0.77		296,965	82
16.63	(2.10	)	1.08		0.87		274,583	80
17.25	30.74		1.12		0.99		259,952	100

20.65	1.13	^(d)	1.38	^(g)	0.18	^(g)	229	37	^(d)
21.26	30.12		1.45		0.23		229	76
16.40	(1.17	)	1.55		0.49		363	82
17.27	9.15		1.53		0.29		595	82
16.46	(2.60	)	1.53		0.38		872	80
17.08	30.19		1.57		0.57		1,096	100


	See Notes to Financial Statements.	91

Financial Highlights (concluded)

INTERNATIONAL OPPORTUNITIES FUND

		Per Share Operating Performance:
		Investment Operations:						Distributions to shareholders from:
						Total
		Net		Net		from
	Net asset	invest-		realized		invest-
	value,	ment		and		ment		Net		Net		Total
	beginning	income		unrealized		opera-		investment		realized		distri-
	of period	(loss)^(a)		gain (loss)		tions		income		gain		butions
Class R2
4/30/2018^(c)	$20.53	$ –	^(e)	$ 0.21		$ 0.21		$(0.11	)	$(0.73	)	$(0.84	)
10/31/2017	15.89	0.04		4.69		4.73		(0.09	)	–		(0.09	)
10/31/2016	16.81	0.08		(0.30	)	(0.22	)	(0.09	)	(0.61	)	(0.70	)
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	)
Class R3
4/30/2018^(c)	20.49	0.01		0.22		0.23		(0.12	)	(0.73	)	(0.85	)
10/31/2017	15.85	0.02		4.71		4.73		(0.09	)	–		(0.09	)
10/31/2016	16.73	0.11		(0.31	)	(0.20	)	(0.07	)	(0.61	)	(0.68	)
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	)
Class R4
4/30/2018^(c)	20.82	0.05		0.20		0.25		(0.18	)	(0.73	)	(0.91	)
10/31/2017	16.11	0.10		4.75		4.85		(0.14	)	–		(0.14	)
10/31/2016	17.01	0.09		(0.26	)	(0.17	)	(0.12	)	(0.61	)	(0.73	)
6/30/2015 to 10/31/2015^(h)	17.49	–	^(e)	(0.48	)	(0.48	)	–		–		–
Class R5
4/30/2018^(c)	21.43	0.07		0.21		0.28		(0.21	)	(0.73	)	(0.94	)
10/31/2017	16.56	0.15		4.88		5.03		(0.16	)	–		(0.16	)
10/31/2016	17.44	0.18		(0.31	)	(0.13	)	(0.14	)	(0.61	)	(0.75	)
6/30/2015 to 10/31/2015^(h)	17.92	0.02		(0.50	)	(0.48	)	–		–		–
Class R6
4/30/2018^(c)	21.49	0.08		0.22		0.30		(0.22	)	(0.73	)	(0.95	)
10/31/2017	16.60	0.20		4.85		5.05		(0.16	)	–		(0.16	)
10/31/2016	17.45	0.17		(0.27	)	(0.10	)	(0.14	)	(0.61	)	(0.75	)
6/30/2015 to 10/31/2015^(h)	17.92	0.03		(0.50	)	(0.47	)	–		–		–

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Amount less than $0.01.
^(f)	Commenced on April 4, 2017.
^(g)	Annualized.
^(h)	Commenced on June 30, 2015.

92	See Notes to Financial Statements.

			Ratios to Average Net Assets:				Supplemental Data:

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

$19.90	1.06	^(d)	1.53	^(g)	0.02	^(g)	$ 5,036	37	^(d)
20.53	29.96		1.57		0.21		5,228	76
15.89	(1.34	)	1.71		0.49		2,520	82
16.81	8.92		1.68		0.15		935	82
16.05	(2.69	)	1.68		0.26		198	80
16.69	29.97		1.72		0.40		201	100

19.87	1.13	^(d)	1.43	^(g)	0.13	^(g)	9,755	37	^(d)
20.49	30.07		1.47		0.14		9,828	76
15.85	(1.20	)	1.59		0.67		18,124	82
16.73	9.11		1.56		0.29		9,161	82
15.97	(2.63	)	1.56		0.39		6,000	80
16.57	30.14		1.62		0.45		6,133	100

20.16	1.22	^(d)	1.18	^(g)	0.52	^(g)	5,407	37	^(d)
20.82	30.43		1.23		0.56		3,334	76
16.11	(1.03	)	1.38		0.57		1,883	82
17.01	(2.74	)^(d)	1.35	^(g)	0.03	^(g)	10	82

20.77	1.37	^(d)	0.93	^(g)	0.65	^(g)	4,205	37	^(d)
21.43	30.69		0.98		0.79		4,121	76
16.56	(0.75	)	1.13		1.06		2,751	82
17.44	(2.68	)^(d)	1.10	^(g)	0.28	^(g)	10	82

20.84	1.37	^(d)	0.87	^(g)	0.79	^(g)	21,807	37	^(d)
21.49	30.85		0.90		1.03		17,212	76
16.60	(0.56	)	0.94		1.00		1,843	82
17.45	(2.62	)^(d)	0.93	^(g)	0.48	^(g)	13	82


	See Notes to Financial Statements.	93

Financial Highlights

VALUE OPPORTUNITIES FUND

		Per Share Operating Performance:
		Investment Operations:						Distributions to shareholders from:
						Total
		Net		Net		from
	Net asset	invest-		realized		invest-
	value,	ment		and		ment		Net		Net		Total
	beginning	income		unrealized		opera-		investment		realized		distri-
	of period	(loss)^(a)		gain (loss)		tions		income		gain		butions
Class A
4/30/2018^(c)	$20.80	$0.01		$(0.11	)	$(0.10	)	$ –		$(1.25	)	$(1.25	)
10/31/2017	18.95	0.03		2.95		2.98		–		(1.13	)	(1.13	)
10/31/2016	19.56	0.02		0.77		0.79		–		(1.40	)	(1.40	)
10/31/2015	21.67	(0.01	)	0.77		0.76		–		(2.87	)	(2.87	)
10/31/2014	21.44	(0.03	)	2.16		2.13		–		(1.90	)	(1.90	)
10/31/2013	15.99	–	^(e)	5.45		5.45		–		–		–
Class C
4/30/2018^(c)	18.75	(0.06	)	(0.10	)	(0.16	)	–		(1.25	)	(1.25	)
10/31/2017	17.31	(0.11	)	2.68		2.57		–		(1.13	)	(1.13	)
10/31/2016	18.11	(0.11	)	0.71		0.60		–		(1.40	)	(1.40	)
10/31/2015	20.41	(0.15	)	0.72		0.57		–		(2.87	)	(2.87	)
10/31/2014	20.42	(0.16	)	2.05		1.89		–		(1.90	)	(1.90	)
10/31/2013	15.32	(0.12	)	5.22		5.10		–		–		–
Class F
4/30/2018^(c)	21.18	0.02		(0.10	)	(0.08	)	(0.01	)	(1.25	)	(1.26	)
10/31/2017	19.28	0.05		3.00		3.05		(0.02	)	(1.13	)	(1.15	)
10/31/2016	19.85	0.04		0.79		0.83		–		(1.40	)	(1.40	)
10/31/2015	21.92	0.02		0.78		0.80		–		(2.87	)	(2.87	)
10/31/2014	21.62	0.02		2.18		2.20		–		(1.90	)	(1.90	)
10/31/2013	16.07	0.05		5.50		5.55		–		–		–
Class F3
4/30/2018^(c)	21.65	0.04		(0.10	)	(0.06	)	(0.05	)	(1.25	)	(1.30	)
4/4/2017 to 10/31/2017^(g)	20.25	(0.03	)	1.43		1.40		–		–		–
Class I
4/30/2018^(c)	21.59	0.03		(0.11	)	(0.08	)	(0.05	)	(1.25	)	(1.30	)
10/31/2017	19.62	0.08		3.06		3.14		(0.04	)	(1.13	)	(1.17	)
10/31/2016	20.16	0.06		0.80		0.86		–		(1.40	)	(1.40	)
10/31/2015	22.20	0.04		0.79		0.83		–		(2.87	)	(2.87	)
10/31/2014	21.85	0.05		2.20		2.25		–		(1.90	)	(1.90	)
10/31/2013	16.23	0.06		5.56		5.62		–		–		–
Class P
4/30/2018^(c)	20.46	(0.01	)	(0.10	)	(0.11	)	–		(1.25	)	(1.25	)
10/31/2017	18.70	(0.01	)^(e)	2.90		2.89		–		(1.13	)	(1.13	)
10/31/2016	19.36	(0.02	)	0.76		0.74		–		(1.40	)	(1.40	)
10/31/2015	21.51	(0.05	)	0.77		0.72		–		(2.87	)	(2.87	)
10/31/2014	21.32	(0.05	)	2.14		2.09		–		(1.90	)	(1.90	)
10/31/2013	15.90	(0.07	)	5.49		5.42		–		–		–


94	See Notes to Financial Statements.

			Ratios to Average Net Assets:				Supplemental Data:

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

$19.45	(0.54	)^(d)	1.13	^(h)	0.06	^(h)	$ 942,038	35	^(d)
20.80	16.23		1.15		0.14		1,028,166	57
18.95	4.33		1.17		0.09		959,416	37
19.56	3.67		1.17		(0.05	)	1,026,959	47
21.67	10.72		1.26		(0.13	)	1,316,790	54
21.44	34.08		1.28		(0.01	)	1,372,436	69	^(f)

17.34	(0.94	)^(d)	1.88	^(h)	(0.69	)^(h)	294,365	35	^(d)
18.75	15.35		1.89		(0.61	)	335,148	57
17.31	3.57		1.92		(0.66	)	330,066	37
18.11	2.87		1.92		(0.80	)	356,709	47
20.41	10.02		1.91		(0.79	)	404,787	54
20.42	33.29		1.93		(0.66	)	400,420	69	^(f)

19.84	(0.44	)^(d)	0.98	^(h)	0.22	^(h)	433,967	35	^(d)
21.18	16.34		1.00		0.27		807,684	57
19.28	4.48		1.02		0.23		663,069	37
19.85	3.84		1.02		0.09		557,742	47
21.92	10.97		1.02		0.11		550,524	54
21.62	34.54		1.03		0.26		456,370	69	^(f)

20.29	(0.36	)^(d)	0.78	^(h)	0.40	^(h)	348,326	35	^(d)
21.65	6.91		0.79	^(h)	(0.25	)^(h)	315,394	57

20.21	(0.41	)^(d)	0.88	^(h)	0.29	^(h)	690,848	35	^(d)
21.59	16.51		0.90		0.41		397,265	57
19.62	4.57		0.92		0.34		470,399	37
20.16	3.94		0.92		0.20		557,008	47
22.20	11.10		0.92		0.21		647,442	54
21.85	34.63		0.93		0.33		675,593	69	^(f)

19.10	(0.60	)^(d)	1.33	^(h)	(0.15	)^(h)	29,583	35	^(d)
20.46	15.96		1.35		(0.05	)	33,644	57
18.70	4.10		1.37		(0.11	)	36,327	37
19.36	3.50		1.37		(0.25	)	42,225	47
21.51	10.58		1.36		(0.23	)	49,179	54
21.32	34.09		1.37		(0.34	)	54,081	69	^(f)


	See Notes to Financial Statements.	95

Financial Highlights (concluded)

VALUE OPPORTUNITIES FUND

		Per Share Operating Performance:
		Investment Operations:						Distributions to shareholders from:
						Total
		Net		Net		from
	Net asset	invest-		realized		invest-
	value,	ment		and		ment		Net		Net		Total
	beginning	income		unrealized		opera-		investment		realized		distri-
	of period	(loss)^(a)		gain (loss)		tions		income		gain		butions
Class R2
4/30/2018^(c)	$20.06	$(0.03	)	$(0.09	)	$(0.12	)	$ –		$(1.25	)	$(1.25	)
10/31/2017	18.38	(0.05	)	2.86		2.81		–		(1.13	)	(1.13	)
10/31/2016	19.08	(0.05	)	0.75		0.70		–		(1.40	)	(1.40	)
10/31/2015	21.27	(0.08	)	0.76		0.68		–		(2.87	)	(2.87	)
10/31/2014	21.13	(0.08	)	2.12		2.04		–		(1.90	)	(1.90	)
10/31/2013	15.79	(0.04	)	5.38		5.34		–		–		–
Class R3
4/30/2018^(c)	20.25	(0.02	)	(0.10	)	(0.12	)	–		(1.25	)	(1.25	)
10/31/2017	18.52	(0.02	)	2.88		2.86		–		(1.13	)	(1.13	)
10/31/2016	19.20	(0.03	)	0.75		0.72		–		(1.40	)	(1.40	)
10/31/2015	21.37	(0.06	)	0.76		0.70		–		(2.87	)	(2.87	)
10/31/2014	21.20	(0.06	)	2.13		2.07		–		(1.90	)	(1.90	)
10/31/2013	15.83	(0.03	)	5.40		5.37		–		–		–
Class R4
4/30/2018^(c)	20.79	0.01		(0.11	)	(0.10	)	(0.02	)	(1.25	)	(1.27	)
10/31/2017	18.95	–		2.99		2.99		(0.02	)	(1.13	)	(1.15	)
10/31/2016	19.57	(0.01	)	0.79		0.78		–		(1.40	)	(1.40	)
6/30/2015 to 10/31/2015⁽ⁱ⁾	20.33	–	^(e)	(0.76	)	(0.76	)	–		–		–
Class R5
4/30/2018^(c)	21.59	0.03		(0.10	)	(0.07	)	(0.04	)	(1.25	)	(1.29	)
10/31/2017	19.63	0.10		3.03		3.13		(0.04	)	(1.13	)	(1.17	)
10/31/2016	20.16	0.05		0.82		0.87		–		(1.40	)	(1.40	)
6/30/2015 to 10/31/2015⁽ⁱ⁾	20.93	0.01		(0.78	)	(0.77	)	–		–		–
Class R6
4/30/2018^(c)	21.65	0.04		(0.10	)	(0.06	)	(0.05	)	(1.25	)	(1.30	)
10/31/2017	19.66	0.09		3.07		3.16		(0.04	)	(1.13	)	(1.17	)
10/31/2016	20.17	0.09		0.80		0.89		–		(1.40	)	(1.40	)
6/30/2015 to 10/31/2015⁽ⁱ⁾	20.93	0.02		(0.78	)	(0.76	)	–		–		–
Class T
4/30/2018^(c)	20.80	0.02		(0.10	)	(0.08	)	(0.03	)	(1.25	)	(1.28	)
7/28/2017 to 10/31/2017^(j)	20.06	0.01		0.73		0.74		–		–		–

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, C and T does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Amount less than $0.01.
^(f)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.
^(g)	Commenced on April 4, 2017.
^(h)	Annualized.
⁽ⁱ⁾	Commenced on June 30, 2015.
^(j)	Commenced on July 28, 2017.

