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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07538

LORD ABBETT SECURITIES TRUST

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

Lawrence B. Stoller

Vice President, Secretary, and Chief Legal Officer

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

Registrant’s telephone number, including area code: (888) 522-2388

Date of fiscal year end: 10/31

Date of reporting period: 4/30/2022

Item 1:

Report(s) to Shareholders.

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Alpha Strategy Fund

Durable Growth Fund

Focused Growth Fund

Focused Large Cap Value Fund

Focused Small Cap Value Fund

Fundamental Equity Fund

Global Equity Fund

Growth Leaders Fund

Health Care Fund

International Equity Fund

International Opportunities Fund

International Value Fund

Micro Cap Growth Fund

Value Opportunities Fund

For the six-month period ended April 30, 2022

Table of Contents

1		A Letter to Shareholders

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

		Schedules of Investments:

31		Alpha Strategy Fund

32		Durable Growth Fund

35		Focused Growth Fund

37		Focused Large Cap Value Fund

39		Focused Small Cap Value Fund

42		Fundamental Equity Fund

45		Global Equity Fund

50		Growth Leaders Fund

53		Health Care Fund

56		International Equity Fund

62		International Opportunities Fund

68		International Value Fund

73		Micro Cap Growth Fund

77		Value Opportunities Fund

80		Statements of Assets and Liabilities

92		Statements of Operations

98		Statements of Changes in Net Assets

112		Financial Highlights

172		Notes to Financial Statements

213		Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy Fund, Lord Abbett Durable Growth Fund, Lord Abbett Focused Growth Fund, Lord Abbett Focused Large Cap Value Fund, Lord Abbett Focused Small Cap Value Fund, Lord Abbett Fundamental Equity Fund, Lord Abbett Global Equity Fund, Lord Abbett Growth Leaders Fund, Lord Abbett Health Care Fund, Lord Abbett International Equity Fund, Lord Abbett International Opportunities Fund, Lord Abbett International Value Fund, Lord Abbett Micro Cap Growth Fund, and Lord Abbett Value Opportunities Fund Semiannual Report

For the six-month period ended April 30, 2022

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 Lord Abbett Securities Trust for the six-month period ended April 30, 2022. For additional information about the Funds, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

Douglas B. Sieg

Trustee, President, and Chief Executive Officer

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 through April 30, 2022).

Actual Expenses

For each class of each Fund, the first line of the applicable table 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 11/1/21 – 4/30/22” 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 applicable table 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 the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Alpha Strategy Fund

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

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†#
	11/1/21	4/30/22		11/1/21 – 4/30/22
Class A
Actual	$1,000.00	$	800.20	$1.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.66	$2.16
Class C
Actual	$1,000.00	$	797.20	$5.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.94	$5.91
Class F
Actual	$1,000.00	$	800.90	$1.25
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,023.41	$1.40
Class F3
Actual	$1,000.00	$	801.50	$0.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,024.35	$0.45
Class I
Actual	$1,000.00	$	801.40	$0.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,023.90	$0.90
Class R2
Actual	$1,000.00	$	798.90	$3.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.93	$3.91
Class R3
Actual	$1,000.00	$	799.40	$3.03
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.42	$3.41
Class R4
Actual	$1,000.00	$	800.20	$1.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.66	$2.16
Class R5
Actual	$1,000.00	$	801.40	$0.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,023.90	$0.90
Class R6
Actual	$1,000.00	$	801.60	$0.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,024.35	$0.45

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.43% for Class A, 1.18% for Class C, 0.28% for Class F, 0.09% for Class F3, 0.18% for Class I, 0.78% for Class R2, 0.68% for Class R3, 0.43% for Class R4, 0.18% for Class R5 and 0.09% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

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

Portfolio Holdings Presented by Portfolio Allocation

April 30, 2022

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. – Class I		18.80	%
Lord Abbett Securities Trust - Focused Small Cap Value Fund – Class I		10.69	%
Lord Abbett Securities Trust - International Opportunities Fund – Class I		20.26	%
Lord Abbett Securities Trust - Micro Cap Growth Fund – Class I		8.79	%
Lord Abbett Research Fund, Inc. - Small Cap Value Fund – Class I		20.68	%
Lord Abbett Securities Trust - Value Opportunities Fund – Class I		20.69	%
Repurchase Agreements		0.09	%
Total		100.00	%

* Represents percent of total investments.

Durable Growth Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/21	4/30/22		11/1/21 – 4/30/22
Class A
Actual	$1,000.00	$	776.30	$4.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.18	$4.66
Class C
Actual	$1,000.00	$	773.40	$7.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.46	$8.40
Class F
Actual	$1,000.00	$	777.50	$3.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.42	$3.41
Class F3
Actual	$1,000.00	$	777.40	$3.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.37	$3.46
Class I
Actual	$1,000.00	$	777.30	$3.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.42	$3.41
Class R3
Actual	$1,000.00	$	775.50	$5.11
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.04	$5.81
Class R4
Actual	$1,000.00	$	776.20	$4.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.28	$4.56
Class R5
Actual	$1,000.00	$	777.20	$2.91
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.52	$3.31
Class R6
Actual	$1,000.00	$	777.40	$3.04
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 (0.93% for Class A, 1.68% for Class C, 0.68% for Class F, 0.69% for Class F3, 0.68% for Class I, 1.16% for Class R3, 0.91% for Class R4, 0.66% 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).

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Communication Services		10.74	%
Consumer Discretionary		19.21	%
Consumer Staples		5.46	%
Financials		1.89	%
Health Care		11.00	%
Industrials		8.18	%
Information Technology		35.87	%
Materials		3.80	%
Real Estate		2.06	%
Repurchase Agreements		1.79	%
Total		100.00	%

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

Focused Growth Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/21	4/30/22		11/1/21 – 4/30/22
Class A
Actual	$1,000.00	$	708.70	$4.45
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.59	$5.26
Class C
Actual	$1,000.00	$	705.90	$7.61
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.87	$9.00
Class F
Actual	$1,000.00	$	709.40	$3.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.83	$4.01
Class F3^*
Actual	$1,000.00	$	709.40	$3.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.08	$3.76
Class I
Actual	$1,000.00	$	709.40	$3.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.83	$4.01
Class R3
Actual	$1,000.00	$	707.50	$5.50
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.35	$6.51
Class R4
Actual	$1,000.00	$	708.60	$4.45
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.59	$5.26
Class R5
Actual	$1,000.00	$	709.40	$3.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.83	$4.01
Class R6^*
Actual	$1,000.00	$	709.70	$3.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.08	$3.76

^†	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, 0.75% for Class F3, 0.80% for Class I, 1.30% for Class R3, 1.05% for Class R4, 0.80% for Class R5 and 0.75% 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 0.71% 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 F3	$3.01	$3.56
Class R6	$3.01	$3.56

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Communication Services		10.88	%
Consumer Discretionary		16.65	%
Consumer Staples		3.00	%
Energy		4.02	%
Financials		3.12	%
Health Care		11.66	%
Industrials		2.67	%
Information Technology		43.76	%
Repurchase Agreements		4.24	%
Total		100.00	%

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

Focused Large Cap Value Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/21	4/30/22		11/1/21 – 4/30/22
Class A
Actual	$1,000.00	$	935.30	$4.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.18	$4.66
Class C
Actual	$1,000.00	$	931.80	$8.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.51	$8.35
Class F
Actual	$1,000.00	$	936.50	$3.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.42	$3.41
Class F3
Actual	$1,000.00	$	936.60	$3.17
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.52	$3.31
Class I
Actual	$1,000.00	$	936.00	$3.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.42	$3.41
Class R3
Actual	$1,000.00	$	934.00	$5.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.04	$5.81
Class R4
Actual	$1,000.00	$	935.50	$4.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.28	$4.56
Class R5
Actual	$1,000.00	$	936.60	$3.12
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.57	$3.26
Class R6
Actual	$1,000.00	$	936.70	$3.27
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.42	$3.41

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.93% for Class A, 1.67% for Class C, 0.68% for Class F, 0.66% for Class F3, 0.68% for Class I, 1.16% for Class R3, 0.91% for Class R4, 0.65% for Class R5 and 0.68% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Communication Services		7.69	%
Consumer Discretionary		5.08	%
Consumer Staples		5.58	%
Energy		8.51	%
Financials		20.96	%
Health Care		18.95	%
Industrials		12.33	%
Information Technology		7.43	%
Materials		8.85	%
Utilities		3.11	%
Repurchase Agreements		1.51	%
Total		100.00	%

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

Focused Small Cap Value Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/21	4/30/22		11/1/21 – 4/30/22
Class A
Actual	$1,000.00	$	894.10	$	5.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.55	$	6.31
Class C
Actual	$1,000.00	$	890.80	$	9.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,014.78	$	10.09
Class F
Actual	$1,000.00	$	895.30	$	4.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.79	$	5.06
Class F3
Actual	$1,000.00	$	895.30	$	4.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.18	$	4.66
Class I
Actual	$1,000.00	$	895.40	$	4.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.79	$	5.06
Class R5
Actual	$1,000.00	$	895.40	$	4.84
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.69	$	5.16
Class R6
Actual	$1,000.00	$	895.30	$	4.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.03	$	4.81

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.26% for Class A, 2.02% for Class C, 1.01% for Class F, 0.93% for Class F3, 1.01% for Class I, 1.03% for Class R5 and 0.96% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Communication Services		4.55	%
Consumer Discretionary		6.20	%
Consumer Staples		3.73	%
Energy		11.62	%
Financials		27.10	%
Health Care		6.51	%
Industrials		18.06	%
Information Technology		7.19	%
Materials		6.41	%
Real Estate		6.34	%
Repurchase Agreements		1.49	%
Money Market Funds^(a)		0.72	%
Time Deposits^(a)		0.08	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

Fundamental Equity Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/21	4/30/22		11/1/21 – 4/30/22
Class A
Actual	$1,000.00	$	943.20	$4.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.03	$4.81
Class C
Actual	$1,000.00	$	939.80	$8.22
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.31	$8.55
Class F
Actual	$1,000.00	$	943.90	$3.90
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.78	$4.06
Class F3
Actual	$1,000.00	$	944.50	$3.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.67	$3.16
Class I
Actual	$1,000.00	$	944.70	$3.42
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.27	$3.56
Class P
Actual	$1,000.00	$	942.00	$5.59
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.04	$5.81
Class R2
Actual	$1,000.00	$	941.40	$6.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.30	$6.56
Class R3
Actual	$1,000.00	$	942.00	$5.83
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.79	$6.06
Class R4
Actual	$1,000.00	$	943.30	$4.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.03	$4.81
Class R5
Actual	$1,000.00	$	944.00	$3.42
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.27	$3.56
Class R6
Actual	$1,000.00	$	944.60	$3.04
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 (0.96% for Class A, 1.71% for Class C, 0.81% for Class F, 0.63% for Class F3, 0.71% for Class I, 1.16% for Class P, 1.31% for Class R2, 1.21% for Class R3, 0.96% for Class R4, 0.71% for Class R5 and 0.63% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Communication Services		4.42	%
Consumer Discretionary		7.04	%
Consumer Staples		6.28	%
Energy		8.88	%
Financials		19.97	%
Health Care		15.07	%
Industrials		11.91	%
Information Technology		11.44	%
Materials		6.44	%
Real Estate		4.66	%
Utilities		2.41	%
Repurchase Agreements		1.48	%
Total		100.00	%

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

Global Equity Fund

	Beginning Account Value			Ending Account Value			Expenses Paid During Period^†
	11/1/21			4/30/22			11/1/21 – 4/30/22
Class A
Actual		$	1,000.00		$	861.50		$	4.15
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.33		$	4.51
Class C
Actual		$	1,000.00		$	858.30		$	7.60
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,016.61		$	8.25
Class F
Actual		$	1,000.00		$	861.80		$	3.46
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.08		$	3.76
Class F3*
Actual		$	1,000.00		$	862.20		$	2.82
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.77		$	3.06
Class I
Actual		$	1,000.00		$	862.00		$	3.00
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.57		$	3.26
Class R3
Actual		$	1,000.00		$	860.20		$	5.30
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.09		$	5.76
Class R4
Actual		$	1,000.00		$	860.70		$	4.15
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.33		$	4.51
Class R5
Actual		$	1,000.00		$	862.00		$	3.00
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.57		$	3.26
Class R6*
Actual		$	1,000.00		$	862.70		$	2.82
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 (0.90% for Class A, 1.65% for Class C, 0.75% for Class F, 0.61% for Class F3, 0.65% for Class I, 1.15% for Class R3, 0.90% for Class R4, 0.65% 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).
*		The annualized expenses have been updated to 0.58% 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 F3	$2.68	$2.91
Class R6	$2.68	$2.91

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Communication Services		5.94	%
Consumer Discretionary		8.07	%
Consumer Staples		7.29	%
Energy		5.68	%
Financials		14.90	%
Health Care		11.67	%
Industrials		9.96	%
Information Technology		20.46	%
Materials		4.97	%
Real Estate		3.49	%
Utilities		3.38	%
Repurchase Agreements		4.19	%
Total		100.00	%


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

Growth Leaders Fund

	Beginning Account Value			Ending Account Value			Expenses Paid During Period^†
	11/1/21			4/30/22			11/1/21 – 4/30/22
Class A
Actual		$	1,000.00		$	705.40		$	3.85
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.28		$	4.56
Class C
Actual		$	1,000.00		$	702.70		$	7.01
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,016.56		$	8.30
Class F
Actual		$	1,000.00		$	706.20		$	2.75
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.57		$	3.26
Class F3
Actual		$	1,000.00		$	706.60		$	2.45
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.92		$	2.91
Class I
Actual		$	1,000.00		$	706.40		$	2.79
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.52		$	3.31
Class R2
Actual		$	1,000.00		$	704.10		$	5.32
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.55		$	6.31
Class R3
Actual		$	1,000.00		$	704.50		$	4.90
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.04		$	5.81
Class R4
Actual		$	1,000.00		$	705.30		$	3.85
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.28		$	4.56
Class R5
Actual		$	1,000.00		$	706.20		$	2.79
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.52		$	3.31
Class R6
Actual		$	1,000.00		$	706.60		$	2.45
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.92		$	2.91


^†		For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.91% for Class A, 1.66% for Class C, 0.65% for Class F, 0.58% for Class F3, 0.66% for Class I, 1.26% for Class R2, 1.16% for Class R3, 0.91% for Class R4, 0.66% for Class R5 and 0.58% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Communication Services		8.76	%
Consumer Discretionary		15.55	%
Consumer Staples		2.22	%
Energy		2.50	%
Financials		4.13	%
Health Care		13.66	%
Industrials		2.12	%
Information Technology		47.49	%
Real Estate		0.48	%
Repurchase Agreements		3.09	%
Total		100.00	%


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

Health Care Fund

	Beginning Account Value			Ending Account Value			Expenses Paid During Period^†
	11/1/21			4/30/22			11/1/21 – 4/30/22
Class A
Actual		$	1,000.00		$	825.40		$	4.66
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.69		$	5.16
Class C
Actual		$	1,000.00		$	822.40		$	8.04
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,015.97		$	8.90
Class F
Actual		$	1,000.00		$	826.30		$	3.53
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.93		$	3.91
Class F3*
Actual		$	1,000.00		$	826.70		$	3.13
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.37		$	3.46
Class I
Actual		$	1,000.00		$	826.30		$	3.53
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.93		$	3.91
Class R3
Actual		$	1,000.00		$	824.10		$	5.79
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.45		$	6.41
Class R4
Actual		$	1,000.00		$	825.20		$	4.66
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.69		$	5.16
Class R5
Actual		$	1,000.00		$	826.30		$	3.53
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.93		$	3.91
Class R6*
Actual		$	1,000.00		$	826.80		$	3.13
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 (1.03% for Class A, 1.78% for Class C, 0.78% for Class F, 0.69% for Class F3, 0.78% for Class I, 1.28% for Class R3, 1.03% for Class R4, 0.78% 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).
*		The annualized expenses have been updated to 0.66% 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 F3	$2.99	$3.31
Class R6	$2.99	$3.31

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Health Care		95.48	%
Repurchase Agreements		4.52	%
Total		100.00	%


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

International Equity Fund

	Beginning Account Value			Ending Account Value			Expenses Paid During Period^†
	11/1/21			4/30/22			11/1/21 – 4/30/22
Class A
Actual		$	1,000.00		$	845.50		$	5.35
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.99		$	5.86
Class C
Actual		$	1,000.00		$	842.80		$	8.77
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,015.27		$	9.59
Class F
Actual		$	1,000.00		$	846.60		$	4.40
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.03		$	4.81
Class F3
Actual		$	1,000.00		$	847.30		$	3.85
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.63		$	4.21
Class I
Actual		$	1,000.00		$	846.80		$	3.94
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.53		$	4.31
Class P
Actual		$	1,000.00		$	844.90		$	6.13
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.15		$	6.71
Class R2
Actual		$	1,000.00		$	844.00		$	6.95
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.26		$	7.60
Class R3
Actual		$	1,000.00		$	845.20		$	6.50
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.75		$	7.10
Class R4
Actual		$	1,000.00		$	845.90		$	5.35
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.99		$	5.86
Class R5
Actual		$	1,000.00		$	847.00		$	4.21
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.23		$	4.61
Class R6
Actual		$	1,000.00		$	847.20		$	3.85
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.63		$	4.21


^†		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, 0.96% for Class F, 0.84% for Class F3, 0.86% for Class I, 1.34% for Class P, 1.52% for Class R2, 1.42% for Class R3, 1.17% for Class R4, 0.92% for Class R5 and 0.84% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Communication Services		4.86	%
Consumer Discretionary		10.77	%
Consumer Staples		9.02	%
Energy		6.95	%
Financials		19.58	%
Health Care		10.78	%
Industrials		13.11	%
Information Technology		7.58	%
Materials		8.62	%
Real Estate		0.59	%
Utilities		3.03	%
Repurchase Agreements		4.27	%
Money Market Funds^(a)		0.76	%
Time Deposits^(a)		0.08	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

International Opportunities Fund

	Beginning Account Value			Ending Account Value			Expenses Paid During Period^†
	11/1/21			4/30/22			11/1/21 – 4/30/22
Class A
Actual		$	1,000.00		$	832.00		$	5.50
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.79		$	6.06
Class C
Actual		$	1,000.00		$	828.50		$	8.89
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,015.08		$	9.79
Class F
Actual		$	1,000.00		$	832.80		$	4.82
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.54		$	5.31
Class F3
Actual		$	1,000.00		$	833.10		$	4.00
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.43		$	4.41
Class I
Actual		$	1,000.00		$	832.80		$	4.36
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.03		$	4.81
Class P
Actual		$	1,000.00		$	830.80		$	6.40
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.80		$	7.05
Class R2
Actual		$	1,000.00		$	830.20		$	7.08
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.06		$	7.80
Class R3
Actual		$	1,000.00		$	830.80		$	6.63
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.55		$	7.30
Class R4
Actual		$	1,000.00		$	831.70		$	5.50
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.79		$	6.06
Class R5
Actual		$	1,000.00		$	833.00		$	4.36
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.03		$	4.81
Class R6
Actual		$	1,000.00		$	833.10		$	4.00
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.43		$	4.41


^†		For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.21% for Class A, 1.96% for Class C, 1.06% for Class F, 0.88% for Class F3, 0.96% for Class I, 1.41% for Class P, 1.56% for Class R2, 1.46% for Class R3, 1.21% for Class R4, 0.96% for Class R5 and 0.88% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Communication Services		4.16	%
Consumer Discretionary		9.50	%
Consumer Staples		7.13	%
Energy		1.24	%
Financials		11.14	%
Health Care		5.52	%
Industrials		21.00	%
Information Technology		10.57	%
Materials		9.82	%
Real Estate		9.50	%
Utilities		3.94	%
Repurchase Agreements		4.04	%
Money Market Funds^(a)		2.20	%
Time Deposits^(a)		0.24	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

International Value Fund

	Beginning Account Value			Ending Account Value			Expenses Paid During Period^†
	11/1/21			4/30/22			11/1/21 – 4/30/22
Class A
Actual		$	1,000.00		$	930.50		$	5.36
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.24		$	5.61
Class C
Actual		$	1,000.00		$	927.30		$	8.94
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,015.52		$	9.35
Class F
Actual		$	1,000.00		$	930.30		$	4.40
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.23		$	4.61
Class F3*
Actual		$	1,000.00		$	932.20		$	3.78
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.88		$	3.96
Class I
Actual		$	1,000.00		$	932.10		$	3.93
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.73		$	4.11
Class R2
Actual		$	1,000.00		$	928.60		$	7.03
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.50		$	7.35
Class R3
Actual		$	1,000.00		$	930.20		$	6.56
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.00		$	6.85
Class R4
Actual		$	1,000.00		$	930.30		$	5.36
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.24		$	5.61
Class R5
Actual		$	1,000.00		$	931.90		$	4.02
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.63		$	4.21
Class R6*
Actual		$	1,000.00		$	932.20		$	3.78
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.88		$	3.96


^†		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, 0.79% for Class F3, 0.82% for Class I, 1.47% for Class R2, 1.37% for Class R3, 1.12% for Class R4, 0.84% for Class R5 and 0.79% 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 0.81% 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 F3	$3.88	$4.06
Class R6	$3.88	$4.06

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Communication Services		2.22	%
Consumer Discretionary		6.50	%
Consumer Staples		10.19	%
Energy		8.55	%
Financials		25.08	%
Health Care		11.55	%
Industrials		14.04	%
Information Technology		2.91	%
Materials		5.77	%
Real Estate		3.42	%
Utilities		4.44	%
Repurchase Agreements		3.71	%
Money Market Funds^(a)		1.46	%
Time Deposits^(a)		0.16	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

Micro Cap Growth Fund

	Beginning Account Value			Ending Account Value			Expenses Paid During Period^†
	11/1/21			4/30/22			11/1/21 – 4/30/22
Class A
Actual		$	1,000.00		$	683.90		$	5.80
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.90		$	6.95
Class C
Actual		$	1,000.00		$	681.60		$	8.96
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,014.13		$	10.74
Class F
Actual		$	1,000.00		$	684.90		$	4.76
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.14		$	5.71
Class I
Actual		$	1,000.00		$	684.90		$	4.76
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.14		$	5.71


^†		For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.39% for Class A, 2.15% for Class C, 1.14% for Class F and 1.14% for Class 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, 2022

Sector*	%**
Communication Services		6.34	%
Consumer Discretionary		15.43	%
Consumer Staples		3.80	%
Financials		5.80	%
Health Care		24.06	%
Industrials		15.37	%
Information Technology		21.74	%
Repurchase Agreements		2.04	%
Money Market Funds^(a)		4.88	%
Time Deposits^(a)		0.54	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

Value Opportunities Fund

	Beginning Account Value			Ending Account Value			Expenses Paid During Period^†
	11/1/21			4/30/22			11/1/21 – 4/30/22
Class A
Actual		$	1,000.00		$	858.60		$	5.30
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.09		$	5.76
Class C
Actual		$	1,000.00		$	855.60		$	8.74
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,015.37		$	9.49
Class F
Actual		$	1,000.00		$	859.10		$	4.61
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.84		$	5.01
Class F3
Actual		$	1,000.00		$	860.10		$	3.74
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.78		$	4.06
Class I
Actual		$	1,000.00		$	859.60		$	4.15
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.33		$	4.51
Class P
Actual		$	1,000.00		$	857.80		$	6.22
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.10		$	6.76
Class R2
Actual		$	1,000.00		$	857.30		$	6.91
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.36		$	7.50
Class R3
Actual		$	1,000.00		$	857.50		$	6.45
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.85		$	7.00
Class R4
Actual		$	1,000.00		$	858.90		$	5.30
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.09		$	5.76
Class R5
Actual		$	1,000.00		$	859.70		$	4.15
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.33		$	4.51
Class R6
Actual		$	1,000.00		$	860.00		$	3.74
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 (1.15% for Class A, 1.90% for Class C, 1.00% for Class F, 0.81% for Class F3, 0.90% for Class I, 1.35% for Class P, 1.50% for Class R2, 1.40% for Class R3, 1.15% for Class R4, 0.90% 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).

Portfolio Holdings Presented by Sector

April 30, 2022

Sector*	%**
Communication Services		0.90	%
Consumer Discretionary		8.72	%
Consumer Staples		2.22	%
Energy		5.75	%
Financials		13.86	%
Health Care		13.95	%
Industrials		17.20	%
Information Technology		14.91	%
Materials		10.29	%
Real Estate		8.39	%
Utilities		2.64	%
Repurchase Agreements		0.26	%
Money Market Funds^(a)		0.82	%
Time Deposits^(a)		0.09	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND April 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.95%

INVESTMENTS IN UNDERLYING FUNDS^(a)(b)99.95%
Lord Abbett Developing Growth Fund, Inc. – Class I*^(c)		5,464,375	$	133,057,540
Lord Abbett Securities Trust-Focused Small Cap Value Fund – Class I*^(d)		2,818,823		75,629,024
Lord Abbett Securities Trust – International Opportunities Fund – Class I^(d)		8,001,744		143,391,253
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I*^(d)		3,822,966		62,237,880
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I^(d)		8,163,093		146,364,268
Lord Abbett Securities Trust – Value Opportunities Fund – Class I^(d)		7,706,271		146,419,151
Total Investments in Underlying Funds (cost 740,073,110)				707,099,116

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.09%

REPURCHASE AGREEMENTS 0.09%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $695,700 of U.S. Treasury Note at 2.375% due 5/15/2029; value: $681,273; proceeds: $667,865 (cost $667,865)	$	667,865	$	667,865
Total Investments in Securities 100.04% (cost $740,740,975)				707,766,981
Other Assets and Liabilities – Net (0.04)%				(299,236	)
Net Assets 100.00%			$	707,467,745

*		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, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Investments in Underlying Funds	$	707,099,116	$	–	$	–	$	707,099,116
Short-Term Investments
Repurchase Agreements		–		667,865		–		667,865
Total	$	707,099,116	$	667,865	$	–	$	707,766,981

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each investment in Underlying Funds. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

DURABLE GROWTH FUND April 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.90%

COMMON STOCKS 98.90%

Aerospace & Defense 2.81%
Airbus SE^(a)	EUR	5,686	$	622,457
CAE, Inc. (Canada)*^(b)		46,204		1,098,731
Northrop Grumman Corp.		3,711		1,630,614
TransDigm Group, Inc.*		3,194		1,899,823
Total				5,251,625

Air Freight & Logistics 0.77%
GXO Logistics, Inc.*		24,279		1,437,074

Automobiles 4.09%
Tesla, Inc.*		8,772		7,638,307

Banks 1.03%
First Republic Bank		12,912		1,926,729

Beverages 2.53%
Brown-Forman Corp. Class B		14,061		948,274
Coca-Cola Co. (The)		58,314		3,767,667
Total				4,715,941

Biotechnology 1.84%
BioNTech SE ADR		3,600		499,608
Genmab A/S ADR*		35,453		1,247,237
Natera, Inc.*		15,521		545,097
Seagen, Inc.*		8,690		1,138,477
Total				3,430,419

Capital Markets 0.87%
Moody’s Corp.		5,116		1,619,112

Chemicals 0.96%
Air Products & Chemicals, Inc.		7,647		1,789,933

Construction Materials 1.29%
Vulcan Materials Co.		13,965		2,406,030

Containers & Packaging 1.58%
Avery Dennison Corp.		6,895		1,245,237
Ball Corp.		20,968		1,701,763
Total				2,947,000

Investments	Shares		Fair Value
Entertainment 0.82%
Roku, Inc.*		6,296	$	584,898
Walt Disney Co. (The)*		8,444		942,604
Total				1,527,502

Equity Real Estate Investment Trusts 2.07%
SBA Communications Corp.		11,125		3,861,599

Food & Staples Retailing 1.82%
Sysco Corp.		18,754		1,603,092
Walmart, Inc.		11,664		1,784,475
Total				3,387,567

Health Care Equipment & Supplies 3.31%
Align Technology, Inc.*		2,095		607,361
DexCom, Inc.*		4,376		1,787,946
Edwards Lifesciences Corp.*		21,488		2,273,001
Intuitive Surgical, Inc.*		6,325		1,513,573
Total				6,181,881

Hotels, Restaurants & Leisure 2.52%
Airbnb, Inc. Class A*		6,348		972,577
Chipotle Mexican Grill, Inc.*		1,416		2,061,144
Hilton Worldwide Holdings, Inc.*		10,730		1,666,262
Total				4,699,983

Industrial Conglomerates 1.67%
Honeywell International, Inc.		7,930		1,534,534
Roper Technologies, Inc.		3,375		1,585,980
Total				3,120,514

Information Technology Services 6.09%
Accenture plc Class A (Ireland)^(b)		4,092		1,229,073
Fidelity National Information Services, Inc.		9,368		928,837
Genpact Ltd.		37,396		1,505,937
Mastercard, Inc. Class A		16,966		6,165,105
PayPal Holdings, Inc.*		9,524		837,445
Twilio, Inc. Class A*		6,240		697,757
Total				11,364,154

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

DURABLE GROWTH FUND April 30, 2022

Investments	Shares		Fair Value
Interactive Media & Services 10.00%
Alphabet, Inc. Class A*		6,034	$	13,770,735
Match Group, Inc.*		15,206		1,203,555
Meta Platforms, Inc. Class A*		18,341		3,676,820
Total				18,651,110

Internet & Direct Marketing Retail 6.85%
Amazon.com, Inc.*		5,143		12,783,595

Life Sciences Tools & Services 2.69%
10X Genomics, Inc. Class A*		8,501		406,008
Danaher Corp.		6,939		1,742,591
Repligen Corp.*		8,424		1,324,589
West Pharmaceutical Services, Inc.		4,913		1,547,890
Total				5,021,078

Machinery 1.24%
Parker-Hannifin Corp.		4,445		1,203,795
Stanley Black & Decker, Inc.		9,250		1,111,387
Total				2,315,182

Personal Products 1.16%
Estee Lauder Cos., Inc. (The) Class A		8,163		2,155,522

Pharmaceuticals 3.23%
Eli Lilly & Co.		12,964		3,787,173
Zoetis, Inc.		12,648		2,241,858
Total				6,029,031

Road & Rail 1.74%
Norfolk Southern Corp.		7,289		1,879,687
Old Dominion Freight Line, Inc.		4,901		1,372,868
Total				3,252,555

Investments	Shares		Fair Value
Semiconductors & Semiconductor Equipment 8.04%
Advanced Micro Devices, Inc.*		9,446	$	807,822
Analog Devices, Inc.		14,410		2,224,616
Lam Research Corp.		3,835		1,786,190
NVIDIA Corp.		35,415		6,568,420
NXP Semiconductors NV (Netherlands)^(b)		7,948		1,358,313
QUALCOMM, Inc.		16,153		2,256,412
Total				15,001,773

Software 16.03%
Cadence Design Systems, Inc.*		17,610		2,656,468
Datadog, Inc. Class A*		3,324		401,473
Microsoft Corp.		73,469		20,389,117
Palo Alto Networks, Inc.*		1,078		605,060
Salesforce, Inc.*		16,251		2,859,201
ServiceNow, Inc.*		6,269		2,997,209
Total				29,908,528

Specialty Retail 3.97%
Burlington Stores, Inc.*		9,683		1,971,072
Five Below, Inc.*		7,038		1,105,670
Home Depot, Inc. (The)		14,426		4,333,570
Total				7,410,312

Technology Hardware, Storage & Peripherals 5.97%
Apple, Inc.		70,611		11,131,824

Textiles, Apparel & Luxury Goods 1.91%
Lululemon Athletica, Inc. (Canada)*^(b)		1,434		508,539
NIKE, Inc. Class B		24,515		3,057,021
Total				3,565,560
Total Common Stocks (cost $210,229,779)				184,531,440

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

DURABLE GROWTH FUND April 30, 2022

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.80%

Repurchase Agreements 1.80%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $2,830,700 of U.S. Treasury Inflation Indexed Note at 0.875% due 01/15/2029; value: $3,435,263; proceeds: $3,367,805 (cost $3,367,805)	$	3,367,805	$	3,367,805
Total Investments in Securities 100.70% (cost $213,597,584)				187,899,245
Other Assets and Liabilities – Net (0.70)%				(1,310,624	)
Net Assets 100.00%			$	186,588,621



ADR		American Depositary Receipt.
EUR		Euro.
*		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, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Aerospace & Defense	$	4,629,168	$	622,457	$	–	$	5,251,625
Remaining Industries		179,279,815		–		–		179,279,815
Short-Term Investments
Repurchase Agreements		–		3,367,805		–		3,367,805
Total	$	183,908,983	$	3,990,262	$	–	$	187,899,245

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

34	See Notes to Financial Statements.

Schedule of Investments (unaudited)

FOCUSED GROWTH FUND April 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 96.88%

COMMON STOCKS 96.88%

Automobiles 7.05%
Tesla, Inc.*		3,191	$	2,778,595

Banks 0.91%
Signature Bank		1,474		357,076

Biotechnology 3.87%
Cytokinetics, Inc.*		15,159		604,389
Vertex Pharmaceuticals, Inc.*		3,366		919,659
Total				1,524,048

Communications Equipment 3.42%
Arista Networks, Inc.*		11,671		1,348,817

Consumer Finance 2.25%
American Express Co.		5,079		887,352

Entertainment 2.96%
Live Nation
Entertainment, Inc.*		11,139		1,168,258

Food & Staples Retailing 3.03%
Costco Wholesale Corp.		2,248		1,195,307

Health Care Equipment & Supplies 2.41%
Edwards Lifesciences Corp.*		8,979		949,799

Health Care Providers & Services 3.24%
UnitedHealth Group, Inc.		2,509		1,275,952

Hotels, Restaurants & Leisure 4.65%
Airbnb, Inc. Class A*		6,636		1,016,702
Hilton Worldwide Holdings, Inc.*		5,266		817,757
Total				1,834,459

Information Technology Services 6.17%
Mastercard, Inc. Class A		4,359		1,583,973
Visa, Inc. Class A		3,973		846,766
Total				2,430,739

Investments	Shares		Fair Value
Interactive Media & Services 8.04%
Alphabet, Inc. Class A*		1,389	$	3,169,962

Internet & Direct Marketing Retail 3.64%
Amazon.com, Inc.*		577		1,434,208

Machinery 2.70%
Deere & Co.		2,821		1,065,069

Oil, Gas & Consumable Fuels 4.07%
Cheniere Energy, Inc.		11,796		1,602,015

Pharmaceuticals 2.28%
Novo Nordisk A/S ADR		7,879		898,206

Semiconductors & Semiconductor Equipment 4.92%
Advanced Micro Devices, Inc.*		8,469		724,269
NVIDIA Corp.		6,542		1,213,345
Total				1,937,614

Software 20.31%
Atlassian Corp. plc Class A (Australia)*^(a)		2,500		562,075
Crowdstrike Holdings, Inc. Class A*		1,834		364,526
Datadog, Inc. Class A*		4,797		579,382
Intuit, Inc.		1,590		665,813
Microsoft Corp.		14,606		4,053,457
Palo Alto Networks, Inc.*		1,555		872,790
Qualtrics International, Inc. Class A*		25,586		474,364
Trade Desk, Inc. (The) Class A*		7,307		430,528
Total				8,002,935

Technology Hardware, Storage & Peripherals 9.46%
Apple, Inc.		23,659		3,729,841

Textiles, Apparel & Luxury Goods 1.50%
Lululemon Athletica, Inc. (Canada)*^(a)		1,670		592,232
Total Common Stocks (cost $40,023,578)				38,182,484

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED GROWTH FUND April 30, 2022

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 4.28%

Repurchase Agreements 4.28%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $1,891,300 of U.S. Treasury Note at 1.625% due 5/15/2031; value: $1,722,681; proceeds: $1,688,846 (cost $1,688,846)	$	1,688,846	$	1,688,846
Total Investments in Securities 101.16% (cost $41,712,424)				39,871,330
Other Assets and Liabilities – Net (1.16)%				(457,591	)
Net Assets 100.00%			$	39,413,739


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, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	38,182,484	$	–	$	–	$	38,182,484
Short-Term Investments
Repurchase Agreements		–		1,688,846		–		1,688,846
Total	$	38,182,484	$	1,688,846	$	–	$	39,871,330

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

36	See Notes to Financial Statements.

Schedule of Investments (unaudited)

FOCUSED LARGE CAP VALUE FUND April 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.41%

COMMON STOCKS 98.41%

Aerospace & Defense 7.65%
Lockheed Martin Corp.		53,230	$	23,001,748
Raytheon Technologies Corp.		284,140		26,967,727
Total				49,969,475

Automobiles 2.31%
General Motors Co.*		397,200		15,057,852

Banks 6.42%
Popular, Inc.		236,130		18,415,779
Wells Fargo & Co.		539,170		23,523,987
Total				41,939,766

Biotechnology 3.83%
AbbVie, Inc.		170,350		25,021,008

Building Products 2.45%
Masco Corp.		303,400		15,986,146

Capital Markets 7.34%
Ameriprise Financial, Inc.		92,760		24,626,853
KKR & Co., Inc.		457,120		23,299,406
Total				47,926,259

Chemicals 5.31%
Dow, Inc.		279,720		18,601,380
Valvoline, Inc.		531,800		16,076,314
Total				34,677,694

Communications Equipment 2.28%
Cisco Systems, Inc.		304,090		14,894,328

Construction Materials 2.12%
Eagle Materials, Inc.		112,400		13,861,168

Electric: Utilities 3.11%
NRG Energy, Inc.		565,230		20,291,757

Energy Equipment & Services 2.19%
Schlumberger NV		365,860		14,272,199

Investments	Shares		Fair Value
Food & Staples Retailing 3.24%
BJ’s Wholesale Club
Holdings, Inc.*		328,680	$	21,150,558

Health Care Providers & Services 6.47%
Centene Corp.*		236,730		19,068,602
CVS Health Corp.		240,810		23,149,065
Total				42,217,667

Hotels, Restaurants & Leisure 2.77%
Caesars Entertainment, Inc.*		273,000		18,094,440

Household Products 2.33%
Spectrum Brands Holdings, Inc.		179,000		15,227,530

Information Technology Services 3.00%
Euronet Worldwide, Inc.*		160,700		19,549,155

Insurance 7.18%
Allstate Corp. (The)		216,600		27,408,564
Fidelity National Financial, Inc.		488,940		19,469,591
Total				46,878,155

Interactive Media & Services 2.75%
Alphabet, Inc. Class A*		7,870		17,960,835

Media 2.41%
Comcast Corp. Class A		395,500		15,725,080

Metals & Mining 1.41%
Alcoa Corp.		135,820		9,208,596

Oil, Gas & Consumable Fuels 6.32%
Chesapeake Energy Corp.		164,640		13,503,773
Pioneer Natural Resources Co.		73,600		17,109,792
Shell plc ADR		199,280		10,647,530
Total				41,261,095

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED LARGE CAP VALUE FUND April 30, 2022

Investments	Shares		Fair Value
Pharmaceuticals 8.63%
Bayer AG^(a)	EUR	169,870	$	11,189,514
Organon & Co.		730,200		23,607,366
Pfizer, Inc.		439,620		21,572,153
Total				56,369,033

Semiconductors & Semiconductor Equipment 2.15%
Micron Technology, Inc.		206,050		14,050,549

Trading Companies & Distributors 2.22%
AerCap Holdings NV (Ireland)*^(b)		310,000		14,480,100

Wireless Telecommunication Services 2.52%
T-Mobile US, Inc.*		133,600		16,451,504
Total Common Stocks (cost $646,004,391)				642,521,949

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.52%

Repurchase Agreements 1.52%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $11,064,300 of U.S. Treasury Note at 1.625% due 5/15/2031; value: $10,077,860; proceeds: $9,880,235 (cost $9,880,235)	$	9,880,235	$	9,880,235
Total Investments in Securities 99.93% (cost $655,884,626)				652,402,184
Other Assets and Liabilities – Net 0.07%				479,802
Net Assets 100.00%			$	652,881,986

ADR		American Depositary Receipt.
EUR		Euro.
*		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, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Pharmaceuticals	$	45,179,519	$	11,189,514	$	–	$	56,369,033
Remaining Industries		586,152,916		–		–		586,152,916
Short-Term Investments
Repurchase Agreements		–		9,880,235		–		9,880,235
Total	$	631,332,435	$	21,069,749	$	–	$	652,402,184

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

38	See Notes to Financial Statements.

Schedule of Investments (unaudited)

FOCUSED SMALL CAP VALUE FUND April 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.13%

COMMON STOCKS 98.13%

Auto Components 1.67%
American Axle & Manufacturing Holdings, Inc.*		419,759	$	2,778,805

Banks 14.52%
Bancorp, Inc. (The)*		129,087		2,928,984
Customers Bancorp, Inc.*		73,592		3,096,016
Eastern Bankshares, Inc.		190,652		3,652,892
First BanCorp		325,455		4,429,443
Metropolitan Bank Holding Corp.*		52,727		4,695,339
Western Alliance Bancorp		28,073		2,136,636
Wintrust Financial Corp.		36,929		3,224,640
Total				24,163,950

Building Products 2.37%
Masonite International Corp.*		50,844		3,941,427

Capital Markets 3.98%
Bridge Investment Group Holdings, Inc. Class A		213,178		4,003,483
CI Financial Corp.^(a)	CAD	200,700		2,616,841
Total				6,620,324

Commercial Services & Supplies 2.71%
SP Plus Corp.*		158,318		4,512,063

Construction & Engineering 2.45%
EMCOR Group, Inc.		38,214		4,069,027

Construction Materials 3.17%
Eagle Materials, Inc.		42,841		5,283,152

Containers & Packaging 2.28%
Pactiv Evergreen, Inc.		384,800		3,794,128

Electrical Equipment 2.38%
GrafTech International Ltd.		436,836		3,966,471

Investments	Shares		Fair Value
Energy Equipment & Services 2.95%
NOV, Inc.		271,164	$	4,916,203

Entertainment 2.43%
Marcus Corp. (The)*^(b)		257,369		4,048,414

Equity Real Estate Investment Trusts 5.41%
Outfront Media, Inc.		138,267		3,539,635
Sunstone Hotel Investors, Inc.*		445,572		5,458,257
Total				8,997,892

Health Care Providers & Services 2.87%
Tenet Healthcare Corp.*		65,982		4,784,355

Hotels, Restaurants & Leisure 1.61%
Dave & Buster’s Entertainment, Inc.*		58,800		2,675,400

Household Products 2.16%
Spectrum Brands Holdings, Inc.		42,162		3,586,721

Information Technology Services 3.65%
International Money Express, Inc.*		305,277		6,065,854

Insurance 8.72%
American Equity Investment Life Holding Co.		100,673		3,797,386
Kemper Corp.		74,009		3,416,255
Selective Insurance Group, Inc.		49,442		4,072,043
Stewart Information Services Corp.		62,594		3,229,850
Total				14,515,534

Interactive Media & Services 2.14%
Cars.com, Inc.*		319,657		3,554,586

Machinery 2.22%
Columbus McKinnon Corp.		104,266		3,696,230

Metals & Mining 0.99%
Century Aluminum Co.*		97,219		1,640,084

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FOCUSED SMALL CAP VALUE FUND April 30, 2022

Investments	Shares		Fair Value
Oil, Gas & Consumable Fuels 8.72%
Chesapeake Energy Corp.		85,279	$	6,994,583
MEG Energy Corp.*^(a)	CAD	500,000		7,511,774
Total				14,506,357

Pharmaceuticals 3.66%
Organon & Co.		188,517		6,094,755

Professional Services 3.36%
TrueBlue, Inc.*		219,000		5,599,830

Real Estate Management & Development 0.96%
Realogy Holdings Corp.*		145,875		1,598,790

Semiconductors & Semiconductor Equipment 3.57%
Silicon Motion Technology Corp. ADR		78,302		5,945,471

Specialty Retail 2.95%
JOANN, Inc.^(b)		163,530		1,707,253
Sally Beauty Holdings, Inc.*		211,969		3,204,971
Total				4,912,224

Tobacco 1.59%
Turning Point Brands, Inc.		84,471		2,651,545

Trading Companies & Distributors 2.64%
MRC Global, Inc.*		366,105		4,389,599
Total Common Stocks (cost $157,678,030)				163,309,191

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 2.30%

Repurchase Agreements 1.50%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $2,094,400 of U.S. Treasury Inflation Indexed Note at 0.875% due 1/15/2029; value: $2,541,708; proceeds: $2,491,844 (cost $2,491,844)	$	2,491,844	$	2,491,844

	Shares

Money Market Funds 0.72%
Fidelity Government Portfolio^(c) (cost $1,202,139)		1,202,139		1,202,139

Time Deposits 0.08%
CitiBank N.A.^(c) (cost $133,571)		133,571		133,571
Total Short-Term Investments (cost $3,827,554)				3,827,554
Total Investments in Securities 100.43% (cost $161,505,584)				167,136,745
Other Assets and Liabilities – Net (0.43)%				(722,821	)
Net Assets 100.00%			$	166,413,924

ADR		American Depositary Receipt.
CAD		Canadian Dollar.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(c)		Security was purchased with the cash collateral from loaned securities.

