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)
John T. Fitzgerald, 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: 4/30/2019
Item 1: | Report(s) to Shareholders. |
LORD ABBETT
SEMIANNUAL REPORT
Lord Abbett
Alpha Strategy Fund
Focused Growth Fund
Fundamental Equity Fund
Global Equity Research Fund
Global Select Equity Fund
Growth Leaders Fund
International Equity Fund
International Opportunities Fund
International Value Fund
Value Opportunities Fund
For the six-month period ended April 30, 2019
Important Information on Paperless Delivery
Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, investment advisor or bank. Instead, the reports will be made available on Lord Abbett’s website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who hold accounts directly with a Fund may elect to receive shareholder reports and other communications from the Fund electronically by signing into your Lord Abbett online account at lordabbett.com and selecting “Log In.” For further information, you may also contact the Funds at (800) 821-5129. Shareholders who hold accounts through a financial intermediary should contact them directly.
You may elect to receive all future reports in paper free of charge by contacting a Fund at (800) 821-5129. Your election to receive reports in paper will apply to all funds held with Lord Abbett. If your fund shares are held through a financial intermediary please contact them directly. Your election applies to all funds held with that intermediary.
Lord Abbett Alpha Strategy Fund, Lord Abbett Focused Growth Fund, Lord Abbett Fundamental Equity Fund, Lord Abbett Global Equity Research Fund, Lord Abbett Global Select Equity Fund, Lord Abbett Growth Leaders Fund, Lord Abbett International Equity Fund, Lord Abbett International Opportunities Fund, Lord Abbett International Value Fund, and Lord Abbett Value Opportunities Fund
Semiannual Report
For the six-month period ended April 30, 2019
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, 2019. 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 inLord 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 |
1
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, 2018 through April 30, 2019).
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 11/1/18 – 4/30/19” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each Fund, the second line of the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
2
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†# | ||||
11/1/18 | 4/30/19 | 11/1/18 – 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,081.60 | $2.22 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.66 | $2.16 | |||
Class C | ||||||
Actual | $1,000.00 | $1,077.30 | $6.08 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.94 | $5.91 | |||
Class F | ||||||
Actual | $1,000.00 | $1,082.10 | $1.50 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,023.36 | $1.45 | |||
Class F3 | ||||||
Actual | $1,000.00 | $1,083.40 | $0.46 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,024.35 | $0.45 | |||
Class I | ||||||
Actual | $1,000.00 | $1,082.40 | $0.93 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,023.90 | $0.90 | |||
Class R2 | ||||||
Actual | $1,000.00 | $1,079.40 | $4.07 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.88 | $3.96 | |||
Class R3 | ||||||
Actual | $1,000.00 | $1,080.10 | $3.51 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.42 | $3.41 | |||
Class R4 | ||||||
Actual | $1,000.00 | $1,081.20 | $2.22 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.66 | $2.16 | |||
Class R5 | ||||||
Actual | $1,000.00 | $1,082.50 | $0.98 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,023.85 | $0.95 | |||
Class R6 | ||||||
Actual | $1,000.00 | $1,083.40 | $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, 0.29% for Class F, 0.09% for Class F3, 0.18% for Class I, 0.79% for Class R2, 0.68% for Class R3, 0.43% for Class R4, 0.19% 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. |
3
Portfolio Holdings Presented by Portfolio Allocation
April 30, 2019
Underlying Fund Name | %* | ||
Lord Abbett Developing Growth Fund, Inc. – Class I | 20.08 | % | |
Lord Abbett Securities Trust – International Opportunities Fund – Class I | 19.47 | % | |
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I | 10.09 | % | |
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I | 10.16 | % | |
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I | 20.20 | % | |
Lord Abbett Securities Trust – Value Opportunities Fund – Class I | 20.00 | % | |
Total | 100.00 | % |
* Represent percent of total investments.
4
Focused Growth Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||
1/30/19 | 4/30/19 | 1/30/19 – 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,104.70 | $2.72 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,009.74 | $2.60 | |||
Class C | ||||||
Actual | $1,000.00 | $1,102.70 | $4.67 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,007.89 | $4.46 | |||
Class F | ||||||
Actual | $1,000.00 | $1,105.30 | $2.08 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,010.36 | $1.98 | |||
Class F3 | ||||||
Actual | $1,000.00 | $1,105.30 | $1.89 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,010.53 | $1.81 | |||
Class I | ||||||
Actual | $1,000.00 | $1,105.30 | $2.08 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,010.36 | $1.98 | |||
Class R3 | ||||||
Actual | $1,000.00 | $1,104.00 | $3.37 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,009.12 | $3.22 | |||
Class R4 | ||||||
Actual | $1,000.00 | $1,104.70 | $2.72 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,009.74 | $2.60 | |||
Class R5 | ||||||
Actual | $1,000.00 | $1,105.30 | $2.08 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,010.36 | $1.98 | |||
Class R6 | ||||||
Actual | $1,000.00 | $1,105.30 | $1.89 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,010.53 | $1.81 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.80% for Class C, 0.80% for Class F, 0.73% for Class F3, 0.80% for Class I, 1.30% for Class R3, 1.05% for Class R4, 0.80% for Class R5 and 0.73% for Class R6) multiplied by the average account value over the period, multiplied by 90/365 (to reflect the period from January 30, 2019, commencement of operations, to April 30, 2019). |
5
Portfolio Holdings Presented by Sector
April 30, 2019
Sector* | %** | ||
Capital Goods | 7.08 | % | |
Communication Services | 2.53 | % | |
Consumer Cyclical | 10.25 | % | |
Consumer Discretionary | 5.64 | % | |
Financial Services | 10.97 | % | |
Health Care | 13.31 | % | |
Technology | 47.09 | % | |
Repurchase Agreement | 3.13 | % | |
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments. |
6
Fundamental Equity Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||
11/1/18 | 4/30/19 | 11/1/18 – 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,078.30 | $5.10 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.89 | $4.96 | |||
Class C | ||||||
Actual | $1,000.00 | $1,074.20 | $8.95 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.17 | $8.70 | |||
Class F | ||||||
Actual | $1,000.00 | $1,079.20 | $4.33 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.63 | $4.21 | |||
Class F3 | ||||||
Actual | $1,000.00 | $1,079.80 | $3.30 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.62 | $3.21 | |||
Class I | ||||||
Actual | $1,000.00 | $1,079.80 | $3.71 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.22 | $3.61 | |||
Class P | ||||||
Actual | $1,000.00 | $1,076.80 | $6.13 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.89 | $5.96 | |||
Class R2 | ||||||
Actual | $1,000.00 | $1,076.40 | $6.85 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.20 | $6.66 | |||
Class R3 | ||||||
Actual | $1,000.00 | $1,077.40 | $6.39 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.65 | $6.21 | |||
Class R4 | ||||||
Actual | $1,000.00 | $1,078.10 | $5.10 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.89 | $4.96 | |||
Class R5 | ||||||
Actual | $1,000.00 | $1,079.00 | $3.81 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.12 | $3.71 | |||
Class R6 | ||||||
Actual | $1,000.00 | $1,079.70 | $3.30 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.62 | $3.21 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.99% for Class A, 1.74% for Class C, 0.84% for Class F, 0.64% for Class F3, 0.72% for Class I, 1.19% for Class P, 1.33% for Class R2, 1.24% for Class R3, 0.99% for Class R4, 0.74% for Class R5 and 0.64% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one- half year period). |
7
Portfolio Holdings Presented by Sector
April 30, 2019
Sector* | %** | ||
Communication Services | 7.29 | % | |
Consumer Discretionary | 5.89 | % | |
Consumer Staples | 7.71 | % | |
Energy | 9.33 | % | |
Financials | 21.78 | % | |
Health Care | 14.23 | % | |
Industrials | 13.14 | % | |
Information Technology | 12.08 | % | |
Materials | 3.32 | % | |
Real Estate | 1.46 | % | |
Utilities | 3.33 | % | |
Repurchase Agreement | 0.44 | % | |
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments. |
8
Global Equity Research 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† | ||||
11/1/18 | 4/30/19 | 11/1/18 – 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,085.40 | $4.65 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.33 | $4.51 | |||
Class C | ||||||
Actual | $1,000.00 | $1,082.10 | $8.52 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.61 | $8.25 | |||
Class F | ||||||
Actual | $1,000.00 | $1,087.60 | $3.88 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.08 | $3.76 | |||
Class F3 | ||||||
Actual | $1,000.00 | $1,088.20 | $3.26 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.67 | $3.16 | |||
Class I | ||||||
Actual | $1,000.00 | $1,087.80 | $3.36 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.57 | $3.26 | |||
Class R2 | ||||||
Actual | $1,000.00 | $1,084.60 | $6.46 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.60 | $6.26 | |||
Class R3 | ||||||
Actual | $1,000.00 | $1,085.10 | $5.95 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.09 | $5.76 | |||
Class R4 | ||||||
Actual | $1,000.00 | $1,085.90 | $4.65 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.33 | $4.51 | |||
Class R5 | ||||||
Actual | $1,000.00 | $1,087.80 | $3.36 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.57 | $3.26 | |||
Class R6 | ||||||
Actual | $1,000.00 | $1,087.20 | $3.26 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.67 | $3.16 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.90% for Class A, 1.65% for Class C, 0.75% for Class F, 0.63% 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) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). |
9
Portfolio Holdings Presented by Sector
April 30, 2019
Sector* | %** | ||
Communication Services | 9.02 | % | |
Consumer Discretionary | 9.86 | % | |
Consumer Goods | 0.44 | % | |
Consumer Staples | 7.66 | % | |
Energy | 5.56 | % | |
Financials | 22.47 | % | |
Health Care | 10.73 | % | |
Industrials | 9.67 | % | |
Information Technology | 14.42 | % | |
Materials | 4.33 | % | |
Media | 0.04 | % | |
Real Estate | 2.91 | % | |
Utilities | 2.89 | % | |
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments. |
10
Global Select Equity Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||
11/1/18 | 4/30/19 | 11/1/18 – 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,051.60 | $5.34 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.59 | $5.26 | |||
Class C | ||||||
Actual | $1,000.00 | $1,047.80 | $9.14 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,015.87 | $9.00 | |||
Class F | ||||||
Actual | $1,000.00 | $1,053.40 | $4.07 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.83 | $4.01 | |||
Class F3 | ||||||
Actual | $1,000.00 | $1,053.60 | $3.51 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.37 | $3.46 | |||
Class I | ||||||
Actual | $1,000.00 | $1,053.20 | $4.07 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.83 | $4.01 | |||
Class R3 | ||||||
Actual | $1,000.00 | $1,050.80 | $6.61 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.35 | $6.51 | |||
Class R4 | ||||||
Actual | $1,000.00 | $1,052.00 | $5.34 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.59 | $5.26 | |||
Class R5 | ||||||
Actual | $1,000.00 | $1,053.20 | $4.07 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.83 | $4.01 | |||
Class R6 | ||||||
Actual | $1,000.00 | $1,053.60 | $3.51 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.37 | $3.46 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.80% for Class C, 0.80% for Class F, 0.69% for Class F3, 0.80% for Class I, 1.30% for Class R3, 1.05% for Class R4, 0.80% for Class R5 and 0.69% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). |
11
Portfolio Holdings Presented by Sector
April 30, 2019
Sector* | %** | ||
Auto | 1.10 | % | |
Basic Industry | 0.86 | % | |
Capital Goods | 1.38 | % | |
Consumer Cyclical | 8.31 | % | |
Consumer Discretionary | 4.07 | % | |
Consumer Services | 3.75 | % | |
Consumer Staples | 11.00 | % | |
Energy | 5.82 | % | |
Financial Services | 25.46 | % | |
Health Care | 11.28 | % | |
Materials & Processing | 3.99 | % | |
Producer Durables | 1.96 | % | |
Technology | 9.41 | % | |
Telecommunications | 6.84 | % | |
Transportation | 3.10 | % | |
Utilities | 1.67 | % | |
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments. |
12
Growth Leaders Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||
11/1/18 | 4/30/19 | 11/1/18 – 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,156.80 | $4.92 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.23 | $4.61 | |||
Class C | ||||||
Actual | $1,000.00 | $1,152.70 | $8.91 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.51 | $8.35 | |||
Class F | ||||||
Actual | $1,000.00 | $1,158.30 | $3.59 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.47 | $3.36 | |||
Class F3 | ||||||
Actual | $1,000.00 | $1,158.80 | $3.27 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.77 | $3.06 | |||
Class I | ||||||
Actual | $1,000.00 | $1,158.20 | $3.59 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.47 | $3.36 | |||
Class R2 | ||||||
Actual | $1,000.00 | $1,154.70 | $6.78 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.50 | $6.36 | |||
Class R3 | ||||||
Actual | $1,000.00 | $1,155.60 | $6.25 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.99 | $5.86 | |||
Class R4 | ||||||
Actual | $1,000.00 | $1,157.10 | $4.92 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.23 | $4.61 | |||
Class R5 | ||||||
Actual | $1,000.00 | $1,158.10 | $3.59 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.47 | $3.36 | |||
Class R6 | ||||||
Actual | $1,000.00 | $1,158.80 | $3.27 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.77 | $3.06 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.92% for Class A, 1.67% for Class C, 0.67% for Class F, 0.61% for Class F3, 0.67% for Class I, 1.27% for Class R2, 1.17% for Class R3, 0.92% for Class R4, 0.67% for Class R5 and 0.61% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). |
13
Portfolio Holdings Presented by Sector
April 30, 2019
Sector* | %** | ||
Communication Services | 12.18 | % | |
Consumer Discretionary | 20.30 | % | |
Financials | 2.32 | % | |
Health Care | 12.91 | % | |
Industrials | 6.20 | % | |
Information Technology | 43.55 | % | |
Real Estate | 1.03 | % | |
Repurchase Agreement | 1.51 | % | |
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments. |
14
International Equity Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||
11/1/18 | 4/30/19 | 11/1/18 – 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,080.40 | $5.98 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.04 | $5.81 | |||
Class C | ||||||
Actual | $1,000.00 | $1,076.20 | $9.83 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,015.32 | $9.54 | |||
Class F* | ||||||
Actual | $1,000.00 | $1,081.20 | $4.90 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.08 | $4.76 | |||
Class F3* | ||||||
Actual | $1,000.00 | $1,082.10 | $4.28 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.68 | $4.16 | |||
Class I* | ||||||
Actual | $1,000.00 | $1,082.10 | $4.39 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.58 | $4.26 | |||
Class P | ||||||
Actual | $1,000.00 | $1,079.10 | $6.91 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.15 | $6.71 | |||
Class R2 | ||||||
Actual | $1,000.00 | $1,078.90 | $7.78 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.31 | $7.55 | |||
Class R3 | ||||||
Actual | $1,000.00 | $1,079.20 | $7.22 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.85 | $7.00 | |||
Class R4 | ||||||
Actual | $1,000.00 | $1,080.70 | $5.98 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.04 | $5.81 | |||
Class R5 | ||||||
Actual | $1,000.00 | $1,081.50 | $4.64 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.33 | $4.51 | |||
Class R6* | ||||||
Actual | $1,000.00 | $1,082.10 | $4.28 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.68 | $4.16 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.16% for Class A, 1.91% for Class C, 0.95% for Class F, 0.83% for Class F3, 0.85% for Class I, 1.34% for Class P, 1.51% for Class R2, 1.40% for Class R3, 1.16% for Class R4, 0.90% for Class R5 and 0.83% 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 to 0.96% for Class F, 0.86% for Class I and 0.85% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been: |
15
Actual | Hypothetical (5% Return Before Expenses) | |||
Class F | $4.95 | $4.81 | ||
Class I | $4.44 | $4.31 | ||
Class R3 | $4.39 | $4.26 | ||
Class R6 | $4.39 | $4.26 |
Portfolio Holdings Presented by Sector
April 30, 2019
Sector* | %** | ||
Communication Services | 5.29 | % | |
Consumer Discretionary | 10.19 | % | |
Consumer Staples | 8.12 | % | |
Energy | 7.30 | % | |
Financials | 25.02 | % | |
Health Care | 7.35 | % | |
Industrials | 12.78 | % | |
Information Technology | 11.42 | % | |
Materials | 8.72 | % | |
Real Estate | 2.23 | % | |
Utilities | 1.07 | % | |
Repurchase Agreement | 0.51 | % | |
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments. |
16
International Opportunities Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||
11/1/18 | 4/30/19 | 11/1/18 – 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,051.80 | $ 6.41 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.55 | $ 6.31 | |||
Class C | ||||||
Actual | $1,000.00 | $1,048.00 | $10.21 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,014.83 | $10.04 | |||
Class F | ||||||
Actual | $1,000.00 | $1,052.30 | $ 5.60 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.34 | $ 5.51 | |||
Class F3 | ||||||
Actual | $1,000.00 | $1,053.60 | $ 4.58 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.33 | $ 4.51 | |||
Class I | ||||||
Actual | $1,000.00 | $1,052.30 | $ 5.09 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.84 | $ 5.01 | |||
Class P | ||||||
Actual | $1,000.00 | $1,050.50 | $ 7.37 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.60 | $ 7.25 | |||
Class R2 | ||||||
Actual | $1,000.00 | $1,049.80 | $ 8.13 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.86 | $ 8.00 | |||
Class R3 | ||||||
Actual | $1,000.00 | $1,049.90 | $ 7.67 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.31 | $ 7.55 | |||
Class R4 | ||||||
Actual | $1,000.00 | $1,051.80 | $ 6.41 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.55 | $ 6.31 | |||
Class R5 | ||||||
Actual | $1,000.00 | $1,052.40 | $ 5.14 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.79 | $ 5.06 | |||
Class R6 | ||||||
Actual | $1,000.00 | $1,053.00 | $ 4.58 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.33 | $ 4.51 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.26% for Class A, 2.01% for Class C, 1.10% for Class F, 0.90% for Class F3, 1.00% for Class I, 1.45% for Class P, 1.60% for Class R2, 1.51% for Class R3, 1.26% for Class R4, 1.01% for Class R5 and 0.90% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). |
17
Portfolio Holdings Presented by Sector
April 30, 2019
Sector* | %** | ||
Communication Services | 4.88 | % | |
Consumer Discretionary | 14.01 | % | |
Consumer Staples | 6.68 | % | |
Energy | 1.80 | % | |
Financials | 13.96 | % | |
Health Care | 7.75 | % | |
Industrials | 20.89 | % | |
Information Technology | 8.82 | % | |
Materials | 7.75 | % | |
Real Estate | 9.20 | % | |
Utilities | 2.18 | % | |
Repurchase Agreement | 2.08 | % | |
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments. |
18
International Value Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||
11/1/18 | 4/30/19 | 11/1/18 – 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,053.40 | $5.70 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.24 | $5.61 | |||
Class C | ||||||
Actual | $1,000.00 | $1,049.50 | $9.50 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,015.52 | $9.35 | |||
Class F | ||||||
Actual | $1,000.00 | $1,053.90 | $4.69 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.23 | $4.61 | |||
Class F3* | ||||||
Actual | $1,000.00 | $1,054.40 | $4.18 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.73 | $4.11 | |||
Class I* | ||||||
Actual | $1,000.00 | $1,055.90 | $4.13 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.78 | $4.06 | |||
Class R2 | ||||||
Actual | $1,000.00 | $1,051.80 | $7.48 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.50 | $7.35 | |||
Class R3 | ||||||
Actual | $1,000.00 | $1,052.90 | $6.97 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.00 | $6.85 | |||
Class R4 | ||||||
Actual | $1,000.00 | $1,053.50 | $5.70 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.24 | $5.61 | |||
Class R5 | ||||||
Actual | $1,000.00 | $1,054.50 | $4.43 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.48 | $4.36 | |||
Class R6* | ||||||
Actual | $1,000.00 | $1,054.40 | $4.18 | |||
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 (1.12% for Class A, 1.87% for Class C, 0.92% 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, 0.87% 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). |
* | The annualized expenses have been updated to 0.82% for Class I and 0.81% for Classes F3 and 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 I | $4.18 | $4.11 | ||
Class F3 | $4.13 | $4.06 | ||
Class R6 | $4.13 | $4.06 |
19
Portfolio Holdings Presented by Sector
April 30, 2019
Sector* | %** | ||
Communication Services | 2.24 | % | |
Consumer Discretionary | 12.28 | % | |
Consumer Staples | 7.07 | % | |
Energy | 10.38 | % | |
Financials | 28.89 | % | |
Health Care | 9.37 | % | |
Industrials | 11.43 | % | |
Information Technology | 3.10 | % | |
Materials | 6.05 | % | |
Real Estate | 5.37 | % | |
Utilities | 1.53 | % | |
Repurchase Agreement | 2.29 | % | |
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments. |
20
Value Opportunities Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||
11/1/18 | 4/30/19 | 11/1/18 – 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,048.20 | $5.94 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.99 | $5.86 | |||
Class C | ||||||
Actual | $1,000.00 | $1,044.80 | $9.73 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,015.27 | $9.59 | |||
Class F | ||||||
Actual | $1,000.00 | $1,048.90 | $5.18 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.74 | $5.11 | |||
Class F3 | ||||||
Actual | $1,000.00 | $1,050.20 | $4.12 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.78 | $4.06 | |||
Class I | ||||||
Actual | $1,000.00 | $1,049.70 | $4.68 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.23 | $4.61 | |||
Class P | ||||||
Actual | $1,000.00 | $1,047.60 | $6.96 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.00 | $6.85 | |||
Class R2 | ||||||
Actual | $1,000.00 | $1,046.40 | $7.71 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.26 | $7.60 | |||
Class R3 | ||||||
Actual | $1,000.00 | $1,047.00 | $7.21 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.75 | $7.10 | |||
Class R4 | ||||||
Actual | $1,000.00 | $1,048.20 | $5.94 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.99 | $5.86 | |||
Class R5 | ||||||
Actual | $1,000.00 | $1,050.10 | $4.68 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.23 | $4.61 | |||
Class R6 | ||||||
Actual | $1,000.00 | $1,050.20 | $4.12 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.78 | $4.06 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.17% for Class A, 1.92% for Class C, 1.02% for Class F, 0.81% for Class F3, 0.92% for Class I, 1.37% for Class P, 1.52% for Class R2, 1.42% for Class R3, 1.17% for Class R4, 0.92% for Class R5 and 0.81% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). |
21
Portfolio Holdings Presented by Sector
April 30, 2019
Sector* | %** | ||
Consumer Services | 1.47 | % | |
Consumer Discretionary | 13.45 | % | |
Consumer Staples | 4.13 | % | |
Energy | 4.11 | % | |
Financials | 15.02 | % | |
Health Care | 13.43 | % | |
Industrials | 16.50 | % | |
Information Technology | 16.60 | % | |
Materials | 6.17 | % | |
Real Estate | 3.28 | % | |
Utilities | 5.77 | % | |
Repurchase Agreement | 0.07 | % | |
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments. |
22
Schedule of Investments (unaudited)
ALPHA STRATEGY FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
INVESTMENTS IN UNDERLYING FUNDS(a)(b) 99.97% | ||||||||
Lord Abbett Developing Growth Fund, Inc. – Class I*(c) | 6,962,406 | $ | 199,751 | |||||
Lord Abbett Securities Trust – International Opportunities Fund – Class I(d) | 11,956,625 | 193,697 | ||||||
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I*(d) | 5,915,085 | 100,379 | ||||||
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I*(d) | 3,521,105 | 101,021 | ||||||
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I*(d) | 9,278,137 | 200,872 |
Investments | Shares | Fair Value (000) | ||||||
Lord Abbett Securities Trust - Value Opportunities Fund – Class I(d) | 10,278,022 | $ | 198,880 | |||||
Total Investments in Underlying Funds (cost $992,268,757) | 994,600 | |||||||
Other Assets in Excess of Liabilities 0.03% | 301 | |||||||
Net Assets 100.00% | $ | 994,901 |
* | Non-income producing security. | |
(a) | Affiliated issuer (see Note 13). | |
(b) | These investments offer daily redemptions. | |
(c) | Fund investment objective is long-term growth of capital through a diversified and actively managed portfolio consisting of developing growth companies, many of which are traded over the counter. | |
(d) | Fund investment objective is long-term capital appreciation. |
The following is a summary of the inputs used as of April 30, 2019 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 | $ | 994,600 | $ | – | $ | – | $ | 994,600 | |||||||
Total | $ | 994,600 | $ | – | $ | – | $ | 994,600 |
(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 in Underlying Funds. | |
(3) | There were no Level 1/Level 2 transfers during the period ended April 30, 2019. |
See Notes to Financial Statements. | 23 |
Schedule of Investments (unaudited)
FOCUSED GROWTH FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
COMMON STOCKS 97.72% | ||||||||
Advertising 2.77% | ||||||||
Trade Desk, Inc. (The) Class A* | 846 | $ | 187 | |||||
Biotechnology Research & Production 6.76% | ||||||||
Argenx SE ADR* | 831 | 107 | ||||||
Blueprint Medicines Corp.* | 1,301 | 98 | ||||||
Exact Sciences Corp.* | 1,398 | 138 | ||||||
Vertex Pharmaceuticals, Inc.* | 669 | 113 | ||||||
Total | 456 | |||||||
Business Services 5.93% | ||||||||
Chegg, Inc.* | 4,131 | 147 | ||||||
PayPal Holdings, Inc.* | 2,241 | 253 | ||||||
Total | 400 | |||||||
Computer Hardware 2.96% | ||||||||
EPAM Systems, Inc.* | 1,117 | 200 | ||||||
Computer Software 20.12% | ||||||||
Alteryx, Inc. Class A* | 2,252 | 200 | ||||||
Atlassian Corp. plc Class A (Australia)*(a) | 1,781 | 196 | ||||||
Everbridge, Inc.* | 2,518 | 186 | ||||||
Paycom Software, Inc.* | 927 | 188 | ||||||
salesforce.com, Inc.* | 926 | 153 | ||||||
ServiceNow, Inc.* | 976 | 265 | ||||||
Twilio, Inc. Class A* | 1,244 | 170 | ||||||
Total | 1,358 | |||||||
Drugs 2.06% | ||||||||
GW Pharmaceuticals plc ADR* | 821 | 139 | ||||||
Electrical Equipment 7.14% | ||||||||
Advanced Micro Devices, Inc.* | 5,948 | 164 | ||||||
QUALCOMM, Inc. | 2,481 | 214 | ||||||
Xilinx, Inc. | 863 | 104 | ||||||
Total | 482 |
Investments | Shares | Fair Value (000) | ||||||
Entertainment 2.92% | ||||||||
Live Nation Entertainment, Inc.* | 3,015 | $ | 197 | |||||
Financial Services 5.14% | ||||||||
Mastercard, Inc. Class A | 1,364 | 347 | ||||||
Health Care Products 4.61% | ||||||||
Align Technology, Inc.* | 647 | 210 | ||||||
Glaukos Corp.* | 1,401 | 101 | ||||||
Total | 311 | |||||||
Leisure 6.85% | ||||||||
Planet Fitness, Inc. Class A* | 3,230 | 245 | ||||||
YETI Holdings, Inc.* | 6,095 | 217 | ||||||
Total | 462 | |||||||
Media 2.55% | ||||||||
Walt Disney Co. (The) | 1,255 | 172 | ||||||
Retail 3.49% | ||||||||
Lululemon Athletica, Inc. (Canada)*(a) | 1,336 | 236 | ||||||
Technology 24.42% | ||||||||
Alibaba Group Holding Ltd. ADR* | 1,395 | 259 | ||||||
Alphabet, Inc. Class A* | 282 | 338 | ||||||
Amazon.com, Inc.* | 193 | 372 | ||||||
Facebook, Inc. Class A* | 533 | 103 | ||||||
Match Group, Inc. | 3,348 | 202 | ||||||
Netflix, Inc.* | 477 | 177 | ||||||
RingCentral, Inc. Class A* | 1,695 | 197 | ||||||
Total | 1,648 | |||||||
Total Common Stocks (cost $6,074,599) | 6,595 |
24 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
FOCUSED GROWTH FUNDApril 30, 2019
Investments | Principal Amount (000) | Fair Value (000) | ||||||
SHORT-TERM INVESTMENT 3.16% | ||||||||
Repurchase Agreement | ||||||||
Repurchase Agreement dated 4/30/2019, 1.45% due 5/1/2019 with Fixed Income Clearing Corp. collateralized by $220,000 of U.S. Treasury Note at 2.625% due 4/30/2021; value: $219,785; proceeds: $212,843 (cost $212,835) | $213 | $ | 213 | |||||
Total Investments in Securities 100.88% (cost $6,287,434) | 6,808 | |||||||
Liabilities in Excess of Cash and Other Assets (0.88)% | (59 | ) | ||||||
Net Assets 100.00% | $ | 6,749 |
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, 2019 in valuing the Fund’s investments carried at fair value(1):
Investment Type(2)(3) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks | $ | 6,595 | $ | – | $ | – | $ | 6,595 | |||||||
Short-Term Investment | |||||||||||||||
Repurchase Agreement | – | 213 | – | 213 | |||||||||||
Total | $ | 6,595 | $ | 213 | $ | – | $ | 6,808 |
(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. | |
(3) | There were no Level 1/Level 2 transfers during the period ended April 30, 2019. |
See Notes to Financial Statements. | 25 |
Schedule of Investments (unaudited)
FUNDAMENTAL EQUITY FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
COMMON STOCKS 99.13% | ||||||||
Aerospace & Defense 3.88% | ||||||||
Raytheon Co. | 208,951 | $ | 37,108 | |||||
United Technologies Corp. | 451,240 | 64,351 | ||||||
Total | 101,459 | |||||||
Auto Components 1.04% | ||||||||
Lear Corp. | 190,199 | 27,198 | ||||||
Banks 16.13% | ||||||||
Bank of America Corp. | 1,803,180 | 55,141 | ||||||
Citigroup, Inc. | 1,037,334 | 73,340 | ||||||
East West Bancorp, Inc. | 555,633 | 28,604 | ||||||
JPMorgan Chase & Co. | 930,943 | 108,036 | ||||||
Royal Bank of Scotland Group PLC(a) | GBP | 7,591,689 | 23,719 | |||||
Signature Bank | 185,140 | 24,451 | ||||||
U.S. Bancorp | 786,605 | 41,942 | ||||||
Wells Fargo & Co. | 1,379,438 | 66,779 | ||||||
Total | 422,012 | |||||||
Beverages 3.27% | ||||||||
Coca-Cola Co. (The) | 461,230 | 22,628 | ||||||
PepsiCo, Inc. | 491,800 | 62,975 | ||||||
Total | 85,603 | |||||||
Biotechnology 0.68% | ||||||||
Gilead Sciences, Inc. | 274,853 | 17,876 | ||||||
Building Products 1.50% | ||||||||
Masco Corp. | 1,003,890 | 39,212 | ||||||
Capital Markets 0.99% | ||||||||
Goldman Sachs Group, Inc. (The) | 126,016 | 25,949 | ||||||
Chemicals 1.94% | ||||||||
Dow, Inc.* | 464,210 | 26,334 | ||||||
DowDuPont, Inc. | 637,032 | 24,494 | ||||||
Total | 50,828 |
Investments | Shares | Fair Value (000) | ||||||
Communications Equipment 2.39% | ||||||||
Cisco Systems, Inc. | 806,548 | $ | 45,126 | |||||
F5 Networks, Inc.* | 111,089 | 17,430 | ||||||
Total | 62,556 | |||||||
Diversified Telecommunication Services 2.68% | ||||||||
Verizon Communications, Inc. | 1,227,310 | 70,190 | ||||||
Electric: Utilities 3.32% | ||||||||
Duke Energy Corp. | 203,222 | 18,518 | ||||||
Edison International | 634,298 | 40,449 | ||||||
NextEra Energy, Inc. | 142,851 | 27,776 | ||||||
Total | 86,743 | |||||||
Electrical Equipment 2.60% | ||||||||
AMETEK, Inc. | 416,626 | 36,734 | ||||||
Hubbell, Inc. | 244,856 | 31,244 | ||||||
Total | 67,978 | |||||||
Electronic Equipment, Instruments & Components 1.63% | ||||||||
Avnet, Inc. | 874,489 | 42,509 | ||||||
Energy Equipment & Services 0.90% | ||||||||
National Oilwell Varco, Inc. | 903,445 | 23,616 | ||||||
Entertainment 2.30% | ||||||||
Walt Disney Co. (The) | 438,891 | 60,115 | ||||||
Equity Real Estate Investment Trusts 1.45% | ||||||||
Prologis, Inc. | 178,157 | 13,659 | ||||||
Simon Property Group, Inc. | 139,962 | 24,312 | ||||||
Total | 37,971 | |||||||
Food & Staples Retailing 2.17% | ||||||||
Walmart, Inc. | 551,982 | 56,766 | ||||||
Health Care Equipment & Supplies 0.08% | ||||||||
Alcon, Inc. (Switzerland)*(b) | 34,144 | 1,987 | ||||||
Health Care Providers & Services 2.62% | ||||||||
Anthem, Inc. | 140,276 | 36,897 | ||||||
Universal Health Services, Inc. Class B | 249,200 | 31,616 | ||||||
Total | 68,513 |
26 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
FUNDAMENTAL EQUITY FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
Hotels, Restaurants & Leisure 0.53% | ||||||||
Starbucks Corp. | 177,100 | $ | 13,757 | |||||
Industrial Conglomerates 1.15% | ||||||||
Carlisle Cos., Inc. | 212,350 | 30,030 | ||||||
Insurance 4.56% | ||||||||
Axis Capital Holdings Ltd. | 683,216 | 38,841 | ||||||
Chubb Ltd. (Switzerland)(b) | 279,621 | 40,601 | ||||||
Hartford Financial Services Group, Inc. (The) | 762,766 | 39,900 | ||||||
Total | 119,342 | |||||||
Interactive Media & Services 2.28% | ||||||||
Alphabet, Inc. Class A* | 30,930 | 37,084 | ||||||
Facebook, Inc. Class A* | 116,970 | 22,622 | ||||||
Total | 59,706 | |||||||
Machinery 3.20% | ||||||||
Cummins, Inc. | 247,700 | 41,190 | ||||||
Stanley Black & Decker, Inc. | 290,491 | 42,586 | ||||||
Total | 83,776 | |||||||
Media 0.51% | ||||||||
Interpublic Group of Cos., Inc. (The) | 288,645 | 6,639 | ||||||
Omnicom Group, Inc. | 82,823 | 6,628 | ||||||
Total | 13,267 | |||||||
Metals & Mining 1.37% | ||||||||
Nucor Corp. | 448,885 | 25,618 | ||||||
Steel Dynamics, Inc. | 320,637 | 10,158 | ||||||
Total | 35,776 | |||||||
Multi-Line Retail 0.77% | ||||||||
Dollar Tree, Inc.* | 181,092 | 20,152 | ||||||
Oil, Gas & Consumable Fuels 8.38% | ||||||||
Chevron Corp. | 323,630 | 38,855 | ||||||
Exxon Mobil Corp. | 477,939 | 38,369 | ||||||
Marathon Petroleum Corp. | 632,252 | 38,485 | ||||||
Noble Energy, Inc. | 953,605 | 25,805 | ||||||
Suncor Energy, Inc. (Canada)(b) | 1,146,457 | 37,833 | ||||||
Total SA ADR | 718,205 | 39,982 | ||||||
Total | 219,329 |
Investments | Shares | Fair Value (000) | ||||||
Personal Products 1.14% | ||||||||
Unilever NV Registered Shares (United Kingdom)(b) | 493,967 | $ | 29,890 | |||||
Pharmaceuticals 10.79% | ||||||||
Allergan plc | 198,175 | 29,132 | ||||||
Jazz Pharmaceuticals plc (Ireland)*(b) | 101,613 | 13,186 | ||||||
Johnson & Johnson | 589,597 | 83,251 | ||||||
Merck & Co., Inc. | 1,004,649 | 79,076 | ||||||
Novartis AG ADR | 170,623 | 14,030 | ||||||
Pfizer, Inc. | 1,564,908 | 63,551 | ||||||
Total | 282,226 | |||||||
Semiconductors & Semiconductor Equipment 1.79% | ||||||||
Intel Corp. | 917,478 | 46,828 | ||||||
Software 3.28% | ||||||||
Microsoft Corp. | 406,600 | 53,102 | ||||||
Oracle Corp. | 592,710 | 32,795 | ||||||
Total | 85,897 | |||||||
Specialty Retail 3.02% | ||||||||
Foot Locker, Inc. | 635,264 | 36,343 | ||||||
TJX Cos., Inc. (The) | 779,006 | 42,752 | ||||||
Total | 79,095 | |||||||
Technology Hardware, Storage & Peripherals 2.94% | ||||||||
Apple, Inc. | 220,800 | 44,308 | ||||||
HP, Inc. | 1,634,986 | 32,618 | ||||||
Total | 76,926 | |||||||
Tobacco 1.09% | ||||||||
Philip Morris International, Inc. | 329,762 | 28,544 | ||||||
Trading Companies & Distributors 0.76% | ||||||||
MSC Industrial Direct Co., Inc. Class A | 237,939 | 19,904 | ||||||
Total Common Stocks (cost $2,204,572,635) | 2,593,526 |
See Notes to Financial Statements. | 27 |
Schedule of Investments (unaudited)(concluded)
FUNDAMENTAL EQUITY FUNDApril 30, 2019
Investments | Principal Amount (000) | Fair Value (000) | ||||||
SHORT-TERM INVESTMENT 0.44% | ||||||||
Repurchase Agreement | ||||||||
Repurchase Agreement dated 4/30/2019, 1.45% due 5/1/2019 with Fixed Income Clearing Corp. collateralized by $11,980,000 of U.S. Treasury Note at 1.375% due 5/31/2021 value: $11,823,194; proceeds: $11,590,365 (cost $11,589,898) | $11,590 | $ | 11,590 | |||||
Total Investments in Securities 99.57% (cost $2,216,162,533) | 2,605,116 | |||||||
Cash, Foreign Cash and Other Assets in Excess of Liabilities 0.43% | 11,232 | |||||||
Net Assets 100.00% | $ | 2,616,348 |
ADR | American Depositary Receipt. | |
GBP | British Pound. | |
* | Non-income producing security. | |
(a) | Investment in non-U.S. dollar denominated securities. | |
(b) | Foreign security traded in U.S. dollars. |
The following is a summary of the inputs used as of April 30, 2019 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 | $ | 2,593,526 | $ | – | $ | – | $ | 2,593,526 | |||||||
Short-Term Investment | |||||||||||||||
Repurchase Agreement | – | 11,590 | – | 11,590 | |||||||||||
Total | $ | 2,593,526 | $ | 11,590 | $ | – | $ | 2,605,116 |
(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, 2019. |
28 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
GLOBAL EQUITY RESEARCH FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
COMMON STOCKS 97.43% | ||||||||
Australia 0.29% | ||||||||
Beverages | ||||||||
Coca-Cola Amatil Ltd. | 3,729 | $ | 23 | |||||
Belgium 0.98% | ||||||||
Banks 0.66% | ||||||||
KBC Group NV | 693 | 52 | ||||||
Insurance 0.32% | ||||||||
Ageas | 480 | 25 | ||||||
Total Belgium | 77 | |||||||
Brazil 0.45% | ||||||||
Metals & Mining | ||||||||
Vale SA | 2,700 | 35 | ||||||
Canada 1.62% | ||||||||
Metals & Mining 1.14% | ||||||||
Lundin Mining Corp. | 9,270 | 50 | ||||||
Wheaton Precious Metals Corp. | 1,842 | 40 | ||||||
90 | ||||||||
Oil, Gas & Consumable Fuels 0.45% | ||||||||
Suncor Energy, Inc. | 1,076 | 35 | ||||||
Software 0.03% | ||||||||
Lightspeed POS, Inc.* | 98 | 2 | ||||||
Total Canada | 127 | |||||||
China 2.66% | ||||||||
Banks 0.78% | ||||||||
Industrial & Commercial Bank of China Ltd. Class H | 81,000 | 61 | ||||||
Interactive Media & Services 0.98% | ||||||||
Tencent Holdings Ltd. | 1,564 | 77 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Internet & Direct Marketing Retail 0.90% | ||||||||
Alibaba Group Holding Ltd. ADR* | 380 | $ | 71 | |||||
Total China | 209 | |||||||
Denmark 0.23% | ||||||||
Insurance | ||||||||
Tryg A/S | 592 | 18 | ||||||
Finland 0.46% | ||||||||
Communications Equipment | ||||||||
Nokia OYJ | 6,789 | 36 | ||||||
France 8.27% | ||||||||
Aerospace & Defense 0.82% | ||||||||
Airbus SE | 469 | 64 | ||||||
Automobiles 0.22% | ||||||||
Renault SA | 250 | 17 | ||||||
Banks 0.70% | ||||||||
Credit Agricole SA | 4,037 | 55 | ||||||
Beverages 0.68% | ||||||||
Pernod Ricard SA | 302 | 53 | ||||||
Biotechnology 0.34% | ||||||||
Genfit ADR | 1,080 | 27 | ||||||
Construction & Engineering 0.46% | ||||||||
Vinci SA | 353 | 36 | ||||||
Diversified Telecommunication Services 0.55% | ||||||||
Orange SA | 2,768 | 43 | ||||||
Entertainment 0.57% | ||||||||
Vivendi SA | 1,566 | 45 | ||||||
Food Products 0.57% | ||||||||
Danone SA | 554 | 45 |
See Notes to Financial Statements. | 29 |
Schedule of Investments (unaudited)(continued)
GLOBAL EQUITY RESEARCH FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
France (continued) | ||||||||
Insurance 0.85% | ||||||||
AXA SA | 2,526 | $ | 67 | |||||
Machinery 0.48% | ||||||||
Alstom SA | 866 | 38 | ||||||
Oil, Gas & Consumable Fuels 1.16% | ||||||||