96	See Notes to Financial Statements.

			Ratios to Average Net Assets:				Supplemental Data:

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

$18.69	(0.66	)^(d)	1.48	^(h)	(0.30	)^(h)	$ 8,343	35	^(d)
20.06	15.79		1.50		(0.25	)	9,047	57
18.38	3.94		1.52		(0.26	)	6,245	37
19.08	3.33		1.53		(0.40	)	7,120	47
21.27	10.42		1.52		(0.38	)	10,364	54
21.13	33.82		1.53		(0.24	)	13,922	69	^(f)

18.88	(0.66	)^(d)	1.38	^(h)	(0.20	)^(h)	85,117	35	^(d)
20.25	15.94		1.39		(0.10	)	88,592	57
18.52	4.03		1.42		(0.16	)	99,544	37
19.20	3.42		1.42		(0.30	)	114,489	47
21.37	10.54		1.41		(0.29	)	133,353	54
21.20	33.92		1.43		(0.17	)	130,597	69	^(f)

19.42	(0.56	)^(d)	1.13	^(h)	0.06	^(h)	58,117	35	^(d)
20.79	16.27		1.15		(0.01	)	63,867	57
18.95	4.28		1.14		(0.06	)	2,929	37
19.57	(3.74	)^(d)	1.15	^(h)	(0.07	)^(h)	10	47

20.23	(0.36	)^(d)	0.88	^(h)	0.30	^(h)	5,607	35	^(d)
21.59	16.46		0.89		0.51		5,111	57
19.63	4.62		0.89		0.24		42,825	37
20.16	(3.68	)^(d)	0.89	^(h)	0.19	^(h)	10	47

20.29	(0.31	)^(d)	0.78	^(h)	0.41	^(h)	94,533	35	^(d)
21.65	16.60	^(d)	0.78		0.45		104,218	57
19.66	4.72		0.79		0.46		56,533	37
20.17	(3.63	)^(d)	0.82	^(h)	0.28	^(h)	29,039	47

19.44	(0.43	)^(d)	1.00	^(h)	0.19	^(h)	10	35
20.80	3.69	^(d)	0.99	^(h)	0.12	^(h)	10	57


	See Notes to Financial Statements.	97

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

The Trust currently consists of ten funds. This report covers the following eight funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes during the six months ended April 30, 2018:

Funds	Share Classes
Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”)	A, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett Fundamental Equity Fund (“Fundamental Equity Fund”)	A, C, F, F3 I, P, R2, R3, R4, R5 and R6
Lord Abbett Global Equity Research Fund (“Global Equity Research Fund,” formerly “Global Core Equity Fund”)	A, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett Growth Leaders Fund (“Growth Leaders Fund”)	A, C, F, F3, I, R2, R3, R4, R5, R6 and T
Lord Abbett International Dividend Income Fund (“International Dividend Income Fund”)	A, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett International Equity Fund (“International Equity Fund”)	A, C, F, F3, I, P, R2, R3, R4, R5 and R6
Lord Abbett International Opportunities Fund (“International Opportunities Fund”)	A, C, F, F3, I, P, R2, R3, R4, R5 and R6
Lord Abbett Value Opportunities Fund (“Value Opportunities Fund”)	A, C, F, F3, I, P, R2, R3, R4, R5, R6 and T

The Funds’ Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Funds’ prospectus. On April 25, 2018, the Funds’ remaining Class B shares converted to Class A shares.

Each of Alpha Strategy Fund’s, Global Equity Research Fund’s, International 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 mutual 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 and Class T shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Effective April 30, 2018, Class C shares will convert automatically into Class A shares on the 25th day of the month (or, if the 25th is not a business day, the next business day thereafter) following the tenth anniversary of the month on which the purchase order was accepted.

Notes to Financial Statements (unaudited)(continued)

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), 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 quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and 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 may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

Notes to Financial Statements (unaudited)(continued)

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

	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended October 31, 2014 through October 31, 2017. 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, R4 and T 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 gain (loss) on foreign currency related transactions in each Fund’s Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	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–Global Equity Research Fund, International Dividend Income Fund, International Equity 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 gain/(loss) on foreign currency related transactions in each Fund’s Statement of Operations.

(h)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of

100

Notes to Financial Statements (unaudited)(continued)

	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)	Options–Each Fund may purchase and write exchange-listed and over-the-counter put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility.

	When a Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

	Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

(j)	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.

(k)	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)

101

Notes to Financial Statements (unaudited)(continued)

	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.

(l)	Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk—for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

	•	Level 1 – unadjusted quoted prices in active markets for identical investments;

	•	Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

	•	Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

	A summary of inputs used in valuing each Fund’s investments and other financial instruments as of April 30, 2018 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in each Fund’s Schedule of Investments.

	Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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.

102

Notes to Financial Statements (unaudited)(continued)

For the six months ended April 30, 2018, 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	.53%⁽²⁾
Global Equity Research Fund	.00%⁽³⁾
Growth Leaders Fund	.53%⁽⁴⁾
International Dividend Income Fund	.67%⁽⁵⁾
International Equity Fund	.67%⁽⁵⁾
International Opportunities Fund	.75%⁽⁶⁾
Value Opportunities Fund	.70%⁽⁷⁾

⁽¹⁾	Lord Abbett is voluntarily waiving the entire management fee. Lord Abbett may discontinue the voluntary waiver at any time without notice.

⁽²⁾	The management fee for Fundamental Equity Fund is based on the Fund’s average daily net assets at the following annual rates:

	First $200 million	.75%
	Next $300 million	.65%
	Over $500 million	.50%

⁽³⁾	The management fee for Global Equity Research Fund is based on the Fund’s average daily net assets at the following annual rates:

Effective April 20, 2018		Prior to April 20, 2018
First $1 billion	.45%	First $1 billion	.70%
Next $2 billion	.43%	Next $1 billion	.65%
Over $3 billion	.41%	Over $2 billion	.60%

⁽⁴⁾	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%

⁽⁵⁾	The management fees for International Dividend Income Fund and International Equity Fund are based on each Fund’s average daily net assets at the following annual rates:

	First $1 billion	.70%
	Next $1 billion	.65%
	Over $2 billion	.60%

⁽⁶⁾	The management fee for International 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%
	Over $2 billion	.65%

⁽⁷⁾	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.

103

Notes to Financial Statements (unaudited)(continued)

For the six months ended April 30, 2018, Lord Abbett & Co. LLC 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:

	Global Equity Research Fund
Classes	Effective April 20, 2018*	Prior to April 20, 2018	Prior to March 1, 2018
A, B, C, F, I, R2, R3, R4 and R5	0.65%	0.80%	0.80%
F3 and R6	0.63%	0.78%	0.75%

*	Continuing through February 29, 2020.

	Growth Leaders Fund
	Prior to
Classes	March 1, 2018*
A, B, C, F, I, R2, R3, R4 and R5	0.70%
F3 and R6	0.60%

*	Effective March 1, 2018, Lord Abbett discontinued these waivers.

	International Dividend Income Fund
	Effective	Prior to
Classes	March 1, 2018*	March 1, 2018
A, C, R2, R3, R4 and R5	0.87%	0.87%
F and I	0.81%	0.81%
F3 and R6	0.82%	0.81%

*	Continuing through February 28, 2019.

	International Equity Fund
	Effective	Prior to
Classes	March 1, 2018*	March 1, 2018
A, B, C, P, R2, R3, R4 and R5	0.92%	0.87%
F and I	0.84%	0.77%
F3 and R6	0.82%	0.70%

*	Continuing through February 28, 2019.

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.

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, B, C, F, P, R2, R3, R4 and T shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to the “Distributor,” an affiliate of Lord Abbett. The following annual rates have been authorized by the Board pursuant to the plan:

Fees*	Class A	Class B⁽¹⁾	Class C	Class F⁽²⁾⁽³⁾	Class P⁽⁴⁾	Class R2	Class R3	Class R4	Class T
Service	.25%	.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⁾	Class B closed April 25, 2018.
⁽²⁾	The Class F Share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Fund’s prospectus.
⁽³⁾	For the six months ended April 30, 2018 and continuing through February 28, 2019, the distributor has contractually agreed to waive Growth Leaders Fund’s 0.10% Rule 12b-1 fee for Class F. This agreement may be terminated only by the Fund’s Board of Trustees.
⁽⁴⁾	Fundamental Equity Fund, International Equity Fund, International Opportunities Fund and Value Opportunities Fund only.

Class F3, I, R5 and R6 shares do not have a distribution plan.

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended April 30, 2018:

104

Notes to Financial Statements (unaudited)(continued)

	Distributor Commissions	Dealers’ Concessions
Alpha Strategy Fund	$ 30,146	$ 168,914
Fundamental Equity Fund	51,243	281,034
Global Equity Research Fund	752	4,297
Growth Leaders Fund	274,126	1,545,302
International Dividend Income Fund	50,515	263,089
International Equity Fund	13,493	73,524
International Opportunities Fund	83,255	455,638
Value Opportunities Fund	109,394	594,321

Distributor received the following amount of CDSCs for the six months ended April 30, 2018:

	Class A	Class C
Alpha Strategy Fund	$ 2,046	$ 6,781
Fundamental Equity Fund	968	2,655
Growth Leaders Fund	15,253	21,307
International Dividend Income Fund	1,677	1,572
International Equity Fund	105	214
International Opportunities Fund	2,037	4,876
Value Opportunities Fund	2,522	16,028

One Trustee and certain of the Trust’s officers have an interest in Lord Abbett.

Other Related Parties

As of April 30, 2018, the percentages of Fundamental Equity Fund’s, Growth Leaders Fund’s, International Dividend Income Fund’s, International Equity 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 Dividend Income Fund	International Equity Fund	International Opportunities Fund	Value Opportunities Fund
Alpha Strategy Fund	–	–	–	–	21.34%	7.01%
Multi-Asset Focused Growth Fund	1.14%	1.72%	2.54%	3.34%	–	–
Multi-Asset Balanced Opportunity Fund	–	6.08%	11.00%	14.41%	–	–
Multi-Asset Global Opportunity Fund	–	0.80%	3.86%	5.09%	–	–
Multi-Asset Growth Fund	–	3.25%	8.55%	11.22%	–	–
Multi-Asset Income Fund	–	5.74%	10.12%	13.29%	–	–

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, Global Equity Research Fund, Growth Leaders Fund, International 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

105

Notes to Financial Statements (unaudited)(continued)

considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended April 30, 2018 and fiscal year ended October 31, 2017, was as follows:

	Alpha Strategy Fund				Fundamental Equity Fund
	Six Months Ended 4/30/2018 (unaudited)		Year Ended 10/31/2017		Six Months Ended 4/30/2018 (unaudited)		Year Ended 10/31/2017
Distributions paid from:
Ordinary income	$	–	$	–	$	96,384,992	$	40,226,108
Net long-term capital gains		124,640,000		125,574,170		208,675,974		105,930,975
Total distributions paid	$	124,640,000	$	125,574,170	$	305,060,966	$	146,157,083

	Global Equity Research Fund				Growth Leaders Fund
	Six Months Ended 4/30/2018 (unaudited)		Year Ended 10/31/2017		Six Months Ended 4/30/2018 (unaudited)		Year Ended 10/31/2017
Distributions paid from:
Ordinary income	$	244,530	$	–	$	126,621,793	$	–
Net long-term capital gains		–		–		65,683,018		–
Total distributions paid	$	244,530	$	–	$	192,304,811	$	–

	International Dividend Income Fund				International Equity Fund
	Six Months Ended 4/30/2018 (unaudited)		Year Ended 10/31/2017		Six Months Ended 4/30/2018 (unaudited)		Year Ended 10/31/2017
Distributions paid from:
Ordinary income	$	9,094,682	$	39,131,477	$	13,137,977	$	11,749,068
Total distributions paid	$	9,094,682	$	39,131,477	$	13,137,977	$	11,749,068

	International Opportunities Fund				Value Opportunities Fund
	Six Months Ended 4/30/2018 (unaudited)		Year Ended 10/31/2017		Six Months Ended 4/30/2018 (unaudited)		Year Ended 10/31/2017
Distributions paid from:
Ordinary income	$	7,606,852	$	4,401,411	$	2,970,562	$	1,828,852
Net long-term capital gains		29,369,535		–		189,303,746		160,561,813
Total distributions paid	$	36,976,387	$	4,401,411	$	192,274,308	$	162,390,665

As of October 31, 2017, the capital loss carryforwards, along with the related expiration dates, were as follows:

	Indefinite	Total
International Equity Fund	9,367,684	9,367,684
International Dividend Income Fund	423,547,052	423,547,052

In accordance with the Regulated Investment Company Modernization Act of 2010, each Fund will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) indefinitely. Post-enactment losses will also retain their character as either short-term or long-term and be utilized before any pre-enactment losses.