40	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED SMALL CAP VALUE FUND April 30, 2022

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	163,309,191	$	–	$	–	$	163,309,191
Short-Term Investments
Repurchase Agreements		–		2,491,844		–		2,491,844
Money Market Funds		1,202,139		–		–		1,202,139
Time Deposits		–		133,571		–		133,571
Total	$	164,511,330	$	2,625,415	$	–	$	167,136,745

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

FUNDAMENTAL EQUITY FUND April 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.26%

COMMON STOCKS 98.26%

Aerospace & Defense 4.72%
Lockheed Martin Corp.		94,180	$	40,697,062
Raytheon Technologies Corp.		449,360		42,648,757
Total				83,345,819

Automobiles 1.49%
General Motors Co.*		694,110		26,313,710

Banks 4.41%
East West Bancorp, Inc.		397,540		28,344,602
Signature Bank		63,730		15,438,593
Wells Fargo & Co.		780,410		34,049,288
Total				77,832,483

Beverages 1.05%
PepsiCo, Inc.		107,720		18,496,601

Biotechnology 1.94%
AbbVie, Inc.		233,250		34,259,760

Building Products 1.33%
Masco Corp.		444,040		23,396,468

Capital Markets 4.79%
Ameriprise Financial, Inc.		120,880		32,092,431
Blackstone Group, Inc. (The)		258,500		26,255,845
Morgan Stanley		323,650		26,082,954
Total				84,431,230

Chemicals 3.15%
Dow, Inc.		296,920		19,745,180
Nutrien Ltd. (Canada)^(a)		89,080		8,752,110
Valvoline, Inc.		895,390		27,067,640
Total				55,564,930

Communications Equipment 1.56%
Cisco Systems, Inc.		561,430		27,498,841

Investments	Shares		Fair Value
Construction & Engineering 1.16%
EMCOR Group, Inc.		192,400	$	20,486,752

Consumer Finance 1.60%
American Express Co.		161,790		28,266,331

Containers & Packaging 1.06%
Avery Dennison Corp.		103,250		18,646,950

Diversified Financial Services 1.47%
Equitable Holdings, Inc.		898,000		25,889,340

Electric: Utilities 2.40%
NextEra Energy, Inc.		298,150		21,174,613
NRG Energy, Inc.		591,600		21,238,440
Total				42,413,053

Electronic Equipment, Instruments & Components 1.13%
Teledyne Technologies, Inc.*		46,380		20,015,289

Energy Equipment & Services 1.52%
Schlumberger NV		687,200		26,807,672

Equity Real Estate Investment Trusts 4.65%
Alexandria Real Estate Equities, Inc.		91,800		16,722,288
American Homes 4 Rent		464,890		18,414,293
Life Storage, Inc.		170,270		22,559,072
Prologis, Inc.		152,050		24,372,095
Total				82,067,748

Food & Staples Retailing 2.22%
BJ’s Wholesale Club Holdings, Inc.*		609,280		39,207,168

Health Care Providers & Services 5.76%
McKesson Corp.		74,790		23,155,732
UnitedHealth Group, Inc.		154,200		78,418,410
Total				101,574,142

42	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND April 30, 2022

Investments	Shares		Fair Value
Hotels, Restaurants & Leisure 2.48%
Caesars Entertainment, Inc.*		367,490	$	24,357,237
Hilton Worldwide Holdings, Inc.*		125,230		19,446,967
Total				43,804,204

Household Products 2.99%
Procter & Gamble Co. (The)		328,750		52,780,812

Insurance 7.65%
Allstate Corp. (The)		260,580		32,973,793
American International Group, Inc.		396,100		23,175,811
Arch Capital Group Ltd.*		499,300		22,803,031
Arthur J Gallagher & Co.		194,940		32,845,440
Fidelity National Financial, Inc.		582,180		23,182,408
Total				134,980,483

Interactive Media & Services 2.43%
Alphabet, Inc. Class A*		18,800		42,905,172

Life Sciences Tools & Services 1.47%
Thermo Fisher Scientific, Inc.		46,860		25,909,831

Machinery 1.83%
AGCO Corp.		97,450		12,415,130
Parker-Hannifin Corp.		73,670		19,951,309
Total				32,366,439

Media 1.98%
Comcast Corp. Class A		877,980		34,908,485

Metals & Mining 2.22%
Alcoa Corp.		256,417		17,385,073
Reliance Steel & Aluminum Co.		109,780		21,763,885
Total				39,148,958

Investments	Shares		Fair Value
Multi-Line Retail 1.45%
Target Corp.		111,700	$	25,540,205

Oil, Gas & Consumable Fuels 7.34%
Chesapeake Energy Corp.		441,340		36,198,707
Marathon Petroleum Corp.		210,630		18,379,574
Pioneer Natural Resources Co.		163,300		37,962,351
Shell plc ADR		691,470		36,945,242
Total				129,485,874

Pharmaceuticals 5.86%
Eli Lilly & Co.		61,870		18,074,083
Organon & Co.		1,165,330		37,675,119
Pfizer, Inc.		971,440		47,668,561
Total				103,417,763

Road & Rail 1.44%
Norfolk Southern Corp.		98,310		25,352,183

Semiconductors & Semiconductor Equipment 4.15%
KLA Corp.		51,150		16,330,149
Micron Technology, Inc.		306,420		20,894,780
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		132,650		12,327,164
Texas Instruments, Inc.		138,740		23,620,485
Total				73,172,578

Software 1.61%
Microsoft Corp.		102,020		28,312,590

Specialty Retail 1.59%
Lowe’s Cos., Inc.		142,270		28,131,047

Technology Hardware, Storage & Peripherals 2.97%
Apple, Inc.		172,470		27,189,896
NetApp, Inc.		342,900		25,117,425
Total				52,307,321

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND April 30, 2022

Investments	Shares		Fair Value
Trading Companies & Distributors 1.39%
AerCap Holdings NV (Ireland)*^(a)		526,340	$	24,585,341
Total Common Stocks (cost $1,418,300,228)				1,733,623,573

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.47%

Repurchase Agreements 1.47%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $23,033,600 of U.S. Treasury Inflation Indexed Note at 0.25% due 7/15/2029; value: $26,548,007; proceeds: $26,027,392 (cost $26,027,392)	$	26,027,392	$	26,027,392
Total Investments in Securities 99.73% (cost $1,444,327,620)				1,759,650,965
Other Assets and Liabilities – Net 0.27%				4,700,162
Net Assets 100.00%			$	1,764,351,127

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, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	1,733,623,573	$	–	$	–	$	1,733,623,573
Short-Term Investments
Repurchase Agreements		–		26,027,392		–		26,027,392
Total	$	1,733,623,573	$	26,027,392	$	–	$	1,759,650,965

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

44	See Notes to Financial Statements.

Schedule of Investments (unaudited)

GLOBAL EQUITY FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 96.55%

COMMON STOCKS 96.55%

Australia 1.99%

Equity Real Estate Investment Trusts 0.95%
Charter Hall Group		9,160	$	98,446

Metals & Mining 1.04%
BHP Group Ltd.		3,239		108,233
Total Australia				206,679

Austria 0.91%

Banks
BAWAG Group AG^†*		1,976		93,828

Brazil 0.14%

Internet & Direct Marketing Retail
MercadoLibre, Inc.*		15		14,605

Canada 5.45%

Banks 2.93%
Bank of Nova Scotia (The)		1,574		99,673
Royal Bank of Canada		2,014		203,415
				303,088

Chemicals 0.66%
Nutrien Ltd.		692		68,001

Food & Staples Retailing 1.41%
Alimentation Couche-Tard, Inc.		3,284		146,197

Metals & Mining 0.45%
Capstone Copper Corp.*		10,319		46,990
Total Canada				564,276

China 3.49%

Construction Materials 0.98%
China Resources Cement Holdings Ltd.		122,280		101,460

Investments	Shares		U.S. $ Fair Value
Entertainment 0.58%
NetEase, Inc.		3,160	$	60,531

Gas Utilities 0.53%
ENN Energy Holdings Ltd.		4,062		54,411

Interactive Media & Services 0.82%
Tencent Holdings Ltd.		1,794		84,542

Internet & Direct Marketing Retail 0.58%
Alibaba Group Holding Ltd.*		3,153		38,459
JD.com, Inc. Class A*		709		22,106
				60,565
Total China				361,509

Denmark 1.77%

Biotechnology 0.74%
Genmab A/S*		220		77,361

Pharmaceuticals 1.03%
Novo Nordisk A/S Class B		925		106,560
Total Denmark				183,921

France 3.79%

Beverages 1.23%
Pernod Ricard SA		618		127,545

Life Sciences Tools & Services 0.67%
Sartorius Stedim Biotech		211		69,045

Software 0.30%
Esker SA		183		30,825

Textiles, Apparel & Luxury Goods 1.59%
LVMH Moet Hennessy Louis Vuitton SE		255		165,020
Total France				392,435

Germany 0.32%

Semiconductors & Semiconductor Equipment
Infineon Technologies AG		1,159		32,896

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
India 1.71%

Banks 0.70%
ICICI Bank Ltd. ADR		3,835	$	73,019

Information Technology Services 1.01%
Infosys Ltd. ADR		5,267		104,655
Total India				177,674

Japan 5.21%

Electrical Equipment 0.77%
Fuji Electric Co. Ltd.		1,817		79,677

Electronic Equipment, Instruments & Components 0.98%
Keyence Corp.		252		101,305

Household Durables 0.81%
Sony Group Corp.		967		83,453

Machinery 1.98%
Ebara Corp.		1,873		86,022
Fujitec Co. Ltd.		5,522		119,010
				205,032

Professional Services 0.67%
TechnoPro Holdings, Inc.		2,746		69,935
Total Japan				539,402

Mexico 0.95%

Banks
Grupo Financiero Banorte SAB de CV Class O		14,861		98,102

Netherlands 4.94%

Insurance 1.49%
NN Group NV		3,156		154,586

Oil, Gas & Consumable Fuels 2.49%
Shell plc		9,591		257,479

Semiconductors & Semiconductor Equipment 0.96%
ASML Holding NV		176		99,887
Total Netherlands				511,952

Investments	Shares		U.S. $ Fair Value
South Korea 1.53%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		2,984	$	159,028

Spain 1.86%

Electric: Utilities
Iberdrola SA		16,815		193,218

Sweden 0.68%

Electronic Equipment, Instruments & Components
Hexagon AB B Shares		5,496		70,915

Switzerland 1.77%

Capital Markets 1.19%
UBS Group AG Registered Shares		7,249		123,064

Life Sciences Tools & Services 0.58%
Lonza Group AG*		103		60,732
Total Switzerland				183,796

Taiwan 1.49%

Semiconductors & Semiconductor Equipment Taiwan Semiconductor
Manufacturing Co. Ltd.		8,567		154,914

United Kingdom 1.54%

Capital Markets 0.33%
London Stock Exchange Group plc		346		34,113

Equity Real Estate Investment Trusts 0.70%
UNITE Group plc (The)		5,105		72,288

Multi-Line Retail 0.51%
Next plc		704		52,730
Total United Kingdom				159,131

46	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
United States 57.01%

Aerospace & Defense 1.54%
Northrop Grumman Corp.		222	$	97,547
TransDigm Group, Inc.*		104		61,860
				159,407

Beverages 1.05%
Coca-Cola Co. (The)		1,686		108,932

Biotechnology 1.39%
Vertex Pharmaceuticals, Inc.*		528		144,260

Building Products 1.32%
Carlisle Cos., Inc.		529		137,201

Capital Markets 4.50%
Ameriprise Financial, Inc.		554		147,082
Cboe Global Markets, Inc.		1,252		141,451
KKR & Co., Inc.		1,258		64,120
Morgan Stanley		1,416		114,115
				466,768

Chemicals 1.41%
Valvoline, Inc.		4,829		145,981

Consumer Finance 0.70%
American Express Co.		414		72,330

Containers & Packaging 0.47%
Avery Dennison Corp.		269		48,581

Electric: Utilities 1.02%
NextEra Energy, Inc.		1,484		105,394

Electrical Equipment 0.91%
AMETEK, Inc.		749		94,569

Entertainment 0.54%
Live Nation Entertainment, Inc.*		529		55,482

Investments	Shares		U.S. $ Fair Value
Equity Real Estate Investment Trusts 1.87%
Alexandria Real Estate Equities, Inc.		412	$	75,050
Prologis, Inc.		740		118,615
				193,665

Food & Staples Retailing 2.39%
BJ’s Wholesale Club Holdings, Inc.*		1,771		113,964
Walmart, Inc.		876		134,019
				247,983

Health Care Equipment & Supplies 0.67%
DexCom, Inc.*		93		37,998
Intuitive Surgical, Inc.*		130		31,109
				69,107

Health Care Providers & Services 3.05%
UnitedHealth Group, Inc.		622		316,318

Hotels, Restaurants & Leisure 0.63%
Airbnb, Inc. Class A*		425		65,114

Information Technology Services 0.86%
Accenture plc Class A		298		89,507

Insurance 1.33%
Allstate Corp. (The)		1,085		137,296

Interactive Media & Services 4.05%
Alphabet, Inc. Class A*		184		419,923

Internet & Direct Marketing Retail 2.14%
Amazon.com, Inc.*		89		221,221

Life Sciences Tools & Services 1.16%
Thermo Fisher Scientific, Inc.		218		120,537

Machinery 1.25%
Crane Co.		1,126		108,355
Fortive Corp.		365		20,987
				129,342

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND April 30, 2022

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

Oil, Gas & Consumable Fuels 3.24%
Cheniere Energy, Inc.		478	$	64,917
Marathon Petroleum Corp.		2,102		183,420
Pioneer Natural Resources Co.		378		87,874
				336,211

Personal Products 1.26%
Estee Lauder Cos., Inc. (The) Class A		493		130,182

Pharmaceuticals 2.46%
Eli Lilly & Co.		611		178,491
Organon & Co.		2,372		76,687
				255,178

Road & Rail 1.59%
Norfolk Southern Corp.		639		164,785

Semiconductors & Semiconductor Equipment 1.84%
NVIDIA Corp.		1,025		190,107

Software 6.09%
Cadence Design Systems, Inc.*		560		84,476
Microsoft Corp.		1,971		546,992
				631,468

Specialty Retail 0.87%
Lowe’s Cos., Inc.		457		90,363

Technology Hardware, Storage & Peripherals 4.55%
Apple, Inc.		2,991		471,531

Textiles, Apparel & Luxury Goods 0.86%
NIKE, Inc. Class B		716		89,285
Total United States				5,908,028
Total Common Stocks (cost $9,942,635)				10,006,309

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 4.23%

Repurchase Agreements 4.23%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $284,600 of U.S. Treasury Inflation Indexed Bond at 2.50% due 1/15/2029; value: $446,797; proceeds: $437,954 (cost $437,954)	$	437,954	$	437,954
Total Investments in Securities 100.78% (cost $10,380,589)				10,444,263
Other Assets and Liabilities – Net (0.78)%				(80,891	)
Net Assets 100.00%			$	10,363,372

ADR		American Depositary Receipt.
^†		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. At April 30, 2022, the total value of Rule 144A securities was $93.828, which represents 0.91% of net assets.
*		Non-income producing security.

48	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GLOBAL EQUITY FUND April 30, 2022

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Australia	$	–	$	206,679	$	–	$	206,679
Austria		–		93,828		–		93,828
China		–		361,509		–		361,509
Denmark		–		183,921		–		183,921
France		–		392,435		–		392,435
Germany		–		32,896		–		32,896
Japan		–		539,402		–		539,402
Netherlands		–		511,952		–		511,952
South Korea		–		159,028		–		159,028
Spain		–		193,218		–		193,218
Sweden		–		70,915		–		70,915
Switzerland		–		183,796		–		183,796
Taiwan		–		154,914		–		154,914
United Kingdom		–		159,131		–		159,131
Remaining Countries		6,762,685		–		–		6,762,685
Short-Term Investments
Repurchase Agreements		–		437,954		–		437,954
Total	$	6,762,685	$	3,681,578	$	–	$	10,444,263

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

GROWTH LEADERS FUND April 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.36%

COMMON STOCKS 98.36%

Aerospace & Defense 0.78%
Raytheon Technologies Corp.		554,214	$	52,600,451

Automobiles 4.87%
Tesla, Inc.*		379,475		330,431,651

Banks 0.49%
Signature Bank		138,268		33,495,423

Biotechnology 2.68%
Cytokinetics, Inc.*		1,475,458		58,826,510
Vertex Pharmaceuticals, Inc.*		449,222		122,736,435
Total				181,562,945

Capital Markets 2.28%
Blackstone Group, Inc. (The)		837,337		85,048,319
CME Group, Inc.		316,961		69,522,226
Total				154,570,545

Communications Equipment 2.08%
Arista Networks, Inc.*		1,222,755		141,313,795

Consumer Finance 1.42%
American Express Co.		551,364		96,328,804

Electronic Equipment, Instruments & Components 0.89%
Trimble, Inc.*		902,153		60,173,605

Entertainment 1.34%
Live Nation Entertainment, Inc.*		867,110		90,942,497

Equity Real Estate Investment Trusts 0.49%
Prologis, Inc.		207,437		33,250,077

Food & Staples Retailing 2.25%
Costco Wholesale Corp.		286,805		152,499,955

Investments	Shares		Fair Value
Health Care Equipment & Supplies 2.35%
Edwards Lifesciences Corp.*		1,190,168	$	125,895,971
Intuitive Surgical, Inc.*		140,511		33,624,282
Total				159,520,253

Health Care Providers & Services 3.60%
Anthem, Inc.		160,434		80,526,638
Centene Corp.*		865,472		69,713,769
UnitedHealth Group, Inc.		184,044		93,595,576
Total				243,835,983

Hotels, Restaurants & Leisure 3.65%
Airbnb, Inc. Class A*		931,364		142,694,279
Chipotle Mexican Grill, Inc.*		23,889		34,773,067
Hilton Worldwide Holdings, Inc.*		452,910		70,332,394
Total				247,799,740

Information Technology Services 6.36%
Accenture plc Class A (Ireland)^(a)		346,151		103,969,914
Block, Inc.*		556,637		55,407,647
Mastercard, Inc. Class A		497,079		180,628,567
Visa, Inc. Class A		427,123		91,032,725
Total				431,038,853

Interactive Media & Services 7.55%
Alphabet, Inc. Class A*		224,419		512,166,798

Internet & Direct Marketing Retail 3.58%
Amazon.com, Inc.*		97,626		242,662,114

Life Sciences Tools & Services 0.54%
Thermo Fisher Scientific, Inc.		66,528		36,784,662

Machinery 1.38%
Deere & Co.		247,434		93,418,707

Oil, Gas & Consumable Fuels 2.54%
Cheniere Energy, Inc.		1,267,909		172,194,721

50	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2022

Investments	Shares		Fair Value
Pharmaceuticals 4.69%
AstraZeneca plc ADR		1,056,188	$	70,130,883
Novo Nordisk A/S ADR		864,250		98,524,500
Pfizer, Inc.		1,549,801		76,048,735
Zoetis, Inc.		413,466		73,286,849
Total				317,990,967

Semiconductors & Semiconductor Equipment 10.05%
Advanced Micro Devices, Inc.*		928,895		79,439,100
Applied Materials, Inc.		489,152		53,977,923
Enphase Energy, Inc.*		392,429		63,338,041
KLA Corp.		178,407		56,958,219
Monolithic Power Systems, Inc.		320,785		125,824,709
NVIDIA Corp.		1,071,415		198,715,340
QUALCOMM, Inc.		737,370		103,003,215
Total				681,256,547

Software 19.86%
Atlassian Corp. plc Class A (Australia)*^(a)		292,993		65,873,616
Crowdstrike Holdings, Inc. Class A*		316,139		62,835,788
Datadog, Inc. Class A*		660,972		79,832,198
Fortinet, Inc.*		225,041		65,039,099
HubSpot, Inc.*		164,855		62,550,933
Intuit, Inc.		239,467		100,276,806
Microsoft Corp.		2,411,695		669,293,596
Palo Alto Networks, Inc.*		205,789		115,505,250
Qualtrics International, Inc. Class A*		2,673,255		49,562,148
Trade Desk, Inc. (The) Class A*		1,281,835		75,525,718
Total				1,346,295,152

Specialty Retail 1.50%
O’Reilly Automotive, Inc.*		78,541		47,639,043
Ulta Beauty, Inc.*		136,875		54,312,000
Total				101,951,043

Investments	Shares		Fair Value
Technology Hardware, Storage & Peripherals 8.97%
Apple, Inc.		3,855,478	$	607,816,107

Textiles, Apparel & Luxury Goods 2.17%
Lululemon Athletica, Inc. (Canada)*^(a)		259,143		91,899,882
NIKE, Inc. Class B		440,581		54,940,451
Total				146,840,333
Total Common Stocks (cost $6,718,688,536)				6,668,741,728

	Principal Amount

SHORT-TERM INVESTMENTS 3.14%

Repurchase Agreements 3.14%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $188,225,300 of U.S. Treasury Inflation Indexed Note at 0.25% due 7/15/2029; value: $216,944,229; proceeds: $212,690,402 (cost $212,690,402)	$	212,690,402		212,690,402
Total Investments in Securities 101.50% (cost $6,931,378,938)				6,881,432,130
Other Assets and Liabilities – Net (1.50)%				(101,732,918	)
Net Assets 100.00%			$	6,779,699,212

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

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GROWTH LEADERS FUND April 30, 2022

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	6,668,741,728	$	–	$	–	$	6,668,741,728
Short-Term Investments
Repurchase Agreements		–		212,690,402		–		212,690,402
Total	$	6,668,741,728	$	212,690,402	$	–	$	6,881,432,130

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

52	See Notes to Financial Statements.

Schedule of Investments (unaudited)

HEALTH CARE FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 96.78%

COMMON STOCKS 96.78%

Belgium 0.58%

Pharmaceuticals
UCB SA		329	$	37,398

Canada 1.65%

Biotechnology
BELLUS Health, Inc.*		7,372		59,418
Xenon Pharmaceuticals, Inc.*		1,688		47,720
				107,138

Denmark 6.29%

Biotechnology 1.41%
Genmab A/S*		261		91,778

Pharmaceuticals 4.88%
Novo Nordisk A/S Class B		2,769		316,293
Total Denmark				408,071

France 1.34%

Life Sciences Tools & Services 0.57%
Sartorius Stedim Biotech		113		36,977

Pharmaceuticals 0.77%
Sanofi		470		49,677
Total France				86,654

Netherlands 1.74%

Biotechnology
Argenx SE*		306		88,161
Merus NV*		1,200		24,480
				112,641

Switzerland 8.12%

Health Care Equipment & Supplies 1.63%
Alcon, Inc.		1,482		105,533

Investments	Shares		U.S. $ Fair Value
Life Sciences Tools & Services 1.37%
Lonza Group AG*		151	$	89,035

Pharmaceuticals 5.12%
Roche Holding AG		894		331,507
Total Switzerland				526,075

United Kingdom 4.87%

Pharmaceuticals
AstraZeneca plc		2,365		315,589

United States 72.19%

Biotechnology 13.98%
BioCryst Pharmaceuticals, Inc.*		3,225		29,960
Biohaven Pharmaceutical Holding Co. Ltd.*		561		50,024
Cytokinetics, Inc.*		1,970		78,544
Horizon Therapeutics plc*		936		92,252
Insmed, Inc.*		2,540		55,804
Intellia Therapeutics, Inc.*		496		24,319
Karuna Therapeutics, Inc.*		347		38,677
Krystal Biotech, Inc.*		1,235		74,853
Natera, Inc.*		999		35,085
Neurocrine Biosciences, Inc.*		598		53,838
Rigel Pharmaceuticals, Inc.*		15,178		35,820
Rocket Pharmaceuticals, Inc.*		1,075		11,051
Sarepta Therapeutics, Inc.*		662		47,876
Seagen, Inc.*		381		49,915
SpringWorks Therapeutics, Inc.*		687		29,479
Ultragenyx Pharmaceutical, Inc.*		468		33,083
Vertex Pharmaceuticals, Inc.*		606		165,571
				906,151

Health Care Equipment & Supplies 17.67%
Abbott Laboratories		1,632		185,232
Axonics, Inc.*		581		30,107
CONMED Corp.		235		31,246
Cooper Cos., Inc. (The)		219		79,068
DexCom, Inc.*		259		105,822
Edwards Lifesciences Corp.*		1,277		135,081

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HEALTH CARE FUND April 30, 2022

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

IDEXX Laboratories, Inc.*		171	$	73,612
Inari Medical, Inc.*		364		29,375
Insulet Corp.*		372		88,904
Intuitive Surgical, Inc.*		543		129,940
iRhythm Technologies, Inc.*		250		30,842
Lantheus Holdings, Inc.*		960		63,754
Outset Medical, Inc.*		1,018		35,508
Penumbra, Inc.*		145		25,021
Shockwave Medical, Inc.*		243		36,725
Zimmer Biomet Holdings, Inc.		540		65,205
				1,145,442

Health Care Providers & Services 15.37%
AmerisourceBergen Corp.		645		97,582
Anthem, Inc.		68		34,131
Centene Corp.*		1,307		105,279
HCA Healthcare, Inc.		461		98,908
Humana, Inc.		281		124,922
Molina Healthcare, Inc.*		209		65,511
Tenet Healthcare Corp.*		1,275		92,450
UnitedHealth Group, Inc.		742		377,344
				996,127

Health Care Technology 1.13%
Doximity, Inc. Class A*		286		11,403
Inspire Medical Systems, Inc.*		302		62,139
				73,542

Life Sciences Tools & Services 10.84%
Agilent Technologies, Inc.		624		74,425
Azenta, Inc.		564		42,277
Bio-Rad Laboratories, Inc. Class A*		67		34,308
Danaher Corp.		747		187,594
Repligen Corp.*		335		52,675
Thermo Fisher Scientific, Inc.		456		252,132
West Pharmaceutical Services, Inc.		188		59,231
				702,642

Investments	Shares		U.S. $ Fair Value
Pharmaceuticals 13.20%
Eli Lilly & Co.		1,003	$	293,006
Intra-Cellular Therapies, Inc.*		1,572		79,559
Merck & Co., Inc.		1,474		130,729
NGM Biopharmaceuticals, Inc.*		1,600		19,968
Organon & Co.		2,255		72,904
Pfizer, Inc.		2,363		115,953
Zoetis, Inc.		809		143,395
				855,514
Total United States				4,679,418
Total Common Stocks (cost $5,997,129)				6,272,984

	Principal Amount

SHORT-TERM INVESTMENTS 4.58%

Repurchase Agreements 4.58%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $332,400 of U.S. Treasury Note at 1.625% due 5/15/2031; value: $302,765; proceeds: $296,816 (cost $296,816)	$	296,816		296,816
Total Investments in Securities 101.36% (cost $6,293,945)				6,569,800
Other Assets and Liabilities – Net (1.36)%				(87,859	)
Net Assets 100.00%			$	6,481,941

Non-income producing security.

54	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

HEALTH CARE FUND April 30, 2022

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Belgium	$	–	$	37,398	$	–	$	37,398
Denmark		–		408,071		–		408,071
France		–		86,654		–		86,654
Netherlands		24,480		88,161		–		112,641
Switzerland		105,533		420,542		–		526,075
United Kingdom		–		315,589		–		315,589
Remaining Countries		4,786,556		–		–		4,786,556
Short-Term Investments
Repurchase Agreements		–		296,816		–		296,816
Total	$	4,916,569	$	1,653,231	$	–	$	6,569,800

⁽¹⁾		Refer to Note 2 (k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL EQUITY FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 95.26%

COMMON STOCKS 95.26%

Australia 3.78%

Capital Markets 1.13%
Macquarie Group Ltd.		26,300	$	3,786,226

Equity Real Estate Investment Trusts 0.60%
Goodman Group		119,687		1,992,057

Metals & Mining 2.05%
BHP Group Ltd.		206,086		6,886,451
Total Australia				12,664,734

Austria 1.44%

Banks
BAWAG Group AG^†*		59,533		2,826,856
Erste Group Bank AG		64,180		1,998,293
				4,825,149

Brazil 0.64%

Insurance
BB Seguridade Participacoes S.A.		414,800		2,133,590

Canada 4.29%

Aerospace & Defense 0.49%
CAE, Inc.*		68,717		1,634,145

Banks 2.02%
Bank of Nova Scotia (The)		32,200		2,039,053
Royal Bank of Canada		46,900		4,736,913
				6,775,966

Metals & Mining 0.67%
Capstone Copper Corp.*		492,000		2,240,455

Oil, Gas & Consumable Fuels 1.11%
Pembina Pipeline Corp.		98,619		3,731,654
Total Canada				14,382,220

Investments	Shares		U.S. $ Fair Value
China 5.34%

Automobiles 0.91%
BYD Co. Ltd. Class H		104,500	$	3,041,130

Construction Materials 0.52%
China Resources Cement Holdings Ltd.		2,084,000		1,729,171

Entertainment 1.01%
NetEase, Inc.		177,200		3,394,314

Interactive Media & Services 1.23%
Tencent Holdings Ltd.		87,900		4,142,277

Internet & Direct Marketing Retail 1.67%
JD.com, Inc. Class A*		117,676		3,668,965
Meituan Class B*		91,000		1,949,802
				5,618,767
Total China				17,925,659

Denmark 4.34%

Air Freight & Logistics 0.78%
DSV A/S		16,026		2,627,489

Biotechnology 0.85%
Genmab A/S*		8,077		2,840,208

Electric: Utilities 0.44%
Orsted AS^†		13,433		1,486,098

Pharmaceuticals 2.27%
Novo Nordisk A/S Class B		66,664		7,614,778
Total Denmark				14,568,573

Finland 1.27%

Banks
Nordea Bank Abp		426,174		4,248,988

France 13.30%

Aerospace & Defense 1.26%
Airbus SE		16,449		1,800,702
Thales S.A.		18,957		2,426,968
				4,227,670

56	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2022

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

Auto Components 0.92%
Cie Generale des Etablissements Michelin SCA		24,969	$	3,092,658

Beverages 1.16%
Pernod Ricard SA		18,826		3,885,387

Building Products 0.86%
Cie de Saint-Gobain		49,378		2,880,622

Chemicals 1.35%
Air Liquide SA		26,092		4,514,132

Diversified Telecommunication Services 0.95%
Orange SA		268,322		3,194,480

Information Technology Services 0.75%
Capgemini SE		12,337		2,511,554

Multi-Utilities 0.74%
Veolia Environnement SA		85,015		2,480,446

Oil, Gas & Consumable Fuels 1.11%
TotalEnergies SE		75,898		3,726,817

Personal Products 1.58%
L’Oreal SA		14,557		5,295,980

Textiles, Apparel & Luxury Goods 2.62%
Hermes International		2,001		2,467,347
LVMH Moet Hennessy Louis Vuitton SE		9,786		6,332,863
				8,800,210
Total France				44,609,956

Germany 2.76%

Air Freight & Logistics 0.78%
Deutsche Post AG Registered Shares		60,967		2,604,660

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

Chemicals 1.03%
Symrise AG		29,193	$	3,473,799

Pharmaceuticals 0.71%
Bayer AG		36,270		2,389,143

Semiconductors & Semiconductor Equipment 0.24%
Infineon Technologies AG		28,227		801,173
Total Germany				9,268,775

Hong Kong 1.44%

Insurance
AIA Group Ltd.		490,082		4,814,447

India 4.39%

Banks 1.81%
ICICI Bank Ltd. ADR		214,766		4,089,145
State Bank of India		308,837		1,983,545
				6,072,690

Chemicals 0.71%
Asian Paints Ltd.		56,857		2,396,646

Oil, Gas & Consumable Fuels 0.99%
Reliance Industries Ltd.		91,328		3,309,035

Wireless Telecommunication Services 0.88%
Bharti Airtel Ltd.*		305,681		2,933,718
Total India				14,712,089

Indonesia 1.08%

Banks
Bank Mandiri Persero Tbk PT		5,914,100		3,631,463

Ireland 0.88%

Construction Materials
CRH plc		74,222		2,955,630

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
Japan 14.35%

Auto Components 0.87%
Denso Corp.		48,085	$	2,930,553

Automobiles 1.60%
Toyota Motor Corp.		312,800		5,359,423

Banks 0.63%
Sumitomo Mitsui Financial Group, Inc.		69,500		2,099,868

Beverages 0.78%
Asahi Group Holdings Ltd.		69,525		2,620,593

Building Products 0.67%
Daikin Industries Ltd.		14,675		2,242,598

Diversified Financial Services 0.76%
ORIX Corp.		139,500		2,544,335

Electrical Equipment 0.67%
Fuji Electric Co. Ltd.		51,600		2,262,696

Electronic Equipment, Instruments & Components 1.07%
Keyence Corp.		8,960		3,601,957

Health Care Equipment & Supplies 0.95%
Hoya Corp.		32,200		3,195,596

Household Durables 1.04%
Sony Group Corp.		40,400		3,486,561

Industrial Conglomerates 0.55%
Hitachi Ltd.		39,100		1,854,374

Insurance 0.77%
Tokio Marine Holdings, Inc.		47,600		2,573,668

Machinery 1.29%
Ebara Corp.		48,100		2,209,105
Fujitec Co. Ltd.		98,300		2,118,561
				4,327,666

Professional Services 0.66%
TechnoPro Holdings, Inc.		86,900		2,213,177

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

Semiconductors & Semiconductor Equipment 0.42%
Lasertec Corp.		10,600	$	1,416,174

Specialty Retail 0.52%
Fast Retailing Co. Ltd.		3,750		1,726,522

Trading Companies & Distributors 1.10%
ITOCHU Corp.		122,200		3,688,115
Total Japan				48,143,876

Mexico 1.63%

Banks 0.85%
Grupo Financiero Banorte SAB de CV Class O		431,117		2,845,944

Transportation Infrastructure 0.78%
Grupo Aeroportuario del Pacifico SAB de CV ADR		17,025		2,618,275
Total Mexico				5,464,219

Netherlands 5.65%

Food & Staples Retailing 0.83%
Koninklijke Ahold Delhaize NV		94,576		2,789,610

Insurance 1.08%
NN Group NV		74,366		3,642,565

Oil, Gas & Consumable Fuels 1.84%
Shell plc		229,480		6,160,595

Semiconductors & Semiconductor Equipment 1.90%
ASML Holding NV		11,218		6,366,647
Total Netherlands				18,959,417

Norway 1.17%

Oil, Gas & Consumable Fuels
Equinor ASA		116,329		3,931,869

58	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
Singapore 1.28%

Banks
United Overseas Bank Ltd.		200,000	$	4,281,248

South Africa 1.44%

Metals & Mining
Anglo American plc		108,937		4,824,926

South Korea 1.07%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		67,373		3,590,546

Spain 1.83%

Banks 0.94%
CaixaBank SA		979,550		3,161,884

Electric: Utilities 0.89%
Iberdrola SA		258,341		2,968,546
Total Spain				6,130,430

Sweden 2.19%

Building Products 0.62%
Nibe Industrier AB B Shares		212,547		2,083,896

Machinery 0.81%
Atlas Copco AB A Shares		60,096		2,724,564

Oil, Gas & Consumable Fuels 0.76%
Lundin Energy AB^(a)		61,683		2,550,336
Total Sweden				7,358,796

Switzerland 7.82%

Capital Markets 1.79%
Partners Group Holding AG		1,421		1,505,545
UBS Group AG Registered Shares		264,565		4,491,423
				5,996,968

Food Products 2.33%
Nestle SA Registered Shares		60,612		7,824,650

Investments	Shares		U.S. $ Fair Value
Switzerland (continued)

Life Sciences Tools & Services 1.05%
Lonza Group AG*	5,965	$	3,517,166

Pharmaceuticals 1.99%
Roche Holding AG	18,066		6,699,120

Textiles, Apparel & Luxury Goods 0.66%
Cie Financiere Richemont S.A. Class A	18,993		2,206,810
Total Switzerland			26,244,714

Taiwan 2.16%

Semiconductors & Semiconductor Equipment
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	20,460		1,901,348
Taiwan Semiconductor Manufacturing Co. Ltd.	295,230		5,338,539
			7,239,887

United Kingdom 7.88%

Banks 0.74%
NatWest Group plc	929,525		2,493,717

Beverages 1.58%
Diageo plc	106,248		5,300,591

Electric: Utilities 0.97%
SSE plc	140,185		3,255,912

Personal Products 0.79%
Unilever plc	56,837		2,642,359

Pharmaceuticals 2.99%
AstraZeneca plc	49,813		6,647,111
GlaxoSmithKline plc	150,892		3,401,495
			10,048,606

Wireless Telecommunication Services 0.81%
Vodafone Group plc	1,788,172		2,707,219
Total United Kingdom			26,448,404

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
United States 1.84%

Electrical Equipment 1.34%
Schneider Electric SE		31,262	$	4,485,131

Trading Companies & Distributors 0.50%
Ferguson plc		13,466		1,689,299
Total United States				6,174,430
Total Common Stocks (cost $297,006,626)				319,534,035

		Principal Amount

SHORT-TERM INVESTMENTS 5.13%

Repurchase Agreements 4.29%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $9,341,600 of U.S. Treasury Inflation Indexed Bond at 2.50% due 1/15/2029; value: $14,665,477; proceeds: $14,377,871 (cost $14,377,871)	$	14,377,871		14,377,871

Investments	Shares		U.S. $ Fair Value
Money Market Funds 0.76%
Fidelity Government Portfolio^(b) (cost $2,544,618)		2,544,618	$	2,544,618

Time Deposits 0.08%
CitiBank N.A.^(b) (cost $282,735)		282,735		282,735
Total Short-Term Investments (cost $17,205,224)				17,205,224
Total Investments in Securities 100.39% (cost $314,211,850)				336,739,259
Other Assets and Liabilities – Net (0.39)%				(1,321,721	)
Net Assets 100.00%			$	335,417,538

ADR		American Depositary Receipt.
^†		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. At April 30, 2022, the total value of Rule 144A securities was $4,312,954, which represents 1.28% of net assets.
*		Non-income producing security.
^(a)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(b)		Security was purchased with the cash collateral from loaned securities.