Total SA | 1,636 | 91 | ||||||
Textiles, Apparel & Luxury Goods 0.87% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 173 | 68 | ||||||
Total France | 649 | |||||||
Germany 3.26% | ||||||||
Chemicals 0.29% | ||||||||
BASF SE | 103 | 8 | ||||||
Symrise AG | 152 | 15 | ||||||
23 | ||||||||
Industrial Conglomerates 0.83% | ||||||||
Siemens AG Registered Shares | 540 | 65 | ||||||
Insurance 0.61% | ||||||||
Allianz SE Registered Shares | 200 | 48 | ||||||
Real Estate Management & Development 0.70% | ||||||||
Vonovia SE | 1,095 | 55 | ||||||
Semiconductors & Semiconductor Equipment 0.37% | ||||||||
Infineon Technologies AG | 1,223 | 29 | ||||||
Textiles, Apparel & Luxury Goods 0.46% | ||||||||
adidas AG | 141 | 36 | ||||||
Total Germany | 256 | |||||||
Hong Kong 1.11% | ||||||||
Insurance | ||||||||
AIA Group Ltd. | 8,547 | 87 | ||||||
Ireland 0.82% | ||||||||
Building Products 0.50% | ||||||||
Allegion plc | 392 | 39 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Pharmaceuticals 0.32% | ||||||||
Jazz Pharmaceuticals plc* | 193 | $ | 25 | |||||
Total Ireland | 64 | |||||||
Japan 3.12% | ||||||||
Automobiles 0.96% | ||||||||
Toyota Motor Corp. | 1,208 | 75 | ||||||
Electronic Equipment, Instruments & Components 0.19% | ||||||||
Hitachi High-Technologies Corp. | 334 | 15 | ||||||
Insurance 0.92% | ||||||||
Tokio Marine Holdings, Inc. | 1,426 | 72 | ||||||
Machinery 0.62% | ||||||||
Komatsu Ltd. | 1,909 | 49 | ||||||
Personal Products 0.43% | ||||||||
Shiseido Co., Ltd. | 432 | 34 | ||||||
Total Japan | 245 | |||||||
Luxembourg 0.56% | ||||||||
Real Estate Management & Development | ||||||||
Aroundtown SA | 5,372 | 44 | ||||||
Mexico 0.83% | ||||||||
Banks | ||||||||
Grupo Financiero Banorte SAB de CV | 10,261 | 65 | ||||||
Netherlands 2.04% | ||||||||
Biotechnology 0.27% | ||||||||
uniQure NV* | 377 | 21 | ||||||
Health Care Equipment & Supplies 0.29% | ||||||||
Koninklijke Philips NV | 535 | 23 | ||||||
Oil, Gas & Consumable Fuels 1.08% | ||||||||
Royal Dutch Shell plc B Shares | 2,648 | 85 |
30 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
GLOBAL EQUITY RESEARCH FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Netherlands (continued) | ||||||||
Semiconductors & Semiconductor Equipment 0.40% | ||||||||
ASML Holding NV | 150 | $ | 31 | |||||
Total Netherlands | 160 | |||||||
Sweden 1.10% | ||||||||
Banks 0.78% | ||||||||
Svenska Handelsbanken AB A Shares | 5,584 | 61 | ||||||
Oil, Gas & Consumable Fuels 0.32% | ||||||||
Lundin Petroleum AB | 765 | 25 | ||||||
Total Sweden | 86 | |||||||
Switzerland 1.27% | ||||||||
Insurance 0.33% | ||||||||
Chubb Ltd. | 182 | 26 | ||||||
Pharmaceuticals 0.94% | ||||||||
Novartis AG Registered Shares | 906 | 74 | ||||||
Total Switzerland | 100 | |||||||
Taiwan 0.79% | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 7,375 | 62 | ||||||
Thailand 0.31% | ||||||||
Health Care Providers & Services | ||||||||
Bangkok Dusit Medical Services PCL | 29,700 | 24 | ||||||
United Kingdom 7.32% | ||||||||
Aerospace & Defense 0.79% | ||||||||
BAE Systems plc | 5,607 | 36 | ||||||
Senior plc | 8,611 | 26 | ||||||
62 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Banks 1.01% | ||||||||
Lloyds Banking Group plc | 55,574 | $ | 45 | |||||
Standard Chartered plc | 3,677 | 34 | ||||||
79 | ||||||||
Biotechnology 0.32% | ||||||||
Myovant Sciences Ltd.* | 1,456 | 25 | ||||||
Capital Markets 0.45% | ||||||||
BrightSphere Investment | ||||||||
Group plc | 2,392 | 35 | ||||||
Chemicals 0.41% | ||||||||
Linde plc | 176 | 32 | ||||||
Household Products 0.36% | ||||||||
Reckitt Benckiser Group plc | 353 | 28 | ||||||
Information Technology Services 0.04% | ||||||||
Network InternationalHoldings PLC*† | 500 | 3 | ||||||
Metals & Mining 0.28% | ||||||||
Anglo American plc | 854 | 22 | ||||||
Multi-Utilities 0.70% | ||||||||
National Grid plc | 5,071 | 55 | ||||||
Personal Products 1.03% | ||||||||
Unilever NV CVA | 1,340 | 81 | ||||||
Pharmaceuticals 0.83% | ||||||||
AstraZeneca plc ADR | 1,722 | 65 | ||||||
Tobacco 0.62% | ||||||||
British American Tobacco plc | 1,245 | 49 | ||||||
Wireless Telecommunication Services 0.48% | ||||||||
Vodafone Group plc | 20,748 | 38 | ||||||
Total United Kingdom | 574 |
See Notes to Financial Statements. | 31 |
Schedule of Investments (unaudited)(continued)
GLOBAL EQUITY RESEARCH FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
United States 59.60% | ||||||||
Aerospace & Defense 1.52% | ||||||||
Boeing Co. (The) | 113 | $ | 43 | |||||
United Technologies Corp. | 533 | 76 | ||||||
119 | ||||||||
Auto Components 0.22% | ||||||||
Lear Corp. | 117 | 17 | ||||||
Banks 3.34% | ||||||||
Citigroup, Inc. | 561 | 39 | ||||||
JPMorgan Chase & Co. | 945 | 110 | ||||||
Signature Bank | 286 | 38 | ||||||
Sterling Bancorp | 2,044 | 44 | ||||||
Wells Fargo & Co. | 650 | 31 | ||||||
262 | ||||||||
Beverages 1.68% | ||||||||
Coca-Cola Co. (The) | 1,258 | 62 | ||||||
PepsiCo, Inc. | 552 | 70 | ||||||
132 | ||||||||
Biotechnology 1.30% | ||||||||
AnaptysBio, Inc.* | 318 | 23 | ||||||
BioMarin Pharmaceutical, Inc.* | 447 | 38 | ||||||
Invitae Corp.* | 625 | 15 | ||||||
Repligen Corp.* | 386 | 26 | ||||||
102 | ||||||||
Capital Markets 1.02% | ||||||||
E*TRADE Financial Corp. | 855 | 44 | ||||||
Tradeweb Markets, Inc. Class A* | 131 | 5 | ||||||
Victory Capital Holdings, Inc. Class A* | 1,889 | 31 | ||||||
80 | ||||||||
Chemicals 1.20% | ||||||||
Ashland Global Holdings, Inc. | 510 | 41 | ||||||
Axalta Coating Systems Ltd.* | 558 | 15 | ||||||
Dow, Inc.* | 234 | 13 | ||||||
DowDuPont, Inc. | 276 | 11 | ||||||
Element Solutions, Inc. | 1,256 | 14 | ||||||
94 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Commercial Services & Supplies 0.79% | ||||||||
Waste Management, Inc. | 574 | $ | 62 | |||||
Containers & Packaging 0.27% | ||||||||
Avery Dennison Corp. | 191 | 21 | ||||||
Diversified Telecommunication Services 0.89% | ||||||||
Verizon Communications, Inc. | 1,216 | 70 | ||||||
Electric: Utilities 1.36% | ||||||||
Evergy, Inc. | 662 | 38 | ||||||
FirstEnergy Corp. | 1,630 | 69 | ||||||
107 | ||||||||
Electrical Equipment 0.80% | ||||||||
AMETEK, Inc. | 719 | 63 | ||||||
Electronic Equipment, Instruments & Components 0.99% | ||||||||
Corning, Inc. | 1,132 | 36 | ||||||
Keysight Technologies, Inc.* | 484 | 42 | ||||||
78 | ||||||||
Energy Equipment & Services 0.46% | ||||||||
Baker Hughes a GE Co. | 589 | 14 | ||||||
National Oilwell Varco, Inc. | 853 | 22 | ||||||
36 | ||||||||
Entertainment 0.97% | ||||||||
Netflix, Inc.* | 62 | 23 | ||||||
Walt Disney Co. (The) | 388 | 53 | ||||||
76 | ||||||||
Equity Real Estate Investment Trusts 1.58% | ||||||||
Alexandria Real Estate Equities, Inc. | 491 | 70 | ||||||
Duke Realty Corp. | 1,751 | 54 | ||||||
124 | ||||||||
Exchange-Traded Funds 6.59% | ||||||||
iShares MSCI Emerging Markets ETF | 6,896 | 303 | ||||||
iShares MSCI Japan ETF | 3,866 | 214 | ||||||
517 |
32 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
GLOBAL EQUITY RESEARCH FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
United States (continued) | ||||||||
Food & Staples Retailing 0.96% | ||||||||
Sysco Corp. | 720 | $ | 51 | |||||
Walmart, Inc. | 239 | 24 | ||||||
75 | ||||||||
Health Care Equipment & Supplies 1.68% | ||||||||
ABIOMED, Inc.* | 58 | 16 | ||||||
Align Technology, Inc.* | 134 | 43 | ||||||
Intuitive Surgical, Inc.* | 56 | 29 | ||||||
Teleflex, Inc. | 154 | 44 | ||||||
132 | ||||||||
Health Care Providers & Services 0.92% | ||||||||
Centene Corp.* | 397 | 21 | ||||||
CVS Health Corp. | 738 | 40 | ||||||
Guardant Health, Inc.* | 170 | 11 | ||||||
72 | ||||||||
Hotels, Restaurants & Leisure 1.20% | ||||||||
Aramark | 1,588 | 49 | ||||||
Chipotle Mexican Grill, Inc.* | 65 | 45 | ||||||
94 | ||||||||
Household Products 0.90% | ||||||||
Procter & Gamble Co. (The) | 671 | 71 | ||||||
Information Technology Services 3.11% | ||||||||
Conduent, Inc.* | 2,956 | 38 | ||||||
DXC Technology Co. | 734 | 48 | ||||||
Global Payments, Inc. | 273 | 40 | ||||||
GoDaddy, Inc. Class A* | 330 | 27 | ||||||
Mastercard, Inc. Class A | 161 | 41 | ||||||
PayPal Holdings, Inc.* | 442 | 50 | ||||||
244 | ||||||||
Insurance 1.46% | ||||||||
Axis Capital Holdings Ltd. | 1,120 | 64 | ||||||
Torchmark Corp. | 275 | 24 | ||||||
RenaissanceRe Holdings Ltd. | 174 | 27 | ||||||
115 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Interactive Media & Services 3.82% | ||||||||
Alphabet, Inc. Class A* | 145 | $ | 174 | |||||
Facebook, Inc. Class A* | 433 | 84 | ||||||
IAC/InterActiveCorp.* | 190 | 42 | ||||||
300 | ||||||||
Internet & Direct Marketing Retail 2.12% | ||||||||
Amazon.com, Inc.* | 86 | 166 | ||||||
Life Sciences Tools & Services 0.43% | ||||||||
Agilent Technologies, Inc. | 433 | 34 | ||||||
Machinery 1.54% | ||||||||
Dover Corp. | 431 | 42 | ||||||
Flowserve Corp. | 926 | 46 | ||||||
Stanley Black & Decker, Inc. | 225 | 33 | ||||||
121 | ||||||||
Metals & Mining 0.19% | ||||||||
Nucor Corp. | 257 | 15 | ||||||
Multi-Line Retail 0.87% | ||||||||
Dollar Tree, Inc.* | 613 | 68 | ||||||
Multi-Utilities 0.76% | ||||||||
Sempra Energy | 466 | 60 | ||||||
Oil, Gas & Consumable Fuels 1.98% | ||||||||
Concho Resources, Inc. | 199 | 23 | ||||||
EOG Resources, Inc. | 260 | 25 | ||||||
Marathon Petroleum Corp. | 783 | 47 | ||||||
Noble Energy, Inc. | 599 | 16 | ||||||
ONEOK, Inc. | 190 | 13 | ||||||
Parsley Energy, Inc. Class A* | 1,540 | 31 | ||||||
155 | ||||||||
Pharmaceuticals 2.37% | ||||||||
Merck & Co., Inc. | 1,074 | 84 | ||||||
Pfizer, Inc. | 1,375 | 56 | ||||||
Zoetis, Inc. | 453 | 46 | ||||||
186 |
See Notes to Financial Statements. | 33 |
Schedule of Investments (unaudited)(continued)
GLOBAL EQUITY RESEARCH FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
United States (continued) | ||||||||
Road & Rail 0.34% | ||||||||
Lyft, Inc. Class A | 56 | $ | 3 | |||||
Old Dominion Freight Line, Inc. | 161 | 24 | ||||||
27 | ||||||||
Semiconductors & Semiconductor Equipment 0.73% | ||||||||
Intel Corp. | 648 | 33 | ||||||
Xilinx, Inc. | 197 | 24 | ||||||
57 | ||||||||
Software 5.68% | ||||||||
Anaplan, Inc.* | 233 | 9 | ||||||
Microsoft Corp. | 1,471 | 192 | ||||||
Oracle Corp. | 1,083 | 60 | ||||||
Pagerduty, Inc.* | 139 | 6 | ||||||
Palo Alto Networks, Inc.* | 184 | 46 | ||||||
Red Hat, Inc.* | 158 | 29 | ||||||
RingCentral, Inc. Class A* | 242 | 28 | ||||||
salesforce.com, Inc.* | 289 | 48 | ||||||
Splunk, Inc.* | 57 | 8 | ||||||
Ultimate Software Group, Inc. (The)* | 57 | 19 | ||||||
Zoom Video Communications, Inc. Class A* | 9 | 1 | ||||||
446 | ||||||||
Specialty Retail 1.62% | ||||||||
Foot Locker, Inc. | 434 | 25 | ||||||
TJX Cos., Inc. (The) | 1,401 | 77 | ||||||
Urban Outfitters, Inc.* | 865 | 25 | ||||||
127 | ||||||||
Technology Hardware, Storage & Peripheral 1.33% | ||||||||
Apple, Inc. | 517 | 104 | ||||||
Tobacco 0.40% | ||||||||
Philip Morris International, Inc. | 359 | 31 | ||||||
Wireless Telecommunication Services 0.55% | ||||||||
T-Mobile US, Inc.* | 583 | 43 | ||||||
Total United States | 4,703 | |||||||
Total Common Stocks (cost $7,156,436) | 7,644 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
PREFERRED STOCK 0.23% | ||||||||
Germany | ||||||||
Automobiles | ||||||||
Volkswagen AG (cost $17,868) | $105 | $ | 18 | |||||
Principal Amount (000) | ||||||||
CONVERTIBLE BOND 0.18% | ||||||||
United States | ||||||||
Pharmaceuticals | ||||||||
Tilray, Inc.†(a) (cost $17,000) | 17 | 14 | ||||||
Total Investments in Securities 97.84% (cost $7,191,304) | 7,676 | |||||||
Cash, Foreign Cash and Other Assets in Excess Liabilities 2.16% | 170 | |||||||
Net Assets 100.00% | $ | 7,846 |
ADR | American Depositary Receipt. | |
CVA | Company Voluntary Arrangement. | |
ETF | Exchange Traded Fund. | |
* | Non-income producing security | |
† | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. | |
(a) | The security has an interest rate 5.00% with a maturity of 10/01/2023. |
34 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
GLOBAL EQUITY RESEARCH FUNDApril 30, 2019
The following is a summary of the inputs used as of April 30, 2019 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) | $ | 23 | $ | – | $ | – | $ | 23 | ||||||||
Belgium(3) | 77 | – | – | 77 | ||||||||||||
Brazil | 35 | – | – | 35 | ||||||||||||
Canada | 127 | – | – | 127 | ||||||||||||
China(3) | 209 | – | – | 209 | ||||||||||||
Denmark(3) | 18 | – | – | 18 | ||||||||||||
Finland | 36 | – | – | 36 | ||||||||||||
France(3) | 649 | – | – | 649 | ||||||||||||
Germany(3) | 256 | – | – | 256 | ||||||||||||
Hong Kong(3) | 87 | – | – | 87 | ||||||||||||
Ireland | 64 | – | – | 64 | ||||||||||||
Japan | – | 245 | – | 245 | ||||||||||||
Luxembourg(3) | 44 | – | – | 44 | ||||||||||||
Mexico | 65 | – | – | 65 | ||||||||||||
Netherlands(3) | 160 | – | – | 160 | ||||||||||||
Sweden | 86 | – | – | 86 | ||||||||||||
Switzerland(3) | 100 | – | – | 100 | ||||||||||||
Taiwan(3) | 62 | – | – | 62 | ||||||||||||
Thailand | 24 | – | – | 24 | ||||||||||||
United Kingdom(3) | 574 | – | – | 574 | ||||||||||||
United States | 4,703 | – | – | 4,703 | ||||||||||||
Preferred Stock(3) | 18 | – | – | 18 | ||||||||||||
Convertible Bond | – | 14 | – | 14 | ||||||||||||
Total | $ | 7,417 | $ | 259 | $ | – | $ | 7,676 |
(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 $1,185,085 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, 2019. |
See Notes to Financial Statements. | 35 |
Schedule of Investments (unaudited)
GLOBAL SELECT EQUITY FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
COMMON STOCKS 95.71% | ||||||||
Canada 0.98% | ||||||||
Metals & Mining | ||||||||
Lundin Mining Corp. | 4,689 | $ | 25 | |||||
China 0.78% | ||||||||
Hotels, Restaurants & Leisure | ||||||||
Yum China Holdings, Inc. | 428 | 20 | ||||||
Finland 0.58% | ||||||||
Communications Equipment | ||||||||
Nokia OYJ ADR | 2,902 | 15 | ||||||
France 8.73% | ||||||||
Beverages 1.40% | ||||||||
Pernod Ricard SA | 208 | 36 | ||||||
Diversified Telecommunication Services 1.75% | ||||||||
Orange SA | 2,836 | 45 | ||||||
Food Products 2.14% | ||||||||
Danone SA | 684 | 55 | ||||||
Oil, Gas & Consumable Fuels 1.68% | ||||||||
Total SA | 775 | 43 | ||||||
Pharmaceuticals 0.94% | ||||||||
Sanofi | 280 | 24 | ||||||
Software 0.82% | ||||||||
Ubisoft Entertainment SA* | 215 | 21 | ||||||
Total France | 224 | |||||||
Germany 4.25% | ||||||||
Industrial Conglomerates 1.17% | ||||||||
Siemens AG Registered Shares | 252 | 30 | ||||||
Insurance 1.52% | ||||||||
Allianz SE Registered Shares | 160 | 39 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Software 1.56% | ||||||||
SAP SE | 315 | $ | 40 | |||||
Total Germany | 109 | |||||||
India 1.99% | ||||||||
Banks | ||||||||
ICICI Bank Ltd. ADR | 4,427 | 51 | ||||||
Ireland 4.09% | ||||||||
Banks | ||||||||
AIB Group plc | 5,180 | 24 | ||||||
Bank of Ireland Group plc | 12,650 | 81 | ||||||
Total Ireland | 105 | |||||||
Italy 0.78% | ||||||||
Banks | ||||||||
Mediobanca Banca di Credito Finanziario SpA | 1,897 | 20 | ||||||
Japan 4.64% | ||||||||
Automobiles 1.05% | ||||||||
Toyota Motor Corp. | 433 | 27 | ||||||
Food & Staples Retailing 1.21% | ||||||||
Seven & i Holdings Co., Ltd. | 881 | 31 | ||||||
Household Durables 1.17% | ||||||||
Sony Corp. | 605 | 30 | ||||||
Personal Products 1.21% | ||||||||
Shiseido Co., Ltd. | 400 | 31 | ||||||
Total Japan | 119 | |||||||
Luxembourg 1.49% | ||||||||
Real Estate Management & Development | ||||||||
Aroundtown SA | 4,714 | 38 | ||||||
Mexico 2.61% | ||||||||
Banks 1.48% | ||||||||
Grupo Financiero Banorte SAB de CV | 5,932 | 38 |
36 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
GLOBAL SELECT EQUITY FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Mexico (continued) | ||||||||
Construction Materials 1.13% | ||||||||
Cemex SAB de CV ADR* | 6,400 | $ | 29 | |||||
Total Mexico | 67 | |||||||
Netherlands 3.27% | ||||||||
Banks 1.17% | ||||||||
ING Groep NV | 2,395 | 30 | ||||||
Health Care Equipment & Supplies 1.09% | ||||||||
Koninklijke Philips NV | 655 | 28 | ||||||
Semiconductors & Semiconductor Equipment 1.01% | ||||||||
ASML Holding NV | 124 | 26 | ||||||
Total Netherlands | 84 | |||||||
Portugal 1.87% | ||||||||
Commercial Banks | ||||||||
Banco Comercial Portugues SA* | 170,007 | 48 | ||||||
South Korea 0.31% | ||||||||
Electrical Equipment | ||||||||
WONIK IPS Co. Ltd. | 334 | 8 | ||||||
Spain 0.94% | ||||||||
Banks | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 4,040 | 24 | ||||||
Switzerland 3.70% | ||||||||
Food Products 1.36% | ||||||||
Nestle SA Registered Shares | 358 | 35 | ||||||
Pharmaceuticals 2.34% | ||||||||
Novartis AG Registered Shares | 738 | 60 | ||||||
Total Switzerland | 95 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Thailand 0.51% | ||||||||
Health Care Providers & Services | ||||||||
Bangkok Dusit Medical Services PCL | 15,717 | $ | 13 | |||||
United Kingdom 10.41% | ||||||||
Banks 2.57% | ||||||||
Royal Bank of Scotland Group PLC | 21,250 | 66 | ||||||
Household Products 0.94% | ||||||||
Reckitt Benckiser Group plc | 300 | 24 | ||||||
Multi-Utilities 1.40% | ||||||||
National Grid plc | 3,289 | 36 | ||||||
Personal Products 2.81% | ||||||||
Unilever NV CVA | 1,183 | 72 | ||||||
Pharmaceuticals 1.29% | ||||||||
AstraZeneca plc | 448 | 33 | ||||||
Wireless Telecommunication Services 1.40% | ||||||||
Vodafone Group plc | 19,355 | 36 | ||||||
Total United Kingdom | 267 | |||||||
United States 43.78% | ||||||||
Air Freight & Logistics 1.25% | ||||||||
United Parcel Service, Inc. Class B | 304 | 32 | ||||||
Airlines 1.72% | ||||||||
Alaska Air Group, Inc. | 279 | 17 | ||||||
Southwest Airlines Co. | 501 | 27 | ||||||
44 | ||||||||
Banks 1.72% | ||||||||
Bank of America Corp. | 599 | 18 | ||||||
Citigroup, Inc. | 369 | 26 | ||||||
44 |
See Notes to Financial Statements. | 37 |
Schedule of Investments (unaudited)(continued)
GLOBAL SELECT EQUITY FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
United States (continued) | ||||||||
Beverages 3.35% | ||||||||
Coca-Cola Co. (The) | 1,223 | $ | 60 | |||||
PepsiCo, Inc. | 202 | 26 | ||||||
86 | ||||||||
Biotechnology 1.13% | ||||||||
BioMarin Pharmaceutical, Inc.* | 242 | 21 | ||||||
Myovant Sciences Ltd. (United Kingdom)*(a) | 490 | 8 | ||||||
29 | ||||||||
Capital Markets 1.60% | ||||||||
E*TRADE Financial Corp. | 764 | 39 | ||||||
Tradeweb Markets, Inc. Class A* | 57 | 2 | ||||||
41 | ||||||||
Chemicals 1.72% | ||||||||
Axalta Coating Systems Ltd.* | 557 | 15 | ||||||
Dow, Inc.* | 217 | 12 | ||||||
DowDuPont, Inc. | 441 | 17 | ||||||
44 | ||||||||
Electric: Utilities 0.58% | ||||||||
FirstEnergy Corp. | 354 | 15 | ||||||
Electrical Equipment 1.05% | ||||||||
AMETEK, Inc. | 309 | 27 | ||||||
Electronic Equipment, Instruments & Components 0.90% | ||||||||
Corning, Inc. | 708 | 23 | ||||||
Entertainment 3.16% | ||||||||
AMC Entertainment Holdings, Inc. Class A | 1,263 | 19 | ||||||
Walt Disney Co. (The) | 448 | 62 | ||||||
81 | ||||||||
Equity Real Estate Investment Trusts 1.09% | ||||||||
Alexandria Real Estate Equities, Inc. | 194 | 28 | ||||||
Health Care Providers & Services 1.87% | ||||||||
CVS Health Corp. | 890 | 48 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Hotels, Restaurants & Leisure 1.83% | ||||||||
Aramark | 862 | $ | 27 | |||||
McDonald’s Corp. | 100 | 20 | ||||||
47 | ||||||||
Information Technology Services 3.70% | ||||||||
Conduent, Inc.* | 2,603 | 34 | ||||||
DXC Technology Co. | 573 | 38 | ||||||
Mastercard, Inc. Class A | 92 | 23 | ||||||
95 | ||||||||
Insurance 1.17% | ||||||||
Axis Capital Holdings Ltd. | 531 | 30 | ||||||
Interactive Media & Services 2.69% | ||||||||
Alphabet, Inc. Class A* | 41 | 49 | ||||||
IAC/InterActiveCorp.* | 89 | 20 | ||||||
69 | ||||||||
Machinery 1.52% | ||||||||
Pentair plc | 549 | 21 | ||||||
Stanley Black & Decker, Inc. | 121 | 18 | ||||||
39 | ||||||||
Media 1.17% | ||||||||
Charter Communications, Inc. Class A* | 82 | 30 | ||||||
Multi-Line Retail 1.36% | ||||||||
Dollar Tree, Inc.* | 313 | 35 | ||||||
Multi-Utilities 1.01% | ||||||||
Sempra Energy | 205 | 26 | ||||||
Oil, Gas & Consumable Fuels 2.50% | ||||||||
EOG Resources, Inc. | 115 | 11 | ||||||
Marathon Petroleum Corp. | 371 | 23 | ||||||
Noble Energy, Inc. | 654 | 18 | ||||||
Parsley Energy, Inc. Class A* | 612 | 12 | ||||||
64 |
38 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
GLOBAL SELECT EQUITY FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
United States (continued) | ||||||||
Pharmaceuticals 1.64% | ||||||||
Merck & Co., Inc. | 301 | $ | 24 | |||||
Pfizer, Inc. | 439 | 18 | ||||||
42 | ||||||||
Software 1.13% | ||||||||
Microsoft Corp. | 218 | 29 | ||||||
Specialty Retail 1.01% | ||||||||
TJX Cos., Inc. (The) | 482 | 26 | ||||||
Wireless Telecommunication Services 1.91% | ||||||||
T-Mobile US, Inc.* | 672 | 49 | ||||||
Total United States | 1,123 | |||||||
Total Common Stocks (cost $2,427,263) | 2,455 | |||||||
Total Investments in Securities 95.71% (cost $2,427,263) | 2,455 | |||||||
Cash, Foreign Cash and Other Assets in ExcessLiabilities(b)4.29% | 110 | |||||||
Net Assets 100.00% | $ | 2,565 |
ADR | American Depositary Receipt. | |
CVA | Company Voluntary Arrangement. | |
* | Non-income producing security. | |
(a) | Foreign security traded in U.S. dollars. | |
(b) | Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts as follows: |
Open Forward Foreign Currency Exchange Contracts at April 30, 2019:
Forward Foreign Currency Exchange Contracts | Transaction Type | Counterparty | Expiration Date | Foreign Currency | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | ||||||||
euro | Sell | Bank of America | 5/20/2019 | 178,000 | $202,632 | $199,940 | $2,692 |
See Notes to Financial Statements. | 39 |
Schedule of Investments (unaudited)(concluded)
GLOBAL SELECT EQUITY FUNDApril 30, 2019
The following is a summary of the inputs used as of April 30, 2019 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 | ||||||||||||||||
Canada | $ | 25 | $ | – | $ | – | $ | 25 | ||||||||
Finland | 15 | – | – | 15 | ||||||||||||
France(3) | 224 | – | – | 224 | ||||||||||||
Germany(3) | 109 | – | – | 109 | ||||||||||||
India | 51 | – | – | 51 | ||||||||||||
Ireland(3) | 126 | – | – | 126 | ||||||||||||
Italy | 20 | – | – | 20 | ||||||||||||
Japan | – | 119 | – | 119 | ||||||||||||
Luxembourg(3) | 38 | – | – | 38 | ||||||||||||
Mexico | 67 | – | – | 67 | ||||||||||||
Netherlands(3) | 156 | – | – | 156 | ||||||||||||
Portugal | 48 | – | – | 48 | ||||||||||||
South Korea | 8 | – | – | 8 | ||||||||||||
Spain(3) | 24 | – | – | 24 | ||||||||||||
Switzerland(3) | 95 | – | – | 95 | ||||||||||||
Thailand | 13 | – | – | 13 | ||||||||||||
United Kingdom(3) | 196 | – | – | 196 | ||||||||||||
United States | 1,121 | – | – | 1,121 | ||||||||||||
Total | $ | 2,336 | $ | 119 | $ | – | $ | 2,455 | ||||||||
Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | ||||||||||||||||
Assets | $ | – | $ | 3 | $ | – | $ | 3 | ||||||||
Liabilities | – | – | – | – | ||||||||||||
Total | $ | – | $ | 3 | $ | – | $ | 3 |
(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 $1,418,148 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, 2019. |
40 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
GROWTH LEADERS FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
COMMON STOCKS 98.45% | ||||||||
Aerospace & Defense 3.37% | ||||||||
Boeing Co. (The) | 91,170 | $ | 34,434 | |||||
HEICO Corp. | 450,146 | 47,504 | ||||||
Teledyne Technologies, Inc.* | 186,605 | 46,373 | ||||||
Total | 128,311 | |||||||
Biotechnology 5.23% | ||||||||
Amarin Corp. plc ADR* | 1,505,366 | 28,150 | ||||||
Argenx SE ADR* | 211,224 | 27,052 | ||||||
Blueprint Medicines Corp.* | 291,554 | 22,044 | ||||||
Exact Sciences Corp.* | 400,337 | 39,509 | ||||||
Sage Therapeutics, Inc.* | 135,562 | 22,806 | ||||||
Sarepta Therapeutics, Inc.* | 195,373 | 22,847 | ||||||
Vertex Pharmaceuticals, Inc.* | 215,128 | 36,352 | ||||||
Total | 198,760 | |||||||
Capital Markets 2.31% | ||||||||
MarketAxess Holdings, Inc. | 157,717 | 43,897 | ||||||
MSCI, Inc. | 195,456 | 44,052 | ||||||
Total | 87,949 | |||||||
Communications Equipment 2.48% | ||||||||
Arista Networks, Inc.* | 149,837 | 46,793 | ||||||
Ubiquiti Networks, Inc. | 278,082 | 47,399 | ||||||
Total | 94,192 | |||||||
Diversified Consumer Services 0.84% | ||||||||
Chegg, Inc.* | 895,453 | 31,923 | ||||||
Electrical Equipment 1.27% | ||||||||
AMETEK, Inc. | 545,426 | 48,090 | ||||||
Electronic Equipment, Instruments & Components 0.96% | ||||||||
Keysight Technologies, Inc.* | 419,653 | 36,522 | ||||||
Entertainment 5.82% | ||||||||
Live Nation Entertainment, Inc.* | 1,031,817 | 67,419 | ||||||
Netflix, Inc.* | 143,316 | 53,104 | ||||||
Walt Disney Co. (The) | 424,344 | 58,122 |
Investments | Shares | Fair Value (000) | ||||||
World Wrestling Entertainment, Inc. Class A | 506,745 | $ | 42,491 | |||||
Total | 221,136 | |||||||
Equity Real Estate Investment Trusts 1.03% | ||||||||
American Tower Corp. | 200,767 | 39,210 | ||||||
Health Care Equipment & Supplies 4.46% | ||||||||
Align Technology, Inc.* | 128,484 | 41,716 | ||||||
Danaher Corp. | 209,870 | 27,795 | ||||||
DexCom, Inc.* | 229,643 | 27,803 | ||||||
Glaukos Corp.* | 395,020 | 28,493 | ||||||
Penumbra, Inc.* | �� | 159,388 | 21,438 | |||||
Tandem Diabetes Care, Inc.* | 366,437 | 22,503 | ||||||
Total | 169,748 | |||||||
Hotels, Restaurants & Leisure 4.37% | ||||||||
Chipotle Mexican Grill, Inc.* | 69,761 | 47,999 | ||||||
Planet Fitness, Inc. Class A* | 1,054,878 | 79,854 | ||||||
Starbucks Corp. | 494,478 | 38,411 | ||||||
Total | 166,264 | |||||||
Household Durables 0.92% | ||||||||
iRobot Corp.* | 173,696 | 17,984 | ||||||
Roku, Inc.* | 264,492 | 16,819 | ||||||
Total | 34,803 | |||||||
Industrial Conglomerates 1.37% | ||||||||
Roper Technologies, Inc. | 144,973 | 52,147 | ||||||
Information Technology Services 11.94% | ||||||||
EPAM Systems, Inc.* | 229,350 | 41,136 | ||||||
Mastercard, Inc. Class A | 428,863 | 109,034 | ||||||
Okta, Inc.* | 543,407 | 56,531 | ||||||
PayPal Holdings, Inc.* | 731,954 | 82,543 | ||||||
Shopify, Inc. Class A (Canada)*(a) | 195,705 | 47,660 | ||||||
Twilio, Inc. Class A* | 412,135 | 56,520 | ||||||
Visa, Inc. Class A | 368,965 | 60,669 | ||||||
Total | 454,093 |
See Notes to Financial Statements. | 41 |
Schedule of Investments (unaudited)(continued)
GROWTH LEADERS FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
Interactive Media & Services 6.36% | ||||||||
Alphabet, Inc. Class A* | 137,253 | $ | 164,561 | |||||
Facebook, Inc. Class A* | 145,927 | 28,222 | ||||||
Match Group, Inc. | 812,801 | 49,093 | ||||||
Total | 241,876 | |||||||
Internet & Direct Marketing Retail 9.21% | ||||||||
Alibaba Group Holding Ltd. ADR* | 457,389 | 84,877 | ||||||
Amazon.com, Inc.* | 83,265 | 160,412 | ||||||
Etsy, Inc.* | 683,566 | 46,168 | ||||||
MercadoLibre, Inc. (Argentina)*(a) | 121,171 | 58,664 | ||||||
Total | 350,121 | |||||||
Leisure Products 1.23% | ||||||||
YETI Holdings, Inc.* | 1,307,977 | 46,669 | ||||||
Life Sciences Tools & Services 1.24% | ||||||||
Thermo Fisher Scientific, Inc. | 170,543 | 47,317 | ||||||
Pharmaceuticals 1.97% | ||||||||
GW Pharmaceuticals plc ADR* | 262,057 | 44,369 | ||||||
Zoetis, Inc. | 298,328 | 30,382 | ||||||
Total | 74,751 | |||||||
Road & Rail 0.19% | ||||||||
Lyft, Inc. Class A* | 120,708 | 7,218 | ||||||
Semiconductors & Semiconductor Equipment 5.21% | ||||||||
Advanced Micro Devices, Inc.* | 1,322,182 | 36,532 | ||||||
Monolithic Power Systems, Inc. | 243,872 | 37,973 | ||||||
QUALCOMM, Inc. | 761,327 | 65,573 | ||||||
Universal Display Corp. | 119,032 | 18,998 | ||||||
Xilinx, Inc. | 324,553 | 38,992 | ||||||
Total | 198,068 |
Investments | Shares | Fair Value (000) | ||||||
Software 21.83% | ||||||||
Alteryx, Inc. Class A* | 430,339 | $ | 38,145 | |||||
Atlassian Corp. plc Class A (Australia)*(a) | 362,379 | 39,916 | ||||||
Elastic NV* | 292,225 | 25,000 | ||||||
Everbridge, Inc.* | 634,276 | 46,867 | ||||||
Five9, Inc.* | 862,564 | 45,776 | ||||||
HubSpot, Inc.* | 255,323 | 47,105 | ||||||
Intuit, Inc. | 166,488 | 41,799 | ||||||
Microsoft Corp. | 941,542 | 122,965 | ||||||
Paycom Software, Inc.* | 295,862 | 59,921 | ||||||
RingCentral, Inc. Class A* | 432,150 | 50,289 | ||||||
salesforce.com, Inc.* | 368,137 | 60,871 | ||||||
ServiceNow, Inc.* | 248,577 | 67,491 | ||||||
Trade Desk, Inc. (The) Class A* | 299,125 | 66,250 | ||||||
Workday, Inc. Class A* | 243,572 | 50,086 | ||||||
Zoom Video Communications, Inc. Class A* | 323,673 | 23,457 | ||||||
Zscaler, Inc.* | 646,627 | 44,171 | ||||||
Total | 830,109 | |||||||
Specialty Retail 1.02% | ||||||||
Tractor Supply Co. | 376,018 | 38,918 | ||||||
Technology Hardware, Storage & Peripherals 1.11% | ||||||||
Apple, Inc. | 210,765 | 42,294 | ||||||
Textiles, Apparel & Luxury Goods 2.71% | ||||||||
Lululemon Athletica, Inc. (Canada)*(a) | 301,164 | 53,110 | ||||||
NIKE, Inc. Class B | 566,279 | 49,736 | ||||||
Total | 102,846 | |||||||
Total Common Stocks (cost $3,151,228,866) | 3,743,335 |
42 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
GROWTH LEADERS FUNDApril 30, 2019
Investments | Principal Amount (000) | Fair Value (000) | ||||||
SHORT-TERM INVESTMENT 1.51% | ||||||||
Repurchase Agreement | ||||||||
Repurchase Agreement dated 4/30/2019, 1.45% due 5/1/2019 with Fixed Income Clearing Corp. collateralized by $57,600,000 of U.S. Treasury Note at 2.625% due 6/15/2021; value: $58,567,219; proceeds: $57,417,197 (cost $57,414,884) | $57,415 | $ | 57,415 | |||||
Total Investments in Securities 99.96% (cost $3,208,643,750) | 3,800,750 | |||||||
Cash and Other Assets in Excess of Liabilities 0.04% | 1,364 | |||||||
Net Assets 100.00% | $ | 3,802,114 |
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, 2019 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 | $ | 3,743,335 | $ | – | $ | – | $ | 3,743,335 | |||||||
Short-Term Investment | |||||||||||||||
Repurchase Agreement | – | 57,415 | – | 57,415 | |||||||||||
Total | $ | 3,743,335 | $ | 57,415 | $ | – | $ | 3,800,750 |
(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, 2019. |
See Notes to Financial Statements. | 43 |
Schedule of Investments (unaudited)
INTERNATIONAL EQUITY FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
COMMON STOCKS 97.24% | ||||||||
Australia 2.78% | ||||||||
Banks 1.06% | ||||||||
Westpac Banking Corp. | 297,700 | $ | 5,773 | |||||
Metals & Mining 1.72% | ||||||||
BHP Group Ltd. | 355,926 | 9,384 | ||||||
Total Australia | 15,157 | |||||||
Belgium 0.99% | ||||||||
Banks | ||||||||
KBC Group NV | 72,870 | 5,396 | ||||||
Brazil 2.80% | ||||||||
Banks 1.85% | ||||||||
Banco do Brasil SA | 272,600 | 3,454 | ||||||
Itau Unibanco Holding SA ADR | 767,969 | 6,643 | ||||||
10,097 | ||||||||
Wireless Telecommunication Services 0.95% | ||||||||
TIM Participacoes SA | 1,731,400 | 5,162 | ||||||
Total Brazil | 15,259 | |||||||
Canada 3.85% | ||||||||
Aerospace & Defense 1.26% | ||||||||
CAE, Inc. | 296,600 | 6,899 | ||||||
Entertainment 0.82% | ||||||||
Entertainment One Ltd. | 721,042 | 4,481 | ||||||
Metals & Mining 1.17% | ||||||||
Lundin Mining Corp. | 1,192,000 | 6,397 | ||||||
Oil, Gas & Consumable Fuels 0.60% | ||||||||
Suncor Energy, Inc. | 98,500 | 3,248 | ||||||
Total Canada | 21,025 | |||||||
China 5.84% | ||||||||
Insurance 1.08% | ||||||||
Ping An Insurance Group Co. of China Ltd. Class H | 490,000 | 5,900 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Interactive Media & Services 1.28% | ||||||||
Tencent Holdings Ltd. | 141,500 | $ | 6,999 | |||||
Internet & Direct Marketing Retail 2.46% | ||||||||
Alibaba Group Holding Ltd. ADR* | 72,178 | 13,394 | ||||||
Oil, Gas & Consumable Fuels 0.52% | ||||||||
CNOOC Ltd. | 1,562,000 | 2,823 | ||||||
Real Estate Management & Development 0.50% | ||||||||
Logan Property Holdings Co., Ltd. | 1,726,000 | 2,750 | ||||||
Total China | 31,866 | |||||||
Denmark 1.24% | ||||||||
Insurance | ||||||||
Tryg A/S | 220,586 | 6,740 | ||||||
Finland 0.63% | ||||||||
Communications Equipment | ||||||||
Nokia OYJ | 650,644 | 3,414 | ||||||
France 13.41% | ||||||||
Aerospace & Defense 1.29% | ||||||||
Safran SA | 48,244 | 7,029 | ||||||
Beverages 1.37% | ||||||||
Pernod Ricard SA | 42,961 | 7,486 | ||||||
Construction & Engineering 2.06% | ||||||||
Vinci SA | 111,418 | 11,249 | ||||||
Diversified Telecommunication Services 0.79% | ||||||||
Orange SA | 276,040 | 4,324 | ||||||
Entertainment 1.33% | ||||||||
Vivendi SA | 249,830 | 7,249 | ||||||
Food Products 1.09% | ||||||||
Danone SA | 73,364 | 5,931 | ||||||
Oil, Gas & Consumable Fuels 1.72% | ||||||||
Total SA | 168,365 | 9,356 |
44 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL EQUITY FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
France (continued) | ||||||||
Personal Products 1.17% | ||||||||
L’Oreal SA | 23,202 | $ | 6,378 | |||||
Pharmaceuticals 1.01% | ||||||||
Sanofi | 63,417 | 5,512 | ||||||
Textiles, Apparel & Luxury Goods 1.58% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 22,034 | 8,626 | ||||||
Total France | 73,140 | |||||||
Germany 9.95% | ||||||||
Auto Components 1.20% | ||||||||
Continental AG | 39,477 | 6,525 | ||||||
Automobiles 1.03% | ||||||||
Volkswagen AG | 31,375 | 5,609 | ||||||
Chemicals 1.34% | ||||||||
Symrise AG | 75,986 | 7,304 | ||||||
Industrial Conglomerates 0.54% | ||||||||
Rheinmetall AG | 25,860 | 2,967 | ||||||
Insurance 2.12% | ||||||||
Allianz SE Registered Shares | 48,125 | 11,594 | ||||||
Real Estate Management & Development 0.90% | ||||||||
Vonovia SE | 98,065 | 4,891 | ||||||
Semiconductors & Semiconductor Equipment 1.00% | ||||||||
Infineon Technologies AG | 230,313 | 5,431 | ||||||
Software 1.82% | ||||||||
SAP SE | 77,435 | 9,952 | ||||||
Total Germany | 54,273 | |||||||
Hong Kong 5.36% | ||||||||
Auto Components 0.50% | ||||||||
Xinyi Glass Holdings Ltd. | 2,374,000 | 2,711 | ||||||
Capital Markets 0.79% | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 123,600 | 4,286 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Hotels, Restaurants & Leisure 0.74% | ||||||||
Galaxy Entertainment Group Ltd. | 543,000 | $ | 4,060 | |||||
Insurance 2.56% | ||||||||
AIA Group Ltd. | 1,372,000 | 13,983 | ||||||
Real Estate Investment Trusts 0.77% | ||||||||
Kerry Properties Ltd. | 988,500 | 4,221 | ||||||
Total Hong Kong | 29,261 | |||||||
India 2.90% | ||||||||
Banks | ||||||||
HDFC Bank Ltd. ADR | 58,608 | 6,719 | ||||||
ICICI Bank Ltd. ADR | 794,539 | 9,098 | ||||||
Total India | 15,817 | |||||||
Indonesia 2.74% | ||||||||
Banks | ||||||||
Bank Mandiri Persero Tbk PT | 9,228,200 | 5,003 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 32,417,300 | 9,941 | ||||||
Total Indonesia | 14,944 | |||||||
Ireland 3.58%
| ||||||||
Banks 0.52% | ||||||||
Bank of Ireland Group plc | 447,933 | 2,859 | ||||||
Construction Materials 1.21% | ||||||||
CRH plc | 197,145 | 6,581 | ||||||
Information Technology Services 1.07% | ||||||||
Accenture plc Class A | 32,013 | 5,848 | ||||||
Life Sciences Tools & Services 0.78% | ||||||||
ICON plc* | 30,964 | 4,229 | ||||||
Total Ireland | 19,517 |
See Notes to Financial Statements. | 45 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL EQUITY FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Israel 1.42% | ||||||||
Software | ||||||||
Nice Ltd. ADR* | 56,061 | $ | 7,729 | |||||
Japan 11.52% | ||||||||
Automobiles 1.36% | ||||||||
Toyota Motor Corp. | 119,600 | 7,404 | ||||||
Building Products 0.99% | ||||||||
Daikin Industries Ltd. | 42,400 | 5,398 | ||||||
Chemicals 0.48% | ||||||||
Kansai Paint Co., Ltd. | 136,300 | 2,599 | ||||||
Commercial Services & Supplies 0.96% | ||||||||
Secom Co. Ltd. | 62,500 | 5,258 | ||||||
Construction & Engineering 1.11% | ||||||||
Taisei Corp. | 137,700 | 6,059 | ||||||
Electrical Equipment 1.48% | ||||||||
Nidec Corp. | 56,500 | 8,070 | ||||||
Health Care Equipment & Supplies 1.57% | ||||||||
Hoya Corp. | 121,000 | 8,546 | ||||||
Household Durables 0.52% | ||||||||
Sony Corp. | 56,700 | 2,856 | ||||||
Machinery 0.86% | ||||||||
Komatsu Ltd. | 182,800 | 4,722 | ||||||
Personal Products 1.28% | ||||||||
Shiseido Co., Ltd. | 88,500 | 6,961 | ||||||
Trading Companies & Distributors 0.91% | ||||||||
Mitsubishi Corp. | 180,800 | 4,981 | ||||||
Total Japan | 62,854 | |||||||
Luxembourg 0.57% | ||||||||
Multi-Line Retail | ||||||||
B&M European Value Retail SA | 603,729 | 3,106 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Netherlands 3.46% | ||||||||
Health Care Equipment & Supplies 0.79% | ||||||||
Koninklijke Philips NV | 101,376 | $ | 4,317 | |||||
Oil, Gas & Consumable Fuels 1.56% | ||||||||
Royal Dutch Shell plc B Shares | 264,057 | 8,486 | ||||||
Semiconductors & Semiconductor Equipment 1.11% | ||||||||
ASML Holding NV | 29,234 | 6,083 | ||||||
Total Netherlands | 18,886 | |||||||
Philippines 0.92% | ||||||||
Banks | ||||||||
Metropolitan Bank & Trust Co. | 3,527,564 | 5,026 | ||||||
Russia 1.15% | ||||||||
Oil, Gas & Consumable Fuels | ||||||||
Lukoil PJSC ADR | 73,980 | 6,272 | ||||||
Singapore 1.62% | ||||||||
Banks | ||||||||
United Overseas Bank Ltd. | 430,500 | 8,809 | ||||||
South Korea 1.71% | ||||||||
Technology Hardware, Storage & Peripherals | ||||||||
Samsung Electronics Co., Ltd. | 237,054 | 9,304 | ||||||
Sweden 2.20% | ||||||||
Banks 0.95% | ||||||||
Svenska Handelsbanken AB | 473,942 | 5,173 | ||||||
Communications Equipment 0.68% | ||||||||
Telefonaktiebolaget LM Ericsson B Shares | 377,061 | 3,732 | ||||||
Oil, Gas & Consumable Fuels 0.57% | ||||||||
Lundin Petroleum AB | 94,516 | 3,093 | ||||||
Total Sweden | 11,998 |
46 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL EQUITY FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Switzerland 4.85% | ||||||||
Food Products 1.97% | ||||||||
Nestle SA Registered Shares | 111,708 | $ | 10,749 | |||||
Health Care Equipment & Supplies 0.23% | ||||||||
Alcon, Inc.* | 22,277 | 1,283 | ||||||
Insurance 1.58% | ||||||||
Swiss Life Holding AG Registered Shares | 18,313 | 8,611 | ||||||
Pharmaceuticals 1.07% | ||||||||
Novartis AG Registered Shares | 71,206 | 5,815 | ||||||
Total Switzerland | 26,458 | |||||||
Taiwan 1.48% | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 184,833 | 8,099 | ||||||
United Kingdom 9.62% | ||||||||
Banks 0.88% | ||||||||
Royal Bank of Scotland Group PLC | 1,539,028 | 4,808 | ||||||
Information Technology Services 0.24% | ||||||||
Network International Holdings PLC*† | 190,000 | 1,291 | ||||||
Metals & Mining 1.70% | ||||||||
Anglo American plc | 359,469 | 9,288 | ||||||
Multi-Utilities 1.04% | ||||||||
National Grid plc | 522,934 | 5,701 | ||||||
Oil, Gas & Consumable Fuels 1.04% | ||||||||
BP plc | 775,596 | 5,654 | ||||||
Paper & Forest Products 0.91% | ||||||||
Mondi plc | 225,411 | 4,940 | ||||||
Personal Products 1.06% | ||||||||
Unilever NV CVA | 95,531 | 5,782 | ||||||
Pharmaceuticals 1.74% | ||||||||
AstraZeneca plc | 126,872 | 9,473 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Trading Companies & Distributors 1.01% | ||||||||
Ashtead Group plc | 198,869 | $ | 5,503 | |||||
Total United Kingdom | 52,440 | |||||||
United States 0.65% | ||||||||
Insurance | ||||||||
Axis Capital Holdings Ltd. | 62,430 | 3,549 | ||||||
Total Common Stocks (cost $491,993,788) | 530,339 | |||||||
Principal Amount (000) | ||||||||
SHORT-TERM INVESTMENT 0.50% | ||||||||
Repurchase Agreement | ||||||||
Repurchase Agreement dated 4/30/2019, 1.45% due 5/1/2019 with Fixed Income Clearing Corp. collateralized by $2,735,000 of U.S. Treasury Note at 2.625% due 6/15/2021; value: $2,780,926; proceeds: $2,726,263 (cost $2,726,154) | $2,726 | 2,726 | ||||||
Total Investments in Securities 97.74% (cost $494,719,942) | 533,065 | |||||||
Foreign Cash and Other Assets in Excess of Liabilities 2.26% | 12,333 | |||||||
Net Assets 100.00% | $ | 545,398 |
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. | 47 |
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL EQUITY FUNDApril 30, 2019
The following is a summary of the inputs used as of April 30, 2019 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) | ||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia(3) | $ | 15,157 | $ | – | $ | – | $ | 15,157 | ||||||||