106

Notes to Financial Statements (unaudited)(continued)

As of April 30, 2018, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

	Alpha Strategy Fund			Fundamental Equity Fund			Global Equity Research Fund
Tax cost	$	1,012,599,106		$	2,037,489,181		$	5,439,977
Gross unrealized gain		116,879,661			384,395,764			482,548
Gross unrealized loss		(45,223,199	)		(32,393,786	)		(149,818	)
Net unrealized security gain	$	71,656,462		$	352,001,978		$	332,730

	Growth Leaders Fund			International Dividend Income Fund			International Equity Fund
Tax cost	$	3,022,059,137		$	834,698,298		$	650,030,360
Gross unrealized gain		410,173,135			99,592,636			60,515,618
Gross unrealized loss		(44,298,142	)		(24,230,442	)		(17,455,059	)
Net unrealized security gain	$	365,874,993		$	75,362,194		$	43,060,559

	International Opportunities Fund			Value Opportunities Fund
Tax cost	$	891,282,609		$	2,449,668,937
Gross unrealized gain		102,329,936			615,342,538
Gross unrealized loss		(30,437,293	)		(77,271,705	)
Net unrealized security gain	$	71,892,643		$	538,070,833

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities, forward currency contracts and wash sales.

5	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2018 were as follows:

	Purchases		Sales
Alpha Strategy Fund	$	91,653,529	$	109,652,024
Fundamental Equity Fund		1,473,343,002		1,800,181,707
Global Equity Research Fund		3,591,615		2,418,621
Growth Leaders Fund		3,058,079,745		2,710,126,903
International Dividend Income Fund		252,539,611		415,537,343
International Equity Fund		351,724,715		313,208,774
International Opportunities Fund		488,030,228		324,591,807
Value Opportunities Fund		1,096,345,124		1,331,276,050

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2018.

Each Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended April 30, 2018, the following Funds engaged in cross-trades:

Fund	Purchases	Sales	Gain/(Loss)
Fundamental Equity Fund	8,607,964	8,255,435	1,562,144
Growth Leaders Fund	854,621	994,425	137,245
International Dividend Income Fund	–	2,602,484	630,410
International Equity Fund	1,851,065	–	–
International Opportunities Fund	125,567	–	–
Value Opportunities Fund	4,494,177	1,994,900	303,028

107

Notes to Financial Statements (unaudited)(continued)

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Global Equity Research Fund, International Dividend Income Fund, International Equity Fund and International Opportunities Fund entered into forward foreign currency exchange contracts for the six months ended April 30, 2018 (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 April 30, 2018, Global Equity Research Fund, International Dividend Income Fund, International Equity Fund, and International Opportunities Fund had the following derivatives at fair value, grouped into risk categories that illustrate the Funds’ use of derivative instruments:

	Global Equity Research Fund
Liability Derivatives	Foreign Currency Contracts
Forward Foreign Currency Exchange Contracts⁽²⁾	$	1

	International Dividend Income Fund
Asset Derivatives	Foreign Currency Contracts
Forward Foreign Currency Exchange Contracts⁽¹⁾	$	4,140,369

Liability Derivatives
Forward Foreign Currency Exchange Contracts⁽²⁾	$	3,469,965

⁽¹⁾	Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
⁽²⁾	Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

Transaction in derivatives instruments for the period ended April 30, 2018, were as follows:

	Global Equity Research Fund
	Forward Currency Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts⁽¹⁾	$	(8,967	)
Net Change in Unrealized Appreciation/Depreciation
Forward Foreign Currency Exchange Contracts⁽²⁾	$	11,075
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽³⁾	$	191,685

108

Notes to Financial Statements (unaudited)(continued)

	International
	Equity Fund
	Forward
	Currency
	Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts⁽¹⁾	$	(2,509,896	)
Net Change in Unrealized Appreciation/Depreciation
Forward Foreign Currency Exchange Contracts⁽²⁾	$	1,726,452
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽³⁾	$	285,735,828

	International Dividend
	Income Fund
	Forward
	Currency
	Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts⁽¹⁾	$	(4,987,385	)
Net Change in Unrealized Appreciation/Depreciation
Forward Foreign Currency Exchange Contracts⁽²⁾	$	2,582,152
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽³⁾	$	312,345,532

	International
	Opportunities Fund
	Forward
	Currency
	Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts⁽¹⁾	$	(1,805,331	)
Options Written⁽⁴⁾	$	(1,001,000	)
Net Change in Unrealized Appreciation/Depreciation
Forward Foreign Currency Exchange Contracts⁽²⁾	$	2,114,700
Options Written⁽⁵⁾	$	(992,421	)
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽³⁾	$	203,453,332
Options Written⁽⁶⁾	$	350

*	Calculated based on the number of contracts or notional amounts for the six months ended April 30, 2018.
⁽¹⁾	Statements of Operations location: Net realized gain (loss) on forward foreign currency exchange contracts.
⁽²⁾	Statements of Operations location: Net change in unrealized appreciation/depreciation on foreign currency exchange contracts.
⁽³⁾	Amount represents notional amounts in U.S. dollar.
⁽⁴⁾	Statement of Operations location: Net realized gain (loss) on written options.
⁽⁵⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on options.
⁽⁶⁾	Amount represents number of contracts.

109

Notes to Financial Statements (unaudited)(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 statements 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	$677,638	$ –	$677,638
Total	$677,638	$ –	$677,638

	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)
Fixed Income Clearing Corp.	$677,638	$ –	$ –	$(677,638	)	$ –
Total	$677,638	$ –	$ –	$(677,638	)	$ –

		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	$67,031,047	$ –	$67,031,047
Total	$67,031,047	$ –	$67,031,047

	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)
Fixed Income Clearing Corp.	$67,031,047	$ –	$ –	$(67,031,047	)	$ –
Total	$67,031,047	$ –	$ –	$(67,031,047	)	$ –

110

Notes to Financial Statements (unaudited)(continued)

		Global Equity Research Fund
		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	$ –	$ 1
Total	$ 1	$ –	$ 1

	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)
Morgan Stanley	$ 1	$ –	$ –	$ –	$ 1
Total	$ 1	$ –	$ –	$ –	$ 1

			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	$58,321,972	$ –	$58,321,972
Total	$58,321,972	$ –	$58,321,972

	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)
Fixed Income Clearing Corp.	$58,321,972	$ –	$ –	$(58,321,972	)	$ –
Total	$58,321,972	$ –	$ –	$(58,321,972	)	$ –

		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	$ 4,140,369	$ –	$ 4,140,369
Repurchase Agreement	17,135,976	–	17,135,976
Total	$21,276,345	$ –	$21,276,345

111

Notes to Financial Statements (unaudited)(continued)

	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)
Barclays Bank plc	$ 1,635,491	$ (98,231	)	$ (1,460,000	)	$ –		$ 77,260
Citibank	283,252	(71,716	)	–		–		211,536
Deutsche Bank AG	1,914,297	(115,311	)	(1,798,986	)	–		–
Fixed Income Clearing Corp.	17,135,976	–		–		(17,135,976	)	–
J.P. Morgan Chase	142,405	(142,405	)	–		–		–
State Street Bank and Trust	164,924	(164,924	)	–		–		–
Total	$21,276,345	$(592,587	)	$ (3,258,986	)	$(17,135,976	)	$288,796

		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	$ 3,469,965	$ –	$3,469,965
Total	$ 3,469,965	$ –	$3,469,965

	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	$ 127,762	$ –		$ –		$ –	$127,762
Barclays Bank plc	98,231	(98,231	)	–		–	–
Citibank	71,716	(71,716	)	–		–	–
Deutsche Bank AG	115,311	(115,311	)	–		–	–
J.P. Morgan Chase	2,447,057	(142,405	)	(2,290,000	)	–	14,652
Standard Chartered Bank	116,372	–		–		–	116,372
State Street Bank and Trust	436,235	(164,924	)	–		–	271,311
UBS AG	57,281	–		–		–	57,281
Total	$ 3,469,965	$ (592,587	)	$ (2,290,000	)	$ –	$587,378

		International 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	$20,960,591	$ –	$20,960,591
Total	$20,960,591	$ –	$20,960,591

112

Notes to Financial Statements (unaudited)(continued)

	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)
Fixed Income Clearing Corp.	$20,960,591	$ –	$ –	$(20,960,591	)	$ –
Total	$20,960,591	$ –	$ –	$(20,960,591	)	$ –

		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
Repurchase Agreement	$34,654,514	$ –	$34,654,514
Total	$34,654,514	$ –	$34,654,514

	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)
Fixed Income Clearing Corp.	$34,654,514	$ –	$ –	$(34,654,514	)	$ –
Total	$34,654,514	$ –	$ –	$(34,654,514	)	$ –

		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	$66,173,440	$ –	$66,173,440
Total	$66,173,440	$ –	$66,173,440

	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)
Fixed Income Clearing Corp.	$66,173,440	$ –	$ –	$(66,173,440	)	$ –
Total	$66,173,440	$ –	$ –	$(66,173,440	)	$ –

^(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 April 30, 2018.
^(c)	Net amount represent the amount owed by the Fund to the counterparty as of April 30, 2018.

113

Notes to Financial Statements (unaudited)(continued)

8.	TRUSTEES’ REMUNERATION

The Trust’s officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees 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.

10.

LINE OF CREDIT

The Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 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.

During the six months ended April 30, 2018, the Funds did not utilize the Facility.

11.

INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the six months ended April 30, 2018, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

12.

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.

13.

TRANSACTIONS WITH AFFILIATED ISSUERS

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Alpha Strategy Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) during the six months ended April 30, 2018:

114

Notes to Financial Statements (unaudited)(continued)

Alpha Strategy Fund

Affiliated Issuer	Balance of Shares Held at 10/31/2017		Gross Additions		Gross Sales			Balance of Shares Held at 4/30/2018		Fair Value at 4/30/2018		Net Realized Gain 11/1/2017 to 4/30/2018			Dividend Income 11/1/2017 to 4/30/2018		Change in Appreciation (Depreciation 11/1/2017 to 4/30/2018		)
Lord Abbett Developing Growth Fund, Inc. – Class I		8,944,374		132,259		(1,637,612	)		7,439,021	$	217,516,976	$	16,018,897		$	–	$	14,825,506
Lord Abbett Securities Trust – International Opportunities Fund – Class I		10,543,812		536,156		(830,975	)		10,248,993		212,974,078		16,116,097	^(a)		2,203,600		(14,902,061	)
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		5,655,547		949,947		(836,539	)		5,768,955		109,840,907		16,262,454	^(b)		–		(3,724,363	)
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I		3,081,414		635,563		(240,380	)		3,476,597		109,617,114		21,231,044	^(c)		–		(17,891,263	)
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I		8,475,488		1,082,038		(565,931	)		8,991,595		216,697,433		21,020,172	^(d)		196,588		(17,893,864	)
Lord Abbett Securities Trust – Value Opportunities Fund _ Class I		10,446,416		730,299		(442,849	)		10,733,866		216,931,422		16,047,000	^(e)		534,460		(17,361,220	)
Total										$	1,083,577,930	$	106,695,664		$	2,934,648	$	(56,947,265	)

^(a)	Includes $7,570,233 of distributed capital gains.
^(b)	Includes $15,275,633 of distributed capital gains.
^(c)	Includes $18,582,748 of distributed capital gains.
^(d)	Includes $24,168,834 of distributed capital gains.
^(e)	Includes $13,022,231 of distributed capital gains.

14.

INVESTMENT RISKS

Each Fund is subject to the general risks and considerations associated with equity investing. The value of the Funds’ investments will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies in which the Funds invest. If a Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

Large company stocks, in which Fundamental Equity Fund, Global Equity Research Fund, Growth Leaders Fund, International Dividend Income Fund and International Equity 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 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, Global Equity Research Fund employs a blended growth investing and value 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.

115

Notes to Financial Statements (unaudited)(continued)

Global Equity Research Fund, International Dividend Income Fund, International Equity 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, economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, foreign taxes, and higher transaction costs. Foreign investments also may be affected by changes in currency rates or currency controls. These risks are generally greater for securities issued by companies in emerging market companies. Similarly, due to their investments in multinational and foreign companies, Alpha Strategy Fund, Fundamental Equity Fund, Growth Leaders Fund, and Value Opportunities Fund are subject to the risks of investing in foreign securities and similarly may experience increased market, liquidity, currency, political, informational, and other risks.

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. There is no guarantee that companies that currently pay dividends will continue to do so. 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. In addition, the Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds.

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. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Funds’ returns since the Funds may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether a Fund’s use of derivatives is successful will depend on, among other things, the Fund’s ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If a Fund incorrectly forecasts these and other factors, its performance could suffer. A Fund’s use of derivatives could result in a loss exceeding the amount of the Fund’s investment in these instruments.

These factors can affect each Fund’s performance.