60	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL EQUITY FUND April 30, 2022

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Brazil	$	2,133,590	$	–	$	–	$	2,133,590
Canada		14,382,220		–		–		14,382,220
India		4,089,145		10,622,944		–		14,712,089
Mexico		5,464,219		–		–		5,464,219
Taiwan		1,901,348		5,338,539		–		7,239,887
Remaining Countries		–		275,602,030		–		275,602,030
Short-Term Investments
Repurchase Agreements		–		14,377,871		–		14,377,871
Money Market Funds		2,544,618		–		–		2,544,618
Time Deposits		–		282,735		–		282,735
Total	$	30,515,140	$	306,224,119	$	–	$	336,739,259

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

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

Investment Type	Common Stocks
Balance as of November 1, 2021	$	4,705,085
Accrued Discounts (Premiums)		–
Realized Gain (Loss)		–
Change in Unrealized Appreciation (Depreciation)		–
Purchases		–
Sales		–
Transfers into Level 3		–
Transfers out of Level 3		(4,705,085	)
Balance as of April 30, 2022	$	–
Change in unrealized appreciation/depreciation for the period ended April 30, 2022, related to Level 3 investments held at April 30, 2022	$	–

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 93.05%

COMMON STOCKS 93.05%

Australia 3.25%

Auto Components 1.65%
GUD Holdings Ltd.		693,884	$	6,232,735

Food Products 0.65%
Costa Group Holdings Ltd.		1,040,843		2,434,211

Professional Services 0.95%
IPH Ltd.		675,625		3,581,734
Total Australia				12,248,680

Austria 3.41%

Banks 0.89%
BAWAG Group AG^†*		70,764		3,360,148

Electronic Equipment, Instruments & Components 1.39%
AT&S Austria Technologie & Systemtechnik AG		102,204		5,233,453

Machinery 1.13%
ANDRITZ AG		100,259		4,262,118
Total Austria				12,855,719

Belgium 1.39%

Equity Real Estate Investment Trusts
Cofinimmo SA		39,081		5,247,999

Canada 4.19%

Gas Utilities 2.05%
Brookfield Infrastructure Corp. Class A		109,000		7,733,896

Metals & Mining 1.57%
Capstone Copper Corp.*		1,297,400		5,908,061

Paper & Forest Products 0.57%
Interfor Corp.		75,100		2,140,787
Total Canada				15,782,744

Investments	Shares		U.S. $ Fair Value
France 2.99%

Construction Materials 0.83%
Vicat SA^(a)		104,455	$	3,141,069

Oil, Gas & Consumable Fuels 1.24%
Gaztransport Et Technigaz SA		39,210		4,669,069

Personal Products 0.60%
Interparfums SA		40,553		2,250,109

Software 0.32%
Esker SA		7,067		1,190,391
Total France				11,250,638

Germany 11.70%

Aerospace & Defense 0.62%
Montana Aerospace AG^†*		152,962		2,331,931

Health Care Providers & Services 0.89%
Medios AG*		130,467		3,346,623

Industrial Conglomerates 2.44%
Rheinmetall AG		40,785		9,193,920

Life Sciences Tools & Services 1.35%
Gerresheimer AG		73,048		5,074,084

Media 1.15%
Stroeer SE & Co. KGaA		72,530		4,339,214

Real Estate Management & Development 1.81%
PATRIZIA AG		265,327		4,551,284
TAG Immobilien AG		112,927		2,256,896
				6,808,180

Semiconductors & Semiconductor Equipment 1.51%
AIXTRON SE		222,471		5,703,433

Specialty Retail 0.76%
MYT Netherlands Parent BV ADR*^(a)		238,801		2,851,284

62	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2022

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

Wireless Telecommunication Services 1.17%
Freenet AG		160,098	$	4,429,628
Total Germany				44,078,297

Hong Kong 2.07%

Hotels, Restaurants & Leisure 0.24%
Melco International Development Ltd.*		1,144,000		903,257

Real Estate Management & Development 1.07%
Kerry Properties Ltd.		1,493,500		4,038,623

Textiles, Apparel & Luxury Goods 0.76%
Stella International Holdings Ltd.		2,701,432		2,857,383
Total Hong Kong				7,799,263

Iceland 0.78%

Machinery
Marel HF		558,297		2,937,023

India 3.02%

Banks 1.46%
Federal Bank Ltd.		4,440,837		5,512,235

Capital Markets 0.75%
UTI Asset Management Co. Ltd.		272,987		2,805,898

Real Estate Management & Development 0.81%
Phoenix Mills Ltd. (The)		216,692		3,058,297
Total India				11,376,430

Israel 0.52%

Capital Markets
Tel Aviv Stock Exchange Ltd.		415,792		1,963,634

Italy 2.48%

Auto Components 0.66%
Brembo SpA		247,319		2,475,361

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

Construction Materials 0.35%
Buzzi Unicem SpA		70,850	$	1,312,048

Diversified Financial Services 0.76%
Banca Mediolanum SpA		394,169		2,861,407

Textiles, Apparel & Luxury Goods 0.71%
Salvatore Ferragamo SpA*		153,889		2,674,688
Total Italy				9,323,504

Japan 18.20%

Auto Components 0.32%
FCC Co. Ltd.		120,700		1,205,659

Banks 1.01%
Aozora Bank Ltd.		189,400		3,791,889

Beverages 0.82%
Coca-Cola Bottlers Japan Holdings, Inc.		274,900		3,081,752

Building Products 1.05%
Sanwa Holdings Corp.		434,500		3,958,406

Chemicals 0.71%
Kansai Paint Co. Ltd.		195,100		2,686,902

Construction & Engineering 2.11%
SHO-BOND Holdings Co. Ltd.		189,500		7,964,682

Distributors 1.17%
PALTAC Corp.		121,000		4,410,208

Information Technology Services 4.66%
NS Solutions Corp.		273,400		8,156,456
Simplex Holdings, Inc.		149,100		1,954,603
TIS, Inc.		208,100		4,673,792
Zuken, Inc.		120,300		2,785,365
				17,570,216

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2022

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

Machinery 2.91%
CKD Corp.		179,100	$	2,319,293
DMG Mori Co. Ltd.		167,000		2,095,912
Fujitec Co. Ltd.		175,000		3,771,599
OSG Corp.		221,600		2,783,846
				10,970,650

Professional Services 1.10%
TechnoPro Holdings, Inc.		162,100		4,128,378

Real Estate Management & Development 0.77%
CRE, Inc.		234,900		2,913,576

Software 0.24%
Money Forward, Inc.*		26,100		887,443

Wireless Telecommunication Services 1.33%
Okinawa Cellular Telephone Co.		129,800		4,994,874
Total Japan				68,564,635

Mexico 1.08%

Consumer Finance
Gentera SAB de CV*		5,249,500		4,077,357

Netherlands 0.52%

Leisure Products
Accell Group NV*		32,513		1,964,078

Norway 1.13%

Semiconductors & Semiconductor Equipment 0.53%
Nordic Semiconductor ASA*		99,295		1,974,107

Software 0.60%
Crayon Group Holding ASA^†*		153,462		2,257,336
Total Norway				4,231,443

Investments	Shares			U.S. $ Fair Value
Peru 0.47%

Banks
Intercorp Financial Services, Inc.		64,846		$	1,772,241

Portugal 1.87%

Multi-Utilities
REN - Redes Energeticas Nacionais SGPS SA		2,310,100			7,043,047

Singapore 0.76%

Equity Real Estate Investment Trusts
Digital Core REIT Management Pte Ltd.*		2,891,100			2,866,459

South Korea 2.06%

Chemicals 1.18%
Soulbrain Co. Ltd./New		23,157			4,453,226

Semiconductors & Semiconductor Equipment 0.88%
WONIK IPS Co. Ltd.		105,163			3,292,884
Total South Korea					7,746,110

Spain 2.56%

Banks 0.83%
Banco de Sabadell SA		4,033,740			3,130,481

Containers & Packaging 1.11%
Vidrala SA		58,030			4,158,178

Professional Services 0.62%
Applus Services SA		299,791	��		2,346,683
Total Spain					9,635,342

Sweden 4.70%

Auto Components 0.27%
Dometic Group AB^†(a)		120,533			1,032,254

Biotechnology 0.31%
Vitrolife AB		45,317			1,165,238

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
Sweden (continued)

Commercial Services & Supplies 1.28%
Loomis AB		193,086	$	4,810,878

Food & Staples Retailing 1.66%
Axfood AB		210,734		6,247,261

Internet & Direct Marketing Retail 0.79%
Boozt AB^†*^(a)		282,636		2,967,807

Software 0.39%
Cint Group AB*		182,758		1,494,703
Total Sweden				17,718,141

Switzerland 3.19%

Containers & Packaging 0.98%
SIG Group AG*		176,522		3,695,573

Health Care Equipment & Supplies 0.87%
Medmix AG^†		98,144		3,296,051

Life Sciences Tools & Services 0.86%
Tecan Group AG		10,788		3,241,985

Machinery 0.48%
Sulzer AG		23,930		1,793,018
Total Switzerland				12,026,627

Taiwan 0.80%

Electrical Equipment
Bizlink Holding, Inc.		301,000		3,012,127

United Kingdom 18.63%

Aerospace & Defense 1.42%
Chemring Group plc		667,862		2,916,527
Senior plc*		1,511,277		2,432,456
				5,348,983

Banks 0.81%
Virgin Money UK plc		1,403,279		3,044,545

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

Beverages 2.26%
Britvic plc		790,425	$	8,517,896

Biotechnology 0.58%
Genus plc		69,920		2,196,805

Capital Markets 2.51%
Man Group plc		2,269,110		6,613,383
Petershill Partners plc^†*		880,258		2,822,546
				9,435,929

Construction Materials 1.19%
Breedon Group plc		4,546,628		4,497,529

Entertainment 0.28%
Frontier Developments plc*		65,438		1,054,036

Equity Real Estate Investment Trusts 2.27%
Big Yellow Group plc		151,520		2,738,265
UNITE Group plc (The)		411,510		5,827,069
				8,565,334

Food Products 1.11%
Tate & Lyle plc		430,421		4,183,521

Household Durables 0.33%
Focusrite plc		99,045		1,234,824

Machinery 0.73%
Concentric AB		140,608		2,746,157

Media 0.20%
S4 Capital plc*		201,489		762,102

Pharmaceuticals 0.63%
Dechra Pharmaceuticals plc		52,464		2,377,424

Professional Services 0.85%
SThree plc		693,284		3,195,973

Real Estate Management & Development 0.56%
Savills plc		155,997		2,098,566

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2022

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

Road & Rail 1.06%
National Express Group plc*		1,288,047	$	3,992,523

Specialty Retail 1.27%
WH Smith plc*		266,401		4,792,893

Trading Companies & Distributors 0.57%
Grafton Group plc		177,564		2,150,524
Total United Kingdom				70,195,564

United States 1.28%

Exchange-Traded Funds
VanEck Vectors Junior Gold Miners		112,154		4,817,014

Total Common Stocks (cost $391,206,386)				350,534,116

		Principal Amount

SHORT-TERM INVESTMENTS 6.45%

Repurchase Agreements 4.02%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $15,761,800 of U.S. Treasury Note at 2.375% due 5/15/2029; value: $15,434,952; proceeds: $15,132,222 (cost $15,132,222)	$	15,132,222		15,132,222

Investments	Shares		U.S. $ Fair Value
Money Market Funds 2.19%
Fidelity Government Portfolio^(b) (cost $8,245,438)		8,245,438	$	8,245,438

Time Deposits 0.24%
CitiBank N.A.^(b) (cost $916,160)		916,160		916,160

Total Short-Term Investments (cost $24,293,820)				24,293,820

Total Investments in Securities 99.50% (cost $415,500,206)				374,827,936
Other Assets and Liabilities – Net^(c)0.50%				1,895,652
Net Assets 100.00%			$	376,723,588


ADR		American Depositary Receipt.
REIT		Real Estate Investment Trust.
^†		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. At April 30, 2022, the total value of Rule 144A securities was $18,068.073, which represents 4.79% of net assets.
*		Non-income producing security.
^(a)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(b)		Security was purchased with the cash collateral from loaned securities.
^(c)		Other Assets and Liabilities - Net include net unrealized appreciation on total return swaps as follows:

66	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2022

Open Total Return Swap Contracts at April 30, 2022:

Swap
Counterparty

Referenced
Index*

Referenced
Spread

Units

Position

Termination
Date

Notional
Amount

Value/Unrealized
Appreciation

Bank of America

MLLACEB

12-Month USD SOFR Index

130,000

Long

3/8/2023

$15,834,279


*	Merrill Lynch Custom Basket Index.

SOFR Secured Over Night Financing Rate.

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Canada	$	15,782,744	$	–	$	–	$	15,782,744
Germany		7,402,568		36,675,729		–		44,078,297
Hong Kong		2,857,383		4,941,880		–		7,799,263
Mexico		4,077,357		–		–		4,077,357
Peru		1,772,241		–		–		1,772,241
Portugal		7,043,047		–		–		7,043,047
Singapore		2,866,459		–		–		2,866,459
Spain		2,346,683		7,288,659		–		9,635,342
Sweden		6,247,261		11,470,880		–		17,718,141
United Kingdom		13,772,898		56,422,666		–		70,195,564
United States		4,817,014		–		–		4,817,014
Remaining Countries		–		164,748,647		–		164,748,647
Short-Term Investments
Repurchase Agreements		–		15,132,222		–		15,132,222
Money Market Funds		8,245,438		–		–		8,245,438
Time Deposits		–		916,160		–		916,160
Total	$	77,231,093	$	297,596,843	$	–	$	374,827,936
Other Financial Instruments
Total Return Swap Contract
Assets	$	–	$	–	$	–	$	–
Liabilities		–		–		–		–
Total	$	–	$	–	$	–	$	–


⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL VALUE FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 95.18%

COMMON STOCKS 95.18%

Australia 5.12%

Banks 1.10%
National Australia Bank Ltd.		289,770	$	6,615,065

Equity Real Estate Investment Trusts 1.29%
Goodman Group		462,967		7,705,571

Metals & Mining 2.73%
BHP Group Ltd.		490,011		16,373,925
Total Australia				30,694,561

Austria 1.38%

Banks
BAWAG Group AG^†*		174,172		8,270,358

Canada 6.73%

Banks 1.80%
Bank of Nova Scotia (The)		105,500		6,680,750
Royal Bank of Canada		40,800		4,120,811
				10,801,561

Food & Staples Retailing 1.53%
Alimentation Couche-Tard, Inc.		206,000		9,170,700

Insurance 1.15%
Manulife Financial Corp.		351,500		6,873,218

Metals & Mining 0.54%
Capstone Copper Corp.*		716,200		3,261,410

Oil, Gas & Consumable Fuels 1.71%
Pembina Pipeline Corp.		270,333		10,229,157
Total Canada				40,336,046

China 1.35%

Construction Materials 0.95%
China Resources Cement Holdings Ltd.		6,838,000		5,673,738

Investments	Shares		U.S. $ Fair Value
Specialty Retail 0.40%
Topsports International Holdings Ltd.^†		3,140,000	$	2,401,630
Total China				8,075,368

Finland 1.38%

Banks
Nordea Bank Abp		831,302		8,288,145

France 15.30%

Aerospace & Defense 3.06%
Airbus SE		68,666		7,516,993
Thales S.A.		84,641		10,836,155
				18,353,148

Banks 0.79%
Credit Agricole SA		439,746		4,748,404

Building Products 1.11%
Cie de Saint-Gobain		113,623		6,628,557

Diversified Telecommunication Services 2.23%
Orange SA		1,121,274		13,349,211

Gas Utilities 0.57%
Rubis SCA		129,437		3,442,700

Information Technology Services 0.62%
Capgemini SE		18,204		3,705,952

Insurance 1.50%
AXA SA		340,962		9,020,156

Multi-Utilities 1.00%
Veolia Environnement SA		205,932		6,008,390

Oil, Gas & Consumable Fuels 0.82%
Gaztransport Et Technigaz SA		41,443		4,934,971

Pharmaceuticals 3.05%
Sanofi		172,769		18,260,799

Textiles, Apparel & Luxury Goods 0.55%
Kering SA		6,158		3,276,502
Total France				91,728,790

68	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
Germany 5.33%

Air Freight & Logistics 1.30%
Deutsche Post AG Registered Shares		182,115	$	7,780,401

Auto Components 0.50%
Continental AG*		43,992		3,015,260

Insurance 1.75%
Allianz SE Registered Shares		46,559		10,505,297

Pharmaceuticals 1.40%
Bayer AG		127,507		8,399,019

Semiconductors & Semiconductor Equipment 0.38%
Infineon Technologies AG		79,582		2,258,793
Total Germany				31,958,770

Hong Kong 0.95%

Real Estate Management & Development
Kerry Properties Ltd.		2,098,500		5,674,624

India 1.27%

Banks 0.79%
Federal Bank Ltd.		3,796,201		4,712,074

Oil, Gas & Consumable Fuels 0.48%
Petronet LNG Ltd.		1,094,911		2,902,233
Total India				7,614,307

Ireland 0.76%

Beverages
C&C Group plc*		1,740,425		4,543,342

Italy 1.17%

Electric: Utilities
Enel SpA		1,074,817		6,989,420

Japan 15.58%

Auto Components 0.75%
Denso Corp.		74,100		4,516,043

Investments	Shares		U.S. $ Fair Value
Automobiles 1.60%
Toyota Motor Corp.		558,900	$	9,576,028

Banks 1.68%
Sumitomo Mitsui Financial Group, Inc.		333,400		10,073,326

Beverages 1.50%
Asahi Group Holdings Ltd.		238,500		8,989,736

Building Products 0.87%
Sanwa Holdings Corp.		573,300		5,222,909

Diversified Financial Services 1.40%
ORIX Corp.		460,700		8,402,689

Electrical Equipment 1.14%
Fuji Electric Co. Ltd.		155,800		6,831,937

Electronic Equipment, Instruments & Components 0.82%
Murata Manufacturing Co., Ltd.		82,700		4,929,539

Household Durables 1.15%
Sony Group Corp.		80,000		6,904,081

Industrial Conglomerates 0.78%
Hitachi Ltd.		98,700		4,680,991

Insurance 1.31%
Tokio Marine Holdings, Inc.		144,800		7,829,143

Machinery 1.06%
Fujitec Co. Ltd.		293,800		6,331,975

Trading Companies & Distributors 1.52%
ITOCHU Corp.		302,500		9,129,745
Total Japan				93,418,142

Mexico 1.76%

Banks 0.85%
Grupo Financiero Banorte SAB de CV Class O		775,766		5,121,086

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2022

Investments	Shares		U.S. $ Fair Value
Mexico (continued)

Transportation Infrastructure 0.91%
Grupo Aeroportuario del Pacifico SAB de CV Class B		355,100	$	5,464,536
Total Mexico				10,585,622

Netherlands 5.80%

Food & Staples Retailing 1.76%
Koninklijke Ahold Delhaize NV		357,064		10,531,947

Oil, Gas & Consumable Fuels 4.04%
Shell plc ADR		453,177		24,213,247
Total Netherlands				34,745,194

Singapore 1.70%

Banks
United Overseas Bank Ltd.		475,500		10,178,667

South Africa 1.58%

Metals & Mining
Anglo American plc		214,007		9,478,578

South Korea 1.11%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		124,473		6,633,607

Spain 1.15%

Banks
Banco Bilbao Vizcaya Argentaria SA		1,318,750		6,919,812

Sweden 2.61%

Commercial Services & Supplies 1.07%
Loomis AB		256,997		6,403,268

Oil, Gas & Consumable Fuels 1.54%
Lundin Energy AB^(a)		223,224		9,229,385
Total Sweden				15,632,653

Investments	Shares		U.S. $ Fair Value
Switzerland 6.32%

Capital Markets 1.95%
UBS Group AG Registered Shares		686,816	$	11,659,822

Food Products 1.10%
Nestle SA Registered Shares		51,205		6,610,262

Pharmaceuticals 3.27%
Novartis AG Registered Shares		128,532		11,358,276
Roche Holding AG		22,207		8,234,660
				19,592,936
Total Switzerland				37,863,020

Taiwan 0.68%

Electrical Equipment
Bizlink Holding, Inc.		406,000		4,062,869

United Kingdom 13.86%

Banks 2.56%
Barclays plc		2,509,993		4,613,721
Standard Chartered plc		1,568,233		10,720,945
				15,334,666

Electric: Utilities 1.73%
SSE plc		445,030		10,336,189

Equity Real Estate Investment Trusts 1.20%
UNITE Group plc (The)		509,254		7,211,145

Food Products 0.86%
Tate & Lyle plc		530,530		5,156,541

Household Durables 0.80%
Persimmon plc		184,537		4,806,131

Insurance 0.97%
Prudential plc		466,662		5,809,220

Multi-Line Retail 0.78%
Next plc		62,777		4,702,039

Personal Products 1.41%
Unilever plc		182,091		8,465,432

70	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2022

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

Pharmaceuticals 1.61%
AstraZeneca plc		72,119	$	9,623,651

Tobacco 1.32%
Imperial Brands plc		380,797		7,926,492

Trading Companies & Distributors 0.62%
Ashtead Group plc		71,987		3,722,248
Total United Kingdom				83,093,754

United States 2.29%

Pharmaceuticals
GlaxoSmithKline plc		608,883		13,725,794
Total Common Stocks (cost $567,765,973)				570,511,443

		Principal Amount

SHORT-TERM INVESTMENTS 5.36%

Repurchase Agreements 3.73%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $23,284,400 of U.S. Treasury Note at 2.375% due 5/15/2029; value: $22,801,558; proceeds: $22,354,446 (cost $22,354,446)	$	22,354,446		22,354,446

Investments	Shares		U.S. $ Fair Value
Money Market Funds 1.47%
Fidelity Government Portfolio^(b) (cost $8,769,842)		8,769,842	$	8,769,842

Time Deposits 0.16%
CitiBank N.A.^(b) (cost $974,427)		974,427		974,427
Total Short-Term Investments (cost $32,098,715)				32,098,715
Total Investments in Securities 100.54% (cost $599,864,688)				602,610,158
Other Assets and Liabilities – Net (0.54)%				(3,240,539	)
Net Assets 100.00%			$	599,369,619


ADR		American Depositary Receipt.
^†		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. At April 30, 2022, the total value of Rule 144A securities was $10,671.988, which represents 1.78% of net assets.
*		Non-income producing security.
^(a)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(b)		Security was purchased with the cash collateral from loaned securities.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL VALUE FUND April 30, 2022

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Canada	$	40,336,046	$	–	$	–	$	40,336,046
Mexico		10,585,622		–		–		10,585,622
Netherlands		24,213,247		10,531,947		–		34,745,194
Remaining Countries		–		484,844,581		–		484,844,581
Short-Term Investments
Repurchase Agreements		–		22,354,446		–		22,354,446
Money Market Funds		8,769,842		–		–		8,769,842
Time Deposits		–		974,427		–		974,427
Total	$	83,904,757	$	518,705,401	$	–	$	602,610,158


⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

72	See Notes to Financial Statements.

Schedule of Investments (unaudited)

MICRO CAP GROWTH FUND April 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 96.25%

COMMON STOCKS 96.25%

Aerospace & Defense 1.18%
AeroVironment, Inc.*		35,353	$	2,839,553

Air Freight & Logistics 1.04%
Atlas Air Worldwide Holdings, Inc.*		36,313		2,503,418

Auto Components 1.05%
Gentherm, Inc.*		37,594		2,534,587

Banks 2.71%
Bancorp, Inc. (The)*		103,312		2,344,149
Byline Bancorp, Inc.		83,423		1,957,104
Customers Bancorp, Inc.*		52,343		2,202,070
Total				6,503,323

Beverages 1.40%
MGP Ingredients, Inc.		36,936		3,373,365

Biotechnology 12.40%
Beam Therapeutics, Inc.*		22,228		834,217
BELLUS Health, Inc. (Canada)*^(a)		432,313		3,484,443
Insmed, Inc.*		64,872		1,425,238
Karuna Therapeutics, Inc.*		35,416		3,947,467
Krystal Biotech, Inc.*		74,773		4,531,991
Merus NV (Netherlands)*^(a)		145,532		2,968,853
Nkarta, Inc.*		113,543		2,093,733
Rigel Pharmaceuticals, Inc.*		1,508,040		3,558,974
Rocket Pharmaceuticals, Inc.*		80,628		828,856
Syndax Pharmaceuticals, Inc.*		99,244		1,664,322
Xenon Pharmaceuticals, Inc. (Canada)*^(a)		157,739		4,459,282
Total				29,797,376

Investments	Shares			Fair Value
Capital Markets 2.77%
AssetMark Financial Holdings, Inc.*		190,940		$	3,671,776
Piper Sandler Cos.		25,998			2,989,250
Total					6,661,026

Commercial Services & Supplies 1.00%
Montrose Environmental Group, Inc.*		53,052			2,406,969

Communications Equipment 3.17%
AudioCodes Ltd. (Ireland)^(a)		100,909			2,374,389
Calix, Inc.*		131,156			5,234,436
Total					7,608,825

Construction & Engineering 3.18%
Ameresco, Inc. Class A*		96,492			4,867,056
NV5 Global, Inc.*		23,060			2,762,588
Total					7,629,644

Diversified Consumer Services 2.31%
European Wax Center, Inc. Class A		69,465			1,906,814
PowerSchool Holdings, Inc. Class A*		240,925			3,647,605
Total					5,554,419

Diversified Telecommunication Services 0.72%
Ooma, Inc.*		134,712			1,729,702

Electronic Equipment, Instruments & Components 0.58%
OSI Systems, Inc.*		17,567			1,389,550

Food & Staples Retailing 1.55%
Chefs’ Warehouse, Inc. (The)*		101,707	��		3,722,476

Health Care Equipment & Supplies 9.66%
Axonics, Inc.*		69,350			3,593,717
Lantheus Holdings, Inc.*		74,025			4,916,000
OrthoPediatrics Corp.*		75,693			3,412,240

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2022

Investments	Shares		Fair Value
Health Care Equipment & Supplies (continued)
Outset Medical, Inc.*		75,028	$	2,616,977
Pulmonx Corp.*		57,477		1,385,196
Shockwave Medical, Inc.*		17,405		2,630,418
SI-BONE, Inc.*		77,625		1,550,947
Treace Medical Concepts, Inc.*		157,953		3,095,879
Total				23,201,374

Hotels, Restaurants & Leisure 6.23%
Chuy’s Holdings, Inc.*		46,957		1,174,395
Kura Sushi USA, Inc. Class A*		43,280		2,171,790
Lindblad Expeditions Holdings, Inc.*		237,407		3,634,701
Monarch Casino & Resort, Inc.*		69,238		4,857,046
Sweetgreen, Inc. Class A*^(b)		44,693		1,206,711
Xponential Fitness, Inc. Class A*		92,400		1,914,528
Total				14,959,171

Household Durables 3.16%
GoPro, Inc. Class A*		411,584		3,671,329
Lovesac Co. (The)*		47,690		2,090,730
Sonos, Inc.*		79,740		1,819,667
Total				7,581,726

Insurance 0.56%
Goosehead Insurance, Inc. Class A		23,347		1,342,219

Interactive Media & Services 1.68%
Eventbrite, Inc. Class A*		96,697		1,023,054
ZipRecruiter, Inc. Class A*		134,014		3,016,655
Total				4,039,709

Internet & Direct Marketing Retail 1.00%
Lulu’s Fashion Lounge Holdings, Inc.*^(b)		109,315		1,053,797
Rent the Runway, Inc. Class A*^(b)		213,274		1,352,157
Total				2,405,954

Investments	Shares		Fair Value
Life Sciences Tools & Services 0.21%
SomaLogic, Inc.*		80,522	$	508,899

Machinery 2.34%
Evoqua Water Technologies Corp.*		108,497		4,523,240
Proto Labs, Inc.*		25,574		1,089,708
Total				5,612,948

Media 1.10%
PubMatic, Inc. Class A*		117,460		2,651,072

Personal Products 1.00%
elf Beauty, Inc.*		98,411		2,394,340

Pharmaceuticals 2.75%
Intra-Cellular Therapies, Inc.*		118,927		6,018,896
Pliant Therapeutics, Inc.*		101,876		596,993
Total				6,615,889

Professional Services 6.67%
Forrester Research, Inc.*		37,247		2,074,285
ICF International, Inc.		55,244		5,458,660
Kforce, Inc.		84,561		5,923,498
Willdan Group, Inc.*		95,803		2,575,185
Total				16,031,628

Semiconductors & Semiconductor Equipment 7.27%
CEVA, Inc.*		80,221		2,915,231
Ichor Holdings Ltd.*		95,354		2,775,755
Impinj, Inc.*		70,961		3,495,539
indie Semiconductor, Inc. Class A*^(b)		391,465		2,701,108
Rambus, Inc.*		223,548		5,568,581
Total				17,456,214

Software 9.54%
Agilysys, Inc.*		67,066		2,468,699
Arteris, Inc.*		231,206		2,725,919
AvidXchange Holdings, Inc.*		274,946		2,251,808
JFrog Ltd. (Ireland)*^(a)		165,771		3,459,641

74	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2022

Investments	Shares		Fair Value
Software (continued)
Olo, Inc. Class A*		189,641	$	2,027,262
Riskified Ltd. Class A (Ireland)*^(a)		167,508		876,067
Sprout Social, Inc. Class A*		46,643		2,858,283
UserTesting, Inc.*^(b)		330,705		2,582,806
Zuora, Inc. Class A*		301,476		3,668,963
Total				22,919,448

Technology Hardware, Storage & Peripherals 2.06%
Avid Technology, Inc.*		156,411		4,959,793

Textiles, Apparel & Luxury Goods 2.29%
Allbirds, Inc. Class A*		593,506		3,015,011
Oxford Industries, Inc.		27,882		2,498,227
Total				5,513,238

Trading Companies & Distributors 0.58%
Lawson Products, Inc.*		36,632		1,391,650

Wireless Telecommunication Services 3.09%
Gogo, Inc.*^(b)		403,516		7,428,729
Total Common Stocks (cost $238,152,297)				231,268,234

	Principal Amount

SHORT-TERM INVESTMENTS 7.76%

Repurchase Agreements 2.13%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $5,317,400 of U.S. Treasury Note at 2.375% due 5/15/2029; value: $5,207,135; proceeds: $5,104,947 (cost $5,104,947)	$	5,104,947		5,104,947

Investments	Shares		Fair Value
Money Market Funds 5.07%
Fidelity Government Portfolio^(c) (cost $12,179,129)		12,179,129	$	12,179,129

Time Deposits 0.56%
CitiBank N.A.(c) (cost $1,353,237)		1,353,237		1,353,237
Total Short-Term Investments (cost $18,637,313)				18,637,313
Total Investments in Securities 104.01% (cost $256,789,610)				249,905,547
Other Assets and Liabilities – Net (4.01)%				(9,638,839	)
Net Assets 100.00%			$	240,266,708

*		Non-income producing security.
^(a)		Foreign security traded in U.S. dollars.
^(b)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(c)		Security was purchased with the cash collateral from loaned securities.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP GROWTH FUND April 30, 2022

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	231,268,234	$	–	$	–	$	231,268,234
Short-Term Investments
Repurchase Agreements		–		5,104,947		–		5,104,947
Money Market Funds		12,179,129		–		–		12,179,129
Time Deposits		–		1,353,237		–		1,353,237
Total	$	243,447,363	$	6,458,184	$	–	$	249,905,547

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

76	See Notes to Financial Statements.

Schedule of Investments (unaudited)

VALUE OPPORTUNITIES FUND April 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.60%

COMMON STOCKS 99.60%

Aerospace & Defense 0.99%
Curtiss-Wright Corp.		101,508	$	14,506,508

Auto Components 1.10%
Gentherm, Inc.*		238,634		16,088,704

Banks 5.54%
East West Bancorp, Inc.		299,135		21,328,326
First BanCorp		1,829,709		24,902,339
Signature Bank		70,773		17,144,759
Wintrust Financial Corp.		205,356		17,931,686
Total				81,307,110

Biotechnology 1.18%
Horizon Therapeutics plc*		176,391		17,385,097

Building Products 5.00%
Allegion plc (Ireland)^(a)		139,987		15,992,115
Carlisle Cos., Inc.		102,988		26,710,968
Masonite International Corp.*		245,624		19,040,772
Simpson Manufacturing Co., Inc.		111,796		11,589,891
Total				73,333,746

Capital Markets 3.49%
Cboe Global Markets, Inc.		173,432		19,594,347
Moelis & Co. Class A		347,256		15,369,551
TPG, Inc.*^(b)		640,200		16,261,080
Total				51,224,978

Chemicals 5.03%
Avient Corp.		514,122		25,315,367
Axalta Coating Systems Ltd.*		643,258		16,319,455
Valvoline, Inc.		1,062,912		32,131,830
Total				73,766,652

Communications Equipment 1.26%
F5, Inc.*		110,535		18,504,664

Investments	Shares		Fair Value
Construction & Engineering 1.46%
EMCOR Group, Inc.		201,402	$	21,445,285

Construction Materials 1.44%
Eagle Materials, Inc.		171,539		21,154,189

Containers & Packaging 1.72%
Avery Dennison Corp.		139,803		25,248,422

Electric: Utilities 2.66%
IDACORP, Inc.		192,882		20,287,329
Portland General Electric Co.		397,367		18,807,380
Total				39,094,709

Electrical Equipment 1.38%
Generac Holdings, Inc.*		92,298		20,248,335

Electronic Equipment, Instruments & Components 1.64%
Littelfuse, Inc.		104,840		24,034,570

Energy Equipment & Services 0.94%
NOV, Inc.		761,659		13,808,878

Equity Real Estate Investment Trusts 7.21%
American Homes 4 Rent		384,113		15,214,716
First Industrial Realty Trust, Inc.		494,136		28,659,888
Innovative Industrial Properties, Inc.		88,100		12,738,379
National Storage Affiliates Trust		438,894		24,841,400
Sunstone Hotel Investors, Inc.*		1,982,300		24,283,175
Total				105,737,558

Food & Staples Retailing 2.24%
BJ’s Wholesale Club Holdings, Inc.*		510,583		32,856,016

Health Care Equipment & Supplies 4.49%
CONMED Corp.		145,600		19,358,976
Cooper Cos., Inc. (The)		41,912		15,131,909
STERIS plc		139,784		31,318,605
Total				65,809,490

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2022

Investments	Shares		Fair Value
Health Care Providers & Services 2.18%
Molina Healthcare, Inc.*		101,851	$	31,925,196

Hotels, Restaurants & Leisure 4.44%
Caesars Entertainment, Inc.*		337,000		22,336,360
Choice Hotels International, Inc.		196,033		27,534,795
Dave & Buster’s Entertainment, Inc.*		171,657		7,810,394
SeaWorld Entertainment, Inc.*		109,668		7,396,010
Total				65,077,559

Household Durables 1.45%
Helen of Troy Ltd.*		99,535		21,351,253

Information Technology Services 1.71%
Euronet Worldwide, Inc.*		205,904		25,048,222

Insurance 4.94%
American Financial Group, Inc./OH		229,979		31,847,492
Selective Insurance Group, Inc.		236,850		19,506,966
Stewart Information Services Corp.		408,196		21,062,913
Total				72,417,371

Life Sciences Tools & Services 4.79%
Azenta, Inc.		258,850		19,403,396
Bio-Techne Corp.		51,437		19,530,115
Charles River Laboratories International, Inc.*		71,594		17,290,667
Repligen Corp.*		89,326		14,045,620
Total				70,269,798

Machinery 3.96%
AGCO Corp.		84,422		10,755,363
Columbus McKinnon Corp.		511,567		18,135,050
Crane Co.		303,895		29,243,816
Total				58,134,229

Investments	Shares		Fair Value
Media 0.91%
Criteo SA ADR*		536,384	$	13,291,596

Metals & Mining 2.18%
Reliance Steel & Aluminum Co.		161,529		32,023,124

Oil, Gas & Consumable Fuels 4.85%
Chesapeake Energy Corp.		431,738		35,411,151
Devon Energy Corp.		614,534		35,747,443
Total				71,158,594

Pharmaceuticals 1.42%
Organon & Co.		643,894		20,817,093

Professional Services 1.78%
Booz Allen Hamilton Holding Corp.		320,861		26,191,883

Real Estate Management & Development 1.25%
Marcus & Millichap, Inc.		408,400		18,292,236

Road & Rail 1.22%
Saia, Inc.*		86,951		17,908,428

Semiconductors & Semiconductor Equipment 5.08%
Entegris, Inc.		274,059		30,527,432
MKS Instruments, Inc.		163,320		18,615,213
Silicon Motion Technology Corp. ADR		334,590		25,405,419
Total				74,548,064

Software 5.34%
Aspen Technology, Inc.*		164,339		26,054,305
CommVault Systems, Inc.*		365,680		22,306,480
Descartes Systems Group, Inc. (The) (Canada)*(a)		343,563		21,352,441
Paylocity Holding Corp.*		45,554		8,638,405
Total				78,351,631

Specialty Retail 1.80%
Burlington Stores, Inc.*		61,843		12,588,761
Williams-Sonoma, Inc.		106,466		13,891,684
Total				26,480,445

78	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

VALUE OPPORTUNITIES FUND April 30, 2022

Investments	Shares		Fair Value
Trading Companies & Distributors 1.53%
AerCap Holdings NV (Ireland)*^(a)		481,797	$	22,504,738
Total Common Stocks (cost $1,252,484,445)				1,461,346,371

	Principal Amount

SHORT-TERM INVESTMENTS 1.18%

Repurchase Agreements 0.26%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $4,237,400 of U.S. Treasury Note at 1.625% due 5/15/2031; value: $3,859,614; proceeds: $3,783,847 (cost $3,783,847)	$	3,783,847		3,783,847

Investments	Shares		Fair Value
Money Market Funds 0.83%
Fidelity Government Portfolio^(c) (cost $12,170,558)		12,170,558	$	12,170,558

Time Deposits 0.09%
CitiBank N.A.^(c) (cost $1,352,284)		1,352,284		1,352,284
Total Short-Term Investments (cost $17,306,689)				17,306,689
Total Investments in Securities 100.78% (cost $1,269,791,134)				1,478,653,060
Other Assets and Liabilities – Net (0.78)%				(11,509,115	)
Net Assets 100.00%			$	1,467,143,945

ADR		American Depositary Receipt.
*		Non-income producing security.
^(a)		Foreign security traded in U.S. dollars.
^(b)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(c)		Security was purchased with the cash collateral from loaned securities.

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	1,461,346,371	$	–	$	–	$	1,461,346,371
Short-Term Investments
Repurchase Agreements		–		3,783,847		–		3,783,847
Money Market Funds		12,170,558		–		–		12,170,558
Time Deposits		–		1,352,284		–		1,352,284
Total	$	1,473,516,929	$	5,136,131	$	–	$	1,478,653,060

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)

April 30, 2022

	Alpha Strategy Fund			Durable Growth Fund			Focused Growth Fund
ASSETS:
Investments in securities, at cost	$	667,865		$	213,597,584		$	41,712,424
Investments in Underlying Funds, at cost		740,073,110			–			–
Investments in securities, at fair value including $0, $0, $0, $0, $1,260,958, $0 and $0, respectively, of securities loaned	$	667,865		$	187,899,245		$	39,871,330
Investments in Underlying Funds, at value		707,099,116			–			–
Cash		76			68			76
Foreign cash, at value (cost $0, $8,217, $0, $0, $0, $0 and $20,938, respectively)		–			7,991			–
Receivables:
Capital shares sold		497,813			1,027			27,707
Investments in Underlying Funds sold		50,978			–			–
From advisor (See Note 3)		19			31			19,268
Investment securities sold		–			307,120			210,223
Dividends		–			32,382			11,475
Securities lending income receivable		–			–			–
Prepaid expenses and other assets		65,522			67,069			87,763
Total assets		708,381,389			188,314,933			40,227,842
LIABILITIES:
Payables:
Capital shares reacquired		391,585			–			4,044
Trustees’ fees		136,805			8,927			1,520
12b-1 distribution plan		129,485			1,075			6,782
Fund administration		24,869			6,680			1,429
Investment securities purchased		–			1,529,240			710,143
Management fee		–			91,847			23,217
Offering costs		–			1,905			25,298
Payable for collateral due to broker for securities lending		–			–			–
Foreign currency overdraft (cost $0, $0, $0, $0, $0, $40 and $0, respectively)		–			–			–
Accrued expenses		230,900			86,638			41,670
Total liabilities		913,644			1,726,312			814,103
Commitments and contingent liabilities
NET ASSETS	$	707,467,745		$	186,588,621		$	39,413,739
COMPOSITION OF NET ASSETS:
Paid-in capital	$	722,926,907		$	209,871,842		$	44,212,789
Total distributable earnings (loss)		(15,459,162	)		(23,283,221	)		(4,799,050	)
Net Assets	$	707,467,745		$	186,588,621		$	39,413,739

80	See Notes to Financial Statements.

Focused Large Cap Value Fund		Focused Small Cap Value Fund		Fundamental Equity Fund		Global Equity Fund

$	655,884,626	$	161,505,584	$	1,444,327,620	$	10,380,589
	–		–		–		–

$	652,402,184	$	167,136,745	$	1,759,650,965	$	10,444,263
	–		–		–		–
	718		41,561		1,083		76

	–		–		–		20,697

	143,231		147,117		980,041		1,677
	–		–		–		–
	147		4,463		–		15,494
	301,429		794,892		6,214,113		117,601
	614,545		–		2,772,346		10,904
	358		8,238		–		–
	57,251		32,056		88,902		72,968
	653,519,863		168,165,072		1,769,707,450		10,683,680

	115,945		172,346		1,734,293		16
	24,182		19,801		524,902		712
	7,261		12,378		293,825		2,001
	23,579		5,953		62,040		357
	–		–		1,391,059		204,277
	347,791		119,063		853,584		4,018
	–		–		–		–

	–		1,335,710		–		–

	–		–		38		–
	119,119		85,897		496,582		108,927
	637,877		1,751,148		5,356,323		320,308

$	652,881,986	$	166,413,924	$	1,764,351,127	$	10,363,372

$	587,282,862	$	156,229,672	$	1,398,390,731	$	10,171,119
	65,599,124		10,184,252		365,960,396		192,253
$	652,881,986	$	166,413,924	$	1,764,351,127	$	10,363,372

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2022

	Alpha Strategy Fund		Durable Growth Fund		Focused Growth Fund
Net assets by class:
Class A Shares	$	445,497,967	$	3,461,085	$	15,850,112
Class C Shares	$	37,988,162	$	303,946	$	2,409,917
Class F Shares	$	65,459,680	$	329,991	$	11,930,788
Class F3 Shares	$	50,581,532	$	185,311	$	748,448
Class I Shares	$	78,862,306	$	181,727,561	$	3,172,273
Class P Shares	$	–	$	–	$	–
Class R2 Shares	$	964,685	$	–	$	–
Class R3 Shares	$	19,270,787	$	10,923	$	15,459
Class R4 Shares	$	4,129,361	$	11,002	$	14,790
Class R5 Shares	$	418,142	$	11,069	$	14,932
Class R6 Shares	$	4,295,123	$	547,733	$	5,257,020
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		19,324,937		209,787		714,777
Class C Shares		2,157,796		18,823		111,780
Class F Shares		2,808,352		19,872		532,583
Class F3 Shares		2,101,273		11,164		33,333
Class I Shares		3,291,348		10,954,003		141,619
Class P Shares		–		–		–
Class R2 Shares		44,133		–		–
Class R3 Shares		874,041		667		704
Class R4 Shares		179,663		667		667
Class R5 Shares		17,447		667		667
Class R6 Shares		178,368		33,002		234,118
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$23.05		$16.50		$22.17
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$24.46		$17.51		$23.52
Class C Shares-Net asset value		$17.61		$16.15		$21.56
Class F Shares-Net asset value		$23.31		$16.61		$22.40
Class F3 Shares-Net asset value*		$24.07		$16.60		$22.45
Class I Shares-Net asset value		$23.96		$16.59		$22.40
Class P Shares-Net asset value		$ –		$ –		$ –
Class R2 Shares-Net asset value		$21.86		$ –		$ –
Class R3 Shares-Net asset value*		$22.05		$16.38		$21.97
Class R4 Shares-Net asset value*		$22.98		$16.49		$22.19
Class R5 Shares-Net asset value*		$23.97		$16.59		$22.40
Class R6 Shares-Net asset value		$24.08		$16.60		$22.45

*	Net asset value may not recalculate due to rounding of fractional shares.