Belgium | 5,396 | – | – | 5,396 | ||||||||||||
Brazil | 15,259 | – | – | 15,259 | ||||||||||||
Canada | 21,025 | – | – | 21,025 | ||||||||||||
China(3) | 31,866 | – | – | 31,866 | ||||||||||||
Denmark | 6,740 | – | – | 6,740 | ||||||||||||
Finland | 3,414 | – | – | 3,414 | ||||||||||||
France(3) | 73,140 | – | – | 73,140 | ||||||||||||
Germany(3) | 54,273 | – | – | 54,273 | ||||||||||||
Hong Kong(3) | 29,261 | – | – | 29,261 | ||||||||||||
India | 15,817 | – | – | 15,817 | ||||||||||||
Indonesia(3) | 14,944 | – | – | 14,944 | ||||||||||||
Ireland(3) | 19,517 | – | – | 19,517 | ||||||||||||
Israel | 7,729 | – | – | 7,729 | ||||||||||||
Japan | – | 62,854 | – | 62,854 | ||||||||||||
Luxembourg(3) | 3,106 | – | – | 3,106 | ||||||||||||
Netherlands(3) | 18,886 | – | – | 18,886 | ||||||||||||
Philippines(3) | 5,026 | – | – | 5,026 | ||||||||||||
Russia | 6,272 | – | – | 6,272 | ||||||||||||
Singapore(3) | 8,809 | – | – | 8,809 | ||||||||||||
South Korea | 9,304 | – | – | 9,304 | ||||||||||||
Sweden | 11,998 | – | – | 11,998 | ||||||||||||
Switzerland(3) | 26,458 | – | – | 26,458 | ||||||||||||
Taiwan | 8,099 | – | – | 8,099 | ||||||||||||
United Kingdom(3) | 52,440 | – | – | 52,440 | ||||||||||||
United States | 3,549 | – | – | 3,549 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Repurchase Agreement | – | 2,726 | – | 2,726 | ||||||||||||
Total | $ | 467,485 | $ | 65,580 | $ | – | $ | 533,065 |
(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 $262,397,288 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, 2019. |
48 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
INTERNATIONAL OPPORTUNITIES FUNDApril 30, 2019
U.S. $ | ||||||||
Fair Value | ||||||||
Investments | Shares | (000) | ||||||
COMMON STOCKS 96.98% | ||||||||
Australia 2.84% | ||||||||
Auto Components 1.06% | ||||||||
GUD Holdings Ltd. | 812,229 | $ | 6,768 | |||||
Beverages 0.33% | ||||||||
Coca-Cola Amatil Ltd. | 345,395 | 2,142 | ||||||
Diversified Financial Services 0.56% | ||||||||
IMF Bentham Ltd. | 1,833,842 | 3,568 | ||||||
Electric: Utilities 0.89% | ||||||||
AusNet Services | 4,515,102 | 5,650 | ||||||
Total Australia | 18,128 | |||||||
Belgium 0.55% | ||||||||
Wireless Telecommunication Services | ||||||||
Orange Belgium SA | 166,663 | 3,492 | ||||||
Canada 7.75% | ||||||||
Aerospace & Defense 1.27% | ||||||||
CAE, Inc. | 346,900 | 8,069 | ||||||
Entertainment 2.00% | ||||||||
Entertainment One Ltd. | 2,055,007 | 12,772 | ||||||
Metals & Mining 1.45% | ||||||||
Lundin Mining Corp. | 1,717,600 | 9,218 | ||||||
Oil, Gas & Consumable Fuels 1.78% | ||||||||
Africa Oil Corp.* | 1,436,615 | 1,317 | ||||||
Canacol Energy Ltd.* | 1,025,100 | 3,060 | ||||||
Vermilion Energy, Inc. | 272,600 | 6,961 | ||||||
11,338 | ||||||||
Paper & Forest Products 1.21% | ||||||||
Interfor Corp.* | 619,600 | 7,724 | ||||||
Software 0.04% | ||||||||
Lightspeed POS, Inc.* | 14,600 | 272 | ||||||
Total Canada | 49,393 |
U.S. $ | ||||||||
Fair Value | ||||||||
Investments | Shares | (000) | ||||||
Denmark 1.79% | ||||||||
Construction & Engineering 1.35% | ||||||||
FLSmidth & Co. A/S | 171,935 | $ | 8,627 | |||||
Insurance 0.44% | ||||||||
Tryg A/S | 91,160 | 2,786 | ||||||
Total Denmark | 11,413 | |||||||
Finland 1.47% | ||||||||
Health Care Providers & Services 0.46% | ||||||||
Terveystalo OYJ†* | 295,532 | 2,977 | ||||||
Trading Companies & Distributors 1.01% | ||||||||
Cramo OYJ | 305,633 | 6,427 | ||||||
Total Finland | 9,404 | |||||||
France 2.63% | ||||||||
Biotechnology 0.58% | ||||||||
Genfit ADR* | 148,580 | 3,726 | ||||||
Construction Materials 0.62% | ||||||||
Vicat SA | 75,301 | 3,978 | ||||||
Health Care Providers & Services 1.43% | ||||||||
Korian SA | 226,129 | 9,095 | ||||||
Total France | 16,799 | |||||||
Germany 6.95% | ||||||||
Biotechnology 0.66% | ||||||||
MorphoSys AG* | 42,161 | 4,180 | ||||||
Industrial Conglomerates 0.79% | ||||||||
Rheinmetall AG | 43,777 | 5,023 | ||||||
Interactive Media & Services 0.99% | ||||||||
XING SE | 17,070 | 6,347 | ||||||
Life Sciences Tools & Services 0.59% | ||||||||
Gerresheimer AG | 50,248 | 3,776 | ||||||
Machinery 1.57% | ||||||||
Deutz AG | 1,014,285 | 9,989 |
See Notes to Financial Statements. | 49 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUNDApril 30, 2019
U.S. $ | ||||||||
Fair Value | ||||||||
Investments | Shares | (000) | ||||||
Germany (continued) | ||||||||
Real Estate Management & Development 2.35% | ||||||||
LEG Immobilien AG | 59,793 | $ | 6,958 | |||||
PATRIZIA Immobilien AG | 386,512 | 8,050 | ||||||
15,008 | ||||||||
Total Germany | 44,323 | |||||||
Hong Kong 6.31% | ||||||||
Auto Components 1.57% | ||||||||
Xinyi Glass Holdings Ltd. | 8,768,000 | 10,014 | ||||||
Consumer Finance 1.25% | ||||||||
Sun Hung Kai & Co., Ltd. | 15,950,000 | 7,950 | ||||||
Hotels, Restaurants & Leisure 0.86% | ||||||||
Melco International Development Ltd. | 2,237,000 | 5,486 | ||||||
Pharmaceuticals 0.82% | ||||||||
SSY Group Ltd. | 5,544,000 | 5,237 | ||||||
Real Estate Management & Development 0.47% | ||||||||
Kerry Properties Ltd. | 705,000 | 3,011 | ||||||
Semiconductors & Semiconductor Equipment 1.19% | ||||||||
ASM Pacific Technology Ltd. | 654,500 | 7,580 | ||||||
Textiles, Apparel & Luxury Goods 0.15% | ||||||||
Stella International Holdings Ltd. | 521,977 | 927 | ||||||
Total Hong Kong | 40,205 | |||||||
India 0.78% | ||||||||
Consumer Finance | ||||||||
Satin Creditcare Network Ltd.* | 1,054,223 | 4,991 | ||||||
Indonesia 0.73% | ||||||||
Banks 0.54% | ||||||||
Bank Tabungan Negara Persero Tbk PT | 19,297,400 | 3,426 |
U.S. $ | ||||||||
Fair Value | ||||||||
Investments | Shares | (000) | ||||||
Consumer Finance 0.19% | ||||||||
PT Clipan Finance Indonesia Tbk* | 52,233,850 | $ | 1,217 | |||||
Total Indonesia | 4,643 | |||||||
Ireland 6.95% | ||||||||
Beverages 1.17% | ||||||||
C&C Group plc | 1,964,765 | 7,459 | ||||||
Equity Real Estate Investment Trusts 1.55% | ||||||||
Hibernia REIT plc | 6,149,489 | 9,863 | ||||||
Health Care Providers & Services 1.44% | ||||||||
UDG Healthcare plc | 1,073,931 | 9,201 | ||||||
Household Durables 2.14% | ||||||||
Cairn Homes plc* | 3,361,909 | 4,834 | ||||||
Glenveagh Properties plc*† | 9,565,697 | 8,766 | ||||||
13,600 | ||||||||
Information Technology Services 0.65% | ||||||||
Keywords Studios plc | 204,613 | 4,154 | ||||||
Total Ireland | 44,277 | |||||||
Israel 0.61% | ||||||||
Food Products | ||||||||
Strauss Group Ltd. | 151,387 | 3,860 | ||||||
Italy 4.70% | ||||||||
Auto Components 0.90% | ||||||||
Brembo SpA | 437,351 | 5,739 | ||||||
Capital Markets 0.96% | ||||||||
Anima Holding SpA† | 1,544,399 | 6,142 | ||||||
Construction Materials 1.52% | ||||||||
Buzzi Unicem SpA | 435,695 | 9,691 | ||||||
Diversified Financial Services 0.76% | ||||||||
doBank SpA† | 345,397 | 4,866 | ||||||
Textiles, Apparel & Luxury Goods 0.56% | ||||||||
Brunello Cucinelli SpA | 97,843 | 3,551 | ||||||
Total Italy | 29,989 |
50 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUNDApril 30, 2019
U.S. $ | ||||||||
Fair Value | ||||||||
Investments | Shares | (000) | ||||||
Japan 20.98% | ||||||||
Chemicals 0.96% | ||||||||
Kansai Paint Co., Ltd. | 319,700 | $ | 6,096 | |||||
Construction & Engineering 1.50% | ||||||||
SHO-BOND Holdings Co., Ltd. | 138,700 | 9,532 | ||||||
Containers & Packaging 0.83% | ||||||||
Fuji Seal International, Inc. | 150,700 | 5,270 | ||||||
Distributors 1.25% | ||||||||
PALTAC Corp. | 144,200 | 7,964 | ||||||
Electronic Equipment, Instruments & Components 4.08% | ||||||||
Azbil Corp. | 401,000 | 9,652 | ||||||
Hitachi High-Technologies Corp. | 186,800 | 8,326 | ||||||
Iriso Electronics Co., Ltd. | 68,900 | 3,586 | ||||||
Topcon Corp. | 364,700 | 4,432 | ||||||
25,996 | ||||||||
Entertainment 0.74% | ||||||||
Capcom Co., Ltd. | 208,000 | 4,693 | ||||||
Equity Real Estate Investment Trusts 1.40% | ||||||||
GLP J-REIT | 8,283 | 8,913 | ||||||
Food Products 0.96% | ||||||||
Nichirei Corp. | 265,300 | 6,147 | ||||||
Health Care Providers & Services 0.71% | ||||||||
Japan Lifeline Co., Ltd. | 286,500 | 4,544 | ||||||
Hotels, Restaurants & Leisure 0.46% | ||||||||
HIS Co., Ltd. | 91,600 | 2,926 | ||||||
Information Technology Services 0.76% | ||||||||
NS Solutions Corp. | 180,300 | 4,844 | ||||||
Machinery 1.98% | ||||||||
CKD Corp. | 662,500 | 7,705 | ||||||
DMG Mori Co., Ltd. | 343,100 | 4,948 | ||||||
12,653 |
U.S. $ | ||||||||
Fair Value | ||||||||
Investments | Shares | (000) | ||||||
Professional Services 1.49% | ||||||||
TechnoPro Holdings, Inc. | 158,400 | $ | 9,531 | |||||
Real Estate Management & Development 1.28% | ||||||||
Kenedix, Inc. | 1,717,000 | 8,176 | ||||||
Specialty Retail 1.18% | ||||||||
Bic Camera, Inc. | 314,700 | 3,376 | ||||||
United Arrows Ltd. | 131,800 | 4,163 | ||||||
7,539 | ||||||||
Thrifts & Mortgage Finance 0.85% | ||||||||
Aruhi Corp. | 303,200 | 5,415 | ||||||
Wireless Telecommunication Services 0.55% | ||||||||
Okinawa Cellular Telephone Co. | 112,600 | 3,534 | ||||||
Total Japan | 133,773 | |||||||
Netherlands 3.79% | ||||||||
Air Freight & Logistics 0.36% | ||||||||
PostNL NV | 894,108 | 2,315 | ||||||
Hotels, Restaurants & Leisure 1.44% | ||||||||
Basic-Fit NV*† | 258,804 | 9,173 | ||||||
Insurance 0.68% | ||||||||
ASR Nederland NV | 97,506 | 4,331 | ||||||
Machinery 1.31% | ||||||||
Aalberts NV | 212,253 | 8,332 | ||||||
Total Netherlands | 24,151 | |||||||
Philippines 2.49% | ||||||||
Industrial Conglomerates 1.15% | ||||||||
Alliance Global | ||||||||
Group, Inc. | 25,443,600 | 7,304 | ||||||
Real Estate Management & Development 1.34% | ||||||||
Filinvest Land, Inc. | 289,015,000 | 8,541 | ||||||
Total Philippines | 15,845 |
See Notes to Financial Statements. | 51 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUNDApril 30, 2019
U.S. $ | ||||||||
Fair Value | ||||||||
Investments | Shares | (000) | ||||||
Portugal 2.03% | ||||||||
Banks 0.76% | ||||||||
Banco Comercial Portugues SA* | 17,152,316 | $ | 4,812 | |||||
Multi-Utilities 1.27% | ||||||||
REN - Redes Energeticas Nacionais SGPS SA | 2,831,745 | 8,099 | ||||||
Total Portugal | 12,911 | |||||||
South Korea 1.63% | ||||||||
Food & Staples Retailing 0.53% | ||||||||
GS Retail Co., Ltd. | 100,762 | 3,377 | ||||||
Semiconductors & Semiconductor Equipment 1.10% | ||||||||
WONIK IPS Co., Ltd. | 293,739 | 7,028 | ||||||
Total South Korea | 10,405 | |||||||
Spain 3.36% | ||||||||
Food Products 1.04% | ||||||||
Ebro Foods SA | 312,961 | 6,599 | ||||||
Household Durables 0.24% | ||||||||
Neinor Homes SA*† | 132,608 | 1,510 | ||||||
Professional Services 1.37% | ||||||||
Applus Services SA | 697,045 | 8,740 | ||||||
Real Estate Management & Development 0.71% | ||||||||
Aedas Homes SAU*† | 182,975 | 4,556 | ||||||
Total Spain | 21,405 | |||||||
Sweden 3.37% | ||||||||
Commercial Services & Supplies 2.81% | ||||||||
Bravida Holding AB† | 975,639 | 8,542 | ||||||
Loomis AB Class B | 254,053 | 9,389 | ||||||
17,931 | ||||||||
Food & Staples Retailing 0.56% | ||||||||
Axfood AB | 193,374 | 3,548 | ||||||
Total Sweden | 21,479 |
U.S. $ | ||||||||
Fair Value | ||||||||
Investments | Shares | (000) | ||||||
Switzerland 1.86% | ||||||||
Containers & Packaging 1.10% | ||||||||
SIG Combibloc Group AG* | 717,573 | $ | 6,986 | |||||
Machinery 0.76% | ||||||||
Sulzer AG | 46,251 | 4,870 | ||||||
Total Switzerland | 11,856 | |||||||
Taiwan 0.67% | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
Realtek Semiconductor Corp. | 635,000 | 4,295 | ||||||
United Kingdom 10.00% | ||||||||
Aerospace & Defense 1.08% | ||||||||
Senior plc | 2,287,066 | 6,913 | ||||||
Beverages 1.42% | ||||||||
Britvic plc | 760,943 | 9,064 | ||||||
Capital Markets 1.04% | ||||||||
Man Group plc | 3,231,378 | 6,599 | ||||||
Consumer Finance 1.27% | ||||||||
Arrow Global Group plc | 3,217,348 | 8,106 | ||||||
Information Technology Services 0.24% | ||||||||
Network InternationalHoldings plc*† | 222,900 | 1,514 | ||||||
Insurance 1.01% | ||||||||
Axis Capital Holdings Ltd. | 113,071 | 6,428 | ||||||
Machinery 0.89% | ||||||||
Concentric AB | 351,622 | 5,642 | ||||||
Media 0.64% | ||||||||
Huntsworth plc | 3,510,333 | 4,074 | ||||||
Multi-Line Retail 1.44% | ||||||||
B&M European Value Retail SA | 1,782,073 | 9,167 | ||||||
Pharmaceuticals 0.97% | ||||||||
Dechra Pharmaceuticals plc | 179,195 | 6,216 | ||||||
Total United Kingdom | 63,723 |
52 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUNDApril 30, 2019
U.S. $ | ||||||||
Fair Value | ||||||||
Investments | Shares | (000) | ||||||
United States 1.14% | ||||||||
Exchange-Traded Funds | ||||||||
VanEck Vectors Junior Gold Miners | 248,161 | $ | 7,279 | |||||
Vietnam 1.60% | ||||||||
Closed-Ended Fund | ||||||||
VinaCapital Vietnam Opportunity Fund Ltd. | 2,348,855 | 10,215 | ||||||
Total Common Stocks (cost $642,360,899) | 618,254 |
Principal | U.S. $ | |||||||
Amount | Fair Value | |||||||
Investments | (000) | (000) | ||||||
SHORT-TERM INVESTMENT 2.06% | ||||||||
Repurchase Agreement | ||||||||
Repurchase Agreement dated 4/30/2019, 1.45% due 5/1/2019 with Fixed Income Clearing Corp. collateralized by $13,545,000 of U.S. Treasury Note at 1.375% due 5/31/2021 value: $13,367,710; proceeds: $13,103,332 (cost $13,102,804) | $ | 13,103 | $ | 13,103 | ||||
Total Investments in Securities 99.04% (cost $655,463,703) | 631,357 | |||||||
Cash, Foreign Cash and Other Assets in Excess of Liabilities 0.96% | 6,144 | |||||||
Net Assets 100.00% | $ | 637,501 |
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. | 53 |
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL OPPORTUNITIES FUNDApril 30, 2019
The following is a summary of the inputs used as of April 30, 2019 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) | ||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia(3) | $ | 18,128 | $ | – | $ | – | $ | 18,128 | ||||||||
Belgium | 3,492 | – | – | 3,492 | ||||||||||||
Canada(3) | 49,393 | – | – | 49,393 | ||||||||||||
Denmark(3) | 11,413 | – | – | 11,413 | ||||||||||||
Finland(3) | 9,404 | – | – | 9,404 | ||||||||||||
France(3) | 16,799 | – | – | 16,799 | ||||||||||||
Germany(3) | 44,323 | – | – | 44,323 | ||||||||||||
Hong Kong(3) | 40,205 | – | – | 40,205 | ||||||||||||
India(3) | 4,991 | – | – | 4,991 | ||||||||||||
Indonesia(3) | 4,643 | – | – | 4,643 | ||||||||||||
Ireland(3) | 44,277 | – | – | 44,277 | ||||||||||||
Israel(3) | 3,860 | – | – | 3,860 | ||||||||||||
Italy(3) | 29,989 | – | – | 29,989 | ||||||||||||
Japan(3) | – | 133,773 | – | 133,773 | ||||||||||||
Netherlands(3) | 24,151 | – | – | 24,151 | ||||||||||||
Philippines(3) | 15,845 | – | – | 15,845 | ||||||||||||
Portugal(3) | 12,911 | – | – | 12,911 | ||||||||||||
South Korea(3) | 10,405 | – | – | 10,405 | ||||||||||||
Spain(3) | 21,405 | – | – | 21,405 | ||||||||||||
Sweden(3) | 21,479 | – | – | 21,479 | ||||||||||||
Switzerland | 11,856 | – | – | 11,856 | ||||||||||||
Taiwan(3) | 4,295 | – | – | 4,295 | ||||||||||||
United Kingdom(3) | 63,723 | – | – | 63,723 | ||||||||||||
United States | 7,279 | – | – | 7,279 | ||||||||||||
Vietnam | 10,215 | – | – | 10,215 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Repurchase Agreement | – | 13,103 | – | 13,103 | ||||||||||||
Total | $ | 484,481 | $ | 146,876 | $ | – | $ | 631,357 |
(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 $11,951,543 were transferred from Level 1 to Level 2 due to a change in valuation technique resulting in adjusted valuations (as described in Note 2(l)) on April 30, 2019. Securities in the amount of $395,762,121 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, 2019. |
54 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
INTERNATIONAL VALUE FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
COMMON STOCKS 97.00% | ||||||||
Australia 2.59% | ||||||||
Capital Markets 1.13% | ||||||||
Macquarie Group Ltd. | 82,429 | $ | 7,827 | |||||
Metals & Mining 1.46% | ||||||||
BHP Group Ltd. | 382,059 | 10,073 | ||||||
Total Australia | 17,900 | |||||||
Belgium 2.75% | ||||||||
Beverages 0.95% | ||||||||
Anheuser-Busch InBev SA | 73,945 | 6,574 | ||||||
Insurance 1.80% | ||||||||
Ageas | 235,755 | 12,428 | ||||||
Total Belgium | 19,002 | |||||||
Canada 3.63% | ||||||||
Banks 1.56% | ||||||||
Royal Bank of Canada | 135,700 | 10,815 | ||||||
Metals & Mining 1.09% | ||||||||
Lundin Mining Corp. | 1,410,755 | 7,571 | ||||||
Oil, Gas & Consumable Fuels 0.98% | ||||||||
Pembina Pipeline Corp. | 189,100 | 6,761 | ||||||
Total Canada | 25,147 | |||||||
China 2.95% | ||||||||
Banks 1.16% | ||||||||
China Construction Bank Corp. Class H | 9,112,000 | 8,050 | ||||||
Oil, Gas & Consumable Fuels 1.07% | ||||||||
CNOOC Ltd. | 4,080,000 | 7,375 | ||||||
Real Estate Management & Development 0.72% | ||||||||
Logan Property Holdings Co., Ltd. | 3,118,000 | 4,968 | ||||||
Total China | 20,393 | |||||||
Denmark 1.13% | ||||||||
Insurance | ||||||||
Tryg A/S | 256,337 | 7,833 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Finland 1.55% | ||||||||
Communications Equipment | ||||||||
Nokia OYJ | 2,040,560 | $ | 10,709 | |||||
France 9.50% | ||||||||
Automobiles 0.86% | ||||||||
Renault SA | 87,540 | 5,972 | ||||||
Banks 1.47% | ||||||||
BNP Paribas SA | 191,718 | 10,203 | ||||||
Construction & Engineering 0.74% | ||||||||
Vinci SA | 50,884 | 5,138 | ||||||
Food Products 1.54% | ||||||||
Danone SA | 131,517 | 10,632 | ||||||
Oil, Gas & Consumable Fuels 2.26% | ||||||||
Total SA | 281,502 | 15,643 | ||||||
Pharmaceuticals 2.63% | ||||||||
Sanofi | 209,155 | 18,178 | ||||||
Total France | 65,766 | |||||||
Germany 13.84% | ||||||||
Air Freight & Logistics 1.49% | ||||||||
Deutsche Post AG Registered Shares | 297,716 | 10,318 | ||||||
Auto Components 1.51% | ||||||||
Continental AG | 63,350 | 10,470 | ||||||
Automobiles 1.41% | ||||||||
Volkswagen AG | 54,673 | 9,775 | ||||||
Chemicals 1.76% | ||||||||
BASF SE | 150,033 | 12,198 | ||||||
Hotels, Restaurants & Leisure 0.76% | ||||||||
TUI AG | 472,798 | 5,264 | ||||||
Industrial Conglomerates 1.66% | ||||||||
Siemens AG Registered Shares | 95,773 | 11,466 | ||||||
Insurance 3.48% | ||||||||
Allianz SE Registered Shares | 99,993 | 24,090 |
See Notes to Financial Statements. | 55 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL VALUE FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Germany (continued) | ||||||||
Pharmaceuticals 0.89% | ||||||||
Bayer AG Registered Shares | 92,278 | $ | 6,142 | |||||
Real Estate Management & Development 0.88% | ||||||||
Vonovia SE | 122,173 | 6,094 | ||||||
Total Germany | 95,817 | |||||||
Hong Kong 2.75% | ||||||||
Commercial Services & Supplies 1.15% | ||||||||
China Everbright International Ltd. | 8,126,925 | 7,956 | ||||||
Real Estate Management & Development 1.60% | ||||||||
Kerry Properties Ltd. | 2,596,000 | 11,086 | ||||||
Total Hong Kong | 19,042 | |||||||
India 0.53% | ||||||||
Thrifts & Mortgage Finance | ||||||||
Indiabulls Housing Finance Ltd. | 367,587 | 3,675 | ||||||
Ireland 1.43% | ||||||||
Banks | ||||||||
Bank of Ireland Group plc | 1,546,542 | 9,870 | ||||||
Italy 3.44% | ||||||||
Auto Components 0.86% | ||||||||
Brembo SpA | 454,447 | 5,964 | ||||||
Banks 1.10% | ||||||||
Intesa Sanpaolo SpA | 2,900,502 | 7,603 | ||||||
Oil, Gas & Consumable Fuels 1.48% | ||||||||
Eni SpA | 601,537 | 10,267 | ||||||
Total Italy | 23,834 | |||||||
Japan 14.45% | ||||||||
Automobiles 2.78% | ||||||||
Toyota Motor Corp. | 310,300 | 19,211 | ||||||
Banks 1.86% | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 354,400 | 12,881 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Beverages 0.82% | ||||||||
Asahi Group Holdings Ltd. | 129,900 | $ | 5,664 | |||||
Building Products 0.51% | ||||||||
Sanwa Holdings Corp. | 293,800 | 3,539 | ||||||
Diversified Financial Services 1.05% | ||||||||
ORIX Corp. | 515,000 | 7,295 | ||||||
Household Durables 1.52% | ||||||||
Sony Corp. | 209,200 | 10,537 | ||||||
Insurance 1.76% | ||||||||
Tokio Marine Holdings, Inc. | 241,000 | 12,210 | ||||||
Machinery 1.59% | ||||||||
Komatsu Ltd. | 426,500 | 11,017 | ||||||
Trading Companies & Distributors 2.56% | ||||||||
ITOCHU Corp. | 512,700 | 9,251 | ||||||
Mitsubishi Corp. | 306,100 | 8,432 | ||||||
17,683 | ||||||||
Total Japan | 100,037 | |||||||
Luxembourg 1.41% | ||||||||
Real Estate Management & Development | ||||||||
Aroundtown SA | 1,204,155 | 9,759 | ||||||
Macau 1.40% | ||||||||
Hotels, Restaurants & Leisure | ||||||||
Sands China Ltd. | 1,769,200 | 9,720 | ||||||
Mexico 1.02% | ||||||||
Banks | ||||||||
Grupo Financiero Banorte SAB de CV | 1,120,366 | 7,082 | ||||||
Netherlands 5.07% | ||||||||
Health Care Equipment & Supplies 1.08% | ||||||||
Koninklijke Philips NV | 176,061 | 7,497 | ||||||
Insurance 1.06% | ||||||||
ASR Nederland NV | 165,503 | 7,351 |
56 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL VALUE FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Netherlands (continued) | ||||||||
Oil, Gas & Consumable Fuels 2.93% | ||||||||
Royal Dutch Shell plc Class A ADR | 319,199 | $ | 20,279 | |||||
Total Netherlands | 35,127 | |||||||
New Zealand 1.11% | ||||||||
Diversified Telecommunication Services | ||||||||
Spark New Zealand Ltd. | 3,141,835 | 7,701 | ||||||
Portugal 0.30% | ||||||||
Banks | ||||||||
Banco Comercial Portugues SA* | 7,387,279 | 2,072 | ||||||
Russia 1.58% | ||||||||
Oil, Gas & Consumable Fuels | ||||||||
Lukoil PJSC ADR | 129,327 | 10,964 | ||||||
Singapore 1.78% | ||||||||
Banks | ||||||||
DBS Group Holdings Ltd. | 591,600 | 12,288 | ||||||
Spain 1.02% | ||||||||
Banks | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 1,159,145 | 7,044 | ||||||
Switzerland 5.28% | ||||||||
Health Care Equipment & Supplies 0.00% | ||||||||
Alcon, Inc.* | 557 | 32 | ||||||
Insurance 1.67% | ||||||||
Swiss Life Holding AG Registered Shares | 24,523 | 11,530 | ||||||
Pharmaceuticals 3.61% | ||||||||
Novartis AG Registered Shares | 202,459 | 16,533 | ||||||
Roche Holding AG | 31,925 | 8,416 | ||||||
24,949 | ||||||||
Total Switzerland | 36,511 |
Investments | Shares | U.S. $ Fair Value (000) | ||||||
Taiwan 1.53% | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
Realtek Semiconductor Corp. | 510,000 | $ | 3,450 | |||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 855,000 | 7,166 | ||||||
Total Taiwan | 10,616 | |||||||
United Kingdom 14.21% | ||||||||
Aerospace & Defense 1.65% | ||||||||
BAE Systems plc | 1,773,661 | 11,426 | ||||||
Banks 1.62% | ||||||||
Royal Bank of Scotland Group PLC | 3,584,738 | 11,200 | ||||||
Beverages 0.82% | ||||||||
Coca-Cola European Partners plc* | 106,636 | 5,699 | ||||||
Equity Real Estate Investment Trusts 0.72% | ||||||||
Derwent London plc | 120,673 | 4,988 | ||||||
Household Durables 1.08% | ||||||||
Persimmon plc | 255,990 | 7,464 | ||||||
Metals & Mining 1.70% | ||||||||
Anglo American plc | 454,381 | 11,740 | ||||||
Multi-Utilities 1.52% | ||||||||
National Grid plc | 965,038 | 10,522 | ||||||
Personal Products 1.03% | ||||||||
Unilever NV CVA | 117,665 | 7,121 | ||||||
Pharmaceuticals 1.09% | ||||||||
AstraZeneca plc | 101,237 | 7,559 | ||||||
Tobacco 1.86% | ||||||||
British American Tobacco plc | 158,136 | 6,166 | ||||||
Imperial Brands plc | 211,721 | 6,725 | ||||||
12,891 | ||||||||
Wireless Telecommunication Services 1.12% | ||||||||
Vodafone Group plc | 4,164,057 | 7,711 | ||||||
Total United Kingdom | 98,321 |
See Notes to Financial Statements. | 57 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL VALUE FUNDApril 30, 2019
Investments | Shares | U.S. $ Fair Value (000) | ||||||
United States 0.75% | ||||||||
Exchange-Traded Funds | ||||||||
iShares MSCI Japan ETF | 93,294 | $ | 5,170 | |||||
Total Common Stocks (cost $653,929,290) | 671,400 | |||||||
Principal Amount (000) | ||||||||
SHORT-TERM INVESTMENT 2.27% | ||||||||
Repurchase Agreement | ||||||||
Repurchase Agreement dated 4/30/2019, 1.45% due 5/1/2019 with Fixed Income Clearing Corp. collateralized by $15,755,000 of U.S. Treasury Note at 2.625% due 06/15/2021; value: $16,019,558; proceeds: $15,704,393 (cost $15,703,760) | $ | 15,704 | 15,704 | |||||
Total Investments in Securities 99.27% (cost $669,633,050) | 687,104 | |||||||
Foreign Cash and OtherAssets in Excess ofLiabilities(a)0.73% | 5,041 | |||||||
Net Assets 100.00% | $ | 692,145 |
ADR | American Depositary Receipt. | |
CVA | Company Voluntary Arrangement. | |
ETF | Exchange Traded Fund. | |
* | Non-income producing security. | |
(a) | Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts as follows: |
Forward Foreign Currency Exchange Contracts | Transaction Type | Counterparty | Expiration Date | Foreign Currency | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | |||||||||||||||
Japanese yen | Buy | State Street | ||||||||||||||||||||
Bank and Trust | 5/7/2019 | 129,654,570 | $1,159,176 | $1,164,400 | $5,224 |
58 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL VALUE FUNDApril 30, 2019
The following is a summary of the inputs used as of April 30, 2019 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) | |||||||||||
Long-Term Investments | |||||||||||||||
Common Stocks | |||||||||||||||
Australia(3) | $ | 17,900 | $ | – | $ | – | $ | 17,900 | |||||||
Belgium(3) | 19,002 | – | – | 19,002 | |||||||||||
Canada | 25,147 | – | – | 25,147 | |||||||||||
China(3) | 20,393 | – | – | 20,393 | |||||||||||
Denmark(3) | 7,833 | – | – | 7,833 | |||||||||||
Finland(3) | 10,709 | – | – | 10,709 | |||||||||||
France(3) | 65,766 | – | – | 65,766 | |||||||||||
Germany(3) | 95,817 | – | – | 95,817 | |||||||||||
Hong Kong(3) | 19,042 | – | – | 19,042 | |||||||||||
India(3) | 3,675 | – | – | 3,675 | |||||||||||
Ireland | 9,870 | – | – | 9,870 | |||||||||||
Italy | 23,834 | – | – | 23,834 | |||||||||||
Japan | – | 100,037 | – | 100,037 | |||||||||||
Luxembourg(3) | 9,759 | – | – | 9,759 | |||||||||||
Macau(3) | 9,720 | – | – | 9,720 | |||||||||||
Mexico | 7,082 | – | – | 7,082 | |||||||||||
Netherlands(3) | 35,127 | – | – | 35,127 | |||||||||||
New Zealand(3) | 7,701 | – | – | 7,701 | |||||||||||
Portugal | 2,072 | – | – | 2,072 | |||||||||||
Russia(3) | 10,964 | – | – | 10,964 | |||||||||||
Singapore(3) | 12,288 | – | – | 12,288 | |||||||||||
Spain(3) | 7,044 | – | – | 7,044 | |||||||||||
Switzerland(3) | 36,511 | – | – | 36,511 | |||||||||||
Taiwan(3) | 10,616 | – | – | 10,616 | |||||||||||
United Kingdom(3) | 98,321 | – | – | 98,321 | |||||||||||
United States | 5,170 | – | – | 5,170 | |||||||||||
Short-Term Investment | |||||||||||||||
Repurchase Agreement | – | 15,704 | – | 15,704 | |||||||||||
Total | $ | 571,363 | $ | 115,741 | $ | – | $ | 687,104 | |||||||
Other Financial Instruments | |||||||||||||||
Forward Foreign Currency Exchange Contracts | |||||||||||||||
Assets | $ | – | $ | 5,224 | $ | – | $ | – | |||||||
Liabilities | – | – | – | – | |||||||||||
Total | $ | – | $ | 5,224 | $ | – | $ | – |
(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 $440,263,044 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, 2019. |
See Notes to Financial Statements. | 59 |
Schedule of Investments (unaudited)
VALUE OPPORTUNITIES FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
COMMON STOCKS 99.58% | ||||||||
Aerospace & Defense 2.02% | ||||||||
Teledyne Technologies, Inc.* | 178,670 | $ | 44,401 | |||||
Auto Components 4.75% | ||||||||
Dorman Products, Inc.* | 396,095 | 34,726 | ||||||
LCI Industries | 420,804 | 36,967 | ||||||
Lear Corp. | 227,900 | 32,590 | ||||||
Total | 104,283 | |||||||
Banks 6.92% | ||||||||
Cullen/Frost Bankers, Inc. | 505,657 | 51,420 | ||||||
East West Bancorp, Inc. | 563,214 | 28,994 | ||||||
Webster Financial Corp. | 436,188 | 23,175 | ||||||
Western Alliance Bancorp* | 686,895 | 32,820 | ||||||
Zions Bancorp NA | 317,322 | 15,653 | ||||||
Total | 152,062 | |||||||
Beverages 1.93% | ||||||||
Cott Corp. | 2,728,368 | 42,317 | ||||||
Building Products 4.55% | ||||||||
A.O. Smith Corp. | 646,742 | 34,000 | ||||||
Allegion plc (Ireland)(a) | 401,987 | 39,889 | ||||||
Simpson Manufacturing Co., Inc. | 407,996 | 25,981 | ||||||
Total | 99,870 | |||||||
Capital Markets 2.17% | ||||||||
Moelis & Co. Class A | 518,110 | 21,217 | ||||||
Raymond James Financial, Inc. | 288,458 | 26,414 | ||||||
Total | 47,631 | |||||||
Chemicals 3.03% | ||||||||
Ashland Global Holdings, Inc. | 316,568 | 25,493 | ||||||
Valvoline, Inc. | 2,217,013 | 41,015 | ||||||
Total | 66,508 | |||||||
Communications Equipment 1.23% | ||||||||
Plantronics, Inc. | 522,835 | 26,916 |
Investments | Shares | Fair Value (000) | ||||||
Construction & Engineering 0.52% | ||||||||
Jacobs Engineering Group, Inc. | 145,410 | $ | 11,333 | |||||
Containers & Packaging 1.21% | ||||||||
Berry Global Group, Inc.* | 451,328 | 26,538 | ||||||
Diversified Telecommunication Services 1.46% | ||||||||
Zayo Group Holdings, Inc.* | 1,025,471 | 32,087 | ||||||
Electric: Utilities 0.76% | ||||||||
Portland General Electric Co. | 321,165 | 16,800 | ||||||
Electrical Equipment 2.80% | ||||||||
Acuity Brands, Inc. | 133,046 | 19,468 | ||||||
EnerSys | 310,100 | 21,456 | ||||||
Hubbell, Inc. | 160,682 | 20,503 | ||||||
Total | 61,427 | |||||||
Electronic Equipment, Instruments & Components 4.96% | ||||||||
Amphenol Corp. Class A | 322,834 | 32,141 | ||||||
FLIR Systems, Inc. | 844,760 | 44,722 | ||||||
Littelfuse, Inc. | 159,640 | 32,096 | ||||||
Total | 108,959 | |||||||
Energy Equipment & Services 1.05% | ||||||||
Helmerich & Payne, Inc. | 395,468 | 23,143 | ||||||
Equity Real Estate Investment Trusts 2.62% | ||||||||
Alexandria Real Estate Equities, Inc. | 299,418 | 42,634 | ||||||
Highwoods Properties, Inc. | 336,655 | 15,008 | ||||||
Total | 57,642 | |||||||
Food & Staples Retailing 1.32% | ||||||||
Sprouts Farmers Market, Inc.* | 1,358,227 | 29,093 | ||||||
Food Products 0.87% | ||||||||
TreeHouse Foods, Inc.* | 284,500 | 19,056 |
60 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
VALUE OPPORTUNITIES FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
Health Care Equipment & Supplies 5.99% | ||||||||
Cooper Cos., Inc. (The) | 82,260 | $ | 23,849 | |||||
Hill-Rom Holdings, Inc. | 346,298 | 35,121 | ||||||
LivaNova plc(United Kingdom)*(a) | 229,597 | 15,817 | ||||||
STERIS plc* | 259,784 | 34,026 | ||||||
Teleflex, Inc. | 79,253 | 22,681 | ||||||
Total | 131,494 | |||||||
Health Care Providers & Services 1.67% | ||||||||
Encompass Health Corp. | 568,427 | 36,635 | ||||||
Health Care Technology 0.87% | ||||||||
Medidata Solutions, Inc.* | 212,707 | 19,216 | ||||||
Hotels, Restaurants & Leisure 1.50% | ||||||||
Dunkin’ Brands Group, Inc. | 439,957 | 32,834 | ||||||
Industrial Conglomerates 1.64% | ||||||||
Carlisle Cos., Inc. | 254,088 | 35,933 | ||||||
Information Technology Services 7.78% | ||||||||
Amdocs Ltd. | 702,126 | 38,673 | ||||||
Booz Allen Hamilton Holding Corp. | 891,413 | 52,852 | ||||||
Conduent, Inc.* | 3,399,198 | 43,612 | ||||||
Fidelity National Information Services, Inc. | 273,908 | 31,754 | ||||||
MAXIMUS, Inc. | 54,988 | 4,050 | ||||||
Total | 170,941 | |||||||
Insurance 5.87% | ||||||||
Argo Group International Holdings Ltd. | 185,351 | 14,470 | ||||||
Axis Capital Holdings Ltd. | 615,325 | 34,981 | ||||||
Fidelity National Financial, Inc. | 355,296 | 14,194 | ||||||
Hanover Insurance Group, Inc. (The) | 252,038 | 30,398 | ||||||
RenaissanceRe Holdings Ltd. | 224,848 | 34,933 | ||||||
Total | 128,976 |
Investments | Shares | Fair Value (000) | ||||||
Life Sciences Tools & Services 4.85% | ||||||||
Charles River Laboratories International, Inc.* | 329,794 | $ | 46,326 | |||||
ICON plc (Ireland)*(a) | 158,655 | 21,669 | ||||||
PerkinElmer, Inc. | 402,729 | 38,598 | ||||||
Total | 106,593 | |||||||
Machinery 1.85% | ||||||||
Crane Co. | 478,795 | 40,721 | ||||||
Media 1.06% | ||||||||
Interpublic Group of Cos., Inc. (The) | 1,009,493 | 23,218 | ||||||
Metals & Mining 1.91% | ||||||||
Reliance Steel & Aluminum Co. | 456,129 | 41,946 | ||||||
Multi-Utilities 3.22% | ||||||||
CMS Energy Corp. | 681,599 | 37,863 | ||||||
NorthWestern Corp. | 469,362 | 32,785 | ||||||
Total | 70,648 | |||||||
Oil, Gas & Consumable Fuels 3.05% | ||||||||
Centennial Resource Development, Inc. Class A* | 1,776,800 | 18,710 | ||||||
Concho Resources, Inc. | 192,164 | 22,172 | ||||||
Parsley Energy, Inc. Class A* | 1,304,573 | 26,039 | ||||||
Total | 66,921 | |||||||
Professional Services 0.88% | ||||||||
Robert Half International, Inc. | 311,139 | 19,319 | ||||||
Real Estate Management & Development 0.64% | ||||||||
Marcus & Millichap, Inc.* | 326,745 | 14,083 | ||||||
Road & Rail 2.19% | ||||||||
Landstar System, Inc. | 199,900 | 21,781 | ||||||
Old Dominion Freight Line, Inc. | 175,575 | 26,210 | ||||||
Total | 47,991 |
See Notes to Financial Statements. | 61 |
Schedule of Investments (unaudited)(concluded)
VALUE OPPORTUNITIES FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
Semiconductors & Semiconductor Equipment 1.60% | ||||||||
Entegris, Inc. | 862,159 | $ | 35,228 | |||||
Software 0.96% | ||||||||
FireEye, Inc.* | 1,320,913 | 21,161 | ||||||
Specialty Retail 4.79% | ||||||||
Advance Auto Parts, Inc. | 200,344 | 33,321 | ||||||
Burlington Stores, Inc.* | 212,861 | 35,955 | ||||||
Foot Locker, Inc. | 627,570 | 35,903 | ||||||
Total | 105,179 | |||||||
Textiles, Apparel & Luxury Goods 1.32% | ||||||||
Steven Madden Ltd. | 794,830 | 28,892 | ||||||
Water Utilities 1.77% | ||||||||
American Water Works Co., Inc. | 359,371 | 38,880 | ||||||
Total Common Stocks (cost $1,762,342,498) | 2,186,875 |
Investments | Principal Amount (000) | Fair Value (000) | ||||||
SHORT-TERM INVESTMENT 0.07% | ||||||||
Repurchase Agreement | ||||||||
Repurchase Agreement dated 4/30/2019, 1.45% due 5/1/2019 with Fixed Income Clearing Corp. collateralized by $1,555,000 of U.S. Treasury Note at 2.625% due 7/15/2021; value: $1,577,751; proceeds: $1,543,888 (cost $1,543,826) | $ | 1,544 | $ | 1,544 | ||||
Total Investments in Securities 99.65% (cost $1,763,886,324) | 2,188,419 | |||||||
Cash and Other Assets in Excess of Liabilities 0.35% | 7,744 | |||||||
Net Assets 100.00% | $ | 2,196,163 |
* | 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, 2019 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 | $ | 2,186,875 | $ | – | $ | – | $ | 2,186,875 | |||||||
Short-Term Investment | |||||||||||||||
Repurchase Agreement | – | 1,544 | – | 1,544 | |||||||||||
Total | $ | 2,186,875 | $ | 1,544 | $ | – | $ | 2,188,419 |
(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, 2019. |
62 | See Notes to Financial Statements. |
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63 |
Statements of Assets and Liabilities (unaudited)
April 30, 2019
Alpha Strategy Fund | Focused Growth Fund | Fundamental Equity Fund | |||||||||||||
ASSETS: | |||||||||||||||
Investments in securities, at cost | $ | – | $ | 6,287,434 | $ | 2,216,162,533 | |||||||||
Investments in Underlying Funds, at cost | 992,268,757 | – | – | ||||||||||||
Investments in securities, at value | $ | – | $ | 6,807,850 | $ | 2,605,116,410 | |||||||||
Investments in Underlying Funds, at value | 994,599,629 | – | – | ||||||||||||
Cash | – | 1 | 458 | ||||||||||||
Foreign cash, at value (cost $0, $0, $1,038,376, $4,010, $2,964, $0 and $9,512,617, respectively) | – | – | 1,046,644 | ||||||||||||
Receivables: | |||||||||||||||
Capital shares sold | 6,357,997 | 94,565 | 148,108,227 | ||||||||||||
Investment securities sold | – | 167,878 | 6,258,817 | ||||||||||||
Interest and dividends | – | 440 | 2,083,457 | ||||||||||||
From advisor (See Note 3) | – | 11,243 | – | ||||||||||||
Investments in Underlying Funds sold | 1,411,960 | – | – | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | – | – | – | ||||||||||||
Prepaid expenses and other assets | 76,662 | 63,678 | 155,741 | ||||||||||||
Total assets | 1,002,446,248 | 7,145,655 | 2,762,769,754 | ||||||||||||
LIABILITIES: | |||||||||||||||
Payables: | |||||||||||||||
Investments securities purchased | – | 314,807 | 135,000,193 | ||||||||||||
Capital shares reacquired | 6,412,783 | – | 8,302,019 | ||||||||||||
Management fee | – | 3,369 | 1,088,219 | ||||||||||||
Trustees’ fees | 170,471 | 1 | 790,430 | ||||||||||||
12b-1 distribution plan | 216,369 | 592 | 474,841 | ||||||||||||
To bank | 413,977 | – | – | ||||||||||||
Fund administration | 32,390 | 207 | 80,811 | ||||||||||||
Offering costs | – | 68,792 | – | ||||||||||||
Accrued expenses | 299,203 | 8,954 | 685,466 | ||||||||||||
Total liabilities | 7,545,193 | 396,722 | 146,421,979 | ||||||||||||
NET ASSETS | $ | 994,901,055 | $ | 6,748,933 | $ | 2,616,347,775 | |||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||
Paid-in capital | $ | 889,621,037 | $ | 6,331,082 | $ | 2,100,881,948 | |||||||||
Total distributable earnings (loss) | 105,280,018 | 417,851 | 515,465,827 | ||||||||||||
Net Assets | $ | 994,901,055 | $ | 6,748,933 | $ | 2,616,347,775 |
64 | See Notes to Financial Statements. |
Global Equity Research Fund | Global Select Equity Fund | Growth Leaders Fund | International Equity Fund | |||||||||||||||
$ | 7,191,304 | $ | 2,427,263 | $ | 3,208,643,750 | $ | 494,719,942 | |||||||||||
– | – | – | – | |||||||||||||||
$ | 7,676,127 | $ | 2,455,480 | $ | 3,800,750,188 | $ | 533,065,270 | |||||||||||
– | – | – | – | |||||||||||||||
46,539 | 41,569 | 25 | 2 | |||||||||||||||
– | – | – | – | |||||||||||||||
4,032 | 2,988 | – | 9,339,529 | |||||||||||||||
13,023 | 13,856 | 17,897,720 | 37,405 | |||||||||||||||
107,219 | 15,490 | – | 1,873,814 | |||||||||||||||
12,083 | 4,868 | 195,711 | 2,077,001 | |||||||||||||||
19,791 | 12,968 | 113,993 | 1,285 | |||||||||||||||
– | – | – | – | |||||||||||||||
– | 2,692 | – | – | |||||||||||||||
78,249 | 37,064 | 119,924 | 6,430 | |||||||||||||||
7,957,063 | 2,586,975 | 3,819,077,561 | 546,400,736 | |||||||||||||||
14,899 | – | – | – | |||||||||||||||
12,823 | – | 13,644,458 | 193,883 | |||||||||||||||
2,896 | – | 1,628,432 | 314,627 | |||||||||||||||
274 | 38 | 234,624 | 139,847 | |||||||||||||||
1,362 | 239 | 854,128 | 19,523 | |||||||||||||||
– | – | – | – | |||||||||||||||
257 | 83 | 123,699 | 17,979 | |||||||||||||||
14,707 | – | – | – | |||||||||||||||
64,058 | 21,566 | 477,768 | 317,002 | |||||||||||||||
111,276 | 21,926 | 16,963,109 | 1,002,861 | |||||||||||||||
$ | 7,845,787 | $ | 2,565,049 | $ | 3,802,114,452 | $ | 545,397,875 | |||||||||||
$ | 7,359,372 | $ | 2,567,699 | $ | 3,096,323,366 | $ | 534,832,641 | |||||||||||
486,415 | (2,650 | ) | 705,791,086 | 10,565,234 | ||||||||||||||
$ | 7,845,787 | $ | 2,565,049 | $ | 3,802,114,452 | $ | 545,397,875 |
See Notes to Financial Statements. | 65 |
Statements of Assets and Liabilities (unaudited)(continued)
April 30, 2019
Alpha Strategy Fund | Focused Growth Fund | Fundamental Equity Fund | |||||||||||||
Net assets by class: | |||||||||||||||
Class A Shares | $ | 518,138,558 | $ | 2,339,175 | $ | 1,471,363,336 | |||||||||
Class C Shares | $ | 125,047,182 | $ | 121,281 | $ | 204,628,801 | |||||||||
Class F Shares | $ | 191,238,938 | $ | 618,245 | $ | 205,486,520 | |||||||||
Class F3 Shares | $ | 35,066,134 | $ | 552,732 | $ | 22,785,547 | |||||||||
Class I Shares | $ | 86,010,923 | $ | 1,777,576 | $ | 562,907,899 | |||||||||
Class P Shares | – | – | $ | 5,107,292 | |||||||||||
Class R2 Shares | $ | 1,766,878 | – | $ | 5,068,539 | ||||||||||
Class R3 Shares | $ | 29,373,045 | $ | 11,039 | $ | 108,972,241 | |||||||||
Class R4 Shares | $ | 3,702,900 | $ | 11,046 | $ | 5,737,351 | |||||||||
Class R5 Shares | $ | 293,777 | $ | 11,053 | $ | 1,201,196 | |||||||||
Class R6 Shares | $ | 4,262,720 | $ | 1,306,786 | $ | 23,089,053 | |||||||||
Outstanding shares by class (unlimited number of authorized shares of beneficial interest): | |||||||||||||||
Class A Shares | 21,057,512 | 141,195 | 118,185,367 | ||||||||||||
Class C Shares | 6,167,861 | 7,333 | 18,587,984 | ||||||||||||
Class F Shares | 7,719,854 | 37,292 | 16,697,122 | ||||||||||||
Class F3 Shares | 1,384,906 | 33,333 | 1,811,076 | ||||||||||||
Class I Shares | 3,403,064 | 107,202 | 44,929,732 | ||||||||||||
Class P Shares | – | – | 418,248 | ||||||||||||
Class R2 Shares | 74,547 | – | 416,220 | ||||||||||||
Class R3 Shares | 1,231,972 | 666.67 | 8,920,126 | ||||||||||||