15	SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

	Six Months Ended
				April 30, 2018							Year Ended
Alpha Strategy Fund				(unaudited)				October 31, 2017

Class A Shares	Shares				Amount			Shares			Amount
Shares sold		1,149,242			$	31,378,237			3,109,470		$	81,154,987
Converted from Class B*		43,607				1,204,943			91,319			2,430,130
Reinvestment of distributions		1,770,530				46,865,917			1,949,482			48,717,559
Shares reacquired		(2,286,375	)			(63,156,640	)		(7,053,721	)		(185,107,238	)
Increase (decrease)		677,004			$	16,292,457			(1,903,450	)	$	(52,804,562	)

116

Notes to Financial Statements (unaudited)(continued)

Alpha Strategy Fund				Six Months Ended April 30, 2018 (unaudited)						Year Ended October 31, 2017

Class B Shares	Shares			Amount			Shares			Amount
Shares sold		335		$	8,177			16,793		$	376,234
Reinvestment of distributions		5,900			134,928			21,576			477,251
Shares reacquired		(7,603	)		(179,461	)		(85,368	)		(1,990,374	)
Converted to Class A*		(50,389	)		(1,204,943	)		(103,324	)		(2,430,130	)
Decrease		(51,757	)	$	(1,241,299	)		(150,323	)	$	(3,567,019	)

Class C Shares
Shares sold		370,164		$	8,515,092			1,824,966		$	40,677,160
Reinvestment of distributions		1,082,816			24,309,224			1,218,848			26,522,150
Shares reacquired		(1,756,305	)		(40,936,166	)		(5,650,589	)		(129,140,015	)
Decrease		(303,325	)	$	(8,111,850	)		(2,606,775	)	$	(61,940,705	)

Class F Shares
Shares sold		1,123,615		$	31,127,443			3,927,500		$	103,766,217
Reinvestment of distributions		704,033			18,741,345			826,161			20,711,860
Shares reacquired		(2,357,624	)		(66,446,566	)		(5,086,604	)		(137,644,375	)
Decrease		(529,976	)	$	(16,577,778	)		(332,943	)	$	(13,166,298	)

Class F3 Shares^(a)
Shares sold		210,917		$	5,964,274			1,205,982		$	35,173,388
Reinvestment of distributions		138,531			3,752,805			–			–
Shares reacquired		(216,838	)		(6,134,333	)		(31,398	)		(916,517	)
Increase		132,610		$	3,582,746			1,174,584		$	34,256,871

Class I Shares
Shares sold		1,028,429		$	29,957,359			90,902		$	2,411,783
Reinvestment of distributions		370,262			10,023,011			261,892			6,659,921
Shares reacquired		(255,790	)		(7,116,680	)		(586,822	)		(15,623,920	)
Increase (decrease)		1,142,901		$	32,863,690			(234,028	)	$	(6,552,216	)

Class R2 Shares
Shares sold		16,446		$	426,878			41,069		$	1,048,267
Reinvestment of distributions		4,588			117,371			3,215			78,219
Shares reacquired		(27,597	)		(732,636	)		(41,850	)		(1,064,793	)
Increase (decrease)		(6,563	)	$	(188,387	)		2,434		$	61,693

Class R3 Shares
Shares sold		86,413		$	2,321,805			674,580		$	16,969,568
Reinvestment of distributions		138,073			3,558,134			156,331			3,823,860
Shares reacquired		(242,913	)		(6,580,788	)		(1,000,580	)		(25,430,905	)
Decrease		(18,427	)	$	(700,849	)		(169,669	)	$	(4,637,477	)

Class R4 Shares
Shares sold		50,039		$	1,375,528			66,835		$	1,777,722
Reinvestment of distributions		7,975			210,797			1,344			33,521
Shares reacquired		(19,142	)		(530,442	)		(9,745	)		(256,025	)
Increase		38,872		$	1,055,883			58,434		$	1,555,218

117

Notes to Financial Statements (unaudited)(continued)

Alpha Strategy Fund				Six Months Ended April 30, 2018 (unaudited)						Year Ended October 31, 2017

Class R5 Shares	Shares			Amount			Shares			Amount
Shares sold		1,224		$	33,598			3,002		$	78,669
Reinvestment of distributions		338			9,146			41			1,052
Shares reacquired		(880	)		(24,697	)		(559	)		(15,133	)
Increase		682		$	18,047			2,484		$	64,588

Class R6 Shares
Shares sold		21,479		$	616,781			258,269		$	6,836,987
Reinvestment of distributions		6,499			176,126			3,172			80,661
Shares reacquired		(16,296	)		(462,906	)		(156,472	)		(4,143,516	)
Increase		11,682		$	330,001			104,969		$	2,774,132

Fundamental Equity Fund				Six Months Ended April 30, 2018 (unaudited)						Year Ended October 31, 2017

Class A Shares		Shares		Amount				Shares		Amount
Shares sold		3,106,751		$	40,066,165			11,975,632		$	157,615,707
Converted from Class B*		260,352			3,410,227			722,696			9,627,804
Reinvestment of distributions		13,379,204			166,838,669			6,472,253			81,162,052
Shares reacquired		(15,759,755	)		(205,103,934	)		(38,702,286	)		(511,573,624	)
Increase (decrease)		986,552		$	5,211,127			(19,531,705	)	$	(263,168,061	)

Class B Shares
Shares sold		1,754		$	20,340			112,888		$	1,346,025
Reinvestment of distributions		36,509			415,107			59,411			682,631
Shares reacquired		(68,976	)		(816,052	)		(456,545	)		(5,455,258	)
Converted to Class A*		(285,974	)		(3,410,227	)		(791,384	)		(9,627,804	)
Decrease		(316,687	)	$	(3,790,832	)		(1,075,630	)	$	(13,054,406	)

Class C Shares
Shares sold		784,794		$	8,975,669			2,570,699		$	30,290,717
Reinvestment of distributions		4,328,313			48,260,692			1,955,101			22,190,394
Shares reacquired		(5,412,763	)		(62,914,046	)		(17,195,480	)		(205,284,114	)
Decrease		(299,656	)	$	(5,677,685	)		(12,669,680	)	$	(152,803,003	)

Class F Shares
Shares sold		2,188,294		$	27,974,806			8,808,251		$	115,446,545
Reinvestment of distributions		2,128,336			26,242,388			1,136,362			14,102,246
Shares reacquired		(6,125,761	)		(81,823,835	)		(11,057,531	)		(145,753,802	)
Decrease		(1,809,131	)	$	(27,606,641	)		(1,112,918	)	$	(16,205,011	)

Class F3 Shares^(a)
Shares sold		439,055		$	5,764,102			1,525,927		$	21,173,957
Reinvestment of distributions		190,922			2,397,984			–			–
Shares reacquired		(370,161	)		(4,864,545	)		(74,463	)		(1,049,765	)
Increase		259,816		$	3,297,541			1,451,464		$	20,124,192

118

Notes to Financial Statements (unaudited)(continued)

Fundamental Equity Fund				Six Months Ended April 30, 2018 (unaudited)						Year Ended October 31, 2017

Class I Shares	Shares			Amount			Shares			Amount
Shares sold		3,088,113		$	43,362,409			832,713		$	11,100,620
Reinvestment of distributions		1,427,475			17,886,267			551,292			6,940,763
Shares reacquired		(2,685,189	)		(35,147,194	)		(4,127,916	)		(54,981,367	)
Increase (decrease)		1,830,399		$	26,101,482			(2,743,911	)	$	(36,939,984	)

Class P Shares
Shares sold		22,338		$	288,863			110,745		$	1,430,831
Reinvestment of distributions		65,899			807,264			45,374			559,462
Shares reacquired		(83,965	)		(1,073,845	)		(515,777	)		(6,780,252	)
Increase (decrease)		4,272		$	22,282			(359,658	)	$	(4,789,959	)

Class R2 Shares
Shares sold		88,819		$	1,109,614			160,120		$	2,076,939
Reinvestment of distributions		42,300			516,060			18,731			230,384
Shares reacquired		(218,796	)		(2,760,698	)		(237,404	)		(3,117,459	)
Decrease		(87,677	)	$	(1,135,024	)		(58,553	)	$	(810,136	)

Class R3 Shares
Shares sold		434,150		$	5,556,696			1,995,556		$	25,845,220
Reinvestment of distributions		1,355,598			16,619,631			643,368			7,945,598
Shares reacquired		(2,145,141	)		(27,641,697	)		(4,724,568	)		(61,392,534	)
Decrease		(355,393	)	$	(5,465,370	)		(2,085,644	)	$	(27,601,716	)

Class R4 Shares
Shares sold		52,237		$	669,955			342,273		$	4,501,755
Reinvestment of distributions		34,316			425,857			529			6,607
Shares reacquired		(30,692	)		(401,492	)		(40,157	)		(537,864	)
Increase		55,861		$	694,320			302,645		$	3,970,498

Class R5 Shares
Shares sold		9,843		$	131,721			64,624		$	886,447
Reinvestment of distributions		9,829			123,159			556			7,002
Shares reacquired		(62,854	)		(817,454	)		(688	)		(9,056	)
Increase (decrease)		(43,182	)	$	(562,574	)		64,492		$	884,393

Class R6 Shares
Shares sold		1,016,705		$	13,455,383			821,770		$	11,033,392
Reinvestment of distributions		21,668			272,365			1,814			22,872
Shares reacquired		(82,823	)		(1,066,838	)		(377,404	)		(5,011,658	)
Increase		955,550		$	12,660,910			446,180		$	6,044,606

119

Notes to Financial Statements (unaudited)(continued)

Global Equity Research Fund				Six Months Ended April 30, 2018 (unaudited)						Period Ended October 31, 2017**

Class A Shares	Shares			Amount			Shares			Amount
Shares sold		69,499		$	811,642			145,234		$	1,474,024
Reinvestment of distributions		8,215			91,602			–			–
Shares reacquired		(417	)		(4,815	)		(1,305	)		(15,076	)
Increase		77,297		$	898,429			143,929		$	1,458,948

Class C Shares
Shares sold		25,041		$	288,090			29,167		$	316,100
Reinvestment of distributions		1,631			18,120			–			–
Shares reacquired		(429	)		(5,061	)		2			24
Increase		26,243		$	301,149			29,169		$	316,124

Class F Shares
Shares sold		3,372		$	40,356			101,563		$	1,020,000
Reinvestment of distributions		5,924			66,057			–			–
Shares reacquired		(9	)		(117	)		–			–
Increase		9,287		$	106,296			101,563		$	1,020,000

Class F3 Shares^(a)
Shares sold		–		$	–			973		$	10,000
Reinvestment of distributions		57.5			645			–			–
Increase		57.5		$	645			973		$	10,000

Class I Shares
Shares sold		–		$	–			98,000		$	980,000
Reinvestment of distributions		5,806			64,739			–			–
Increase		5,806		$	64,739			98,000		$	980,000

Class R2 Shares
Shares sold		–		$	–			1,000		$	10,000
Reinvestment of distributions		54			598			–			–
Increase		54		$	598			1,000		$	10,000

Class R3 Shares
Shares sold		–		$	–			1,000		$	10,000
Reinvestment of distributions		54.6			609			–			–
Increase		54.6		$	609			1,000		$	10,000

Class R4 Shares
Shares sold		–		$	–			1,000		$	10,000
Reinvestment of distributions		56.9			635			–			–
Increase		56.9		$	635			1,000		$	10,000

Class R5 Shares
Shares sold		–		$	–			1,000		$	10,000
Reinvestment of distributions		59			661			–			–
Increase		59		$	661			1,000		$	10,000

Class R6 Shares
Shares sold		17,160		$	198,210			1,000		$	10,000
Reinvestment of distributions		59			663			–			–
Shares reacquired		–			(16	)		–			–
Increase		17,219		$	198,857			1,000		$	10,000

120

Notes to Financial Statements (unaudited)(continued)

Growth Leaders Fund				Six Months Ended April 30, 2018 (unaudited)						Year Ended October 31, 2017

Class A Shares	Shares			Amount			Shares			Amount
Shares sold		4,244,222		$	123,703,285			7,931,175		$	196,588,636
Converted from Class B*		14,514			424,927			59,778			1,497,195
Reinvestment of distributions		1,584,022			44,178,370			–			–
Shares reacquired		(4,136,051	)		(119,498,764	)		(15,440,364	)		(377,323,787	)
Increase (decrease)		1,706,707		$	48,807,818			(7,449,411	)	$	(179,237,956	)

Class B Shares
Shares sold		1,178		$	33,059			28,290		$	647,182
Reinvestment of distributions		1,308			35,078			–			–
Shares reacquired		(8,242	)		(228,901	)		(50,682	)		(1,179,634	)
Converted to Class A*		(15,117	)		(424,927	)		(61,764	)		(1,497,195	)
Decrease		(20,873	)	$	(585,691	)		(84,156	)	$	(2,029,647	)

Class C Shares
Shares sold		2,317,393		$	63,917,814			3,399,612		$	80,830,324
Reinvestment of distributions		1,183,828			31,383,285			–			–
Shares reacquired		(2,138,227	)		(58,822,047	)		(6,879,303	)		(162,537,212	)
Increase (decrease)		1,362,994		$	36,479,052			(3,479,691	)	$	(81,706,888	)

Class F Shares
Shares sold		6,417,376		$	188,929,348			17,571,668		$	439,140,184
Reinvestment of distributions		1,835,770			51,750,348			–			–
Shares reacquired		(9,128,647	)		(268,690,174	)		(13,669,910	)		(342,521,042	)
Increase (decrease)		(875,501	)	$	(28,010,478	)		3,901,758		$	96,619,142

Class F3 Shares^(a)
Shares sold		265,315		$	7,864,581			662,664		$	18,160,251
Reinvestment of distributions		42,489			1,206,691			–			–
Shares reacquired		(80,003	)		(2,380,798	)		(23,101	)		(644,826	)
Increase		227,801		$	6,690,474			639,563		$	17,515,425

Class I Shares
Shares sold		19,738,917		$	579,427,965			7,885,817		$	216,679,537
Reinvestment of distributions		1,584,374			44,901,163			–			–
Shares reacquired		(3,956,387	)		(118,176,970	)		(1,893,554	)		(48,316,246	)
Increase		17,366,904		$	506,152,158			5,992,263		$	168,363,291

Class R2 Shares
Shares sold		14,262		$	405,579			15,974		$	406,476
Reinvestment of distributions		914			25,321			–			–
Shares reacquired		(17,997	)		(499,949	)		(10,689	)		(269,819	)
Increase (decrease)		(2,821	)	$	(69,049	)		5,285		$	136,657

Class R3 Shares
Shares sold		53,237		$	1,537,021			475,832		$	11,260,644
Reinvestment of distributions		30,768			848,878			–			–
Shares reacquired		(68,108	)		(1,962,491	)		(618,911	)		(14,815,355	)
Increase (decrease)		15,897		$	423,408			(143,079	)	$	(3,554,711	)

121

Notes to Financial Statements (unaudited)(continued)

Growth Leaders Fund				Six Months Ended April 30, 2018 (unaudited)						Year Ended October 31, 2017

Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		84,373		$	2,386,319			138,847		$	3,473,448
Reinvestment of distributions		2,934			81,852			–			–
Shares reacquired		(51,082	)		(1,508,995	)		(54,061	)		(1,346,145	)
Increase		36,225		$	959,176			84,786		$	2,127,303

Class R5 Shares
Shares sold		34,781		$	1,036,574			74,222		$	1,781,933
Reinvestment of distributions		12,682			359,518			–			–
Shares reacquired		(8,832	)		(262,371	)		(39,672	)		(1,002,338	)
Increase		38,631		$	1,133,721			34,550		$	779,595

Class R6 Shares
Shares sold		157,221		$	4,583,259			851,135		$	21,514,752
Reinvestment of distributions		16,015			454,826			–			–
Shares reacquired		(79,687	)		(2,346,557	)		(209,704	)		(5,305,493	)
Increase		93,549		$	2,691,528			641,431		$	16,209,259