82	See Notes to Financial Statements.

Focused Large Cap Value Fund		Focused Small Cap Value Fund		Fundamental Equity Fund		Global Equity Fund

$	11,010,619	$	18,397,049	$	1,255,600,288	$	4,465,052
$	5,576,403	$	4,528,147	$	43,459,812	$	590,820
$	1,691,397	$	48,869,603	$	117,276,962	$	1,690,990
$	12,991	$	11,536	$	18,749,262	$	13,573
$	632,996,153	$	82,806,663	$	240,974,637	$	1,357,379
$	–	$	–	$	4,368,651	$	–
$	–	$	–	$	2,152,763	$	–
$	82,992	$	–	$	69,609,797	$	710,662
$	9,334	$	–	$	2,775,904	$	539,396
$	9,358	$	296,751	$	717,623	$	13,935
$	1,492,739	$	11,504,175	$	8,665,428	$	981,565

	791,460		746,928		99,691,752		363,263
	402,062		173,050		4,012,358		48,533
	120,012		1,819,407		9,448,818		137,367
	931		429		1,465,513		1,102
	45,358,463		3,086,290		18,977,849		110,239
	–		–		355,661		–
	–		–		175,669		–
	5,968		–		5,658,620		58,322
	670		–		221,665		43,885
	671		11,060		56,485		1,132
	106,880		427,876		676,868		79,668

	$13.91		$24.63		$12.59		$12.29
	$14.76		$26.13		$13.36		$13.04
	$13.87		$26.17		$10.83		$12.17
	$14.09		$26.86		$12.41		$12.31
	$13.96		$26.88		$12.79		$12.32
	$13.96		$26.83		$12.70		$12.31
	$ –		$ –		$12.28		$ –
	$ –		$ –		$12.25		$ –
	$13.90		$ –		$12.30		$12.19
	$13.93		$ –		$12.52		$12.29
	$13.95		$26.83		$12.70		$12.31
	$13.97		$26.89		$12.80		$12.32

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2022

	Growth Leaders Fund			Health Care Fund			International Equity Fund
ASSETS:
Investments in securities, at cost	$	6,931,378,938		$	6,293,945		$	314,211,850
Investments in securities, at fair value including $0, $0, $2,684,255, $8,632,156, $9,251,092, and $12,773,006, respectively, of securities loaned	$	6,881,432,130		$	6,569,800		$	336,739,259
Cash		5,176			218			383
Foreign cash, at value (cost $0, $0, $277,703, $10,113,442, $8,627,468, and $0, respectively)		–			–			277,250
Receivables:
Investment securities sold		51,847,400			–			2,543,612
Capital shares sold		13,975,734			406			51,024
Interest and dividends		2,854,589			5,243			1,296,009
From advisor (See Note 3)		226,923			14,900			10,218
From broker		–			–			–
Securities lending income receivable		–			–			11,232
Prepaid expenses and other assets		110,452			46,477			69,741
Total assets		6,950,452,404			6,637,044			340,998,728
LIABILITIES:
Payables:									��
Investment securities purchased		150,385,879			26,098			1,943,312
Capital shares reacquired		13,731,017			58,385			171,344
Management fee		3,173,589			3,568			201,629
12b-1 distribution plan		1,307,358			1,292			42,498
Trustees’ fees		497,462			356			96,914
Fund administration		247,312			230			11,522
Offering costs		–			23,615			–
Payable for collateral due to broker for securities lending		–			–			2,827,353
Foreign capital gains taxes deferred		–			–			–
Distributions payable		–			–			18
Accrued expenses and other liabilities		1,410,575			41,559			286,600
Total liabilities		170,753,192			155,103			5,581,190
Commitments and contingent liabilities
NET ASSETS	$	6,779,699,212		$	6,481,941		$	335,417,538
COMPOSITION OF NET ASSETS:
Paid-in capital	$	7,189,645,355		$	6,662,705		$	310,948,996
Total distributable earnings (loss)		(409,946,143	)		(180,764	)		24,468,542
Net Assets	$	6,779,699,212		$	6,481,941		$	335,417,538

84	See Notes to Financial Statements.

International Opportunities Fund			International Value Fund			Micro Cap Growth Fund

$	415,500,206		$	599,864,688		$	256,789,610

$	374,827,936		$	602,610,158		$	249,905,547
	83			76			30

	9,884,769			8,521,416			–

	1,978,480			466,925			5,539,495
	143,609			134,288			314,079
	1,740,972			3,122,457			229,235
	–			13,157			8,050
	215,875			–			–
	1,928			4,058			98,668
	65,865			19,160			2,694
	388,859,517			614,891,695			256,097,798

	2,110,053			4,595,743			1,460,257
	171,884			255,035			466,322
	243,394			358,508			198,838
	30,634			56,358			23,725
	77,062			143,385			24,096
	12,981			20,486			8,837
	–			–			–

	9,161,598			9,744,269			13,532,366
	40,805			–			–
	–			–			–
	287,518			348,292			116,649
	12,135,929			15,522,076			15,831,090

$	376,723,588		$	599,369,619		$	240,266,708

$	419,151,828		$	985,994,308		$	294,759,535
	(42,428,240	)		(386,624,689	)		(54,492,827	)
$	376,723,588		$	599,369,619		$	240,266,708

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2022

	Value Opportunities Fund
ASSETS:
Investments in securities, at cost	$	1,269,791,134
Investments in securities, at fair value including $12,844,170 of securities loaned	$	1,478,653,060
Cash		83
Receivables:
Investment securities sold		4,285,218
Capital shares sold		621,028
Dividends		242,330
Securities lending income receivable		1,691
Prepaid expenses and other assets		115,914
Total assets		1,483,919,324
LIABILITIES:
Payables:
Capital shares reacquired		1,255,486
Management fee		938,826
12b-1 distribution plan		181,398
Trustees’ fees		334,458
Fund administration		51,299
Payable for collateral due to broker for securities lending		13,522,842
Accrued expenses and other liabilities		491,070
Total liabilities		16,775,379
Commitments and contingent liabilities
NET ASSETS	$	1,467,143,945
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,142,761,390
Total distributable earnings (loss)		324,382,555
Net Assets	$	1,467,143,945

86	See Notes to Financial Statements.

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Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2022

	Growth Leaders Fund		Health Care Fund		International Equity Fund
Net assets by class:
Class A Shares	$	1,868,533,662	$	3,155,086	$	156,350,033
Class C Shares	$	701,166,731	$	619,785	$	5,934,888
Class F Shares	$	2,240,955,893	$	510,209	$	13,020,167
Class F3 Shares	$	478,664,639	$	30,956	$	6,315,927
Class I Shares	$	1,314,130,696	$	14,998	$	143,871,284
Class P Shares	$	–	$	–	$	10,649
Class R2 Shares	$	2,721,027	$	–	$	155,809
Class R3 Shares	$	16,516,599	$	11,129	$	5,025,705
Class R4 Shares	$	13,004,652	$	11,216	$	1,433,831
Class R5 Shares	$	12,814,401	$	11,299	$	21,539
Class R6 Shares	$	131,190,912	$	2,117,263	$	3,277,706
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		62,038,335		187,486		11,825,061
Class C Shares		26,810,886		37,705		450,062
Class F Shares		71,866,778		30,095		989,237
Class F3 Shares		15,097,183		1,826		470,780
Class I Shares		41,765,448		885		10,749,406
Class P Shares		–		–		803
Class R2 Shares		93,539		–		11,757
Class R3 Shares		567,959		667		386,426
Class R4 Shares		431,577		667		109,039
Class R5 Shares		407,036		667		1,620
Class R6 Shares		4,137,852		124,818		244,453
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$30.12		$16.83		$13.22
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$31.96		$17.86		$14.03
Class C Shares-Net asset value		$26.15		$16.44		$13.19
Class F Shares-Net asset value		$31.18		$16.95		$13.16
Class F3 Shares-Net asset value		$31.71		$16.95		$13.42
Class I Shares-Net asset value*		$31.46		$16.94		$13.38
Class P Shares-Net asset value		$ –		$ –		$13.26
Class R2 Shares-Net asset value		$29.09		$ –		$13.25
Class R3 Shares-Net asset value		$29.08		$16.69		$13.01
Class R4 Shares-Net asset value		$30.13		$16.82		$13.15
Class R5 Shares-Net asset value		$31.48		$16.94		$13.30
Class R6 Shares-Net asset value		$31.71		$16.96		$13.41

*	Net asset value may not recalculate due to rounding of fractional shares.

88	See Notes to Financial Statements.

International Opportunities Fund		International Value Fund		Micro Cap Growth Fund

$	106,326,086	$	221,472,339	$	36,839,286
$	10,429,349	$	8,027,330	$	7,824,559
$	34,480,414	$	16,933,113	$	85,214,293
$	28,948,137	$	24,847,230	$	–
$	164,411,387	$	318,766,667	$	110,388,570
$	127,978	$	–	$	–
$	2,194,835	$	42,417	$	–
$	5,238,975	$	7,460,187	$	–
$	2,308,924	$	155,357	$	–
$	2,559,146	$	11,051	$	–
$	19,698,357	$	1,653,928	$	–

	6,130,483		30,297,946		2,781,544
	654,799		1,106,970		488,691
	2,006,900		2,302,548		5,232,841
	1,605,390		3,371,837		–
	9,174,987		43,238,396		6,778,656
	7,186		–		–
	129,114		5,653		–
	308,486		1,008,342		–
	133,785		21,302		–
	142,880		1,505		–
	1,092,346		224,435		–

	$17.34		$7.31		$13.24

	$18.40		$7.76		$14.05
	$15.93		$7.25		$16.01
	$17.18		$7.35		$16.28
	$18.03		$7.37		$ –
	$17.92		$7.37		$16.28
	$17.81		$ –		$ –
	$17.00		$7.50		$ –
	$16.98		$7.40		$ –
	$17.26		$7.29		$ –
	$17.91		$7.34		$ –
	$18.03		$7.37		$ –

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

	Value Opportunities Fund
Net assets by class:
Class A Shares	$	707,330,902
Class C Shares	$	55,013,729
Class F Shares	$	134,884,241
Class F3 Shares	$	213,264,227
Class I Shares	$	230,635,734
Class P Shares	$	14,251,500
Class R2 Shares	$	5,069,717
Class R3 Shares	$	34,830,699
Class R4 Shares	$	33,002,722
Class R5 Shares	$	1,202,898
Class R6 Shares	$	37,657,576
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		39,395,455
Class C Shares		3,755,098
Class F Shares		7,286,404
Class F3 Shares		11,112,607
Class I Shares		12,135,550
Class P Shares		818,974
Class R2 Shares		302,094
Class R3 Shares		2,035,343
Class R4 Shares		1,840,891
Class R5 Shares		63,241
Class R6 Shares		1,964,030
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$17.95
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$19.05
Class C Shares-Net asset value		$14.65
Class F Shares-Net asset value		$18.51
Class F3 Shares-Net asset value		$19.19
Class I Shares-Net asset value		$19.00
Class P Shares-Net asset value		$17.40
Class R2 Shares-Net asset value		$16.78
Class R3 Shares-Net asset value		$17.11
Class R4 Shares-Net asset value		$17.93
Class R5 Shares-Net asset value		$19.02
Class R6 Shares-Net asset value		$19.17

90	See Notes to Financial Statements.

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Statements of Operations (unaudited)

For the Six Months Ended April 30, 2022

	Alpha Strategy Fund			Durable Growth Fund			Focused Growth Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $3,223, $0, $0, $21,927, $67,806 and $3,633, respectively)	$	5,184,040		$	623,094		$	69,737
Securities lending net income		–			–			–
Interest and other		8			–			–
Interest earned from Interfund Lending (See Note 11)		–			–			–
Total investment income		5,184,048			623,094			69,737
Expenses:
Management fee		403,161			633,879			153,938
12b-1 distribution plan–Class A		627,700			4,926			22,066
12b-1 distribution plan–Class C		239,730			1,725			13,505
12b-1 distribution plan–Class F		61,975			197			7,906
12b-1 distribution plan–Class P		–			–			–
12b-1 distribution plan–Class R2		3,415			–			–
12b-1 distribution plan–Class R3		57,228			33			47
12b-1 distribution plan–Class R4		5,329			17			23
Shareholder servicing		391,042			869			25,049
Fund administration		161,264			46,100			9,473
Registration		75,079			59,241			52,773
Reports to shareholders		27,812			2,141			2,511
Professional		22,395			19,537			25,146
Trustees’ fees		9,613			2,764			557
Custody		4,986			6,656			2,635
Other		9,109			17,780			7,285
Gross expenses		2,099,838			795,865			322,914
Expense reductions (See Note 9)		(416	)		(3	)		(23	)
Fees waived and expenses reimbursed (See Note 3)		(408,147	)		(6,855	)		(99,717	)
Net expenses		1,691,275			789,007			223,174
Net investment income (loss)		3,492,773			(165,913	)		(153,437	)
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds		63,676,165			–			–
Net realized gain (loss) on Investment in Underlying Funds		(3,084,262	)		–			–
Net realized gain (loss) on investments		–			3,010,338			(2,714,915	)
Net realized gain (loss) on futures contracts		–			–			–
Net realized gain (loss) on foreign currency related transactions		–			54			–
Net change in unrealized appreciation/depreciation in Underlying Funds		(239,865,249	)		–			–
Net change in unrealized appreciation/depreciation on investments		–			(59,803,241	)		(13,278,522	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		–			(227	)		–
Net realized and unrealized gain (loss)		(179,273,346	)		(56,793,076	)		(15,993,437	)
Net Decrease in Net Assets Resulting From Operations	$	(175,780,573	)	$	(56,958,989	)	$	(16,146,874	)

92	See Notes to Financial Statements.

Focused Large Cap Value Fund			Focused Small Cap Value Fund				Fundamental Equity Fund				Global Equity Fund

$	6,522,588			$	1,148,250			$	18,216,220			$	64,776
	1,523				20,080				255				–
	–				–				2,992				–
	161				–				216				–
	6,524,272				1,168,330				18,219,683				64,776

	2,034,054				821,293				5,311,548				24,602
	12,092				24,537				1,681,915				6,071
	22,630				24,180				255,115				3,750
	956				29,291				67,548				942
	–				–				10,488				–
	–				–				7,987				–
	69				–				199,388				1,676
	13				–				3,626				115
	13,088				66,146				863,476				4,093
	137,902				41,065				387,236				2,187
	64,048				57,204				75,192				56,111
	5,499				5,480				42,794				1,072
	21,649				21,202				32,904				32,006
	7,474				2,424				22,179				218
	5,939				2,271				28,253				17,637
	48,918				17,562				49,412				5,596
	2,374,331				1,112,655				9,039,061				156,076
	(9	)			(49	)			(936	)			(5	)
	(6,895	)			(31,568	)			(28,253	)			(108,251	)
	2,367,427				1,081,038				9,009,872				47,820
	4,156,845				87,292				9,209,811				16,956

	–				–				–				–

	–				–				–				–
	68,507,561				6,191,022				57,122,507				152,230
	–				–				–				(6,659	)

	334				(1,337	)			(1,711	)			(583	)

	–				–				–				–

	(116,770,066	)			(27,116,228	)			(170,551,922	)			(1,826,201	)

	–				–				(8,291	)			(765	)
	(48,262,171	)			(20,926,543	)			(113,439,417	)			(1,681,978	)

$	(44,105,326	)		$	(20,839,251	)		$	(104,229,606	)		$	(1,665,022	)

See Notes to Financial Statements.

Statements of Operations (unaudited)(continued)

For the Six Months Ended April 30, 2022

	Growth Leaders Fund			Health Care Fund			International Equity Fund
Investment income:
Dividends (net of foreign withholding taxes of $79,380, $2,235, $502,930, $350,754, $830,348 and $,4,565, respectively)	$	16,935,611		$	26,583		$	4,073,137
Securities lending net income		1,800			143			39,093
Interest and other		–			464			935
Interest earned from Interfund Lending (See Note 11)		384			–			651
Total investment income		16,937,795			27,190			4,113,816
Expenses:
Management fee		21,970,681			21,602			1,329,991
12b-1 distribution plan–Class A		2,863,347			4,076			222,158
12b-1 distribution plan–Class C		4,617,367			3,513			34,679
12b-1 distribution plan–Class F		1,708,677			258			9,384
12b-1 distribution plan–Class P		–			–			27
12b-1 distribution plan–Class R2		9,011			–			509
12b-1 distribution plan–Class R3		48,528			31			13,958
12b-1 distribution plan–Class R4		18,875			15			1,957
Shareholder servicing		3,290,085			3,663			179,033
Fund administration		1,717,983			1,394			76,000
Registration		289,224			58,973			66,887
Reports to shareholders		241,079			1,609			17,204
Trustees’ fees		106,345			194			4,505
Professional		51,850			23,010			33,948
Custody		36,698			13,574			38,887
Other		82,237			5,276			29,353
Gross expenses		37,051,987			137,188			2,058,480
Expense reductions (See Note 9)		(4,197	)		(3	)		(118	)
Fees waived and expenses reimbursed (See Note 3)		(1,745,375	)		(103,422	)		(89,025	)
Net expenses		35,302,415			33,763			1,969,337
Net investment income (loss)		(18,364,620	)		(6,573	)		2,144,479
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(326,863,738	)		(436,549	)		3,616,064
Net realized gain (loss) on swap contracts		–			–			–
Net realized gain (loss) on foreign currency related transactions		–			(85	)		(35,942	)
Net change in unrealized appreciation/depreciation on investments		(2,605,262,446	)		(948,417	)		(67,370,096	)
Net change in unrealized appreciation/depreciation on deferred foreign capital gains taxes		–			–			–
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		–			(202	)		(84,491	)
Net realized and unrealized gain (loss)		(2,932,126,184	)		(1,385,253	)		(63,874,465	)
Net Decrease in Net Assets Resulting From Operations	$	(2,950,490,804	)	$	(1,391,826	)	$	(61,729,986	)

94	See Notes to Financial Statements.

International Opportunities Fund			International Value Fund			Micro Cap Growth Fund

$	3,568,545		$	13,708,666		$	736,398
	12,662			35,676			221,918
	–			–			–
	487			1,089			–
	3,581,694			13,745,431			958,316

	1,586,221			2,218,045			1,442,432
	148,793			293,628			60,888
	62,594			47,777			53,611
	23,058			12,482			63,606
	303			–			–
	7,391			96			–
	15,070			17,770			–
	3,214			198			–
	167,036			198,691			191,613
	84,599			126,745			64,108
	66,336			60,620			62,259
	18,406			19,542			10,062
	5,086			7,263			4,137
	39,715			42,460			23,371
	40,049			45,324			8,728
	34,052			42,552			23,761
	2,301,923			3,133,193			2,008,576
	(117	)		(164	)		(135	)
	(40,049	)		(116,301	)		(72,334	)
	2,261,757			3,016,728			1,936,107
	1,319,937			10,728,703			(977,791	)

	12,613,539			12,765,682			(31,897,512	)
	2,446,044			–			–

	(133,709	)		(554,919	)		–

	(93,311,114	)		(67,178,458	)		(85,997,490	)

	433,061			–			–

	(301,688	)		(292,917	)		–
	(78,253,867	)		(55,260,612	)		(117,895,002	)

$	(76,933,930	)	$	(44,531,909	)	$	(118,872,793	)

See Notes to Financial Statements.

Statements of Operations (unaudited)(concluded)

For the Six Months Ended April 30, 2022

	Value Opportunities Fund
Investment income:
Dividends (net of foreign withholding taxes of $33,592)	$	13,220,107
Securities lending net income		9,746
Interest earned from Interfund Lending (See Note 11)		1,388
Total investment income		13,231,241
Expenses:
Management fee		6,335,305
12b-1 distribution plan–Class A		996,318
12b-1 distribution plan–Class C		337,887
12b-1 distribution plan–Class F		83,124
12b-1 distribution plan–Class P		36,132
12b-1 distribution plan–Class R2		16,735
12b-1 distribution plan–Class R3		98,679
12b-1 distribution plan–Class R4		48,107
Shareholder servicing		725,044
Fund administration		347,857
Registration		78,243
Reports to shareholders		80,703
Trustees’ fees		20,911
Professional		31,786
Other		47,294
Gross expenses		9,284,125
Expense reductions (See Note 9)		(679	)
Net expenses		9,283,446
Net investment income		3,947,795
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		118,098,117
Net change in unrealized appreciation/depreciation on investments		(378,848,257	)
Net realized and unrealized gain (loss)		(260,750,140	)
Net Decrease in Net Assets Resulting From Operations	$	(256,802,345	)

96	See Notes to Financial Statements.

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Statements of Changes in Net Assets

	Alpha Strategy Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2022 (unaudited)			For the Year Ended October 31, 2021
Operations:
Net investment income (loss)	$	3,492,773		$	(511,845	)
Capital gain distributions received from Underlying Funds		63,676,165			35,492,244
Net realized gain (loss) on investments in Underlying Funds		(3,084,262	)		6,759,279
Net realized gain (loss) on investments and foreign currency related transactions		–			–
Net change in unrealized appreciation/depreciation on investments in Underlying Funds		(239,865,249	)		252,436,410
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		–			–
Net increase (decrease) in net assets resulting from operations		(175,780,573	)		294,176,088
Distributions to shareholders:
Class A		(27,360,474	)		(36,326,702	)
Class C		(3,117,382	)		(5,578,728	)
Class F		(7,349,675	)		(10,913,306	)
Class F3		(2,959,332	)		(3,009,774	)
Class I		(2,175,051	)		(2,587,002	)
Class R2		(58,000	)		(133,961	)
Class R3		(1,260,398	)		(1,901,142	)
Class R4		(228,467	)		(331,944	)
Class R5		(26,826	)		(58,163	)
Class R6		(274,765	)		(349,071	)
Total distributions to shareholders		(44,810,370	)		(61,189,793	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares		125,199,676			114,712,744
Reinvestment of distributions		38,032,799			51,990,922
Cost of shares reacquired		(115,799,522	)		(186,625,910	)
Net increase (decrease) in net assets resulting from capital share transactions		47,432,953			(19,922,244	)
Net increase (decrease) in net assets		(173,157,990	)		213,064,051
NET ASSETS:
Beginning of period	$	880,625,735		$	667,561,684
End of period	$	707,467,745		$	880,625,735

98	See Notes to Financial Statements.

Durable Growth Fund
	For the Six Months Ended April 30, 2022 (unaudited)			For the Year Ended October 31, 2021

	$	(165,913	)	$	(345,990	)
		–			–
		–			–

		3,010,392			57,881,347
		–			–

		(59,803,468	)		4,004,200
		(56,958,989	)		61,539,557

		(655,010	)		(41,259	)
		(62,340	)		(6,867	)
		(81,204	)		(9,112	)
		(31,533	)		(3,874	)
		(41,324,681	)		(4,522,876	)
		–			–
		(2,864	)		(338	)
		(2,865	)		(338	)
		(2,866	)		(351	)
		(148,988	)		(6,629	)
		(42,312,351	)		(4,591,644	)

		29,721,086			161,700,411
		42,019,229			4,567,842
		(37,698,855	)		(173,164,902	)

		34,041,460			(6,896,649	)
		(65,229,880	)		50,051,264

	$	251,818,501		$	201,767,237
	$	186,588,621		$	251,818,501

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Focused Growth Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2022 (unaudited)				For the Year Ended October 31, 2021
Operations:
Net investment income (loss)		$	(153,437	)	$	(340,642	)
Net realized gain (loss) on investments and foreign currency related transactions			(2,714,915	)		9,218,038
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(13,278,522	)		5,660,302
Net increase (decrease) in net assets resulting from operations			(16,146,874	)		14,537,698
Distributions to shareholders:
Class A			(2,567,142	)		(886,905	)
Class C			(378,405	)		(133,700	)
Class F			(2,509,277	)		(439,125	)
Class F3			(162,364	)		(62,060	)
Class I			(757,292	)		(191,131	)
Class R3			(3,252	)		(1,241	)
Class R4			(3,247	)		(1,241	)
Class R5			(3,247	)		(1,241	)
Class R6			(849,495	)		(288,328	)
Total distributions to shareholders			(7,233,721	)		(2,004,972	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			14,248,856			28,587,805
Reinvestment of distributions			6,168,589			1,631,744
Cost of shares reacquired			(9,941,626	)		(18,655,061	)
Net increase (decrease) in net assets resulting from capital share transactions			10,475,819			11,564,488
Net increase (decrease) in net assets			(12,904,776	)		24,097,214
NET ASSETS:
Beginning of period		$	52,318,515		$	28,221,301
End of period		$	39,413,739		$	52,318,515

100	See Notes to Financial Statements.

Focused Large Cap Value Fund
	For the Six Months Ended April 30, 2022 (unaudited)			For the Year Ended October 31, 2021

	$	4,156,845		$	13,861,610

		68,507,895			183,466,341

		(116,770,066	)		87,931,950
		(44,105,326	)		285,259,901

		(1,832,383	)		(60,321	)
		(824,722	)		(5,688	)
		(516,992	)		(2,739	)
		(4,009	)		(930	)
		(148,160,809	)		(38,796,164	)
		(2,986	)		(631	)
		(2,856	)		(647	)
		(2,890	)		(670	)
		(337,912	)		(43,348	)
		(151,685,559	)		(38,911,138	)

		166,542,034			265,974,611
		151,312,207			38,863,410
		(141,385,434	)		(308,115,579	)

		176,468,807			(3,277,558	)
		(19,322,078	)		243,071,205

	$	672,204,064		$	429,132,859
	$	652,881,986		$	672,204,064

See Notes to Financial Statements.

101

Statements of Changes in Net Assets (continued)

	Focused Small Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2022 (unaudited)				For the Year Ended October 31, 2021
Operations:
Net investment income		$	87,292		$	511,404
Net realized gain (loss) on investments and foreign currency related transactions			6,189,685			31,178,468
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(27,116,228	)		34,938,865
Net increase (decrease) in net assets resulting from operations			(20,839,251	)		66,628,737
Distributions to shareholders:
Class A			(2,071,369	)		(28,973	)
Class C			(483,303	)		(754	)
Class F			(6,300,490	)		(30,291	)
Class F3			(1,386	)		(106	)
Class I			(11,419,770	)		(812,033	)
Class P			–			–
Class R2			–			–
Class R3			–			–
Class R4			–			–
Class R5			(1,624	)		(106	)
Class R6			(1,155,909	)		(22,082	)
Total distributions to shareholders			(21,433,851	)		(894,345	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			27,675,295			212,502,734
Reinvestment of distributions			20,522,709			837,976
Cost of shares reacquired			(60,713,644	)		(133,436,361	)
Net increase (decrease) in net assets resulting from capital share transactions			(12,515,640	)		79,904,349
Net increase (decrease) in net assets			(54,788,742	)		145,638,741
NET ASSETS:
Beginning of period		$	221,202,666		$	75,563,925
End of period		$	166,413,924		$	221,202,666

102	See Notes to Financial Statements.

Fundamental Equity Fund
	For the Six Months Ended April 30, 2022 (unaudited)			For the Year Ended October 31, 2021

	$	9,209,811		$	20,240,628

		57,120,796			336,311,607

		(170,560,213	)		319,334,313
		(104,229,606	)		675,886,548

		(157,233,450	)		(21,213,472	)
		(6,813,220	)		(572,357	)
		(17,023,016	)		(2,559,816	)
		(2,276,471	)		(344,061	)
		(32,556,486	)		(5,925,825	)
		(544,609	)		(66,114	)
		(371,250	)		(52,157	)
		(9,674,156	)		(1,331,556	)
		(341,292	)		(42,824	)
		(114,175	)		(20,468	)
		(1,880,761	)		(254,289	)
		(228,828,886	)		(32,382,939	)

		109,030,796			115,386,860
		220,273,738			31,120,384
		(232,261,671	)		(409,122,438	)

		97,042,863			(262,615,194	)
		(236,015,629	)		380,888,415

	$	2,000,366,756		$	1,619,478,341
	$	1,764,351,127		$	2,000,366,756

See Notes to Financial Statements.

103

Statements of Changes in Net Assets (continued)

	Global Equity Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2022 (unaudited)				For the Year Ended October 31, 2021
Operations:
Net investment income (loss)		$	16,956			$	90,683
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions			144,988				1,628,853
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(1,826,966	)			1,065,019
Net increase (decrease) in net assets resulting from operations			(1,665,022	)			2,784,555
Distributions to shareholders:
Class A			(706,818	)			(145,688	)
Class C			(110,829	)			(25,807	)
Class F			(299,857	)			(81,627	)
Class F3			(2,578	)			(806	)
Class I			(256,979	)			(80,420	)
Class R2			–				–
Class R3			(64,811	)			(11,511	)
Class R4			(2,575	)			(781	)
Class R5			(2,638	)			(820	)
Class R6			(179,196	)			(36,540	)
Total distributions to shareholders			(1,626,281	)			(384,000	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			2,004,916				2,858,607
Reinvestment of distributions			906,873				198,859
Cost of shares reacquired			(823,026	)			(813,973	)
Net increase in net assets resulting from capital share transactions			2,088,763				2,243,493
Net increase (decrease) in net assets			(1,202,540	)			4,644,048
NET ASSETS:
Beginning of period		$	11,565,912			$	6,921,864
End of period		$	10,363,372			$	11,565,912

104	See Notes to Financial Statements.

Growth Leaders Fund
	For the Six Months Ended April 30, 2022 (unaudited)			For the Year Ended October 31, 2021

	$	(18,364,620	)	$	(48,494,763	)

		(326,863,738	)		2,288,838,895

		(2,605,262,446	)		474,533,430
		(2,950,490,804	)		2,714,877,562

		(516,166,135	)		(188,612,920	)
		(240,451,882	)		(102,803,513	)
		(799,350,013	)		(291,014,340	)
		(128,196,756	)		(28,723,116	)
		(234,268,629	)		(97,566,085	)
		(636,674	)		(159,823	)
		(4,314,020	)		(2,024,661	)
		(3,353,679	)		(1,271,829	)
		(3,558,947	)		(1,359,076	)
		(33,119,570	)		(6,678,295	)
		(1,963,416,305	)		(720,213,658	)

		1,989,497,956			3,457,707,398
		1,824,519,576			665,061,830
		(2,532,543,084	)		(2,657,088,235	)

		1,281,474,448			1,465,680,993
		(3,632,432,661	)		3,460,344,897

	$	10,412,131,873		$	6,951,786,976
	$	6,779,699,212		$	10,412,131,873

See Notes to Financial Statements.

105

Statements of Changes in Net Assets (continued)

	Health Care Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2022 (unaudited)				For the Year Ended October 31, 2021
Operations:
Net investment income (loss)		$	(6,573	)	$	(30,281	)
Net realized gain (loss) on investments and foreign currency related transactions			(436,634	)		616,318
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(948,619	)		796,283
Net increase (decrease) in net assets resulting from operations			(1,391,826	)		1,382,320
Distributions to shareholders:
Class A			(237,866	)		(273,120	)
Class C			(54,449	)		(58,883	)
Class F			(39,168	)		(13,072	)
Class F3			(2,688	)		(4,262	)
Class I			(1,303	)		(2,047	)
Class P			–			–
Class R2			–			–
Class R3			(982	)		(1,541	)
Class R4			(982	)		(1,541	)
Class R5			(982	)		(1,546	)
Class R6			(190,161	)		(145,457	)
Total distributions to shareholders			(528,581	)		(501,469	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			1,166,893			4,699,933
Reinvestment of distributions			321,307			299,070
Cost of shares reacquired			(920,992	)		(1,782,577	)
Net increase (decrease) in net assets resulting from capital share transactions			567,208			3,216,426
Net increase (decrease) in net assets			(1,353,199	)		4,097,277
NET ASSETS:
Beginning of period		$	7,835,140		$	3,737,863
End of period		$	6,481,941		$	7,835,140

106	See Notes to Financial Statements.

International Equity Fund
	For the Six Months Ended April 30, 2022 (unaudited)			For the Year Ended October 31, 2021

	$	2,144,479		$	4,590,655

		3,580,122			75,289,639

		(67,454,587	)		35,362,678
		(61,729,986	)		115,242,972

		(21,399,442	)		(1,991,486	)
		(782,187	)		(19,196	)
		(2,865,403	)		(147,298	)
		(693,860	)		(69,008	)
		(19,096,185	)		(2,805,314	)
		(1,376	)		(278	)
		(19,394	)		(914	)
		(673,002	)		(51,482	)
		(180,612	)		(15,302	)
		(7,581	)		(1,028	)
		(468,664	)		(34,250	)
		(46,187,706	)		(5,135,556	)

		10,850,002			33,002,179
		45,341,368			5,052,206
		(27,289,278	)		(98,186,274	)

		28,902,092			(60,131,889	)
		(79,015,600	)		49,975,527

	$	414,433,138		$	364,457,611
	$	335,417,538		$	414,433,138

See Notes to Financial Statements.

107

Statements of Changes in Net Assets (continued)

	International Opportunities Fund
INCREASE (DECREASE) IN NET ASSETS		For the Six Months Ended April 30, 2022 (unaudited)			For the Year Ended October 31, 2021
Operations:
Net investment income		$	1,319,937		$	5,084,769
Net realized gain (loss) on investments, swaps and foreign currency related transactions			14,925,874			92,262,626
Net change in unrealized appreciation/depreciation on investments, deferred foreign capital gains taxes, and translation of assets and liabilities denominated in foreign currencies			(93,179,741	)		39,062,330
Net increase (decrease) in net assets resulting from operations			(76,933,930	)		136,409,725
Distributions to shareholders:
Class A			(2,906,970	)		–
Class C			(232,215	)		–
Class F			(1,303,487	)		–
Class F3			(751,094	)		–
Class I			(4,671,896	)		–
Class P			(2,745	)		–
Class R2			(49,120	)		–
Class R3			(110,011	)		–
Class R4			(62,902	)		–
Class R5			(79,058	)		–
Class R6			(586,175	)		–
Total distributions to shareholders			(10,755,673	)		–
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			31,064,568			71,129,338
Reinvestment of distributions			10,359,873			–
Cost of shares reacquired			(40,959,623	)		(130,656,497	)
Net increase (decrease) in net assets resulting from capital share transactions			464,818			(59,527,159	)
Net increase (decrease) in net assets			(87,224,785	)		76,882,566
NET ASSETS:
Beginning of period		$	463,948,373		$	387,065,807
End of period		$	376,723,588		$	463,948,373

108	See Notes to Financial Statements.

International Value Fund
	For the Six Months Ended April 30, 2022 (unaudited)			For the Year Ended October 31, 2021

	$	10,728,703		$	17,777,227

		12,210,763			63,007,688

		(67,471,375	)		78,100,054
		(44,531,909	)		158,884,969

		(4,250,182	)		(6,652,226	)
		(138,396	)		(267,647	)
		(487,587	)		(863,813	)
		(480,701	)		(718,721	)
		(6,313,643	)		(9,028,337	)
		–			–
		(516	)		(591	)
		(114,992	)		(165,652	)
		(2,817	)		(3,223	)
		(266	)		(411	)
		(30,753	)		(40,348	)
		(11,819,853	)		(17,740,969	)

		34,287,884			145,056,895
		11,619,305			17,417,073
		(40,909,028	)		(98,246,005	)

		4,998,161			64,227,963
		(51,353,601	)		205,371,963

	$	650,723,220		$	445,351,257
	$	599,369,619		$	650,723,220

See Notes to Financial Statements.

109

Statements of Changes in Net Assets (concluded)

	Micro Cap Growth Fund
INCREASE (DECREASE) IN NET ASSETS		For the Six Months Ended April 30, 2022 (unaudited)			For the Year Ended October 31, 2021
Operations:
Net investment income (loss)		$	(977,791	)	$	(3,963,904	)
Net realized gain (loss) on investments and foreign currency related transactions			(31,897,512	)		(8,607,312	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(85,997,490	)		45,629,143
Net increase (decrease) in net assets resulting from operations			(118,872,793	)		33,057,927
Distributions to shareholders:
Class A			–			(3,732,335	)
Class C			–			(305,530	)
Class F			–			(3,797,520	)
Class F3			–			–
Class I			–			(22,252,242	)
Class P			–			–
Class R2			–			–
Class R3			–			–
Class R4			–			–
Class R5			–			–
Class R6			–			–
Total distributions to shareholders			–			(30,087,627	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			27,501,059			422,163,379
Reinvestment of distributions			–			24,252,834
Cost of shares reacquired			(65,676,674	)		(167,481,227	)
Net increase (decrease) in net assets resulting from capital share transactions			(38,175,615	)		278,934,986
Net increase (decrease) in net assets			(157,048,408	)		281,905,286
NET ASSETS:
Beginning of period		$	397,315,116		$	115,409,830
End of period		$	240,266,708		$	397,315,116

110	See Notes to Financial Statements.

Value Opportunities Fund
	For the Six Months Ended April 30, 2022 (unaudited)			For the Year Ended October 31, 2021

	$	3,947,795		$	1,933,149

		118,098,117			257,838,408

		(378,848,257	)		371,649,199
		(256,802,345	)		631,420,756

		(102,999,125	)		(38,007,203	)
		(10,928,764	)		(4,497,264	)
		(22,556,721	)		(8,497,131	)
		(29,456,770	)		(11,931,245	)
		(48,314,869	)		(13,160,064	)
		(2,111,678	)		(906,655	)
		(749,624	)		(302,914	)
		(5,298,619	)		(2,492,301	)
		(5,145,203	)		(1,994,555	)
		(239,327	)		(120,442	)
		(5,158,092	)		(1,814,164	)
		(232,958,792	)		(83,723,938	)

		122,179,679			329,686,948
		227,980,070			81,622,220
		(332,504,133	)		(395,166,158	)

		17,655,616			16,143,010
		(472,105,521	)		563,839,828

	$	1,939,249,466		$	1,375,409,638
	$	1,467,143,945		$	1,939,249,466

See Notes to Financial Statements.

111

Financial Highlights (unaudited)

ALPHA STRATEGY FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(b)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2022^(d)		$30.39		$ 0.11			$(5.92	)		$(5.81	)		$(0.41	)		$(1.12	)		$(1.53	)
10/31/2021		22.60		(0.02	)		9.90			9.88			(0.36	)		(1.73	)		(2.09	)
10/31/2020		24.04		0.03			1.82			1.85			–			(3.29	)		(3.29	)
10/31/2019		26.62		(0.03	)		0.87			0.84			(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	)
Class C
4/30/2022^(d)		23.47		0.02			(4.54	)		(4.52	)		(0.22	)		(1.12	)		(1.34	)
10/31/2021		17.82		(0.17	)		7.74			7.57			(0.19	)		(1.73	)		(1.92	)
10/31/2020		19.73		(0.09	)		1.47			1.38			–			(3.29	)		(3.29	)
10/31/2019		22.43		(0.17	)		0.66			0.49			(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	)
Class F
4/30/2022^(d)		30.73		0.15			(6.00	)		(5.85	)		(0.45	)		(1.12	)		(1.57	)
10/31/2021		22.82		0.03			10.01			10.04			(0.40	)		(1.73	)		(2.13	)
10/31/2020		24.22		0.08			1.81			1.89			–			(3.29	)		(3.29	)
10/31/2019		26.80		0.01			0.87			0.88			(0.30	)		(3.16	)		(3.46	)
10/31/2018		29.06		–	^(g)		0.92			0.92			–			(3.18	)		(3.18	)
10/31/2017		26.01		(0.02	)		6.00			5.98			–			(2.93	)		(2.93	)
Class F3
4/30/2022^(d)		31.70		0.16			(6.18	)		(6.02	)		(0.49	)		(1.12	)		(1.61	)
10/31/2021		23.47		0.07			10.32			10.39			(0.43	)		(1.73	)		(2.16	)
10/31/2020		24.78		0.10			1.88			1.98			–			(3.29	)		(3.29	)
10/31/2019		27.32		0.05			0.91			0.96			(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^(h)		26.15		(0.01	)		3.38			3.37			–			–			–
Class I
4/30/2022^(d)		31.56		0.13			(6.12	)		(5.99	)		(0.49	)		(1.12	)		(1.61	)
10/31/2021		23.39		0.05			10.27			10.32			(0.42	)		(1.73	)		(2.15	)
10/31/2020		24.72		0.11			1.85			1.96			–			(3.29	)		(3.29	)
10/31/2019		27.29		0.03			0.89			0.92			(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	)
Class R2
4/30/2022^(d)		28.80		0.06			(5.61	)		(5.55	)		(0.27	)		(1.12	)		(1.39	)
10/31/2021		21.52		(0.09	)		9.40			9.31			(0.30	)		(1.73	)		(2.03	)
10/31/2020		23.11		(0.04	)		1.74			1.70			–			(3.29	)		(3.29	)
10/31/2019		25.65		(0.10	)		0.83			0.73			(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	)

112	See Notes to Financial Statements.

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

$	23.05		(19.98	)^(e)		0.43	^(f)		0.53	^(f)		0.85	^(f)	$	445,498		4	^(e)
	30.39		45.31			0.41			0.52			(0.06	)		542,197		7
	22.60		7.72			0.43			0.53			0.16			400,088		16
	24.04		5.65			0.44			0.54			(0.13	)		482,675		17
	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

	17.61		(20.28	)^(e)		1.18	^(f)		1.28	^(f)		0.17	^(f)		37,988		4	^(e)
	23.47		44.16			1.16			1.26			(0.77	)		56,365		7
	17.82		6.98			1.18			1.28			(0.52	)		54,247		16
	19.73		4.86			1.19			1.29			(0.85	)		97,096		17
	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

	23.31		(19.91	)^(e)		0.28	^(f)		0.38	^(f)		1.09	^(f)		65,460		4	^(e)
	30.73		45.53			0.26			0.37			0.09			144,742		7
	22.82		7.89			0.28			0.38			0.37			120,797		16
	24.22		5.81			0.29			0.39			0.04			176,784		17
	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

	24.07		(19.85	)^(e)		0.09	^(f)		0.19	^(f)		1.17	^(f)		50,582		4	^(e)
	31.70		45.81			0.08			0.18			0.25			56,369		7
	23.47		8.10			0.09			0.19			0.44			33,179		16
	24.78		6.03			0.10			0.20			0.20			32,219		17
	27.32		3.42			0.08			0.19			0.17			33,677		8
	29.52		12.89	^(e)		0.09	^(f)		0.19	^(f)		(0.08	)^(f)		34,672		6

	23.96		(19.86	)^(e)		0.18	^(f)		0.28	^(f)		0.96	^(f)		78,862		4	^(e)
	31.56		45.64			0.16			0.27			0.18			43,112		7
	23.39		8.02			0.18			0.28			0.51			28,481		16
	24.72		5.88			0.19			0.29			0.11			92,448		17
	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

	21.86		(20.11	)^(e)		0.78	^(f)		0.88	^(f)		0.48	^(f)		965		4	^(e)
	28.80		44.78			0.76			0.86			(0.34	)		1,433		7
	21.52		7.39			0.78			0.88			(0.19	)		1,430		16
	23.11		5.26			0.79			0.89			(0.45	)		1,476		17
	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

See Notes to Financial Statements.