Class R4 Shares | 150,825 | 666.67 | 463,438 | ||||||||||||
Class R5 Shares | 11,620 | 666.67 | 95,833 | ||||||||||||
Class R6 Shares | 168,305 | 78,809 | 1,834,134 | ||||||||||||
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares): | |||||||||||||||
Class A Shares-Net asset value | $24.61 | $16.57 | $12.45 | ||||||||||||
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%) | $26.11 | $17.58 | $13.21 | ||||||||||||
Class C Shares-Net asset value | $20.27 | $16.54 | $11.01 | ||||||||||||
Class F Shares-Net asset value | $24.77 | $16.58 | $12.31 | ||||||||||||
Class F3 Shares-Net asset value | $25.32 | $16.58 | $12.58 | ||||||||||||
Class I Shares-Net asset value | $25.27 | $16.58 | $12.53 | ||||||||||||
Class P Shares-Net asset value | – | – | $12.21 | ||||||||||||
Class R2 Shares-Net asset value | $23.70 | – | $12.18 | ||||||||||||
Class R3 Shares-Net asset value | $23.84 | $16.56 | $12.22 | ||||||||||||
Class R4 Shares-Net asset value | $24.55 | $16.57 | $12.38 | ||||||||||||
Class R5 Shares-Net asset value | $25.28 | $16.58 | $12.53 | ||||||||||||
Class R6 Shares-Net asset value | $25.33 | $16.58 | $12.59 |
66 | See Notes to Financial Statements. |
Global Equity Research Fund | Global Select Equity Fund | Growth Leaders Fund | International Equity Fund | |||||||||||||||
$ | 3,639,900 | $ | 509,457 | $ | 997,785,864 | $ | 190,451,401 | |||||||||||
$ | 557,503 | $ | 126,833 | $ | 661,475,725 | $ | 12,286,898 | |||||||||||
$ | 1,308,601 | $ | 498,800 | $ | 1,422,287,334 | $ | 54,060,282 | |||||||||||
$ | 12,287 | $ | 499,212 | $ | 58,424,322 | $ | 4,821,085 | |||||||||||
$ | 1,236,336 | $ | 109,736 | $ | 596,566,114 | $ | 270,665,816 | |||||||||||
– | – | – | $ | 42,745 | ||||||||||||||
$ | 12,444 | – | $ | 1,396,543 | $ | 418,886 | ||||||||||||
$ | 187,368 | $ | 9,939 | $ | 14,865,992 | $ | 8,692,395 | |||||||||||
$ | 12,543 | $ | 9,957 | $ | 6,671,551 | $ | 1,118,552 | |||||||||||
$ | 12,616 | $ | 9,976 | $ | 9,482,868 | $ | 75,371 | |||||||||||
$ | 866,189 | $ | 791,139 | $ | 33,158,139 | $ | 2,764,444 | |||||||||||
322,649 | 34,302 | 34,766,690 | 14,790,994 | |||||||||||||||
49,766 | 8,555 | 24,814,640 | 958,575 | |||||||||||||||
115,853 | 33,534 | 48,722,560 | 4,222,619 | |||||||||||||||
1,086.68 | 33,563 | 1,981,961 | 370,493 | |||||||||||||||
109,426 | 7,381 | 20,310,410 | 20,838,658 | |||||||||||||||
– | – | – | 3,315 | |||||||||||||||
1,103 | – | 49,361 | 32,526 | |||||||||||||||
16,684 | 669.425 | 526,877 | 685,219 | |||||||||||||||
1,111 | 670 | 232,400 | 87,259 | |||||||||||||||
1,116 | 671 | 322,723 | 5,825 | |||||||||||||||
76,645 | 53,191 | 1,124,867 | 212,541 | |||||||||||||||
$11.28 | $14.85 | $28.70 | $12.88 | |||||||||||||||
$11.97 | $15.76 | $30.45 | $13.67 | |||||||||||||||
$11.20 | $14.83 | $26.66 | $12.82 | |||||||||||||||
$11.30 | $14.87 | $29.19 | $12.80 | |||||||||||||||
$11.31 | $14.87 | $29.48 | $13.01 | |||||||||||||||
$11.30 | $14.87 | $29.37 | $12.99 | |||||||||||||||
– | – | – | $12.89 | |||||||||||||||
$11.28 | – | $28.29 | $12.88 | |||||||||||||||
$11.23 | $14.85 | $28.22 | $12.69 | |||||||||||||||
$11.29 | $14.86 | $28.71 | $12.82 | |||||||||||||||
$11.30 | $14.87 | $29.38 | $12.94 | |||||||||||||||
$11.30 | $14.87 | $29.48 | $13.01 |
See Notes to Financial Statements. | 67 |
Statements of Assets and Liabilities (unaudited)(concluded)
April 30, 2019
International Opportunities Fund | International Value Fund | Value Opportunities Fund | |||||||||||||
ASSETS: | |||||||||||||||
Investments in securities, at cost | $ | 655,463,703 | $ | 669,633,050 | $ | 1,763,886,324 | |||||||||
Investments in securities, at fair value | $ | 631,356,908 | $ | 687,103,665 | $ | 2,188,418,880 | |||||||||
Cash | 4 | 8 | 123 | ||||||||||||
Foreign cash, at value (cost $644,651, $2,259,486 and $0, respectively) | 643,584 | 2,258,753 | – | ||||||||||||
Receivables: | |||||||||||||||
Capital shares sold | 771,164 | 3,745,532 | 879,211 | ||||||||||||
Investment securities sold | 5,363,272 | – | 28,639,811 | ||||||||||||
Interest and dividends | 1,951,546 | 4,599,090 | 670,923 | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | – | 5,224 | – | ||||||||||||
Prepaid expenses and other assets | 83,544 | 104,338 | 140,174 | ||||||||||||
Total assets | 640,170,022 | 697,816,610 | 2,218,749,122 | ||||||||||||
LIABILITIES: | |||||||||||||||
Payables: | |||||||||||||||
Investment securities purchased | 922,990 | 3,496,332 | 12,253,388 | ||||||||||||
Capital shares reacquired | 775,474 | 968,616 | 7,593,462 | ||||||||||||
Management fee | 395,314 | 418,357 | 1,303,592 | ||||||||||||
Trustees’ fees | 95,558 | 211,819 | 453,475 | ||||||||||||
12b-1 distribution plan | 67,075 | 94,556 | 336,027 | ||||||||||||
Fund administration | 21,083 | 23,014 | 72,634 | ||||||||||||
Accrued expenses | 391,719 | 459,056 | 573,121 | ||||||||||||
Total liabilities | 2,669,213 | 5,671,750 | 22,585,699 | ||||||||||||
NET ASSETS | $ | 637,500,809 | $ | 692,144,860 | $ | 2,196,163,423 | |||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||
Paid-in capital | $ | 717,476,384 | $ | 1,081,849,803 | $ | 1,663,481,165 | |||||||||
Total distributable earnings (loss) | (79,975,575 | ) | (389,704,943 | ) | 532,682,258 | ||||||||||
Net Assets | $ | 637,500,809 | $ | 692,144,860 | $ | 2,196,163,423 |
68 | See Notes to Financial Statements. |
International Opportunities Fund | International Value Fund | Value Opportunities Fund | |||||||||||||
Net assets by class: | |||||||||||||||
Class A Shares | $ | 142,003,832 | $ | 277,739,252 | $ | 844,056,810 | |||||||||
Class C Shares | $ | 28,316,154 | $ | 39,353,448 | $ | 183,291,702 | |||||||||
Class F Shares | $ | 130,839,367 | $ | 45,742,158 | $ | 261,038,609 | |||||||||
Class F3 Shares | $ | 21,321,872 | $ | 26,772,089 | $ | 304,671,993 | |||||||||
Class I Shares | $ | 233,571,463 | $ | 293,000,489 | $ | 373,791,571 | |||||||||
Class P Shares | $ | 123,343 | – | $ | 24,791,082 | ||||||||||
Class R2 Shares | $ | 3,758,201 | $ | 404,610 | $ | 7,178,024 | |||||||||
Class R3 Shares | $ | 20,996,813 | $ | 7,518,945 | $ | 72,624,277 | |||||||||
Class R4 Shares | $ | 4,427,331 | $ | 40,474 | $ | 52,013,133 | |||||||||
Class R5 Shares | $ | 19,905,268 | $ | 11,906 | $ | 2,740,317 | |||||||||
Class R6 Shares | $ | 32,237,165 | $ | 1,561,489 | $ | 69,965,905 | |||||||||
Outstanding shares by class (unlimited number of authorized shares of beneficial interest): | |||||||||||||||
Class A Shares | 9,022,095 | 39,565,107 | 45,497,437 | ||||||||||||
Class C Shares | 1,942,563 | 5,654,218 | 11,303,069 | ||||||||||||
Class F Shares | 8,402,443 | 6,488,771 | 13,759,656 | ||||||||||||
Class F3 Shares | 1,310,531 | 3,791,691 | 15,663,457 | ||||||||||||
Class I Shares | 14,414,871 | 41,462,154 | 19,317,673 | ||||||||||||
Class P Shares | 7,634 | – | 1,365,965 | ||||||||||||
Class R2 Shares | 242,914 | 56,368 | 405,249 | ||||||||||||
Class R3 Shares | 1,364,316 | 1,059,649 | 4,051,179 | ||||||||||||
Class R4 Shares | 282,438 | 5,775 | 2,807,724 | ||||||||||||
Class R5 Shares | 1,229,216 | 1,689 | 141,502 | ||||||||||||
Class R6 Shares | 1,981,301 | 221,095 | 3,599,083 | ||||||||||||
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares): | |||||||||||||||
Class A Shares-Net asset value | $15.74 | $7.02 | $18.55 | ||||||||||||
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%) | $16.70 | $7.45 | $19.68 | ||||||||||||
Class C Shares-Net asset value | $14.58 | $6.96 | $16.22 | ||||||||||||
Class F Shares-Net asset value | $15.57 | $7.05 | $18.97 | ||||||||||||
Class F3 Shares-Net asset value | $16.27 | $7.06 | $19.45 | ||||||||||||
Class I Shares-Net asset value | $16.20 | $7.07 | $19.35 | ||||||||||||
Class P Shares-Net asset value | $16.16 | – | $18.15 | ||||||||||||
Class R2 Shares-Net asset value | $15.47 | $7.18 | $17.71 | ||||||||||||
Class R3 Shares-Net asset value | $15.39 | $7.10 | $17.93 | ||||||||||||
Class R4 Shares-Net asset value | $15.68 | $7.01 | $18.53 | ||||||||||||
Class R5 Shares-Net asset value | $16.19 | $7.05 | $19.37 | ||||||||||||
Class R6 Shares-Net asset value | $16.27 | $7.06 | $19.44 |
See Notes to Financial Statements. | 69 |
Statements of Operations (unaudited)
For the Six Months Ended April 30, 2019
Alpha Strategy Fund | Focused Growth Fund | * | Fundamental Equity Fund | ||||||||||||
Investment income: | |||||||||||||||
Dividends (net of foreign withholding taxes of $0, $0, $332,541, $4,248, $1,668, $0 and $711,365, respectively) | $ | 2,976,546 | $ | 1,779 | $ | 27,998,831 | |||||||||
Interest and other | 9,589 | 601 | 179,689 | ||||||||||||
Interest earned from Interfund Lending (See Note 11) | – | – | – | ||||||||||||
Total investment income | 2,986,135 | 2,380 | 28,178,520 | ||||||||||||
Expenses: | |||||||||||||||
Management fee | 475,707 | 7,484 | 5,906,729 | ||||||||||||
12b-1 distribution plan-Class A | 608,462 | 867 | 1,738,215 | ||||||||||||
12b-1 distribution plan-Class C | 632,987 | 286 | 1,052,377 | ||||||||||||
12b-1 distribution plan-Class F | 92,830 | 141 | 107,496 | ||||||||||||
12b-1 distribution plan-Class P | – | – | 11,221 | ||||||||||||
12b-1 distribution plan-Class R2 | 5,845 | – | 11,750 | ||||||||||||
12b-1 distribution plan-Class R3 | 69,152 | 13 | 272,121 | ||||||||||||
12b-1 distribution plan-Class R4 | 4,041 | 6 | 6,602 | ||||||||||||
Shareholder servicing | 487,485 | 202 | 1,178,009 | ||||||||||||
Fund administration | 190,283 | 461 | 434,851 | ||||||||||||
Registration | 69,193 | 1,539 | 89,803 | ||||||||||||
Reports to shareholders | 59,499 | 164 | 108,542 | ||||||||||||
Professional | 22,792 | 12,406 | 35,426 | ||||||||||||
Trustees’ fees | 16,332 | 9 | 36,660 | ||||||||||||
Custody | 6,755 | 493 | 11,914 | ||||||||||||
Offering costs | – | 17,334 | – | ||||||||||||
Other | 11,869 | 2,163 | 178,030 | ||||||||||||
Gross expenses | 2,753,232 | 43,568 | 11,179,746 | ||||||||||||
Expense reductions (See Note 9) | (18,478 | ) | (33 | ) | (40,856 | ) | |||||||||
Fees waived and expenses reimbursed (See Note 3) | (475,707 | ) | (33,381 | ) | – | ||||||||||
Net expenses | 2,259,047 | 10,154 | 11,138,890 | ||||||||||||
Net investment income (loss) | 727,088 | (7,774 | ) | 17,039,630 | |||||||||||
Net realized and unrealized gain (loss): | |||||||||||||||
Capital gain distributions received from Underlying Funds | 141,088,951 | – | – | ||||||||||||
Net realized loss on investments in Underlying Funds | (18,504,495 | ) | – | – | |||||||||||
Net realized gain (loss) on investments | – | (94,791 | ) | 136,883,725 | |||||||||||
Net realized gain on futures contracts | – | – | – | ||||||||||||
Net realized gain (loss) on foreign currency exchange contracts | – | – | – | ||||||||||||
Net realized gain (loss) on foreign currency related transactions | – | – | (14,750 | ) | |||||||||||
Net change in unrealized appreciation/depreciation on investments | – | 520,416 | 8,294,510 | ||||||||||||
Net change in unrealized appreciation/depreciation in Underlying Funds | (52,516,171 | ) | – | – | |||||||||||
Net change in unrealized appreciation/depreciation on foreign currency exchange contracts | – | – | – | ||||||||||||
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies | – | – | 8,458 | ||||||||||||
Net realized and unrealized gain | 70,068,285 | 425,625 | 145,171,943 | ||||||||||||
Net Increase in Net Assets Resulting From Operations | $ | 70,795,373 | $ | 417,851 | $ | 162,211,573 |
* | For the period January 30, 2019 (commencement of operations) to April 30, 2019. |
70 | See Notes to Financial Statements. |
Global Equity Research Fund | Global Select Equity Fund | Growth Leaders Fund | International Equity Fund | |||||||||||||||
$ | 69,930 | $ | 23,778 | $ | 9,289,913 | $ | 6,112,560 | |||||||||||
1,168 | 61 | 491,316 | 24,562 | |||||||||||||||
– | – | – | 384 | |||||||||||||||
71,098 | 23,839 | 9,781,229 | 6,137,506 | |||||||||||||||
16,025 | 6,694 | 9,201,033 | 1,880,168 | |||||||||||||||
4,128 | 593 | 1,105,783 | 232,626 | |||||||||||||||
3,295 | 513 | 2,958,993 | 60,913 | |||||||||||||||
604 | 234 | 629,712 | 27,203 | |||||||||||||||
– | – | – | 90 | |||||||||||||||
34 | – | 3,925 | 1,159 | |||||||||||||||
438 | 23 | 35,923 | 21,457 | |||||||||||||||
15 | 12 | 7,833 | 1,251 | |||||||||||||||
1,625 | 936 | 1,259,351 | 236,032 | |||||||||||||||
1,424 | 446 | 696,411 | 107,438 | |||||||||||||||
67,572 | 7,718 | 134,386 | 67,702 | |||||||||||||||
3,137 | 2,002 | 133,971 | 32,527 | |||||||||||||||
27,435 | 29,678 | 43,851 | 52,470 | |||||||||||||||
118 | 38 | 56,367 | 9,165 | |||||||||||||||
17,718 | 3,868 | 21,020 | 2,484 | |||||||||||||||
– | 36,349 | – | – | |||||||||||||||
6,108 | 4,605 | 69,923 | 48,237 | |||||||||||||||
149,676 | 93,709 | 16,358,482 | 2,780,922 | |||||||||||||||
(133 | ) | (24 | ) | (60,794 | ) | (5,386 | ) | |||||||||||
(117,941 | ) | (84,199 | ) | (629,712 | ) | (95,210 | ) | |||||||||||
31,602 | 9,486 | 15,667,976 | 2,680,326 | |||||||||||||||
39,496 | 14,353 | (5,886,747 | ) | 3,457,180 | ||||||||||||||
– | – | – | – | |||||||||||||||
– | – | – | – | |||||||||||||||
(8,578 | ) | (40,492 | ) | 122,752,143 | (25,229,519 | ) | ||||||||||||
786 | – | – | – | |||||||||||||||
8 | – | – | (648 | ) | ||||||||||||||
(827 | ) | 78 | – | (185,171 | ) | |||||||||||||
609,476 | 153,097 | 393,210,549 | 63,346,417 | |||||||||||||||
– | – | – | – | |||||||||||||||
– | 2,692 | – | – | |||||||||||||||
98 | 2 | – | 19,636 | |||||||||||||||
600,963 | 115,377 | 515,962,692 | 37,950,715 | |||||||||||||||
$ | 640,459 | $ | 129,730 | $ | 510,075,945 | $ | 41,407,895 |
See Notes to Financial Statements. | 71 |
Statements of Operations (unaudited)(concluded)
For the Six Months Ended April 30, 2019
International Opportunities Fund | International Value Fund | Value Opportunities Fund | |||||||||||||
Investment income: | |||||||||||||||
Dividends (net of foreign withholding taxes of $508,880, $1,148,008 and $49,111, respectively) | $ | 6,082,951 | $ | 10,254,672 | $ | 16,933,155 | |||||||||
Interest and other | 50,554 | 83,305 | 89,302 | ||||||||||||
Total investment income | 6,133,505 | 10,337,977 | 17,022,457 | ||||||||||||
Expenses: | |||||||||||||||
Management fee | 2,548,850 | 2,432,722 | 8,126,108 | ||||||||||||
12b-1 distribution plan-Class A | 185,850 | 343,999 | 1,051,004 | ||||||||||||
12b-1 distribution plan-Class C | 148,224 | 207,120 | 975,431 | ||||||||||||
12b-1 distribution plan-Class F | 73,954 | 25,353 | 152,548 | ||||||||||||
12b-1 distribution plan-Class P | 262 | – | 54,409 | ||||||||||||
12b-1 distribution plan-Class R2 | 10,784 | 1,140 | 21,119 | ||||||||||||
12b-1 distribution plan-Class R3 | 77,698 | 18,862 | 182,246 | ||||||||||||
12b-1 distribution plan-Class R4 | 5,774 | 47 | 64,180 | ||||||||||||
Shareholder servicing | 356,565 | 250,975 | 1,168,186 | ||||||||||||
Fund administration | 135,939 | 139,013 | 454,294 | ||||||||||||
Registration | 102,317 | 83,676 | 94,900 | ||||||||||||
Reports to shareholders | 44,858 | 41,174 | 180,751 | ||||||||||||
Professional | 40,311 | 44,633 | 99,606 | ||||||||||||
Trustees’ fees | 12,505 | 12,099 | 41,807 | ||||||||||||
Custody | 79,778 | 6,328 | 17,992 | ||||||||||||
Interest paid from Interfund Lending (See Note 11) | – | – | 3,650 | ||||||||||||
Other | 58,669 | 56,758 | 60,585 | ||||||||||||
Gross expenses | 3,882,338 | 3,663,899 | 12,748,816 | ||||||||||||
Expense reductions (See Note 9) | (8,845 | ) | (8,143 | ) | (34,185 | ) | |||||||||
Fees waived and expenses reimbursed (See Note 3) | – | (140,178 | ) | – | |||||||||||
Net expenses | 3,873,493 | 3,515,578 | 12,714,631 | ||||||||||||
Net investment income | 2,260,012 | 6,822,399 | 4,307,826 | ||||||||||||
Net realized and unrealized gain (loss): | |||||||||||||||
Net realized gain (loss) on investments | (53,516,575 | ) | (8,183,553 | ) | 110,855,346 | ||||||||||
Net realized loss on foreign currency exchange contracts | (12,804 | ) | (260 | ) | – | ||||||||||
Net realized loss on foreign currency related transactions | (320,248 | ) | (34,503 | ) | – | ||||||||||
Net change in unrealized appreciation/depreciation on investments | 80,261,257 | 36,571,098 | (23,670,137 | ) | |||||||||||
Net change in unrealized appreciation/depreciation on foreign currency exchange contracts | – | 5,224 | – | ||||||||||||
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies | 395,955 | (16,778 | ) | – | |||||||||||
Net realized and unrealized gain | 26,807,585 | 28,341,228 | 87,185,209 | ||||||||||||
Net Increase in Net Assets Resulting From Operations | $ | 29,067,597 | $ | 35,163,627 | $ | 91,493,035 |
72 | See Notes to Financial Statements. |
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73
Statements of Changes in Net Assets
Alpha Strategy Fund | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | For the Six Months Ended April 30, 2019 (unaudited) | For the Year Ended October 31, 2018 | ||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 727,088 | $ | (2,575,286 | ) | |||||
Capital gain distributions received from Underlying Funds | 141,088,951 | 78,619,679 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | – | – | ||||||||
Net realized gain (loss) on investments in Underlying Funds | (18,504,495 | ) | 42,939,479 | |||||||
Net change in unrealized appreciation/depreciation on investments in Underlying Funds | (52,516,171 | ) | (80,009,872 | ) | ||||||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | – | – | ||||||||
Net increase in net assets resulting from operations | 70,795,373 | 38,974,000 | ||||||||
Distributions to shareholders: | ||||||||||
Class A | (64,320,004 | ) | (54,348,075 | ) | ||||||
Class B | – | (139,024 | ) | |||||||
Class C | (18,964,806 | ) | (27,631,213 | ) | ||||||
Class F | (25,648,079 | ) | (24,159,500 | ) | ||||||
Class F3 | (4,274,550 | ) | (3,752,805 | ) | ||||||
Class I | (10,723,289 | ) | (10,054,757 | ) | ||||||
Class P | – | – | ||||||||
Class R2 | (237,992 | ) | (330,799 | ) | ||||||
Class R3 | (3,664,779 | ) | (3,558,134 | ) | ||||||
Class R4 | (401,776 | ) | (230,724 | ) | ||||||
Class R5 | (40,519 | ) | (9,146 | ) | ||||||
Class R6 | (516,083 | ) | (425,823 | ) | ||||||
Total distributions to shareholders | (128,791,877 | ) | (124,640,000 | ) | ||||||
Capital share transactions (Net of share conversions) (See Note 15): | ||||||||||
Net proceeds from sales of shares | 82,095,083 | 170,851,508 | ||||||||
Net proceeds from reorganizations (See Note 16) | – | – | ||||||||
Reinvestment of distributions | 110,704,653 | 107,898,519 | ||||||||
Cost of shares reacquired | (152,510,684 | ) | (310,966,084 | ) | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | 40,289,052 | (32,216,057 | ) | |||||||
Net increase (decrease) in net assets | (17,707,452 | ) | (117,882,057 | ) | ||||||
NET ASSETS: | ||||||||||
Beginning of period | $ | 1,012,608,507 | $ | 1,130,490,564 | ||||||
End of period | $ | 994,901,055 | $ | 1,012,608,507 | ||||||
* For the period January 30, 2019 (commencement of operations) to April 30, 2019. |
74 | See Notes to Financial Statements. |
Focused Growth Fund | Fundamental Equity Fund | ||||||||||||
For the period Ended April 30, 2019* (unaudited) | For the Six Months Ended April 30, 2019 (unaudited) | For the Year Ended October 31, 2018 | |||||||||||
$ | (7,774 | ) | $ | 17,039,630 | $ | 28,112,942 | |||||||
– | – | – | |||||||||||
(94,791 | ) | 136,868,975 | 166,070,044 | ||||||||||
– | – | – | |||||||||||
– | – | – | |||||||||||
520,416 | 8,302,968 | (133,647,835 | ) | ||||||||||
417,851 | 162,211,573 | 60,535,151 | |||||||||||
– | (123,304,286 | ) | (178,541,424 | ) | |||||||||
– | – | (436,747 | ) | ||||||||||
– | (19,708,286 | ) | (52,320,308 | ) | |||||||||
– | (21,587,807 | ) | (33,358,921 | ) | |||||||||
– | (1,772,318 | ) | (2,397,983 | ) | |||||||||
– | (8,065,892 | ) | (18,278,709 | ) | |||||||||
– | (460,530 | ) | (807,264 | ) | |||||||||
– | (293,042 | ) | (920,198 | ) | |||||||||
– | (9,723,337 | ) | (16,621,041 | ) | |||||||||
– | (447,256 | ) | (504,705 | ) | |||||||||
– | (71,449 | ) | (123,158 | ) | |||||||||
– | (1,511,589 | ) | (750,508 | ) | |||||||||
– | (186,945,792 | ) | (305,060,966 | ) | |||||||||
6,346,773 | 239,041,430 | 202,750,220 | |||||||||||
– | 423,880,340 | – | |||||||||||
– | 172,204,658 | 280,805,394 | |||||||||||
(15,691 | ) | (383,071,599 | ) | (708,459,101 | ) | ||||||||
6,331,082 | 452,054,829 | (224,903,487 | ) | ||||||||||
6,748,933 | 427,320,610 | (469,429,302 | ) | ||||||||||
$ | – | $ | 2,189,027,165 | $ | 2,658,456,467 | ||||||||
$ | 6,748,933 | $ | 2,616,347,775 | $ | 2,189,027,165 |
See Notes to Financial Statements. | 75 |
Statements of Changes in Net Assets (continued)
Global Equity Research Fund | ||||||||||
INCREASE IN NET ASSETS | For the Six Months Ended April 30, 2019 (unaudited) | For the Year Ended October 31, 2018 | ||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 39,496 | $ | 46,510 | ||||||
Net realized gain (loss) on investments, futures contracts, forward currency exchange contracts and foreign currency related transactions | (8,611 | ) | 250,326 | |||||||
Net change in unrealized appreciation/depreciation on investments, forward currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | 609,574 | (445,736 | ) | |||||||
Net increase (decrease) in net assets resulting from operations | 640,459 | (148,900 | ) | |||||||
Distributions to shareholders: | ||||||||||
Class A | (143,844 | ) | (91,803 | ) | ||||||
Class B | – | – | ||||||||
Class C | (27,294 | ) | (18,120 | ) | ||||||
Class F | (57,059 | ) | (66,057 | ) | ||||||
Class F3 | (551 | ) | (644 | ) | ||||||
Class I | (55,069 | ) | (64,739 | ) | ||||||
Class R2 | (487 | ) | (599 | ) | ||||||
Class R3 | (8,047 | ) | (609 | ) | ||||||
Class R4 | (530 | ) | (635 | ) | ||||||
Class R5 | (562 | ) | (660 | ) | ||||||
Class R6 | (27,363 | ) | (662 | ) | ||||||
Class T | – | – | ||||||||
Total distributions to shareholders | (320,806 | ) | (244,528 | ) | ||||||
Capital share transactions (See Note 15): | ||||||||||
Net proceeds from sales of shares | 1,138,103 | 2,764,198 | ||||||||
Reinvestment of distributions | 293,134 | 244,327 | ||||||||
Cost of shares reacquired | (515,301 | ) | (392,058 | ) | ||||||
Net increase in net assets resulting from capital share transactions | 915,936 | 2,616,467 | ||||||||
Net increase in net assets | 1,235,589 | 2,223,039 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | $ | 6,610,198 | $ | 4,387,159 | ||||||
End of period | $ | 7,845,787 | $ | 6,610,198 | ||||||
* For the period July 30, 2018 (commencement of operations) to October 31, 2018. |
76 | See Notes to Financial Statements. |
Global Select Equity Fund | Growth Leaders Fund | |||||||||||||
For the Six Months Ended April 30, 2019 (unaudited) | For the Period Ended October 31, 2018* | For the Six Months Ended April 30, 2019 (unaudited) | For the Year Ended October 31, 2018 | |||||||||||
$ | 14,353 | $ | 6,518 | $ | (5,886,747 | ) | $ | (15,769,935 | ) | |||||
(40,414 | ) | (3,288 | ) | 122,752,143 | 575,041,475 | |||||||||
155,791 | (124,880 | ) | 393,210,549 | (276,161,128 | ) | |||||||||
129,730 | (121,650 | ) | 510,075,945 | 283,110,412 | ||||||||||
(2,512 | ) | – | (139,466,357 | ) | (47,438,304 | ) | ||||||||
– | – | – | (38,213 | ) | ||||||||||
(178 | ) | – | (98,074,145 | ) | (34,566,934 | ) | ||||||||
(2,643 | ) | – | (197,323,551 | ) | (60,807,764 | ) | ||||||||
(3,023 | ) | – | (7,037,899 | ) | (1,206,692 | ) | ||||||||
(627 | ) | – | (106,192,456 | ) | (45,292,112 | ) | ||||||||
– | – | (212,191 | ) | (115,744 | ) | |||||||||
(36 | ) | – | (2,381,926 | ) | (849,982 | ) | ||||||||
(47 | ) | – | (985,529 | ) | (312,085 | ) | ||||||||
(57 | ) | – | (1,325,658 | ) | (359,518 | ) | ||||||||
(3,364 | ) | – | (4,060,630 | ) | (1,316,788 | ) | ||||||||
– | – | – | (676 | ) | ||||||||||
(12,487 | ) | – | (557,060,342 | ) | (192,304,812 | ) | ||||||||
301,366 | 2,255,944 | 540,319,104 | 1,741,339,885 | |||||||||||
12,146 | – | 507,905,309 | 175,226,655 | |||||||||||
– | – | (814,661,251 | ) | (1,141,714,475 | ) | |||||||||
313,512 | 2,255,944 | 233,563,162 | 774,852,065 | |||||||||||
430,755 | 2,134,294 | 186,578,765 | 865,657,665 | |||||||||||
$ | 2,134,294 | $ | – | $ | 3,615,535,687 | $ | 2,749,878,022 | |||||||
$ | 2,565,049 | $ | 2,134,294 | $ | 3,802,114,452 | $ | 3,615,535,687 |
See Notes to Financial Statements. | 77 |
Statements of Changes in Net Assets (continued)
International Equity Fund | ||||||||||
DECREASE IN NET ASSETS | For the Six Months Ended April 30, 2019 (unaudited) | For the Year Ended October 31, 2018 | ||||||||
Operations: | ||||||||||
Net investment income | $ | 3,457,180 | $ | 10,384,478 | ||||||
Net realized gain (loss) on investments, forward currency exchange contracts and foreign currency related transactions | (25,415,338 | ) | 5,937,371 | |||||||
Net change in unrealized appreciation/depreciation on investments, forward currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | 63,366,053 | (98,282,645 | ) | |||||||
Net increase (decrease) in net assets resulting from operations | 41,407,895 | (81,960,796 | ) | |||||||
Distributions to shareholders: | ||||||||||
Class A | (3,896,951 | ) | (4,679,235 | ) | ||||||
Class B | – | – | ||||||||
Class C | (107,428 | ) | (313,590 | ) | ||||||
Class F | (1,270,319 | ) | (1,317,661 | ) | ||||||
Class F3 | (112,288 | ) | (129,945 | ) | ||||||
Class I | (6,366,583 | ) | (6,383,141 | ) | ||||||
Class P | (706 | ) | (1,601 | ) | ||||||
Class R2 | (5,758 | ) | (10,881 | ) | ||||||
Class R3 | (155,667 | ) | (218,531 | ) | ||||||
Class R4 | (20,580 | ) | (13,032 | ) | ||||||
Class R5 | (1,612 | ) | (1,577 | ) | ||||||
Class R6 | (61,964 | ) | (68,783 | ) | ||||||
Total distributions to shareholders | (11,999,856 | ) | (13,137,977 | ) | ||||||
Capital share transactions (See Note 15): | ||||||||||
Net proceeds from sales of shares | 11,834,058 | 175,186,568 | ||||||||
Reinvestment of distributions | 11,810,501 | 12,682,291 | ||||||||
Cost of shares reacquired | (68,458,093 | ) | (179,204,294 | ) | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | (44,813,534 | ) | 8,664,565 | |||||||
Net decrease in net assets | (15,405,495 | ) | (86,434,208 | ) | ||||||
NET ASSETS: | ||||||||||
Beginning of period | $ | 560,803,370 | $ | 647,237,578 | ||||||
End of period | $ | 545,397,875 | $ | 560,803,370 |
78 | See Notes to Financial Statements. |
International Opportunities Fund | International Value Fund | |||||||||||||
For the Six Months Ended April 30, 2019 (unaudited) | For the Year Ended October 31, 2018 | For the Six Months Ended April 30, 2019 (unaudited) | For the Year Ended October 31, 2018 | |||||||||||
$ | 2,260,012 | $ | 7,729,541 | $ | 6,822,399 | $ | 26,873,176 | |||||||
(53,849,627 | ) | 64,782,266 | (8,218,316 | ) | 40,519,670 | |||||||||
80,657,212 | (232,285,224 | ) | 36,559,544 | (132,020,658 | ) | |||||||||
29,067,597 | (159,773,417 | ) | 35,163,627 | (64,627,812 | ) | |||||||||
(16,618,071 | ) | (8,565,992 | ) | (2,645,561 | ) | (10,362,740 | ) | |||||||
– | (12,436 | ) | – | – | ||||||||||
(3,197,539 | ) | (1,768,236 | ) | (228,923 | ) | (1,299,566 | ) | |||||||
(17,138,682 | ) | (11,528,641 | ) | (502,293 | ) | (2,216,676 | ) | |||||||
(2,259,887 | ) | (866,529 | ) | (287,874 | ) | (990,322 | ) | |||||||
(23,771,222 | ) | (12,449,194 | ) | (3,150,398 | ) | (12,464,654 | ) | |||||||
(11,144 | ) | (9,228 | ) | – | – | |||||||||
(371,090 | ) | (214,547 | ) | (2,997 | ) | (10,976 | ) | |||||||
(3,678,989 | ) | (423,380 | ) | (61,678 | ) | (252,604 | ) | |||||||
(494,086 | ) | (171,692 | ) | (379 | ) | (1,016 | ) | |||||||
(3,884,423 | ) | (183,657 | ) | (116 | ) | (350 | ) | |||||||
(3,869,296 | ) | (782,855 | ) | (17,297 | ) | (71,153 | ) | |||||||
(75,294,429 | ) | (36,976,387 | ) | (6,897,516 | ) | (27,670,057 | ) | |||||||
81,584,641 | 541,256,876 | 42,010,632 | 136,932,956 | |||||||||||
68,420,444 | 32,872,435 | 6,698,216 | 26,450,831 | |||||||||||
(256,394,635 | ) | (389,554,615 | ) | (123,047,559 | ) | (378,504,562 | ) | |||||||
(106,389,550 | ) | 184,574,696 | (74,338,711 | ) | (215,120,775 | ) | ||||||||
(152,616,382 | ) | (12,175,108 | ) | (46,072,600 | ) | (307,418,644 | ) | |||||||
$ | 790,117,191 | $ | 802,292,299 | $ | 738,217,460 | $ | 1,045,636,104 | |||||||
$ | 637,500,809 | $ | 790,117,191 | $ | 692,144,860 | $ | 738,217,460 |
See Notes to Financial Statements. | 79 |
Statements of Changes in Net Assets (concluded)
Value Opportunities Fund | ||||||||||
DECREASE IN NET ASSETS | For the Six Months Ended April 30, 2019 (unaudited) | For the Year Ended October 31, 2018 | ||||||||
Operations: | ||||||||||
Net investment income | $ | 4,307,826 | $ | 3,183,884 | ||||||
Net realized gain on investments | 110,855,346 | 280,425,928 | ||||||||
Net change in unrealized appreciation/depreciation on investments | (23,670,137 | ) | (268,814,305 | ) | ||||||
Net increase in net assets resulting from operations | 91,493,035 | 14,795,507 | ||||||||
Distributions to shareholders: | ||||||||||
Class A | (82,769,526 | ) | (61,341,762 | ) | ||||||
Class B | – | (137,223 | ) | |||||||
Class C | (22,544,150 | ) | (22,036,489 | ) | ||||||
Class F | (34,047,751 | ) | (28,310,534 | ) | ||||||
Class F3 | (29,372,410 | ) | (19,249,715 | ) | ||||||
Class I | (39,402,345 | ) | (42,850,788 | ) | ||||||
Class P | (2,324,620 | ) | (2,002,032 | ) | ||||||
Class R2 | (696,446 | ) | (574,421 | ) | ||||||
Class R3 | (7,151,640 | ) | (5,401,401 | ) | ||||||
Class R4 | (4,905,199 | ) | (3,832,619 | ) | ||||||
Class R5 | (168,860 | ) | (302,820 | ) | ||||||
Class R6 | (8,231,370 | ) | (6,233,868 | ) | ||||||
Class T | – | (637 | ) | |||||||
Total distributions to shareholders | (231,614,317 | ) | (192,274,309 | ) | ||||||
Capital share transactions (See Note 15): | ||||||||||
Net proceeds from sales of shares | 140,049,791 | 783,147,767 | ||||||||
Reinvestment of distributions | 219,865,689 | 182,370,843 | ||||||||
Cost of shares reacquired | (604,917,208 | ) | (1,397,013,291 | ) | ||||||
Net decrease in net assets resulting from capital share transactions | (245,001,728 | ) | (431,494,681 | ) | ||||||
Net decrease in net assets | (385,123,010 | ) | (608,973,483 | ) | ||||||
NET ASSETS: | ||||||||||
Beginning of period | $ | 2,581,286,433 | $ | 3,190,259,916 | ||||||
End of period | $ | 2,196,163,423 | $ | 2,581,286,433 |
80 | See Notes to Financial Statements. |
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81
ALPHA STRATEGY FUND
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Distributions to | ||||||||||||||||||||||||||||
Investment Operations: | 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 | ||||||||||||||||||||||||||||
4/30/2019(c) | $26.62 | $ 0.02 | $1.39 | $ 1.41 | $(0.26 | ) | $(3.16 | ) | $(3.42 | ) | ||||||||||||||||||
10/31/2018 | 28.92 | (0.05 | ) | 0.93 | 0.88 | – | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2019(c) | 22.43 | (0.05 | ) | 1.08 | 1.03 | (0.03 | ) | (3.16 | ) | (3.19 | ) | |||||||||||||||||
10/31/2018 | 25.03 | (0.21 | ) | 0.79 | 0.58 | – | (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 | ) | |||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2019(c) | 26.80 | 0.04 | 1.39 | 1.43 | (0.30 | ) | (3.16 | ) | (3.46 | ) | ||||||||||||||||||
10/31/2018 | 29.06 | – | (f) | 0.92 | 0.92 | – | (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 | ) | ||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2019(c) | 27.32 | 0.06 | 1.44 | 1.50 | (0.34 | ) | (3.16 | ) | (3.50 | ) | ||||||||||||||||||
10/31/2018 | 29.52 | 0.05 | 0.93 | 0.98 | – | (3.18 | ) | (3.18 | ) | |||||||||||||||||||
4/4/2017 to 10/31/2017(g) | 26.15 | (0.01 | ) | 3.38 | 3.37 | – | – | – | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2019(c) | 27.29 | 0.05 | 1.42 | 1.47 | (0.33 | ) | (3.16 | ) | (3.49 | ) | ||||||||||||||||||
10/31/2018 | 29.50 | 0.02 | 0.95 | 0.97 | – | (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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
4/30/2019(c) | 25.65 | (0.02 | ) | 1.34 | 1.32 | (0.11 | ) | (3.16 | ) | (3.27 | ) | |||||||||||||||||
10/31/2018 | 28.07 | (0.13 | ) | 0.89 | 0.76 | – | (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 | ) |
82 | See Notes to Financial Statements. |
Ratios to Average Net Assets:(i) | Supplemental Data: | |||||||||||||||||||||||||
Net | Total | Total | Total | Net | Net | Portfolio | ||||||||||||||||||||
$24.61 | 8.16 | (d) | 0.43 | (e) | 0.53 | (e) | 0.19 | (e) | $518,139 | 10 | (d) | |||||||||||||||
26.62 | 3.11 | 0.42 | 0.52 | (0.17 | ) | 508,472 | 8 | |||||||||||||||||||
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 | ||||||||||||||||||||
20.27 | 7.73 | (d) | 1.18 | (e) | 1.28 | (e) | (0.54 | )(e) | 125,047 | 10 | (d) | |||||||||||||||
22.43 | 2.31 | 1.17 | 1.27 | (0.87 | ) | 140,681 | 8 | |||||||||||||||||||
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 | |||||||||||||||||||
24.77 | 8.21 | 0.29 | (e) | 0.39 | (e) | 0.36 | (e) | 191,239 | 10 | (d) | ||||||||||||||||
26.80 | 3.25 | 0.27 | 0.37 | (0.01 | ) | 204,245 | 8 | |||||||||||||||||||
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 | ||||||||||||||||||||
25.32 | 8.34 | (d) | 0.09 | (e) | 0.19 | (e) | 0.52 | (e) | 35,066 | 10 | (d) | |||||||||||||||
27.32 | 3.42 | 0.09 | 0.19 | 0.17 | 33,677 | 8 | ||||||||||||||||||||
29.52 | 12.89 | 0.09 | (e) | 0.19 | (e) | (0.08 | )(e) | 34,672 | 6 | |||||||||||||||||
25.27 | 8.24 | (d) | 0.18 | (e) | 0.28 | (e) | 0.44 | (e) | 86,011 | 10 | (d) | |||||||||||||||
27.29 | 3.38 | 0.17 | 0.27 | 0.08 | 87,441 | 8 | ||||||||||||||||||||
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 | ||||||||||||||||||||
23.70 | 7.94 | 0.79 | (e) | 0.89 | (e) | (0.17 | )(e) | 1,767 | 10 | (d) | ||||||||||||||||
25.65 | 2.75 | 0.77 | 0.87 | (0.49 | ) | 2,531 | 8 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 83 |
Financial Highlights (concluded)
ALPHA STRATEGY FUND
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Distributions to | ||||||||||||||||||||||||||||
Investment Operations: | shareholders from: | |||||||||||||||||||||||||||
Net asset | Net | Net | Total | Net | Net | Total | ||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2019(c) | $25.86 | $(0.01 | ) | $ 1.34 | $ 1.33 | $(0.19 | ) | $(3.16 | ) | $(3.35 | ) | |||||||||||||||||
10/31/2018 | 28.25 | (0.11 | ) | 0.90 | 0.79 | – | (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 | ) | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2019(c) | 26.58 | 0.02 | 1.38 | 1.40 | (0.27 | ) | (3.16 | ) | (3.43 | ) | ||||||||||||||||||
10/31/2018 | 28.88 | (0.06 | ) | 0.94 | 0.88 | – | (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(h) | 31.87 | (0.03 | ) | (2.05 | ) | (2.08 | ) | – | – | – | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2019(c) | 27.30 | 0.06 | 1.41 | 1.47 | (0.33 | ) | (3.16 | ) | (3.49 | ) | ||||||||||||||||||
10/31/2018 | 29.52 | 0.02 | 0.94 | 0.96 | – | (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(h) | 32.28 | – | (f) | (2.08 | ) | (2.08 | ) | – | – | – | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
4/30/2019(c) | 27.33 | 0.06 | 1.44 | 1.50 | (0.34 | ) | (3.16 | ) | (3.50 | ) | ||||||||||||||||||
10/31/2018 | 29.52 | 0.05 | 0.94 | 0.99 | – | (3.18 | ) | (3.18 | ) | |||||||||||||||||||
10/31/2017 | 26.34 | (0.01 | ) | 6.12 | 6.11 | – | (2.93 | ) | (2.93 | ) | ||||||||||||||||||
10/31/2016 | 30.20 | – | (f) | 0.23 | 0.23 | (0.27 | ) | (3.82 | ) | (4.09 | ) | |||||||||||||||||
6/30/2015 to 10/31/2015(h) | 32.28 | – | (f) | (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) | Annualized. |
(f) | Amount less than $0.01. |
(g) | Commenced on April 4, 2017. |
(h) | Commenced on June 30, 2015. |
(i) | Does not include expenses of the Underlying Funds in which the Fund invests. |
84 | See Notes to Financial Statements. |
Ratios to Average Net Assets:(i) | Supplemental Data: | |||||||||||||||||||||||||
Net | Total | Total | Total | Net | Net | Portfolio | ||||||||||||||||||||
$23.84 | 8.01 | (d) | 0.68 | (e) | 0.78 | (d) | (0.07 | )(e) | $29,373 | 10 | (d) | |||||||||||||||
25.86 | 2.84 | 0.67 | 0.77 | (0.40 | ) | 28,601 | 8 | |||||||||||||||||||
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 | |||||||||||||||||||
24.55 | 8.12 | (d) | 0.43 | (e) | 0.53 | (e) | 0.15 | (e) | 3,703 | 10 | (d) | |||||||||||||||
26.58 | 3.12 | 0.42 | 0.52 | (0.22 | ) | 3,236 | 8 | |||||||||||||||||||
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 | ) | 0.25 | (e) | 0.53 | (e) | (0.25 | )(e) | 9 | 8 | ||||||||||||||||
25.28 | 8.25 | (d) | 0.19 | (e) | 0.28 | (e) | 0.54 | (e) | 294 | 10 | (d) | |||||||||||||||
27.30 | 3.34 | 0.17 | 0.27 | 0.06 | 106 | 8 | ||||||||||||||||||||
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 | ) | 0.00 | (e) | 0.28 | (e) | 0.00 | (e) | 9 | 8 | ||||||||||||||||
25.33 | 8.34 | (d) | 0.09 | (e) | 0.19 | (e) | 0.53 | (e) | 4,263 | 10 | (d) | |||||||||||||||
27.33 | 3.45 | 0.08 | 0.19 | 0.17 | 3,619 | 8 | ||||||||||||||||||||
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 | ) | 0.00 | (e) | 0.12 | (e) | 0.03 | (e) | 9 | 8 |
See Notes to Financial Statements. | 85 |
Financial Highlights
FOCUSED GROWTH FUND
Per Share Operating Performance: | ||||||||||||||||||||||||
Distributions to | ||||||||||||||||||||||||
Investment Operations: | shareholders from: | |||||||||||||||||||||||
Net asset value, beginning of period | Net | Net | Total | Net | Total return (%)(b)(c) | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
1/30/2019 to 4/30/2019(e)(f) | $10.00 | $(0.03 | ) | $6.60 | $6.57 | $16.57 | 10.47 | |||||||||||||||||
Class C | ||||||||||||||||||||||||
1/30/2019 to 4/30/2019(e)(f) | 10.00 | (0.06 | ) | 6.60 | 6.54 | 16.54 | 10.27 | |||||||||||||||||
Class F | ||||||||||||||||||||||||
1/30/2019 to 4/30/2019(e)(f) | 10.00 | (0.02 | ) | 6.60 | 6.58 | 16.58 | 10.53 | |||||||||||||||||
Class F3 | ||||||||||||||||||||||||
1/30/2019 to 4/30/2019(e)(f) | 10.00 | (0.02 | ) | 6.60 | 6.58 | 16.58 | 10.53 | |||||||||||||||||
Class I | ||||||||||||||||||||||||
1/30/2019 to 4/30/2019(e)(f) | 10.00 | (0.03 | ) | 6.61 | 6.58 | 16.58 | 10.53 | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||
1/30/2019 to 4/30/2019(e)(f) | 10.00 | (0.04 | ) | 6.60 | 6.56 | 16.56 | 10.40 | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||
1/30/2019 to 4/30/2019(e)(f) | 10.00 | (0.03 | ) | 6.60 | 6.57 | 16.57 | 10.47 | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||
1/30/2019 to 4/30/2019(e)(f) | 10.00 | (0.02 | ) | 6.60 | 6.58 | 16.58 | 10.53 | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||
1/30/2019 to 4/30/2019(e)(f) | 10.00 | (0.02 | ) | 6.60 | 6.58 | 16.58 | 10.53 |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Commenced on January 30, 2019. |
(f) | Unaudited. |
86 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||
Total expenses after waivers and/or reimburse- ments (%)(d) | Total expenses (%)(d) | Net invest- ment income (loss) (%)(d) | Net assets, end of period (000) | Portfolio turnover rate (%)(c) | ||||||||||||||
1.05 | 3.68 | (0.86 | ) | $2,339 | 58 | |||||||||||||
1.80 | 5.02 | (1.50 | ) | 121 | 58 | |||||||||||||
0.80 | 4.07 | (0.51 | ) | 618 | 58 | |||||||||||||
0.73 | 4.01 | (0.43 | ) | 553 | 58 | |||||||||||||
0.80 | 3.46 | (0.65 | ) | 1,778 | 58 | |||||||||||||
1.30 | 4.52 | (1.03 | ) | 11 | 58 | |||||||||||||
1.05 | 4.26 | (0.77 | ) | 11 | 58 | |||||||||||||
0.80 | 4.00 | (0.54 | ) | 11 | 58 | |||||||||||||
0.73 | 3.66 | (0.49 | ) | 1,307 | 58 |
See Notes to Financial Statements. | 87 |
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 | ||||||||||||||||||||||||||||
4/30/2019(c) | $12.64 | $ 0.09 | $0.81 | $0.90 | $(0.18 | ) | $(0.91 | ) | $(1.09 | ) | ||||||||||||||||||
10/31/2018 | 13.99 | 0.16 | 0.10 | 0.26 | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2019(c) | 11.22 | 0.04 | 0.71 | 0.75 | (0.05 | ) | (0.91 | ) | (0.96 | ) | ||||||||||||||||||
10/31/2018 | 12.58 | 0.06 | 0.08 | 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 | – | (f) | (2.77 | ) | (2.77 | ) | ||||||||||||||||||
10/31/2014 | 15.83 | (0.03 | ) | 1.56 | 1.53 | – | (2.53 | ) | (2.53 | ) | ||||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2019(c) | 12.52 | 0.10 | 0.80 | 0.90 | (0.20 | ) | (0.91 | ) | (1.11 | ) | ||||||||||||||||||