Class T Shares^(b)
Shares sold		–		$	–			369.80		$	10,000
Reinvestment of distributions		24			676			–			–
Increase		24		$	676			369.80		$	10,000

International Dividend Income Fund				Six Months Ended April 30, 2018 (unaudited)						Year Ended October 31, 2017

Class A Shares		Shares			Amount			Shares			Amount
Shares sold		3,368,489		$	26,642,409			6,485,431		$	46,305,984
Reinvestment of distributions		404,533			3,156,030			1,755,834			12,484,951
Shares reacquired		(5,820,676	)		(45,839,014	)		(22,631,140	)		(158,910,334	)
Decrease		(2,047,654	)	$	(16,040,575	)		(14,389,875	)	$	(100,119,399	)

Class C Shares
Shares sold		319,477		$	2,507,890			831,304		$	5,865,384
Reinvestment of distributions		39,082			302,135			250,059			1,761,236
Shares reacquired		(1,311,392	)		(10,208,642	)		(4,986,668	)		(34,725,287	)
Decrease		(952,833	)	$	(7,398,617	)		(3,905,305	)	$	(27,098,667	)

Class F Shares
Shares sold		1,217,876		$	9,585,060			8,783,489		$	61,973,453
Reinvestment of distributions		76,122			595,734			494,071			3,529,511
Shares reacquired		(4,173,648	)		(32,477,437	)		(13,329,410	)		(95,895,759	)
Decrease		(2,879,650	)	$	(22,296,643	)		(4,051,850	)	$	(30,392,795	)

Class F3 Shares^(a)
Shares sold		1,026,702		$	8,134,327			3,630,278		$	27,903,943
Reinvestment of distributions		39,051			306,189			369			2,726
Shares reacquired		(555,422	)		(4,414,863	)		(82,595	)		(635,688	)
Increase		510,331		$	4,025,653			3,548,052		$	27,270,981

122

Notes to Financial Statements (unaudited)(continued)

International Dividend Income Fund				Six Months Ended April 30, 2018 (unaudited)						Year Ended October 31, 2017

Class I Shares	Shares			Amount			Shares			Amount
Shares sold		7,328,602		$	58,950,803			2,979,731		$	20,460,928
Reinvestment of distributions		539,719			4,238,984			2,717,644			19,303,808
Shares reacquired		(18,647,048	)		(154,399,209	)		(49,657,563	)		(353,598,897	)
Decrease		(10,778,727	)	$	(91,209,422	)		(43,960,188	)	$	(313,834,161	)

Class R2 Shares
Shares sold		11,643		$	92,579			18,235		$	133,259
Reinvestment of distributions		23			181			610			4,392
Shares reacquired		(37,746	)		(298,162	)		(42,090	)		(311,882	)
Decrease		(26,080	)	$	(205,402	)		(23,245	)	$	(174,231	)

Class R3 Shares
Shares sold		98,900		$	790,277			363,153		$	2,586,946
Reinvestment of distributions		9,793			77,291			56,050			402,869
Shares reacquired		(598,286	)		(4,737,953	)		(620,131	)		(4,465,451	)
Decrease		(489,593	)	$	(3,870,385	)		(200,928	)	$	(1,475,636	)

Class R4 Shares
Shares sold		2,791		$	21,995			3,533		$	25,796
Reinvestment of distributions		37			285			107			777
Shares reacquired		(4,131	)		(32,649	)		(31	)		(230	)
Increase (decrease)		(1,303	)	$	(10,369	)		3,609		$	26,343

Class R5 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		13.13			110			51			359
Increase		13.13		$	110			51		$	359

Class R6 Shares
Shares sold		11,332		$	89,862			570,728		$	4,064,569
Reinvestment of distributions		28			218			50			360
Shares reacquired		(14,256	)		(111,959	)		(281,592	)		(2,043,493	)
Increase (decrease)		(2,896	)	$	(21,879	)		289,186		$	2,021,436

International Equity Fund				Six Months Ended April 30, 2018 (unaudited)						Year Ended October 31, 2017

Class A Shares		Shares			Amount			Shares			Amount
Shares sold		813,655		$	11,745,863			3,310,303		$	40,811,584
Converted from Class B*		48,794			708,117			129,121			1,639,056
Reinvestment of distributions		326,032			4,564,449			447,248			5,223,855
Shares reacquired		(1,895,148	)		(27,380,174	)		(8,622,777	)		(106,190,035	)
Decrease		(706,667	)	$	(10,361,745	)		(4,736,105	)	$	(58,515,540	)

Class B Shares
Shares sold		1,415		$	20,866			42,888		$	516,368
Reinvestment of distributions		–			–			2,641			30,869
Shares reacquired		(12,140	)		(177,854	)		(117,854	)		(1,437,669	)
Converted to Class A*		(48,468	)		(708,117	)		(129,441	)		(1,639,056	)
Decrease		(59,193	)	$	(865,105	)		(201,766	)	$	(2,529,488	)

123

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2018						Year Ended
International Equity Fund				(unaudited)						October 31, 2017

Class C Shares	Shares			Amount			Shares			Amount
Shares sold		119,730		$	1,707,594			820,339		$	9,877,303
Reinvestment of distributions		22,275			309,851			33,477			388,336
Shares reacquired		(213,782	)		(3,066,914	)		(1,688,417	)		(20,559,501	)
Decrease		(71,777	)	$	(1,049,469	)		(834,601	)	$	(10,293,862	)

Class F Shares
Shares sold		1,076,613		$	16,162,982			1,302,365		$	16,150,352
Reinvestment of distributions		92,251			1,283,206			122,092			1,415,048
Shares reacquired		(701,890	)		(10,109,337	)		(2,137,167	)		(27,227,102	)
Increase (decrease)		466,974		$	7,336,851			(712,710	)	$	(9,661,702	)

Class F3 Shares^(a)
Shares sold		110,913		$	1,603,083			435,635		$	6,064,778
Reinvestment of distributions		9,219			130,173			–			–
Shares reacquired		(92,292	)		(1,344,225	)		(25,316	)		(358,401	)
Increase		27,840		$	389,031			410,319		$	5,706,377

Class I Shares
Shares sold		7,822,769		$	118,818,015			11,223,979		$	140,800,604
Reinvestment of distributions		436,381			6,152,969			305,429			3,588,786
Shares reacquired		(3,931,906	)		(58,328,177	)		(4,211,965	)		(55,197,716	)
Increase		4,327,244		$	66,642,807			7,317,443		$	89,191,674

Class P Shares
Shares sold		67		$	973			310		$	3,924
Reinvestment of distributions		114			1,601			161			1,887
Shares reacquired		(2,876	)		(41,123	)		(2,024	)		(24,963	)
Decrease		(2,695	)	$	(38,549	)		(1,553	)	$	(19,152	)

Class R2 Shares
Shares sold		3,309		$	47,168			31,502		$	389,733
Reinvestment of distributions		202			2,823			389			4,538
Shares reacquired		(11,758	)		(176,594	)		(26,710	)		(351,213	)
Increase (decrease)		(8,247	)	$	(126,603	)		5,181		$	43,058

Class R3 Shares
Shares sold		71,595		$	1,012,587			849,999		$	10,191,511
Reinvestment of distributions		15,836			218,531			25,459			293,038
Shares reacquired		(215,891	)		(3,123,667	)		(1,223,807	)		(14,868,875	)
Decrease		(128,460	)	$	(1,892,549	)		(348,349	)	$	(4,384,326	)

Class R4 Shares
Shares sold		23,734		$	342,731			44,437		$	576,589
Reinvestment of distributions		932			13,007			18			206
Shares reacquired		(6,709	)		(96,152	)		(3,841	)		(51,422	)
Increase		17,957		$	259,586			40,614		$	525,373

124

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2018						Year Ended
International Equity Fund				(unaudited)						October 31, 2017

Class R5 Shares	Shares			Amount			Shares			Amount
Shares sold		372		$	5,402			13,554		$	176,798
Reinvestment of distributions		112			1,577			19			227
Shares reacquired		(30	)		(432	)		(9,351	)		(130,351	)
Increase		454		$	6,547			4,222		$	46,674

Class R6 Shares
Shares sold		11,403		$	166,528			654,042		$	8,195,907
Reinvestment of distributions		291			4,104			22,976			270,198
Shares reacquired		(5,928	)		(84,955	)		(1,348,047	)		(18,428,851	)
Increase (decrease)		5,766		$	85,677			(671,029	)	$	(9,962,746	)

				Six Months Ended
				April 30, 2018						Year Ended
International Opportunities Fund				(unaudited)						October 31, 2017

Class A Shares		Shares			Amount			Shares			Amount
Shares sold		2,992,911		$	62,592,794			4,126,454		$	75,759,160
Converted from Class B*		14,113			294,987			42,315			749,394
Reinvestment of distributions		390,078			7,852,269			59,795			926,825
Shares reacquired		(1,328,414	)		(27,598,132	)		(4,573,291	)		(78,973,927	)
Increase (decrease)		2,068,688		$	43,141,918			(344,727	)	$	(1,538,548	)

Class B Shares
Shares sold		295		$	5,868			18,668		$	292,509
Reinvestment of distributions		624			11,928			–			–
Shares reacquired		(6,247	)		(121,064	)		(45,501	)		(722,178	)
Converted to Class A*		(14,902	)		(294,987	)		(44,673	)		(749,394	)
Decrease		(20,230	)	$	(398,255	)		(71,506	)	$	(1,179,063	)

Class C Shares
Shares sold		984,877		$	19,264,961			1,025,469		$	17,829,814
Reinvestment of distributions		87,788			1,648,650			–			–
Shares reacquired		(192,129	)		(3,719,577	)		(821,092	)		(13,164,796	)
Increase		880,536		$	17,194,034			204,377		$	4,665,018

Class F Shares
Shares sold		7,784,466		$	161,088,618			11,084,635		$	207,736,480
Reinvestment of distributions		439,896			8,771,526			41,462			636,438
Shares reacquired		(4,598,284	)		(94,847,324	)		(3,918,729	)		(70,342,495	)
Increase		3,626,078		$	75,012,820			7,207,368		$	138,030,423

Class F3 Shares^(a)
Shares sold		530,645		$	11,415,289			864,295		$	18,041,630
Reinvestment of distributions		41,821			866,530			–			–
Shares reacquired		(124,797	)		(2,689,534	)		(22,341	)		(462,714	)
Increase		447,669		$	9,592,285			841,954		$	17,578,916

125

Notes to Financial Statements (unaudited)(continued)

			Six Months Ended
			April 30, 2018					Year Ended
International Opportunities Fund			(unaudited)					October 31, 2017

Class I Shares	Shares			Amount		Shares			Amount
Shares sold	3,190,996		$	68,876,484		743,697		$	14,491,452
Reinvestment of distributions	598,426			12,363,488		149,643			2,376,338
Shares reacquired	(1,469,150	)		(31,468,730	)	(5,395,517	)		(98,826,682	)
Increase (decrease)	2,320,272		$	49,771,242		(4,502,177	)	$	(81,958,892	)

Class P Shares
Shares sold	267		$	5,758		3,836		$	75,619
Reinvestment of distributions	449			9,228		71			1,121
Shares reacquired	(362	)		(7,866	)	(15,294	)		(263,864	)
Increase (decrease)	354		$	7,120		(11,387	)	$	(187,124	)

Class R2 Shares
Shares sold	98,173		$	2,001,441		171,021		$	3,002,866
Reinvestment of distributions	6,326			125,440		346			5,286
Shares reacquired	(106,125	)		(2,189,121	)	(75,228	)		(1,378,339	)
Increase (decrease)	(1,626	)	$	(62,240	)	96,139		$	1,629,813

Class R3 Shares
Shares sold	76,224		$	1,560,031		446,981		$	7,379,921
Reinvestment of distributions	21,383			423,380		7,109			108,339
Shares reacquired	(86,321	)		(1,761,310	)	(1,118,183	)		(18,248,411	)
Increase (decrease)	11,286		$	222,101		(664,093	)	$	(10,760,151	)

Class R4 Shares
Shares sold	139,098		$	2,879,373		64,606		$	1,137,090
Reinvestment of distributions	6,950			139,482		894			13,808
Shares reacquired	(38,073	)		(800,308	)	(22,177	)		(404,594	)
Increase	107,975		$	2,218,547		43,323		$	746,304

Class R5 Shares
Shares sold	30,040		$	639,512		46,697		$	836,481
Reinvestment of distributions	8,890			183,658		1,676			26,598
Shares reacquired	(28,845	)		(617,919	)	(22,215	)		(390,775	)
Increase	10,085		$	205,251		26,158		$	472,304

Class R6 Shares
Shares sold	386,630		$	8,340,390		999,275		$	17,948,134
Reinvestment of distributions	23,015			476,864		1,438			22,874
Shares reacquired	(164,103	)		(3,513,961	)	(310,945	)		(5,798,689	)
Increase	245,542		$	5,303,293		689,768		$	12,172,319

126

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
				April 30, 2018						Year Ended
Value Opportunities Fund				(unaudited)			October 31, 2017

Class A Shares		Shares			Amount			Shares			Amount
Shares sold		2,992,644		$	60,005,172			14,956,159		$	294,795,077
Converted from Class B*		75,050			1,347,954			194,601			3,880,914
Reinvestment of distributions		2,967,656			58,136,376			2,847,532			54,701,088
Shares reacquired		(7,041,254	)		(140,632,139	)		(19,187,356	)		(379,313,788	)
Decrease		(1,005,904	)	$	(21,142,637	)		(1,189,064	)	$	(25,936,709	)

Class B Shares
Shares sold		618		$	11,144			59,349		$	1,055,022
Reinvestment of distributions		7,051			123,527			22,165			386,337
Shares reacquired		(53,389	)		(803,504	)		(175,082	)		(3,117,461	)
Converted to Class A*		(67,036	)		(1,347,953	)		(215,228	)		(3,880,914	)
Decrease		(112,756	)	$	(2,016,786	)		(308,796	)	$	(5,557,016	)