113

Financial Highlights (unaudited) (concluded)

ALPHA STRATEGY FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)(b)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R3
4/30/2022^(d)		$29.09		$ 0.08			$(5.67	)		$(5.59	)		$(0.33	)		$(1.12	)		$(1.45	)
10/31/2021		21.70		(0.08	)		9.50			9.42			(0.30	)		(1.73	)		(2.03	)
10/31/2020		23.26		(0.01	)		1.74			1.73			–			(3.29	)		(3.29	)
10/31/2019		25.86		(0.09	)		0.84			0.75			(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	)
Class R4
4/30/2022^(d)		30.30		0.11			(5.90	)		(5.79	)		(0.41	)		(1.12	)		(1.53	)
10/31/2021		22.54		(0.01	)		9.86			9.85			(0.36	)		(1.73	)		(2.09	)
10/31/2020		23.98		0.02			1.83			1.85			–			(3.29	)		(3.29	)
10/31/2019		26.58		(0.04	)		0.87			0.83			(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	)
Class R5
4/30/2022^(d)		31.57		0.16			(6.15	)		(5.99	)		(0.49	)		(1.12	)		(1.61	)
10/31/2021		23.40		0.10			10.22			10.32			(0.42	)		(1.73	)		(2.15	)
10/31/2020		24.73		0.03			1.93			1.96			–			(3.29	)		(3.29	)
10/31/2019		27.30		0.03			0.89			0.92			(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	)
Class R6
4/30/2022^(d)		31.71		0.17			(6.19	)		(6.02	)		(0.49	)		(1.12	)		(1.61	)
10/31/2021		23.48		0.08			10.31			10.39			(0.43	)		(1.73	)		(2.16	)
10/31/2020		24.78		0.10			1.89			1.99			–			(3.29	)		(3.29	)
10/31/2019		27.33		0.05			0.90			0.95			(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	)

^(a)	Does not include expenses of the Underlying Funds in which the Fund invests.
^(b)	Calculated using average shares outstanding during the period.
^(c)	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.
^(d)	Unaudited.
^(e)	Not annualized.
^(f)	Annualized.
^(g)	Amount less than $0.01.
^(h)	Commenced on April 4, 2017.

114	See Notes to Financial Statements.

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

$	22.05		(20.06	)^(e)		0.68	^(f)		0.78	^(f)		0.63	^(f)	$	19,271		4	^(e)
	29.09		44.95			0.66			0.76			(0.30	)		25,883		7
	21.70		7.47			0.68			0.78			(0.07	)		20,860		16
	23.26		5.38			0.69			0.79			(0.38	)		26,729		17
	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

	22.98		(19.98	)^(e)		0.43	^(f)		0.53	^(f)		0.82	^(f)		4,129		4	^(e)
	30.30		45.25			0.41			0.52			(0.04	)		4,621		7
	22.54		7.79			0.43			0.53			0.09			3,715		16
	23.98		5.61			0.44			0.54			(0.16	)		3,461		17
	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

	23.97		(19.86	)^(e)		0.18	^(f)		0.28	^(f)		1.13	^(f)		418		4	^(e)
	31.57		45.65			0.16			0.27			0.33			518		7
	23.40		8.02			0.18			0.28			0.14			623		16
	24.73		5.90			0.19			0.29			0.13			296		17
	27.30		3.34			0.17			0.27			0.06			106		8
	29.52		24.93			0.18			0.28			(0.13	)		84		6

	24.08		(19.84	)^(e)		0.09	^(f)		0.19	^(f)		1.20	^(f)		4,295		4	^(e)
	31.71		45.79			0.08			0.18			0.28			5,386		7
	23.48		8.14			0.09			0.19			0.46			4,143		16
	24.78		5.98			0.10			0.20			0.19			4,266		17
	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

See Notes to Financial Statements.

115

Financial Highlights (unaudited)

DURABLE GROWTH 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
4/30/2022^(c)		$25.49		$(0.04	)		$(4.66	)		$(4.70	)		$ –			$(4.29	)		$(4.29	)
10/31/2021		19.21		(0.10	)		6.89			6.79			–			(0.51	)		(0.51	)
11/1/2019 to 10/31/2020		15.00		(0.03	)		4.25			4.22			(0.01	)		–			(0.01	)
Class C
4/30/2022^(c)		25.12		(0.11	)		(4.57	)		(4.68	)		–			(4.29	)		(4.29	)
10/31/2021		19.08		(0.26	)		6.81			6.55			–			(0.51	)		(0.51	)
11/1/2019 to 10/31/2020		15.00		(0.14	)		4.22			4.08			–			–			–
Class F
4/30/2022^(c)		25.60		(0.01	)		(4.69	)		(4.70	)		–			(4.29	)		(4.29	)
10/31/2021		19.25		(0.04	)		6.90			6.86			–			(0.51	)		(0.51	)
11/1/2019 to 10/31/2020		15.00		0.04			4.22			4.26			(0.01	)		–			(0.01	)
Class F3
4/30/2022^(c)		25.59		(0.01	)		(4.69	)		(4.70	)		–			(4.29	)		(4.29	)
10/31/2021		19.26		(0.03	)		6.89			6.86			(0.02	)		(0.51	)		(0.53	)
11/1/2019 to 10/31/2020		15.00		0.04			4.24			4.28			(0.02	)		–			(0.02	)
Class I
4/30/2022^(c)		25.58		(0.01	)		(4.69	)		(4.70	)		–			(4.29	)		(4.29	)
10/31/2021		19.25		(0.04	)		6.90			6.86			(0.02	)		(0.51	)		(0.53	)
11/1/2019 to 10/31/2020		15.00		0.01			4.26			4.27			(0.02	)		–			(0.02	)
Class R3
4/30/2022^(c)		25.36		(0.06	)		(4.63	)		(4.69	)		–			(4.29	)		(4.29	)
10/31/2021		19.17		(0.15	)		6.85			6.70			–			(0.51	)		(0.51	)
11/1/2019 to 10/31/2020		15.00		(0.05	)		4.23			4.18			(0.01	)		–			(0.01	)
Class R4
4/30/2022^(c)		25.48		(0.03	)		(4.67	)		(4.70	)		–			(4.29	)		(4.29	)
10/31/2021		19.21		(0.09	)		6.87			6.78			–			(0.51	)		(0.51	)
11/1/2019 to 10/31/2020		15.00		(0.01	)		4.23			4.22			(0.01	)		–			(0.01	)
Class R5
4/30/2022^(c)		25.57		(0.01	)		(4.68	)		(4.69	)		–			(4.29	)		(4.29	)
10/31/2021		19.25		(0.04	)		6.89			6.85			(0.02	)		(0.51	)		(0.53	)
11/1/2019 to 10/31/2020		15.00		0.03			4.24			4.27			(0.02	)		–			(0.02	)
Class R6
4/30/2022^(c)		25.59		(0.01	)		(4.69	)		(4.70	)		–			(4.29	)		(4.29	)
10/31/2021		19.26		(0.04	)		6.90			6.86			(0.02	)		(0.51	)		(0.53	)
11/1/2019 to 10/31/2020		15.00		0.06			4.22			4.28			(0.02	)		–			(0.02	)

^(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.

116	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 (%)

$	16.50		(22.37	)^(d)		0.93	^(e)		0.94	^(e)		(0.39	)^(e)	$	3,461		23	^(d)
	25.49		36.00			0.95			0.97			(0.42	)		3,711		96
	19.21		28.16			0.95			1.29			(0.18	)		1,538		52

	16.15		(22.66	)^(d)		1.68	^(e)		1.69	^(e)		(1.14	)^(e)		304		23	^(d)
	25.12		34.97			1.70			1.72			(1.16	)		368		96
	19.08		27.20			1.70			2.61			(0.84	)		228		52

	16.61		(22.25	)^(d)		0.68	^(e)		0.79	^(e)		(0.12	)^(e)		330		23	^(d)
	25.60		36.30			0.70			0.82			(0.16	)		479		96
	19.25		28.46			0.70			2.24			0.25			346		52

	16.60		(22.26	)^(d)		0.69	^(e)		0.70	^(e)		(0.14	)^(e)		185		23	^(d)
	25.59		36.31			0.67			0.71			(0.13	)		188		96
	19.26		28.55			0.64			1.73			0.24			141		52

	16.59		(22.27	)^(d)		0.68	^(e)		0.69	^(e)		(0.14	)^(e)		181,728		23	^(d)
	25.58		36.32			0.70			0.71			(0.17	)		246,153		96
	19.25		28.48			0.70			0.69			0.07			199,234		52

	16.38		(22.45	)^(d)		1.16	^(e)		1.16	^(e)		(0.61	)^(e)		11		23	^(d)
	25.36		35.60			1.20			1.21			(0.64	)		17		96
	19.17		27.84			1.20			2.25			(0.32	)		13		52

	16.49		(22.38	)^(d)		0.91	^(e)		0.91	^(e)		(0.35	)^(e)		11		23	^(d)
	25.48		35.95			0.95			0.96			(0.40	)		17		96
	19.21		28.16			0.95			2.00			(0.07	)		13		52

	16.59		(22.28	)^(d)		0.66	^(e)		0.66	^(e)		(0.11	)^(e)		11		23	^(d)
	25.57		36.27			0.70			0.72			(0.17	)		17		96
	19.25		28.48			0.70			1.75			0.18			13		52

	16.60		(22.26	)^(d)		0.69	^(e)		0.69	^(e)		(0.13	)^(e)		548		23	^(d)
	25.59		36.31			0.67			0.71			(0.17	)		868		96
	19.26		28.55			0.64			2.37			0.37			241		52

See Notes to Financial Statements.

117

Financial Highlights (unaudited)

FOCUSED GROWTH FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net investment (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
Class A
4/30/2022^(c)		$36.16		$(0.10	)		$(9.02	)		$(9.12	)		$(4.87	)		$22.17
10/31/2021		26.90		(0.27	)		11.39			11.12			(1.86	)		36.16
10/31/2020		15.88		(0.17	)		11.19			11.02			–			26.90
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.10	)		0.98			0.88			–			15.88
Class C
4/30/2022^(c)		35.41		(0.20	)		(8.78	)		(8.98	)		(4.87	)		21.56
10/31/2021		26.56		(0.50	)		11.21			10.71			(1.86	)		35.41
10/31/2020		15.80		(0.37	)		11.13			10.76			–			26.56
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.19	)		0.99			0.80			–			15.80
Class F
4/30/2022^(c)		36.44		(0.07	)		(9.10	)		(9.17	)		(4.87	)		22.40
10/31/2021		27.03		(0.20	)		11.47			11.27			(1.86	)		36.44
10/31/2020		15.91		(0.13	)		11.25			11.12			–			27.03
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.07	)		0.98			0.91			–			15.91
Class F3
4/30/2022^(c)		36.51		(0.06	)		(9.13	)		(9.19	)		(4.87	)		22.45
10/31/2021		27.06		(0.18	)		11.49			11.31			(1.86	)		36.51
10/31/2020		15.92		(0.09	)		11.23			11.14			–			27.06
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.06	)		0.98			0.92			–			15.92
Class I
4/30/2022^(c)		36.44		(0.07	)		(9.10	)		(9.17	)		(4.87	)		22.40
10/31/2021		27.03		(0.20	)		11.47			11.27			(1.86	)		36.44
10/31/2020		15.92		(0.11	)		11.22			11.11			–			27.03
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.07	)		0.99			0.92			–			15.92
Class R3
4/30/2022^(c)		35.92		(0.14	)		(8.94	)		(9.08	)		(4.87	)		21.97
10/31/2021		26.79		(0.35	)		11.34			10.99			(1.86	)		35.92
10/31/2020		15.86		(0.21	)		11.14			10.93			–			26.79
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.13	)		0.99			0.86			–			15.86
Class R4
4/30/2022^(c)		36.18		(0.11	)		(9.01	)		(9.12	)		(4.87	)		22.19
10/31/2021		26.91		(0.27	)		11.40			11.13			(1.86	)		36.18
10/31/2020		15.89		(0.16	)		11.18			11.02			–			26.91
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.10	)		0.99			0.89			–			15.89
Class R5
4/30/2022^(c)		36.44		(0.07	)		(9.10	)		(9.17	)		(4.87	)		22.40
10/31/2021		27.02		(0.20	)		11.48			11.28			(1.86	)		36.44
10/31/2020		15.91		(0.10	)		11.21			11.11			–			27.02
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.07	)		0.98			0.91			–			15.91

118	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 (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	(29.13	)^(d)		1.05	^(e)		1.45	^(e)		(0.75	)^(e)	$	15,850		93	^(d)
	43.48			1.05			1.49			(0.87	)		18,332		166
	69.40			1.05			2.25			(0.79	)		12,485		126
	5.87	^(d)		1.05	^(e)		3.09	^(e)		(0.83	)^(e)		4,889		130	^(d)

	(29.41	)^(d)		1.80	^(e)		2.20	^(e)		(1.51	)^(e)		2,410		93	^(d)
	42.43			1.80			2.24			(1.62	)		2,701		166
	68.10			1.78			2.87			(1.61	)		1,849		126
	5.33	^(d)		1.80	^(e)		4.10	^(e)		(1.55	)^(e)		156		130	^(d)

	(29.06	)^(d)		0.80	^(e)		1.29	^(e)		(0.51	)^(e)		11,931		93	^(d)
	43.85			0.80			1.34			(0.63	)		18,621		166
	69.89			0.80			2.03			(0.58	)		5,821		126
	6.07	^(d)		0.80	^(e)		3.14	^(e)		(0.56	)^(e)		1,005		130	^(d)

	(29.06	)^(d)		0.75	^(e)		1.08	^(e)		(0.46	)^(e)		748		93	^(d)
	43.95			0.75			1.16			(0.57	)		1,217		166
	69.97			0.72			2.01			(0.44	)		902		126
	6.13	^(d)		0.73	^(e)		3.07	^(e)		(0.48	)^(e)		531		130	^(d)

	(29.06	)^(d)		0.80	^(e)		1.19	^(e)		(0.51	)^(e)		3,172		93	^(d)
	43.90			0.80			1.24			(0.62	)		4,587		166
	69.72			0.80			2.04			(0.52	)		2,712		126
	6.13	^(d)		0.80	^(e)		2.91	^(e)		(0.60	)^(e)		1,492		130	^(d)

	(29.25	)^(d)		1.30	^(e)		1.72	^(e)		(1.01	)^(e)		15		93	^(d)
	43.15			1.30			1.73			(1.11	)		24		166
	68.92			1.30			2.52			(1.01	)		18		126
	5.73	^(d)		1.30	^(e)		3.64	^(e)		(1.06	)^(e)		11		130	^(d)

	(29.14	)^(d)		1.05	^(e)		1.48	^(e)		(0.77	)^(e)		15		93	^(d)
	43.50			1.05			1.48			(0.86	)		24		166
	69.35			1.05			2.27			(0.75	)		18		126
	5.93	^(d)		1.05	^(e)		3.37	^(e)		(0.80	)^(e)		11		130	^(d)

	(29.06	)^(d)		0.80	^(e)		1.22	^(e)		(0.52	)^(e)		15		93	^(d)
	43.90			0.80			1.25			(0.63	)		24		166
	69.83			0.80			2.02			(0.49	)		18		126
	6.07	^(d)		0.80	^(e)		3.12	^(e)		(0.55	)^(e)		11		130	^(d)

See Notes to Financial Statements.

119

Financial Highlights (unaudited) (concluded)

FOCUSED GROWTH FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net investment (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
Class R6
4/30/2022^(c)		$36.51		$(0.06	)		$(9.13	)		$(9.19	)		$(4.87	)		$22.45
10/31/2021		27.06		(0.18	)		11.49			11.31			(1.86	)		36.51
10/31/2020		15.92		(0.10	)		11.24			11.14			–			27.06
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.06	)		0.98			0.92			–			15.92

^(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)	Commencement of operations was 1/30/2019, SEC effective date was 1/31/2019 and date shares first became available to the public was 2/1/2019.
^(g)	Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 1/30/2019 through 1/31/2019.

120	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 (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	(29.03	)^(d)		0.75	^(e)		1.09	^(e)		(0.45	)^(e)	$	5,257		93	^(d)
	43.95			0.75			1.16			(0.57	)		6,788		166
	69.97			0.72			1.99			(0.45	)		4,400		126
	6.13	^(d)		0.73	^(e)		2.83	^(e)		(0.50	)^(e)		1,821		130	^(d)

See Notes to Financial Statements.

121

Financial Highlights (unaudited)

FOCUSED LARGE CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2022^(c)		$19.04		$0.07		$(0.92	)		$(0.85	)		$(0.35	)		$(3.93	)		$(4.28	)
10/31/2021		12.95		0.38		6.68			7.06			(0.16	)		(0.81	)		(0.97	)
10/31/2020		14.75		0.27		(1.99	)		(1.72	)		(0.08	)		–			(0.08	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.06		(0.31	)^(h)		(0.25	)		–			–			–
Class C
4/30/2022^(c)		18.97		0.01		(0.92	)		(0.91	)		(0.26	)		(3.93	)		(4.19	)
10/31/2021		12.87		0.25		6.66			6.91			–			(0.81	)		(0.81	)
10/31/2020		14.72		0.17		(1.98	)		(1.81	)		(0.04	)		–			(0.04	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.03		(0.31	)^(h)		(0.28	)		–			–			–
Class F
4/30/2022^(c)		19.22		0.09		(0.93	)		(0.84	)		(0.36	)		(3.93	)		(4.29	)
10/31/2021		12.98		0.49		6.64			7.13			(0.08	)		(0.81	)		(0.89	)
10/31/2020		14.76		0.31		(2.00	)		(1.69	)		(0.09	)		–			(0.09	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			–			–
Class F3
4/30/2022^(c)		19.10		0.09		(0.92	)		(0.83	)		(0.38	)		(3.93	)		(4.31	)
10/31/2021		12.98		0.37		6.75			7.12			(0.19	)		(0.81	)		(1.00	)
10/31/2020		14.76		0.32		(2.00	)		(1.68	)		(0.10	)		–			(0.10	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			–			–
Class I
4/30/2022^(c)		19.10		0.09		(0.92	)		(0.83	)		(0.38	)		(3.93	)		(4.31	)
10/31/2021		12.99		0.35		6.76			7.11			(0.19	)		(0.81	)		(1.00	)
10/31/2020		14.76		0.30		(1.97	)		(1.67	)		(0.10	)		–			(0.10	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.04		(0.28	)^(h)		(0.24	)		–			–			–
Class R3
4/30/2022^(c)		18.99		0.02		(0.89	)		(0.87	)		(0.29	)		(3.93	)		(4.22	)
10/31/2021		12.92		0.29		6.71			7.00			(0.12	)		(0.81	)		(0.93	)
10/31/2020		14.74		0.23		(1.99	)		(1.76	)		(0.06	)		–			(0.06	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.05		(0.31	)^(h)		(0.26	)		–			–			–
Class R4
4/30/2022^(c)		19.04		0.08		(0.93	)		(0.85	)		(0.33	)		(3.93	)		(4.26	)
10/31/2021		12.95		0.33		6.73			7.06			(0.16	)		(0.81	)		(0.97	)
10/31/2020		14.75		0.27		(1.99	)		(1.72	)		(0.08	)		–			(0.08	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.06		(0.31	)^(h)		(0.25	)		–			–			–

122	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 (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$13.91		(6.47	)^(d)		0.93	^(e)		0.93	^(e)		0.92	^(e)		$ 11,011		57	^(d)
	19.04		56.50			0.93			0.93			2.08			7,714		99
	12.95		(11.74	)		0.96			1.09			2.08			541		128
	14.75		(1.67	)^(d)		0.96	^(e)		4.40	^(e)		1.57	^(e)		508		16	^(d)

	13.87		(6.82	)^(d)		1.67	^(e)		1.67	^(e)		0.16	^(e)		5,576		57	^(d)
	18.97		55.29			1.67			1.67			1.36			3,601		99
	12.87		(12.35	)		1.71			1.83			1.32			77		128
	14.72		(1.87	)^(d)		1.71	^(e)		5.27	^(e)		0.75	^(e)		108		16	^(d)

	14.09		(6.35	)^(d)		0.68	^(e)		0.78	^(e)		1.17	^(e)		1,691		57	^(d)
	19.22		56.78			0.68			0.78			2.60			2,394		99
	12.98		(11.54	)		0.71			0.98			2.33			40		128
	14.76		(1.60	)^(d)		0.71	^(e)		4.37	^(e)		1.75	^(e)		492		16	^(d)

	13.96		(6.34	)^(d)		0.66	^(e)		0.66	^(e)		1.22	^(e)		13		57	^(d)
	19.10		56.91			0.67			0.67			2.13			18		99
	12.98		(11.50	)		0.63			0.84			2.40			12		128
	14.76		(1.60	)^(d)		0.63	^(e)		4.21	^(e)		1.83	^(e)		492		16	^(d)

	13.96		(6.40	)^(d)		0.68	^(e)		0.68	^(e)		1.22	^(e)		632,996		57	^(d)
	19.10		56.79			0.68			0.68			1.99			656,899		99
	12.99		(11.43	)		0.71			0.75			2.34			428,070		128
	14.76		(1.60	)^(d)		0.71	^(e)		1.07	^(e)		1.10	^(e)		38,221		16	^(d)

	13.90		(6.60	)^(d)		1.16	^(e)		1.16	^(e)		0.30	^(e)		83		57	^(d)
	18.99		56.09			1.15			1.15			1.65			13		99
	12.92		(11.98	)		1.21			1.34			1.75			9		128
	14.74		(1.73	)^(d)		1.21	^(e)		4.78	^(e)		1.24	^(e)		10		16	^(d)

	13.93		(6.45	)^(d)		0.91	^(e)		0.91	^(e)		0.98	^(e)		9		57	^(d)
	19.04		56.46			0.90			0.90			1.89			13		99
	12.95		(11.74	)		0.96			1.08			2.00			9		128
	14.75		(1.67	)^(d)		0.96	^(e)		4.51	^(e)		1.47	^(e)		10		16	^(d)

See Notes to Financial Statements.

123

Financial Highlights (unaudited)(concluded)

FOCUSED LARGE CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R5
4/30/2022^(c)		$19.09		$0.10		$(0.93	)		(0.83	)		$(0.38	)		$(3.93	)		$(4.31	)
10/31/2021		12.98		0.38		6.73			7.11			(0.19	)		(0.81	)		(1.00	)
10/31/2020		14.76		0.30		(1.98	)		(1.68	)		(0.10	)		–			(0.10	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			–			–
Class R6
4/30/2022^(c)		19.11		0.09		(0.92	)		(0.83	)		(0.38	)		(3.93	)		(4.31	)
10/31/2021		12.99		0.39		6.73			7.12			(0.19	)		(0.81	)		(1.00	)
10/31/2020		14.76		0.32		(1.99	)		(1.67	)		(0.10	)		–			(0.10	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			–			–

^(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)	Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 7/26/2019 through 7/31/2019.
^(g)	Commencement of operations was 7/26/2019, SEC effective date was 7/31/2019 and date shares first became available to the public was 8/1/2019.
^(h)	Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain(loss) in the Statement of Operations for the period ended October 31, 2019, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

124	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 (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	13.95		(6.34	)^(d)		0.65	^(e)		0.65	^(e)		1.23	^(e)		$ 9		57	^(d)
	19.09		56.83			0.65			0.65			2.14			13		99
	12.98		(11.51	)		0.71			0.84			2.24			9		128
	14.76		(1.60	)^(d)		0.71	^(e)		4.27	^(e)		1.75	^(e)		10		16	^(d)

	13.97		(6.33	)^(d)		0.68	^(e)		0.68	^(e)		1.16	^(e)		1,493		57	^(d)
	19.11		56.86			0.68			0.68			2.17			1,539		99
	12.99		(11.43	)		0.63			0.81			2.38			366		128
	14.76		(1.60	)^(d)		0.63	^(e)		4.21	^(e)		1.83	^(e)		517		16	^(d)

See Notes to Financial Statements.

125

Financial Highlights (unaudited)

FOCUSED SMALL CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2022^(c)		$30.62		$(0.02	)		$(2.81	)		$(2.83	)		$ –			$(3.16	)		$(3.16	)
10/31/2021		18.77		0.01			12.00			12.01			(0.16	)		–			(0.16	)
10/31/2020		25.14		0.14			(2.40	)		(2.26	)		–			(4.11	)		(4.11	)
10/31/2019		29.02		(0.04	)		0.39			0.35			–			(4.23	)		(4.23	)
10/31/2018		34.92		(0.32	)		0.47			0.15			–			(6.05	)		(6.05	)
10/31/2017		33.65		(0.27	)		7.56			7.29			–			(6.02	)		(6.02	)
Class C
4/30/2022^(c)		32.44		(0.13	)		(2.98	)		(3.11	)		–			(3.16	)		(3.16	)
10/31/2021		19.99		(0.30	)		12.87			12.57			(0.12	)		–			(0.12	)
10/31/2020		26.71		(0.08	)		(2.53	)		(2.61	)		–			(4.11	)		(4.11	)
6/28/2019 to 10/31/2019^(f)		27.39		(0.03	)		(0.65	)		(0.68	)		–			–			–
Class F
4/30/2022^(c)		33.11		0.02			(3.07	)		(3.05	)		(0.04	)		(3.16	)		(3.20	)
10/31/2021		20.30		0.01			13.04			13.05			(0.24	)		–			(0.24	)
10/31/2020		26.80		0.09			(2.48	)		(2.39	)		–			(4.11	)		(4.11	)
6/28/2019 to 10/31/2019^(f)		27.39		0.06			(0.65	)		(0.59	)		–			–			–
Class F3
4/30/2022^(c)		33.15		0.03			(3.07	)		(3.04	)		(0.07	)		(3.16	)		(3.23	)
10/31/2021		20.32		0.11			12.97			13.08			(0.25	)		–			(0.25	)
10/31/2020		26.80		0.19			(2.56	)		(2.37	)		–			(4.11	)		(4.11	)
6/28/2019 to 10/31/2019^(f)		27.39		0.06			(0.65	)		(0.59	)		–			–			–
Class I
4/30/2022^(c)		33.10		0.02			(3.06	)		(3.04	)		(0.07	)		(3.16	)		(3.23	)
10/31/2021		20.30		0.11			12.94			13.05			(0.25	)		–			(0.25	)
10/31/2020		26.80		0.19			(2.58	)		(2.39	)		–			(4.11	)		(4.11	)
10/31/2019		30.64		(0.02	)		0.41			0.39			–			(4.23	)		(4.23	)
10/31/2018		36.53		(0.33	)		0.49			0.16			–			(6.05	)		(6.05	)
10/31/2017		34.95		(0.28	)		7.88			7.60			–			(6.02	)		(6.02	)
Class R5
4/30/2022^(c)		33.10		0.04			(3.08	)		(3.04	)		(0.07	)		(3.16	)		(3.23	)
10/31/2021		20.29		0.10			12.96			13.06			(0.25	)		–			(0.25	)
10/31/2020		26.80		0.17			(2.57	)		(2.40	)		–			(4.11	)		(4.11	)
6/28/2019 to 10/31/2019^(f)		27.39		0.05			(0.64	)		(0.59	)		–			–			–

126	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 (%)

$	24.63		(10.59	)^(d)		1.26	^(e)		1.26	^(e)		(0.14	)^(e)	$	18,397		34	^(d)
	30.62		64.27			1.22			1.22			0.03			19,525		116
	18.77		(11.21	)		1.28			1.40			0.72			3,253		77
	25.14		1.68			1.53			1.58			(0.16	)		5,729		135
	29.02		0.11			1.63			1.63			(1.02	)		6,382		57
	34.92		23.38			1.66			1.66			(0.81	)		6,698		48

	26.17		(10.92	)^(d)		2.02	^(e)		2.02	^(e)		(0.88	)^(e)		4,528		34	^(d)
	32.44		63.10			1.96			1.96			(0.95	)		5,028		116
	19.99		(12.01	)		2.03			2.20			(0.42	)		102		77
	26.71		(2.48	)^(d)		2.03	^(e)		2.14	^(e)		(0.37	)^(e)		10		135

	26.86		(10.47	)^(d)		1.01	^(e)		1.11	^(e)		0.13	^(e)		48,870		34	^(d)
	33.11		64.73			0.97			1.07			0.04			66,993		116
	20.30		(11.00	)		1.03			1.30			0.43			784		77
	26.80		(2.15	)^(d)		1.03	^(e)		1.30	^(e)		0.65	^(e)		10		135

	26.88		(10.47	)^(d)		0.93	^(e)		0.93	^(e)		0.19	^(e)		12		34	^(d)
	33.15		64.72			0.92			0.92			0.35			14		116
	20.32		(10.88	)		0.95			1.14			0.92			9		77
	26.80		(2.15	)^(d)		0.95	^(e)		1.15	^(e)		0.71	^(e)		10		135

	26.83		(10.46	)^(d)		1.01	^(e)		1.01	^(e)		0.13	^(e)		82,807		34	^(d)
	33.10		64.71			0.95			0.96			0.35			118,351		116
	20.30		(11.00	)		1.03			1.18			0.92			69,689		77
	26.80		1.77			1.45			1.50			(0.07	)		114,088		135
	30.64		0.10			1.63			1.63			(1.02	)		127,236		57
	36.53		23.40			1.66			1.66			(0.80	)		135,852		48

	26.83		(10.46	)^(d)		1.03	^(e)		1.03	^(e)		0.30	^(e)		297		34	^(d)
	33.10		64.71			0.94			0.94			0.31			17		116
	20.29		(11.00	)		1.03			1.16			0.83			9		77
	26.80		(2.15	)^(d)		1.03	^(e)		1.15	^(e)		0.62	^(e)		10		135

See Notes to Financial Statements.

127

Financial Highlights (unaudited)(concluded)

FOCUSED SMALL CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R6
4/30/2022^(c)		$33.16		$0.03		$(3.07	)		$(3.04	)		$(0.07	)		$(3.16	)		$(3.23	)
10/31/2021		20.33		0.07		13.01			13.08			(0.25	)		–			(0.25	)
10/31/2020		26.81		0.18		(2.55	)		(2.37	)		–			(4.11	)		(4.11	)
6/28/2019 to 10/31/2019^(f)		27.39		0.09		(0.67	)		(0.58	)		–			–			–

^(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)	Commencement of operation was 6/28/2019 and date shares first became available to the public was 7/1/2019.

128	See Notes to Financial Statements.

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

$	26.89		(10.47	)^(d)		0.96	^(e)		0.96	^(e)		0.17	^(e)	$	11,504		34	^(d)
	33.16		64.69			0.94			0.95			0.22			11,274		116
	20.33		(10.87	)		0.95			1.16			0.90			1,717		77
	26.81		(2.12	)^(d)		0.95	^(e)		1.24	^(e)		1.01	^(e)		1,336		135

See Notes to Financial Statements.

129

Financial Highlights (unaudited)

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2022^(c)		$15.04		$0.06		$(0.79	)		$(0.73	)		$(0.14	)		$(1.58	)		$(1.72	)
10/31/2021		10.56		0.14		4.55			4.69			(0.21	)		–			(0.21	)
10/31/2020		12.53		0.19		(0.88	)		(0.69	)		(0.19	)		(1.09	)		(1.28	)
10/31/2019		12.64		0.19		0.79			0.98			(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	)
Class C
4/30/2022^(c)		13.10		0.01		(0.67	)		(0.66	)		(0.03	)		(1.58	)		(1.61	)
10/31/2021		9.19		0.04		3.96			4.00			(0.09	)		–			(0.09	)
10/31/2020		11.04		0.10		(0.77	)		(0.67	)		(0.09	)		(1.09	)		(1.18	)
10/31/2019		11.22		0.09		0.69			0.78			(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	)
Class F
4/30/2022^(c)		14.85		0.07		(0.77	)		(0.70	)		(0.16	)		(1.58	)		(1.74	)
10/31/2021		10.44		0.16		4.48			4.64			(0.23	)		–			(0.23	)
10/31/2020		12.40		0.21		(0.87	)		(0.66	)		(0.21	)		(1.09	)		(1.30	)
10/31/2019		12.52		0.21		0.78			0.99			(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	)
Class F3
4/30/2022^(c)		15.26		0.09		(0.80	)		(0.71	)		(0.18	)		(1.58	)		(1.76	)
10/31/2021		10.71		0.19		4.60			4.79			(0.24	)		–			(0.24	)
10/31/2020		12.69		0.23		(0.90	)		(0.67	)		(0.22	)		(1.09	)		(1.31	)
10/31/2019		12.78		0.23		0.80			1.03			(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^(f)		13.24		0.11		0.77			0.88			–			–			–
Class I
4/30/2022^(c)		15.16		0.08		(0.78	)		(0.70	)		(0.18	)		(1.58	)		(1.76	)
10/31/2021		10.65		0.18		4.57			4.75			(0.24	)		–			(0.24	)
10/31/2020		12.63		0.22		(0.89	)		(0.67	)		(0.22	)		(1.09	)		(1.31	)
10/31/2019		12.73		0.22		0.80			1.02			(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	)

130	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 (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$12.59		(5.68	)^(d)		0.96	^(e)		0.96	^(e)		0.93	^(e)		$1,255,600		20	^(d)
	15.04		44.87			0.96			0.96			1.06			1,382,625		73
	10.56		(6.39	)		0.94			0.94			1.79			1,067,309		59
	12.53		8.52			0.99			0.99			1.57			1,378,201		88
	12.64		1.99			0.96			0.96			1.22			1,446,816		92
	13.99		17.45			0.96			0.96			1.29			1,571,170		96

	10.83		(6.02	)^(d)		1.71	^(e)		1.71	^(e)		0.18	^(e)		43,460		20	^(d)
	13.10		43.75			1.71			1.71			0.32			55,600		73
	9.19		(7.07	)		1.69			1.69			1.05			60,191		59
	11.04		7.71			1.74			1.74			0.83			157,803		88
	11.22		1.21			1.71			1.71			0.48			232,937		92
	12.58		16.63			1.71			1.71			0.55			445,017		96

	12.41		(5.61	)^(d)		0.81	^(e)		0.81	^(e)		1.07	^(e)		117,277		20	^(d)
	14.85		45.02			0.81			0.81			1.21			146,249		73
	10.44		(6.22	)		0.79			0.79			1.93			116,340		59
	12.40		8.71			0.84			0.84			1.73			183,310		88
	12.52		2.17			0.81			0.81			1.38			247,704		92
	13.87		17.62			0.81			0.81			1.43			323,584		96

	12.79		(5.55	)^(d)		0.63	^(e)		0.63	^(e)		1.26	^(e)		18,749		20	^(d)
	15.26		45.36			0.63			0.63			1.39			19,916		73
	10.71		(6.11	)		0.63			0.63			2.10			15,378		59
	12.69		8.92			0.64			0.64			1.92			20,698		88
	12.78		2.36			0.62			0.62			1.57			20,270		92
	14.12		6.65	^(d)		0.62	^(e)		0.62	^(e)		1.42	^(e)		20,497		96

	12.70		(5.53	)^(d)		0.71	^(e)		0.71	^(e)		1.19	^(e)		240,975		20	^(d)
	15.16		45.21			0.71			0.71			1.32			281,392		73
	10.65		(6.16	)		0.69			0.69			2.06			262,216		59
	12.63		8.84			0.74			0.74			1.79			613,182		88
	12.73		2.19			0.71			0.71			1.48			92,508		92
	14.09		17.81			0.72			0.72			1.54			120,146		96

See Notes to Financial Statements.

131

Financial Highlights (unaudited) (continued)

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class P
4/30/2022^(c)		$14.69		$0.05		$(0.77	)		$(0.72	)		$(0.11	)		$(1.58	)		$(1.69	)
10/31/2021		10.33		0.11		4.44			4.55			(0.19	)		–			(0.19	)
10/31/2020		12.28		0.17		(0.86	)		(0.69	)		(0.17	)		(1.09	)		(1.26	)
10/31/2019		12.40		0.16		0.77			0.93			(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	)
Class R2
4/30/2022^(c)		14.64		0.04		(0.76	)		(0.72	)		(0.09	)		(1.58	)		(1.67	)
10/31/2021		10.30		0.09		4.43			4.52			(0.18	)		–			(0.18	)
10/31/2020		12.24		0.15		(0.86	)		(0.71	)		(0.14	)		(1.09	)		(1.23	)
10/31/2019		12.33		0.14		0.78			0.92			(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	)
Class R3
4/30/2022^(c)		14.70		0.04		(0.76	)		(0.72	)		(0.10	)		(1.58	)		(1.68	)
10/31/2021		10.33		0.11		4.44			4.55			(0.18	)		–			(0.18	)
10/31/2020		12.28		0.16		(0.86	)		(0.70	)		(0.16	)		(1.09	)		(1.25	)
10/31/2019		12.40		0.16		0.77			0.93			(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	)
Class R4
4/30/2022^(c)		14.96		0.06		(0.78	)		(0.72	)		(0.14	)		(1.58	)		(1.72	)
10/31/2021		10.50		0.14		4.52			4.66			(0.20	)		–			(0.20	)
10/31/2020		12.46		0.19		(0.87	)		(0.68	)		(0.19	)		(1.09	)		(1.28	)
10/31/2019		12.58		0.19		0.78			0.97			(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	)
Class R5
4/30/2022^(c)		15.17		0.08		(0.79	)		(0.71	)		(0.18	)		(1.58	)		(1.76	)
10/31/2021		10.66		0.18		4.57			4.75			(0.24	)		–			(0.24	)
10/31/2020		12.63		0.22		(0.88	)		(0.66	)		(0.22	)		(1.09	)		(1.31	)
10/31/2019		12.74		0.22		0.79			1.01			(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	)

132	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 (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$12.28		(5.80	)^(d)		1.16	^(e)		1.16	^(e)		0.73	^(e)		$ 4,369		20	^(d)
	14.69		44.55			1.16			1.16			0.84			4,881		73
	10.33		(6.54	)		1.14			1.14			1.58			3,614		59
	12.28		8.30			1.19			1.19			1.36			5,117		88
	12.40		1.77			1.16			1.16			1.02			5,648		92
	13.74		17.28			1.17			1.17			1.11			7,096		96

	12.25		(5.86	)^(d)		1.31	^(e)		1.31	^(e)		0.57	^(e)		2,153		20	^(d)
	14.64		44.28			1.31			1.31			0.72			3,271		73
	10.30		(6.68	)		1.29			1.29			1.44			3,082	��	59
	12.24		8.17			1.34			1.34			1.20			4,009		88
	12.33		1.64			1.31			1.31			0.88			3,587		92
	13.68		17.07			1.31			1.31			0.93			8,062		96

	12.30		(5.80	)^(d)		1.21	^(e)		1.21	^(e)		0.68	^(e)		69,610		20	^(d)
	14.70		44.54			1.21			1.21			0.81			86,249		73
	10.33		(6.62	)		1.19			1.19			1.54			76,817		59
	12.28		8.27			1.24			1.24			1.32			98,059		88
	12.40		1.66			1.21			1.21			0.97			116,719		92
	13.75		17.19			1.21			1.21			1.04			147,010		96

	12.52		(5.67	)^(d)		0.96	^(e)		0.96	^(e)		0.93	^(e)		2,776		20	^(d)
	14.96		44.80			0.96			0.96			1.04			2,988		73
	10.50		(6.35	)		0.94			0.94			1.79			2,228		59
	12.46		8.51			0.99			0.99			1.56			4,880		88
	12.58		2.00			0.96			0.96			1.22			5,164		92
	13.94		17.45			0.95			0.95			1.19			4,355		96

	12.70		(5.60	)^(d)		0.71	^(e)		0.71	^(e)		1.16	^(e)		718		20	^(d)
	15.17		45.17			0.71			0.71			1.31			986		73
	10.66		(6.08	)		0.69			0.69			2.07			901		59
	12.63		8.76			0.74			0.74			1.80			1,482		88
	12.74		2.28			0.71			0.71			1.45			810		92
	14.09		17.73			0.70			0.70			1.40			1,049		96

See Notes to Financial Statements.

133

Financial Highlights (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R6
4/30/2022^(c)		$15.27		$0.08		$(0.79	)		$(0.71	)		$(0.18	)		$(1.58	)		$(1.76	)
10/31/2021		10.72		0.19		4.60			4.79			(0.24	)		–			(0.24	)
10/31/2020		12.69		0.23		(0.89	)		(0.66	)		(0.22	)		(1.09	)		(1.31	)
10/31/2019		12.79		0.23		0.79			1.02			(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	)

^(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.

134	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 (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$12.80		(5.54	)^(d)		0.63	^(e)		0.63	^(e)		1.21	^(e)		$ 8,665		20	^(d)
	15.27		45.31			0.63			0.63			1.39			16,209		73
	10.72		(6.03	)		0.63			0.63			2.10			11,403		59
	12.69		8.83			0.64			0.64			1.89			21,815		88
	12.79		2.36			0.62			0.62			1.57			16,864		92
	14.12		17.97			0.62			0.62			1.51			6,440		96

See Notes to Financial Statements.