10/31/2018 | 13.87 | 0.18 | 0.10 | 0.28 | (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 | ) | ||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2019(c) | 12.78 | 0.12 | 0.80 | 0.92 | (0.21 | ) | (0.91 | ) | (1.12 | ) | ||||||||||||||||||
10/31/2018 | 14.12 | 0.21 | 0.09 | 0.30 | (0.21 | ) | (1.43 | ) | (1.64 | ) | ||||||||||||||||||
4/4/2017 to 10/31/2017(g) | 13.24 | 0.11 | 0.77 | 0.88 | – | – | – | |||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2019(c) | 12.73 | 0.11 | 0.81 | 0.92 | (0.21 | ) | (0.91 | ) | (1.12 | ) | ||||||||||||||||||
10/31/2018 | 14.09 | 0.19 | 0.09 | 0.28 | (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 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
4/30/2019(c) | 12.40 | 0.08 | 0.78 | 0.86 | (0.14 | ) | (0.91 | ) | (1.05 | ) | ||||||||||||||||||
10/31/2018 | 13.74 | 0.13 | 0.09 | 0.22 | (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 | ) |
88 | 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 (%) | |||||||||||||||||
$12.45 | 7.83 | (d) | 0.99 | (e) | 1.60 | (e) | $1,471,363 | 57 | (d) | |||||||||||||
12.64 | 1.99 | 0.96 | 1.22 | 1,446,816 | 92 | |||||||||||||||||
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 | |||||||||||||||||
11.01 | 7.42 | (d) | 1.74 | (e) | 0.87 | (e) | 204,629 | 57 | (d) | |||||||||||||
11.22 | 1.21 | 1.71 | 0.48 | 232,937 | 92 | |||||||||||||||||
12.58 | 16.63 | 1.71 | 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 | ||||||||||||||||
12.31 | 7.92 | (d) | 0.84 | (e) | 1.78 | (e) | 205,487 | 57 | (d) | |||||||||||||
12.52 | 2.17 | 0.81 | 1.38 | 247,704 | 92 | |||||||||||||||||
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 | |||||||||||||||||
12.58 | 7.98 | (d) | 0.64 | (e) | 1.95 | (e) | 22,786 | 57 | (d) | |||||||||||||
12.78 | 2.36 | 0.62 | 1.57 | 20,270 | 92 | |||||||||||||||||
14.12 | 6.65 | (d) | 0.62 | (e) | 1.42 | (e) | 20,497 | 96 | ||||||||||||||
12.53 | 7.98 | (d) | 0.72 | (e) | 1.87 | (e) | 562,908 | 57 | (d) | |||||||||||||
12.73 | 2.19 | 0.71 | 1.48 | 92,508 | 92 | |||||||||||||||||
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 | |||||||||||||||||
12.21 | 7.68 | (d) | 1.19 | (e) | 1.40 | (e) | 5,107 | 57 | (d) | |||||||||||||
12.40 | 1.77 | 1.16 | 1.02 | 5,648 | 92 | |||||||||||||||||
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 |
See Notes to Financial Statements. | 89 |
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 | ||||||||||||||||||||||||||||
4/30/2019(c) | $12.33 | $0.07 | $ 0.79 | $ 0.86 | $(0.10 | ) | $(0.91 | ) | $(1.01 | ) | ||||||||||||||||||
10/31/2018 | 13.68 | 0.11 | 0.10 | 0.21 | (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 | – | (f) | (2.53 | ) | (2.53 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2019(c) | 12.40 | 0.08 | 0.79 | 0.87 | (0.14 | ) | (0.91 | ) | (1.05 | ) | ||||||||||||||||||
10/31/2018 | 13.75 | 0.12 | 0.10 | 0.22 | (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 | ) | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2019(c) | 12.58 | 0.09 | 0.80 | 0.89 | (0.18 | ) | (0.91 | ) | (1.09 | ) | ||||||||||||||||||
10/31/2018 | 13.94 | 0.16 | 0.10 | 0.26 | (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 | ||||||||||||||||||||||||||||
4/30/2019(c) | 12.74 | 0.11 | 0.80 | 0.91 | (0.21 | ) | (0.91 | ) | (1.12 | ) | ||||||||||||||||||
10/31/2018 | 14.09 | 0.19 | 0.10 | 0.29 | (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 | ||||||||||||||||||||||||||||
4/30/2019(c) | 12.79 | 0.11 | 0.81 | 0.92 | (0.21 | ) | (0.91 | ) | (1.12 | ) | ||||||||||||||||||
10/31/2018 | 14.12 | 0.21 | 0.10 | 0.31 | (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) | Annualized. |
(f) | Amount less than $0.01. |
(g) | Commenced on April 4, 2017. |
(h) | Commenced on June 30, 2015. |
90 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
Net asset value, end of period | Total return (%)(b) | Total expenses (%) | Net invest- ment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
$12.18 | 7.64 | (d) | 1.33 | (e) | 1.21 | (e) | $ 5,069 | 57 | (d) | |||||||||||||
12.33 | 1.64 | 1.31 | 0.88 | 3,587 | 92 | |||||||||||||||||
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 | |||||||||||||||||
12.22 | 7.74 | (d) | 1.24 | (e) | 1.35 | (e) | 108,972 | 57 | (d) | |||||||||||||
12.40 | 1.66 | 1.21 | 0.97 | 116,719 | 92 | |||||||||||||||||
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 | |||||||||||||||||
12.38 | 7.81 | (d) | 0.99 | (e) | 1.59 | (e) | 5,737 | 57 | (d) | |||||||||||||
12.58 | 2.00 | 0.96 | 1.22 | 5,164 | 92 | |||||||||||||||||
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 | (e) | 1.12 | (e) | 10 | 149 | ||||||||||||||
12.53 | 7.90 | (d) | 0.74 | (e) | 1.82 | (e) | 1,201 | 57 | (d) | |||||||||||||
12.74 | 2.28 | 0.71 | 1.45 | 810 | 92 | |||||||||||||||||
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 | (e) | 1.37 | (e) | 10 | 149 | ||||||||||||||
12.59 | 7.97 | (d) | 0.64 | (e) | 1.91 | (e) | 23,089 | 57 | (d) | |||||||||||||
12.79 | 2.36 | 0.62 | 1.57 | 16,864 | 92 | |||||||||||||||||
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 | (e) | 1.46 | (e) | 10 | 149 |
See Notes to Financial Statements. | 91 |
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 | ||||||||||||||||||||||||||||
4/30/2019(c) | $10.93 | $ 0.06 | $ 0.80 | $ 0.86 | $(0.09 | ) | $(0.42 | ) | $(0.51 | ) | ||||||||||||||||||
10/31/2018 | 11.58 | 0.09 | (0.11 | ) | (0.02 | ) | (0.11 | ) | (0.52 | ) | (0.63 | ) | ||||||||||||||||
1/17/2017 to 10/31/2017(f) | 10.00 | 0.08 | 1.50 | 1.58 | – | – | – | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2019(c) | 10.81 | 0.02 | 0.80 | 0.82 | (0.01 | ) | (0.42 | ) | (0.43 | ) | ||||||||||||||||||
10/31/2018 | 11.52 | 0.01 | (0.12 | ) | (0.11 | ) | (0.08 | ) | (0.52 | ) | (0.60 | ) | ||||||||||||||||
1/17/2017 to 10/31/2017(f) | 10.00 | (0.02 | ) | 1.54 | 1.52 | – | – | – | ||||||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2019(c) | 10.94 | 0.07 | 0.81 | 0.88 | (0.10 | ) | (0.42 | ) | (0.52 | ) | ||||||||||||||||||
10/31/2018 | 11.60 | 0.11 | (0.12 | ) | (0.01 | ) | (0.13 | ) | (0.52 | ) | (0.65 | ) | ||||||||||||||||
1/17/2017 to 10/31/2017(f) | 10.00 | 0.10 | 1.50 | 1.60 | – | – | – | |||||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2019(c) | 10.96 | 0.07 | 0.81 | 0.88 | (0.11 | ) | (0.42 | ) | (0.53 | ) | ||||||||||||||||||
10/31/2018 | 11.61 | 0.13 | (0.12 | ) | 0.01 | (0.14 | ) | (0.52 | ) | (0.66 | ) | |||||||||||||||||
4/4/2017 to 10/31/2017(g) | 10.28 | 0.07 | 1.26 | 1.33 | – | – | – | |||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2019(c) | 10.95 | 0.07 | 0.81 | 0.88 | (0.11 | ) | (0.42 | ) | (0.53 | ) | ||||||||||||||||||
10/31/2018 | 11.61 | 0.12 | (0.12 | ) | – | (0.14 | ) | (0.52 | ) | (0.66 | ) | |||||||||||||||||
1/17/2017 to 10/31/2017(f) | 10.00 | 0.10 | 1.51 | 1.61 | – | – | – | |||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
4/30/2019(c) | 10.89 | 0.04 | 0.81 | 0.85 | (0.04 | ) | (0.42 | ) | (0.46 | ) | ||||||||||||||||||
10/31/2018 | 11.55 | 0.05 | (0.12 | ) | (0.07 | ) | (0.07 | ) | (0.52 | ) | (0.59 | ) | ||||||||||||||||
1/17/2017 to 10/31/2017(f) | 10.00 | 0.05 | 1.50 | 1.55 | – | – | – |
92 | 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 (%) | ||||||||||||||||||||
$11.28 | 8.54 | (d) | 0.90 | (e) | 4.21 | (e) | 1.09 | (e) | $3,640 | 41 | (d) | |||||||||||||||
10.93 | (0.22 | ) | 0.95 | 5.07 | 0.79 | 3,124 | 108 | |||||||||||||||||||
11.58 | 15.80 | (d) | 1.05 | (e) | 5.00 | (e) | 0.96 | (e) | 1,667 | 140 | ||||||||||||||||
11.20 | 8.21 | (d) | 1.65 | (e) | 4.98 | (e) | 0.33 | (e) | 558 | 41 | (d) | |||||||||||||||
10.81 | (1.07 | ) | 1.70 | 5.76 | 0.07 | 699 | 108 | |||||||||||||||||||
11.52 | 15.20 | (d) | 1.80 | (e) | 5.61 | (e) | (0.24 | )(e) | 336 | 140 | ||||||||||||||||
11.30 | 8.76 | (d) | 0.75 | (e) | 4.06 | (e) | 1.25 | (e) | 1,309 | 41 | (d) | |||||||||||||||
10.94 | (0.19 | ) | 0.82 | 4.90 | 0.94 | 1,203 | 108 | |||||||||||||||||||
11.60 | 16.00 | (d) | 0.90 | (e) | 4.86 | (e) | 1.12 | (e) | 1,178 | 140 | ||||||||||||||||
11.31 | 8.82 | (d) | 0.63 | (e) | 3.91 | (e) | 1.36 | (e) | 12 | 41 | (d) | |||||||||||||||
10.96 | 0.01 | 0.69 | 4.80 | 1.08 | 11 | 108 | ||||||||||||||||||||
11.61 | 12.94 | (d) | 0.75 | (e) | 4.78 | (e) | 1.04 | (e) | 11 | 140 | ||||||||||||||||
11.30 | 8.78 | (d) | 0.65 | (e) | 3.96 | (e) | 1.35 | (e) | 1,236 | 41 | (d) | |||||||||||||||
10.95 | (0.10 | ) | 0.72 | 4.81 | 1.03 | 1,137 | 108 | |||||||||||||||||||
11.61 | 16.10 | (d) | 0.80 | (e) | 4.76 | (e) | 1.23 | (e) | 1,137 | 140 | ||||||||||||||||
11.28 | 8.46 | (d) | 1.25 | (e) | 4.55 | (e) | 0.73 | (e) | 12 | 41 | (d) | |||||||||||||||
10.89 | (0.66 | ) | 1.32 | 5.40 | 0.44 | 11 | 108 | |||||||||||||||||||
11.55 | 15.50 | (d) | 1.40 | (e) | 5.36 | (e) | 0.64 | (e) | 12 | 140 |
See Notes to Financial Statements. | 93 |
Financial Highlights (concluded)
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 R3 | ||||||||||||||||||||||||||||
4/30/2019(c) | $10.90 | $0.05 | $ 0.80 | $ 0.85 | $(0.10 | ) | $(0.42 | ) | $(0.52 | ) | ||||||||||||||||||
10/31/2018 | 11.56 | 0.03 | (0.09 | ) | (0.06 | ) | (0.08 | ) | (0.52 | ) | (0.60 | ) | ||||||||||||||||
1/17/2017 to 10/31/2017(f) | 10.00 | 0.06 | 1.50 | 1.56 | – | – | – | |||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2019(c) | 10.93 | 0.06 | 0.80 | 0.86 | (0.08 | ) | (0.42 | ) | (0.50 | ) | ||||||||||||||||||
10/31/2018 | 11.58 | 0.10 | (0.12 | ) | (0.02 | ) | (0.11 | ) | (0.52 | ) | (0.63 | ) | ||||||||||||||||
1/17/2017 to 10/31/2017(f) | 10.00 | 0.08 | 1.50 | 1.58 | – | – | – | |||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2019(c) | 10.95 | 0.07 | 0.81 | 0.88 | (0.11 | ) | (0.42 | ) | (0.53 | ) | ||||||||||||||||||
10/31/2018 | 11.61 | 0.12 | (0.12 | ) | – | (0.14 | ) | (0.52 | ) | (0.66 | ) | |||||||||||||||||
1/17/2017 to 10/31/2017(f) | 10.00 | 0.10 | 1.51 | 1.61 | – | – | – | |||||||||||||||||||||
Class R6 | �� | |||||||||||||||||||||||||||
4/30/2019(c) | 10.96 | 0.07 | 0.80 | 0.87 | (0.11 | ) | (0.42 | ) | (0.53 | ) | ||||||||||||||||||
10/31/2018 | 11.61 | 0.13 | (0.12 | ) | 0.01 | (0.14 | ) | (0.52 | ) | (0.66 | ) | |||||||||||||||||
1/17/2017 to 10/31/2017(f) | 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) | Unaudited. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Commenced on January 17, 2017. |
(g) | Commenced on April 4, 2017. |
94 | 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 (%) | ||||||||||||||||||||
$11.23 | 8.51 | (d) | 1.15 | (e) | 4.46 | (e) | 0.85 | (e) | $187 | 41 | (d) | |||||||||||||||
10.90 | (0.56 | ) | 1.18 | 5.98 | 0.27 | 165 | 108 | |||||||||||||||||||
11.56 | 15.60 | (d) | 1.30 | (e) | 5.25 | (e) | 0.74 | (e) | 12 | 140 | ||||||||||||||||
11.29 | 8.59 | (d) | 0.90 | (e) | 4.20 | (e) | 1.09 | (e) | 13 | 41 | (d) | |||||||||||||||
10.93 | (0.24 | ) | 0.97 | 5.05 | 0.83 | 12 | 108 | |||||||||||||||||||
11.58 | 15.80 | (d) | 1.05 | (e) | 5.00 | (e) | 0.93 | (e) | 12 | 140 | ||||||||||||||||
11.30 | 8.78 | (d) | 0.65 | (e) | 3.95 | (e) | 1.34 | (e) | 13 | 41 | (d) | |||||||||||||||
10.95 | (0.10 | ) | 0.72 | 4.80 | 1.03 | 12 | 108 | |||||||||||||||||||
11.61 | 16.10 | (d) | 0.80 | (e) | 4.74 | (e) | 1.25 | (e) | 12 | 140 | ||||||||||||||||
11.30 | 8.72 | (d) | 0.63 | (e) | 3.89 | (e) | 1.36 | (e) | 866 | 41 | (d) | |||||||||||||||
10.96 | 0.01 | 0.63 | 4.62 | 1.12 | 236 | 108 | ||||||||||||||||||||
11.61 | 16.10 | (d) | 0.75 | (e) | 4.72 | (e) | 1.30 | (e) | 12 | 140 |
See Notes to Financial Statements. | 95 |
Financial Highlights
GLOBAL SELECT EQUITY FUND
Per Share Operating Performance: | ||||||||||||||||||||||||
Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
4/30/2019(e) | $14.20 | $0.07 | $ 0.65 | $ 0.72 | $(0.07 | ) | $14.85 | |||||||||||||||||
7/30/2018 to 10/31/2018(f)(g) | 15.00 | 0.04 | (0.84 | ) | (0.80 | ) | – | 14.20 | ||||||||||||||||
Class C | ||||||||||||||||||||||||
4/30/2019(e) | 14.18 | 0.02 | 0.65 | 0.67 | (0.02 | ) | 14.83 | |||||||||||||||||
7/30/2018 to 10/31/2018(f)(g) | 15.00 | 0.01 | (0.83 | ) | (0.82 | ) | – | 14.18 | ||||||||||||||||
Class F | ||||||||||||||||||||||||
4/30/2019(e) | 14.21 | 0.09 | 0.65 | 0.74 | (0.08 | ) | 14.87 | |||||||||||||||||
7/30/2018 to 10/31/2018(f)(g) | 15.00 | 0.05 | (0.84 | ) | (0.79 | ) | – | 14.21 | ||||||||||||||||
Class F3 | ||||||||||||||||||||||||
4/30/2019(e) | 14.22 | 0.10 | 0.64 | 0.74 | (0.09 | ) | 14.87 | |||||||||||||||||
7/30/2018 to 10/31/2018(f)(g) | 15.00 | 0.05 | (0.83 | ) | (0.78 | ) | – | 14.22 | ||||||||||||||||
Class I | ||||||||||||||||||||||||
4/30/2019(e) | 14.21 | 0.09 | 0.66 | 0.75 | (0.09 | ) | 14.87 | |||||||||||||||||
7/30/2018 to 10/31/2018(f)(g) | 15.00 | 0.05 | (0.84 | ) | (0.79 | ) | – | 14.21 | ||||||||||||||||
Class R3 | ||||||||||||||||||||||||
4/30/2019(e) | 14.19 | 0.06 | 0.65 | 0.71 | (0.05 | ) | 14.85 | |||||||||||||||||
7/30/2018 to 10/31/2018(f)(g) | 15.00 | 0.03 | (0.84 | ) | (0.81 | ) | – | 14.19 | ||||||||||||||||
Class R4 | ||||||||||||||||||||||||
4/30/2019(e) | 14.20 | 0.07 | 0.66 | 0.73 | (0.07 | ) | 14.86 | |||||||||||||||||
7/30/2018 to 10/31/2018(f)(g) | 15.00 | 0.04 | (0.84 | ) | (0.80 | ) | – | 14.20 | ||||||||||||||||
Class R5 | ||||||||||||||||||||||||
4/30/2019(e) | 14.21 | 0.09 | 0.66 | 0.75 | (0.09 | ) | 14.87 | |||||||||||||||||
7/30/2018 to 10/31/2018(f)(g) | 15.00 | 0.05 | (0.84 | ) | (0.79 | ) | – | 14.21 | ||||||||||||||||
Class R6 | ||||||||||||||||||||||||
4/30/2019(e) | 14.22 | 0.11 | 0.63 | 0.74 | (0.09 | ) | 14.87 | |||||||||||||||||
7/30/2018 to 10/31/2018(f)(g) | 15.00 | 0.05 | (0.83 | ) | (0.78 | ) | – | 14.22 |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Unaudited. |
(f) | Commencement of operations was 7/30/2018, SEC effective date and date shares first became available to the public was 8/1/2018. |
(g) | Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 7/30/2018 through 8/1/2018. |
96 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
Total return (%)(b)(c) | Total expenses after waivers and/or reimbursements (%)(d) | Total expenses (%)(d) | Net investment income (%)(d) | Net assets, end of period (000) | Portfolio turnover rate (%)(c) | |||||||||||||||||
5.16 | 1.05 | 8.60 | 1.06 | $509 | 36 | |||||||||||||||||
(5.33 | ) | 1.05 | 12.87 | 0.97 | 476 | 23 | ||||||||||||||||
4.78 | 1.80 | 9.34 | 0.31 | 127 | 36 | |||||||||||||||||
(5.47 | ) | 1.80 | 13.90 | 0.27 | 104 | 23 | ||||||||||||||||
5.34 | 0.80 | 8.45 | 1.31 | 499 | 36 | |||||||||||||||||
(5.27 | ) | 0.80 | 13.00 | 1.27 | 474 | 23 | ||||||||||||||||
5.36 | 0.69 | 8.21 | 1.42 | 499 | 36 | |||||||||||||||||
(5.20 | ) | 0.69 | 12.73 | 1.38 | 474 | 23 | ||||||||||||||||
5.32 | 0.80 | 8.35 | 1.30 | 110 | 36 | |||||||||||||||||
(5.27 | ) | 0.80 | 12.90 | 1.27 | 104 | 23 | ||||||||||||||||
5.08 | 1.30 | 8.84 | 0.79 | 10 | 36 | |||||||||||||||||
(5.40 | ) | 1.30 | 13.40 | 0.75 | 9 | 23 | ||||||||||||||||
5.20 | 1.05 | 8.60 | 1.05 | 10 | 36 | |||||||||||||||||
(5.33 | ) | 1.05 | 13.15 | 0.99 | 9 | 23 | ||||||||||||||||
5.32 | 0.80 | 8.34 | 1.28 | 10 | 36 | |||||||||||||||||
(5.27 | ) | 0.80 | 12.89 | 1.26 | 9 | 23 | ||||||||||||||||
5.36 | 0.69 | 8.14 | 1.52 | 791 | 36 | |||||||||||||||||
(5.20 | ) | 0.69 | 12.73 | 1.38 | 474 | 23 |
See Notes to Financial Statements. | 97 |
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 realized gain | Total distri- butions | Net asset value, end of period | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
4/30/2019(c) | $29.82 | $(0.05 | ) | $ 3.58 | $ 3.53 | $(4.65 | ) | $ – | $28.70 | |||||||||||||||||||
10/31/2018 | 28.97 | (0.14 | ) | 2.82 | 2.68 | (1.83 | ) | (1.83 | ) | 29.82 | ||||||||||||||||||
10/31/2017 | 22.42 | (0.06 | ) | 6.61 | 6.55 | – | – | 28.97 | ||||||||||||||||||||
10/31/2016 | 23.73 | 0.03 | (0.24 | ) | (0.21 | ) | (1.10 | ) | (1.10 | ) | 22.42 | |||||||||||||||||
10/31/2015 | 23.08 | (0.02 | ) | 1.96 | 1.94 | (1.29 | ) | (1.29 | ) | 23.73 | ||||||||||||||||||
10/31/2014 | 21.44 | – | (f) | 3.01 | 3.01 | (1.37 | ) | (1.37 | ) | 23.08 | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2019(c) | 28.14 | (0.13 | ) | 3.30 | 3.17 | (4.65 | ) | – | 26.66 | |||||||||||||||||||
10/31/2018 | 27.63 | (0.35 | ) | 2.69 | 2.34 | (1.83 | ) | (1.83 | ) | 28.14 | ||||||||||||||||||
10/31/2017 | 21.54 | (0.24 | ) | 6.33 | 6.09 | – | – | 27.63 | ||||||||||||||||||||
10/31/2016 | 23.01 | (0.14 | ) | (0.23 | ) | (0.37 | ) | (1.10 | ) | (1.10 | ) | 21.54 | ||||||||||||||||
10/31/2015 | 22.57 | (0.19 | ) | 1.92 | 1.73 | (1.29 | ) | (1.29 | ) | 23.01 | ||||||||||||||||||
10/31/2014 | 21.14 | (0.15 | ) | 2.95 | 2.80 | (1.37 | ) | (1.37 | ) | 22.57 | ||||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2019(c) | 30.21 | (0.01 | ) | 3.64 | 3.63 | (4.65 | ) | – | 29.19 | |||||||||||||||||||
10/31/2018 | 29.26 | (0.07 | ) | 2.85 | 2.78 | (1.83 | ) | (1.83 | ) | 30.21 | ||||||||||||||||||
10/31/2017 | 22.59 | (0.01 | ) | 6.68 | 6.67 | – | – | 29.26 | ||||||||||||||||||||
10/31/2016 | 23.87 | 0.06 | (0.24 | ) | (0.18 | ) | (1.10 | ) | (1.10 | ) | 22.59 | |||||||||||||||||
10/31/2015 | 23.17 | 0.01 | 1.98 | 1.99 | (1.29 | ) | (1.29 | ) | 23.87 | |||||||||||||||||||
10/31/2014 | 21.49 | 0.04 | 3.01 | 3.05 | (1.37 | ) | (1.37 | ) | 23.17 | |||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2019(c) | 30.45 | (0.01 | ) | 3.69 | 3.68 | (4.65 | ) | – | 29.48 | |||||||||||||||||||
10/31/2018 | 29.46 | (0.06 | ) | 2.88 | 2.82 | (1.83 | ) | (1.83 | ) | 30.45 | ||||||||||||||||||
4/4/2017 to 10/31/2017(g) | 24.81 | (0.03 | ) | 4.68 | 4.65 | – | – | 29.46 | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2019(c) | 30.37 | (0.01 | ) | 3.66 | 3.65 | (4.65 | ) | – | 29.37 | |||||||||||||||||||
10/31/2018 | 29.40 | (0.07 | ) | 2.87 | 2.80 | (1.83 | ) | (1.83 | ) | 30.37 | ||||||||||||||||||
10/31/2017 | 22.69 | (0.01 | ) | 6.72 | 6.71 | – | – | 29.40 | ||||||||||||||||||||
10/31/2016 | 23.95 | 0.08 | (0.24 | ) | (0.16 | ) | (1.10 | ) | (1.10 | ) | 22.69 | |||||||||||||||||
10/31/2015 | 23.23 | 0.04 | 1.97 | 2.01 | (1.29 | ) | (1.29 | ) | 23.95 | |||||||||||||||||||
10/31/2014 | 21.51 | 0.06 | 3.03 | 3.09 | (1.37 | ) | (1.37 | ) | 23.23 | |||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
4/30/2019(c) | 29.51 | (0.09 | ) | 3.52 | 3.43 | (4.65 | ) | – | 28.29 | |||||||||||||||||||
10/31/2018 | 28.78 | (0.24 | ) | 2.80 | 2.56 | (1.83 | ) | (1.83 | ) | 29.51 | ||||||||||||||||||
10/31/2017 | 22.35 | (0.15 | ) | 6.58 | 6.43 | – | – | 28.78 | ||||||||||||||||||||
10/31/2016 | 23.74 | (0.05 | ) | (0.24 | ) | (0.29 | ) | (1.10 | ) | (1.10 | ) | 22.35 | ||||||||||||||||
10/31/2015 | 23.17 | (0.10 | ) | 1.96 | 1.86 | (1.29 | ) | (1.29 | ) | 23.74 | ||||||||||||||||||
10/31/2014 | 21.58 | (0.07 | ) | 3.03 | 2.96 | (1.37 | ) | (1.37 | ) | 23.17 |
98 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
Total return (%)(b) | Total expenses after waivers and/or reimburse- ments (%) | Total expenses (%) | Net invest- ment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
15.68 | (d) | 0.92 | (e) | 0.92 | (e) | (0.36 | )(e) | $ 997,786 | 82 | (d) | ||||||||||||
9.68 | 0.91 | 0.91 | (0.47 | ) | 900,405 | 161 | ||||||||||||||||
29.21 | 0.91 | 0.96 | (0.23 | ) | 754,101 | 192 | ||||||||||||||||
(0.96 | ) | 0.85 | 0.98 | 0.12 | 750,576 | 246 | ||||||||||||||||
8.84 | 0.85 | 0.99 | (0.09 | ) | 742,393 | 271 | ||||||||||||||||
15.59 | 0.85 | 1.04 | 0.01 | 495,861 | 507 | |||||||||||||||||
15.27 | (d) | 1.67 | (e) | 1.67 | (e) | (1.11 | )(e) | 661,476 | 82 | (d) | ||||||||||||
8.87 | 1.65 | 1.66 | (1.21 | ) | 595,344 | 161 | ||||||||||||||||
28.27 | 1.66 | 1.71 | (0.99 | ) | 523,008 | 192 | ||||||||||||||||
(1.72 | ) | 1.60 | 1.73 | (0.64 | ) | 482,693 | 246 | |||||||||||||||
8.07 | 1.59 | 1.74 | (0.84 | ) | 414,557 | 271 | ||||||||||||||||
13.81 | 1.56 | 1.76 | (0.71 | ) | 236,853 | 507 | ||||||||||||||||
15.83 | (d) | 0.67 | (e) | 0.77 | (e) | (0.11 | )(e) | 1,422,287 | 82 | (d) | ||||||||||||
9.94 | 0.66 | 0.76 | (0.22 | ) | 1,315,881 | 161 | ||||||||||||||||
29.53 | 0.70 | 0.81 | (0.04 | ) | 1,103,103 | 192 | ||||||||||||||||
(0.82 | ) | 0.70 | 0.83 | 0.26 | 763,623 | 246 | ||||||||||||||||
9.03 | 0.70 | 0.84 | 0.06 | 733,463 | 271 | |||||||||||||||||
14.80 | 0.68 | 0.87 | 0.17 | 498,908 | 507 | |||||||||||||||||
15.88 | (d) | 0.61 | (e) | 0.61 | (e) | (0.06 | )(e) | 58,424 | 82 | (d) | ||||||||||||
10.01 | 0.60 | 0.60 | (0.18 | ) | 44,379 | 161 | ||||||||||||||||
18.74 | (d) | 0.59 | (e) | 0.62 | (e) | (0.19 | )(e) | 18,841 | 192 | |||||||||||||
15.82 | (d) | 0.67 | (e) | 0.67 | (e) | (0.08 | )(e) | 596,566 | 82 | (d) | ||||||||||||
9.96 | 0.66 | 0.66 | (0.21 | ) | 702,389 | 161 | ||||||||||||||||
29.57 | 0.67 | 0.70 | (0.06 | ) | 303,795 | 192 | ||||||||||||||||
(0.73 | ) | 0.60 | 0.74 | 0.36 | 98,506 | 246 | ||||||||||||||||
9.10 | 0.60 | 0.74 | 0.16 | 96,090 | 271 | |||||||||||||||||
14.93 | 0.57 | 0.76 | 0.29 | 71,803 | 507 | |||||||||||||||||
15.47 | (d) | 1.27 | (e) | 1.27 | (e) | (0.70 | )(e) | 1,397 | 82 | (d) | ||||||||||||
9.31 | 1.26 | 1.26 | (0.79 | ) | 1,332 | 161 | ||||||||||||||||
28.77 | 1.26 | 1.30 | (0.60 | ) | 1,784 | 192 | ||||||||||||||||
(1.35 | ) | 1.20 | 1.34 | (0.24 | ) | 1,267 | 246 | |||||||||||||||
8.49 | 1.20 | 1.34 | (0.44 | ) | 593 | 271 | ||||||||||||||||
14.24 | 1.18 | 1.37 | (0.31 | ) | 342 | 507 |
See Notes to Financial Statements. | 99 |
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 realized gain | Total distri- butions | Net asset value, end of period | ||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2019(c) | $29.43 | $(0.08 | ) | $ 3.52 | $ 3.44 | $(4.65 | ) | $ – | $28.22 | |||||||||||||||||||
10/31/2018 | 28.68 | (0.21 | ) | 2.79 | 2.58 | (1.83 | ) | (1.83 | ) | 29.43 | ||||||||||||||||||
10/31/2017 | 22.25 | (0.12 | ) | 6.55 | 6.43 | – | – | 28.68 | ||||||||||||||||||||
10/31/2016 | 23.62 | (0.04 | ) | (0.23 | ) | (0.27 | ) | (1.10 | ) | (1.10 | ) | 22.25 | ||||||||||||||||
10/31/2015 | 23.03 | (0.08 | ) | 1.96 | 1.88 | (1.29 | ) | (1.29 | ) | 23.62 | ||||||||||||||||||
10/31/2014 | 21.45 | (0.04 | ) | 2.99 | 2.95 | (1.37 | ) | (1.37 | ) | 23.03 | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2019(c) | 29.82 | (0.05 | ) | 3.59 | 3.54 | (4.65 | ) | – | 28.71 | |||||||||||||||||||
10/31/2018 | 28.97 | (0.15 | ) | 2.83 | 2.68 | (1.83 | ) | (1.83 | ) | 29.82 | ||||||||||||||||||
10/31/2017 | 22.42 | (0.08 | ) | 6.63 | 6.55 | – | – | 28.97 | ||||||||||||||||||||
10/31/2016 | 23.74 | (0.01 | ) | (0.21 | ) | (0.22 | ) | (1.10 | ) | (1.10 | ) | 22.42 | ||||||||||||||||
6/30/2015 to10/31/2015(h) | 23.42 | (0.01 | ) | 0.33 | 0.32 | – | – | 23.74 | ||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2019(c) | 30.38 | (0.01 | ) | 3.66 | 3.65 | (4.65 | ) | – | 29.38 | |||||||||||||||||||
10/31/2018 | 29.41 | (0.07 | ) | 2.87 | 2.80 | (1.83 | ) | (1.83 | ) | 30.38 | ||||||||||||||||||
10/31/2017 | 22.70 | – | (f) | 6.71 | 6.71 | – | – | 29.41 | ||||||||||||||||||||
10/31/2016 | 23.95 | 0.02 | (0.17 | ) | (0.15 | ) | (1.10 | ) | (1.10 | ) | 22.70 | |||||||||||||||||
6/30/2015 to10/31/2015(h) | 23.61 | 0.01 | 0.33 | 0.34 | – | – | 23.95 | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
4/30/2019(c) | 30.45 | (0.01 | ) | 3.69 | 3.68 | (4.65 | ) | (4.65 | ) | 29.48 | ||||||||||||||||||
10/31/2018 | 29.46 | (0.05 | ) | 2.87 | 2.82 | (1.83 | ) | (1.83 | ) | 30.45 | ||||||||||||||||||
10/31/2017 | 22.72 | (0.02 | ) | 6.76 | 6.74 | – | – | 29.46 | ||||||||||||||||||||
10/31/2016 | 23.96 | 0.08 | (0.22 | ) | (0.14 | ) | (1.10 | ) | (1.10 | ) | 22.72 | |||||||||||||||||
6/30/2015 to10/31/2015(h) | 23.61 | 0.02 | 0.33 | 0.35 | – | – | 23.96 |
(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) | Annualized. |
(f) | Amount less than $0.01. |
(g) | Commenced on April 4, 2017. |
(h) | Commenced on June 30, 2015. |
100 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
Total return (%)(b) | Total expenses after waivers and/or reimburse- ments (%) | Total expenses (%) | Net invest- ment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
15.56 | (d) | 1.17 | (e) | 1.17 | (e) | (0.60 | )(e) | $14,866 | 82 | (d) | ||||||||||||
9.41 | 1.16 | 1.16 | (0.71 | ) | 15,206 | 161 | ||||||||||||||||
28.90 | 1.16 | 1.21 | (0.48 | ) | 13,261 | 192 | ||||||||||||||||
(1.23 | ) | 1.10 | 1.24 | (0.17 | ) | 13,471 | 246 | |||||||||||||||
8.58 | 1.10 | 1.24 | (0.35 | ) | 13,501 | 271 | ||||||||||||||||
14.34 | 1.07 | 1.26 | (0.20 | ) | 10,191 | 507 | ||||||||||||||||
15.71 | (d) | 0.92 | (e) | 0.92 | (e) | (0.36 | )(e) | 6,672 | 82 | (d) | ||||||||||||
9.68 | 0.91 | 0.91 | (0.47 | ) | 6,345 | 161 | ||||||||||||||||
29.21 | 0.92 | 0.95 | (0.31 | ) | 4,698 | 192 | ||||||||||||||||
(1.00 | ) | 0.85 | 1.00 | (0.03 | ) | 1,735 | 246 | |||||||||||||||
1.37 | 0.87 | (e) | 0.99 | (e) | (0.18 | )(e) | 10 | 271 | ||||||||||||||
15.81 | (d) | 0.67 | (e) | 0.67 | (e) | (0.10 | )(e) | 9,483 | 82 | (d) | ||||||||||||
9.96 | 0.66 | 0.66 | (0.22 | ) | 8,598 | 161 | ||||||||||||||||
29.56 | 0.67 | 0.71 | (0.01 | ) | 5,810 | 192 | ||||||||||||||||
(0.68 | ) | 0.60 | 0.75 | 0.08 | 3,700 | 246 | ||||||||||||||||
1.44 | 0.60 | (e) | 0.72 | (e) | 0.09 | (e) | 10 | 271 | ||||||||||||||
15.88 | (d) | 0.61 | (e) | 0.61 | (e) | (0.07 | )(e) | 33,158 | 82 | (d) | ||||||||||||
10.01 | 0.60 | 0.60 | (0.16 | ) | 25,657 | 161 | ||||||||||||||||
29.67 | 0.59 | 0.62 | (0.06 | ) | 20,884 | 192 | ||||||||||||||||
(0.64 | ) | 0.50 | 0.63 | 0.34 | 1,534 | 246 | ||||||||||||||||
1.48 | 0.48 | (e) | 0.60 | (e) | 0.21 | (e) | 10 | 271 |
See Notes to Financial Statements. | 101 |
Financial Highlights
INTERNATIONAL EQUITY FUND
Per Share Operating Performance: | ||||||||||||||||||||||||
Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
4/30/2019(c) | $12.18 | $0.07 | $ 0.88 | $ 0.95 | $(0.25 | ) | $12.88 | |||||||||||||||||
10/31/2018 | 14.10 | 0.19 | (1.83 | ) | (1.64 | ) | (0.28 | ) | 12.18 | |||||||||||||||
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 | |||||||||||||||
Class C | ||||||||||||||||||||||||
4/30/2019(c) | 12.02 | 0.02 | 0.88 | 0.90 | (0.10 | ) | 12.82 | |||||||||||||||||
10/31/2018 | 13.92 | 0.09 | (1.82 | ) | (1.73 | ) | (0.17 | ) | 12.02 | |||||||||||||||
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 | |||||||||||||||
Class F | ||||||||||||||||||||||||
4/30/2019(c) | 12.12 | 0.08 | 0.87 | 0.95 | (0.27 | ) | 12.80 | |||||||||||||||||
10/31/2018 | 14.02 | 0.22 | (1.82 | ) | (1.60 | ) | (0.30 | ) | 12.12 | |||||||||||||||
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 | |||||||||||||||
Class F3 | ||||||||||||||||||||||||
4/30/2019(c) | 12.32 | 0.09 | 0.89 | 0.98 | (0.29 | ) | 13.01 | |||||||||||||||||
10/31/2018 | 14.25 | 0.24 | (1.86 | ) | (1.62 | ) | (0.31 | ) | 12.32 | |||||||||||||||
4/4/2017 to 10/31/2017(f) | 12.34 | 0.05 | 1.86 | 1.91 | – | 14.25 | ||||||||||||||||||
Class I | ||||||||||||||||||||||||
4/30/2019(c) | 12.30 | 0.09 | 0.88 | 0.97 | (0.28 | ) | 12.99 | |||||||||||||||||
10/31/2018 | 14.23 | 0.25 | (1.87 | ) | (1.62 | ) | (0.31 | ) | 12.30 | |||||||||||||||
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 | |||||||||||||||
Class P | ||||||||||||||||||||||||
4/30/2019(c) | 12.17 | 0.06 | 0.88 | 0.94 | (0.22 | ) | 12.89 | |||||||||||||||||
10/31/2018 | 14.10 | 0.14 | (1.82 | ) | (1.68 | ) | (0.25 | ) | 12.17 | |||||||||||||||
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 |
102 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
Total return (%)(b) | Total expenses after waivers and/or reimbursements (%) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
8.04 | (d) | 1.16 | (e) | 1.16 | (e) | 1.13 | (e) | $190,451 | 54 | (d) | ||||||||||||
(11.91 | ) | 1.15 | 1.16 | 1.34 | 194,360 | 124 | ||||||||||||||||
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 | ||||||||||||||||
7.62 | (d) | 1.91 | (e) | 1.91 | (e) | 0.38 | (e) | 12,287 | 54 | (d) | ||||||||||||
(12.59 | ) | 1.90 | 1.92 | 0.65 | 12,821 | 124 | ||||||||||||||||
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 | ||||||||||||||||
8.12 | (d) | 0.95 | (e) | 1.01 | (e) | 1.32 | (e) | 54,060 | 54 | (d) | ||||||||||||
(11.77 | ) | 0.92 | 1.01 | 1.63 | 58,347 | 124 | ||||||||||||||||
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 | ||||||||||||||||
8.21 | (d) | 0.83 | (e) | 0.83 | (e) | 1.45 | (e) | 4,821 | 54 | (d) | ||||||||||||
(11.62 | ) | 0.78 | 0.85 | 1.73 | 5,083 | 124 | ||||||||||||||||
15.48 | (d) | 0.68 | (e) | 0.91 | (e) | 0.65 | (e) | 5,847 | 163 | |||||||||||||
8.21 | (d) | 0.85 | (e) | 0.91 | (e) | 1.44 | (e) | 270,666 | 54 | (d) | ||||||||||||
(11.65 | ) | 0.82 | 0.91 | 1.78 | 277,141 | 124 | ||||||||||||||||
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 | ||||||||||||||||
7.91 | (d) | 1.34 | (e) | 1.34 | (e) | 0.98 | (e) | 43 | 54 | (d) | ||||||||||||
(12.14 | ) | 1.35 | 1.36 | 1.02 | 40 | 124 | ||||||||||||||||
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 |
See Notes to Financial Statements. | 103 |
Financial Highlights (concluded)
INTERNATIONAL EQUITY FUND
Per Share Operating Performance: | |||||||||||||||||||||||||
Investment Operations: | Distributions to Shareholders from: | ||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | ||||||||||||||||||||
Class R2 | |||||||||||||||||||||||||
4/30/2019(c) | $12.13 | $0.05 | $ 0.88 | $ 0.93 | $(0.18 | ) | $12.88 | ||||||||||||||||||
10/31/2018 | 14.05 | 0.13 | (1.83 | ) | (1.70 | ) | (0.22 | ) | 12.13 | ||||||||||||||||
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 | ||||||||||||||||
Class R3 | |||||||||||||||||||||||||
4/30/2019(c) | 11.98 | 0.05 | 0.87 | 0.92 | (0.21 | ) | 12.69 | ||||||||||||||||||
10/31/2018 | 13.87 | 0.14 | (1.79 | ) | (1.65 | ) | (0.24 | ) | 11.98 | ||||||||||||||||
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 | ||||||||||||||||
Class R4 | |||||||||||||||||||||||||
4/30/2019(c) | 12.13 | 0.07 | 0.88 | 0.95 | (0.26 | ) | 12.82 | ||||||||||||||||||
10/31/2018 | 14.07 | 0.19 | (1.83 | ) | (1.64 | ) | (0.30 | ) | 12.13 | ||||||||||||||||
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 | |||||||||||||||||||||||||
4/30/2019(c) | 12.26 | 0.09 | 0.87 | 0.96 | (0.28 | ) | 12.94 | ||||||||||||||||||
10/31/2018 | 14.19 | 0.22 | (1.84 | ) | (1.62 | ) | (0.31 | ) | 12.26 | ||||||||||||||||
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 | |||||||||||||||||||||||||
4/30/2019(c) | 12.32 | 0.09 | 0.89 | 0.98 | (0.29 | ) | 13.01 | ||||||||||||||||||
10/31/2018 | 14.24 | 0.24 | (1.85 | ) | (1.61 | ) | (0.31 | ) | 12.32 | ||||||||||||||||
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) | Annualized. |
(f) | Commenced on April 4, 2017. |
(g) | Commenced on June 30, 2015. |
104 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
Total return (%)(b) | Total expenses after waivers and/or reimbursements (%) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
‘ | ||||||||||||||||||||||
7.89 | (d) | 1.51 | (e) | 1.51 | (e) | 0.83 | (e) | �� | $ | 419 | 54 | (d) | ||||||||||
(12.28 | ) | 1.50 | 1.52 | 0.93 | 375 | 124 | ||||||||||||||||
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 | ||||||||||||||||
7.92 | (d) | 1.40 | (e) | 1.41 | (e) | 0.88 | (e) | 8,692 | 54 | (d) | ||||||||||||
(12.18 | ) | 1.40 | 1.41 | 1.05 | 8,954 | 124 | ||||||||||||||||
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 | ||||||||||||||||
8.07 | (d) | 1.16 | (e) | 1.16 | (e) | 1.18 | (e) | 1,119 | 54 | (d) | ||||||||||||
(11.96 | ) | 1.15 | 1.16 | 1.36 | 948 | 124 | ||||||||||||||||
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 | (e) | 1.25 | (e) | 0.89 | (e) | 10 | 62 | |||||||||||||
8.15 | (d) | 0.90 | (e) | 0.90 | (e) | 1.42 | (e) | 75 | 54 | (d) | ||||||||||||
(11.68 | ) | 0.90 | 0.91 | 1.61 | 69 | 124 | ||||||||||||||||
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 | (e) | 1.00 | (e) | 1.14 | (e) | 10 | 62 | |||||||||||||
8.21 | (d) | 0.83 | (e) | 0.83 | (e) | 1.47 | (e) | 2,764 | 54 | (d) | ||||||||||||
(11.62 | ) | 0.78 | 0.85 | 1.73 | 2,667 | 124 | ||||||||||||||||
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 | (e) | 0.84 | (e) | 1.31 | (e) | 10 | 62 |
See Notes to Financial Statements. | 105 |
Financial Highlights
INTERNATIONAL OPPORTUNITIES FUND
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net invest- ment income (loss)(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
4/30/2019(c) | $16.84 | $ 0.04 | $ 0.61 | $ 0.65 | $(0.17 | ) | $(1.58 | ) | $(1.75 | ) | ||||||||||||||||||
10/31/2018 | 20.88 | 0.14 | (3.28 | ) | (3.14 | ) | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2019(c) | 15.61 | (0.01 | ) | 0.56 | 0.55 | – | (f) | (1.58 | ) | (1.58 | ) | |||||||||||||||||
10/31/2018 | 19.46 | – | (f) | (3.05 | ) | (3.05 | ) | (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 | ) | ||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2019(c) | 16.70 | 0.05 | 0.60 | 0.65 | (0.20 | ) | (1.58 | ) | (1.78 | ) | ||||||||||||||||||
10/31/2018 | 20.70 | 0.18 | (3.25 | ) | (3.07 | ) | (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 | ) | |||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2019(c) | 17.38 | 0.07 | 0.63 | 0.70 | (0.23 | ) | (1.58 | ) | (1.81 | ) | ||||||||||||||||||
10/31/2018 | 21.49 | 0.23 | (3.39 | ) | (3.16 | ) | (0.22 | ) | (0.73 | ) | (0.95 | ) | ||||||||||||||||
4/4/2017 to 10/31/2017(h) | 17.75 | (0.02 | ) | 3.76 | 3.74 | – | – | – | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2019(c) | 17.32 | 0.07 | 0.62 | 0.69 | (0.23 | ) | (1.58 | ) | (1.81 | ) | ||||||||||||||||||
10/31/2018 | 21.44 | 0.19 | (3.37 | ) | (3.18 | ) | (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 | ) | |||||||||||||||||
Class P | ||||||||||||||||||||||||||||
4/30/2019(c) | 17.18 | 0.03 | 0.63 | 0.66 | (0.10 | ) | (1.58 | ) | (1.68 | ) | ||||||||||||||||||
10/31/2018 | 21.26 | 0.10 | (3.33 | ) | (3.23 | ) | (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 | ) |
106 | 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 (%) | |||||||||||||||||
$ | 15.74 | 5.18 | (d) | 1.26 | (e) | 0.57 | (e) | $ | 142,004 | 30 | (d) | |||||||||||
16.84 | (15.72 | ) | 1.20 | 0.73 | 172,940 | 81 | ||||||||||||||||
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 | ||||||||||||||||
14.58 | 4.80 | (d) | 2.01 | (e) | (0.18 | )(e) | 28,316 | 30 | (d) | |||||||||||||
15.61 | (16.34 | ) | 1.95 | – | (g) | 33,874 | 81 | |||||||||||||||
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 | |||||||||||||||
15.57 | 5.23 | (d) | 1.10 | (e) | 0.72 | (e) | 130,839 | 30 | (d) | |||||||||||||
16.70 | (15.58 | ) | 1.05 | 0.91 | 206,400 | 81 | ||||||||||||||||
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 | ||||||||||||||||
16.27 | 5.36 | (d) | 0.90 | (e) | 0.94 | (e) | 21,322 | 30 | (d) | |||||||||||||
17.38 | (15.46 | ) | 0.87 | 1.11 | 22,158 | 81 | ||||||||||||||||
21.49 | 21.13 | (d) | 0.89 | (e) | (0.15 | )(e) | 18,095 | 76 | ||||||||||||||
16.20 | 5.23 | (d) | 1.00 | (e) | 0.85 | (e) | 233,571 | 30 | (d) | |||||||||||||
17.32 | (15.46 | ) | 0.95 | 0.94 | 235,952 | 81 | ||||||||||||||||
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 | ||||||||||||||||
16.16 | 5.05 | (d) | 1.45 | (e) | 0.42 | (e) | 123 | 30 | (d) | |||||||||||||
17.18 | (15.87 | ) | 1.40 | 0.50 | 132 | 81 | ||||||||||||||||
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 |
See Notes to Financial Statements. | 107 |
Financial Highlights (concluded)
INTERNATIONAL OPPORTUNITIES FUND
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net invest- ment income (loss)(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
4/30/2019(c) | $16.54 | $0.02 | $ 0.59 | $ 0.61 | $(0.10 | ) | $(1.58 | ) | $(1.68 | ) | ||||||||||||||||||
10/31/2018 | 20.53 | 0.06 | (3.21 | ) | (3.15 | ) | (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 | ) | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2019(c) | 16.53 | 0.01 | 0.60 | 0.61 | (0.17 | ) | (1.58 | ) | (1.75 | ) | ||||||||||||||||||
10/31/2018 | 20.49 | 0.10 | (3.21 | ) | (3.11 | ) | (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 | ) | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2019(c) | 16.79 | 0.04 | 0.61 | 0.65 | (0.18 | ) | (1.58 | ) | (1.76 | ) | ||||||||||||||||||
10/31/2018 | 20.82 | 0.16 | (3.28 | ) | (3.12 | ) | (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(i) | 17.49 | – | (f) | (0.48 | ) | (0.48 | ) | – | – | – | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2019(c) | 17.32 | 0.04 | 0.64 | 0.68 | (0.23 | ) | (1.58 | ) | (1.81 | ) | ||||||||||||||||||
10/31/2018 | 21.43 | 0.21 | (3.38 | ) | (3.17 | ) | (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(i) | 17.92 | 0.02 | (0.50 | ) | (0.48 | ) | – | – | – | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
4/30/2019(c) | 17.39 | 0.07 | 0.62 | 0.69 | (0.23 | ) | (1.58 | ) | (1.81 | ) | ||||||||||||||||||
10/31/2018 | 21.49 | 0.21 | (3.36 | ) | (3.15 | ) | (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(i) | 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) | Annualized. |
(f) | Amount less than $0.01. |
(g) | Amount is less than .01%. |
(h) | Commenced on April 4, 2017. |
(i) | Commenced on June 30, 2015. |
108 | 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 (%) | |||||||||||||||||
$ | 15.47 | 4.98 | (d) | 1.60 | (e) | 0.25 | (e) | $ | 3,758 | 30 | (d) | |||||||||||
16.54 | (16.00 | ) | 1.55 | 0.32 | 3,476 | 81 | ||||||||||||||||
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 | ||||||||||||||||
15.39 | 4.99 | (d) | 1.51 | (e) | 0.13 | (e) | 20,997 | 30 | (d) | |||||||||||||
16.53 | (15.87 | ) | 1.46 | 0.54 | 35,677 | 81 | ||||||||||||||||
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 | ||||||||||||||||
15.68 | 5.18 | (d) | 1.26 | (e) | 0.57 | (e) | 4,427 | 30 | (d) | |||||||||||||
16.79 | (15.70 | ) | 1.20 | 0.80 | 5,606 | 81 | ||||||||||||||||
20.82 | 30.43 | 1.23 | 0.55 | 3,334 | 76 | |||||||||||||||||
16.11 | (1.03 | ) | 1.38 | 0.57 | 1,883 | 82 | ||||||||||||||||
17.01 | (2.74 | )(d) | 1.35 | (e) | 0.03 | (e) | 10 | 82 | ||||||||||||||
16.19 | 5.24 | (d) | 1.01 | (e) | 0.56 | (e) | 19,905 | 30 | (d) | |||||||||||||
17.32 | (15.47 | ) | 0.97 | 1.06 | 39,621 | 81 | ||||||||||||||||
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 | (e) | 0.28 | (e) | 10 | 82 | ||||||||||||||
16.27 | 5.30 | (d) | 0.90 | (e) | 0.83 | (e) | 32,237 | 30 | (d) | |||||||||||||
17.39 | (15.41 | ) | 0.87 | 1.04 | 34,281 | 81 | ||||||||||||||||
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 | (e) | 0.48 | (e) | 13 | 82 |
See Notes to Financial Statements. | 109 |
Financial Highlights
INTERNATIONAL VALUE FUND
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net invest- ment income (loss)(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
4/30/2019(c) | $6.73 | $ 0.06 | $ 0.30 | $ 0.36 | $(0.07 | ) | $ – | $(0.07 | ) | |||||||||||||||||||
10/31/2018 | 7.63 | 0.22 | (0.89 | ) | (0.67 | ) | (0.23 | ) | – | (0.23 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2019(c) | 6.67 | 0.04 | 0.29 | 0.33 | (0.04 | ) | – | (0.04 | ) | |||||||||||||||||||
10/31/2018 | 7.56 | 0.16 | (0.88 | ) | (0.72 | ) | (0.17 | ) | – | (0.17 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2019(c) | 6.76 | 0.07 | 0.29 | 0.36 | (0.07 | ) | – | (0.07 | ) | |||||||||||||||||||
10/31/2018 | 7.66 | 0.23 | (0.89 | ) | (0.66 | ) | (0.24 | ) | – | (0.24 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2019(c) | 6.77 | 0.07 | 0.29 | 0.36 | (0.07 | ) | – | (0.07 | ) | |||||||||||||||||||
10/31/2018 | 7.67 | 0.24 | (0.89 | ) | (0.65 | ) | (0.25 | ) | – | (0.25 | ) | |||||||||||||||||
4/4/2017 to 10/31/2017(f) | 7.03 | (0.01 | ) | 0.79 | 0.78 | (0.14 | ) | – | (0.14 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2019(c) | 6.77 | 0.07 | 0.30 | 0.37 | (0.07 | ) | – | (0.07 | ) | |||||||||||||||||||
10/31/2018 | 7.68 | 0.23 | (0.89 | ) | (0.66 | ) | (0.25 | ) | – | (0.25 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
4/30/2019(c) | 6.88 | 0.05 | 0.30 | 0.35 | (0.05 | ) | – | (0.05 | ) | |||||||||||||||||||
10/31/2018 | 7.80 | 0.18 | (0.90 | ) | (0.72 | ) | (0.20 | ) | – | (0.20 | ) | |||||||||||||||||
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 | ) |
110 | 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 (%) | ||||||||||||||||||||