Class C Shares
Shares sold		649,473		$	11,620,761			4,452,277		$	79,488,866
Reinvestment of distributions		1,189,807			20,845,427			1,090,878			19,024,913
Shares reacquired		(2,746,194	)		(49,012,638	)		(6,735,277	)		(120,522,668	)
Decrease		(906,914	)	$	(16,546,450	)		(1,192,122	)	$	(22,008,889	)

Class F Shares
Shares sold		2,721,270		$	55,471,375			28,859,129		$	579,972,620
Reinvestment of distributions		1,192,507			23,814,365			1,911,365			37,348,068
Shares reacquired		(20,168,768	)		(421,159,537	)		(27,040,846	)		(557,652,369	)
Increase (decrease)		(16,254,991	)	$	(341,873,797	)		3,729,648		$	59,668,319

Class F3 Shares^(a)
Shares sold		3,539,630		$	73,773,277			14,814,033		$	318,067,067
Reinvestment of distributions		943,618			19,249,817			–			–
Shares reacquired		(1,878,616	)		(39,111,052	)		(247,076	)		(5,320,900	)
Increase		2,604,632		$	53,912,042			14,566,957		$	312,746,167

Class I Shares
Shares sold		17,389,166		$	370,951,297			1,697,747		$	34,804,576
Reinvestment of distributions		2,101,915			42,731,942			1,350,263			26,856,722
Shares reacquired		(3,712,666	)		(76,929,103	)		(8,621,263	)		(175,810,661	)
Increase (decrease)		15,778,415		$	336,754,136			(5,573,253	)	$	(114,149,363	)

Class P Shares
Shares sold		68,445		$	1,334,613			229,998		$	4,479,938
Reinvestment of distributions		103,983			2,001,669			115,181			2,180,377
Shares reacquired		(267,671	)		(5,272,190	)		(643,659	)		(12,515,997	)
Decrease		(95,243	)	$	(1,935,908	)		(298,480	)	$	(5,855,682	)

Class R2 Shares
Shares sold		63,364		$	1,210,848			276,031		$	5,186,783
Reinvestment of distributions		20,114			379,154			10,482			194,856
Shares reacquired		(88,002	)		(1,682,186	)		(175,343	)		(3,344,088	)
Increase (decrease)		(4,524	)	$	(92,184	)		111,170		$	2,037,551

127

Notes to Financial Statements (unaudited)(concluded)

	Six Months Ended
				April 30, 2018						Year Ended
Value Opportunities Fund				(unaudited)			October 31, 2017

Class R3 Shares		Shares			Amount			Shares			Amount
Shares sold		763,895		$	14,429,411			1,202,384		$	23,097,186
Reinvestment of distributions		283,687			5,401,401			320,069			6,001,300
Shares reacquired		(914,709	)		(17,754,504	)		(2,521,489	)		(48,623,436	)
Increase (decrease)		132,873		$	2,076,308			(999,036	)	$	(19,524,950	)

Class R4 Shares
Shares sold		202,411		$	4,051,191			3,332,890		$	65,797,842
Reinvestment of distributions		184,222			3,603,380			9,606			184,434
Shares reacquired		(467,188	)		(9,351,975	)		(424,376	)		(8,450,221	)
Increase (decrease)		(80,555	)	$	(1,697,404	)		2,918,120		$	57,532,055

Class R5 Shares
Shares sold		55,262		$	1,147,555			526,601		$	10,928,827
Reinvestment of distributions		14,881			302,820			127,567			2,538,584
Shares reacquired		(29,633	)		(617,116	)		(2,599,278	)		(53,142,249	)
Increase (decrease)		40,510		$	833,259			(1,945,110	)	$	(39,674,838	)

Class R6 Shares
Shares sold		730,253		$	15,098,089			2,752,138		$	56,356,795
Reinvestment of distributions		283,349			5,780,328			178,818			3,563,847
Shares reacquired		(1,166,582	)		(24,268,449	)		(994,028	)		(20,462,619	)
Increase (decrease)		(152,980	)	$	(3,390,032	)		1,936,928		$	39,458,023

Class T Shares^(b)
Shares sold		–		$	–			498.50		$	10,000
Reinvestment of distributions		32			637			–			–
Increase		32		$	637			498.50		$	10,000

*	Automatic conversion of Class B shares occurred on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. Class B shares were closed on April 25, 2018.
**	Commenced on January 17, 2017.
^(a)	Commenced on April 4, 2017.
^(b)	Commenced on July 28, 2017.

128

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2018, Alpha Strategy Fund’s long-term investments were allocated among the Underlying Funds as follows:

Underlying Fund Name	% of Investments
Lord Abbett Developing Growth Fund, Inc. – Class I		20.07%
Lord Abbett Securities Trust – International Opportunities Fund – Class I		19.65%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		10.14%
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I		10.12%
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I		20.00%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		20.02%

The Ten Largest Holdings and the Holdings by Sector, as of April 30, 2018, 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
Planet Fitness, Inc. Class A		2.71%
Insulet Corp.		2.41%
Penumbra, Inc.		2.06%
Grand Canyon Education, Inc.		1.87%
2U, Inc.		1.83%
SodaStream International Ltd.		1.83%
Paycom Software, Inc.		1.74%
GrubHub, Inc.		1.68%
HubSpot, Inc.		1.64%
At Home Group, Inc.		1.61%

Holdings by Sector*	% of Investments
Consumer Discretionary		14.99%
Energy		1.27%
Financials		10.60%
Health Care		22.09%
Industrials		15.15%
Information Technology		32.45%
Materials		0.87%
Repurchase Agreement		2.58%
Total		100.00%

*	A sector may comprise several industries.

129

Investments in Underlying Funds (unaudited)(continued)

International Opportunities Fund

Ten Largest Holdings	% of Investments
Buzzi Unicem SpA		1.58%
Anima Holding SpA		1.55%
B&M European Value Retail SA		1.53%
KH Neochem Co., Ltd.		1.37%
Arrow Global Group plc		1.35%
Melco International Development Ltd.		1.33%
Coca-Cola Amatil Ltd.		1.31%
DMG Mori Co., Ltd.		1.30%
Canacol Energy Ltd.		1.29%
TP ICAP plc		1.29%

Holdings by Sector*	% of Investments
Consumer Discretionary		19.63%
Consumer Staples		4.97%
Energy		2.48%
Financials		15.79%
Health Care		6.72%
Industrials		18.99%
Information Technology		7.38%
Materials		10.76%
Real Estate		7.70%
Telecommunication Services		0.44%
Utilities		1.54%
Repurchase Agreement		3.60%
Total		100.00%

*	A sector may comprise several industries.

Micro Cap Growth Fund

Ten Largest Holdings	% of Investments
NV5 Global, Inc.		3.39%
Everbridge, Inc.		2.77%
Malibu Boats, Inc. Class A		2.69%
MGP Ingredients, Inc.		2.58%
Immunomedics, Inc.		2.57%
SodaStream International Ltd.		2.47%
LGI Homes, Inc.		2.37%
Intersect ENT, Inc.		2.31%
iRhythm Technologies, Inc.		2.30%
Instructure, Inc.		2.22%

130

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Consumer Discretionary		12.18%
Consumer Staples		4.18%
Energy		2.34%
Financials		10.58%
Health Care		34.33%
Industrials		8.10%
Information Technology		26.17%
Repurchase Agreement		2.12%
Total		100.00%

*	A sector may comprise several industries.

Micro Cap Value Fund

Ten Largest Holdings	% of Investments
CenterState Bank Corp.		4.68%
Plantronics, Inc.		4.32%
Cott Corp.		4.02%
Federal Signal Corp.		3.63%
National Commerce Corp.		3.62%
Ameris Bancorp		3.35%
Vishay Precision Group, Inc.		3.23%
EZCORP, Inc. Class A		3.07%
Argo Group International Holdings Ltd.		3.06%
Blue Bird Corp.		2.99%

Holdings by Sector*	% of Investments
Consumer Discretionary		6.73%
Consumer Staples		4.02%
Energy		1.70%
Financials		29.60%
Health Care		7.23%
Industrials		22.93%
Information Technology		12.76%
Materials		7.09%
Utilities		4.65%
Repurchase Agreement		3.29%
Total		100.00%

*	A sector may comprise several industries.

131

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Research Fund, Inc.– Small Cap Value Fund

Ten Largest Holdings	% of Investments
FLIR Systems, Inc.		2.68%
CenterState Bank Corp.		2.46%
Western Alliance Bancorp		2.28%
Conduent, Inc.		2.27%
IDACORP, Inc.		2.24%
Cott Corp.		2.19%
Teledyne Technologies, Inc.		2.17%
First Industrial Realty Trust, Inc.		2.12%
Federal Signal Corp.		2.08%
First Merchants Corp.		2.06%

Holdings by Sector*	% of Investments
Banks		1.28%
Consumer Discretionary		8.98%
Consumer Staples		1.28%
Energy		2.57%
Financials		11.54%
Health Care		19.23%
Industrials		20.51%
Information Technology		17.95%
Materials		10.26%
Media		1.28%
Real Estate		2.56%
Utilities		1.28%
Repurchase Agreement		1.28%
Total		100.00%

*	A sector may comprise several industries.

Value Opportunities Fund

Ten Largest Holdings	% of Investments
FLIR Systems, Inc.		2.73%
Conduent, Inc		2.29%
Western Alliance Bancorp		2.29%
Cullen/Frost Bankers, Inc.		1.84%
Booz Allen Hamilton Holding Corp.		1.75%
Amdocs Ltd.		1.72%
XPO Logistics, Inc.		1.72%
CMS Energy Corp.		1.64%
Encompass Health Corp.		1.64%
Live Nation Entertainment, Inc.		1.62%

132

Investments in Underlying Funds (unaudited)(concluded)

Holdings by Sector*	% of Investments
Consumer Discretionary		10.44%
Consumer Staples		2.25%
Energy		3.80%
Financials		16.37%
Health Care		13.60%
Industrials		13.04%
Information Technology		18.62%
Materials		10.52%
Real Estate		3.02%
Telecommunication Services		1.28%
Utilities		4.84%
Repurchase Agreement		2.22%
Total		100.00%

*	A sector may comprise several industries.

133

Approval of Advisory Contract

The Board, including all of the Trustees who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of one or more appropriate benchmarks. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) for each Fund with sufficient performance history, information provided by Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of one or more appropriate benchmarks; (2) information provided by Morningstar regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the Agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s other advisory clients maintaining accounts with a similar investment strategy as the Fund, if any; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended August 31, 2017. As to Alpha Strategy Fund, the Board observed that the Fund’s investment

134

Approval of Advisory Contract (continued)

performance was below the median of the performance peer group for the one-, three-, five-, and ten-year periods. As to Fundamental Equity Fund, the Board observed that the Fund’s investment performance was above the median of the performance group for the three-, five-, and ten-year periods, but below the median of the performance peer group for the one-year period. As to Global Equity Research Fund (formerly known as Lord Abbett Global Core Equity Fund), the Board observed that the Fund commenced operations on January 17, 2017 and therefore did not yet have investment performance for a full calendar year. The Board noted that, therefore, it would be prudent to allow the portfolio management team more time to develop its performance record with the Fund. As to Growth Leaders Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the five-year period, equal to the median of the performance peer group for the three-year period, and below the median of the performance peer group for the one-year period. As to International Dividend Income Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, and five-year periods. As to International Equity Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board further considered that at the December 2017 board meeting it had approved changes to the investment policies and principal investment strategies of International Equity Fund, which were intended to improve Fund performance. As to International Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, and five-year periods and equal to the median of the performance peer group for the ten-year period. As to Value Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-, five-, and ten-year periods, but below the median of the performance peer group for the one-year period. With respect to each Fund, the Board took into account that it had discussed equity performance with Lord Abbett over the course of several meetings. They also considered recent changes to Lord Abbett’s equity department, and that Lord Abbett had developed and was implementing a plan intended to improve equity Fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when necessary. After reviewing these and related factors, the Board concluded that each Fund’s Agreement should be continued.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.

135

Approval of Advisory Contract (continued)

shareholders, though for Funds structured as funds-of-funds, the Board observed that advisory fee rate comparisons to direct investment funds may not be apposite in each instance. As to Alpha Strategy Fund, the Board observed that the net total expense ratio was above the median of the expense peer group. As to each of Fundamental Equity Fund, Global Equity Research Fund, Growth Leaders Fund, International Dividend Income Fund, International Equity Fund, International Opportunities Fund, and Value Opportunities Fund, the Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the expense level of each Fund was reasonable and supported the continuation of the Agreement on behalf of each Fund.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to each Fund’s business. The Board considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

Economies of Scale. As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. With respect to Alpha Strategy Fund, the Board concluded that the existing management fee schedule adequately addressed any economies of scale in managing the Fund. With respect to each of Fundamental Equity Fund, International Opportunities Fund, and Value Opportunities Fund, the Board concluded that the breakpoints in the existing management fee schedule adequately addressed any economies of scale in managing the Fund. With respect to each of Global Equity Research Fund, International Dividend Income Fund, and International Equity Fund, the Board concluded that the breakpoints in the existing management fee schedule, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund. With respect to Growth Leaders Fund, the Board concluded that the breakpoint in the existing management fee schedule adequately addressed any economies of scale in managing the Fund.

136

Approval of Advisory Contract (concluded)

12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of each Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of each Fund’s brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

137

Householding

The Trust has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

Proxy Voting Policies, Procedures and Records

A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

138

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy Fund

Lord Abbett Fundamental Equity Fund

Lord Abbett Global Equity Research Fund

Lord Abbett Growth Leaders Fund

Lord Abbett International Dividend Income Fund

Lord Abbett International Equity Fund

Lord Abbett International Opportunities Fund

Lord Abbett Value Opportunities Fund

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.

LST-3

(06/18)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Micro Cap Growth Fund
Micro Cap Value Fund

For the six-month period ended April 30, 2018

Table of Contents


1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

		Schedules of Investments:

5		Micro Cap Growth Fund

8		Micro Cap Value Fund

10		Statements of Assets and Liabilities

11		Statements of Operations

12		Statements of Changes in Net Assets

14		Financial Highlights

18		Notes to Financial Statements

26		Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Micro Cap Growth Fund and
Lord Abbett Micro Cap Value Fund
Semiannual Report

For the six-month period ended April 30, 2018

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

Dear Shareholders: We are pleased to provide you with this semiannual report for the Funds for the six-month period ended April 30, 2018. For additional information about the Funds, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

Douglas B. Sieg

Trustee, President and Chief Executive Officer

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2017 through April 30, 2018).