135

Financial Highlights (unaudited)

GLOBAL 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
4/30/2022^(c)		$16.61		$0.02			$(2.04	)		$(2.02	)		$(0.12	)		$(2.18	)		$(2.30	)
10/31/2021		12.59		0.14			4.57			4.71			(0.18	)		(0.51	)		(0.69	)
10/31/2020		11.52		0.11			1.09			1.20			(0.13	)		–			(0.13	)
10/31/2019		10.93		0.13			0.97			1.10			(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
4/30/2022^(c)		16.41		(0.04	)		(2.01	)		(2.05	)		(0.01	)		(2.18	)		(2.19	)
10/31/2021		12.46		0.02			4.53			4.55			(0.09	)		(0.51	)		(0.60	)
10/31/2020		11.40		0.02			1.08			1.10			(0.04	)		–			(0.04	)
10/31/2019		10.81		0.05			0.97			1.02			(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
4/30/2022^(c)		16.65		0.03			(2.05	)		(2.02	)		(0.14	)		(2.18	)		(2.32	)
10/31/2021		12.62		0.16			4.59			4.75			(0.21	)		(0.51	)		(0.72	)
10/31/2020		11.54		0.12			1.11			1.23			(0.15	)		–			(0.15	)
10/31/2019		10.94		0.15			0.97			1.12			(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
4/30/2022^(c)		16.68		0.03			(2.05	)		(2.02	)		(0.16	)		(2.18	)		(2.34	)
10/31/2021		12.63		0.19			4.60			4.79			(0.23	)		(0.51	)		(0.74	)
10/31/2020		11.56		0.14			1.10			1.24			(0.17	)		–			(0.17	)
10/31/2019		10.96		0.16			0.97			1.13			(0.11	)		(0.42	)		(0.53	)
10/31/2018		11.61		0.12			(0.11	)		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
4/30/2022^(c)		16.66		0.03			(2.04	)		(2.01	)		(0.16	)		(2.18	)		(2.34	)
10/31/2021		12.62		0.18			4.59			4.77			(0.22	)		(0.51	)		(0.73	)
10/31/2020		11.55		0.14			1.09			1.23			(0.16	)		–			(0.16	)
10/31/2019		10.95		0.16			0.97			1.13			(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			–			–			–

136	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 (%)

	$12.29		(13.85	)^(d)		0.90	^(e)		2.89	^(e)		0.35	^(e)		$4,465		39	^(d)
	16.61		38.37			0.90			3.53			0.88			5,016		87
	12.59		10.52			0.90			4.32			0.92			2,622		141
	11.52		10.85			0.90			4.20			1.24			3,551		65
	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

	12.17		(14.17	)^(d)		1.65	^(e)		3.64	^(e)		(0.56	)^(e)		591		39	^(d)
	16.41		37.27			1.65			4.29			0.14			826		87
	12.46		9.75			1.65			5.12			0.17			537		141
	11.40		10.05			1.65			4.96			0.46			581		65
	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

	12.31		(13.82	)^(d)		0.75	^(e)		2.73	^(e)		0.36	^(e)		1,691		39	^(d)
	16.65		38.59			0.75			3.40			1.07			2,146		87
	12.62		10.73			0.75			4.23			1.06			1,445		141
	11.54		11.07			0.75			4.09			1.37			2,207		65
	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

	12.32		(13.78	)^(d)		0.61	^(e)		2.56	^(e)		0.45	^(e)		14		39	^(d)
	16.68		38.90			0.61			3.20			1.20			18		87
	12.63		10.78			0.62			4.09			1.19			14		141
	11.56		11.22			0.63			3.88			1.50			13		65
	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

	12.31		(13.80	)^(d)		0.65	^(e)		2.63	^(e)		0.41	^(e)		1,357		39	^(d)
	16.66		38.78			0.65			3.30			1.16			1,837		87
	12.62		10.75			0.65			4.16			1.18			1,400		141
	11.55		11.19			0.65			3.95			1.49			1,264		65
	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

See Notes to Financial Statements.

137

Financial Highlights (unaudited)(concluded)

GLOBAL 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 R3
4/30/2022^(c)		$16.47		$0.01		$(2.02	)		(2.01	)		$(0.09	)		$(2.18	)		$(2.27	)
10/31/2021		12.51		0.11		4.52			4.63			(0.16	)		(0.51	)		(0.67	)
10/31/2020		11.45		0.08		1.09			1.17			(0.11	)		–			(0.11	)
10/31/2019		10.90		0.11		0.96			1.07			(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
4/30/2022^(c)		16.62		0.03		(2.06	)		(2.03	)		(0.12	)		(2.18	)		(2.30	)
10/31/2021		12.60		0.14		4.58			4.72			(0.19	)		(0.51	)		(0.70	)
10/31/2020		11.53		0.11		1.10			1.21			(0.14	)		–			(0.14	)
10/31/2019		10.93		0.13		0.97			1.10			(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
4/30/2022^(c)		16.66		0.03		(2.04	)		(2.01	)		(0.16	)		(2.18	)		(2.34	)
10/31/2021		12.62		0.18		4.59			4.77			(0.22	)		(0.51	)		(0.73	)
10/31/2020		11.55		0.14		1.09			1.23			(0.16	)		–			(0.16	)
10/31/2019		10.95		0.16		0.97			1.13			(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
4/30/2022^(c)		16.67		0.04		(2.05	)		(2.01	)		(0.16	)		(2.18	)		(2.34	)
10/31/2021		12.63		0.19		4.59			4.78			(0.23	)		(0.51	)		(0.74	)
10/31/2020		11.56		0.14		1.10			1.24			(0.17	)		–			(0.17	)
10/31/2019		10.96		0.17		0.96			1.13			(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.

138	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 (%)

	$12.19		(13.98	)^(d)		1.15	^(e)		3.19	^(e)		0.19	^(e)		$ 711		39	^(d)
	16.47		37.85			1.15			3.78			0.70			470		87
	12.51		10.25			1.15			4.67			0.68			241		141
	11.45		10.63			1.15			4.46			0.98			200		65
	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

	12.29		(13.93	)^(d)		0.90	^(e)		2.95	^(e)		0.50	^(e)		539		39	^(d)
	16.62		38.39			0.90			3.54			0.92			19		87
	12.60		10.51			0.90			4.41			0.92			14		141
	11.53		10.89			0.90			4.18			1.24			13		65
	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

	12.31		(13.80	)^(d)		0.65	^(e)		2.65	^(e)		0.41	^(e)		14		39	^(d)
	16.66		38.78			0.65			3.29			1.16			19		87
	12.62		10.75			0.65			4.15			1.17			14		141
	11.55		11.19			0.65			3.93			1.49			13		65
	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

	12.32		(13.73	)^(d)		0.61	^(e)		2.56	^(e)		0.57	^(e)		982		39	^(d)
	16.67		38.82			0.61			3.21			1.21			1,215		87
	12.63		10.87			0.62			4.09			1.21			635		141
	11.56		11.13			0.63			3.88			1.56			690		65
	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.

139

Financial Highlights (unaudited)

GROWTH LEADERS FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net investment (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
Class A
4/30/2022^(c)		$52.70		$(0.09	)		$(12.49	)		$(12.58	)		$(10.00	)		$30.12
10/31/2021		42.25		(0.28	)		15.10			14.82			(4.37	)		52.70
10/31/2020		28.61		(0.19	)		16.17			15.98			(2.34	)		42.25
10/31/2019		29.82		(0.13	)		3.57			3.44			(4.65	)		28.61
10/31/2018		28.97		(0.14	)		2.82			2.68			(1.83	)		29.82
10/31/2017		22.42		(0.06	)		6.61			6.55			–			28.97
Class C
4/30/2022^(c)		47.22		(0.21	)		(10.86	)		(11.07	)		(10.00	)		26.15
10/31/2021		38.53		(0.57	)		13.63			13.06			(4.37	)		47.22
10/31/2020		26.47		(0.39	)		14.79			14.40			(2.34	)		38.53
10/31/2019		28.14		(0.31	)		3.29			2.98			(4.65	)		26.47
10/31/2018		27.63		(0.35	)		2.69			2.34			(1.83	)		28.14
10/31/2017		21.54		(0.24	)		6.33			6.09			–			27.63
Class F
4/30/2022^(c)		54.15		(0.05	)		(12.92	)		(12.97	)		(10.00	)		31.18
10/31/2021		43.20		(0.17	)		15.49			15.32			(4.37	)		54.15
10/31/2020		29.14		(0.11	)		16.51			16.40			(2.34	)		43.20
10/31/2019		30.21		(0.06	)		3.64			3.58			(4.65	)		29.14
10/31/2018		29.26		(0.07	)		2.85			2.78			(1.83	)		30.21
10/31/2017		22.59		(0.01	)		6.68			6.67			–			29.26
Class F3
4/30/2022^(c)		54.88		(0.04	)		(13.13	)		(13.17	)		(10.00	)		31.71
10/31/2021		43.70		(0.15	)		15.70			15.55			(4.37	)		54.88
10/31/2020		29.43		(0.10	)		16.71			16.61			(2.34	)		43.70
10/31/2019		30.45		(0.05	)		3.68			3.63			(4.65	)		29.43
10/31/2018		29.46		(0.06	)		2.88			2.82			(1.83	)		30.45
4/4/2017 to 10/31/2017^(f)		24.81		(0.03	)		4.68			4.65			–			29.46
Class I
4/30/2022^(c)		54.56		(0.05	)		(13.05	)		(13.10	)		(10.00	)		31.46
10/31/2021		43.49		(0.17	)		15.61			15.44			(4.37	)		54.56
10/31/2020		29.32		(0.11	)		16.62			16.51			(2.34	)		43.49
10/31/2019		30.37		(0.06	)		3.66			3.60			(4.65	)		29.32
10/31/2018		29.40		(0.07	)		2.87			2.80			(1.83	)		30.37
10/31/2017		22.69		(0.01	)		6.72			6.71			–			29.40

140	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 (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	(29.46	)^(d)			0.91	^(e)		0.91	^(e)		(0.51	)^(e)	$	1,868,534		81	^(d)
	37.77				0.89			0.89			(0.61	)		2,713,887		140
	60.35				0.90			0.90			(0.56	)		1,920,930		93
	15.32				0.93			0.93			(0.48	)		1,001,973		143
	9.68				0.91			0.91			(0.47	)		900,405		161
	29.21				0.91			0.96			(0.23	)		754,101		192

	(29.73	)^(d)			1.66	^(e)		1.66	^(e)		(1.26	)^(e)		701,167		81	^(d)
	36.75				1.64			1.64			(1.36	)		1,142,002		140
	59.17				1.65			1.65			(1.29	)		906,259		93
	14.45				1.68			1.68			(1.23	)		631,400		143
	8.87				1.65			1.66			(1.21	)		595,344		161
	28.27				1.66			1.71			(0.99	)		523,008		192

	(29.38	)^(d)			0.65	^(e)		0.75	^(e)		(0.26	)^(e)		2,240,956		81	^(d)
	38.13				0.64			0.74			(0.36	)		4,331,228		140
	60.72				0.65			0.75			(0.31	)		2,708,762		93
	15.63				0.68			0.78			(0.23	)		1,444,533		143
	9.94				0.66			0.76			(0.22	)		1,315,881		161
	29.53				0.70			0.81			(0.04	)		1,103,103		192

	(29.34	)^(d)			0.58	^(e)		0.58	^(e)		(0.18	)^(e)		478,665		81	^(d)
	38.23				0.58			0.58			(0.30	)		697,858		140
	60.84				0.59			0.59			(0.29	)		265,851		93
	15.68				0.62			0.62			(0.19	)		74,378		143
	10.01				0.60			0.60			(0.18	)		44,379		161
	18.74				0.59	^(e)		0.62	^(e)		(0.19	)^(e)		18,841		192

	(29.36	)^(d)			0.66	^(e)		0.66	^(e)		(0.25	)^(e)		1,314,131		81	^(d)
	38.13				0.64			0.64			(0.36	)		1,282,161		140
	60.72				0.65			0.65			(0.31	)		1,037,283		93
	15.62				0.68			0.68			(0.20	)		520,195		143
	9.96				0.66			0.66			(0.21	)		702,389		161
	29.57				0.67			0.70			(0.06	)		303,795		192

See Notes to Financial Statements.

141

Financial Highlights (unaudited)(concluded)

GROWTH LEADERS FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net investment (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period

Class R2
4/30/2022^(c)		$51.32		$(0.15	)		$(12.08	)		$(12.23	)		$(10.00	)		$29.09
10/31/2021		41.38		(0.44	)		14.75			14.31			(4.37	)		51.32
10/31/2020		28.15		(0.27	)		15.84			15.57			(2.34	)		41.38
10/31/2019		29.51		(0.22	)		3.51			3.29			(4.65	)		28.15
10/31/2018		28.78		(0.24	)		2.80			2.56			(1.83	)		29.51
10/31/2017		22.35		(0.15	)		6.58			6.43			–			28.78
Class R3
4/30/2022^(c)		51.28		(0.14	)		(12.06	)		(12.20	)		(10.00	)		29.08
10/31/2021		41.31		(0.39	)		14.73			14.34			(4.37	)		51.28
10/31/2020		28.09		(0.26	)		15.82			15.56			(2.34	)		41.31
10/31/2019		29.43		(0.19	)		3.50			3.31			(4.65	)		28.09
10/31/2018		28.68		(0.21	)		2.79			2.58			(1.83	)		29.43
10/31/2017		22.25		(0.12	)		6.55			6.43			–			28.68
Class R4
4/30/2022^(c)		52.72		(0.09	)		(12.50	)		(12.59	)		(10.00	)		30.13
10/31/2021		42.26		(0.28	)		15.11			14.83			(4.37	)		52.72
10/31/2020		28.62		(0.18	)		16.16			15.98			(2.34	)		42.26
10/31/2019		29.82		(0.13	)		3.58			3.45			(4.65	)		28.62
10/31/2018		28.97		(0.15	)		2.83			2.68			(1.83	)		29.82
10/31/2017		22.42		(0.08	)		6.63			6.55			–			28.97
Class R5
4/30/2022^(c)		54.58		(0.05	)		(13.05	)		(13.10	)		(10.00	)		31.48
10/31/2021		43.51		(0.17	)		15.61			15.44			(4.37	)		54.58
10/31/2020		29.33		(0.10	)		16.62			16.52			(2.34	)		43.51
10/31/2019		30.38		(0.06	)		3.66			3.60			(4.65	)		29.33
10/31/2018		29.41		(0.07	)		2.87			2.80			(1.83	)		30.38
10/31/2017		22.70		–	^(g)		6.71			6.71			–			29.41
Class R6
4/30/2022^(c)		54.88		(0.04	)		(13.13	)		(13.17	)		(10.00	)		31.71
10/31/2021		43.70		(0.15	)		15.70			15.55			(4.37	)		54.88
10/31/2020		29.43		(0.08	)		16.69			16.61			(2.34	)		43.70
10/31/2019		30.45		(0.05	)		3.68			3.63			(4.65	)		29.43
10/31/2018		29.46		(0.05	)		2.87			2.82			(1.83	)		30.45
10/31/2017		22.72		(0.02	)		6.76			6.74			–			29.46

^(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)	Amount less than $0.01.

142	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 (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	(29.59	)^(d)		1.26	^(e)		1.26	^(e)		(0.85	)^(e)		$ 2,721		81	^(d)
	37.32			1.24			1.24			(0.96	)		3,275		140
	59.75			1.25			1.25			(0.84	)		1,551		93
	14.94			1.28			1.28			(0.82	)		1,153		143
	9.31			1.26			1.26			(0.79	)		1,332		161
	28.77			1.26			1.30			(0.60	)		1,784		192

	(29.55	)^(d)		1.16	^(e)		1.16	^(e)		(0.76	)^(e)		16,517		81	^(d)
	37.44			1.14			1.14			(0.86	)		21,928		140
	59.94			1.15			1.15			(0.79	)		18,790		93
	15.03			1.18			1.18			(0.71	)		13,610		143
	9.41			1.16			1.16			(0.71	)		15,206		161
	28.90			1.16			1.21			(0.48	)		13,261		192

	(29.47	)^(d)		0.91	^(e)		0.91	^(e)		(0.51	)^(e)		13,005		81	^(d)
	37.79			0.89			0.89			(0.61	)		18,549		140
	60.33			0.90			0.90			(0.55	)		12,667		93
	15.35			0.93			0.93			(0.47	)		6,543		143
	9.68			0.91			0.91			(0.47	)		6,345		161
	29.21	^(d)		0.92			0.95			(0.31	)		4,698		192

	(29.38	)^(d)		0.66	^(e)		0.66	^(e)		(0.26	)^(e)		12,814		81	^(d)
	38.13			0.64			0.64			(0.36	)		19,722		140
	60.74			0.65			0.65			(0.29	)		14,216		93
	15.61			0.68			0.68			(0.22	)		9,344		143
	9.96			0.66			0.66			(0.22	)		8,598		161
	29.56	^(d)		0.67			0.71			(0.01	)		5,810		192

	(29.34	)^(d)		0.58	^(e)		0.58	^(e)		(0.18	)^(e)		131,191		81	^(d)
	38.23			0.58			0.58			(0.30	)		181,524		140
	60.84			0.60			0.60			(0.24	)		65,478		93
	15.68			0.62			0.62			(0.18	)		36,932		143
	10.01			0.60			0.60			(0.16	)		25,657		161
	29.67	^(d)		0.59			0.62			(0.06	)		20,884		192

See Notes to Financial Statements.

143

Financial Highlights (unaudited)

HEALTH CARE 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
4/30/2022^(c)		$21.96			$(0.02	)		$(3.64	)		$(3.66	)		$ –			$(1.47	)		$(1.47	)
10/31/2021		19.27			(0.10	)		5.10			5.00			–			(2.31	)		(2.31	)
10/31/2020		14.48			(0.06	)		4.85			4.79			–			–			–
7/26/2019 to 10/31/2019^(f)(g)		15.00			(0.01	)		(0.51	)		(0.52	)		–			–			–
Class C
4/30/2022^(c)		21.56			(0.09	)		(3.56	)		(3.65	)		–			(1.47	)		(1.47	)
10/31/2021		19.09			(0.25	)		5.03			4.78			–			(2.31	)		(2.31	)
10/31/2020		14.45			(0.19	)		4.83			4.64			–			–			–
7/26/2019 to 10/31/2019^(f)(g)		15.00			(0.04	)		(0.51	)		(0.55	)		–			–			–
Class F
4/30/2022^(c)		22.08			–	^(h)		(3.66	)		(3.66	)		–			(1.47	)		(1.47	)
10/31/2021		19.32			(0.05	)		5.12			5.07			–			(2.31	)		(2.31	)
10/31/2020		14.49			–	^(h)		4.83			4.83			–	^(h)		–			–
7/26/2019 to 10/31/2019^(f)(g)		15.00			(0.01	)		(0.50	)		(0.51	)		–			–			–
Class F3
4/30/2022^(c)		22.07			0.01			(3.66	)		(3.65	)		–			(1.47	)		(1.47	)
10/31/2021		19.33			(0.04	)		5.11			5.07			(0.02	)		(2.31	)		(2.33	)
10/31/2020		14.49			0.02			4.83			4.85			(0.01	)		–			(0.01	)
7/26/2019 to 10/31/2019^(f)(g)		15.00			–	^(h)		(0.51	)		(0.51	)		–			–			–
Class I
4/30/2022^(c)		22.07			–	^(h)		(3.66	)		(3.66	)		–			(1.47	)		(1.47	)
10/31/2021		19.32			(0.05	)		5.11			5.06			–			(2.31	)		(2.31	)
10/31/2020		14.49			–	^(h)		4.84			4.84			(0.01	)		–			(0.01	)
7/26/2019 to 10/31/2019^(f)(g)		15.00			(0.01	)		(0.50	)		(0.51	)		–			–			–
Class R3
4/30/2022^(c)		21.82			(0.05	)		(3.61	)		(3.66	)		–			(1.47	)		(1.47	)
10/31/2021		19.21			(0.15	)		5.07			4.92			–			(2.31	)		(2.31	)
10/31/2020		14.47			(0.10	)		4.84			4.74			–			–			–
7/26/2019 to 10/31/2019^(f)(g)		15.00			(0.02	)		(0.51	)		(0.53	)		–			–			–
Class R4
4/30/2022^(c)		21.95			(0.02	)		(3.64	)		(3.66	)		–			(1.47	)		(1.47	)
10/31/2021		19.27			(0.10	)		5.09			4.99			–			(2.31	)		(2.31	)
10/31/2020		14.48			(0.05	)		4.84			4.79			–			–			–
7/26/2019 to 10/31/2019^(f)(g)		15.00			(0.01	)		(0.51	)		(0.52	)		–			–			–

144	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 (%)

	$16.83		(17.46	)^(d)		1.03	^(e)		4.02	^(e)		(0.25	)^(e)		$3,155		21	^(d)
	21.96		28.56			1.03			3.90			(0.50	)		3,507		59
	19.27		33.08			1.03			6.30			(0.34	)		2,022		114
	14.48		(3.47	)^(d)		1.03	^(e)		9.00	^(e)		(0.36	)^(e)		906		16	^(d)

	16.44		(17.76	)^(d)		1.78	^(e)		4.77	^(e)		(1.01	)^(e)		620		21	^(d)
	21.56		27.57			1.78			4.62			(1.25	)		786		59
	19.09		32.11			1.78			7.05			(1.11	)		328		114
	14.45		(3.67	)^(d)		1.78	^(e)		9.84	^(e)		(1.17	)^(e)		129		16	^(d)

	16.95		(17.37	)^(d)		0.78	^(e)		3.88	^(e)		0.02	^(e)		510		21	^(d)
	22.08		28.88			0.78			3.63			(0.23	)		587		59
	19.32		33.34			0.78			5.73			–	⁽ⁱ⁾		109		114
	14.49		(3.40	)^(d)		0.78	^(e)		8.95	^(e)		(0.16	)^(e)		483		16	^(d)

	16.95		(17.33	)^(d)		0.69	^(e)		3.63	^(e)		0.07	^(e)		31		21	^(d)
	22.07		28.91			0.71			3.55			(0.18	)		40		59
	19.33		33.49			0.70			5.37			0.11			35		114
	14.49		(3.40	)^(d)		0.70	^(e)		8.72	^(e)		(0.08	)^(e)		483		16	^(d)

	16.94		(17.37	)^(d)		0.78	^(e)		3.77	^(e)		(0.01	)^(e)		15		21	^(d)
	22.07		28.82			0.78			3.66			(0.25	)		20		59
	19.32		33.40			0.78			5.53			0.02			17		114
	14.49		(3.40	)^(d)		0.78	^(e)		8.85	^(e)		(0.16	)^(e)		106		16	^(d)

	16.69		(17.59	)^(d)		1.28	^(e)		4.26	^(e)		(0.51	)^(e)		11		21	^(d)
	21.82		28.19			1.28			4.17			(0.75	)		15		59
	19.21		32.76			1.28			6.53			(0.57	)		13		114
	14.47		(3.53	)^(d)		1.28	^(e)		9.36	^(e)		(0.64	)^(e)		10		16	^(d)

	16.82		(17.48	)^(d)		1.03	^(e)		3.99	^(e)		(0.23	)^(e)		11		21	^(d)
	21.95		28.50			1.03			3.92			(0.50	)		15		59
	19.27		33.08			1.03			6.27			(0.31	)		13		114
	14.48		(3.47	)^(d)		1.03	^(e)		9.12	^(e)		(0.40	)^(e)		10		16	^(d)

See Notes to Financial Statements.

145

Financial Highlights (unaudited)(concluded)

HEALTH CARE 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 R5
4/30/2022^(c)		$22.07		$ –	^(h)		$(3.66	)		$(3.66	)		$ –			$(1.47	)		$(1.47	)
10/31/2021		19.32		(0.05	)		5.12			5.07			(0.01	)		(2.31	)		(2.32	)
10/31/2020		14.49		(0.01	)		4.85			4.84			(0.01	)		–			(0.01	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.50	)		(0.51	)		–			–			–
Class R6
4/30/2022^(c)		22.08		0.01			(3.66	)		(3.65	)		–			(1.47	)		(1.47	)
10/31/2021		19.34		(0.04	)		5.11			5.07			(0.02	)		(2.31	)		(2.33	)
10/31/2020		14.49		0.01			4.85			4.86			(0.01	)		–			(0.01	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		–	^(h)		(0.51	)		(0.51	)		–			–			–

^(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)	Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 7/26/2019 through 7/31/2019.
^(g)	Commencement of operations was 7/26/2019, SEC effective date was 7/31/2019 and date shares first became available to the public was 8/1/2019.
^(h)	Amount less than $0.01.
⁽ⁱ⁾	Amount is less than 0.01%.

146	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 (%)

	$16.94		(17.37	)^(d)		0.78	^(e)		3.73	^(e)		0.03	^(e)		$ 11		21	^(d)
	22.07		28.86			0.78			3.67			(0.24	)		15		59
	19.32		33.39			0.78			6.02			(0.06	)		13		114
	14.49		(3.40	)^(d)		0.78	^(e)		8.83	^(e)		(0.16	)^(e)		10		16	^(d)

	16.96		(17.32	)^(d)		0.69	^(e)		3.62	^(e)		0.08	^(e)		2,117		21	^(d)
	22.08		28.89			0.70			3.48			(0.17	)		2,851		59
	19.34		33.56			0.70			5.83			0.07			1,188		114
	14.49		(3.40	)^(d)		0.70	^(e)		8.72	^(e)		(0.08	)^(e)		484		16	^{^(d)}

See Notes to Financial Statements.

147

Financial Highlights (unaudited)

INTERNATIONAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period			Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2022^(c)		$17.67			$0.08		$(2.56	)		$(2.48	)		$(0.22	)		$(1.75	)		$(1.97	)
10/31/2021		13.41			0.17		4.27			4.44			(0.18	)		–			(0.18	)
10/31/2020		13.19			0.12		0.30			0.42			(0.20	)		–			(0.20	)
10/31/2019		12.18			0.18		1.08			1.26			(0.25	)		–			(0.25	)
10/31/2018		14.10			0.19		(1.83	)		(1.64	)		(0.28	)		–			(0.28	)
10/31/2017		12.03			0.18		2.15			2.33			(0.26	)		–			(0.26	)
Class C
4/30/2022^(c)		17.54			0.02		(2.55	)		(2.53	)		(0.07	)		(1.75	)		(1.82	)
10/31/2021		13.31			0.05		4.22			4.27			(0.04	)		–			(0.04	)
10/31/2020		13.08			0.02		0.30			0.32			(0.09	)		–			(0.09	)
10/31/2019		12.02			0.08		1.08			1.16			(0.10	)		–			(0.10	)
10/31/2018		13.92			0.09		(1.82	)		(1.73	)		(0.17	)		–			(0.17	)
10/31/2017		11.86			0.09		2.13			2.22			(0.16	)		–			(0.16	)
Class F
4/30/2022^(c)		17.61			0.07		(2.52	)		(2.45	)		(0.25	)		(1.75	)		(2.00	)
10/31/2021		13.36			0.22		4.22			4.44			(0.19	)		–			(0.19	)
10/31/2020		13.13			0.10		0.35			0.45			(0.22	)		–			(0.22	)
10/31/2019		12.12			0.20		1.08			1.28			(0.27	)		–			(0.27	)
10/31/2018		14.02			0.22		(1.82	)		(1.60	)		(0.30	)		–			(0.30	)
10/31/2017		11.96			0.22		2.12			2.34			(0.28	)		–			(0.28	)
Class F3
4/30/2022^(c)		17.92			0.11		(2.60	)		(2.49	)		(0.26	)		(1.75	)		(2.01	)
10/31/2021		13.59			0.23		4.32			4.55			(0.22	)		–			(0.22	)
10/31/2020		13.36			0.16		0.30			0.46			(0.23	)		–			(0.23	)
10/31/2019		12.32			0.22		1.11			1.33			(0.29	)		–			(0.29	)
10/31/2018		14.25			0.24		(1.86	)		(1.62	)		(0.31	)		–			(0.31	)
4/4/2017 to 10/31/2017^(f)		12.34			0.05		1.86			1.91			–			–			–
Class I
4/30/2022^(c)		17.88			0.10		(2.59	)		(2.49	)		(0.26	)		(1.75	)		(2.01	)
10/31/2021		13.56			0.21		4.32			4.53			(0.21	)		–			(0.21	)
10/31/2020		13.33			0.16		0.30			0.46			(0.23	)		–			(0.23	)
10/31/2019		12.30			0.23		1.08			1.31			(0.28	)		–			(0.28	)
10/31/2018		14.23			0.25		(1.87	)		(1.62	)		(0.31	)		–			(0.31	)
10/31/2017		12.13			0.24		2.16			2.40			(0.30	)		–			(0.30	)

148	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 (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$13.22		(15.45	)^(d)		1.17	^(e)		1.19	^(e)		1.01	^(e)		$156,350		45	^(d)
	17.67		33.15			1.17			1.19			1.04			193,680		58
	13.41		3.23			1.17			1.21			0.90			154,161		77
	13.19		10.64			1.17			1.17			1.43			178,701		88
	12.18		(11.91	)		1.15			1.16			1.34			194,360		124
	14.10		19.80			1.12			1.22			1.43			241,626		163

	13.19		(15.72	)^(d)		1.92	^(e)		1.94	^(e)		0.24	^(e)		5,935		45	^(d)
	17.54		32.20			1.92			1.94			0.28			7,622		58
	13.31		2.27			1.92			2.00			0.17			6,676		77
	13.08		9.88			1.92			1.92			0.68			10,652		88
	12.02		(12.59	)		1.90			1.92			0.65			12,821		124
	13.92		19.02			1.85			1.95			0.71			25,687		163

	13.16		(15.34	)^(d)		0.96	^(e)		1.04	^(e)		0.94	^(e)		13,020		45	^(d)
	17.61		33.43			0.96			1.04			1.30			24,909		58
	13.36		3.39			0.96			1.03			0.77			10,435		77
	13.13		10.90			0.96			1.02			1.64			48,782		88
	12.12		(11.77	)		0.92			1.01			1.63			58,347		124
	14.02		20.17			0.87			1.06			1.71			63,479		163

	13.42		(15.27	)^(d)		0.84	^(e)		0.85	^(e)		1.48	^(e)		6,316		45	^(d)
	17.92		33.57			0.84			0.86			1.38			5,928		58
	13.59		3.53			0.84			0.86			1.23			4,489		77
	13.36		11.13			0.84			0.85			1.76			4,527		88
	12.32		(11.62	)		0.78			0.85			1.73			5,083		124
	14.25		15.48	^(d)		0.68	^(e)		0.91	^(e)		0.65	^(e)		5,847		163

	13.38		(15.32	)^(d)		0.86	^(e)		0.94	^(e)		1.33	^(e)		143,871		45	^(d)
	17.88		33.55			0.86			0.94			1.24			170,044		58
	13.56		3.52			0.86			0.94			1.20			179,796		77
	13.33		11.04			0.86			0.92			1.82			198,368		88
	12.30		(11.65	)		0.82			0.91			1.78			277,141		124
	14.23		20.26			0.77			0.96			1.87			292,598		163

See Notes to Financial Statements.

149

Financial Highlights (unaudited) (continued)

INTERNATIONAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class P
4/30/2022^(c)		$17.69		$0.06		$(2.56	)		$(2.50	)		$(0.18	)		$(1.75	)		$(1.93	)
10/31/2021		13.42		0.09		4.31			4.40			(0.13	)		–			(0.13	)
10/31/2020		13.20		0.09		0.30			0.39			(0.17	)		–			(0.17	)
10/31/2019		12.17		0.16		1.09			1.25			(0.22	)		–			(0.22	)
10/31/2018		14.10		0.14		(1.82	)		(1.68	)		(0.25	)		–			(0.25	)
10/31/2017		12.03		0.15		2.16			2.31			(0.24	)		–			(0.24	)
Class R2
4/30/2022^(c)		17.67		0.05		(2.57	)		(2.52	)		(0.15	)		(1.75	)		(1.90	)
10/31/2021		13.39		0.12		4.25			4.37			(0.09	)		–			(0.09	)
10/31/2020		13.17		0.06		0.32			0.38			(0.16	)		–			(0.16	)
10/31/2019		12.13		0.14		1.08			1.22			(0.18	)		–			(0.18	)
10/31/2018		14.05		0.13		(1.83	)		(1.70	)		(0.22	)		–			(0.22	)
10/31/2017		11.99		0.16		2.12			2.28			(0.22	)		–			(0.22	)
Class R3
4/30/2022^(c)		17.38		0.06		(2.51	)		(2.45	)		(0.17	)		(1.75	)		(1.92	)
10/31/2021		13.20		0.13		4.18			4.31			(0.13	)		–			(0.13	)
10/31/2020		12.98		0.08		0.30			0.38			(0.16	)		–			(0.16	)
10/31/2019		11.98		0.15		1.06			1.21			(0.21	)		–			(0.21	)
10/31/2018		13.87		0.14		(1.79	)		(1.65	)		(0.24	)		–			(0.24	)
10/31/2017		11.84		0.15		2.12			2.27			(0.24	)		–			(0.24	)
Class R4
4/30/2022^(c)		17.58		0.08		(2.55	)		(2.47	)		(0.21	)		(1.75	)		(1.96	)
10/31/2021		13.35		0.18		4.23			4.41			(0.18	)		–			(0.18	)
10/31/2020		13.14		0.11		0.30			0.41			(0.20	)		–			(0.20	)
10/31/2019		12.13		0.18		1.09			1.27			(0.26	)		–			(0.26	)
10/31/2018		14.07		0.19		(1.83	)		(1.64	)		(0.30	)		–			(0.30	)
10/31/2017		12.00		0.17		2.16			2.33			(0.26	)		–			(0.26	)
Class R5
4/30/2022^(c)		17.78		0.05		(2.52	)		(2.47	)		(0.26	)		(1.75	)		(2.01	)
10/31/2021		13.50		0.22		4.27			4.49			(0.21	)		–			(0.21	)
10/31/2020		13.27		0.15		0.31			0.46			(0.23	)		–			(0.23	)
10/31/2019		12.26		0.21		1.08			1.29			(0.28	)		–			(0.28	)
10/31/2018		14.19		0.22		(1.84	)		(1.62	)		(0.31	)		–			(0.31	)
10/31/2017		12.11		0.16		2.21			2.37			(0.29	)		–			(0.29	)

150	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 (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
		��
	$13.26		(15.51	)^(d)		1.34	^(e)		1.36	^(e)		0.85	^(e)	$	11		45	^(d)
	17.69		32.90			1.37			1.39			0.53			13		58
	13.42		2.96			1.37			1.40			0.72			38		77
	13.20		10.50			1.37			1.37			1.25			42		88
	12.17		(12.14	)		1.35			1.36			1.02			40		124
	14.10		19.59			1.32			1.42			1.19			89		163

	13.25		(15.60	)^(d)		1.52	^(e)		1.54	^(e)		0.68	^(e)		156		45	^(d)
	17.67		32.70			1.52			1.54			0.70			178		58
	13.39		2.86			1.52			1.54			0.46			137		77
	13.17		10.32			1.52			1.52			1.09			451		88
	12.13		(12.28	)		1.50			1.52			0.93			375		124
	14.05		19.40			1.47			1.56			1.22			679		163

	13.01		(15.48	)^(d)		1.42	^(e)		1.44	^(e)		0.75	^(e)		5,026		45	^(d)
	17.38		32.81			1.42			1.44			0.80			6,114		58
	13.20		2.92			1.42			1.46			0.67			5,354		77
	12.98		10.39			1.42			1.42			1.21			7,208		88
	11.98		(12.18	)		1.40			1.41			1.05			8,954		124
	13.87		19.63			1.34			1.44			1.23			12,674		163

	13.15		(15.41	)^(d)		1.17	^(e)		1.19	^(e)		1.04	^(e)		1,434		45	^(d)
	17.58		33.11			1.17			1.19			1.06			1,685		58
	13.35		3.17			1.17			1.20			0.90			1,165		77
	13.14		10.77			1.17			1.17			1.46			1,180		88
	12.13		(11.96	)		1.15			1.16			1.36			948		124
	14.07		19.92			1.10			1.18			1.25			582		163

	13.30		(15.30	)^(d)		0.92	^(e)		0.93	^(e)		0.58	^(e)		22		45	^(d)
	17.78		33.50			0.92			0.94			1.30			81		58
	13.50		3.39			0.92			0.94			1.18			64		77
	13.27		11.00			0.92			0.92			1.68			81		88
	12.26		(11.68	)		0.90			0.91			1.61			69		124
	14.19		20.10			0.87			0.94			1.21			71		163

See Notes to Financial Statements.

151

Financial Highlights (unaudited)(concluded)

INTERNATIONAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R6
4/30/2022^(c)		$17.91		$0.10		$(2.59	)		$(2.49	)		$(0.26	)		$(1.75	)		$(2.01	)
10/31/2021		13.58		0.23		4.32			4.55			(0.22	)		–			(0.22	)
10/31/2020		13.35		0.16		0.30			0.46			(0.23	)		–			(0.23	)
10/31/2019		12.32		0.22		1.10			1.32			(0.29	)		–			(0.29	)
10/31/2018		14.24		0.24		(1.85	)		(1.61	)		(0.31	)		–			(0.31	)
10/31/2017		12.14		0.26		2.14			2.40			(0.30	)		–			(0.30	)

^(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.

152	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 (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$13.41		(15.28	)^(d)		0.84	^(e)		0.85	^(e)		1.35	^(e)		$3,278		45	^(d)
	17.91		33.60			0.84			0.86			1.36			4,180		58
	13.58		3.53			0.84			0.86			1.23			2,143		77
	13.35		11.04			0.84			0.85			1.78			2,489		88
	12.32		(11.62	)		0.78			0.85			1.73			2,667		124
	14.24		20.35			0.70			0.86			2.04			3,074		163

See Notes to Financial Statements.

153

Financial Highlights (unaudited)

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
4/30/2022^(c)		$21.36		$0.05			$(3.59	)		$(3.54	)			$(0.48	)		$ –			$(0.48	)
10/31/2021		15.69		0.20			5.47			5.67				–			–			–
10/31/2020		16.02		0.06			(0.18	)		(0.12	)			(0.21	)		–			(0.21	)
10/31/2019		16.84		0.16			0.77			0.93				(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	)
Class C
4/30/2022^(c)		19.57		(0.03	)		(3.29	)		(3.32	)			(0.32	)		–			(0.32	)
10/31/2021		14.47		0.04			5.06			5.10				–			–			–
10/31/2020		14.78		(0.05	)		(0.19	)		(0.24	)			(0.07	)		–			(0.07	)
10/31/2019		15.61		0.04			0.71			0.75				–	^(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				–			–			–
Class F
4/30/2022^(c)		21.19		0.06			(3.56	)		(3.50	)			(0.51	)		–			(0.51	)
10/31/2021		15.53		0.23			5.43			5.66				–			–			–
10/31/2020		15.86		0.07			(0.17	)		(0.10	)			(0.23	)		–			(0.23	)
10/31/2019		16.70		0.18			0.76			0.94				(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	)
Class F3
4/30/2022^(c)		22.22		0.09			(3.74	)		(3.65	)			(0.54	)		–			(0.54	)
10/31/2021		16.26		0.29			5.67			5.96				–			–			–
10/31/2020		16.59		0.12			(0.20	)		(0.08	)			(0.25	)		–			(0.25	)
10/31/2019		17.38		0.22			0.80			1.02				(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												��
4/30/2022^(c)		22.08		0.07			(3.70	)		(3.63	)			(0.53	)		–			(0.53	)
10/31/2021		16.17		0.26			5.65			5.91				–			–			–
10/31/2020		16.51		0.10			(0.19	)		(0.09	)			(0.25	)		–			(0.25	)
10/31/2019		17.32		0.21			0.79			1.00				(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	)

154	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 (%)

	$17.34		(16.80	)^(d)		1.21	^(e)		1.23	^(e)		0.49	^(e)		$106,326		37	^(d)
	21.36		36.14			1.19			1.21			1.00			130,088		74
	15.69		(0.84	)		1.21			1.24			0.41			96,338		55
	16.02		7.05			1.25			1.25			1.04			126,700		58
	16.84		(15.72	)		1.20			1.20			0.73			172,940		81
	20.88		30.38			1.23			1.23			0.50			190,861		76

	15.93		(17.15	)^(d)		1.96	^(e)		1.98	^(e)		(0.31	^)(e)		10,429		37	^(d)
	19.57		35.25			1.95			1.96			0.22			14,488		74
	14.47		(1.63	)		1.97			1.99			(0.38	⁾		12,840		55
	14.78		6.23			2.00			2.00			0.29			22,450		58
	15.61		(16.34	)		1.95			1.95			–	^(g)		33,874		81
	19.46		29.47			1.97			1.97			(0.26	⁾		39,434		76

	17.18		(16.72	)^(d)		1.06	^(e)		1.08	^(e)		0.58	^(e)		34,480		37	^(d)
	21.19		36.38			1.05			1.06			1.13			54,601		74
	15.53		(0.72	)		1.07			1.09			0.44			43,222		55
	15.86		7.19			1.09			1.09			1.20			91,019		58
	16.70		(15.58	)		1.05			1.05			0.91			206,400		81
	20.70		30.59			1.07			1.07			0.58			264,221		76

	18.03		(16.69	)^(d)		0.88	^(e)		0.90	^(e)		0.87	^(e)		28,948		37	^(d)
	22.22		36.65			0.86			0.88			1.36			30,504		74
	16.26		(0.54	)		0.89			0.91			0.75			17,579		55
	16.59		7.43			0.91			0.91			1.40			19,153		58
	17.38		(15.46	)		0.87			0.87			1.11			22,158		81
	21.49		21.13	^(d)		0.89	^(e)		0.89	^(e)		(0.15	^)(e)		18,095		76

	17.92		(16.72	)^(d)		0.96	^(e)		0.98	^(e)		0.75	^(e)		164,411		37	^(d)
	22.08		36.55			0.95			0.96			1.24			193,183		74
	16.17		(0.62	)		0.97			0.99			0.66			146,416		55
	16.51		7.24			1.00			1.00			1.32			221,455		58
	17.32		(15.46	)		0.95			0.95			0.94			235,952		81
	21.44		30.74			0.99			0.99			0.76			249,331		76

See Notes to Financial Statements.