$7.02 | 5.34 | (d) | 1.12 | (e) | 1.14 | (e) | 1.86 | (e) | $ 277,739 | 34 | (d) | |||||||||||||||
6.73 | (9.05 | ) | 1.12 | 1.14 | 2.85 | 290,289 | 74 | |||||||||||||||||||
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 | ||||||||||||||||||||
6.96 | 4.95 | (d) | 1.87 | (e) | 1.89 | (e) | 1.07 | (e) | 39,353 | 34 | (d) | |||||||||||||||
6.67 | (9.71 | ) | 1.87 | 1.89 | 2.07 | 45,888 | 74 | |||||||||||||||||||
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 | |||||||||||||||||||
7.05 | 5.39 | (d) | 0.92 | (e) | 0.99 | (e) | 2.02 | (e) | 45,742 | 34 | (d) | |||||||||||||||
6.76 | (8.87 | ) | 0.91 | 0.99 | 3.06 | 54,167 | 74 | |||||||||||||||||||
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 | ||||||||||||||||||||
7.06 | 5.44 | (d) | 0.82 | (e) | 0.82 | (e) | 2.16 | (e) | 26,772 | 34 | (d) | |||||||||||||||
6.77 | (8.76 | ) | 0.82 | 0.83 | 3.21 | 26,911 | 74 | |||||||||||||||||||
7.67 | 11.16 | (d) | 0.77 | (e) | 0.83 | (e) | (0.19 | )(e) | 27,215 | 61 | ||||||||||||||||
7.07 | 5.59 | (d) | 0.81 | (e) | 0.89 | (e) | 2.17 | (e) | 293,000 | 34 | (d) | |||||||||||||||
6.77 | (8.89 | ) | 0.81 | 0.89 | 3.05 | 310,984 | 74 | |||||||||||||||||||
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 | ||||||||||||||||||||
7.18 | 5.18 | (d) | 1.47 | (e) | 1.48 | (e) | 1.56 | (e) | 405 | 34 | (d) | |||||||||||||||
6.88 | (9.44 | ) | 1.47 | 1.49 | 2.35 | 369 | 74 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 111 |
Financial Highlights (concluded)
INTERNATIONAL VALUE FUND
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net invest- ment income (loss)(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2019(c) | $6.80 | $0.05 | $ 0.31 | $ 0.36 | $(0.06 | ) | $ – | $(0.06 | ) | |||||||||||||||||||
10/31/2018 | 7.71 | 0.19 | (0.89 | ) | (0.70 | ) | (0.21 | ) | – | (0.21 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2019(c) | 6.72 | 0.06 | 0.30 | 0.36 | (0.07 | ) | – | (0.07 | ) | |||||||||||||||||||
10/31/2018 | 7.62 | 0.20 | (0.87 | ) | (0.67 | ) | (0.23 | ) | – | (0.23 | ) | |||||||||||||||||
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 | ||||||||||||||||||||||||||||
4/30/2019(c) | 6.76 | 0.07 | 0.29 | 0.36 | (0.07 | ) | – | (0.07 | ) | |||||||||||||||||||
10/31/2018 | 7.66 | 0.24 | (0.89 | ) | (0.65 | ) | (0.25 | ) | – | (0.25 | ) | |||||||||||||||||
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 | ||||||||||||||||||||||||||||
4/30/2019(c) | 6.77 | 0.07 | 0.29 | 0.36 | (0.07 | ) | – | (0.07 | ) | |||||||||||||||||||
10/31/2018 | 7.67 | 0.24 | (0.89 | ) | (0.65 | ) | (0.25 | ) | – | (0.25 | ) | |||||||||||||||||
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) | Annualized. |
(f) | Commenced on April 4, 2017. |
(g) | Commenced on June 30, 2015. |
112 | 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 (%) | ||||||||||||||||||||
$7.10 | 5.29 | (d) | 1.37 | (e) | 1.39 | (e) | 1.60 | (e) | $ 7,519 | 34 | (d) | |||||||||||||||
6.80 | (9.35 | ) | 1.37 | 1.39 | 2.41 | 7,801 | 74 | |||||||||||||||||||
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 | ||||||||||||||||||||
7.01 | 5.35 | (d) | 1.12 | (e) | 1.13 | (e) | 1.89 | (e) | 40 | 34 | (d) | |||||||||||||||
6.72 | (9.06 | ) | 1.12 | 1.13 | 2.67 | 40 | 74 | |||||||||||||||||||
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 | (e) | 1.15 | (e) | 2.02 | (e) | 9 | 77 | ||||||||||||||||
7.05 | 5.45 | (d) | 0.87 | (e) | 0.86 | (e) | 2.17 | (e) | 12 | 34 | (d) | |||||||||||||||
6.76 | (8.78 | ) | 0.86 | 0.86 | 3.12 | 10 | 74 | |||||||||||||||||||
7.66 | 17.90 | 0.87 | 0.86 | 3.39 | 11 | 61 | ||||||||||||||||||||
6.74 | (1.24 | ) | 0.87 | 0.92 | 3.81 | 9 | 58 | |||||||||||||||||||
7.08 | (8.46 | )(d) | 0.87 | (e) | 0.90 | (e) | 2.28 | (e) | 9 | 77 | ||||||||||||||||
7.06 | 5.44 | (d) | 0.82 | (e) | 0.82 | (e) | 2.11 | (e) | 1,561 | 34 | (d) | |||||||||||||||
6.77 | (8.76 | ) | 0.82 | 0.83 | 3.17 | 1,758 | 74 | |||||||||||||||||||
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 | (e) | 0.80 | (e) | 2.34 | (e) | 9 | 77 |
See Notes to Financial Statements. | 113 |
Financial Highlights
VALUE OPPORTUNITIES FUND
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net invest- ment income (loss)(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
4/30/2019(c) | $19.50 | $ 0.03 | $ 0.79 | $ 0.82 | $(0.01 | ) | $(1.76 | ) | $(1.77 | ) | ||||||||||||||||||
10/31/2018 | 20.80 | 0.01 | (0.06 | ) | (0.05 | ) | – | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2019(c) | 17.32 | (0.03 | ) | 0.69 | 0.66 | – | (1.76 | ) | (1.76 | ) | ||||||||||||||||||
10/31/2018 | 18.75 | (0.12 | ) | (0.06 | ) | (0.18 | ) | – | (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 | ) | ||||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2019(c) | 19.92 | 0.04 | 0.81 | 0.85 | (0.04 | ) | (1.76 | ) | (1.80 | ) | ||||||||||||||||||
10/31/2018 | 21.18 | 0.04 | (0.04 | ) | – | (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 | ) | |||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2019(c) | 20.38 | 0.06 | 0.83 | 0.89 | (0.06 | ) | (1.76 | ) | (1.82 | ) | ||||||||||||||||||
10/31/2018 | 21.65 | 0.08 | (0.05 | ) | 0.03 | (0.05 | ) | (1.25 | ) | (1.30 | ) | |||||||||||||||||
4/4/2017 to 10/31/2017(f) | 20.25 | (0.03 | ) | 1.43 | 1.40 | – | – | – | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2019(c) | 20.29 | 0.05 | 0.83 | 0.88 | (0.06 | ) | (1.76 | ) | (1.82 | ) | ||||||||||||||||||
10/31/2018 | 21.59 | 0.06 | (0.06 | ) | – | (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 | ) | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
4/30/2019(c) | 19.13 | 0.01 | 0.77 | 0.78 | – | (1.76 | ) | (1.76 | ) | |||||||||||||||||||
10/31/2018 | 20.46 | (0.03 | ) | (0.05 | ) | (0.08 | ) | – | (1.25 | ) | (1.25 | ) | ||||||||||||||||
10/31/2017 | 18.70 | (0.01 | ) | 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 | ) |
114 | 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 (%) | |||||||||||||||||
$18.55 | 4.82 | (d) | 1.17 | (e) | 0.33 | (e) | $ 844,057 | 20 | (d) | |||||||||||||
19.50 | (0.28 | ) | 1.11 | 0.06 | 922,813 | 54 | ||||||||||||||||
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 | ||||||||||||||||
16.22 | 4.48 | (d) | 1.92 | (e) | (0.42 | )(e) | 183,292 | 20 | (d) | |||||||||||||
17.32 | (1.05 | ) | 1.87 | (0.69 | ) | 225,551 | 54 | |||||||||||||||
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 | ||||||||||||||||
18.97 | 4.89 | (d) | 1.02 | (e) | 0.49 | (e) | 261,039 | 20 | (d) | |||||||||||||
19.92 | (0.03 | ) | 0.97 | 0.22 | 390,627 | 54 | ||||||||||||||||
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 | |||||||||||||||||
19.45 | 5.02 | (d) | 0.81 | (e) | 0.69 | (e) | 304,672 | 20 | (d) | |||||||||||||
20.38 | 0.13 | 0.78 | 0.39 | 331,176 | 54 | |||||||||||||||||
21.65 | 6.91 | (d) | 0.79 | (e) | (0.25 | )(e) | 315,394 | 57 | ||||||||||||||
19.35 | 4.97 | (d) | 0.92 | (e) | 0.58 | (e) | 373,792 | 20 | (d) | |||||||||||||
20.29 | (0.02 | ) | 0.86 | 0.30 | 450,720 | 54 | ||||||||||||||||
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 | |||||||||||||||||
18.15 | 4.76 | (d) | 1.37 | (e) | 0.13 | (e) | 24,791 | 20 | (d) | |||||||||||||
19.13 | (0.49 | ) | 1.31 | (0.14 | ) | 25,501 | 54 | |||||||||||||||
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 |
See Notes to Financial Statements. | 115 |
Financial Highlights (concluded)
VALUE OPPORTUNITIES FUND
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net invest- ment income (loss)(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
4/30/2019(c) | $18.72 | $ – | $ 0.75 | $ 0.75 | $ – | $(1.76 | ) | $(1.76 | ) | |||||||||||||||||||
10/31/2018 | 20.06 | (0.06 | ) | (0.03 | ) | (0.09 | ) | – | (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 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2019(c) | 18.92 | 0.01 | 0.76 | 0.77 | – | (1.76 | ) | (1.76 | ) | |||||||||||||||||||
10/31/2018 | 20.25 | (0.04 | ) | (0.04 | ) | (0.08 | ) | – | (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 | ) | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2019(c) | 19.47 | 0.03 | 0.80 | 0.83 | (0.01 | ) | (1.76 | ) | (1.77 | ) | ||||||||||||||||||
10/31/2018 | 20.79 | 0.01 | (0.06 | ) | (0.05 | ) | (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(g) | 20.33 | – | (h) | (0.76 | ) | (0.76 | ) | – | – | – | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2019(c) | 20.30 | 0.05 | 0.84 | 0.89 | (0.06 | ) | (1.76 | ) | (1.82 | ) | ||||||||||||||||||
10/31/2018 | 21.59 | 0.07 | (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(g) | 20.93 | 0.01 | (0.78 | ) | (0.77 | ) | – | – | – | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
4/30/2019(c) | 20.37 | 0.06 | 0.83 | 0.89 | (0.06 | ) | (1.76 | ) | (1.82 | ) | ||||||||||||||||||
10/31/2018 | 21.65 | 0.08 | (0.06 | ) | 0.02 | (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(g) | 20.93 | 0.02 | (0.78 | ) | (0.76 | ) | – | – | – |
(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) | Annualized. |
(f) | Commenced on April 4, 2017. |
(g) | Commenced on June 30, 2015. |
(h) | Amount less than $0.01. |
116 | 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 (%) | |||||||||||||||||
$17.71 | 4.64 | (d) | 1.52 | (e) | (0.02 | )(e) | $ 7,178 | 20 | (d) | |||||||||||||
18.72 | (0.50 | ) | 1.46 | (0.29 | ) | 7,339 | 54 | |||||||||||||||
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 | ||||||||||||||||
17.93 | 4.70 | (d) | 1.42 | (e) | 0.08 | (e) | 72,624 | 20 | (d) | |||||||||||||
18.92 | (0.45 | ) | 1.36 | (0.19 | ) | 77,440 | 54 | |||||||||||||||
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 | ||||||||||||||||
18.53 | 4.82 | (d) | 1.17 | (e) | 0.33 | (e) | 52,013 | 20 | (d) | |||||||||||||
19.47 | (0.30 | ) | 1.11 | 0.06 | 54,408 | 54 | ||||||||||||||||
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 | (e) | (0.07 | )(e) | 10 | 47 | ||||||||||||||
19.37 | 5.01 | (d) | 0.92 | (e) | 0.56 | (e) | 2,740 | 20 | (d) | |||||||||||||
20.30 | (0.01 | ) | 0.87 | 0.31 | 1,927 | 54 | ||||||||||||||||
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 | (e) | 0.19 | (e) | 10 | 47 | ||||||||||||||
19.44 | 5.02 | (d) | 0.81 | (e) | 0.70 | (e) | 69,966 | 20 | (d) | |||||||||||||
20.37 | 0.08 | 0.78 | 0.39 | 93,784 | 54 | |||||||||||||||||
21.65 | 16.60 | 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 | (e) | 0.28 | (e) | 29,039 | 47 |
See Notes to Financial Statements. | 117 |
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 twelve funds. This report covers the following ten funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes at April 30, 2019:
Funds | Share Classes |
Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”) | A, C, F, F3, I, R2, R3, R4, R5 and R6 |
Lord Abbett Focused Growth Fund (“Focused Growth Fund”) | A, C, F, F3, I, R3, R4, R5 and R6 |
Lord Abbett 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) | A, C, F, F3, I, R2, R3, R4, R5 and R6 |
Lord Abbett Global Select Equity Fund (“Global Select Equity Fund”) | A, C, F, F3, I, R3, R4, R5 and R6 |
Lord Abbett Growth Leaders Fund (“Growth Leaders Fund”) | A, C, F, F3, I, R2, R3, R4, R5 and R6 |
Lord Abbett International Equity Fund (“International Equity Fund”) | A, C, F, F3, I, P, R2, R3, R4, R5 and R6 |
Lord Abbett International Opportunities Fund (“International Opportunities Fund”) | A, C, F, F3, I, P, R2, R3, R4, R5 and R6 |
Lord Abbett International Value Fund (“International Value Fund) | A, C, F, F3, I, R2, R3, R4, R5 and R6 |
Lord Abbett Value Opportunities Fund (“Value Opportunities Fund”) | A, C, F, F3, I, P, R2, R3, R4, R5 and R6 |
The Funds’ Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Funds’ prospectus. Focused Growth Fund commenced operations on January 30, 2019.
On February 22, 2019, Fundamental Equity Fund acquired the net assets of Lord Abbett Calibrated Large Cap Value Fund (“Calibrated Large Cap Value”). Refer to Note 16 Reorganization for additional information.
Each of Alpha Strategy Fund’s, Global Equity Research Fund’s, Global Select Equity 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 other funds (“Underlying Funds”) managed by Lord, Abbett & Co. LLC (“Lord Abbett”). Fundamental Equity Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. Growth Leaders Fund’s and Focused Growth Fund’s investment objective is to seek capital appreciation. International Value Fund’s investment objective is to seek a high level of total return.
Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares 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.
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
118
Notes to Financial Statements (unaudited)(continued)
of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. These Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies.
2. | SIGNIFICANT ACCOUNTING POLICIES |
(a) | Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), 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 (“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 |
119
Notes to Financial Statements (unaudited)(continued)
accordance with the applicable country’s tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. | |
(d) | Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal years that ended from October 31, 2015 through October 31, 2018. 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, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan. |
(f) | Foreign Transactions–The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in each Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized loss on foreign currency related transactions in each Fund’s Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
The Funds use foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms. | |
(g) | Forward Foreign Currency Exchange Contracts–Global Equity Research Fund, Global Select Equity Fund, International Equity Fund, International Opportunities Fund and International Value 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 forward currency exchange contracts in each Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized gain/(loss) on forward currency exchange contracts in each Fund’s Statement of Operations. |
120
Notes to Financial Statements (unaudited)(continued)
(h) | Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. |
(i) | 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 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 |
121
Notes to Financial Statements (unaudited)(continued)
future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund’s custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. Each Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date. | |
(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, 2019 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
122
Notes to Financial Statements (unaudited)(continued)
office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio.
For the six months ended April 30, 2019, 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) | |
Focused Growth Fund | .00%(2) | |
Fundamental Equity Fund | .54%(3) | |
Global Equity Research Fund | .00%(4) | |
Global Select Equity Fund | .00%(5) | |
Growth Leaders Fund | .53%(6) | |
International Equity Fund | .70%(7) | |
International Opportunities Fund | .75%(8) | |
International Value Fund | .69%(7) | |
Value Opportunities Fund | .72%(9) |
(1) | Lord Abbett is voluntarily waiving the entire management fee of 0.10%. Lord Abbett may discontinue the voluntary at any time without notice. | ||
(2) | The management fee for Focused Growth Fund is based on the Fund’s average daily net assets at the following annual rates: | ||
First $1 billion | .65% | ||
Next $1 billion | .63% | ||
Next $5 billion | .60% | ||
Over $7 billion | .59% | ||
(3) | 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% | ||
(4) | The management fee for Global Equity Research Fund is based on the Fund’s average daily net assets at the following annual rates: | ||
First $1 billion | .45% | ||
Next $2 billion | .43% | ||
Over $3 billion | .41% | ||
(5) | The management fee for Global Select Equity Fund is based on the Fund’s average daily net assets at the following annual rates: | ||
First $1 billion | .60% | ||
Over $1 billion | .52% | ||
(6) | 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% | ||
(7) | The management fees for International Equity Fund and International Value 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% | ||
(8) | The management fee for International Opportunities Fund is based on the average daily net assets at the following annual rates: | ||
First $1 billion | .75% | ||
Next $1 billion | .70% | ||
Over $2 billion | .65% | ||
(9) | 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% |
123
Notes to Financial Statements (unaudited)(continued)
In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of ..04% of each Fund’s average daily net assets.
For the period ended April 30, 2019 and continuing through February 29, 2020, 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:
Focused Growth Fund | |||
Classes | |||
A, C, F, I, R2, R3, R4 and R5 | 0.80% | ||
F3 and R6 | 0.73% | ||
Global Equity Research Fund | |||
Classes | |||
A, C, F, I, R2, R3, R4 and R5 | 0.65% | ||
F3 and R6 | 0.63% | ||
Global Select Equity Fund | |||
Classes | |||
A, C, F, I, R3, R4 and R5 | 0.80% | ||
F3 and R6 | 0.69% |
International Equity Fund | ||||
Effective | Prior to | |||
Classes | March 1, 2019 | March 1, 2019 | ||
A, C, P, R2, R3, R4 and R5 | 0.92% | 0.92% | ||
F and I | 0.86% | 0.84% | ||
F3 and R6 | 0.85% | 0.82% | ||
International Value Fund | ||||
Effective | Prior to | |||
Classes | March 1, 2019* | March 1, 2019 | ||
A, C, R2, R3, R4 and R5 | 0.87% | 0.87% | ||
F and I | 0.82% | 0.81% | ||
F3 and R6 | 0.81% | 0.82% |
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, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to 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 C | Class F | (1)(2) | Class P(3) | Class R2 | Class R3 | Class R4 | |||||
Service | .25% | .25% | – | .25% | .25% | .25% | .25% | ||||||
Distribution | – | .75% | .10% | .20% | .35% | .25% | – |
* | The Funds may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. (“FINRA”) sales charge limitations. |
(1) | 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. |
(2) | For the period ended April 30, 2019 the distributor has contractually agreed to waive Focused Growth Fund’s, Global Select Equity Fund’s and Growth Leaders Fund’s 0.10% Rule 12b-1 fee for Class F. This agreement may be terminated only by the Funds’ Board of Trustees. |
(3) | 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.
124
Notes to Financial Statements (unaudited)(continued)
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, 2019:
Distributor | Dealers’ | |||||||
Commissions | Concessions | |||||||
Alpha Strategy Fund | $ | 33,204 | $ | 187,903 | ||||
Focused Growth Fund | 2,350 | 13,345 | ||||||
Fundamental Equity Fund | 48,282 | 267,562 | ||||||
Global Equity Research Fund | 279 | 1,847 | ||||||
Global Select Equity Fund | 15 | 100 | ||||||
Growth Leaders Fund | 243,120 | 1,377,198 | ||||||
International Equity Fund | 8,392 | 45,701 | ||||||
International Opportunities Fund | 8,895 | 49,063 | ||||||
International Value Fund | 22,872 | 117,472 | ||||||
Value Opportunities Fund | 59,039 | 314,771 |
Distributor received the following amount of CDSCs for the six months ended April 30, 2019:
Class A | Class C | |||||||
Alpha Strategy Fund | $ | 1,573 | $ | 3,752 | ||||
Fundamental Equity Fund | 237 | 2,375 | ||||||
Growth Leaders Fund | 6,492 | 37,443 | ||||||
International Equity Fund | 288 | 26 | ||||||
International Opportunities Fund | 3,027 | 4,972 | ||||||
International Value Fund | 771 | 709 | ||||||
Value Opportunities Fund | 1,820 | 4,309 |
One Trustee and certain of the Trust’s officers have an interest in Lord Abbett.
Other Related Parties
As of April 30, 2019, the percentages of Fundamental Equity Fund’s, Growth Leaders Fund’s, International Equity Fund’s, International Opportunities Fund’s, International Value Fund’s and Value Opportunities Fund’s outstanding shares owned by each Fund of Funds were as follows:
Fundamental | Growth | International | International | International | Value | |||||||
Equity | Leaders | Equity | Opportunities | Value | Opportunities | |||||||
Fund of Funds | Fund | Fund | Fund | Fund | Fund | Fund | ||||||
Alpha Strategy Fund | – | – | – | 29.74% | – | 8.72% | ||||||
Multi-Asset Balanced Opportunity Fund | 7.67% | 3.43% | 15.24% | – | 11.83% | – | ||||||
Multi-Asset Global Opportunity Fund | 0.67% | 0.28% | 4.91% | – | 3.89% | – | ||||||
Multi-Asset Growth Fund | 5.86% | 2.69% | 14.93% | – | 11.62% | – | ||||||
Multi-Asset Income Fund | 3.85% | 1.80% | 13.71% | – | 10.66% | – |
4. | DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS |
Dividends from net investment income, if any, are declared and paid quarterly for International Value Fund and annually for Alpha Strategy Fund and Focused Growth Fund, Fundamental Equity Fund, Global Equity Research Fund, Global Select Equity 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
125
Notes to Financial Statements (unaudited)(continued)
income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.
The tax character of distributions paid during the six months ended April 30, 2019 and fiscal year ended October 31, 2018, was as follows:
Alpha Strategy Fund | Focused Growth Fund | Fundamental Equity Fund | |||||||||||||
Six Months | Period | Six Months | |||||||||||||
Ended | Ended | Ended | |||||||||||||
4/30/2019 | Year Ended | 4/30/2019 | 4/30/2019 | Year Ended | |||||||||||
(unaudited) | 10/31/2018 | (unaudited) | (unaudited) | 10/31/2018 | |||||||||||
Distributions paid from: | |||||||||||||||
Ordinary income | $ | 9,057,439 | $ | – | $ | – | $ | 43,151,199 | $ | 96,384,992 | |||||
Net long-term capital gains | 119,734,438 | 124,640,000 | – | 143,794,593 | 208,675,974 | ||||||||||
Total distributions paid | $ | 128,791,877 | $ | 124,640,000 | $ | – | $ | 186,945,792 | $ | 305,060,966 |
Global Equity Research Fund | Global Select Equity Fund | ||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||
4/30/2019 | Year Ended | 4/30/2019 | Period Ended | ||||||||||||
(unaudited) | 10/31/2018 | (unaudited) | 10/31/2018 | ||||||||||||
Distributions paid from: | |||||||||||||||
Ordinary income | $ | 191,531 | $ | 244,528 | $ | 12,487 | $ | – | |||||||
Net long-term capital gains | 129,275 | – | – | – | |||||||||||
Total distributions paid | $ | 320,806 | $ | 244,528 | $ | 12,487 | $ | – | |||||||
Growth Leaders Fund | International Equity Fund | ||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||
4/30/2019 | Year Ended | 4/30/2019 | Year Ended | ||||||||||||
(unaudited) | 10/31/2018 | (unaudited) | 10/31/2018 | ||||||||||||
Distributions paid from: | |||||||||||||||
Ordinary income | $ | 211,623,766 | $ | 126,621,794 | $ | 11,999,856 | $ | 13,137,977 | |||||||
Net long-term capital gains | 345,436,576 | 65,683,018 | – | – | |||||||||||
Total distributions paid | $ | 557,060,342 | $ | 192,304,812 | $ | 11,999,856 | $ | 13,137,977 | |||||||
International Opportunities Fund | International Value Fund | ||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||
4/30/2019 | Year Ended | 4/30/2019 | Year Ended | ||||||||||||
(unaudited) | 10/31/2018 | (unaudited) | 10/31/2018 | ||||||||||||
Distributions paid from: | |||||||||||||||
Ordinary income | $ | 8,261,004 | $ | 7,606,852 | $ | 6,897,516 | $ | 27,670,057 | |||||||
Net long-term capital gains | 67,033,425 | 29,369,535 | – | – | |||||||||||
Total distributions paid | $ | 75,294,429 | $ | 36,976,387 | $ | 6,897,516 | $ | 27,670,057 |
126
Notes to Financial Statements (unaudited)(continued)
Value Opportunities Fund | ||||||||
Six Months Ended 4/30/2019 (unaudited) | Year Ended 10/31/2018 | |||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 40,735,136 | $ | 2,970,562 | ||||
Net long-term capital gains | 190,879,181 | 189,303,747 | ||||||
Total distributions paid | $ | 231,614,317 | $ | 192,274,309 |
As of October 31, 2018, the capital loss carryforwards, which carry indefinitely, were as follows:
Global Select Equity Fund | $ | 2,399 | ||
International Equity Fund | 643,547 | |||
International Value Fund | 386,797,510 |
In accordance with the Regulated Investment Company Modernization Act of 2010, each Fund will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) indefinitely. Post-enactment losses will also retain their character as either short-term or long-term and be utilized before any pre-enactment losses.
As of April 30, 2019, 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 | Focused Growth Fund | Fundamental Equity Fund | ||||||||||
Tax cost | $ | 999,567,152 | $ | 6,287,434 | $ | 2,236,912,135 | ||||||
Gross unrealized gain | 49,644,405 | 561,288 | 394,053,527 | |||||||||
Gross unrealized loss | (54,611,928 | ) | (40,872 | ) | (25,849,252 | ) | ||||||
Net unrealized security gain (loss) | $ | (4,967,523 | ) | $ | 520,416 | $ | 368,204,275 | |||||
Global Equity Research Fund | Global Select Equity Fund | Growth Leaders Fund | ||||||||||
Tax cost | $ | 7,206,707 | $ | 2,428,068 | $ | 3,211,617,567 | ||||||
Gross unrealized gain | 669,681 | 148,146 | 609,562,675 | |||||||||
Gross unrealized loss | (200,261 | ) | (118,312 | ) | (20,430,054 | ) | ||||||
Net unrealized security gain | $ | 469,420 | $ | 30,104 | $ | 589,132,621 | ||||||
International Equity Fund | International Opportunities Fund | International Value Fund | ||||||||||
Tax cost | $ | 499,269,976 | $ | 658,972,740 | $ | 682,348,430 | ||||||
Gross unrealized gain | 39,437,726 | 32,977,466 | 33,084,153 | |||||||||
Gross unrealized loss | (5,642,432 | ) | (60,593,298 | ) | (28,323,694 | ) | ||||||
Net unrealized security gain (loss) | $ | 33,795,294 | $ | (27,615,832 | ) | $ | 4,760,459 |
Value Opportunities Fund | |||||
Tax cost | $ | 1,768,997,892 | |||
Gross unrealized gain | 501,962,149 | ||||
Gross unrealized loss | (82,541,161 | ) | |||
Net unrealized security gain | $ | 419,420,988 |
The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities, certain distributions, other financial instruments and wash sales.
127
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, 2019 were as follows:
Purchases | Sales | |||||||
Alpha Strategy Fund | $ | 149,240,194 | $ | 96,688,362 | ||||
Focused Growth Fund | 8,799,379 | 2,629,989 | ||||||
Fundamental Equity Fund | 1,136,771,128 | 1,266,603,725 | ||||||
Global Equity Research Fund | 3,490,506 | 2,852,240 | ||||||
Global Select Equity Fund | 974,953 | 800,139 | ||||||
Growth Leaders Fund | 2,860,019,338 | 3,129,599,226 | ||||||
International Equity Fund | 283,840,372 | 329,067,810 | ||||||
International Opportunities Fund | 201,525,347 | 361,813,431 | ||||||
International Value Fund | 234,687,313 | 300,573,158 | ||||||
Value Opportunities Fund | 453,655,054 | 901,829,146 |
There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2019.
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 six months ended April 30, 2019, the following Funds engaged in cross-trades:
Fund | Purchases | Sales | Gain/(Loss | ) | ||||||||
Fundamental Equity Fund | $ | 22,186,878 | $ | 7,028,234 | $ | (307,161 | ) | |||||
Growth Leaders Fund | 27,995,836 | – | – | |||||||||
International Equity Fund | 500,251 | – | – | |||||||||
International Value Fund | – | 548,982 | 76,214 |
6. | DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
Global Equity Research Fund, International Equity Fund, International Opportunities Fund and International Value Fund entered into forward foreign currency exchange contracts for the six months ended April 30, 2019 (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, 2019, Global Equity Research Fund, Global Select Equity Fund, International Equity Fund, International Opportunities Fund and International Value Fund had the following derivatives at fair value, grouped into risk categories that illustrate the Funds’ use of derivative instruments:
128
Notes to Financial Statements (unaudited)(continued)
Global Select Equity Fund | ||||||||
Asset Derivatives | Foreign Currency Contracts | |||||||
Forward Foreign Currency Exchange Contracts(1) | $ | 2,692 | ||||||
International Value Fund | ||||||||
Asset Derivatives | Foreign Currency Contracts | |||||||
Forward Foreign Currency Exchange Contracts(1) | $ | 5,224 |
(1) | Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts. |
Transaction in derivatives instruments for the period ended April 30, 2019, were as follows:
Global Equity Research Fund | ||||||||
Foreign Currency Contracts | Equity Contracts | |||||||
Net Realized Gain (Loss) | ||||||||
Forward Foreign Currency Exchange Contracts(1) | $ | 8 | – | |||||
Futures Contracts(2) | – | $ | 786 | |||||
Average Number of Contracts/Notional Amounts | ||||||||
Forward Foreign Currency Exchange Contracts(4) | $ | 1,600 | – | |||||
Futures(5) | – | 1 |
Global Select Equity Fund | ||||||||
Foreign Currency Contracts | ||||||||
Net Change in Unrealized Appreciation/Depreciation | ||||||||
Forward Foreign Currency Exchange Contracts(3) | $ | 2,692 | ||||||
Average Number of Contracts/Notional Amounts | ||||||||
Forward Foreign Currency Exchange Contracts(4) | $ | 86,842 | ||||||
International Equity Fund | ||||||||
Foreign Currency Contracts | ||||||||
Net Realized Gain (Loss) | ||||||||
Forward Foreign Currency Exchange Contracts(1) | $ | (648 | ) | |||||
Average Number of Contracts/Notional Amounts | ||||||||
Forward Foreign Currency Exchange Contracts(4) | $ | 4,174 | ||||||
International Opportunities Fund | ||||||||
Forward Currency Contracts | ||||||||
Net Realized Gain (Loss) | ||||||||
Forward Foreign Currency Exchange Contracts(1) | $ | (12,804 | ) | |||||
Average Number of Contracts/Notional Amounts | ||||||||
Forward Foreign Currency Exchange Contracts(4) | $ | 269,056 |
129
Notes to Financial Statements (unaudited)(continued)
International Value Fund | ||||||||
Foreign Currency Contracts | ||||||||
Net Realized Gain (Loss) | ||||||||
Forward Foreign Currency Exchange Contracts(1) | $ | (260 | ) | |||||
Net Change in Unrealized Appreciation/Depreciation | ||||||||
Forward Foreign Currency Exchange Contracts(3) | $ | 5,224 | ||||||
Average Number of Contracts/Notional Amounts | ||||||||
Forward Foreign Currency Exchange Contracts(4) | $ | 169,771 |
* | Calculated based on the number of contracts or notional amounts for the six months ended April 30, 2019. |
(1) | Statements of Operations location: Net realized gain(loss) on forward foreign currency exchange contracts. |
(2) | Statements of Operations location: Net realized gain(loss) on futures contracts. |
(3) | Statements of Operations location: Net change in unrealized appreciation/depreciation on foreign currency exchange contracts. |
(4) | Amount represents national amounts in U.S. dollars. |
(5) | Amount represents number of contracts. |
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:
130
Notes to Financial Statements (unaudited)(continued)
Focused Growth Fund | ||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | |||||||||
Repurchase Agreement | $212,835 | $ | – | $212,835 | ||||||||
Total | $212,835 | $ | – | $212,835 |
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. | $ | 212,835 | $ | – | $ | – | $ | (212,835 | ) | $ | – | |||||||||
Total | $ | 212,835 | $ | – | $ | – | $ | (212,835 | ) | $ | – |
Fundamental Equity Fund | ||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | |||||||||
Repurchase Agreement | $11,589,898 | $ | – | $11,589,898 | ||||||||
Total | $11,589,898 | $ | – | $11,589,898 |
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. | $ | 11,589,898 | $ | – | $ | – | $ | (11,589,898 | ) | $ | – | |||||||||
Total | $ | 11,589,898 | $ | – | $ | – | $ | (11,589,898 | ) | $ | – |
Global Select Equity Fund | ||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | |||||||||
Forward Foreign Currency Exchange Contracts | $2,692 | $ | – | $2,692 | ||||||||
Total | $2,692 | $ | – | $2,692 |
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) | |||||||||||||||
Bank of America | $2,692 | $ | – | $ | – | $ | – | $2,692 | ||||||||||||
Total | $2,692 | $ | – | $ | – | $ | – | $2,692 |
131
Notes to Financial Statements (unaudited)(continued)
Growth Leaders Fund | ||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | |||||||||
Repurchase Agreement | $57,414,884 | $ | – | $57,414,884 | ||||||||
Total | $57,414,884 | $ | – | $57,414,884 |
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. | $ | 57,414,884 | $ | – | $ | – | $ | (57,414,884 | ) | $ | – | |||||||||
Total | $ | 57,414,884 | $ | – | $ | – | $ | (57,414,884 | ) | $ | – |
International Equity Fund | ||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | |||||||||
Repurchase Agreement | $2,726,154 | $ | – | $2,726,154 | ||||||||
Total | $2,726,154 | $ | – | $2,726,154 |
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. | $ | 2,726,154 | $ | – | $ | – | $ | (2,726,154 | ) | $ | – | |||||||||
Total | $ | 2,726,154 | $ | – | $ | – | $ | (2,726,154 | ) | $ | – |
International Opportunities Fund | ||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | |||||||||
Repurchase Agreement | $13,102,804 | $ | – | $13,102,804 | ||||||||
Total | $13,102,804 | $ | – | $13,102,804 |
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. | $ | 13,102,804 | $ | – | $ | – | $ | (13,102,804 | ) | $ | – | |||||||||
Total | $ | 13,102,804 | $ | – | $ | – | $ | (13,102,804 | ) | $ | – |
132
Notes to Financial Statements (unaudited)(continued)
International Value Fund | ||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | |||||||||
Forward Foreign Currency Exchange Contracts | $ | 5,224 | $ | – | $ | 5,224 | ||||||
Repurchase Agreement | 15,703,760 | – | 15,703,760 | |||||||||
Total | $ | 15,708,984 | $ | – | $ | 15,708,984 |
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. | $ | 15,703,760 | $ | – | $ | – | $ | (15,703,760 | ) | $ | – | |||||||||
State Street Bank and Trust | 5,224 | – | – | – | 5,224 | |||||||||||||||
Total | $ | 15,708,984 | $ | – | $ | – | $ | (15,703,760 | ) | $ | 5,224 |
Value Opportunities Fund | ||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | |||||||||
Repurchase Agreement | $ | 1,543,826 | $ | – | $ | 1,543,826 | ||||||
Total | $ | 1,543,826 | $ | – | $ | 1,543,826 |
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. | $ | 1,543,826 | $ | – | $ | – | $ | (1,543,826 | ) | $ | – | |||||||||
Total | $ | 1,543,826 | $ | – | $ | – | $ | (1,543,826 | ) | $ | – |
(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, 2019. |
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.
133
Notes to Financial Statements (unaudited)(continued)
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 |
During the period ended December 20, 2018, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.
Effective December 21, 2018, the Participating Funds participated in an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.
For the six months ended April 30, 2019, the Funds did not utilize the Facilities.
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, 2019, the following Fund participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:
Fund | Average Loan | Average Interest Rate | Interest Income* | |||||||||
International Equity Fund | $6,291,628 | 2.23% | $384 |
* | included in the Statement of Operations |
During the six months ended April 30, 2019, the following Fund participated as a borrower in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount borrowed, interest rate and interest expense were as follows:
Fund | Average Loan | Average Interest Rate | Interest Expense* | |||||||||
Value Opportunities Fund | $29,871,810 | 2.23% | $3,650 |
* | included in the Statement of Operations |
There were no interfund loans outstanding as of April 30, 2019.
134
Notes to Financial Statements (unaudited)(continued)
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, 2019:
Alpha Strategy Fund | ||||||||||||||||||||||||||||||||
Affiliated Issuer | Balance of Shares Held at 10/31/2018 | Gross Additions | Gross Sales | Balance of Shares Held at 4/30/2019 | Fair Value at 4/30/2019 | Net Realized Gain 11/1/2018 to 4/30/2019 | Dividend Income 11/1/2018 to 4/30/2019 | Change in Appreciation/ (Depreciation) 11/1/2018 to 4/30/2019 | ||||||||||||||||||||||||
Lord Abbett Developing Growth Fund, Inc. – Class I | 6,541,320 | 1,791,547 | (1,370,461 | ) | 6,962,406 | $ | 199,751,423 | $ | 39,246,543 | (a) | $ | – | $ | (12,212,596 | ) | |||||||||||||||||
Lord Abbett Securities Trust – International Opportunities Fund – Class I | 10,327,866 | 1,628,759 | – | 11,956,625 | 193,697,323 | 16,427,382 | (b) | 2,371,585 | (9,258,261 | ) | ||||||||||||||||||||||
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I | 5,184,452 | 1,881,786 | (1,151,153 | ) | 5,915,085 | 100,379,001 | 22,056,215 | (c) | – | (7,513,865 | ) | |||||||||||||||||||||
Lord Abbett Securities Trust – Micro-Cap Value Fund–Class I | 3,401,681 | 552,921 | (433,497 | ) | 3,521,105 | 101,020,506 | 14,439,930 | (d) | – | (6,833,259 | ) | |||||||||||||||||||||
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I | 8,664,921 | 1,385,824 | (772,608 | ) | 9,278,137 | 200,871,657 | 11,279,840 | (e) | – | (5,283,902 | ) | |||||||||||||||||||||
Lord Abbett Securities Trust – Value Opportunities Fund – Class I | 10,300,878 | 1,025,112 | (1,047,968 | ) | 10,278,022 | 198,879,719 | 19,134,546 | (f) | 604,961 | (11,414,288 | ) | |||||||||||||||||||||
Total | $ | 994,599,629 | $ | 122,584,456 | $ | 2,976,546 | $ | (52,516,171 | ) |
(a) | Includes $40,614,359 of distributed capital gains. |
(b) | Includes $16,427,382 of distributed capital gains. |
(c) | Includes $25,874,563 of distributed capital gains. |
(d) | Includes $14,331,707 of distributed capital gains. |
(e) | Includes $25,942,632 of distributed capital gains. |
(f) | Includes $17,898,308 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.
135
Notes to Financial Statements (unaudited)(continued)
Large company stocks, in which Fundamental Equity Fund, Global Equity Research Fund, Growth Leaders Fund, International Equity Fund and International Value Fund invest, may perform differently than the market as a whole and other types of stocks, such as small company stocks. Small and mid-sized company stocks, in which Alpha Strategy Fund, 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 Value Fund and Value Opportunities Fund employ a value investing style. Growth stocks generally are more volatile than value stocks. The price of value stocks may lag the market for long periods of time.
Global Equity Research Fund, International Equity Fund, International Opportunities Fund and International Value Fund are subject to the risks of investing in foreign securities. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations, economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, foreign taxes, and higher transaction costs. Foreign investments also may be affected by changes in currency rates or currency controls. These risks are generally greater for securities issued by companies in emerging market companies. Similarly, due to their investments in multinational and foreign companies, Alpha Strategy Fund, 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 Value Fund is subject to the risks of investing in dividend paying stocks. Dividend paying stocks may be sensitive to changes in market interest rates, and the prices of such stocks may decline as rates rise. There is no guarantee that companies that currently pay dividends will continue to do so. International Value Fund may be subject to the volatility of stocks that have high dividends per share due to recent decreases in their share prices.
Alpha Strategy Fund’s investments are concentrated in the Underlying Funds and, as a result, the Fund’s performance is directly related to their performance and subject to their risks. In addition, the Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds.
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.