Actual Expenses

For each class of each Fund, the first line of the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 11/1/17 – 4/30/18” 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 Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/17	4/30/18	11/1/17 - 4/30/18
Class A
Actual	$1,000.00	$1,116.20	$8.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.71	$8.15
Class I
Actual	$1,000.00	$1,116.20	$8.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.71	$8.15

^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.63% for Classes A and I) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2018

Sector*	%**
Consumer Discretionary	12.18	%
Consumer Staples	4.18	%
Energy	2.34	%
Financials	10.58	%
Health Care	34.33	%
Industrials	8.10	%
Information Technology	26.17	%
Repurchase Agreement	2.12	%
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^†
	11/1/17	4/30/18	11/1/17 - 4/30/18
Class A
Actual	$1,000.00	$1,030.80	$8.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.71	$8.15
Class I
Actual	$1,000.00	$1,030.50	$8.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.71	$8.15


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.63% for Classes A and I) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2018

Sector*	%**
Consumer Discretionary	6.73	%
Consumer Staples	4.02	%
Energy	1.70	%
Financials	29.60	%
Health Care	7.23	%
Industrials	22.93	%
Information Technology	12.76	%
Materials	7.09	%
Utilities	4.65	%
Repurchase Agreement	3.29	%
Total	100.00	%

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

4	See Notes to Financial Statements.

Schedule of Investments (unaudited)

MICRO CAP GROWTH FUND April 30, 2018

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.15%

Aerospace & Defense 1.41%
Aerovironment, Inc.*		38,958	$	2,123

Air Freight & Logistics 2.28%
Air Transport Services Group, Inc.*		94,833		1,919
Echo Global Logistics, Inc.*		55,935		1,527
Total				3,446

Banks 7.83%
Bridge Bancorp, Inc.		30,224		995
Bryn Mawr Bank Corp.		27,502		1,227
Byline Bancorp, Inc.*		98,651		2,096
CenterState Bank Corp.		113,537		3,290
Heritage Commerce Corp.		74,036		1,221
Live Oak Bancshares, Inc.		56,607		1,599
Pacific Premier Bancorp, Inc.*		35,168		1,398
Total				11,826

Beverages 2.59%
MGP Ingredients, Inc.		40,821		3,910

Biotechnology 22.24%
Acceleron Pharma, Inc.*		26,435		923
Achaogen, Inc.*		104,496		1,495
Adamas Pharmaceuticals, Inc.*		31,735		958
Arcus Biosciences, Inc.*		68,621		1,044
Arena Pharmaceuticals, Inc.*		11,714		467
Ascendis Pharma A/S ADR*		46,208		2,912
Audentes Therapeutics, Inc.*		75,214		2,810
Blueprint Medicines Corp.*		17,587		1,349
Deciphera Pharmaceuticals, Inc.*		80,159		1,799
Denali Therapeutics, Inc.*		64,370		1,190
Dynavax Technologies Corp.*		83,508		1,415
Esperion Therapeutics, Inc.*		20,464		1,433
Foundation Medicine, Inc.*		21,375		1,632
Homology Medicines, Inc.*		45,812		916
Immunomedics, Inc.*		213,486		3,888

Investments	Shares		Fair Value (000)
Loxo Oncology, Inc.*		8,548	$	1,076
Madrigal Pharmaceuticals, Inc.*		13,669		1,547
Myovant Sciences Ltd. (United Kingdom)*^(a)		106,550		2,197
Proteostasis Therapeutics, Inc.*		146,746		742
Repligen Corp.*		19,986		739
Spark Therapeutics, Inc.*		13,727		1,048
Surface Oncology, Inc.*		58,359		837
Xencor, Inc.*		40,393		1,171
Total				33,588

Capital Markets 1.95%
Hamilton Lane, Inc. Class A		41,625		1,742
Piper Jaffray Cos.		17,295		1,211
Total				2,953

Communications Equipment 1.34%
Comtech Telecommunications Corp.		66,029		2,020

Construction & Engineering 3.39%
NV5 Global, Inc.*		87,133		5,128

Diversified Consumer Services 2.81%
Chegg, Inc.*		140,313		3,257
RISE Education Cayman Ltd. ADR*		60,444		987
Total				4,244

Electronic Equipment, Instruments & Components 0.46%
Vishay Precision Group, Inc.*		24,465		692

Energy Equipment & Services 1.76%
Solaris Oilfield Infrastructure, Inc. Class A*		141,261		2,656

Food & Staples Retailing 1.61%
Chefs’ Warehouse, Inc. (The)*		100,037		2,426

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2018

Investments	Shares		Fair Value (000)
Health Care Equipment & Supplies 7.16%
AxoGen, Inc.*		82,586	$	3,287
Glaukos Corp.*		34,572		1,164
iRhythm Technologies, Inc.*		59,818		3,479
Tactile Systems Technology, Inc.*		82,820		2,883
Total				10,813

Health Care Providers & Services 1.00%
PetIQ, Inc.*		67,819		1,516

Household Durables 4.86%
LGI Homes, Inc.*		51,911		3,592
SodaStream International Ltd. (Israel)*^(a)		39,659		3,748
Total				7,340

Insurance 0.83%
Trupanion, Inc.*		47,614		1,251

Internet Software & Services 12.10%
Alteryx, Inc. Class A*		69,193		2,162
Appfolio, Inc. Class A*		27,445		1,316
Apptio, Inc. Class A*		71,024		2,096
Care.com, Inc.*		154,616		2,412
Five9, Inc.*		104,123		3,058
Instructure, Inc.*		83,018		3,367
Mimecast Ltd.*		58,786		2,237
SendGrid, Inc.*		56,553		1,632
Total				18,280

Leisure Products 2.70%
Malibu Boats, Inc. Class A*		120,858		4,073

Machinery 1.04%
Spartan Motors, Inc.		88,145		1,573

Oil, Gas & Consumable Fuels 0.58%
GasLog Ltd. (Monaco)^(a)		52,230		880

Pharmaceuticals 4.02%
Intersect ENT, Inc.*		87,694		3,503
MyoKardia, Inc.*		51,966		2,567
Total				6,070

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 1.89%
Aquantia Corp.*		117,232	$	1,385
CEVA, Inc.*		25,893		844
Ichor Holdings Ltd.*		28,106		621
Total				2,850

Software 10.45%
8x8, Inc.*		99,493		2,015
Appian Corp.*		91,400		2,478
Everbridge, Inc.*		112,273		4,193
Materialise NV ADR*		47,463		569
Talend SA ADR*		62,895		3,069
Varonis Systems, Inc.*		39,589		2,587
Zuora, Inc. Class A*		45,585		878
Total				15,789

Specialty Retail 1.85%
At Home Group, Inc.*		79,441		2,796
Total Common Stocks (cost $103,152,346)				148,243

	Principal Amount (000)

SHORT-TERM INVESTMENT 2.13%

Repurchase Agreement
Repurchase Agreement dated 4/30/2018, 0.74% due 5/1/2018 with Fixed Income Clearing Corp. collateralized by $3,325,000 of U.S. Treasury Note at 2.125% due 8/15/2021; value: $3,280,980; proceeds: $3,212,749 (cost $3,212,683)		$3,213		3,213

6	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP GROWTH FUND April 30, 2018

	Fair Value (000)
Total Investments in Securities 100.28% (cost $106,365,029)	$	151,456
Liabilities in Excess of Other Assets (0.28)%		(421	)
Net Assets 100.00%	$	151,035

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 April 30, 2018 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	$	148,243	$	–	$	–	$	148,243
Repurchase Agreement		–		3,213		–		3,213
Total	$	148,243	$	3,213	$	–	$	151,456

⁽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 period ended April 30, 2018.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

MICRO CAP VALUE FUND April 30, 2018

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.82%

Auto Components 0.12%
Modine Manufacturing Co.*		10,034	$	173

Banks 20.31%
Ameris Bancorp		92,674		4,791
CenterState Bank Corp.		231,075		6,697
FB Financial Corp.		103,937		4,140
First Merchants Corp.		92,521		3,986
National Commerce Corp.*		119,641		5,180
Seacoast Banking Corp. of Florida*		132,634		3,665
Total				28,459

Beverages 4.11%
Cott Corp. (Canada)^(a)		402,730		5,759

Building Products 5.53%
Advanced Drainage Systems, Inc.		47,705		1,202
American Woodmark Corp.*		43,656		3,589
Gibraltar Industries, Inc.*		84,019		2,953
Total				7,744

Capital Markets 1.86%
Donnelley Financial Solutions, Inc.*		141,766		2,609

Chemicals 2.37%
Chase Corp.		29,705		3,327

Commercial Services & Supplies 1.76%
SP Plus Corp.*		70,084		2,464

Communications Equipment 4.42%
Plantronics, Inc.		94,970		6,187

Construction & Engineering 1.78%
Primoris Services Corp.		97,676		2,500

Consumer Finance 3.14%
EZCORP, Inc. Class A*		321,192		4,400

Investments	Shares		Fair Value (000)
Electronic Equipment, Instruments & Components 5.72%
Orbotech Ltd. (Israel)*^(a)		58,076	$	3,393
Vishay Precision Group, Inc.*		163,467		4,626
Total				8,019

Gas Utilities 2.14%
Chesapeake Utilities Corp.		39,400		2,994

Health Care Equipment & Supplies 0.79%
CONMED Corp.		16,946		1,102

Health Care Providers & Services 2.72%
Providence Service Corp. (The)*		50,282		3,815

Hotels, Restaurants & Leisure 1.61%
Denny’s Corp.*		128,600		2,252

Insurance 4.93%
Argo Group International Holdings Ltd.		74,855		4,375
Goosehead Insurance, Inc. Class A*		171,128		2,533
Total				6,908

Internet Software & Services 1.53%
Telaria, Inc.*		511,027		2,146

Life Sciences Tools & Services 3.88%
Cambrex Corp.*		69,729		3,692
Codexis, Inc.*		154,678		1,740
Total				5,432

Machinery 10.18%
Blue Bird Corp.*		180,317		4,283
Columbus McKinnon Corp.		57,222		2,053
Federal Signal Corp.		239,941		5,197
Milacron Holdings Corp.*		151,876		2,738
Total				14,271

Media 2.48%
IMAX Corp. (Canada)*^(a)		149,557		3,470

8	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP VALUE FUND April 30, 2018

Investments	Shares		Fair Value (000)
Metals & Mining 2.42%
TimkenSteel Corp.*		201,981	$	3,391

Oil, Gas & Consumable Fuels 1.74%
Carrizo Oil & Gas, Inc.*		38,230		767
Centennial Resource Development, Inc. Class A*		90,481		1,674
Total				2,441

Paper & Forest Products 2.45%
Neenah, Inc.		44,087		3,439

Professional Services 1.20%
ICF International, Inc.		24,946		1,674

Semiconductors & Semiconductor Equipment 1.37%
Brooks Automation, Inc.		77,142		1,919

Textiles, Apparel & Luxury Goods 2.67%
Oxford Industries, Inc.		48,575		3,742

Trading Companies & Distributors 2.98%
Lawson Products, Inc.*		180,276		4,173

Water Utilities 2.61%
Connecticut Water Service, Inc.		53,800		3,658
Total Common Stocks (cost $105,674,298)				138,468

Investments	Principal Amount (000)			Fair Value (000)
SHORT-TERM INVESTMENT 3.36%

Repurchase Agreement
Repurchase Agreement dated 4/30/2018, 0.74% due 5/1/2018 with Fixed Income Clearing Corp. collateralized by $4,865,000 of U.S. Treasury Note at 2.125% due 8/15/2021; value: $4,800,592; proceeds: $4,706,106 (cost $4,706,010)	$	4,706	$	4,706
Total Investments in Securities 102.18% (cost $110,380,308)				143,174
Liabilities in Excess of Other Assets (2.18)%				(3,048	)
Net Assets 100.00%			$	140,126

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

The following is a summary of the inputs used as of April 30, 2018 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	$	138,468	$	–	$	–	$	138,468
Repurchase Agreement		–		4,706		–		4,706
Total	$	138,468	$	4,706	$	–	$	143,174

⁽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 period ended April 30, 2018.

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)

April 30, 2018

	Micro Cap Growth Fund				Micro Cap Value Fund
ASSETS:
Investments in securities, at cost		$106,365,029				$110,380,308
Investments in securities, at fair value		$	151,455,723			$	143,174,480
Receivables:
Investment securities sold			531,618				18,284
Interest and dividends			11,068				22,849
Capital shares sold			1,841				211
Prepaid expenses			6,196				14,120
Total assets			152,006,446				143,229,944
LIABILITIES:
Payables:
Investment securities purchased			421,890				2,577,945
Capital shares reacquired			283,302				283,301
Management fee			188,339				173,970
Trustees’ fees			18,258				19,596
Fund administration			5,022				4,639
Accrued expenses			54,391				44,690
Total liabilities			971,202				3,104,141
NET ASSETS		$	151,035,244			$	140,125,803
COMPOSITION OF NET ASSETS:
Paid-in capital		$	100,578,518			$	98,928,312
Accumulated net investment loss			(2,657,728	)			(1,810,028	)
Accumulated net realized gain on investments			8,023,760				10,213,347
Net unrealized appreciation on investments			45,090,694				32,794,172
Net Assets		$	151,035,244			$	140,125,803
Net assets by class:
Class A Shares		$	10,938,112			$	6,695,095
Class I Shares		$	140,097,132			$	133,430,708
Outstanding shares by class (unlimited number of authorized shares of beneficial interest)
Class A Shares			631,591				224,100
Class I Shares			7,358,652				4,231,561
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$17.32				$29.88
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$18.38				$31.70
Class I Shares-Net asset value			$19.04				$31.53

10	See Notes to Financial Statements.

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2018

	Micro Cap Growth Fund				Micro Cap Value Fund
Investment income:
Dividends (net of foreign withholding taxes of $0 and $7,249, respectively)		$	168,788			$	424,368
Interest			6,248				7,068
Total investment income			175,036				431,436
Expenses:
Management fee			1,126,067				1,056,097
Fund administration			30,028				28,163
Professional			22,984				22,887
Registration			18,320				18,320
Shareholder servicing			10,670				7,219
Reports to shareholders			4,604				4,556
Custody			6,404				2,702
Trustees’ fees			1,633				1,550
Other			6,948				6,469
Gross expenses			1,227,658				1,147,963
Expense reductions (See Note 8)			(291	)			(222	)
Net expenses			1,227,367				1,147,741
Net investment loss			(1,052,331	)			(716,305	)
Net realized and unrealized gain (loss):
Net realized gain on investments			8,856,584				10,390,690
Net change in unrealized appreciation/depreciation on investments			8,892,580				(5,414,910	)
Net realized and unrealized gain			17,749,164				4,975,780
Net Increase in Net Assets Resulting From Operations		$	16,696,833			$	4,259,475

See Notes to Financial Statements.