155

Financial Highlights (unaudited)(continued)

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 P
4/30/2022^(c)		$21.89		$0.03		$(3.68	)		$(3.65	)		$(0.43	)		$ –			$(0.43	)
10/31/2021		16.10		0.17		5.62			5.79			–			–			–
10/31/2020		16.43		0.05		(0.22	)		(0.17	)		(0.16	)		–			(0.16	)
10/31/2019		17.18		0.14		0.79			0.93			(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	)
Class R2
4/30/2022^(c)		20.89		0.01		(3.51	)		(3.50	)		(0.39	)		–			(0.39	)
10/31/2021		15.39		0.12		5.38			5.50			–			–			–
10/31/2020		15.72		0.01		(0.20	)		(0.19	)		(0.14	)		–			(0.14	)
10/31/2019		16.54		0.11		0.75			0.86			(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	)
Class R3
4/30/2022^(c)		20.82		0.02		(3.51	)		(3.49	)		(0.35	)		–			(0.35	)
10/31/2021		15.32		0.10		5.40			5.50			–			–			–
10/31/2020		15.64		0.02		(0.19	)		(0.17	)		(0.15	)		–			(0.15	)
10/31/2019		16.53		0.09		0.77			0.86			(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	)
Class R4
4/30/2022^(c)		21.26		0.05		(3.57	)		(3.52	)		(0.48	)		–			(0.48	)
10/31/2021		15.61		0.18		5.47			5.65			–			–			–
10/31/2020		15.95		0.07		(0.19	)		(0.12	)		(0.22	)		–			(0.22	)
10/31/2019		16.79		0.14		0.78			0.92			(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	)
Class R5
4/30/2022^(c)		22.07		0.07		(3.70	)		(3.63	)		(0.53	)		–			(0.53	)
10/31/2021		16.17		0.14		5.76			5.90			–			–			–
10/31/2020		16.50		0.08		(0.16	)		(0.08	)		(0.25	)		–			(0.25	)
10/31/2019		17.32		0.16		0.83			0.99			(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	)

156	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 (%)

	$17.81		(16.92	)^(d)		1.41	^(e)		1.43	^(e)		0.33	^(e)		$ 128		37	^(d)
	21.89		35.96			1.39			1.41			0.80			140		74
	16.10		(1.08	)		1.41			1.43			0.30			119		55
	16.43		6.80			1.45			1.45			0.91			96		58
	17.18		(15.87	)		1.40			1.40			0.50			132		81
	21.26		30.12			1.45			1.45			0.23			229		76

	17.00		(16.98	)^(d)		1.56	^(e)		1.58	^(e)		0.11	^(e)		2,195		37	^(d)
	20.89		35.74			1.55			1.56			0.63			2,771		74
	15.39		(1.24	)		1.57			1.59			0.06			2,522		55
	15.72		6.67			1.60			1.60			0.72			3,318		58
	16.54		(16.00	)		1.55			1.55			0.32			3,476		81
	20.53		29.96			1.57			1.57			0.21			5,228		76

	16.98		(16.92	)^(d)		1.46	^(e)		1.48	^(e)		0.23	^(e)		5,239		37	^(d)
	20.82		35.90			1.45			1.47			0.51			6,838		74
	15.32		(1.17	)		1.46			1.49			0.10			15,313		55
	15.64		6.77			1.50			1.50			0.58			19,568		58
	16.53		(15.87	)		1.46			1.46			0.54			35,677		81
	20.49		30.07			1.47			1.47			0.14			9,828		76

	17.26		(16.83	)^(d)		1.21	^(e)		1.23	^(e)		0.48	^(e)		2,309		37	^(d)
	21.26		36.19			1.20			1.22			0.91			2,869		74
	15.61		(0.90	)		1.21			1.24			0.44			4,889		55
	15.95		7.06			1.25			1.25			0.93			6,293		58
	16.79		(15.70	)		1.20			1.20			0.80			5,606		81
	20.82		30.43			1.23			1.23			0.55			3,334		76

	17.91		(16.70	)^(d)		0.96	^(e)		0.98	^(e)		0.73	^(e)		2,559		37	^(d)
	22.07		36.49			0.95			0.97			0.70			3,283		74
	16.17		(0.56	)		0.96			0.99			0.47			15,842		55
	16.50		7.25			1.00			1.00			1.00			17,765		58
	17.32		(15.47	)		0.97			0.97			1.06			39,621		81
	21.43		30.69			0.98			0.98			0.79			4,121		76

See Notes to Financial Statements.

157

Financial Highlights (unaudited)(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 R6
4/30/2022^(c)		$22.22		$0.08		$(3.73	)		$(3.65	)		$(0.54	)		$ –			$(0.54	)
10/31/2021		16.26		0.24		5.72			5.96			–			–			–
10/31/2020		16.59		0.11		(0.19	)		(0.08	)		(0.25	)		–			(0.25	)
10/31/2019		17.39		0.21		0.80			1.01			(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	)

^(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 0.01%.
^(h)	Commenced on April 4, 2017.

158	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 (%)

	$18.03		(16.69	)^(d)		0.88	^(e)		0.90	^(e)		0.82	^(e)		$19,698		37	^(d)
	22.22		36.65			0.87			0.89			1.14			25,184		74
	16.26		(0.54	)		0.89			0.91			0.72			31,986		55
	16.59		7.37			0.91			0.91			1.30			33,183		58
	17.39		(15.41	)		0.87			0.87			1.04			34,281		81
	21.49		30.85			0.90			0.90			1.03			17,212		76

See Notes to Financial Statements.

159

Financial Highlights (unaudited)

INTERNATIONAL 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 (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
4/30/2022^(c)	$	8.00	$	0.12		$	(0.67	)	$	(0.55	)	$	(0.14	)	$	7.31
10/31/2021		6.03		0.21			1.98			2.19			(0.22	)		8.00
10/31/2020		6.98		0.12			(0.94	)		(0.82	)		(0.13	)		6.03
10/31/2019		6.73		0.20			0.26			0.46			(0.21	)		6.98
10/31/2018		7.63		0.22			(0.89	)		(0.67	)		(0.23	)		6.73
10/31/2017		6.71		0.22			0.95			1.17			(0.25	)		7.63
Class C
4/30/2022^(c)		7.93		0.09			(0.66	)		(0.57	)		(0.11	)		7.25
10/31/2021		5.98		0.15			1.96			2.11			(0.16	)		7.93
10/31/2020		6.92		0.07			(0.94	)		(0.87	)		(0.07	)		5.98
10/31/2019		6.67		0.15			0.25			0.40			(0.15	)		6.92
10/31/2018		7.56		0.16			(0.88	)		(0.72	)		(0.17	)		6.67
10/31/2017		6.66		0.17			0.92			1.09			(0.19	)		7.56
Class F
4/30/2022^(c)		8.04		0.13			(0.67	)		(0.54	)		(0.15	)		7.35
10/31/2021		6.06		0.23			1.98			2.21			(0.23	)		8.04
10/31/2020		7.01		0.13			(0.94	)		(0.81	)		(0.14	)		6.06
10/31/2019		6.76		0.21			0.26			0.47			(0.22	)		7.01
10/31/2018		7.66		0.23			(0.89	)		(0.66	)		(0.24	)		6.76
10/31/2017		6.73		0.24			0.95			1.19			(0.26	)		7.66
Class F3
4/30/2022^(c)		8.06		0.14			(0.68	)		(0.54	)		(0.15	)		7.37
10/31/2021		6.07		0.24			1.99			2.23			(0.24	)		8.06
10/31/2020		7.02		0.14			(0.95	)		(0.81	)		(0.14	)		6.07
10/31/2019		6.77		0.22			0.26			0.48			(0.23	)		7.02
10/31/2018		7.67		0.24			(0.89	)		(0.65	)		(0.25	)		6.77
4/4/2017 to 10/31/2017^(f)		7.03		(0.01	)		0.79			0.78			(0.14	)		7.67
Class I
4/30/2022^(c)		8.06		0.14			(0.68	)		(0.54	)		(0.15	)		7.37
10/31/2021		6.07		0.25			1.98			2.23			(0.24	)		8.06
10/31/2020		7.03		0.15			(0.97	)		(0.82	)		(0.14	)		6.07
10/31/2019		6.77		0.23			0.25			0.48			(0.22	)		7.03
10/31/2018		7.68		0.23			(0.89	)		(0.66	)		(0.25	)		6.77
10/31/2017		6.75		0.25			0.94			1.19			(0.26	)		7.68

160	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 (%)

	(6.95	)^(d)		1.12	^(e)		1.13	^(e)		3.84	^(e)	$	221,472		37	^(d)
	36.44			1.12			1.14			2.73			242,422		61
	(11.89	)		1.12			1.18			1.91			186,426		71
	6.91			1.12			1.16			2.97			256,381		62
	(9.05	)		1.12			1.14			2.85			290,289		74
	17.68			1.12			1.14			3.15			367,465		61

	(7.27	)^(d)		1.87	^(e)		1.88	^(e)		3.03	^(e)		8,027		37	^(d)
	35.37			1.87			1.89			1.88			10,707		61
	(12.58	)		1.87			1.93			1.09			13,027		71
	6.12			1.87			1.91			2.17			32,274		62
	(9.71	)		1.87			1.89			2.07			45,888		74
	16.60			1.87			1.89			2.41			68,558		61

	(6.97	)^(d)		0.92	^(e)		0.98	^(e)		4.03	^(e)		16,933		37	^(d)
	36.78			0.92			0.99			2.93			29,094		61
	(11.69	)		0.92			1.03			2.06			23,560		71
	7.04			0.92			1.01			3.10			37,857		62
	(8.87	)		0.91			0.99			3.06			54,167		74
	17.96			0.91			0.99			3.37			95,299		61

	(6.78	)^(d)		0.79	^(e)		0.82	^(e)		4.19	^(e)		24,847		37	^(d)
	36.87			0.79			0.83			3.06			25,103		61
	(11.57	)		0.80			0.85			2.24			18,311		71
	7.15			0.81			0.84			3.28			24,764		62
	(8.76	)		0.82			0.83			3.21			26,911		74
	11.16	^(d)		0.77	^(e)		0.83	^(e)		(0.19	)^(e)		27,215		61

	(6.79	)^(d)		0.82	^(e)		0.87	^(e)		4.14	^(e)		318,767		37	^(d)
	36.86			0.82			0.89			3.14			334,988		61
	(11.71	)		0.82			0.93			2.26			197,616		71
	7.29			0.82			0.91			3.35			219,764		62
	(8.89	)		0.81			0.89			3.05			310,984		74
	18.02			0.81			0.89			3.48			471,341		61

See Notes to Financial Statements.

161

Financial Highlights (unaudited)(concluded)

INTERNATIONAL 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 (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class R2		��
4/30/2022^(c)	$	8.21	$	0.11	$	(0.69	)	$	(0.58	)	$	(0.13	)	$	7.50
10/31/2021		6.18		0.19		2.03			2.22			(0.19	)		8.21
10/31/2020		7.14		0.07		(0.96	)		(0.89	)		(0.07	)		6.18
10/31/2019		6.88		0.18		0.26			0.44			(0.18	)		7.14
10/31/2018		7.80		0.18		(0.90	)		(0.72	)		(0.20	)		6.88
10/31/2017		6.86		0.21		0.95			1.16			(0.22	)		7.80
Class R3
4/30/2022^(c)		8.09		0.11		(0.67	)		(0.56	)		(0.13	)		7.40
10/31/2021		6.10		0.20		1.99			2.19			(0.20	)		8.09
10/31/2020		7.05		0.11		(0.95	)		(0.84	)		(0.11	)		6.10
10/31/2019		6.80		0.18		0.26			0.44			(0.19	)		7.05
10/31/2018		7.71		0.19		(0.89	)		(0.70	)		(0.21	)		6.80
10/31/2017		6.78		0.21		0.95			1.16			(0.23	)		7.71
Class R4
4/30/2022^(c)		7.98		0.13		(0.68	)		(0.55	)		(0.14	)		7.29
10/31/2021		6.01		0.24		1.95			2.19			(0.22	)		7.98
10/31/2020		6.97		0.13		(0.96	)		(0.83	)		(0.13	)		6.01
10/31/2019		6.72		0.20		0.26			0.46			(0.21	)		6.97
10/31/2018		7.62		0.20		(0.87	)		(0.67	)		(0.23	)		6.72
10/31/2017		6.71		0.21		0.95			1.16			(0.25	)		7.62
Class R5
4/30/2022^(c)		8.03		0.12		(0.66	)		(0.54	)		(0.15	)		7.34
10/31/2021		6.05		0.24		1.98			2.22			(0.24	)		8.03
10/31/2020		7.01		0.14		(0.96	)		(0.82	)		(0.14	)		6.05
10/31/2019		6.76		0.23		0.25			0.48			(0.23	)		7.01
10/31/2018		7.66		0.24		(0.89	)		(0.65	)		(0.25	)		6.76
10/31/2017		6.74		0.24		0.94			1.18			(0.26	)		7.66
Class R6
4/30/2022^(c)		8.06		0.14		(0.68	)		(0.54	)		(0.15	)		7.37
10/31/2021		6.07		0.24		1.99			2.23			(0.24	)		8.06
10/31/2020		7.02		0.14		(0.95	)		(0.81	)		(0.14	)		6.07
10/31/2019		6.77		0.22		0.26			0.48			(0.23	)		7.02
10/31/2018		7.67		0.24		(0.89	)		(0.65	)		(0.25	)		6.77
10/31/2017		6.75		0.26		0.92			1.18			(0.26	)		7.67

^(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.

162	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 (%)

	(7.14	)^(d)		1.47	^(e)		1.48	^(e)		3.51	^(e)	$	42		37	^(d)
	36.04			1.47			1.49			2.37			27		61
	(12.47	)		1.47			1.55			0.99			20		71
	6.54			1.47			1.51			2.64			449		62
	(9.44	)		1.47			1.49			2.35			369		74
	17.17			1.47			1.49			2.93			592		61

	(6.98	)^(d)		1.37	^(e)		1.37	^(e)		3.54	^(e)		7,460		37	^(d)
	36.00			1.37			1.39			2.50			6,840		61
	(12.00	)		1.37			1.43			1.69			5,394		71
	6.56			1.37			1.41			2.70			7,029		62
	(9.35	)		1.37			1.39			2.41			7,801		74
	17.35			1.37			1.39			2.90			12,888		61

	(6.97	)^(d)		1.12	^(e)		1.12	^(e)		3.93	^(e)		155		37	^(d)
	36.35			1.12			1.14			2.98			153		61
	(11.90	)		1.12			1.17			2.05			36		71
	6.92			1.12			1.17			2.99			36		62
	(9.06	)		1.12			1.13			2.67			40		74
	17.60			1.11			1.11			2.85			38		61

	(6.81	)^(d)		0.84	^(e)		0.85	^(e)		3.77	^(e)		11		37	^(d)
	36.82			0.87			0.88			3.09			15		61
	(11.74	)		0.87			0.91			2.20			9		71
	7.16			0.87			0.89			3.36			10		62
	(8.78	)		0.86			0.86			3.12			10		74
	17.90			0.87			0.86			3.39			11		61

	(6.78	)^(d)		0.79	^(e)		0.82	^(e)		4.22	^(e)		1,654		37	^(d)
	36.87			0.79			0.83			3.06			1,375		61
	(11.57	)		0.80			0.85			2.17			952		71
	7.15			0.81			0.84			3.22			1,507		62
	(8.76	)		0.82			0.83			3.17			1,758		74
	17.88			0.81			0.83			3.45			2,229		61

See Notes to Financial Statements.

163

Financial Highlights (unaudited)

MICRO CAP GROWTH FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net investment (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
Class A
4/30/2022^(c)	$	19.36	$	(0.06	)	$	(6.06	)	$	(6.12	)	$	–		$	13.24
10/31/2021		17.51		(0.25	)		7.18			6.93			(5.08	)		19.36
10/31/2020		13.83		(0.18	)		6.23			6.05			(2.37	)		17.51
10/31/2019		18.05		(0.21	)		0.98			0.77			(4.99	)		13.83
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
Class C
4/30/2022^(c)		23.49		(0.15	)		(7.33	)		(7.48	)		–			16.01
10/31/2021		20.44		(0.49	)		8.62			8.13			(5.08	)		23.49
8/28/2020 to 10/31/2020^(f)		20.16		(0.07	)		0.35			0.28			–			20.44
Class F
4/30/2022^(c)		23.77		(0.06	)		(7.43	)		(7.49	)		–			16.28
10/31/2021		20.47		(0.25	)		8.63			8.38			(5.08	)		23.77
8/28/2020 to 10/31/2020^(f)		20.16		(0.04	)		0.35			0.31			–			20.47
Class I
4/30/2022^(c)		23.77		(0.05	)		(7.44	)		(7.49	)		–			16.28
10/31/2021		20.47		(0.24	)		8.62			8.38			(5.08	)		23.77
10/31/2020		15.77		(0.19	)		7.26			7.07			(2.37	)		20.47
10/31/2019		19.84		(0.24	)		1.16			0.92			(4.99	)		15.77
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

^(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 August 28, 2020.

164	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 (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	(31.61	)^(d)		1.39	^(e)		1.40	^(e)		(0.79	)^(e)	$	36,839		41	^(d)
	47.12			1.36			1.37			(1.29	)		61,063		102
	51.19			1.56			1.56			(1.32	)		11,747		115
	8.33			1.66			1.66			(1.48	)		12,590		94
	16.32			1.63			1.63			(1.43	)		11,616		73
	39.39			1.67			1.67			(1.36	)		9,893		105

	(31.84	)^(d)		2.15	^(e)		2.15	^(e)		(1.55	)^(e)		7,825		41	^(d)
	46.03			2.12			2.13			(2.05	)		13,532		102
	1.29	^(d)		2.03	^(e)		2.05	^(e)		(1.91	)^(e)		849		115	^(d)

	(31.51	)^(d)		1.14	^(e)		1.25	^(e)		(0.56	)^(e)		85,214		41	^(d)
	47.39			1.12			1.22			(1.05	)		167,300		102
	1.49	^(d)		1.10	^(e)		1.20	^(e)		(0.97	)^(e)		12,089		115	^(d)

	(31.51	)^(d)		1.14	^(e)		1.15	^(e)		(0.52	)^(e)		110,389		41	^(d)
	47.39			1.11			1.12			(1.03	)		155,420		102
	51.47			1.44			1.45			(1.19	)		90,725		115
	8.34			1.66			1.66			(1.48	)		119,822		94
	16.31			1.63			1.63			(1.43	)		133,719		73
	39.44			1.67			1.67			(1.36	)		139,068		105

See Notes to Financial Statements.

165

Financial Highlights (unaudited)

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
4/30/2022^(c)		$23.70		$0.04			$(2.91	)		$(2.87	)		$ –			$(2.88	)		$(2.88	)
10/31/2021		16.98		0.01			7.76			7.77			(0.05	)		(1.00	)		(1.05	)
10/31/2020		18.62		0.05			0.39			0.44			(0.07	)		(2.01	)		(2.08	)
10/31/2019		19.50		0.05			0.84			0.89			(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	)
Class C
4/30/2022^(c)		19.92		(0.03	)		(2.36	)		(2.39	)		–			(2.88	)		(2.88	)
10/31/2021		14.47		(0.13	)		6.58			6.45			–			(1.00	)		(1.00	)
10/31/2020		16.22		(0.06	)		0.32			0.26			–			(2.01	)		(2.01	)
10/31/2019		17.32		(0.07	)		0.73			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	)
Class F
4/30/2022^(c)		24.37		0.05			(3.00	)		(2.95	)		(0.03	)		(2.88	)		(2.91	)
10/31/2021		17.42		0.04			7.98			8.02			(0.07	)		(1.00	)		(1.07	)
10/31/2020		19.06		0.07			0.39			0.46			(0.09	)		(2.01	)		(2.10	)
10/31/2019		19.92		0.08			0.86			0.94			(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	)
Class F3
4/30/2022^(c)		25.16		0.08			(3.11	)		(3.03	)		(0.06	)		(2.88	)		(2.94	)
10/31/2021		17.95		0.09			8.21			8.30			(0.09	)		(1.00	)		(1.09	)
10/31/2020		19.56		0.11			0.41			0.52			(0.12	)		(2.01	)		(2.13	)
10/31/2019		20.38		0.12			0.88			1.00			(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
4/30/2022^(c)		24.95		0.07			(3.09	)		(3.02	)		(0.05	)		(2.88	)		(2.93	)
10/31/2021		17.82		0.06			8.16			8.22			(0.09	)		(1.00	)		(1.09	)
10/31/2020		19.45		0.09			0.41			0.50			(0.12	)		(2.01	)		(2.13	)
10/31/2019		20.29		0.10			0.88			0.98			(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	)

166	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 (%)

	$17.95		(14.14	)^(d)		1.15	^(e)		1.15	^(e)		0.38	^(e)		$ 707,331		25	^(d)
	23.70		47.52			1.15			1.15			0.04			851,298		56
	16.98		2.35			1.18			1.18			0.29			625,448		36
	18.62		5.22			1.18			1.18			0.29			775,746		51
	19.50		(0.28	)		1.11			1.11			0.06			922,813		54
	20.80		16.23			1.15			1.15			0.14			1,028,166		57

	14.65		(14.44	)^(d)		1.90	^(e)		1.90	^(e)		(0.37	)^(e)		55,014		25	^(d)
	19.92		46.42			1.90			1.90			(0.70	)		76,310		56
	14.47		1.57			1.93			1.93			(0.45	)		63,709		36
	16.22		4.48			1.93			1.93			(0.46	)		142,020		51
	17.32		(1.05	)		1.87			1.87			(0.69	)		225,551		54
	18.75		15.35			1.89			1.89			(0.61	)		335,148		57

	18.51		(14.09	)^(d)		1.00	^(e)		1.00	^(e)		0.53	^(e)		134,884		25	^(d)
	24.37		47.76			1.00			1.00			0.19			189,251		56
	17.42		2.50			1.03			1.03			0.44			138,870		36
	19.06		5.38			1.03			1.03			0.45			210,350		51
	19.92		(0.03	)		0.97			0.97			0.22			390,627		54
	21.18		16.34			1.00			1.00			0.27			807,684		57

	19.19		(13.99	)^(d)		0.81	^(e)		0.81	^(e)		0.71	^(e)		213,264		25	^(d)
	25.16		48.05			0.81			0.81			0.38			255,539		56
	17.95		2.69			0.83			0.83			0.64			200,055		36
	19.56		5.61			0.83			0.83			0.64			260,948		51
	20.38		0.13			0.78			0.78			0.39			331,176		54
	21.65		6.91	^(d)		0.79	^(e)		0.79	^(e)		(0.25	)^(e)		315,394		57

	19.00		(14.04	)^(d)		0.90	^(e)		0.90	^(e)		0.63	^(e)		230,636		25	^(d)
	24.95		47.93			0.89			0.89			0.28			412,964		56
	17.82		2.58			0.93			0.93			0.54			218,137		36
	19.45		5.51			0.93			0.93			0.54			292,610		51
	20.29		(0.02	)		0.86			0.86			0.30			450,720		54
	21.59		16.51			0.90			0.90			0.41			397,265		57

See Notes to Financial Statements.

167

Financial Highlights (unaudited)(continued)

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 P
4/30/2022^(c)		$23.08		$ 0.02			$(2.82	)		$(2.80	)		$ –			$(2.88	)		$(2.88	)
10/31/2021		16.55		(0.03	)		7.56			7.53			–	^(g)		(1.00	)		(1.00	)
10/31/2020		18.20		0.02			0.37			0.39			(0.03	)		(2.01	)		(2.04	)
10/31/2019		19.13		0.01			0.82			0.83			–			(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	)
Class R2
4/30/2022^(c)		22.37		–	^(g)		(2.71	)		(2.71	)		–			(2.88	)		(2.88	)
10/31/2021		16.09		(0.06	)		7.34			7.28			–			(1.00	)		(1.00	)
10/31/2020		17.75		(0.01	)		0.37			0.36			(0.01	)		(2.01	)		(2.02	)
10/31/2019		18.72		(0.01	)		0.80			0.79			–			(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	)
Class R3
4/30/2022^(c)		22.75		0.01			(2.77	)		(2.76	)		–			(2.88	)		(2.88	)
10/31/2021		16.33		(0.04	)		7.46			7.42			–			(1.00	)		(1.00	)
10/31/2020		17.97		0.01			0.37			0.38			(0.01	)		(2.01	)		(2.02	)
10/31/2019		18.92		0.01			0.80			0.81			–			(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	)
Class R4
4/30/2022^(c)		23.67		0.04			(2.90	)		(2.86	)		–			(2.88	)		(2.88	)
10/31/2021		16.95		0.01			7.75			7.76			(0.04	)		(1.00	)		(1.04	)
10/31/2020		18.60		0.05			0.37			0.42			(0.06	)		(2.01	)		(2.07	)
10/31/2019		19.47		0.05			0.85			0.90			(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	)
Class R5
4/30/2022^(c)		24.97		0.07			(3.09	)		(3.02	)		(0.05	)		(2.88	)		(2.93	)
10/31/2021		17.83		0.06			8.17			8.23			(0.09	)		(1.00	)		(1.09	)
10/31/2020		19.46		0.09			0.41			0.50			(0.12	)		(2.01	)		(2.13	)
10/31/2019		20.30		0.10			0.88			0.98			(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	)

168	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 (%)

	$17.40		(14.22	)^(d)		1.35	^(e)		1.35	^(e)		0.17	^(e)		$ 14,252		25	^(d)
	23.08		47.19			1.35			1.35			(0.16	)		17,141		56
	16.55		2.18			1.38			1.38			0.10			16,560		36
	18.20		5.05			1.38			1.38			0.08			22,113		51
	19.13		(0.49	)		1.31			1.31			(0.14	)		25,501		54
	20.46		15.96			1.35			1.35			(0.05	)		33,644		57

	16.78		(14.27	)^(d)		1.50	^(e)		1.50	^(e)		0.02	^(e)		5,070		25	^(d)
	22.37		47.03			1.50			1.50			(0.30	)		5,845		56
	16.09		1.96			1.53			1.53			(0.06	)		4,879		36
	17.75		4.88			1.53			1.53			(0.07	)		6,483		51
	18.72		(0.50	)		1.46			1.46			(0.29	)		7,339		54
	20.06		15.79			1.50			1.50			(0.25	)		9,047		57

	17.11		(14.25	)^(d)		1.40	^(e)		1.40	^(e)		0.13	^(e)		34,831		25	^(d)
	22.75		47.20			1.40			1.40			(0.20	)		42,047		56
	16.33		2.09			1.43			1.43			0.05			41,390		36
	17.97		4.94			1.43			1.43			0.04			56,855		51
	18.92		(0.45	)		1.36			1.36			(0.19	)		77,440		54
	20.25		15.94			1.39			1.39			(0.10	)		88,592		57

	17.93		(14.11	)^(d)		1.15	^(e)		1.15	^(e)		0.38	^(e)		33,003		25	^(d)
	23.67		47.50			1.15			1.15			0.04			42,666		56
	16.95		2.34			1.18			1.18			0.29			34,990		36
	18.60		5.27			1.18			1.18			0.29			43,879		51
	19.47		(0.30	)		1.11			1.11			0.06			54,408		54
	20.79		16.27			1.15			1.15			(0.01	)		63,867		57

	19.02		(14.03	)^(d)		0.90	^(e)		0.90	^(e)		0.66	^(e)		1,203		25	^(d)
	24.97		47.87			0.90			0.90			0.28			2,066		56
	17.83		2.58			0.93			0.93			0.55			1,971		36
	19.46		5.55			0.93			0.93			0.52			2,599		51
	20.30		(0.01	)		0.87			0.87			0.31			1,927		54
	21.59		16.46			0.89			0.89			0.51			5,111		57

See Notes to Financial Statements.

169

Financial Highlights (unaudited)(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 R6
4/30/2022^(c)		$25.14		$0.08		$(3.11	)		$(3.03	)		$(0.06	)		$(2.88	)		$(2.94	)
10/31/2021		17.93		0.09		8.21			8.30			(0.09	)		(1.00	)		(1.09	)
10/31/2020		19.55		0.11		0.40			0.51			(0.12	)		(2.01	)		(2.13	)
10/31/2019		20.37		0.12		0.88			1.00			(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	)

^(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)	Amount less than $0.01.


170	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 (%)

	$19.17		(14.00	)^(d)		0.81	^(e)		0.81	^(e)		0.71	^(e)		$ 37,658		25	^(d)
	25.14		48.02			0.81			0.81			0.39			44,123		56
	17.93		2.69			0.83			0.83			0.64			29,402		36
	19.55		5.62			0.83			0.83			0.66			40,149		51
	20.37		0.08			0.78			0.78			0.39			93,784		54
	21.65		16.60			0.78			0.78			0.45			104,218		57

See Notes to Financial Statements.

171

Notes to Financial Statements

1.	ORGANIZATION

Lord Abbett Securities Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993.

As of April 30, 2022, the Trust consists of fourteen funds. All funds are diversified except Lord Abbett Focused Growth Fund and Lord Abbett Focused Large Cap Value Fund. This report covers the following fourteen funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes:

Funds		Classes
Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”)		A, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett Durable Growth Fund (“Durable Growth Fund”)		A, C, F, F3, I, 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 Focused Large Cap Value Fund (“Focused Large Cap Value Fund”)		A, C, F, F3, I, R3, R4, R5 and R6
Lord Abbett Focused Small Cap Value Fund (“Focused Small Cap Value Fund”)		A, C, F, F3, I, 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 Fund (“Global 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 Health Care Fund (“Health Care Fund”)		A, C, F, F3, I, 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 Micro Cap Growth Fund (“Micro Cap Growth Fund”)		A, C, F and I
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 investors, with certain exceptions as set forth in the Funds’ prospectus.

Each of Alpha Strategy Fund’s, Focused Large Cap Value Fund’s, Focused Small Cap Value Fund’s, Global Equity Fund’s, Health Care Fund’s, International Equity Fund’s, International Opportunities Fund’s, and Value Opportunities Fund’s investment objective is to seek long-term capital appreciation. Micro-Cap Growth Fund’s investment objective is 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. Durable Growth Fund’s, 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 automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was

172

Notes to Financial Statements (continued)

accepted, provided that the Funds or financial intermediary through which a shareholder purchased Class C shares has records verifying that the C shares have been held at least eight years.

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. 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, Lord, Abbett & Co. LLC (“Lord Abbett”), each Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued 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. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available. 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.

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

173

Notes to Financial Statements (continued)

(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 on the Statements of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

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

	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S federal tax returns remains open for the fiscal years ended October 31, 2019 through October 31, 2021. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending on 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. In addition, Class F3 and R6 bear only their class-specific shareholder servicing expenses. 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), if applicable, 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, if applicable, are included in Net realized gain (loss) on foreign currency related transactions in each Fund’s Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	Each Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of foreign currency or if the counterparties do not perform under the contracts’ terms

(g)	Forward Foreign Currency Exchange Contracts–Each Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency

174

Notes to Financial Statements (continued)

	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), if applicable, is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts in each Fund’s Statements of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the forward foreign currency in U.S. dollars upon closing of such contracts is included, if applicable, in Net realized gain (loss) on forward foreign currency exchange contracts in each Fund’s Statements of Operations.

(h)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

(i)	Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

(j)	Total Return Swaps–Each Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. Each Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, each Fund also may be required to pay an amount equal to that decline in value to their counterparty.

(k)	Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the

175

Notes to Financial Statements (continued)

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, 2022 and, if applicable, 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. 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 provides 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 the following annual rates:

Alpha Strategy Fund*

0.10

*	Lord Abbett is voluntarily waiving the entire management fee of .10%. Lord Abbett may discontinue the voluntary waiver at any time without notice.

Durable Growth Fund
First $2 billion	.55	%
Over $2 billion	.50	%

Focused Growth Fund
First $1 billion	.65	%
Next $1 billion	.63	%
Next $5 billion	.60	%
Over $7 billion	.59	%

Focused Large Cap Value Fund
First $1 billion	.59	%
Over $1 billion	.53	%

Focused Small Cap Value Fund	.80	%

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

176

Notes to Financial Statements (continued)

Global Equity Fund
First $1 billion	.45	%
First $2 billion	.43	%
Over $3 billion	.41	%

Growth Leaders Fund
First $2 billion	.55	%
Over $2 billion	.50	%

Health Care Fund
First $1 billion	.62	%
Over $1 billion	.51	%

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

International Opportunities Fund
First $1 billion	.75	%
Next $1 billion	.70	%
Over $2 billion	.65	%

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

Micro Cap Growth Fund	.90	%

Value Opportunities Fund
First $1 billion	.75	%
Next $1 billion	.70	%
Next $3 billion	.65	%
Over $5 billion	.58	%

For the six months ended April 30, 2022, 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	%
Durable Growth Fund		.55	%
Focused Growth Fund		.27	%
Focused Large Cap Value Fund		.59	%
Focused Small Cap Value Fund		.80	%
Fundamental Equity Fund		.55	%
Global Equity Fund		.00	%
Growth Leaders Fund		.51	%
Health Care Fund		.00	%
International Equity Fund		.67	%
International Opportunities Fund		.75	%
International Value Fund		.68	%
Micro Cap Growth Fund		.90	%
Value Opportunities Fund		.73	%

177

Notes to Financial Statements (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. Lord Abbett voluntarily waived the following fund administration fees during the six months ended April 30, 2022.

Fund	Fund Administration Fee
Alpha Strategy Fund		$4,986
Durable Growth Fund		6,656
Focused Growth Fund		2,635
Focused Large Cap Value Fund		5,939
Focused Small Cap Value Fund		2,271
Fundamental Equity Fund		28,253
Global Equity Fund		17,637
Growth Leaders Fund		36,698
Health Care Fund		13,574
International Equity Fund		38,887
International Opportunities Fund		40,049
International Value Fund		45,324
Micro Cap Growth Fund		8,728
Value Opportunities Fund		–

For the six months ended April 30, 2022 and continuing through February 28, 2023, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit the total net annual operating expenses, excluding 12b-1 fees, to the following annual rates

	Durable Growth Fund
Classes*	Effective March 1, 2022	Prior to March 1, 2022
A, C, F, I, P, R2, R3, R4 and R5	0.70%	0.70%
F3 and R6	0.69%	0.69%

	Focused Growth Fund
Classes*	Effective March 1, 2022	Prior to March 1, 2022
A, C, F, I, P, R2, R3, R4 and R5	0.80%	0.80%
F3 and R6	0.71%	0.76%

	Focused Large Cap Value Fund
Classes*	Effective March 1, 2022	Prior to March 1, 2022
A, C, F, I, P, R2 R3, R4 and R5	0.71%	0.71%
F3 and R6	0.71%	0.70%

	Focused Small Cap Value Fund
Classes*	Effective March 1, 2022	Prior to March 1, 2022
A, C, F, I, P, R2 R3, R4 and R5	1.03%	1.03%
F3 and R6	1.01%	1.00%

	Global Equity Fund
Classes*	Effective March 1, 2022	Prior to March 1, 2022
A, C, F, I, P, R2, R3, R4 and R5	0.65%	0.65%
F3 and R6	0.58%	0.61%

178

Notes to Financial Statements (continued)

	Health Care Fund
Classes*	Effective March 1, 2022	Prior to March 1, 2022
A, C, F, I, P, R2 R3, R4 and R5	0.78%	0.78%
F3 and R6	0.66%	0.71%

	International Equity Fund
Classes*	Effective March 1, 2022	Prior to March 1, 2022
A, C, P, R2, R3, R4 and R5	0.92%	0.92%
F and I	0.86%	0.86%
F3 and R6	0.84%	0.84%

	International Value Fund
Classes*	Effective March 1, 2022	Prior to March 1, 2022
A, C, P, R2, R3, R4, and R5	0.87%	0.87%
F and I	0.82%	0.82%
F3 and R6	0.81%	0.79%

*	If applicable.

All contractual fee waivers 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 Lord Abbett Distributor LLC (the “Distributor”) an affiliate of Lord Abbett. The following annual rates have been authorized by the Board pursuant to the plan:

Fees*	Class A	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 Funds’ prospectus.
⁽²⁾	For the period ended April 30, 2022 and continuing through February 28, 2023, the Distributor has contractually agreed to waive Durable Growth Fund’s, Focused Growth Fund’s, Focused Large Cap Value Fund’s, Focused Small Cap Value Fund’s, Growth Leaders Fund’s, Health Care Fund’s and Micro Cap Growth Fund’s 0.10% Rule 12b-1 fee for Class F shares. These agreements may be terminated only by the Board.
⁽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.

179

Notes to Financial Statements (continued)

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended April 30, 2022:

	Distributor Commissions		Dealers’ Concessions
Alpha Strategy Fund	$	25,746	$	139,339
Durable Growth Fund		–		–
Focused Growth Fund		4,726		26,645
Focused Large Cap Value Fund		–		–
Focused Small Cap Value Fund		7,102		40,515
Fundamental Equity Fund		44,114		238,757
Global Equity Fund		744		3,926
Growth Leaders Fund		354,438		1,984,931
Health Care Fund		–		–
International Equity Fund		8,865		46,749
International Opportunities Fund		11,796		61,561
International Value Fund		19,149		99,700
Micro Cap Growth Fund		3,622		18,991
Value Opportunities Fund		48,221		254,864

Distributor received the following amount of CDSCs for the six months ended April 30, 2022.

	Class A		Class C
Alpha Strategy Fund	$	290	$	623
Durable Growth Fund		62		6
Focused Growth Fund		–		–
Focused Large Cap Value Fund		–		–
Focused Small Cap Value Fund		–		362
Fundamental Equity Fund		522		684
Global Equity Fund		–		4
Growth Leaders Fund		28,077		46,230
Health Care Fund		–		–
International Equity Fund		248		37
International Opportunities Fund		229		963
International Value Fund		96		66
Micro Cap Growth Fund		402		3,038
Value Opportunities Fund		149		3,773

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

Other Related Parties

As of April 30, 2022, the percentages of Durable Growth Fund’s, Focused Large Cap Value Fund’s, Focused Small Cap Value Fund’s, Fundamental Equity Fund’s, Growth Leaders Fund’s, International Equity Fund’s, International Opportunities Fund’s, International Value Fund’s, Micro Cap Growth Fund’s and Value Opportunities Fund’s outstanding shares owned by each Fund of Funds were as follows:

Fund of Funds

Durable
Growth
Fund

Focused
Large
Cap
Value
Fund

Focused
Small
Cap
Value
Fund

Funda-
mental
Equity
Fund

Growth
Leaders
Fund

Inter-
national
Equity
Fund

Inter-
national
Oppor-
tunities
Fund

Inter-
national
Value
Fund

Micro
Cap
Growth
Fund

Value
Oppor-
tunities
Fund

Alpha Strategy Fund

–

44.99%

–

37.42%

–

25.02%

9.55%

Multi-Asset Balanced Opportunity Fund

73.55%

73.20%

–

7.88%

2.27%

27.79%

–

34.49%

–

Multi-Asset Income Fund

23.84%

23.73%

–

2.28%

0.71%

14.14%

–

14.83%

–

180

Notes to Financial Statements (continued)

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, Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, Global Equity Fund, Growth Leaders Fund, Health Care Fund, International Equity Fund, International Opportunities Fund, Micro Cap Growth Fund and Value Opportunities Fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex- dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from 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 that 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, 2022 and fiscal year ended October 31, 2021 was as follows:

	Alpha Strategy Fund				Durable Growth Fund
	Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021		Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021
Distributions paid from:
Ordinary income	$	12,011,765	$	10,405,649	$	19,865,504	$	4,591,644
Net long-term capital gains		32,798,605		50,784,144		22,446,847		–
Total distributions paid	$	44,810,370	$	61,189,793	$	42,312,351	$	4,591,644

	Focused Growth Fund				Focused Large Cap Value Fund
	Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021		Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021
Distributions paid from:
Ordinary income	$	5,658,041	$	1,864,114	$	126,421,817	$	38,911,138
Net long-term capital gains		1,575,680		140,858		25,263,742		–
Total distributions paid	$	7,233,721	$	2,004,972	$	151,685,559	$	38,911,138

	Focused Small Cap Value Fund				Fundamental Equity Fund
	Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021		Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021
Distributions paid from:
Ordinary income	$	13,325,327	$	894,345	$	19,219,888	$	32,382,939
Net long-term capital gains		8,108,524		–		209,608,998		–
Total distributions paid	$	21,433,851	$	894,345	$	228,828,886	$	32,382,939

181

Notes to Financial Statements (continued)

	Global Equity Fund				Growth Leaders Fund
	Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021		Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021
Distributions paid from:
Ordinary income	$	965,311	$	105,849	$	684,517,062	$	392,566,629
Net long-term capital gains		660,970		278,151		1,278,899,243		327,647,029
Total distributions paid	$	1,626,281	$	384,000	$	1,963,416,305	$	720,213,658

	Health Care Fund				International Equity Fund
	Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021		Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021
Distributions paid from:
Ordinary income	$	143,077	$	493,359	$	5,414,655	$	5,135,556
Net long-term capital gains		385,504		8,110		40,773,051		–
Total distributions paid	$	528,581	$	501,469	$	46,187,706	$	5,135,556

	International Opportunities Fund				International Value Fund
	Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021		Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021
Distributions paid from:
Ordinary income	$	10,755,673	$	–	$	11,819,853	$	17,740,969
Net long-term capital gains		–		–		–		–
Total distributions paid	$	10,755,673	$	–	$	11,819,853	$	17,740,969

	Micro Cap Growth Fund				Value Opportunities Fund
	Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021		Six Months Ended 4/30/2022 (unaudited)		Year Ended 10/31/2021
Distributions paid from:
Ordinary income	$	–	$	13,473,195	$	27,557,849	$	4,614,398
Net long-term capital gains		–		16,614,432		205,400,943		79,109,540
Total distributions paid	$	–	$	30,087,627	$	232,958,792	$	83,723,938

As of April 30, 2022, the following funds had capital losses, which will carry forward indefinitely:

International Opportunities Fund	12,794,006
International Value Fund	387,093,125
Micro Cap Growth Fund	5,780,315

182

Notes to Financial Statements (continued)

As of April 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments, if any, based on cost for U.S. federal income tax purposes were as follows:

	Alpha Strategy Fund			Durable Growth Fund			Focused Growth Fund
Tax cost	$	772,985,009		$	214,016,888		$	41,800,226
Gross unrealized gain		9,747,259			5,918,662			1,514,233
Gross unrealized loss		(74,965,287	)		(32,036,305	)		(3,443,129	)
Net unrealized security gain/(loss)	$	(65,218,028	)	$	(26,117,643	)	$	(1,928,896	)

	Focused Large Cap Value Fund			Focused Small Cap Value Fund			Fundamental Equity Fund
Tax cost	$	657,903,718		$	163,109,818		$	1,456,658,047
Gross unrealized gain		41,690,857			18,411,723			367,787,670
Gross unrealized loss		(47,192,391	)		(14,384,796	)		(64,794,752	)
Net unrealized security gain/(loss)	$	(5,501,534	)	$	4,026,927		$	302,992,918

	Global Equity Fund			Growth Leaders Fund			Health Care Fund
Tax cost	$	10,393,928		$	6,945,594,828		$	6,306,788
Gross unrealized gain		798,883			492,250,755			733,489
Gross unrealized loss		(748,548	)		(556,413,453	)		(470,477	)
Net unrealized security gain/(loss)	$	50,335		$	(64,162,698	)	$	263,012

	International Equity Fund			International Opportunities Fund			International Value Fund
Tax cost	$	317,819,231		$	420,268,057		$	620,790,800
Gross unrealized gain		31,875,409			22,772,573			20,028,571
Gross unrealized loss		(12,955,381	)		(68,212,694	)		(38,209,213	)
Net unrealized security gain/(loss)	$	18,920,028		$	(45,440,121	)	$	(18,180,642	)

	Micro Cap Growth Fund			Value Opportunities Fund
Tax cost	$	263,563,080		$	1,274,148,861
Gross unrealized gain		28,741,191			308,743,126
Gross unrealized loss		(42,398,724	)		(104,238,927	)
Net unrealized security gain/(loss)	$	(13,657,533	)	$	204,504,199

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.