136
Notes to Financial Statements (unaudited)(continued)
15. | SUMMARY OF CAPITAL TRANSACTIONS |
Transactions in shares of beneficial interest were as follows:
Alpha Strategy Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,371,657 | $ | 30,816,819 | 1,870,033 | $ | 52,269,288 | ||||||||||
Converted from Class B * | – | – | 43,607 | 1,204,943 | ||||||||||||
Converted from Class C ** | 266,138 | 6,268,646 | 1,452,347 | 41,139,611 | ||||||||||||
Reinvestment of distributions | 2,793,742 | 56,209,490 | 1,770,521 | 46,865,694 | ||||||||||||
Shares reacquired | (2,474,916 | ) | (56,926,697 | ) | (3,688,359 | ) | (103,580,190 | ) | ||||||||
Increase | 1,956,621 | $ | 36,368,258 | 1,448,149 | $ | 37,899,346 | ||||||||||
Class B Shares(c) | ||||||||||||||||
Shares sold | – | $ | – | 335 | $ | 8,176 | ||||||||||
Reinvestment of distributions | – | – | 5,900 | 134,928 | ||||||||||||
Shares reacquired | – | – | (7,603 | ) | (179,461 | ) | ||||||||||
Converted to Class A * | – | – | (50,389 | ) | (1,204,943 | ) | ||||||||||
Increase (decrease) | – | $ | – | (51,757 | ) | $ | (1,241,300 | ) | ||||||||
Class C Shares | ||||||||||||||||
Shares sold | 511,596 | $ | 9,197,195 | 615,183 | $ | 14,476,188 | ||||||||||
Reinvestment of distributions | 999,837 | 16,617,299 | 1,082,813 | 24,309,161 | ||||||||||||
Shares reacquired | (1,293,016 | ) | (24,720,304 | ) | (2,680,058 | ) | (63,371,621 | ) | ||||||||
Converted to Class A ** | (322,067 | ) | (6,268,646 | ) | (1,718,813 | ) | (41,139,611 | ) | ||||||||
Decrease | (103,650 | ) | $ | (5,174,456 | ) | (2,700,875 | ) | $ | (65,725,883 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 1,280,547 | $ | 29,284,661 | 1,845,730 | $ | 52,097,912 | ||||||||||
Reinvestment of distributions | 958,776 | 19,415,210 | 704,033 | 18,741,346 | ||||||||||||
Shares reacquired | (2,140,245 | ) | (48,912,526 | ) | (3,459,909 | ) | (98,432,682 | ) | ||||||||
Increase (decrease) | 99,078 | $ | (212,655 | ) | (910,146 | ) | $ | (27,593,424 | ) | |||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 172,170 | $ | 4,196,210 | 321,691 | $ | 9,219,138 | ||||||||||
Reinvestment of distributions | 206,700 | 4,274,550 | 138,530 | 3,752,805 | ||||||||||||
Shares reacquired | (226,419 | ) | (5,504,471 | ) | (402,350 | ) | (11,608,718 | ) | ||||||||
Increase | 152,451 | $ | 2,966,289 | 57,871 | $ | 1,363,225 | ||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 202,251 | $ | 4,737,393 | 1,177,276 | $ | 34,391,878 | ||||||||||
Reinvestment of distributions | 474,059 | 9,789,326 | 370,263 | 10,023,011 | ||||||||||||
Shares reacquired | (477,738 | ) | (11,427,719 | ) | (689,580 | ) | (20,426,393 | ) | ||||||||
Increase | 198,572 | $ | 3,099,000 | 857,959 | $ | 23,988,496 | ||||||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 11,639 | $ | 242,860 | 23,799 | $ | 629,259 | ||||||||||
Reinvestment of distributions | 6,506 | 126,278 | 4,588 | 117,371 | ||||||||||||
Shares reacquired | (42,263 | ) | (1,009,376 | ) | (38,879 | ) | (1,047,097 | ) | ||||||||
Decrease | (24,118 | ) | $ | (640,238 | ) | (10,492 | ) | $ | (300,467 | ) |
137
Notes to Financial Statements (unaudited)(continued)
Alpha Strategy Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class R3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 77,429 | $ | 1,749,394 | 165,060 | $ | 4,547,019 | ||||||||||
Reinvestment of distributions | 187,841 | 3,664,779 | 138,073 | 3,558,134 | ||||||||||||
Shares reacquired | (139,157 | ) | (3,183,224 | ) | (371,972 | ) | (10,212,613 | ) | ||||||||
Increase (decrease) | 126,113 | $ | 2,230,949 | (68,839 | ) | $ | (2,107,460 | ) | ||||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 34,320 | $ | 793,505 | 84,744 | $ | 2,369,149 | ||||||||||
Reinvestment of distributions | 19,121 | 383,942 | 7,976 | 210,797 | ||||||||||||
Shares reacquired | (24,372 | ) | (572,558 | ) | (40,129 | ) | (1,138,335 | ) | ||||||||
Increase | 29,069 | $ | 604,889 | 52,591 | $ | 1,441,611 | ||||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 9,663 | $ | 262,727 | 1,661 | $ | 46,499 | ||||||||||
Reinvestment of distributions | 1,961 | 40,519 | 338 | 9,146 | ||||||||||||
Shares reacquired | (3,882 | ) | (87,245 | ) | (964 | ) | (27,243 | ) | ||||||||
Increase | 7,742 | $ | 216,001 | 1,035 | $ | 28,402 | ||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 33,654 | $ | 814,319 | 27,495 | $ | 797,002 | ||||||||||
Reinvestment of distributions | 8,857 | 183,260 | 6,499 | 176,126 | ||||||||||||
Shares reacquired | (6,621 | ) | (166,564 | ) | (32,164 | ) | (941,732 | ) | ||||||||
Increase | 35,890 | $ | 831,015 | 1,830 | $ | 31,396 |
Focused Growth Fund | Period Ended April 30, 2019(a) (unaudited) | |||||||||||||||
Class A Shares | Shares | Amount | ||||||||||||||
Shares sold | 141,195 | $ | 2,220,373 | |||||||||||||
Increase | 141,195 | $ | 2,220,373 | |||||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 7,333 | $ | 110,000 | |||||||||||||
Increase | 7,333 | $ | 110,000 | |||||||||||||
Class F Shares | ||||||||||||||||
Shares sold | 38,247 | $ | 577,500 | |||||||||||||
Shares reacquired | (955 | ) | (15,691 | ) | ||||||||||||
Increase | 37,292 | $ | 561,809 | |||||||||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 33,333 | $ | 500,000 | |||||||||||||
Increase | 33,333 | $ | 500,000 | |||||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 107,202 | $ | 1,672,322 | |||||||||||||
Increase | 107,202 | $ | 1,672,322 | |||||||||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 666.67 | $ | 10,000 | |||||||||||||
Increase | 666.67 | $ | 10,000 |
138
Notes to Financial Statements (unaudited)(continued)
Focused Growth Fund | Period Ended April 30, 2019(a) (unaudited) | |||||||||||||||
Class R4 Shares | Shares | Amount | ||||||||||||||
Shares sold | 666.67 | $ | 10,000 | |||||||||||||
Increase | 666.67 | $ | 10,000 | |||||||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 666.67 | $ | 10,000 | |||||||||||||
Increase | 666.67 | $ | 10,000 | |||||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 78,809 | $ | 1,236,578 | |||||||||||||
Increase | 78,809 | $ | 1,236,578 |
Fundamental Equity Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 3,445,063 | $ | 39,633,087 | 4,647,051 | $ | 60,004,778 | ||||||||||
Converted from Class B * | – | – | 260,352 | 3,410,227 | ||||||||||||
Converted from Class C ** | 1,548,947 | 18,028,333 | 10,076,645 | 128,599,381 | ||||||||||||
Reinvestment of distributions | 10,083,551 | 115,658,335 | 13,379,198 | 166,838,595 | ||||||||||||
Shares reacquired | (15,706,424 | ) | (182,377,286 | ) | (26,205,562 | ) | (340,348,754 | ) | ||||||||
Shares issued in reorganization (See Note 16) | 4,361,818 | 52,385,435 | – | – | ||||||||||||
Increase | 3,732,955 | $ | 43,327,904 | 2,157,684 | $ | 18,504,227 | ||||||||||
Class B Shares(c) | ||||||||||||||||
Shares sold | – | $ | – | 1,754 | $ | 20,340 | ||||||||||
Reinvestment of distributions | – | – | 36,509 | 415,107 | ||||||||||||
Shares reacquired | – | – | (68,976 | ) | (816,052 | ) | ||||||||||
Converted to Class A * | – | – | (285,974 | ) | (3,410,227 | ) | ||||||||||
Increase (decrease) | – | $ | – | (316,687 | ) | $ | (3,790,832 | ) | ||||||||
Class C Shares | ||||||||||||||||
Shares sold | 658,319 | $ | 6,641,055 | 1,053,621 | $ | 12,071,598 | ||||||||||
Reinvestment of distributions | 1,754,684 | 17,845,137 | 4,328,315 | 48,260,717 | ||||||||||||
Shares reacquired | (3,944,970 | ) | (40,659,755 | ) | (8,681,134 | ) | (100,497,860 | ) | ||||||||
Converted to Class A ** | (1,749,568 | ) | (18,028,333 | ) | (11,320,838 | ) | (128,599,381 | ) | ||||||||
Shares issued in reorganization (See Note 16) | 1,107,914 | 11,777,130 | – | – | ||||||||||||
Decrease | (2,173,621 | ) | $ | (22,424,766 | ) | (14,620,036 | ) | $ | (168,764,926 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 1,345,119 | $ | 15,569,792 | 3,432,610 | $ | 43,871,503 | ||||||||||
Reinvestment of distributions | 1,532,614 | 17,364,522 | 2,128,336 | 26,242,388 | ||||||||||||
Shares reacquired | (7,371,550 | ) | (84,596,644 | ) | (9,098,527 | ) | (119,945,927 | ) | ||||||||
Shares issued in reorganization (See Note 16) | 1,405,515 | 16,683,465 | – | – | ||||||||||||
Decrease | (3,088,302 | ) | $ | (34,978,865 | ) | (3,537,581 | ) | $ | (49,832,036 | ) |
139
Notes to Financial Statements (unaudited)(continued)
Fundamental Equity Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class F3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 96,661 | $ | 1,166,659 | 596,063 | $ | 7,822,373 | ||||||||||
Reinvestment of distributions | 153,157 | 1,772,029 | 190,922 | 2,397,983 | ||||||||||||
Shares reacquired | (266,550 | ) | (3,151,514 | ) | (652,230 | ) | (8,547,974 | ) | ||||||||
Shares issued in reorganization (See Note 16) | 241,589 | 2,930,474 | – | – | ||||||||||||
Increase | 224,857 | $ | 2,717,648 | 134,755 | $ | 1,672,382 | ||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 13,060,985 | $ | 163,124,246 | 3,620,436 | $ | 50,326,688 | ||||||||||
Reinvestment of distributions | 674,198 | 7,773,499 | 1,427,475 | 17,886,267 | ||||||||||||
Shares reacquired | (4,004,464 | ) | (46,747,438 | ) | (6,312,018 | ) | (81,527,965 | ) | ||||||||
Shares issued in reorganization (See Note 16) | 27,933,427 | 337,435,793 | – | – | ||||||||||||
Increase (decrease) | 37,664,146 | $ | 461,586,100 | (1,264,107 | ) | $ | (13,315,010 | ) | ||||||||
Class P Shares | ||||||||||||||||
Shares sold | 21,894 | $ | 250,666 | 36,041 | $ | 463,235 | ||||||||||
Reinvestment of distributions | 40,900 | 460,530 | 65,899 | 807,264 | ||||||||||||
Shares reacquired | (100,109 | ) | (1,168,618 | ) | (162,988 | ) | (2,090,725 | ) | ||||||||
Decrease | (37,315 | ) | $ | (457,422 | ) | (61,048 | ) | $ | (820,226 | ) | ||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 118,711 | $ | 1,380,809 | 112,829 | $ | 1,410,764 | ||||||||||
Reinvestment of distributions | 16,758 | 188,189 | 42,300 | 516,060 | ||||||||||||
Shares reacquired | (53,570 | ) | (616,400 | ) | (453,456 | ) | (5,703,198 | ) | ||||||||
Shares issued in reorganization (See Note 16) | 43,370 | 509,602 | – | – | ||||||||||||
Increase (decrease) | 125,269 | $ | 1,462,200 | (298,327 | ) | $ | (3,776,374 | ) | ||||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 352,261 | $ | 4,060,742 | 763,949 | $ | 9,743,012 | ||||||||||
Reinvestment of distributions | 863,530 | 9,723,346 | 1,355,598 | 16,619,632 | ||||||||||||
Shares reacquired | (1,713,691 | ) | (19,805,839 | ) | (3,397,269 | ) | (43,619,506 | ) | ||||||||
Shares issued in reorganization (See Note 16) | 7,590 | 89,490 | – | – | ||||||||||||
Decrease | (490,310 | ) | $ | (5,932,261 | ) | (1,277,722 | ) | $ | (17,256,862 | ) | ||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 50,260 | $ | 583,900 | 149,144 | $ | 1,899,430 | ||||||||||
Reinvestment of distributions | 28,501 | 324,914 | 34,315 | 425,857 | ||||||||||||
Shares reacquired | (26,853 | ) | (318,987 | ) | (85,314 | ) | (1,116,779 | ) | ||||||||
Shares issued in reorganization (See Note 16) | 1,046 | 12,488 | – | – | ||||||||||||
Increase | 52,954 | $ | 602,315 | 98,145 | $ | 1,208,508 |
140
Notes to Financial Statements (unaudited)(continued)
Fundamental Equity Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class R5 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 36,070 | $ | 414,924 | 43,091 | $ | 565,771 | ||||||||||
Reinvestment of distributions | 6,197 | 71,449 | 9,830 | 123,159 | ||||||||||||
Shares reacquired | (11,102 | ) | (134,646 | ) | (63,722 | ) | (829,097 | ) | ||||||||
Shares issued in reorganization (See Note 16) | 1,043 | 12,604 | – | – | ||||||||||||
Increase (decrease) | 32,208 | $ | 364,331 | (10,801 | ) | $ | (140,167 | ) | ||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 542,228 | $ | 6,215,550 | 1,101,282 | $ | 14,550,728 | ||||||||||
Reinvestment of distributions | 88,317 | 1,022,708 | 21,668 | 272,365 | ||||||||||||
Shares reacquired | (283,718 | ) | (3,494,472 | ) | (259,946 | ) | (3,415,264 | ) | ||||||||
Shares issued in reorganization (See Note 16) | 168,358 | 2,043,859 | – | – | ||||||||||||
Increase | 515,185 | $ | 5,787,645 | 863,004 | $ | 11,407,829 | ||||||||||
Six Months Ended | ||||||||||||||||
April 30, 2019 | Year Ended | |||||||||||||||
Global Equity Research Fund | (unaudited) | October 31, 2018 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 42,004 | $ | 424,064 | 143,190 | $ | 1,673,698 | ||||||||||
Converted from Class C ** | 78 | 840 | – | – | ||||||||||||
Reinvestment of distributions | 14,647 | 143,542 | 8,216 | 91,602 | ||||||||||||
Shares reacquired | (20,016 | ) | (211,859 | ) | (9,399 | ) | (109,327 | ) | ||||||||
Increase | 36,713 | $ | 356,587 | 142,007 | $ | 1,655,973 | ||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 7,640 | $ | 80,245 | 36,933 | $ | 423,196 | ||||||||||
Reinvestment of distributions | 2,799 | 27,287 | 1,631 | 18,120 | ||||||||||||
Shares reacquired | (25,236 | ) | (275,678 | ) | (3,091 | ) | (35,569 | ) | ||||||||
Converted to Class A ** | (79 | ) | (840 | ) | – | – | ||||||||||
Increase (decrease) | (14,876 | ) | $ | (168,986 | ) | 35,473 | $ | 405,747 | ||||||||
Class F Shares | ||||||||||||||||
Shares sold | 71 | $ | 750 | 7,247 | $ | 85,309 | ||||||||||
Reinvestment of distributions | 5,822 | 57,059 | 5,924 | 66,057 | ||||||||||||
Shares reacquired | – | – | (4,774 | ) | (56,400 | ) | ||||||||||
Increase | 5,893 | $ | 57,809 | 8,397 | $ | 94,966 | ||||||||||
Class F3 Shares | ||||||||||||||||
Reinvestment of distributions | 55.68 | $ | 551 | 58 | $ | 645 | ||||||||||
Increase | 55.68 | $ | 551 | 58 | $ | 645 | ||||||||||
Class I Shares | ||||||||||||||||
Reinvestment of distributions | 5,620 | $ | 55,069 | 5,806 | $ | 64,739 | ||||||||||
Increase | 5,620 | $ | 55,069 | 5,806 | $ | 64,739 | ||||||||||
Class R2 Shares | ||||||||||||||||
Reinvestment of distributions | 49 | $ | 487 | 54 | $ | 598 | ||||||||||
Increase | 49 | $ | 487 | 54 | $ | 598 |
141
Notes to Financial Statements (unaudited)(continued)
Global Equity Research Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class R3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 2,353 | $ | 25,768 | 14,043 | $ | 156,652 | ||||||||||
Reinvestment of distributions | 824 | 8,046 | 54 | 608 | ||||||||||||
Shares reacquired | (1,590 | ) | (16,821 | ) | – | – | ||||||||||
Increase | 1,587 | $ | 16,993 | 14,097 | $ | 157,260 | ||||||||||
Class R4 Shares | ||||||||||||||||
Reinvestment of distributions | 54 | $ | 531 | 57 | $ | 635 | ||||||||||
Increase | 54 | $ | 531 | 57 | $ | 635 | ||||||||||
Class R5 Shares | ||||||||||||||||
Reinvestment of distributions | 56.76 | $ | 562 | 59.24 | $ | 661 | ||||||||||
Increase | 56.76 | $ | 562 | 59.24 | $ | 661 | ||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 56,126 | $ | 607,276 | 36,639 | $ | 425,343 | ||||||||||
Reinvestment of distributions | – | – | 59 | 662 | ||||||||||||
Shares reacquired | (1,059 | ) | (10,943 | ) | (16,120 | ) | (190,762 | ) | ||||||||
Increase | 55,067 | $ | 596,333 | 20,578 | $ | 235,243 | ||||||||||
Global Select Equity Fund | Six Months Ended April 30, 2019 (unaudited) | Period Ended October 31, 2018(b) | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 578 | $ | 8,170 | 33,534 | $ | 505,940 | ||||||||||
Reinvestment of distributions | 190 | 2,512 | – | – | ||||||||||||
Shares reacquired | – | – | – | 4 | ||||||||||||
Increase | 768 | $ | 10,682 | 33,534 | $ | 505,944 | ||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 1,209 | $ | 17,856 | 7,333 | $ | 110,000 | ||||||||||
Reinvestment of distributions | 13 | 177 | – | – | ||||||||||||
Increase | 1,222 | $ | 18,033 | 7,333 | $ | 110,000 | ||||||||||
Class F Shares | ||||||||||||||||
Shares sold | – | $ | – | 33,333 | $ | 500,000 | ||||||||||
Reinvestment of distributions | 201 | 2,643 | – | – | ||||||||||||
Increase | 201 | $ | 2,643 | 33,333 | $ | 500,000 | ||||||||||
Class F3 Shares | ||||||||||||||||
Shares sold | – | $ | – | 33,333 | $ | 500,000 | ||||||||||
Reinvestment of distributions | 230 | 3,023 | – | – | ||||||||||||
Increase | 230 | $ | 3,023 | 33,333 | $ | 500,000 | ||||||||||
Class I Shares | ||||||||||||||||
Shares sold | – | $ | – | 7,333 | $ | 110,000 | ||||||||||
Reinvestment of distributions | 48 | 627 | – | – | ||||||||||||
Increase | 48 | $ | 627 | 7,333 | $ | 110,000 |
142
Notes to Financial Statements (unaudited)(continued)
Global Select Equity Fund | Six Months Ended April 30, 2019 (unaudited) | Period Ended October 31, 2018(b) | ||||||||||||||
Class R3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | – | $ | – | 667 | $ | 10,000 | ||||||||||
Reinvestment of distributions | 2.425 | 36 | – | – | ||||||||||||
Increase | 2.425 | $ | 36 | 667 | $ | 10,000 | ||||||||||
Class R4 Shares | ||||||||||||||||
Shares sold | – | $ | – | 667 | $ | 10,000 | ||||||||||
Reinvestment of distributions | 3 | 47 | – | – | ||||||||||||
Increase | 3 | $ | 47 | 667 | $ | 10,000 | ||||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | – | $ | – | 667 | $ | 10,000 | ||||||||||
Reinvestment of distributions | 4 | 57 | – | – | ||||||||||||
Increase | 4 | $ | 57 | 667 | $ | 10,000 | ||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 19,629 | $ | 275,340 | 33,333 | $ | 500,000 | ||||||||||
Reinvestment of distributions | 229 | 3,024 | – | – | ||||||||||||
Increase | 19,858 | $ | 278,364 | 33,333 | $ | 500,000 | ||||||||||
Growth Leaders Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 5,171,765 | $ | 131,430,911 | 9,604,490 | $ | 295,802,345 | ||||||||||
Converted from Class B * | – | – | 14,514 | 424,927 | ||||||||||||
Converted from Class C ** | – | – | 528,427 | 16,400,646 | ||||||||||||
Reinvestment of distributions | 5,703,940 | 131,361,730 | 1,584,050 | 44,179,019 | ||||||||||||
Shares reacquired | (6,305,463 | ) | (158,051,506 | ) | (7,568,897 | ) | (228,881,490 | ) | ||||||||
Increase | 4,570,242 | $ | 104,741,135 | 4,162,584 | $ | 127,925,447 | ||||||||||
Class B Shares(c) | ||||||||||||||||
Shares sold | – | $ | – | 1,178 | $ | 33,058 | ||||||||||
Reinvestment of distributions | – | – | 1,308 | 35,078 | ||||||||||||
Shares reacquired | – | – | (8,242 | ) | (228,900 | ) | ||||||||||
Converted to Class A * | – | – | (15,117 | ) | (424,927 | ) | ||||||||||
Decrease | – | $ | – | (20,873 | ) | $ | (585,691 | ) | ||||||||
Class C Shares | ||||||||||||||||
Shares sold | 3,106,257 | $ | 72,908,210 | 5,460,620 | $ | 159,429,794 | ||||||||||
Reinvestment of distributions | 4,194,598 | 90,016,077 | 1,183,828 | 31,383,285 | ||||||||||||
Shares reacquired | (3,642,187 | ) | (85,178,238 | ) | (3,859,343 | ) | (110,771,847 | ) | ||||||||
Converted to Class A ** | – | – | (558,086 | ) | (16,400,646 | ) | ||||||||||
Increase | 3,658,668 | $ | 77,746,049 | 2,227,019 | $ | 63,640,586 | ||||||||||
Class F Shares | ||||||||||||||||
Shares sold | 10,496,564 | $ | 272,379,334 | 17,501,695 | $ | 549,574,276 | ||||||||||
Reinvestment of distributions | 7,214,078 | 168,809,431 | 1,835,770 | 51,750,348 | ||||||||||||
Shares reacquired | (12,543,304 | ) | (322,651,579 | ) | (13,487,003 | ) | (408,607,021 | ) | ||||||||
Increase | 5,167,338 | $ | 118,537,186 | 5,850,462 | $ | 192,717,603 |
143
Notes to Financial Statements (unaudited)(continued)
Growth Leaders Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class F3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 564,599 | $ | 15,200,325 | 976,867 | $ | 31,289,449 | ||||||||||
Reinvestment of distributions | 297,904 | 7,036,481 | 42,489 | 1,206,691 | ||||||||||||
Shares reacquired | (337,887 | ) | (8,985,806 | ) | (201,574 | ) | (6,370,544 | ) | ||||||||
Increase | 524,616 | $ | 13,251,000 | 817,782 | $ | 26,125,596 | ||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 1,371,596 | $ | 35,463,594 | 23,029,220 | $ | 685,229,877 | ||||||||||
Reinvestment of distributions | 4,452,801 | 104,818,928 | 1,584,374 | 44,901,163 | ||||||||||||
Shares reacquired | (8,642,527 | ) | (229,565,209 | ) | (11,818,081 | ) | (374,339,282 | ) | ||||||||
Increase (decrease) | (2,818,130 | ) | $ | (89,282,687 | ) | 12,795,513 | $ | 355,791,758 | ||||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 14,520 | $ | 354,000 | 23,515 | $ | 698,985 | ||||||||||
Reinvestment of distributions | 3,881 | 88,243 | 914 | 25,321 | ||||||||||||
Shares reacquired | (14,169 | ) | (358,344 | ) | (41,293 | ) | (1,239,222 | ) | ||||||||
Increase (decrease) | 4,232 | $ | 83,899 | (16,864 | ) | $ | (514,916 | ) | ||||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 48,946 | $ | 1,272,931 | 127,072 | $ | 3,830,565 | ||||||||||
Reinvestment of distributions | 105,069 | 2,381,915 | 30,768 | 848,878 | ||||||||||||
Shares reacquired | (143,812 | ) | (3,608,956 | ) | (103,562 | ) | (3,078,176 | ) | ||||||||
Increase | 10,203 | $ | 45,890 | 54,278 | $ | 1,601,267 | ||||||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 55,591 | $ | 1,361,862 | 136,733 | $ | 4,073,936 | ||||||||||
Reinvestment of distributions | 14,565 | 335,582 | 2,934 | 81,852 | ||||||||||||
Shares reacquired | (50,487 | ) | (1,336,557 | ) | (89,092 | ) | (2,726,520 | ) | ||||||||
Increase | 19,669 | $ | 360,887 | 50,575 | $ | 1,429,268 | ||||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 36,562 | $ | 996,530 | 101,558 | $ | 3,223,727 | ||||||||||
Reinvestment of distributions | 56,291 | 1,325,659 | 12,681 | 359,518 | ||||||||||||
Shares reacquired | (53,154 | ) | (1,319,103 | ) | (28,772 | ) | (921,677 | ) | ||||||||
Increase | 39,699 | $ | 1,003,086 | 85,467 | $ | 2,661,568 | ||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 343,621 | $ | 8,951,407 | 265,609 | $ | 8,153,873 | ||||||||||
Reinvestment of distributions | 73,296 | 1,731,263 | 16,015 | 454,826 | ||||||||||||
Shares reacquired | (134,591 | ) | (3,605,953 | ) | (148,018 | ) | (4,536,930 | ) | ||||||||
Increase | 282,326 | $ | 7,076,717 | 133,606 | $ | 4,071,769 | ||||||||||
Class T Shares(d) | ||||||||||||||||
Reinvestment of distributions | – | $ | – | 24 | $ | 676 | ||||||||||
Shares reacquired | – | – | (394 | ) | (12,866 | ) | ||||||||||
Decrease | – | $ | – | (370 | ) | $ | (12,190 | ) |
144
Notes to Financial Statements (unaudited)(continued)
International Equity Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 509,329 | $ | 6,084,242 | 1,236,145 | $ | 17,460,912 | ||||||||||
Converted from Class B * | – | – | 48,794 | 708,117 | ||||||||||||
Converted from Class C ** | 18,620 | 226,012 | 573,667 | 8,054,696 | ||||||||||||
Reinvestment of distributions | 332,028 | 3,801,727 | 326,032 | 4,564,449 | ||||||||||||
Shares reacquired | (2,028,979 | ) | (24,387,799 | ) | (3,361,131 | ) | (47,062,367 | ) | ||||||||
Decrease | (1,169,002 | ) | $ | (14,275,818 | ) | (1,176,493 | ) | $ | (16,274,193 | ) | ||||||
Class B Shares(c) | ||||||||||||||||
Shares sold | – | $ | – | 1,415 | $ | 20,866 | ||||||||||
Shares reacquired | – | – | (12,140 | ) | (177,854 | ) | ||||||||||
Converted to Class A * | – | – | (48,468 | ) | (708,117 | ) | ||||||||||
Decrease | – | $ | – | (59,193 | ) | $ | (865,105 | ) | ||||||||
Class C Shares | ||||||||||||||||
Shares sold | 50,200 | $ | 601,056 | 163,874 | $ | 2,286,258 | ||||||||||
Reinvestment of distributions | 9,329 | 106,626 | 22,275 | 309,851 | ||||||||||||
Shares reacquired | (149,194 | ) | (1,787,332 | ) | (385,674 | ) | (5,369,261 | ) | ||||||||
Converted to Class A ** | (18,712 | ) | (226,012 | ) | (579,462 | ) | (8,054,696 | ) | ||||||||
Decrease | (108,377 | ) | $ | (1,305,662 | ) | (778,987 | ) | $ | (10,827,848 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 130,070 | $ | 1,577,311 | 1,535,804 | $ | 22,336,524 | ||||||||||
Reinvestment of distributions | 110,757 | 1,260,411 | 92,251 | 1,283,206 | ||||||||||||
Shares reacquired | (832,284 | ) | (9,976,692 | ) | (1,340,813 | ) | (18,704,273 | ) | ||||||||
Increase (decrease) | (591,457 | ) | $ | (7,138,970 | ) | 287,242 | $ | 4,915,457 | ||||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 25,429 | $ | 312,074 | 161,656 | $ | 2,292,383 | ||||||||||
Reinvestment of distributions | 9,709 | 112,239 | 9,219 | 130,173 | ||||||||||||
Shares reacquired | (77,134 | ) | (950,172 | ) | (168,705 | ) | (2,378,544 | ) | ||||||||
Increase (decrease) | (41,996 | ) | $ | (525,859 | ) | 2,170 | $ | 44,012 | ||||||||
Class I Shares | ||||||||||||||||
Shares sold | 173,206 | $ | 2,119,947 | 8,499,390 | $ | 127,977,355 | ||||||||||
Reinvestment of distributions | 549,976 | 6,346,721 | 436,381 | 6,152,969 | ||||||||||||
Shares reacquired | (2,415,112 | ) | (29,348,173 | ) | (6,970,359 | ) | (100,322,507 | ) | ||||||||
Increase (decrease) | (1,691,930 | ) | $ | (20,881,505 | ) | 1,965,412 | $ | 33,807,817 | ||||||||
Class P Shares | ||||||||||||||||
Shares sold | 30 | $ | 371 | 102 | $ | 1,431 | ||||||||||
Reinvestment of distributions | 62 | 706 | 114 | 1,601 | ||||||||||||
Shares reacquired | (44 | ) | (545 | ) | (3,295 | ) | (46,733 | ) | ||||||||
Increase (decrease) | 48 | $ | 532 | (3,079 | ) | $ | (43,701 | ) | ||||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 4,184 | $ | 50,986 | 6,083 | $ | 84,461 | ||||||||||
Reinvestment of distributions | 185 | 2,126 | 202 | 2,823 | ||||||||||||
Shares reacquired | (2,728 | ) | (33,798 | ) | (23,757 | ) | (335,911 | ) | ||||||||
Increase (decrease) | 1,641 | $ | 19,314 | (17,472 | ) | $ | (248,627 | ) |
145
Notes to Financial Statements (unaudited)(continued)
International Equity Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class R3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 62,770 | $ | 749,339 | 132,585 | $ | 1,824,124 | ||||||||||
Reinvestment of distributions | 13,789 | 155,667 | 15,836 | 218,531 | ||||||||||||
Shares reacquired | (138,821 | ) | (1,667,904 | ) | (314,534 | ) | (4,429,590 | ) | ||||||||
Decrease | (62,262 | ) | $ | (762,898 | ) | (166,113 | ) | $ | (2,386,935 | ) | ||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 16,348 | $ | 197,069 | 50,212 | $ | 696,967 | ||||||||||
Reinvestment of distributions | 1,800 | 20,518 | 932 | 13,007 | ||||||||||||
Shares reacquired | (8,989 | ) | (107,858 | ) | (14,435 | ) | (196,042 | ) | ||||||||
Increase | 9,159 | $ | 109,729 | 36,709 | $ | 513,932 | ||||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 266 | $ | 3,280 | 699 | $ | 9,810 | ||||||||||
Reinvestment of distributions | 140 | 1,612 | 112 | 1,577 | ||||||||||||
Shares reacquired | (211 | ) | (2,587 | ) | (176 | ) | (2,338 | ) | ||||||||
Increase | 195 | $ | 2,305 | 635 | $ | 9,049 | ||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 11,872 | $ | 138,383 | 13,520 | $ | 195,477 | ||||||||||
Reinvestment of distributions | 186 | 2,148 | 291 | 4,104 | ||||||||||||
Shares reacquired | (15,994 | ) | (195,233 | ) | (13,130 | ) | (178,874 | ) | ||||||||
Increase (decrease) | (3,936 | ) | $ | (54,702 | ) | 681 | $ | 20,707 | ||||||||
International Opportunities Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 555,191 | $ | 8,343,043 | 3,791,816 | $ | 78,046,760 | ||||||||||
Converted from Class B * | – | – | 14,113 | 294,987 | ||||||||||||
Converted from Class C ** | 16,841 | 257,372 | 255,740 | 5,121,679 | ||||||||||||
Reinvestment of distributions | 1,093,140 | 15,282,099 | 390,077 | 7,852,262 | ||||||||||||
Shares reacquired | (2,909,825 | ) | (44,312,072 | ) | (3,327,355 | ) | (65,449,930 | ) | ||||||||
Increase (decrease) | (1,244,653 | ) | $ | (20,429,558 | ) | 1,124,391 | $ | 25,865,758 | ||||||||
Class B Shares(c) | ||||||||||||||||
Shares sold | – | $ | – | 295 | $ | 5,868 | ||||||||||
Reinvestment of distributions | – | – | 624 | 11,927 | ||||||||||||
Shares reacquired | – | – | (6,247 | ) | (121,064 | ) | ||||||||||
Converted to Class A * | – | – | (14,902 | ) | (294,987 | ) | ||||||||||
Decrease | – | $ | – | (20,230 | ) | $ | (398,256 | ) | ||||||||
Class C Shares | ||||||||||||||||
Shares sold | 147,061 | $ | 2,017,708 | 1,123,770 | $ | 21,751,536 | ||||||||||
Reinvestment of distributions | 230,489 | 2,991,751 | 87,788 | 1,648,650 | ||||||||||||
Shares reacquired | (586,540 | ) | (8,287,069 | ) | (793,632 | ) | (14,350,152 | ) | ||||||||
Converted to Class A ** | (18,159 | ) | (257,372 | ) | (274,948 | ) | (5,121,679 | ) | ||||||||
Increase (decrease) | (227,149 | ) | $ | (3,534,982 | ) | 142,978 | $ | 3,928,355 |
146
Notes to Financial Statements (unaudited)(continued)
International Opportunities Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class F Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 2,220,926 | $ | 32,912,025 | 10,262,873 | $ | 208,273,834 | ||||||||||
Reinvestment of distributions | 931,164 | 12,868,695 | 439,896 | 8,771,526 | ||||||||||||
Shares reacquired | (7,108,328 | ) | (108,763,937 | ) | (11,105,692 | ) | (217,392,617 | ) | ||||||||
Decrease | (3,956,238 | ) | $ | (62,983,217 | ) | (402,923 | ) | $ | (347,257 | ) | ||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 156,126 | $ | 2,480,975 | 770,433 | $ | 16,207,528 | ||||||||||
Reinvestment of distributions | 156,610 | 2,259,887 | 41,820 | 866,530 | ||||||||||||
Shares reacquired | (276,824 | ) | (4,406,207 | ) | (379,588 | ) | (7,704,620 | ) | ||||||||
Increase | 35,912 | $ | 334,655 | 432,665 | $ | 9,369,438 | ||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 968,853 | $ | 15,389,587 | 4,298,679 | $ | 90,677,405 | ||||||||||
Reinvestment of distributions | 1,638,684 | 23,564,274 | 598,426 | 12,363,488 | ||||||||||||
Shares reacquired | (1,811,874 | ) | (28,741,126 | ) | (2,909,221 | ) | (59,191,315 | ) | ||||||||
Increase | 795,663 | $ | 10,212,735 | 1,987,884 | $ | 43,849,578 | ||||||||||
Class P Shares | ||||||||||||||||
Shares sold | 274 | $ | 4,287 | 528 | $ | 10,849 | ||||||||||
Reinvestment of distributions | 776 | 11,144 | 448 | 9,228 | ||||||||||||
Shares reacquired | (1,102 | ) | (18,720 | ) | (4,042 | ) | (80,087 | ) | ||||||||
Decrease | (52 | ) | $ | (3,289 | ) | (3,066 | ) | $ | (60,010 | ) | ||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 55,596 | $ | 844,389 | 121,668 | $ | 2,445,272 | ||||||||||
Reinvestment of distributions | 21,672 | 298,204 | 6,326 | 125,439 | ||||||||||||
Shares reacquired | (44,490 | ) | (669,421 | ) | (172,548 | ) | (3,418,345 | ) | ||||||||
Increase (decrease) | 32,778 | $ | 473,172 | (44,554 | ) | $ | (847,634 | ) | ||||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 205,320 | $ | 2,988,028 | 2,093,925 | $ | 40,798,328 | ||||||||||
Reinvestment of distributions | 268,932 | 3,678,988 | 21,383 | 423,380 | ||||||||||||
Shares reacquired | (1,268,806 | ) | (18,898,810 | ) | (436,082 | ) | (8,287,064 | ) | ||||||||
Increase (decrease) | (794,554 | ) | $ | (12,231,794 | ) | 1,679,226 | $ | 32,934,644 | ||||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 35,475 | $ | 527,096 | 243,368 | $ | 4,928,799 | ||||||||||
Reinvestment of distributions | 24,276 | 337,923 | 6,950 | 139,483 | ||||||||||||
Shares reacquired | (111,168 | ) | (1,774,441 | ) | (76,619 | ) | (1,531,592 | ) | ||||||||
Increase (decrease) | (51,417 | ) | $ | (909,422 | ) | 173,699 | $ | 3,536,690 | ||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 236,724 | $ | 3,602,172 | 2,274,993 | $ | 46,858,730 | ||||||||||
Reinvestment of distributions | 270,315 | 3,884,423 | 8,890 | 183,658 | ||||||||||||
Shares reacquired | (1,565,345 | ) | (24,687,194 | ) | (188,683 | ) | (3,644,178 | ) | ||||||||
Increase (decrease) | (1,058,306 | ) | $ | (17,200,599 | ) | 2,095,200 | $ | 43,398,210 |
147
Notes to Financial Statements (unaudited)(continued)
International Opportunities Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class R6 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 788,013 | $ | 12,475,331 | 1,560,179 | $ | 31,251,967 | ||||||||||
Reinvestment of distributions | 224,744 | 3,243,056 | 23,015 | 476,864 | ||||||||||||
Shares reacquired | (1,003,285 | ) | (15,835,638 | ) | (412,178 | ) | (8,383,651 | ) | ||||||||
Increase (decrease) | 9,472 | $ | (117,251 | ) | 1,171,016 | $ | 23,345,180 | |||||||||
International Value Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 2,533,179 | $ | 16,968,659 | 5,207,847 | $ | 40,176,113 | ||||||||||
Converted from Class C ** | 155,118 | 1,057,963 | 158,472 | 1,206,675 | ||||||||||||
Reinvestment of distributions | 391,195 | 2,616,534 | 1,376,292 | 10,224,043 | ||||||||||||
Shares reacquired | (6,644,978 | ) | (44,630,229 | ) | (11,758,106 | ) | (89,149,348 | ) | ||||||||
Decrease | (3,565,486 | ) | $ | (23,987,073 | ) | (5,015,495 | ) | $ | (37,542,517 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 98,715 | $ | 661,512 | 418,896 | $ | 3,229,121 | ||||||||||
Reinvestment of distributions | 31,006 | 207,994 | 162,624 | 1,193,240 | ||||||||||||
Shares reacquired | (1,197,200 | ) | (7,983,197 | ) | (2,606,242 | ) | (19,600,669 | ) | ||||||||
Converted to Class A ** | (156,630 | ) | (1,057,963 | ) | (159,939 | ) | (1,206,675 | ) | ||||||||
Decrease | (1,224,109 | ) | $ | (8,171,654 | ) | (2,184,661 | ) | $ | (16,384,983 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 2,068,978 | $ | 13,970,441 | 2,138,303 | $ | 16,378,487 | ||||||||||
Reinvestment of distributions | 62,620 | 419,739 | 239,902 | 1,790,236 | ||||||||||||
Shares reacquired | (3,659,729 | ) | (24,544,633 | ) | (6,809,285 | ) | (51,614,968 | ) | ||||||||
Decrease | (1,528,131 | ) | $ | (10,154,453 | ) | (4,431,080 | ) | $ | (33,446,245 | ) | ||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 518,370 | $ | 3,510,731 | 1,551,046 | $ | 11,990,602 | ||||||||||
Reinvestment of distributions | 42,885 | 287,875 | 132,679 | 990,336 | ||||||||||||
Shares reacquired | (745,771 | ) | (5,095,747 | ) | (1,255,570 | ) | (9,544,659 | ) | ||||||||
Increase (decrease) | (184,516 | ) | $ | (1,297,141 | ) | 428,155 | $ | 3,436,279 | ||||||||
Class I Shares | ||||||||||||||||
Shares sold | 922,833 | $ | 6,300,152 | 7,964,216 | $ | 63,667,743 | ||||||||||
Reinvestment of distributions | 461,614 | 3,103,563 | 1,600,547 | 11,997,358 | ||||||||||||
Shares reacquired | (5,834,214 | ) | (39,283,227 | ) | (25,061,163 | ) | (202,326,313 | ) | ||||||||
Decrease | (4,449,767 | ) | $ | (29,879,512 | ) | (15,496,400 | ) | $ | (126,661,212 | ) | ||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 11,138 | $ | 77,244 | 17,407 | $ | 135,670 | ||||||||||
Reinvestment of distributions | 21 | 148 | 100 | 755 | ||||||||||||
Shares reacquired | (8,429 | ) | (58,677 | ) | (39,807 | ) | (313,246 | ) | ||||||||
Increase (decrease) | 2,730 | $ | 18,715 | (22,300 | ) | $ | (176,821 | ) |
148
Notes to Financial Statements (unaudited)(continued)
International Value Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class R3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 63,697 | $ | 430,667 | 154,895 | $ | 1,203,207 | ||||||||||
Reinvestment of distributions | 9,098 | 61,678 | 33,656 | 252,602 | ||||||||||||
Shares reacquired | (160,026 | ) | (1,099,516 | ) | (713,870 | ) | (5,585,575 | ) | ||||||||
Decrease | (87,231 | ) | $ | (607,171 | ) | (525,319 | ) | $ | (4,129,766 | ) | ||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 1,226 | $ | 8,097 | 5,059 | $ | 38,604 | ||||||||||
Reinvestment of distributions | 57 | 379 | 138 | 1,016 | ||||||||||||
Shares reacquired | (1,480 | ) | (10,031 | ) | (4,177 | ) | (32,990 | ) | ||||||||
Increase (decrease) | (197 | ) | $ | (1,555 | ) | 1,020 | $ | 6,630 | ||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 235 | $ | 1,593 | – | $ | – | ||||||||||
Reinvestment of distributions | 17 | 116 | 46 | 350 | ||||||||||||
Shares reacquired | (1 | ) | (10 | ) | – | – | ||||||||||
Increase | 251 | $ | 1,699 | 46 | $ | 350 | ||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 11,931 | $ | 81,536 | 14,505 | $ | 113,409 | ||||||||||
Reinvestment of distributions | 28 | 190 | 120 | 895 | ||||||||||||
Shares reacquired | (50,501 | ) | (342,292 | ) | (45,515 | ) | (336,794 | ) | ||||||||
Decrease | (38,542 | ) | $ | (260,566 | ) | (30,890 | ) | $ | (222,490 | ) | ||||||
Value Opportunities Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 2,528,182 | $ | 44,025,581 | 5,097,314 | $ | 103,331,407 | ||||||||||
Converted from Class B * | – | – | 67,035 | 1,347,953 | ||||||||||||
Converted from Class C ** | 344,081 | 6,031,629 | 2,309,581 | 46,502,865 | ||||||||||||
Reinvestment of distributions | 4,554,702 | 78,887,425 | 2,967,656 | 58,136,378 | ||||||||||||
Shares reacquired | (9,253,093 | ) | (160,635,396 | ) | (12,556,805 | ) | (253,996,568 | ) | ||||||||
Decrease | (1,826,128 | ) | $ | (31,690,761 | ) | (2,115,219 | ) | $ | (44,677,965 | ) | ||||||
Class B Shares(c) | ||||||||||||||||
Shares sold | – | $ | – | 618 | $ | 11,142 | ||||||||||
Reinvestment of distributions | – | – | 7,051 | 123,527 | ||||||||||||
Shares reacquired | – | – | (45,376 | ) | (803,504 | ) | ||||||||||
Converted to Class A * | – | – | (75,049 | ) | (1,347,953 | ) | ||||||||||
Decrease | – | $ | – | (112,756 | ) | $ | (2,016,788 | ) | ||||||||
Class C Shares | ||||||||||||||||
Shares sold | 392,389 | $ | 5,921,678 | 1,046,741 | $ | 18,930,616 | ||||||||||
Reinvestment of distributions | 1,402,721 | 21,307,340 | 1,189,807 | 20,845,426 | ||||||||||||
Shares reacquired | (3,119,660 | ) | (47,262,613 | ) | (4,503,818 | ) | (81,220,548 | ) | ||||||||
Converted to Class A ** | (393,176 | ) | (6,031,629 | ) | (2,590,713 | ) | (46,502,865 | ) | ||||||||
Decrease | (1,717,726 | ) | $ | (26,065,224 | ) | (4,857,983 | ) | $ | (87,947,371 | ) |
149
Notes to Financial Statements (unaudited)(continued)
Value Opportunities Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class F Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,744,707 | $ | 31,238,087 | 4,663,703 | $ | 96,211,632 | ||||||||||
Reinvestment of distributions | 1,639,657 | 29,021,931 | 1,192,507 | 23,814,365 | ||||||||||||
Shares reacquired | (9,238,029 | ) | (164,948,903 | ) | (24,372,019 | ) | (509,258,137 | ) | ||||||||
Decrease | (5,853,665 | ) | $ | (104,688,885 | ) | (18,515,809 | ) | $ | (389,232,140 | ) | ||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 1,388,415 | $ | 25,642,571 | 5,167,347 | $ | 108,712,513 | ||||||||||
Reinvestment of distributions | 1,620,065 | 29,371,776 | 943,618 | 19,249,817 | ||||||||||||
Shares reacquired | (3,594,397 | ) | (66,634,925 | ) | (4,428,548 | ) | (93,938,954 | ) | ||||||||
Increase (decrease) | (585,917 | ) | $ | (11,620,578 | ) | 1,682,417 | $ | 34,023,376 | ||||||||
Class I Shares | ||||||||||||||||
Shares sold | 651,350 | $ | 11,962,863 | 18,713,045 | $ | 399,345,664 | ||||||||||
Reinvestment of distributions | 2,179,337 | 39,337,041 | 2,101,916 | 42,731,941 | ||||||||||||
Shares reacquired | (5,726,618 | ) | (104,015,427 | ) | (17,000,755 | ) | (356,733,506 | ) | ||||||||
Increase (decrease) | (2,895,931 | ) | $ | (52,715,523 | ) | 3,814,206 | $ | 85,344,099 | ||||||||
Class P Shares | ||||||||||||||||
Shares sold | 47,538 | $ | 824,175 | 127,397 | $ | 2,536,477 | ||||||||||
Reinvestment of distributions | 137,034 | 2,324,097 | 103,983 | 2,001,669 | ||||||||||||
Shares reacquired | (151,971 | ) | (2,632,297 | ) | (542,476 | ) | (10,876,660 | ) | ||||||||
Increase (decrease) | 32,601 | $ | 515,975 | (311,096 | ) | $ | (6,338,514 | ) | ||||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 76,006 | $ | 1,284,869 | 93,017 | $ | 1,794,588 | ||||||||||
Reinvestment of distributions | 32,716 | 541,780 | 20,114 | 379,155 | ||||||||||||
Shares reacquired | (95,479 | ) | (1,603,889 | ) | (172,086 | ) | (3,350,406 | ) | ||||||||
Increase (decrease) | 13,243 | $ | 222,760 | (58,955 | ) | $ | (1,176,663 | ) | ||||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 295,531 | $ | 4,984,922 | 1,009,089 | $ | 19,338,047 | ||||||||||
Reinvestment of distributions | 426,709 | 7,151,640 | 283,687 | 5,401,401 | ||||||||||||
Shares reacquired | (764,787 | ) | (13,065,140 | ) | (1,574,267 | ) | (30,893,450 | ) | ||||||||
Decrease | (42,547 | ) | $ | (928,578 | ) | (281,491 | ) | $ | (6,154,002 | ) | ||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 145,206 | $ | 2,561,816 | 369,737 | $ | 7,537,452 | ||||||||||
Reinvestment of distributions | 259,988 | 4,497,790 | 184,222 | 3,603,380 | ||||||||||||
Shares reacquired | (391,487 | ) | (6,860,110 | ) | (832,606 | ) | (16,853,380 | ) | ||||||||
Increase (decrease) | 13,707 | $ | 199,496 | (278,647 | ) | $ | (5,712,548 | ) | ||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 54,034 | $ | 951,043 | 72,934 | $ | 1,524,533 | ||||||||||
Reinvestment of distributions | 9,247 | 166,992 | 14,881 | 302,820 | ||||||||||||
Shares reacquired | (16,686 | ) | (310,131 | ) | (229,612 | ) | (4,802,800 | ) | ||||||||
Increase (decrease) | 46,595 | $ | 807,904 | (141,797 | ) | $ | (2,975,447 | ) |
150
Notes to Financial Statements (unaudited)(continued)
Value Opportunities Fund | Six Months Ended April 30, 2019 (unaudited) | Year Ended October 31, 2018 | ||||||||||||||
Class R6 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 594,037 | $ | 10,652,186 | 1,138,616 | $ | 23,873,695 | ||||||||||
Reinvestment of distributions | 400,545 | 7,257,877 | 283,349 | 5,780,327 | ||||||||||||
Shares reacquired | (1,999,440 | ) | (36,948,377 | ) | (1,630,871 | ) | (34,274,379 | ) | ||||||||
Decrease | (1,004,858 | ) | $ | (19,038,314 | ) | (208,906 | ) | $ | (4,620,357 | ) | ||||||
Class T Shares(d) | ||||||||||||||||
Reinvestment of distributions | – | $ | – | 33 | $ | 637 | ||||||||||
Shares reacquired | – | – | (532 | ) | (10,999 | ) | ||||||||||
Decrease | – | $ | – | (499 | ) | $ | (10,362 | ) |
* | 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. |
** | Automatic conversion of Class C shares occurs on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the tenth anniversary of the day on which the purchase order was accepted. |
(a) | Commenced January 30, 2019. |
(b) | Commenced on July 30, 2018. |
(c) | Closed on April 25, 2018. |
(d) | Closed on July 24, 2018. |
16. | REORGANIZATION |
As of the close of business on February 22, 2019, Fundamental Equity Fund acquired the net assets of Calibrated Large Cap Value Fund, pursuant to a plan of reorganization approved by Calibrated Large Cap Value Fund’s shareholders on October 31, 2018. The acquisition was accomplished by a tax-free exchange whereby holders of shares of Fundamental Equity Fund outstanding on February 22, 2019 received shares valued at $423,880,340 of Calibrated Large Cap Value Fund. Calibrated Large Cap Value Fund’s net assets at the date of acquisition, including $27,535,730 of net unrealized appreciation and $(4,155,594) of net realized losses, were combined with those of Fundamental Equity Fund. The cost basis of securities received from Calibrated Large Cap Value Fund was carried forward.
The total net assets of Calibrated Large Cap Value Fund immediately before the transfer were $423,880,340. Total net assets of Fundamental Equity Fund immediately before the transfer were $2,053,211,685. Total net assets of Fundamental Equity Fund immediately after the transfer were $2,477,092,025.
The following table illustrates share conversion ratios and dollar amounts of the reorganization on February 22, 2019:
Class | Calibrated Large Cap Value Fund Shares | Conversion Ratio | Fundamental Equity Fund Shares | Fundamental Equity Fund Amount | ||||||||||||
A | 2,635,997 | 1.654713 | 4,361,818 | $ | 52,385,435 | |||||||||||
C | 602,069 | 1.840179 | 1,107,914 | 11,777,130 | ||||||||||||
F | 837,536 | 1.678115 | 1,405,515 | 16,683,465 | ||||||||||||
F3 | 147,215 | 1.641063 | 241,589 | 2,930,474 | ||||||||||||
I | 16,963,051 | 1.646722 | 27,933,427 | 337,435,793 | ||||||||||||
R2 | 25,481 | 1.702043 | 43,370 | 509,602 | ||||||||||||
R3 | 4,531 | 1.675276 | 7,590 | 89,490 | ||||||||||||
R4 | 630 | 1.659422 | 1,046 | 12,488 | ||||||||||||
R5 | 634 | 1.644442 | 1,043 | 12,604 | ||||||||||||
R6 | 102,702 | 1.639275 | 168,358 | 2,043,859 |
151
Notes to Financial Statements (unaudited)(concluded)
Had the acquisition been completed on November 1, 2018 the beginning of Fundamental Equity Fund’s 2018 fiscal year, the Fund’s condensed pro-forma results of operations for the six months ended April 30, 2019 would be as follows:
Net investment income: $21,896,129
Net realized and unrealized loss on investments: $140,897,044
Net realized and unrealized loss on futures contracts $(137,890)
Net increase in net assets resulting from operations: $162,655,283
The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed. Revenue and earnings of Calibrated Large Cap Value Fund’s portfolio holdings have been included in Fundamental Equity Fund’s Statement of Operations since the date of acquisition.
152
Investments in Underlying Funds (unaudited)
Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2019, 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 | 20.08% | |
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I | 20.20% | |
Lord Abbett Securities Trust – International Opportunities Fund – Class I | 19.47% | |
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I | 10.09% | |
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I | 10.16% | |
Lord Abbett Securities Trust – Value Opportunities Fund – Class I | 20.00% |
The Ten Largest Holdings and the Holdings by Sector, as of April 30, 2019, 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 | 2.81% | |
Etsy, Inc. | 2.38% | |
Tandem Diabetes Care, Inc. | 2.31% | |
Twilio, Inc. Class A | 2.25% | |
Everbridge, Inc. | 2.20% | |
YETI Holdings, Inc. | 2.12% | |
Glaukos Corp. | 2.11% | |
Trade Desk, Inc. (The) Class A | 2.02% | |
Insperity, Inc. | 2.00% | |
Coupa Software, Inc. | 1.94% | |
Holdings by Sector* | % of Investments | |
Communication Services | 2.54% | |
Consumer Discretionary | 19.80% | |
Consumer Staples | 2.25% | |
Energy | 1.14% | |
Financials | 3.38% | |
Health Care | 27.51% | |
Industrials | 8.46% | |
Information Technology | 32.83% | |
Repurchase Agreement | 2.09% | |
Total | 100.00% |
* | A sector may comprise several industries. |
153
Investments in Underlying Funds (unaudited)(continued)
International Opportunities Fund
Ten Largest Holdings | % of Investments | |
Entertainment One Ltd. | 2.02% | |
VinaCapital Vietnam Opportunity Fund Ltd. | 1.62% | |
Xinyi Glass Holdings Ltd. | 1.59% | |
Deutz AG | 1.58% | |
Hibernia REIT plc | 1.56% | |
Buzzi Unicem SpA | 1.53% | |
Azbil Corp. | 1.53% | |
SHO-BOND Holdings Co., Ltd. | 1.51% | |
TechnoPro Holdings, Inc. | 1.51% | |
Loomis AB Class B | 1.49% | |
Holdings by Sector* | % of Investments | |
Communication Services | 4.88% | |
Consumer Discretionary | 14.01% | |
Consumer Staples | 6.68% | |
Energy | 1.80% | |
Financials | 13.96% | |
Health Care | 7.75% | |
Industrials | 20.89% | |
Information Technology | 8.82% | |
Materials | 7.75% | |
Real Estate | 9.20% | |
Utilities | 2.18% | |
Repurchase Agreement | 2.08% | |
Total | 100.00% |
* | A sector may comprise several industries. |
Micro Cap Growth Fund
Ten Largest Holdings | % of Investments | |
YETI Holdings, Inc. | 3.31% | |
Everbridge, Inc. | 2.67% | |
Lovesac Co. (The) | 2.53% | |
Malibu Boats, Inc. Class A | 2.38% | |
Tandem Diabetes Care, Inc. | 2.21% | |
OSI Systems, Inc. | 2.07% | |
eHealth, Inc. | 2.07% | |
Glaukos Corp. | 2.03% | |
Willdan Group, Inc. | 1.93% | |
iRhythm Technologies, Inc. | 1.92% |
154
Investments in Underlying Funds (unaudited)(continued)
Holdings by Sector* | % of Investments | |
Communication Services | 1.29% | |
Consumer Discretionary | 11.97% | |
Consumer Staples | 3.43% | |
Energy | 2.98% | |
Financials | 5.45% | |
Health Care | 38.98% | |
Industrials | 8.67% | |
Information Technology | 25.82% | |
Repurchase Agreement | 1.38% | |
Total | 100.00% |
* | A sector may comprise several industries. |
Micro Cap Value Fund
Ten Largest Holdings | % of Investments | |
Federal Signal Corp. | 4.13% | |
Cott Corp. | 4.01% | |
SP Plus Corp. | 3.56% | |
Gibraltar Industries, Inc. | 3.50% | |
Chesapeake Utilities Corp. | 3.40% | |
Arcosa, Inc. | 3.33% | |
Primoris Services Corp. | 3.32% | |
Century Casinos, Inc. | 3.30% | |
Seacoast Banking Corp. of Florida | 3.21% | |
IMAX Corp. (Canada) | 3.19% | |
Total | ||
Holdings by Sector* | % of Investments | |
Communication Services | 3.19% | |
Consumer Discretionary | 13.24% | |
Consumer Staples | 4.56% | |
Energy | 1.53% | |
Financials | 20.72% | |
Health Care | 2.11% | |
Industrials | 31.70% | |
Information Technology | 6.91% | |
Materials | 7.75% | |
Real Estate | 3.25% | |
Utilities | 3.40% | |
Repurchase Agreement | 1.64% | |
Total | 100.00% |
* | A sector may comprise several industries. |
155
Investments in Underlying Funds (unaudited)(continued)
Lord Abbett Research Fund, Inc. – Small Cap Value Fund
Ten Largest Holdings | % of Investments | |
Cott Corp. | 2.92% | |
First Industrial Realty Trust, Inc. | 2.42% | |
Argo Group International Holdings Ltd. | 2.23% | |
Conduent, Inc. | 2.12% | |
Gibraltar Industries, Inc. | 2.10% | |
Littelfuse, Inc. | 2.07% | |
Columbus McKinnon Corp. | 2.02% | |
First Merchants Corp. | 1.97% | |
Plantronics, Inc. | 1.88% | |
CenterState Bank Corp. | 1.84% | |
Holdings by Sector* | % of Investments | |
Communication Services | 1.23% | |
Consumer Discretionary | 13.40% | |
Consumer Staples | 4.65% | |
Energy | 2.78% | |
Financials | 18.10% | |
Health Care | 7.00% | |
Industrials | 22.39% | |
Information Technology | 14.00% | |
Materials | 7.35% | |
Real Estate | 5.90% | |
Utilities | 3.08% | |
Repurchase Agreement | 0.12% | |
Total | 100.00% |
* | A sector may comprise several industries. |
Value Opportunities Fund
Ten Largest Holdings | % of Investments | |
Booz Allen Hamilton Holding Corp. | 2.42% | |
Cullen/Frost Bankers, Inc. | 2.35% | |
Charles River Laboratories International, Inc. | 2.12% | |
FLIR Systems, Inc. | 2.04% | |
Teledyne Technologies, Inc. | 2.03% | |
Conduent, Inc. | 1.99% | |
Alexandria Real Estate Equities, Inc. | 1.95% | |
Cott Corp. | 1.93% | |
Reliance Steel & Aluminum Co. | 1.92% | |
Valvoline, Inc. | 1.87% |
156
Investments in Underlying Funds (unaudited)(concluded)
Holdings by Sector* | % of Investments | |
Communication Services | 1.47% | |
Consumer Discretionary | 13.45% | |
Consumer Staples | 4.13% | |
Energy | 4.11% | |
Financials | 15.02% | |
Health Care | 13.43% | |
Industrials | 16.50% | |
Information Technology | 16.60% | |
Materials | 6.17% | |
Real Estate | 3.28% | |
Utilities | 5.77% | |
Repurchase Agreement | 0.07% | |
Total | 100.00% |
* | A sector may comprise several industries. |
157
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 knowledge of 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 Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, 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 Broadridge 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 (in the case of each Fund other than Alpha Strategy Fund); and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.