Statements of Changes in Net Assets

	Micro Cap Growth Fund
INCREASE IN NET ASSETS	For the Six Months Ended April 30, 2018 (unaudited)				For the Year Ended October 31, 2017
Operations:
Net investment loss		$	(1,052,331	)		$	(1,990,537	)
Net realized gain on investments			8,856,584				34,042,439
Net change in unrealized appreciation/depreciation on investments			8,892,580				16,745,417
Net increase in net assets resulting from operations			16,696,833				48,797,319
Distributions to shareholders from:
Net realized gain
Class A			(1,459,298	)			—
Class I			(18,958,027	)			—
Total distributions to shareholders			(20,417,325	)			—
Capital share transactions (See Note 13):
Net proceeds from sales of shares			3,673,042				3,753,376
Reinvestment of distributions			18,669,859				—
Cost of shares reacquired			(16,548,498	)			(44,117,410	)
Net increase (decrease) in net assets resulting from capital share transactions			5,794,403				(40,364,034	)
Net increase in net assets			2,073,911				8,433,285
NET ASSETS:
Beginning of period		$	148,961,333			$	140,528,048
End of period		$	151,035,244			$	148,961,333
Accumulated net investment loss		$	(2,657,728	)		$	(1,605,396	)

12	See Notes to Financial Statements.

Statements of Changes in Net Assets (concluded)

	Micro Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2018 (unaudited)				For the Year Ended October 31, 2017
Operations:
Net investment loss		$	(716,305	)		$	(1,149,909	)
Net realized gain on investments			10,390,690				24,577,437
Net change in unrealized appreciation/depreciation on investments			(5,414,910	)			7,536,867
Net increase in net assets resulting from operations			4,259,475				30,964,395
Distributions to shareholders from:
Net realized gain
Class A			(1,156,350	)			(1,086,361	)
Class I			(22,434,844	)			(22,696,813	)
Total distributions to shareholders			(23,591,194	)			(23,783,174	)
Capital share transactions (See Note 13):
Net proceeds from sales of shares			2,850,664				3,325,605
Reinvestment of distributions			22,255,914				22,147,858
Cost of shares reacquired			(8,199,477	)			(31,457,029	)
Net increase (decrease) in net assets resulting from capital share transactions			16,907,101				(5,983,566	)
Net increase (decrease) in net assets			(2,424,618	)			1,197,655
NET ASSETS:
Beginning of period		$	142,550,421			$	141,352,766
End of period		$	140,125,803			$	142,550,421
Accumulated net investment loss		$	(1,810,028	)		$	(1,093,723	)

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 period		Net investment income (loss)^(a)			Net realized and unrealized gain		Total from investment operations			Net realized gain			Net asset value, end of period
Class A
4/30/2018^(c)		$18.26		$(0.12	)		$1.88		$1.76			$(2.70	)		$17.32
10/31/2017		13.09		(0.21	)		5.38		5.17			–			18.26
10/31/2016		16.33		(0.19	)		0.15		(0.04	)		(3.20	)		13.09
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
Class I
4/30/2018^(c)		19.80		(0.13	)		2.07		1.94			(2.70	)		19.04
10/31/2017		14.20		(0.23	)		5.83		5.60			–			19.80
10/31/2016		17.45		(0.21	)		0.16		(0.05	)		(3.20	)		14.20
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

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

14	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 (%)

	11.62	^(d)		1.63	^(e)		(1.40	)^(e)		$ 10,938		30	^(d)
	39.39			1.67			(1.36	)		9,893		105
	(1.30	)		1.81			(1.52	)		7,416		161
	0.65			1.80			(1.64	)		13,280		203
	10.57			1.78			(1.50	)		12,881		208
	62.14			1.85			(1.64	)		11,220		198

	11.62	^(d)		1.63	^(e)		(1.40	)^(e)		140,097		30	^(d)
	39.44			1.67			(1.36	)		139,068		105
	(1.39	)		1.81			(1.52	)		133,112		161
	0.71			1.80			(1.63	)		136,136		203
	10.58			1.78			(1.50	)		156,657		208
	62.22			1.81			(1.60	)		140,967		198

See Notes to Financial Statements.

Financial Highlights

MICRO CAP VALUE FUND

			Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain		Total from invest- ment opera- tions		Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2018^(c)		$34.92		$(0.15	)		$1.16		$1.01		$ –			$(6.05	)		$(6.05	)
10/31/2017		33.65		(0.27	)		7.56		7.29		–			(6.02	)		(6.02	)
10/31/2016		31.34		(0.22	)		3.27		3.05		–			(0.74	)		(0.74	)
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		–			–			–
Class I
4/30/2018^(c)		36.53		(0.16	)		1.21		1.05		–			(6.05	)		(6.05	)
10/31/2017		34.95		(0.28	)		7.88		7.60		–			(6.02	)		(6.02	)
10/31/2016		32.52		(0.23	)		3.40		3.17		–			(0.74	)		(0.74	)
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	)		–			(0.02	)

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

16	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

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

	$29.88		3.08	^(d)		1.63	^(e)		(1.02	)^(e)		$ 6,695		30	^(d)
	34.92		23.38			1.66			(0.81	)		6,698		48
	33.65		10.00			1.80			(0.71	)		6,083		52
	31.34		2.79			1.79			(0.86	)		17,198		70
	34.19		11.16			1.76			(0.68	)		20,028		60
	34.74		31.00			1.82			(0.34	)		32,010		74

	31.53		3.05	^(d)		1.63	^(e)		(1.02	)^(e)		133,431		30	^(d)
	36.53		23.40			1.66			(0.80	)		135,852		48
	34.95		9.97			1.80			(0.72	)		135,269		52
	32.52		2.81			1.79			(0.86	)		153,050		70
	35.34		11.18			1.77			(0.74	)		146,813		60
	35.77		31.02			1.78			(0.29	)		128,093		74

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Lord Abbett Securities Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993. The Trust currently consists of ten funds. This report covers the following 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 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 & 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 may employ techniques such as reviewing related market activity,

Notes to Financial Statements (unaudited)(continued)

	reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute 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, 2014 through October 31, 2017. 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 are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(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 the asset or liability, including

Notes to Financial Statements (unaudited)(continued)

assumptions about risk—for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

•	Level 1 –	unadjusted quoted prices in active markets for identical investments;

•	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

•	Level 3 –	significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

A summary of inputs used in valuing each Fund’s investments as of April 30, 2018 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in each Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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 six months ended April 30, 2018.

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 six months ended April 30, 2018, the Board did not authorize such Class A 12b-1 fees.

Class I shares do not have a distribution plan.

Notes to Financial Statements (unaudited)(continued)

Other Related Parties

As of April 30, 2018, the percentages of Micro Cap Growth Fund’s and Micro Cap Value Fund’s outstanding shares owned by Lord Abbett Alpha Strategy Fund were 72.20% and 78.03%, respectively.

One 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.

The tax character of distributions paid during the six months ended April 30, 2018 and fiscal year ended October 31, 2017 were as follows:

	Micro Cap Growth Fund					Micro Cap Value Fund
	Six Months Ended 4/30/2018 (unaudited		)	Year Ended 10/31/2017		Six Months Ended 4/30/2018 (unaudited		)	Year Ended 10/31/2017
Distributions paid from:
Ordinary income	$	1,219,295		$	–	$	2,488,458		$	1,862,576
Net long-term capital gains		19,198,030			–		21,102,736			21,920,598
Total distributions paid	$	20,417,325		$	–	$	23,591,194		$	23,783,174

As of April 30, 2018, the aggregate unrealized security gains and losses based on investments and other financial instruments for U.S. federal income tax purposes were as follows:

	Micro Cap Growth Fund			Micro Cap Value Fund
Tax cost	$	107,197,275		$	110,557,383
Gross unrealized gain		46,453,334			35,090,386
Gross unrealized loss		(2,194,886	)		(2,473,289	)
Net unrealized security gain	$	44,258,448		$	32,617,097

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of wash sales.

Notes to Financial Statements (unaudited)(continued)

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2018 were as follows:

	Purchases		Sales
Micro Cap Growth Fund	$	44,804,206	$	59,324,064
Micro Cap Value Fund		41,538,129		49,157,208

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2018.

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 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
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement		$3,212,683	$	–		$3,212,683
Total		$3,212,683	$	–		$3,212,683

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	3,212,683	$	–	$	–	$	(3,212,683	)	$	–
Total	$	3,212,683	$	–	$	–	$	(3,212,683	)	$	–

Notes to Financial Statements (unaudited)(continued)

	Micro Cap Value Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement		$4,706,010	$	–		$4,706,010
Total		$4,706,010	$	–		$4,706,010

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	4,706,010	$	–	$	–	$	(4,706,010	)	$	–
Total	$	4,706,010	$	–	$	–	$	(4,706,010	)	$	–

^(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 April 30, 2018.

7.	TRUSTEES’ REMUNERATION

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

During the six months ended April 30, 2018, the Funds did not utilize the Facility.

Notes to Financial Statements (unaudited)(continued)

10.

INTERFUND LENDING PROGRAM

During the six months ended April 30, 2018 the Funds did not participate as a borrower or lender in the Interfund Lending Program.

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.

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 Fund invests. 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. Micro cap companies also may fall out of favor relative to larger companies in certain market cycles. 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. Moreover, different investment styles, such as growth or value investing, may shift in and out of favor over time, depending on market and economic conditions, as well as investor sentiment.

These factors can affect each Fund’s performance.

13.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

Micro Cap Growth Fund				Six Months Ended April 30, 2018 (unaudited		)				Year Ended October 31, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		10,092		$	166,394			7,098		$	104,579
Reinvestment of distributions		95,504			1,459,299			–			–
Shares reacquired		(15,693	)		(266,107	)		(31,782	)		(486,592	)
Increase (decrease)		89,903		$	1,359,586			(24,684	)	$	(382,013	)
Class I Shares
Shares sold		192,833		$	3,506,648			221,174		$	3,648,797
Reinvestment of distributions		1,024,438			17,210,560			–			–
Shares reacquired		(881,046	)		(16,282,391	)		(2,573,410	)		(43,630,818	)
Increase (decrease)		336,225		$	4,434,817			(2,352,236	)	$	(39,982,021	)

Notes to Financial Statements (unaudited)(concluded)

Micro Cap Value Fund				Six Months Ended April 30, 2018 (unaudited		)				Year Ended October 31, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		3,187		$	95,363			4,007		$	134,354
Reinvestment of distributions		39,126			1,156,174			34,072			1,086,208
Shares reacquired		(10,023	)		(302,898	)		(27,071	)		(893,238	)
Increase		32,290		$	948,639			11,008		$	327,324
Class I Shares
Shares sold		88,122		$	2,755,301			94,182		$	3,191,251
Reinvestment of distributions		676,491			21,099,740			631,534			21,061,650
Shares reacquired		(252,158	)		(7,896,579	)		(877,082	)		(30,563,791	)
Increase (decrease)		512,455		$	15,958,462			(151,366	)	$	(6,310,890	)

Approval of Advisory Contract

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of two appropriate benchmarks; (2) information provided by Morningstar regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the Agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s other advisory clients maintaining accounts with a similar investment strategy as the Fund; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and two appropriate benchmarks as of various periods ended August 31, 2017. The Board observed that each Fund’s investment performance was above the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board

Approval of Advisory Contract (continued)

considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when necessary. After reviewing these and related factors, the Board concluded that each Fund’s Agreement should be continued.

Expenses. The Board considered the expense ratios, contractual and actual management fee rates, and other expense components represented in the net total expense ratio for each Fund and the expense levels of the Fund’s expense peer group. It also considered how the expense level of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each Fund, the Board observed that the net total expense ratio was above the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the expense level of each Fund was reasonable and supported the continuation of the Agreement on behalf of each Fund.

Approval of Advisory Contract (concluded)

Other Benefits to Lord Abbett. As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor, if any, for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of each Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of each Fund’s brokerage transactions.

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

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-3 (06/18)

Item 2:	Code of Ethics.
	Not applicable.

Item 3:	Audit Committee Financial Expert.
	Not applicable.

Item 4:	Principal Accountant Fees and Services.
	Not applicable.

Item 5:	Audit Committee of Listed Registrants.
	Not applicable.

Item 6:	Investments.
	Not applicable.

Item 7:	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Not applicable.

Item 8:	Portfolio Managers of Closed-End Management Investment Companies.
	Not applicable.

Item 9:	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Not applicable.

Item 10:	Submission of Matters to a Vote of Security Holders.
	Not applicable.

Item 11:	Controls and Procedures.


	(a)	Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities.

	(b)	There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12:

Exhibits.


	(a)(1)	Code of Ethics. Not applicable.

	(a)(2)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

	(b)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		LORD ABBETT SECURITIES TRUST

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: June 25, 2018

	By:	/s/ Bernard J. Grzelak
		Bernard J. Grzelak
		Chief Financial Officer and Vice President

Date: June 25, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: June 25, 2018

	By:	/s/ Bernard J. Grzelak
		Bernard J. Grzelak
		Chief Financial Officer and Vice President

Date: June 25, 2018

Lord Abbett Micro Cap Growth Fund (LMIYX) N-CSRSCertified semi-annual shareholder report (management investment company)