Investment Management and Related Services Generally.The Board considered the 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
158
Approval of Advisory Contract (continued)
ended August 31, 2018. As to Alpha Strategy Fund, International Equity Fund, International Opportunities Fund, and International Value 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. As to Fundamental Equity Fund, the Board observed that the Fund’s investment performance was above the median of the performance group for the one-, three-, and ten-year periods, but below the median of the performance peer group for the five-year period. As to Global Equity Research Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year period. 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 one-, three-, and five-year periods. As to Value Opportunities Fund, the Board observed that the Fund’s investment performance was equal to the median of the performance peer group for the ten-year period, but below the median of the performance peer group for the one-, three-, and five-year periods. With respect to each Fund, the Board took into account actions taken by Lord Abbett to attempt to improve equity fund performance, including certain changes to the portfolio management teams of certain Funds (in the case of International Equity Fund, Global Equity Research Fund, and Value Opportunities Fund). The Board also took into account changes to International Equity Fund’s and International Value Fund’s investment strategies, effective October 31, 2017 and September 30, 2018, respectively. 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 appropriate. 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, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.
Nature and Quality of Other Services.The Board considered the nature, quality, 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.
Expenses.The Board considered the expense level of each Fund, including the contractual and actual management fee rates, 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 Alpha Strategy Fund, the Board observed that while the net total expense ratio was above the median of the expense peer group, the Fund’s advisory fee (excluding underlying fund fees) was below the median of the expense peer group. As to each of Fundamental Equity Fund, Global Equity Research Fund, Growth Leaders Fund, International Equity Fund, International Opportunities Fund, International Value 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.
159
Approval of Advisory Contract (continued)
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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified 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 Equity Fund, and International Value Fund the Board concluded that the contractual breakpoints in the existing management fee schedule, in conjunction with the Fund’s 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.
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 for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. 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 the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client 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
160
Approval of Advisory Contract (concluded)
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.
161
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 as an attachment to Form N-PORT. Previously, this information was filed 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.
162
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 Securities Trust
Lord Abbett Alpha Strategy Fund Lord Abbett Focused Growth Fund Lord Abbett Fundamental Equity Fund Lord Abbett Global Equity Research Fund Lord Abbett Global Select Equity Fund Lord Abbett Growth Leaders Fund Lord Abbett International Equity Fund Lord Abbett International Opportunities Fund Lord Abbett International Value Fund Lord Abbett Value Opportunities Fund | LST-3 (06/19) |
LORD ABBETT
SEMIANNUAL REPORT
Lord Abbett
Micro Cap Growth Fund
Micro Cap Value Fund
For the six-month period ended April 30, 2019
Important Information on Paperless Delivery
Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, investment advisor or bank. Instead, the reports will be made available on Lord Abbett’s website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who hold accounts directly with a Fund may elect to receive shareholder reports and other communications from the Fund electronically by signing into your Lord Abbett online account at lordabbett.com and selecting “Log In.” For further information, you may also contact the Funds at (800) 821-5129. Shareholders who hold accounts through a financial intermediary should contact them directly.
You may elect to receive all future reports in paper free of charge by contacting a Fund at (800) 821-5129. Your election to receive reports in paper will apply to all funds held with Lord Abbett. If your fund shares are held through a financial intermediary please contact them directly. Your election applies to all funds held with that intermediary.
Table of Contents
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, 2019
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, 2019. 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 inLord 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 |
1
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, 2018 through April 30, 2019).
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 11/1/18 – 4/30/19” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each Fund, the second line of the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
2
Micro Cap Growth Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||
11/1/18 | 4/30/19 | 11/1/18 - 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,165.50 | $8.86 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.61 | $8.25 | |||
Class I | ||||||
Actual | $1,000.00 | $1,165.80 | $8.86 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.61 | $8.25 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.65% for Class 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, 2019
Sector* | %** | ||
Communication Services | 1.29 | % | |
Consumer Discretionary | 11.97 | % | |
Consumer Staples | 3.43 | % | |
Energy | 2.99 | % | |
Financials | 5.45 | % | |
Health Care | 38.98 | % | |
Industrials | 8.69 | % | |
Information Technology | 25.82 | % | |
Repurchase Agreement | 1.38 | % | |
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments. |
3
Micro Cap Value Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||
11/1/18 | 4/30/19 | 11/1/18 - 4/30/19 | ||||
Class A | ||||||
Actual | $1,000.00 | $1,089.60 | $8.55 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.61 | $8.25 | |||
Class I | ||||||
Actual | $1,000.00 | $1,089.40 | $8.55 | |||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.61 | $8.25 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.65% for Class 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, 2019
Sector* | %** | ||
Communication Services | 3.19 | % | |
Consumer Discretionary | 13.24 | % | |
Consumer Staples | 4.56 | % | |
Energy | 1.53 | % | |
Financials | 20.72 | % | |
Health Care | 2.11 | % | |
Industrials | 31.71 | % | |
Information Technology | 6.90 | % | |
Materials | 7.75 | % | |
Real Estate | 3.25 | % | |
Utilities | 3.40 | % | |
Repurchase Agreement | 1.64 | % | |
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments. |
4
Schedule of Investments (unaudited)
MICRO CAP GROWTH FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
COMMON STOCKS 99.46% | ||||||||
Banks 1.60% | ||||||||
Bridge Bancorp, Inc. | 13,060 | $ | 405 | |||||
Bryn Mawr Bank Corp. | 20,953 | 798 | ||||||
Byline Bancorp, Inc.* | 40,104 | 803 | ||||||
Heritage Commerce Corp. | 31,108 | 389 | ||||||
Total | 2,395 | |||||||
Beverages 1.47% | ||||||||
MGP Ingredients, Inc. | 24,996 | 2,196 | ||||||
Biotechnology 21.16% | ||||||||
Alector, Inc.* | 93,121 | 1,849 | ||||||
Arena Pharmaceuticals, Inc.* | 20,664 | 945 | ||||||
Audentes Therapeutics, Inc.* | 40,888 | 1,545 | ||||||
CareDx, Inc.* | 93,321 | 2,539 | ||||||
Coherus Biosciences, Inc.* | 74,124 | 1,180 | ||||||
Deciphera Pharmaceuticals, Inc.* | 57,663 | 1,326 | ||||||
Denali Therapeutics, Inc.* | 115,514 | 2,827 | ||||||
Eidos Therapeutics, Inc.* | 63,804 | 1,672 | ||||||
Homology Medicines, Inc.* | 51,056 | 1,099 | ||||||
Intellia Therapeutics, Inc.* | 67,178 | 1,033 | ||||||
Invitae Corp.* | 71,584 | 1,691 | ||||||
MacroGenics, Inc.* | 121,164 | 2,032 | ||||||
Mirati Therapeutics, Inc.* | 45,134 | 2,685 | ||||||
Myovant Sciences Ltd. (United Kingdom)*(a) | 146,330 | 2,485 | ||||||
Ra Pharmaceuticals, Inc.* | 60,831 | 1,351 | ||||||
Repligen Corp.* | 24,832 | 1,673 | ||||||
Rocket Pharmaceuticals, Inc.* | 60,277 | 1,119 | ||||||
uniQure NV (United Kingdom)*(a) | 27,158 | 1,526 | ||||||
Xencor, Inc.* | 35,100 | 1,078 | ||||||
Total | 31,655 |
Investments | Shares | Fair Value (000) | ||||||
Communications Equipment 3.01% | ||||||||
Calix, Inc.* | 101,304 | $ | 694 | |||||
Comtech Telecommunications Corp. | 50,809 | 1,196 | ||||||
Quantenna Communications, Inc.* | 107,249 | 2,611 | ||||||
Total | 4,501 | |||||||
Construction & Engineering 1.49% | ||||||||
NV5 Global, Inc.* | 35,267 | 2,234 | ||||||
Electronic Equipment, Instruments & Components 4.95% | ||||||||
Badger Meter, Inc. | 28,689 | 1,592 | ||||||
Napco Security Technologies, Inc.* | 36,133 | 895 | ||||||
OSI Systems, Inc.* | 34,713 | 3,129 | ||||||
Vishay Precision Group, Inc.* | 47,167 | 1,786 | ||||||
Total | 7,402 | |||||||
Energy Equipment & Services 3.01% | ||||||||
DMC Global, Inc. | 36,899 | 2,557 | ||||||
Solaris Oilfield Infrastructure, Inc. Class A | 114,557 | 1,947 | ||||||
Total | 4,504 | |||||||
Entertainment 0.78% | ||||||||
Glu Mobile, Inc.* | 106,784 | 1,168 | ||||||
Food & Staples Retailing 1.21% | ||||||||
Chefs’ Warehouse, Inc. (The)* | 55,350 | 1,809 | ||||||
Health Care Equipment & Supplies 12.35% | ||||||||
ElectroCore, Inc.* | 39,854 | 249 | ||||||
Glaukos Corp.* | 42,475 | 3,064 | ||||||
iRhythm Technologies, Inc.* | 38,046 | 2,903 | ||||||
Neuronetics, Inc.* | 76,854 | 1,281 | ||||||
Nevro Corp.* | 25,925 | 1,600 | ||||||
OrthoPediatrics Corp.* | 31,557 | 1,286 | ||||||
Shockwave Medical, Inc.* | 26,178 | 1,115 | ||||||
Silk Road Medical, Inc.* | 20,714 | 862 | ||||||
Tactile Systems Technology, Inc.* | 32,398 | 1,612 |
See Notes to Financial Statements. | 5 |
Schedule of Investments (unaudited)(continued)
MICRO CAP GROWTH FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
Health Care Equipment & Supplies (continued) | ||||||||
Tandem Diabetes Care, Inc.* | 54,207 | $ | 3,329 | |||||
Vapotherm, Inc.* | 69,553 | 1,178 | ||||||
Total | 18,479 | |||||||
Health Care Providers & Services 1.19% | ||||||||
PetIQ, Inc.* | 64,880 | 1,782 | ||||||
Health Care Technology 1.94% | ||||||||
Inspire Medical Systems, Inc.* | 56,012 | 2,895 | ||||||
Household Durables 4.17% | ||||||||
LGI Homes, Inc.* | 34,951 | 2,422 | ||||||
Lovesac Co. (The)* | 96,810 | 3,814 | ||||||
Total | 6,236 | |||||||
Information Technology Services 2.72% | ||||||||
Endava plc ADR* | 63,318 | 2,094 | ||||||
Virtusa Corp.* | 35,514 | 1,973 | ||||||
Total | 4,067 | |||||||
Insurance 3.90% | ||||||||
eHealth, Inc.* | 51,440 | 3,125 | ||||||
Goosehead Insurance, Inc. Class A | 39,233 | 1,195 | ||||||
Trupanion, Inc.* | 46,044 | 1,510 | ||||||
Total | 5,830 | |||||||
Interactive Media & Services 0.52% | ||||||||
Care.com, Inc.* | 46,476 | 779 | ||||||
Internet & Direct Marketing Retail 1.61% | ||||||||
1-800-Flowers.com, Inc. Class A* | 38,727 | 824 | ||||||
Jumia Technologies AG ADR* | 36,784 | 1,581 | ||||||
Total | 2,405 | |||||||
Leisure Products 5.74% | ||||||||
Malibu Boats, Inc. Class A* | 86,276 | 3,591 | ||||||
YETI Holdings, Inc.* | 139,925 | 4,992 | ||||||
Total | 8,583 | |||||||
Life Sciences Tools & Services 1.47% | ||||||||
Codexis, Inc.* | 111,766 | 2,202 |
Investments | Shares | Fair Value (000) | ||||||
Machinery 4.40% | ||||||||
Federal Signal Corp. | 84,039 | $ | 2,418 | |||||
Kornit Digital Ltd. (Israel)*(a) | 96,126 | 2,771 | ||||||
TriMas Corp.* | 45,235 | 1,399 | ||||||
Total | 6,588 | |||||||
Media 0.56% | ||||||||
Fluent, Inc.* | 120,014 | 844 | ||||||
Personal Products 0.78% | ||||||||
CV Sciences, Inc.* | 221,996 | 1,170 | ||||||
Pharmaceuticals 1.20% | ||||||||
MyoKardia, Inc.* | 37,441 | 1,797 | ||||||
Professional Services 2.86% | ||||||||
Upwork, Inc.* | 68,611 | 1,372 | ||||||
Willdan Group, Inc.* | 73,719 | 2,914 | ||||||
Total | 4,286 | |||||||
Semiconductors & Semiconductor Equipment 1.34% | ||||||||
CEVA, Inc.* | 42,643 | 1,074 | ||||||
Ichor Holdings Ltd.* | 37,098 | 934 | ||||||
Total | 2,008 | |||||||
Software 14.03% | ||||||||
8x8, Inc.* | 64,156 | 1,534 | ||||||
Alteryx, Inc. Class A* | 17,208 | 1,525 | ||||||
Appfolio, Inc. Class A* | 17,853 | 1,734 | ||||||
Appian Corp.* | 77,237 | 2,787 | ||||||
Everbridge, Inc.* | 54,579 | 4,033 | ||||||
Five9, Inc.* | 45,373 | 2,408 | ||||||
SVMK, Inc.* | 128,105 | 2,293 | ||||||
Tufin Software Technologies Ltd. (Israel)*(a) | 95,478 | 2,141 | ||||||
Upland Software, Inc.* | 54,498 | 2,534 | ||||||
Total | 20,989 | |||||||
Total Common Stocks (cost $108,010,344) | 148,804 |
6 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
MICRO CAP GROWTH FUNDApril 30, 2019
Principal Amount (000) | Fair Value (000) | |||||||
SHORT-TERM INVESTMENT 1.40% | ||||||||
Repurchase Agreement | ||||||||
Repurchase Agreement dated 4/30/2019, 1.45% due 5/1/2019 with Fixed Income Clearing Corp. collateralized by $2,160,000 of U.S. Treasury Note at 1.375% due 5/31/2021; value: $2,131,728; proceeds: $2,087,137 (cost $2,087,053) | $2,087 | $ | 2,087 | |||||
Total Investments in Securities 100.86% (cost $110,097,397) | 150,891 | |||||||
Liabilities in Excess of Cash and Other Assets (0.86)% | (1,285 | ) | ||||||
Net Assets 100.00% | $ | 149,606 |
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, 2019 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 | $ | 148,804 | $ | – | $ | – | $ | 148,804 | |||||||
Short-Term Investment | |||||||||||||||
Repurchase Agreement | – | 2,087 | – | 2,087 | |||||||||||
Total | $ | 148,804 | $ | 2,087 | $ | – | $ | 150,891 |
(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, 2019. |
See Notes to Financial Statements. | 7 |
Schedule of Investments (unaudited)
MICRO CAP VALUE FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
COMMON STOCKS 100.16% | ||||||||
Aerospace & Defense 0.29% | ||||||||
National Presto Industries, Inc. | 1,800 | $ | 192 | |||||
Vectrus, Inc.* | 4,800 | 194 | ||||||
Total | 386 | |||||||
Airlines 0.11% | ||||||||
Hawaiian Holdings, Inc. | 5,300 | 150 | ||||||
Auto Components 1.15% | ||||||||
American Axle & Manufacturing Holdings, Inc.* | 20,405 | 301 | ||||||
Cooper Tire & Rubber Co. | 6,300 | 188 | ||||||
Cooper-Standard Holdings, Inc.* | 3,900 | 198 | ||||||
Dana, Inc. | 12,578 | 245 | ||||||
Gentherm, Inc.* | 4,700 | 199 | ||||||
LCI Industries | 4,300 | 378 | ||||||
Total | 1,509 | |||||||
Automobiles 0.19% | ||||||||
Winnebago Industries, Inc. | 6,960 | 246 | ||||||
Banks 10.91% | ||||||||
Ameris Bancorp | 32,244 | 1,176 | ||||||
Bank of NT Butterfield & Son Ltd. (The) | 4,800 | 192 | ||||||
Bank OZK | 10,477 | 342 | ||||||
BankUnited, Inc. | 5,400 | 197 | ||||||
Cadence BanCorp | 8,800 | 200 | ||||||
CenterState Bank Corp. | 83,734 | 2,067 | ||||||
FB Financial Corp. | 109,637 | 4,028 | ||||||
First Merchants Corp. | 39,421 | 1,446 | ||||||
Hanmi Financial Corp. | 8,200 | 194 | ||||||
Seacoast Banking Corp. of Florida* | 151,052 | 4,284 | ||||||
Sterling Bancorp | 9,000 | 193 | ||||||
Total | 14,319 | |||||||
Beverages 4.08% | ||||||||
Cott Corp. | 345,130 | 5,353 |
Investments | Shares | Fair Value (000) | ||||||
Building Products 4.98% | ||||||||
Advanced Drainage Systems, Inc. | 42,105 | $ | 1,181 | |||||
American Woodmark Corp.* | 2,100 | 189 | ||||||
Apogee Enterprises, Inc. | 2,400 | 97 | ||||||
Gibraltar Industries, Inc.* | 117,893 | 4,677 | ||||||
Masonite International Corp.* | 7,500 | 386 | ||||||
Total | 6,530 | |||||||
Capital Markets 3.13% | ||||||||
Artisan Partners Asset Management, Inc. Class A | 13,100 | 371 | ||||||
BrightSphere Investment Group plc (United Kingdom)(a) | 197,693 | 2,898 | ||||||
Legg Mason, Inc. | 19,119 | 640 | ||||||
Moelis & Co. Class A | 4,700 | 192 | ||||||
Total | 4,101 | |||||||
Chemicals 2.16% | ||||||||
AdvanSix, Inc.* | 1,012 | 30 | ||||||
Chase Corp. | 27,905 | 2,614 | ||||||
Rayonier Advanced Materials, Inc. | 12,600 | 187 | ||||||
Total | 2,831 | |||||||
Commercial Services & Supplies 3.91% | ||||||||
SP Plus Corp.* | 137,644 | 4,751 | ||||||
Steelcase, Inc. Class A | 22,300 | 386 | ||||||
Total | 5,137 | |||||||
Communications Equipment 2.11% | ||||||||
Plantronics, Inc. | 53,670 | 2,763 | ||||||
Construction & Engineering 7.31% | ||||||||
Arcosa, Inc. | 142,891 | 4,448 | ||||||
EMCOR Group, Inc. | 8,371 | 704 | ||||||
Primoris Services Corp. | 202,308 | 4,435 | ||||||
Total | 9,587 | |||||||
Consumer Finance 3.09% | ||||||||
EZCORP, Inc. Class A* | 373,005 | 4,055 |
8 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
MICRO CAP VALUE FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
Electronic Equipment, Instruments & Components 3.12% | ||||||||
Anixter International, Inc.* | 3,200 | $ | 201 | |||||
AVX Corp. | 5,800 | 94 | ||||||
Jabil, Inc. | 5,453 | 165 | ||||||
Tech Data Corp.* | 1,800 | 192 | ||||||
Vishay Precision Group, Inc.* | 90,880 | 3,442 | ||||||
Total | 4,094 | |||||||
Energy Equipment & Services 0.79% | ||||||||
Cactus, Inc. Class A* | 5,300 | 193 | ||||||
Frank’s International NV (Netherlands)*(a) | 31,300 | 183 | ||||||
Oceaneering International, Inc.* | 11,100 | 213 | ||||||
Patterson-UTI Energy, Inc. | 15,839 | 215 | ||||||
U.S. Silica Holdings, Inc. | 14,739 | 233 | ||||||
Total | 1,037 | |||||||
Entertainment 3.25% | ||||||||
IMAX Corp. (Canada)*(a) | 174,657 | 4,258 | ||||||
Equity Real Estate Investment Trusts 3.18% | ||||||||
Innovative Industrial Properties, Inc. | 42,711 | 3,636 | ||||||
Ladder Capital Corp. | 11,100 | 193 | ||||||
Outfront Media, Inc. | 14,138 | 337 | ||||||
Total | 4,166 | |||||||
Food Products 0.26% | ||||||||
Sanderson Farms, Inc. | 2,264 | 343 | ||||||
Gas Utilities 3.46% | ||||||||
Chesapeake Utilities Corp. | 49,040 | 4,543 | ||||||
Health Care Providers & Services 0.15% | ||||||||
AMN Healthcare Services, Inc.* | 3,900 | 203 | ||||||
Hotels, Restaurants & Leisure 6.34% | ||||||||
Brinker International, Inc. | 7,737 | 331 | ||||||
Century Casinos, Inc.* | 483,812 | 4,403 | ||||||
Denny’s Corp.* | 192,379 | 3,582 | ||||||
Total | 8,316 |
Investments | Principal Amount (000) | Fair Value (000) | ||||||
Household Products 0.15% | ||||||||
Central Garden and Pet Co. Class A* | 7,900 | $ | 193 | |||||
Insurance 3.67% | ||||||||
American Equity Investment Life Holding Co. | 9,700 | 285 | ||||||
Argo Group International Holdings Ltd. | 47,955 | 3,744 | ||||||
Axis Capital Holdings Ltd. | 6,700 | 381 | ||||||
Enstar Group Ltd.* | 1,200 | 213 | ||||||
Third Point Reinsurance Ltd.* | 16,700 | 194 | ||||||
Total | 4,817 | |||||||
Leisure Products 0.14% | ||||||||
Malibu Boats, Inc. Class A* | 4,500 | 187 | ||||||
Life Sciences Tools & Services 2.00% | ||||||||
Cambrex Corp.* | 60,891 | 2,620 | ||||||
Machinery 11.15% | ||||||||
Blue Bird Corp.* | 141,843 | 2,455 | ||||||
Columbus McKinnon Corp. | 82,222 | 3,236 | ||||||
Federal Signal Corp. | 191,841 | 5,519 | ||||||
Manitowoc Co., Inc. (The)* | 10,500 | 188 | ||||||
Milacron Holdings Corp.* | 203,312 | 2,970 | ||||||
REV Group, Inc. | 7,600 | 97 | ||||||
Terex Corp. | 4,997 | 167 | ||||||
Total | 14,632 | |||||||
Media 0.62% | ||||||||
Entercom Communications Corp. Class A | 42,700 | 294 | ||||||
Gray Television, Inc.* | 11,159 | 261 | ||||||
Meredith Corp. | 4,342 | 256 | ||||||
Total | 811 | |||||||
Metals & Mining 3.35% | ||||||||
Compass Minerals | ||||||||
International, Inc. | 5,913 | 339 | ||||||
Lundin Mining Corp.(b) | CAD | 701,048 | 3,763 | |||||
Warrior Met Coal, Inc. | 9,300 | 288 | ||||||
Total | 4,390 |
See Notes to Financial Statements. | 9 |
Schedule of Investments (unaudited)(continued)
MICRO CAP VALUE FUNDApril 30, 2019
Investments | Shares | Fair Value (000) | ||||||
Multi-Line Retail 0.24% | ||||||||
Big Lots, Inc. | 8,647 | $ | 321 | |||||
Oil, Gas & Consumable Fuels 0.77% | ||||||||
Bonanza Creek Energy, Inc.* | 12,000 | 289 | ||||||
Centennial Resource Development, Inc. Class A* | 49,765 | 524 | ||||||
PBF Energy, Inc. Class A | 5,800 | 195 | ||||||
Total | 1,008 | |||||||
Paper & Forest Products 2.39% | ||||||||
Neenah, Inc. | 46,170 | 3,133 | ||||||
Professional Services 1.63% | ||||||||
ICF International, Inc. | 27,546 | 2,145 | ||||||
Real Estate Management & Development 0.13% | ||||||||
Realogy Holdings Corp. | 13,167 | 171 | ||||||
Semiconductors & Semiconductor Equipment 1.80% | ||||||||
Advanced Energy Industries, Inc.* | 1,800 | 104 | ||||||
Brooks Automation, Inc. | 55,342 | 2,076 | ||||||
Ichor Holdings Ltd.* | 7,500 | 189 | ||||||
Total | 2,369 | |||||||
Specialty Retail 2.39% | ||||||||
Dick’s Sporting Goods, Inc. | 8,658 | 321 | ||||||
Signet Jewelers Ltd. | 10,918 | 253 | ||||||
Urban Outfitters, Inc.* | 79,319 | 2,358 | ||||||
Williams-Sonoma, Inc. | 3,500 | 200 | ||||||
Total | 3,132 | |||||||
Textiles, Apparel & Luxury Goods 2.42% | ||||||||
Carter’s, Inc. | 1,800 | 191 | ||||||
Movado Group, Inc. | 4,100 | 146 | ||||||
Oxford Industries, Inc. | 31,775 | 2,639 | ||||||
Steven Madden Ltd. | 5,400 | 196 | ||||||
Total | 3,172 | |||||||
Thrifts & Mortgage Finance 0.30% | ||||||||
Essent Group Ltd.* | 4,200 | 199 | ||||||
HomeStreet, Inc.* | 6,700 | 189 | ||||||
Total | 388 |
Investments | Shares | Fair Value (000) | ||||||
Tobacco 0.15% | ||||||||
Turning Point Brands, Inc. | 4,700 | $ | 201 | |||||
Trading Companies & Distributors 2.89% | ||||||||
Beacon Roofing Supply, Inc.* | 8,692 | 327 | ||||||
Lawson Products, Inc.* | 100,358 | 3,296 | ||||||
WESCO International, Inc.* | 2,933 | 168 | ||||||
Total | 3,791 | |||||||
Total Common Stocks (cost $106,799,478) | 131,408 | |||||||
Principal Amount (000) | ||||||||
SHORT-TERM INVESTMENT 1.67% | ||||||||
Repurchase Agreement | ||||||||
Repurchase Agreement dated 4/30/2019, 1.45% due 5/1/2019 with Fixed Income Clearing Corp. collateralized by $2,270,000 of U.S. Treasury Note at 1.375% due 5/31/2021; value: $2,240,288; proceeds: $2,194,869 (cost $2,194,781) | $2,195 | $ | 2,195 | |||||
Total Investments in Securities 101.83% (cost $108,994,259) | 133,603 | |||||||
Liabilities in Excess of Other Assets (1.83)% | (2,407 | ) | ||||||
Net Assets 100.00% | $ | 131,196 |
CAD | Canadian dollar. | |
* | Non-income producing security. | |
(a) | Foreign security traded in U.S. dollars. | |
(b) | Investment in non-U.S. dollar denominated securities. |
10 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
MICRO CAP VALUE FUNDApril 30, 2019
The following is a summary of the inputs used as of April 30, 2019 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 | $ | 131,408 | $ | – | $ | – | $ | 131,408 | |||||||
Short-Term Investment | |||||||||||||||
Repurchase Agreement | – | 2,195 | – | 2,195 | |||||||||||
Total | $ | 131,408 | $ | 2,195 | $ | – | $ | 133,603 |
(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, 2019. |
See Notes to Financial Statements. | 11 |
Statements of Assets and Liabilities (unaudited)
April 30, 2019
Micro Cap Growth Fund | Micro Cap Value Fund | |||||||||
ASSETS: | ||||||||||
Investments in securities, at cost | $ | 110,097,397 | $ | 108,994,259 | ||||||
Investments in securities, at fair value | $ | 150,890,925 | $ | 133,602,622 | ||||||
Cash | 5 | – | ||||||||
Receivables: | ||||||||||
Investment securities sold | – | 9,776,835 | ||||||||
Interest and dividends | 10,465 | 22,984 | ||||||||
Capital shares sold | 365 | 239 | ||||||||
Prepaid expenses | 5,512 | 13,421 | ||||||||
Total assets | 150,907,272 | 143,416,101 | ||||||||
LIABILITIES: | ||||||||||
Payables: | ||||||||||
Investment securities purchased | 181,216 | 11,925,481 | ||||||||
Capital shares reacquired | 858,080 | 64,730 | ||||||||
Management fee | 182,979 | 159,317 | ||||||||
Trustees’ fees | 21,367 | 22,263 | ||||||||
Fund administration | 4,879 | 4,248 | ||||||||
Accrued expenses | 52,504 | 43,571 | ||||||||
Total liabilities | 1,301,025 | 12,219,610 | ||||||||
NET ASSETS | $ | 149,606,247 | $ | 131,196,491 | ||||||
COMPOSITION OF NET ASSETS: | ||||||||||
Paid-in capital | $ | 106,481,802 | $ | 102,195,475 | ||||||
Total distributable earnings | 43,124,445 | 29,001,016 | ||||||||
Net Assets | $ | 149,606,247 | $ | 131,196,491 | ||||||
Net assets by class: | ||||||||||
Class A Shares | $ | 13,742,372 | $ | 6,254,921 | ||||||
Class I Shares | $ | 135,863,875 | $ | 124,941,570 | ||||||
Outstanding shares by class (unlimited number of authorized shares of beneficial interest) | ||||||||||
Class A Shares | 923,386 | 232,267 | ||||||||
Class I Shares | 8,004,884 | 4,355,903 | ||||||||
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares): | ||||||||||
Class A Shares-Net asset value | $14.88 | $26.93 | ||||||||
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%) | $15.79 | $28.57 | ||||||||
Class I Shares-Net asset value | $16.97 | $28.68 |
12 | See Notes to Financial Statements. |
Statements of Operations (unaudited)
For the Six Months Ended April 30, 2019
Micro Cap Growth Fund | Micro Cap Value Fund | |||||||||
Investment income: | ||||||||||
Dividends (net of foreign withholding taxes of $0 and $9,730, respectively) | $ | 113,557 | $ | 543,633 | ||||||
Interest | 23,884 | 17,115 | ||||||||
Total investment income | 137,441 | 560,748 | ||||||||
Expenses: | ||||||||||
Management fee | 1,056,102 | 940,807 | ||||||||
Fund administration | 28,163 | 25,088 | ||||||||
Professional | 22,663 | 22,740 | ||||||||
Registration | 18,035 | 18,035 | ||||||||
Shareholder servicing | 12,949 | 8,593 | ||||||||
Custody | 6,090 | 2,967 | ||||||||
Reports to shareholders | 4,547 | 4,221 | ||||||||
Trustees’ fees | 2,415 | 2,130 | ||||||||
Other | 12,040 | 9,843 | ||||||||
Gross expenses | 1,163,004 | 1,034,424 | ||||||||
Expense reductions (See Note 8) | (867 | ) | (577 | ) | ||||||
Net expenses | 1,162,137 | 1,033,847 | ||||||||
Net investment loss | (1,024,696 | ) | (473,099 | ) | ||||||
Net realized and unrealized gain (loss): | ||||||||||
Net realized gain on investments | 5,030,134 | 6,004,220 | ||||||||
Net realized loss on foreign currency related transactions | – | (441 | ) | |||||||
Net change in unrealized appreciation/depreciation on investments | 17,491,884 | 4,468,048 | ||||||||
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies | – | (13 | ) | |||||||
Net realized and unrealized gain | 22,522,018 | 10,471,814 | ||||||||
Net Increase in Net Assets Resulting From Operations | $ | 21,497,322 | $ | 9,998,715 |
See Notes to Financial Statements. | 13 |
Statements of Changes in Net Assets
Micro Cap Growth Fund | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | For the Six Months Ended April 30, 2019 (unaudited) | For the Year Ended October 31, 2018 | ||||||||
Operations: | ||||||||||
Net investment loss | $ | (1,024,696 | ) | $ | (2,267,880 | ) | ||||
Net realized gain on investments | 5,030,134 | 39,679,742 | ||||||||
Net change in unrealized appreciation/depreciation on investments | 17,491,884 | (12,896,470 | ) | |||||||
Net increase in net assets resulting from operations | 21,497,322 | 24,515,392 | ||||||||
Distributions to shareholders: | ||||||||||
Class A | (3,195,561 | ) | (1,459,298 | ) | ||||||
Class I | (33,452,601 | ) | (18,958,027 | ) | ||||||
Total distributions to shareholders | (36,648,162 | ) | (20,417,325 | ) | ||||||
Capital share transactions (See Note 13): | ||||||||||
Net proceeds from sales of shares | 4,723,348 | 5,175,591 | ||||||||
Reinvestment of distributions | 33,356,839 | 18,669,859 | ||||||||
Cost of shares reacquired | (18,657,511 | ) | (31,570,439 | ) | ||||||
Net increase (decrease) in net assets resulting fromcapital share transactions | 19,422,676 | (7,724,989 | ) | |||||||
Net increase (decrease) in net assets | 4,271,836 | (3,626,922 | ) | |||||||
NET ASSETS: | ||||||||||
Beginning of period | $ | 145,334,411 | $ | 148,961,333 | ||||||
End of period | $ | 149,606,247 | $ | 145,334,411 |
14 | See Notes to Financial Statements. |
Statements of Changes in Net Assets (concluded)
Micro Cap Value Fund | ||||||||||
DECREASE IN NET ASSETS | For the Six Months Ended April 30, 2019 (unaudited) | For the Year Ended October 31, 2018 | ||||||||
Operations: | ||||||||||
Net investment loss | $ | (473,099 | ) | $ | (1,477,852 | ) | ||||
Net realized gain on investments and foreign currency related transactions | 6,003,779 | 20,134,344 | ||||||||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | 4,468,035 | (18,068,767 | ) | |||||||
Net increase in net assets resulting from operations | 9,998,715 | 587,725 | ||||||||
Distributions to shareholders: | ||||||||||
Class A | (921,358 | ) | (1,156,349 | ) | ||||||
Class I | (17,602,082 | ) | (22,434,845 | ) | ||||||
Total distributions to shareholders | (18,523,440 | ) | (23,591,194 | ) | ||||||
Capital share transactions (See Note 13): | ||||||||||
Net proceeds from sales of shares | 1,814,639 | 3,252,887 | ||||||||
Reinvestment of distributions | 17,420,876 | 22,255,913 | ||||||||
Cost of shares reacquired | (13,132,531 | ) | (11,437,520 | ) | ||||||
Net increase in net assets resulting from capitalshare transactions | 6,102,984 | 14,071,280 | ||||||||
Net decrease in net assets | (2,421,741 | ) | (8,932,189 | ) | ||||||
NET ASSETS: | ||||||||||
Beginning of period | $ | 133,618,232 | $ | 142,550,421 | ||||||
End of period | $ | 131,196,491 | $ | 133,618,232 |
See Notes to Financial Statements. | 15 |
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 | |||||||||||||||||||||||||
4/30/2019(c) | $18.05 | $(0.10 | ) | $1.92 | $1.82 | $(4.99 | ) | $14.88 | |||||||||||||||||
10/31/2018 | 18.26 | (0.26 | ) | 2.75 | 2.49 | (2.70 | ) | 18.05 | |||||||||||||||||
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 | |||||||||||||||||
Class I | |||||||||||||||||||||||||
4/30/2019(c) | 19.84 | (0.11 | ) | 2.23 | 2.12 | (4.99 | ) | 16.97 | |||||||||||||||||
10/31/2018 | 19.80 | (0.29 | ) | 3.03 | 2.74 | (2.70 | ) | 19.84 | |||||||||||||||||
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 |
(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: | |||||||||||||||||
Total return(b) (%) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||
16.55 | (d) | 1.65 | (e) | (1.45 | )(e) | $ 13,742 | 42 | (d) | ||||||||||
16.32 | 1.63 | (1.43 | ) | 11,616 | 73 | |||||||||||||
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 | |||||||||||||
16.58 | (d) | 1.65 | (e) | (1.45 | )(e) | 135,864 | 42 | (d) | ||||||||||
16.31 | 1.63 | (1.43 | ) | 133,719 | 73 | |||||||||||||
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 |
See Notes to Financial Statements. | 17 |
Financial Highlights
MICRO CAP VALUE FUND
Per Share Operating Performance: | |||||||||||||||||||||||||
Investment Operations: | Distributions to shareholders from: | ||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain | Total from investment operations | Net realized gain | Net asset value, end of period | ||||||||||||||||||||
Class A | |||||||||||||||||||||||||
4/30/2019(c) | $29.02 | $(0.09 | ) | $2.23 | $2.14 | $(4.23 | ) | $26.93 | |||||||||||||||||
10/31/2018 | 34.92 | (0.32 | ) | 0.47 | 0.15 | (6.05 | ) | 29.02 | |||||||||||||||||
10/31/2017 | 33.65 | (0.27 | ) | 7.56 | 7.29 | (6.02 | ) | 34.92 | |||||||||||||||||
10/31/2016 | 31.34 | (0.22 | ) | 3.27 | 3.05 | (0.74 | ) | 33.65 | |||||||||||||||||
10/31/2015 | 34.19 | (0.26 | ) | 1.00 | 0.74 | (3.59 | ) | 31.34 | |||||||||||||||||
10/31/2014 | 34.74 | (0.23 | ) | 3.84 | 3.61 | (4.16 | ) | 34.19 | |||||||||||||||||
Class I | |||||||||||||||||||||||||
4/30/2019(c) | 30.64 | (0.10 | ) | 2.37 | 2.27 | (4.23 | ) | 28.68 | |||||||||||||||||
10/31/2018 | 36.53 | (0.33 | ) | 0.49 | 0.16 | (6.05 | ) | 30.64 | |||||||||||||||||
10/31/2017 | 34.95 | (0.28 | ) | 7.88 | 7.60 | (6.02 | ) | 36.53 | |||||||||||||||||
10/31/2016 | 32.52 | (0.23 | ) | 3.40 | 3.17 | (0.74 | ) | 34.95 | |||||||||||||||||
10/31/2015 | 35.34 | (0.27 | ) | 1.04 | 0.77 | (3.59 | ) | 32.52 | |||||||||||||||||
10/31/2014 | 35.77 | (0.26 | ) | 3.99 | 3.73 | (4.16 | ) | 35.34 |
(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. |
18 | 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 (%) | ||||||||||||||
8.96 | (d) | 1.65 | (e) | (0.76 | )(e) | $ 6,255 | 24 | (d) | ||||||||||
0.11 | 1.63 | (1.02 | ) | 6,382 | 57 | |||||||||||||
23.38 | 1.66 | (0.81 | ) | 6,698 | 48 | |||||||||||||
10.00 | 1.80 | (0.71 | ) | 6,083 | 52 | |||||||||||||
2.79 | 1.79 | (0.86 | ) | 17,198 | 70 | |||||||||||||
11.16 | 1.76 | (0.68 | ) | 20,028 | 60 | |||||||||||||
8.94 | (d) | 1.65 | (e) | (0.75 | )(e) | 124,942 | 24 | (d) | ||||||||||
0.10 | 1.63 | (1.02 | ) | 127,236 | 57 | |||||||||||||
23.40 | 1.66 | (0.80 | ) | 135,852 | 48 | |||||||||||||
9.97 | 1.80 | (0.72 | ) | 135,269 | 52 | |||||||||||||
2.81 | 1.79 | (0.86 | ) | 153,050 | 70 | |||||||||||||
11.18 | 1.77 | (0.74 | ) | 146,813 | 60 |
See Notes to Financial Statements. | 19 |
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 twelve 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, |
20
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 that ended from October 31, 2015 through October 31, 2018. 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 |
21
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, 2019 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.
The management fee is based on each Fund’s average daily net assets at an annual rate of 1.50%, which was the Funds’ annualized effective management fee rate for the six months ended April 30, 2019.
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.
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, 2019, the Board did not authorize such Class A 12b-1 fees.
Class I shares do not have a distribution plan.
22
Notes to Financial Statements (unaudited)(continued)
Other Related Parties
As of April 30, 2019, the percentages of Micro Cap Growth Fund’s and Micro Cap Value Fund’s outstanding shares owned by Lord Abbett Alpha Strategy Fund were 66.25% and 76.74%, 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 U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.
The tax character of distributions paid during the six months ended April 30, 2019 and fiscal year ended October 31, 2018 was as follows:
Micro Cap Growth Fund | Micro Cap Value Fund | |||||||||||||||
Six Months Ended 4/30/2019 (unaudited | ) | Year Ended 10/31/2018 | Six Months Ended 4/30/2019 (unaudited | ) | Year Ended 10/31/2018 | |||||||||||
Distributions paid from: | ||||||||||||||||
Ordinary income | $ | 6,937,802 | $ | 1,219,295 | $ | 2,789,120 | $ | 2,488,458 | ||||||||
Net long-term capital gains | 29,710,360 | 19,198,030 | 15,734,320 | 21,102,736 | ||||||||||||
Total distributions paid | $ | 36,648,162 | $ | 20,417,325 | $ | 18,523,440 | $ | 23,591,194 |
As of April 30, 2019, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:
Micro Cap Growth Fund | Micro Cap Value Fund | |||||||
Tax cost | $ | 110,551,152 | $ | 109,110,383 | ||||
Gross unrealized gain | 44,445,066 | 26,983,366 | ||||||
Gross unrealized loss | (4,105,293 | ) | (2,491,127 | ) | ||||
Net unrealized security gain | $ | 40,339,773 | $ | 24,492,239 |
The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of wash sales.
23
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, 2019 were as follows:
Purchases | Sales | |||||||
Micro Cap Growth Fund | $ | 58,608,798 | $ | 70,347,977 | ||||
Micro Cap Value Fund | 30,434,713 | 39,726,880 |
There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2019.
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 six months ended April 30, 2019, the following Funds engaged in cross-trades:
Fund | Purchases | Sales | Gain | |||||||||
Micro-Cap Growth Fund | $ | 1,134,446 | $ | 3,603,749 | $ | 2,370,999 | ||||||
Micro-Cap Value Fund | 193,866 | 220,312 | 94,544 |
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 | $2,087,053 | $ | – | $2,087,053 | ||||||||
Total | $2,087,053 | $ | – | $2,087,053 |
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. | $ | 2,087,053 | $ | – | $ | – | $ | (2,087,053 | ) | $ | – | |||||||||
Total | $ | 2,087,053 | $ | – | $ | – | $ | (2,087,053 | ) | $ | – |
24
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 | $2,194,781 | $ | – | $2,194,781 | ||||||||
Total | $2,194,781 | $ | – | $2,194,781 |
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. | $ | 2,194,781 | $ | – | $ | – | $(2,194,781 | ) | $ | – | ||||||||||
Total | $ | 2,194,781 | $ | – | $ | – | $(2,194,781 | ) | $ | – |
(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, 2019. |
7. | TRUSTEES’ REMUNERATION |
The Trust’s officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees 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.
8. | 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.
9. | LINE OF CREDIT |
During the period ended December 20, 2018, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas State Street Bank (“SSB”) participates as a lender and as agent for the lenders. Under the Syndicated Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.
Effective December 21, 2018, the Participating Funds participated in an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility,
25
Notes to Financial Statements (unaudited)(continued)
the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.
For the six months ended April 30, 2019, the Funds did not utilize the Facilities.
10. | INTERFUND LENDING PROGRAM |
Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Funds 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, 2019 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.
26
Notes to Financial Statements (unaudited)(concluded)
13. | SUMMARY OF CAPITAL TRANSACTIONS |
Transactions in shares of beneficial interest were as follows:
Micro Cap Growth Fund | Six Months Ended April 30, 2019 (unaudited | ) | Year Ended October 31, 2018 | |||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 26,370 | $ | 331,749 | 25,331 | $ | 460,502 | ||||||||||
Reinvestment of distributions | 264,969 | 3,195,527 | 95,504 | 1,459,299 | ||||||||||||
Shares reacquired | (11,633 | ) | (180,801 | ) | (18,843 | ) | (324,489 | ) | ||||||||
Increase | 279,706 | $ | 3,346,475 | 101,992 | $ | 1,595,312 | ||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 301,779 | $ | 4,391,598 | 249,901 | $ | 4,715,089 | ||||||||||
Reinvestment of distributions | 2,193,550 | 30,161,312 | 1,024,438 | 17,210,560 | ||||||||||||
Shares reacquired | (1,230,394 | ) | (18,476,710 | ) | (1,556,817 | ) | (31,245,950 | ) | ||||||||
Increase (decrease) | 1,264,935 | $ | 16,076,200 | (282,478 | ) | $ | (9,320,301 | ) | ||||||||
Micro Cap Value Fund | Six Months Ended April 30, 2019 (unaudited | ) | Year Ended October 31, 2018 | |||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 8,209 | $ | 189,984 | 6,838 | $ | 210,241 | ||||||||||
Reinvestment of distributions | 37,848 | 921,231 | 39,126 | 1,156,173 | ||||||||||||
Shares reacquired | (33,666 | ) | (829,165 | ) | (17,898 | ) | (553,803 | ) | ||||||||
Increase | 12,391 | $ | 282,050 | 28,066 | $ | 812,611 | ||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 58,022 | $ | 1,624,655 | 96,839 | $ | 3,042,646 | ||||||||||
Reinvestment of distributions | 636,560 | 16,499,645 | 676,490 | 21,099,740 | ||||||||||||
Shares reacquired | (491,952 | ) | (12,303,366 | ) | (339,162 | ) | (10,883,717 | ) | ||||||||
Increase | 202,630 | $ | 5,820,934 | 434,167 | $ | 13,258,669 |
14. | SUBSEQUENT EVENT |
On April 3, 2019, the Board approved the name change of Lord Abbett Micro-Cap Value Fund to Lord Abbett Focused Small Cap Value Fund, along with changes to principal investment strategies and risks, and fees and expenses. These changes are expected to take effect July 1, 2019.
27
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 knowledge of 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) information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, 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 Broadridge 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 Management and Related Services Generally.The Board considered the 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 two appropriate benchmarks as of various periods ended August 31, 2018. As to Micro-Cap Growth Fund, the Board observed that the Fund’s investment
28
Approval of Advisory Contract (continued)
performance was above the median of the performance peer group for the one-, three-, five-, and ten-year periods. As to Micro-Cap Value 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, but below the median for the ten-year period. With respect to each Fund, the Board took into account actions taken by Lord Abbett to attempt 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 appropriate. 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, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.
Nature and Quality of Other Services.The Board considered the nature, quality, 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.
Expenses.The Board considered the expense level of each Fund, including the contractual and actual management fee rates, 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 of the Fund 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.
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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified 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
29
Approval of Advisory Contract (concluded)
further economies of scale. With respect to each Fund, the Board took into account Lord Abbett’s representation that the Funds’ micro-cap investment strategies did not lend themselves to significant economies of scale, and that the existing management fee schedule adequately addressed any economies of scale in managing the Fund.
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, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. 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 the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client 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.
30
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 as an attachment to Form N-PORT. Previously, this information was filed 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.
31
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 |
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 27, 2019 | ||
By: | /s/ Bernard J. Grzelak | |
Bernard J. Grzelak | ||
Chief Financial Officer and Vice President | ||
Date: June 27, 2019 |
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 27, 2019 | ||
By: | /s/ Bernard J. Grzelak | |
Bernard J. Grzelak | ||
Chief Financial Officer and Vice President | ||
Date: June 27, 2019 |