183

Notes to Financial Statements (continued)

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2022 were as follows:

	Purchases		Sales
Alpha Strategy Fund	$	97,888,271	$	28,825,902
Durable Growth Fund		52,088,124		58,745,086
Focused Growth Fund		46,714,101		43,436,904
Focused Large Cap Value Fund		427,022,444		397,712,856
Focused Small Cap Value Fund		67,442,684		99,416,472
Fundamental Equity Fund		375,940,691		520,505,298
Global Equity Fund		4,540,882		4,134,970
Growth Leaders Fund		6,901,104,348		7,595,015,773
Health Care Fund		1,580,599		1,450,605
International Equity Fund		164,877,729		185,349,615
International Opportunities Fund		150,324,565		170,888,952
International Value Fund		224,173,058		226,059,458
Micro Cap Growth Fund		130,840,374		173,150,090
Value Opportunities Fund		420,615,820		624,360,476

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2022.

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, 2022, the following funds engaged in cross trades:

Fund	Purchases		Sales		Gain (Loss		)
Durable Growth Fund	$	1,195,196	$	1,627,746	$	704,093
Focused Growth Fund		21,049		254,671		51,777
Focused Large Cap Value Fund		14,997,167		1,195,196		9,973
Growth Leaders Fund		2,368,866		15,657,279		12,112,847
Micro Cap Growth Fund		2,465,515		–		–
Value Opportunities Fund		–		13,011,661		512,807

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Global Equity Fund entered into E-Mini S&P Index futures contracts for the six months ended April 30, 2022 (as described in Note 2(h)) to manage cash. The Fund bears the risk that the underlying index will move unexpectedly, in which case the Fund may realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

International Opportunities Fund entered into total return swaps on indexes for the six months ended April 30, 2022 (as described in Note 2(j)) to hedge credit risk. The Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. The Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a

184

Notes to Financial Statements (continued)

total return swap declines over the term of the swap, the Fund also may be required to pay an amount equal to that decline in value to their counterparty.

As of April 30, 2022, Global Equity Fund and International Opportunities Fund had the following derivatives at fair value, grouped into risk categories that illustrate the Funds’ use of derivative instruments:

Transactions in derivative instruments for the six months ended April 30, 2022, were as follows:

Global Equity Fund
	Equity Contracts
Net Realized Gain (Loss)
Futures Contracts⁽¹⁾	$	(6,659	)
Average Number of Contracts/Notional Amounts*
Futures Contracts		–	⁽²⁾

International Opportunities Fund
	Equity Contracts
Net Realized Gain (Loss)
Total Return Swap Contracts⁽³⁾	$	2,446,044
Average Number of Contracts/Notional Amounts*
Total Return Swap Contracts⁽⁴⁾	$	104,306

*	Calculated based on the number of contracts or notional amounts for the six months ended April 30, 2022.
⁽¹⁾	Statements of Operations location: Net realized gain (loss) on futures contracts.
⁽²⁾	Contract less than 1.
⁽³⁾	Statements of Operations location: Net realized gain (loss) on swap contracts.
⁽⁴⁾	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 a 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 Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty:

185

Notes to Financial Statements (continued)

	Alpha Strategy 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 Agreements	$	667,865	$	–	$	667,865
Total	$	667,865	$	–	$	667,865

	Net Amount 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.	$	667,865		$	–	$	(667,865	)	$	–
Total	$	667,865	$	$	–	$	(667,865	)	$	–

	Durable 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 Agreements	$	3,367,805	$	–	$	3,367,805
Total	$	3,367,805	$	–	$	3,367,805

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments	Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	3,367,805		$	–	$	(3,367,805	)		–
Total	$	3,367,805	$	$	–	$	(3,367,805	)		–

	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 Agreements	$	1,688,846	$	–	$	1,688,846
Total	$	1,688,846	$	–	$	1,688,846

	Net Amount 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.	$	1,688,846		$	–	$	(1,688,846	)	$	–
Total	$	1,688,846	$	$	–	$	(1,688,846	)	$	–

186

Notes to Financial Statements (continued)

	Focused Large 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 Agreements	$	9,880,235	$	–	$	9,880,235
Total	$	9,880,235	$	–	$	9,880,235

	Net Amount 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.	$	9,880,235		$	–	$	(9,880,235	)		–
Total	$	9,880,235	$	$	–	$	(9,880,235	)		–

	Focused Small 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 Agreements	$	2,491,844	$	–	$	2,491,844
Total	$	2,491,844	$	–	$	2,491,844

	Net Amount 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.	$	2,491,844		$	–	$	(2,491,844	)	$	–
Total	$	2,491,844	$	$	–	$	(2,491,844	)	$	–

	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 Agreements	$	26,027,392	$	–	$	26,027,392
Total	$	26,027,392	$	–	$	26,027,392

	Net Amount 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.	$	26,027,392		$	–	$	(26,027,392	)	$	–
Total	$	26,027,392	$	$	–	$	(26,027,392	)	$	–

187

Notes to Financial Statements (continued)

	Global 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 Agreements	$	437,954	$	–	$	437,954
Total	$	437,954	$	–	$	437,954

	Net Amount 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.	$	437,954		$	–	$	(437,954	)	$	–
Total	$	437,954	$	$	–	$	(437,954	)	$	–

	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 Agreements	$	212,690,402	$	–	$	212,690,402
Total	$	212,690,402	$	–	$	212,690,402

	Net Amount 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.	$	212,690,402		$	–	$	(212,690,402	)	$	–
Total	$	212,690,402	$	$	–	$	(212,690,402	)	$	–

	Health Care 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 Agreements	$	296,816	$	–	$	296,816
Total	$	296,816	$	–	$	296,816

	Net Amount 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.	$	296,816		$	–	$	(296,816	)	$	–
Total	$	296,816	$	$	–	$	(296,816	)	$	–

188

Notes to Financial Statements (continued)

	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 Agreements	$	14,377,871	$	–	$	14,377,871
Total	$	14,377,871	$	–	$	14,377,871

	Net Amount 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.	$	14,377,871		$	–	$	(14,377,871	)	$	–
Total	$	14,377,871	$	$	–	$	(14,377,871	)	$	–

	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 Agreements		15,132,222		–		15,132,222
Total	$	15,132,222	$	–	$	15,132,222

	Net Amount 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.		15,132,222			–	$	(15,132,222	)		–
Total	$	15,132,222	$	$	–	$	(15,132,222	)	$	–

	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
Repurchase Agreements	$	22,354,446	$	–	$	22,354,446
Total	$	22,354,446	$	–	$	22,354,446

	Net Amount 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.	$	22,354,446		$	–	$	(22,354,446	)	$	–
Total	$	22,354,446	$	$	–	$	(22,354,446	)	$	–

189

Notes to Financial Statements (continued)

	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 Agreements	$	5,104,947	$	–	$	5,104,947
Total	$	5,104,947	$	–	$	5,104,947

	Net Amount 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.	$	5,104,947		$	–	$	(5,104,947	)	$	–
Total	$	5,104,947	$	$	–	$	(5,104,947	)	$	–

	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 Agreements	$	3,783,847	$	–	$	3,783,847
Total	$	3,783,847	$	–	$	3,783,847

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments	Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	3,783,847		$	–	$	(3,783,847	)	$	–
Total	$	3,783,847	$	$	–	$	(3,783,847	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of April 30, 2022.

8.	TRUSTEES’ REMUNERATION

The Trust’s officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Trustees’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Trustees’ fees on the Statements of Operations and in Trustees’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

9.	EXPENSE REDUCTIONS

The Trust has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.

190

Notes to Financial Statements (continued)

10.

LINE OF CREDIT

For the period ended April 30, 2022, the Funds (except Alpha Strategy Fund) and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $1.275 billion (the “Syndicated Facility”) whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of Funds net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the six months ended April 30, 2022, the Participating Funds were party to an additional line of credit facility with SSB for $330 million (the “Bilateral Facility”), $250 million committed and $80 million uncommitted. Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of Funds net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

Focused Large Cap Value Fund utilized the Facility December 27, 2021 with an average borrowing amount of $10,104,790. The average interest rate was 1.33% and total interest paid amounted to $373. The other funds did not utilize the Syndicated Facility or the Bilateral Facility.

11.

INTERFUND LENDING PROGRAM

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

During the six months ended April 30, 2022, the following Funds participated as lenders in the Interfund Lending Program. For the period in which the loans were outstanding, the average amount loaned, interest rate and interest income were as follows:

Fund	Average Amount Loaned			Average Interest Rate			Interest Income
Focused Large Cap Value Fund		$	10,801,748		0.55	%		$ 161
Fundamental Equity Fund			7,243,426		0.55	%		216
Growth Leaders Fund			12,858,931		0.55	%		384
International Equity Fund			10,261,663		0.61	%		651
International Opportunities Fund			10,881,379		0.55	%		487
International Value Fund			17,942,400		0.61	%		1,089
Value Opportunities Fund			30,992,855		0.55	%		1,388

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.

191

Notes to Financial Statements (continued)

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, 2022:

Alpha Strategy Fund

Affiliated Issuer	Value at 10/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Appreciation (Depreciation)			Value at 4/30/2022		Shares as of 4/30/2022		Dividend Income
Lord Abbett Developing Growth Fund, Inc. – Class I		$175,650,188		37,448,517		–			$14,125,590	^(a)	$	(80,041,165	)		$133,057,540		5,464,375		$ –
Lord Abbett Securities Trust - Focused Small Cap Value Fund – Class I		90,235,170		8,760,540		(5,796,792	)		8,005,762	^(b)		(16,998,362	)		75,629,024		2,818,823		183,247
Lord Abbett Securities Trust – International Opportunities Fund – Class I		170,753,580		5,536,940		–			–			(32,899,267	)		143,391,253		8,001,744		4,130,841
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I		85,447,699		4,299,040		–			–			(27,508,859	)		62,237,880		3,822,966		–
Lord Abbett Research Fund, Inc. – Small– Cap Value Fund – Class I		178,800,321		20,842,471		(13,536,979	)		17,211,246	^(c)		(36,593,505	)		146,364,268		8,163,093		483,185
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		180,099,301		21,000,762		(9,492,131	)		21,249,305	^(d)		(45,824,091	)		146,419,151		7,706,271		386,767
Total									$60,591,903		$	(239,865,249	)		$707,099,116				$5,184,040

^(a)	Represents $14,125,590 of distributed capital gains.
^(b)	Includes $8,577,294 of distributed capital gains.
^(c)	Includes $20,359,286 of distributed capital gains.
^(d)	Includes $20,613,995 of distributed capital gains.

192

Notes to Financial Statements (continued)

14.

SECURITIES LENDING AGREEMENT

The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds’ securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income on the Statements of Operations

The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of April 30, 2022, the market value of securities loaned and collateral received for the Funds were as follows:

Funds	Market Value of Securities Loaned			Collateral Received⁽¹⁾
Focused Small Cap Value Fund		$	1,260,958		$	1,335,710
International Equity Fund			2,684,255			2,827,353
International Opportunities Fund			8,632,156			9,161,598
International Value Fund			9,251,092			9,744,269
Micro-Cap Growth Fund			12,773,006			13,532,366
Value Opportunities Fund			12,844,170			13,522,842

⁽¹⁾	Statements of Assets and Liabilities location: Payable for collateral due to broker for securities lending.

15.

INVESTMENT RISKS

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

Large company stocks, in which Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Fundamental Equity Fund, Global Equity 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, Focused Small Cap Value Fund, Focused Growth Fund, Fundamental Equity Fund, Growth Leaders Fund, International Equity Fund, International

193

Notes to Financial Statements (continued)

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, Durable Growth Fund, Focused Growth Fund and Growth Leaders Fund employ a growth investing style, Global Equity Fund employs a blended growth investing and value investing style, and Focused Large Cap Value Fund, Focused Small Cap Value Fund, 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 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, Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, Growth Leaders Fund, Health Care 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.

Health Care Fund is subject to the risks of investing in the health care sector, including changes in government regulations, dependence on patents and intellectual property rights, expenses and losses from litigation based on product liability and similar claims, industry competition, extensive research and development, marketing, and sales costs, and rapid technological change and potential for product obsolescence. Health Care Fund is also subject to the risks of investing in structured securities. As a result, Health Care Fund is subject to the same risks associated with direct investments in the underlying securities or other instruments they seek to replicate, as well as liquidity risk and the risk that the issuer and/or the counterparty of the structured security may be unable to perform under the terms of the instrument, or may disagree as to the meaning or application of such terms.

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.

Alpha Strategy Fund, Global Equity Fund, Health Care Fund, International Equity Fund, International Opportunities Fund and International Value Fund are 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’

194

Notes to Financial Statements (continued)

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.

Health Care Fund, Focused Large Cap Value Fund and Focused Small Cap Value Fund are subject to the general risks and considerations associated with investing in fixed income securities. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when interest rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to a Fund, a risk that is greater with high-yield bonds (sometimes called “junk bonds”) in which one or more of the Funds may invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default, may result in losses to each Fund. High-yield bonds are subject to greater price fluctuations and increased liquidity risk, as well as additional risks.

Focused Growth Fund and Focused Large Cap Value Fund are non-diversified mutual funds under the Act. The value of each Fund’s investments may be more adversely affected by a single economic, political or regulatory event than the value of the investments of a diversified mutual fund.

Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Global Equity Fund and Health Care Fund are newly organized and there can be no assurance that any of these Funds will reach or maintain a sufficient asset size to effectively implement its investment strategy. A Fund’s gross expense ratio may fluctuate during its initial operating period because of the Fund’s relatively smaller asset size and, until the Fund achieves sufficient scale, a Fund shareholder may experience proportionally higher Fund expenses than would be experienced by shareholders of a fund with a larger asset base.

Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics such as the COVID-19 outbreak which began in late 2019) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of each Fund’s investments. Market disruptions can also prevent the Funds from implementing its investment strategies and achieving its investment objective.

The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak could negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways.

195

Notes to Financial Statements (continued)

The COVID-19 pandemic and its effects may last for an extended period of time, and in either case could result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund’s investments, and negatively impact each Fund’s performance and your investment in each Fund.

These factors, and others, can affect each Fund’s performance.

16.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

Alpha Strategy Fund	Six Months Ended April 30, 2022 (unaudited)							Year Ended October 31, 2021
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,840,731		$	49,032,653			1,577,648		$	45,220,318
Converted from Class C*		14,241			376,339			373,268			10,849,172
Reinvestment of distributions		854,442			23,804,743			1,198,333			31,252,535
Shares reacquired		(1,225,474	)		(32,926,089	)		(3,015,003	)		(86,005,823	)
Increase		1,483,940		$	40,287,646			134,246		$	1,316,202

Class C Shares
Shares sold		89,707		$	1,860,024			258,243		$	5,763,669
Reinvestment of distributions		137,888			2,941,152			260,342			5,277,141
Shares reacquired		(452,435	)		(9,205,450	)		(680,695	)		(15,066,444	)
Converted to Class A*		(18,600	)		(376,339	)		(481,239	)		(10,849,172	)
Decrease		(243,440	)	$	(4,780,613	)		(643,349	)	$	(14,874,806	)

Class F Shares
Shares sold		343,481		$	9,389,213			1,160,187		$	33,279,687
Reinvestment of distributions		173,839			4,893,568			290,792			7,656,554
Shares reacquired		(2,419,449	)		(60,446,879	)		(2,033,224	)		(59,074,811	)
Decrease		(1,902,129	)	$	(46,164,098	)		(582,245	)	$	(18,138,570	)

Class F3 Shares
Shares sold		428,512		$	11,911,016			660,493		$	19,999,580
Reinvestment of distributions		101,791			2,958,048			110,980			3,009,774
Shares reacquired		(207,449	)		(5,734,530	)		(406,560	)		(12,126,926	)
Increase		322,854		$	9,134,534			364,913		$	10,882,428

Class I Shares
Shares sold		2,011,717		$	50,847,000			180,777		$	5,505,880
Reinvestment of distributions		60,170			1,740,705			82,792			2,237,040
Shares reacquired		(146,467	)		(4,085,497	)		(115,206	)		(3,409,355	)
Increase		1,925,420		$	48,502,208			148,363		$	4,333,565

196

Notes to Financial Statements (continued)

Alpha Strategy Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		1,479		$	36,885			4,782		$	128,775
Reinvestment of distributions		2,172			57,439			4,691			116,299
Shares reacquired		(9,291	)		(258,218	)		(26,161	)		(698,573	)
Decrease		(5,640	)	$	(163,894	)		(16,688	)	$	(453,499	)

Class R3 Shares
Shares sold		40,043		$	1,034,192			93,216		$	2,573,701
Reinvestment of distributions		47,259			1,260,398			76,015			1,901,142
Shares reacquired		(103,047	)		(2,659,975	)		(240,531	)		(6,568,862	)
Decrease		(15,745	)	$	(365,385	)		(71,300	)	$	(2,094,019	)

Class R4 Shares
Shares sold		28,611		$	733,667			34,574		$	971,847
Reinvestment of distributions		7,709			214,155			12,105			314,743
Shares reacquired		(9,147	)		(259,399	)		(59,024	)		(1,668,467	)
Increase (decrease)		27,173		$	688,423			(12,345	)	$	(381,877	)

Class R5 Shares
Shares sold		831		$	23,292			2,244		$	62,291
Reinvestment of distributions		927			26,826			2,152			58,163
Shares reacquired		(728	)		(21,380	)		(14,588	)		(427,373	)
Increase (decrease)		1,030		$	28,738			(10,192	)	$	(306,919	)

Class R6 Shares
Shares sold		11,634		$	331,734			41,717		$	1,206,996
Reinvestment of distributions		4,670			135,765			6,175			167,531
Shares reacquired		(7,798	)		(202,105	)		(54,466	)		(1,579,276	)
Increase (decrease)		8,506		$	265,394			(6,574	)	$	(204,749	)
Durable Growth Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		80,651		$	1,646,237			65,836		$	1,484,482
Converted from Class C*		23			440			81			1,969
Reinvestment of distributions		30,395			655,010			2,031			41,259
Shares reacquired		(46,857	)		(895,947	)		(2,443	)		(58,468	)
Increase		64,212		$	1,405,740			65,505		$	1,469,242

Class C Shares
Shares sold		3,805		$	80,787			4,745		$	102,886
Reinvestment of distributions		1,458			30,847			156			3,151
Shares reacquired		(1,082	)		(23,230	)		(2,083	)		(44,817	)
Converted to Class A*		(24	)		(440	)		(82	)		(1,969	)
Increase		4,157		$	87,964			2,736		$	59,251

197

Notes to Financial Statements (continued)

Durable Growth Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		2,571		$	49,001			1,135		$	26,655
Reinvestment of distributions		401			8,689			27			556
Shares reacquired		(1,818	)		(34,298	)		(427	)		(10,762	)
Increase		1,154		$	23,392			735		$	16,449

Class F3 Shares
Shares sold		4,589		$	84,425			–		$	15
Reinvestment of distributions		–			3			–			–
Shares reacquired		(767	)		(14,597	)		–			–
Increase		3,822		$	69,831			–		$	15

Class I Shares
Shares sold		1,316,243		$	27,591,118			6,682,720		$	159,569,733
Reinvestment of distributions		1,909,643			41,324,680			222,364			4,522,876
Shares reacquired		(1,894,358	)		(36,437,347	)		(7,630,362	)		(173,026,092	)
Increase (decrease)		1,331,528		$	32,478,451			(725,278	)	$	(8,933,483	)

Class R3 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			–			–
Shares reacquired		–			–			–			–
Increase		–		$	–			–		$	–

Class R4 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			–			–
Shares reacquired		–			–			–			–
Increase		–		$	–			–		$	–

Class R5 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			–			–
Shares reacquired		–			–			–			–
Increase		–		$	–			–		$	–

Class R6 Shares
Shares sold		12,941		$	269,518			22,449		$	516,640
Shares reacquired		(13,869	)		(293,436	)		(1,039	)		(24,763	)
Increase (decrease)		(928	)	$	(23,918	)		21,410		$	491,877
Focused Growth Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		250,425		$	6,844,645			227,205		$	6,974,750
Converted from Class C*		137			3,792			2,801			82,690
Reinvestment of distributions		81,357			2,549,714			31,858			880,243
Shares reacquired		(124,061	)		(3,245,155	)		(219,094	)		(6,735,424	)
Increase		207,858		$	6,152,996			42,770		$	1,202,259

198

Notes to Financial Statements (continued)

Focused Growth Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		43,644		$	1,182,407			25,353		$	772,258
Reinvestment of distributions		11,210			342,685			4,406			120,046
Shares reacquired		(19,203	)		(467,855	)		(25,955	)		(612,243	)
Converted to Class A*		(141	)		(3,792	)		2,845			(82,690	)
Increase		35,510		$	1,053,445			6,649		$	197,371

Class F Shares
Shares sold		93,384		$	2,689,650			566,618		$	17,517,555
Reinvestment of distributions		79,310			2,507,767			15,807			439,126
Shares reacquired		(151,057	)		(4,069,270	)		(286,846	)		(9,271,791	)
Increase		21,637		$	1,128,147			295,579		$	8,684,890

Class F3 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			–			–
Shares reacquired		–			–			–			–
Increase		–		$	–			–		$	–

Class I Shares
Shares sold		42,903		$	1,456,172			32,702		$	1,016,191
Reinvestment of distributions		23,950			757,292			6,880			191,131
Shares reacquired		(51,122	)		(1,409,386	)		(14,031	)		(432,144	)
Increase		15,731		$	804,078			25,551		$	775,178

Class R3 Shares
Shares sold		37		$	1,052			–		$	18
Reinvestment of distributions		–			5			–			–
Shares reacquired		–			(4	)		–			–
Increase		37		$	1,053			–		$	18

Class R4 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			–			–
Shares reacquired		–			–			–			–
Increase		–		$	–			–		$	–

Class R5 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			–			–
Shares reacquired		–			–			–			–
Increase		–		$	–			–		$	–

Class R6 Shares
Shares sold		71,439		$	2,074,930			74,408		$	2,307,033
Reinvestment of distributions		351			11,126			43			1,198
Shares reacquired		(23,609	)		(749,956	)		(51,112	)		(1,603,459	)
Increase		48,181		$	1,336,100			23,339		$	704,772

199

Notes to Financial Statements (continued)

Focused Large Cap Value Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		379,161		$	5,835,618			468,989		$	8,408,017
Converted from Class C*		59			879			–			–
Reinvestment of distributions		119,788			1,829,167			4,008			60,322
Shares reacquired		(112,729	)		(1,698,327	)		(109,618	)		(1,958,950	)
Increase		386,279		$	5,967,337			363,379		$	6,509,389

Class C Shares
Shares sold		204,830		$	3,125,098			230,080		$	4,169,543
Reinvestment of distributions		53,064			810,290			332			5,009
Shares reacquired		(45,640	)		(687,863	)		(46,492	)		(847,693	)
Converted to Class A*		(59	)		(879	)		–			–
Increase		212,195		$	3,246,646			183,920		$	3,326,859

Class F Shares
Shares sold		34,947		$	539,881			372,465		$	6,925,879
Reinvestment of distributions		33,125			511,778			126			1,909
Shares reacquired		(72,624	)		(1,131,981	)		(251,099	)		(4,759,311	)
Increase (decrease)		(4,552	)	$	(80,322	)		121,492		$	2,168,477

Class I Shares
Shares sold		10,509,210		$	156,384,670			14,993,191		$	245,204,603
Reinvestment of distributions		9,683,713			148,160,810			2,576,106			38,796,164
Shares reacquired		(9,232,865	)		(137,693,705	)		(16,135,630	)		(300,086,544	)
Increase (decrease)		10,960,058		$	166,851,775			1,433,667		$	(16,085,777	)

Class R3 Shares
Shares sold		5,253		$	80,144			31		$	533
Reinvestment of distributions		11			162			–			6
Shares reacquired		(2	)		(21	)		–			–
Increase		5,262		$	80,285			31		$	539

Class R4 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			–			–
Shares reacquired		–			–			–			–
Increase		–		$	–			–		$	–

Class R5 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			–			–
Shares reacquired		–			–			–			–
Increase		–		$	–			–		$	–

Class R6 Shares
Shares sold		37,823		$	576,623			77,715		$	1,266,036
Shares reacquired		(11,494	)		(173,537	)		(25,361	)		(463,081	)
Increase		26,329		$	403,086			52,354		$	802,955

200

Notes to Financial Statements (continued)

Focused Small Cap Value Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		138,673		$	3,871,561			845,956		$	23,174,025
Reinvestment of distributions		73,104			2,071,756			1,225			28,969
Shares reacquired		(102,571	)		(2,795,114	)		(382,795	)		(11,610,984	)
Increase		109,206		$	3,148,203			464,386		$	11,592,010

Class C Shares
Shares sold		36,970			1,104,434			175,936			5,508,892
Reinvestment of distributions		16,003			483,303			27			673
Shares reacquired		(34,899	)		(1,021,207	)		(26,111	)		(813,509	)
Increase		18,074		$	566,530			149,852		$	4,696,056

Class F Shares
Shares sold		546,742			16,675,439			3,317,447			106,261,107
Reinvestment of distributions		203,787			6,290,902			904			23,071
Shares reacquired		(954,355	)		(28,875,132	)		(1,333,770	)		(42,228,342	)
Increase (decrease)		(203,826	)	$	(5,908,791	)		1,984,581		$	64,055,836

Class F3 Shares
Increase		–		$	–			–		$	–

Class I Shares
Shares sold		91,792		$	2,623,301			2,471,662		$	64,816,148
Reinvestment of distributions		358,589			11,058,876			30,795			785,263
Shares reacquired		(939,108	)		(27,058,198	)		(2,361,182	)		(74,138,893	)
Increase (decrease)		(488,727	)	$	(13,376,021	)		141,275		$	(8,537,482	)

Class R5 Shares
Shares sold		10,616			305,895			74			2,415
Reinvestment of distributions		8			239			–			–
Shares reacquired		(67	)		(1,949	)		–			–
Increase		10,557		$	304,185			74		$	2,415

Class R6 Shares
Shares sold		100,282			3,094,665			397,673			12,740,147
Reinvestment of distributions		19,995			617,633			–			–
Shares reacquired		(32,402	)		(962,044	)		(142,154	)		(4,644,633	)
Increase		87,875		$	2,750,254			255,519		$	8,095,514
Fundamental Equity Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		3,520,925		$	47,690,390			2,676,009		$	35,640,102
Converted from Class C*		62,078			832,658			1,390,056			18,865,411
Reinvestment of distributions		10,960,285			149,498,288			1,687,369			20,096,561
Shares reacquired		(6,808,243	)		(92,742,102	)		(14,828,200	)		(193,764,334	)
Increase (decrease)		7,735,045		$	105,279,234			(9,074,766	)	$	(119,162,260	)

201

Notes to Financial Statements (continued)

Fundamental Equity Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		313,571		$	3,635,911			445,808		$	5,156,014
Reinvestment of distributions		577,042			6,791,781			54,080			565,135
Shares reacquired		(1,049,368	)		(12,157,370	)		(1,216,486	)		(13,961,855	)
Converted to Class A*		(72,082	)		(832,658	)		(1,589,677	)		(18,865,411	)
Decrease		(230,837	)	$	(2,562,336	)		(2,306,275	)	$	(27,106,117	)

Class F Shares
Shares sold		477,863		$	6,415,610			1,246,981		$	16,078,637
Reinvestment of distributions		1,245,581			16,740,603			213,893			2,513,246
Shares reacquired		(2,121,525	)		(28,322,391	)		(2,761,188	)		(35,756,240	)
Decrease		(398,081	)	$	(5,166,178	)		(1,300,314	)	$	(17,164,357	)

Class F3 Shares
Shares sold		142,918		$	1,971,909			208,976		$	2,855,973
Reinvestment of distributions		164,485			2,276,471			28,553			344,061
Shares reacquired		(146,895	)		(2,043,382	)		(368,288	)		(4,913,026	)
Increase (decrease)		160,508		$	2,204,998			(130,759	)	$	(1,712,992	)

Class I Shares
Shares sold		2,588,172		$	34,850,536			2,920,077		$	40,739,479
Reinvestment of distributions		2,368,365			32,541,337			493,649			5,913,918
Shares reacquired		(4,536,356	)		(61,874,700	)		(9,477,972	)		(122,050,051	)
Increase (decrease)		420,181		$	5,517,173			(6,064,246	)	$	(75,396,654	)

Class P Shares
Shares sold		11,542		$	155,243			124,281		$	1,712,500
Reinvestment of distributions		40,887			544,609			5,670			66,114
Shares reacquired		(29,044	)		(406,247	)		(147,627	)		(1,945,316	)
Increase (decrease)		23,385		$	293,605			(17,676	)	$	(166,702	)

Class R2 Shares
Shares sold		12,238		$	159,371			32,455		$	430,641
Reinvestment of distributions		27,914			371,250			3,723			43,336
Shares reacquired		(87,843	)		(1,163,329	)		(112,128	)		(1,489,358	)
Decrease		(47,691	)	$	(632,708	)		(75,950	)	$	(1,015,381	)

Class R3 Shares
Shares sold		366,118		$	4,834,710			669,634		$	8,680,825
Reinvestment of distributions		725,199			9,674,156			114,003			1,331,556
Shares reacquired		(1,299,199	)		(17,274,034	)		(2,350,779	)		(30,566,662	)
Decrease		(207,882	)	$	(2,765,168	)		(1,567,142	)	$	(20,554,281	)

Class R4 Shares
Shares sold		28,826		$	388,414			81,998		$	1,132,180
Reinvestment of distributions		25,150			341,292			2,821			33,433
Shares reacquired		(32,132	)		(434,346	)		(97,206	)		(1,336,153	)
Increase (decrease)		21,844		$	295,360			(12,387	)	$	(170,540	)

202

Notes to Financial Statements (continued)

Fundamental Equity Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class R5 Shares	Shares			Amount			Shares			Amount
Shares sold		4,549		$	61,127			28,735		$	393,931
Reinvestment of distributions		8,304			114,175			1,707			20,468
Shares reacquired		(21,352	)		(294,970	)		(49,981	)		(674,551	)
Decrease		(8,499	)	$	(119,668	)		(19,539	)	$	(260,152	)

Class R6 Shares
Shares sold		660,245		$	8,867,575			187,199		$	2,566,578
Reinvestment of distributions		99,623			1,379,776			15,967			192,556
Shares reacquired		(1,144,566	)		(15,548,800	)		(205,674	)		(2,664,892	)
Increase (decrease)		(384,698	)	$	(5,301,449	)		(2,508	)	$	94,242
Global Equity Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		38,318		$	604,279			103,176		$	1,557,336
Converted from Class C*		1,465			19,571			1,862			27,152
Reinvestment of distributions		49,363			689,106			11,222			158,567
Shares reacquired		(27,962	)		(439,702	)		(22,473	)		(336,424	)
Increase		61,184		$	873,254			93,787		$	1,406,631

Class C Shares
Shares sold		1,722		$	24,698			9,030		$	136,360
Reinvestment of distributions		7,990			110,825			1,848			25,985
Shares reacquired		(10,014	)		(129,828	)		(1,802	)		(27,094	)
Converted to Class A*		(1,478	)		(19,571	)		(1,873	)		(27,152	)
Increase (decrease)		(1,780	)	$	(13,876	)		7,203		$	108,099

Class F Shares
Shares sold		6,643		$	90,274			23,396		$	366,257
Reinvestment of distributions		3,121			43,660			198			2,796
Shares reacquired		(1,278	)		(17,655	)		(9,212	)		(136,295	)
Increase		8,486		$	116,279			14,382		$	232,758

Class F3 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			–			–
Shares reacquired		–			–			–			–
Increase		–		$	–			–		$	–

Class I Shares
Shares reacquired		–			–			(670	)		(10,000	)
Decrease		–		$	–			(670	)	$	(10,000	)

Class R3 Shares
Shares sold		26,478		$	380,313			28,939		$	437,198
Reinvestment of distributions		4,566			63,282			818			11,511
Shares reacquired		(1,270	)		(16,815	)		(20,440	)		(299,203	)
Increase		29,774		$	426,780			9,317		$	149,506

203

Notes to Financial Statements (continued)

Global Equity Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		42,775		$	581,189			–		$	–
Shares reacquired		(13	)		(170	)		–			–
Increase		42,762		$	581,019			–		$	–

Class R5 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			–			–
Shares reacquired		–			–			–			–
Increase		–		$	–			–		$	–

Class R6 Shares
Shares sold		22,334		$	324,163			22,941		$	361,456
Shares reacquired		(15,529	)		(218,856	)		(358	)		(4,957	)
Increase		6,805		$	105,307			22,583		$	356,499
Growth Leaders Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		8,053,857		$	305,382,902			12,618,737		$	583,012,996
Converted from Class C*		30,478			1,050,562			1,575,362			74,374,788
Reinvestment of distributions		11,264,073			480,863,285			4,198,551			175,541,399
Shares reacquired		(8,804,050	)		(329,934,257	)		(12,365,757	)		(566,553,743	)
Increase		10,544,358		$	457,362,492			6,026,893		$	266,375,440

Class C Shares
Shares sold		2,067,826		$	68,862,500			4,528,845		$	188,073,952
Reinvestment of distributions		6,190,491			230,224,375			2,592,659			97,795,114
Shares reacquired		(5,595,955	)		(180,295,668	)		(4,706,111	)		(194,784,763	)
Converted to Class A*		(35,063	)		(1,050,562	)		(1,751,967	)		(74,374,788	)
Increase		2,627,299		$	117,740,645			663,426		$	16,709,515

Class F Shares
Shares sold		17,569,595		$	687,234,467			37,605,038		$	1,779,963,107
Reinvestment of distributions		16,227,132			716,427,881			6,025,591			258,256,825
Shares reacquired		(41,910,524	)		(1,532,372,690	)		(26,348,047	)		(1,246,249,512	)
Increase (decrease)		(8,113,797	)	$	(128,710,342	)		17,282,582		$	791,970,420

Class F3 Shares
Shares sold		3,135,988		$	124,112,972			8,538,984		$	411,256,288
Reinvestment of distributions		2,856,896			128,188,907			661,604			28,720,216
Shares reacquired		(3,612,074	)		(138,245,976	)		(2,567,381	)		(123,713,803	)
Increase		2,380,810		$	114,055,903			6,633,207		$	316,262,701

Class I Shares
Shares sold		21,497,993		$	758,192,049			7,523,038		$	361,849,545
Reinvestment of distributions		5,228,280			232,919,899			2,243,922			96,892,532
Shares reacquired		(8,462,501	)		(317,816,920	)		(10,114,172	)		(474,476,907	)
Increase (decrease)		18,263,772		$	673,295,028			(347,212	)	$	(15,734,830	)

204

Notes to Financial Statements (continued)

Growth Leaders Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		23,189		$	830,483			57,980		$	2,630,122
Reinvestment of distributions		14,439			596,203			3,327			135,853
Shares reacquired		(7,907	)		(281,338	)		(34,978	)		(1,607,330	)
Increase		29,721		$	1,145,348			26,329		$	1,158,645

Class R3 Shares
Shares sold		99,771		$	3,619,510			127,159		$	5,737,355
Reinvestment of distributions		104,557			4,314,020			49,580			2,021,888
Shares reacquired		(63,944	)		(2,271,067	)		(203,986	)		(9,264,032	)
Increase (decrease)		140,384		$	5,662,463			(27,247	)	$	(1,504,789	)

Class R4 Shares
Shares sold		94,885		$	3,571,481			131,947		$	6,088,231
Reinvestment of distributions		48,603			2,075,821			18,437			771,054
Shares reacquired		(63,727	)		(2,693,229	)		(98,280	)		(4,540,228	)
Increase		79,761		$	2,954,073			52,104		$	2,319,057

Class R5 Shares
Shares sold		49,113		$	1,794,224			202,881		$	9,556,872
Reinvestment of distributions		79,851			3,558,947			31,460			1,359,076
Shares reacquired		(83,264	)		(3,317,731	)		(199,722	)		(9,546,091	)
Increase		45,700		$	2,035,440			34,619		$	1,369,857

Class R6 Shares
Shares sold		863,536		$	35,897,368			2,274,302		$	109,538,930
Reinvestment of distributions		564,971			25,350,238			82,190			3,567,873
Shares reacquired		(598,429	)		(25,314,208	)		(547,006	)		(26,351,826	)
Increase		830,078		$	35,933,398			1,809,486		$	86,754,977
Health Care Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		40,834		$	759,541			93,469		$	1,888,394
Converted from Class C*		630			11,344			1,078			20,376
Reinvestment of distributions		12,293			235,294			13,407			242,002
Shares reacquired		(25,987	)		(465,048	)		(53,158	)		(1,062,543	)
Increase		27,770		$	541,131			54,796		$	1,088,229

Class C Shares
Shares sold		4,594			86,969			42,736			851,529
Reinvestment of distributions		2,622			49,195			2,699			48,170
Shares reacquired		(5,325	)		(93,355	)		(25,051	)		(504,667	)
Converted to Class A*		(645	)		(11,344	)		(1,093	)		(20,376	)
Increase		1,246		$	31,465			19,291		$	374,656

205

Notes to Financial Statements (continued)

Health Care Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		7,212			128,079			23,496			473,930
Reinvestment of distributions		1,895			36,509			491			8,898
Shares reacquired		(5,614	)		(101,533	)		(3,040	)		(61,905	)
Increase		3,493		$	63,055			20,947		$	420,923

Class F3 Shares
Increase		–		$	–			–		$	–

Class I Shares	��
Reinvestment of distributions		–			–			(1	)		–
Shares reacquired		–			–			1			–
Increase		–		$	–			–		$	–

Class R3 Shares
Increase		–		$	–			–		$	–

Class R4 Shares
Increase		–		$	–			–		$	–

Class R5 Shares
Increase		–		$	–			–		$	–

Class R6 Shares
Shares sold		9,990			192,304			75,313			1,486,080
Reinvestment of distributions		16			309			–			–
Shares reacquired		(14,292	)		(261,056	)		(7,643	)		(153,462	)
Increase (decrease)		(4,286	)	$	(68,443	)		67,670		$	1,332,618
International Equity Fund		Six Months Ended April 30, 2022 (unaudited)					Year Ended October 31, 2021
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		382,130		$	5,816,119			866,494		$	14,280,450
Converted from Class C*		4,490			65,168			33,029			558,425
Reinvestment of distributions		1,380,872			20,892,591			125,034			1,944,287
Shares reacquired		(905,895	)		(13,633,117	)		(1,553,164	)		(25,640,612	)
Increase (decrease)		861,597		$	13,140,761			(528,607	)	$	(8,857,450	)

Class C Shares
Shares sold		11,852		$	177,502			52,720		$	859,771
Reinvestment of distributions		51,685			781,993			1,234			19,178
Shares reacquired		(43,536	)		(642,158	)		(87,845	)		(1,453,229	)
Converted to Class A*		(4,502	)		(65,168	)		(33,171	)		(558,425	)
Increase (decrease)		15,499		$	252,169			(67,062	)	$	(1,132,705	)

Class F Shares
Shares sold		81,078		$	1,283,495			757,577		$	12,936,223
Reinvestment of distributions		187,027			2,814,751			9,333			144,479
Shares reacquired		(693,033	)		(10,453,049	)		(133,899	)		(2,239,606	)
Increase (decrease)		(424,928	)	$	(6,354,803	)		633,011		$	10,841,096

206

Notes to Financial Statements (continued)

International Equity Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class F3 Shares	Shares			Amount			Shares			Amount
Shares sold		148,609		$	2,226,379			80,444		$	1,368,799
Reinvestment of distributions		45,022			690,193			4,387			69,008
Shares reacquired		(53,720	)		(802,266	)		(84,279	)		(1,411,344	)
Increase		139,911		$	2,114,306			552		$	26,463

Class I Shares
Shares sold		25,832		$	397,520			30,175		$	521,302
Reinvestment of distributions		1,248,929			19,096,120			178,682			2,805,307
Shares reacquired		(36,163	)		(598,652	)		(3,953,549	)		(64,868,896	)
Increase (decrease)		1,238,598		$	18,894,988			(3,744,692	)	$	(61,542,287	)

Class P Shares
Shares sold		–		$	2			7		$	103
Reinvestment of distributions		91			1,376			18			278
Shares reacquired		(1	)		(8	)		(2,120	)		(33,178	)
Increase (decrease)		90		$	1,370			(2,095	)	$	(32,797	)

Class R2 Shares
Shares sold		623		$	9,283			1,510		$	25,044
Reinvestment of distributions		1,278			19,394			59			914
Shares reacquired		(205	)		(2,779	)		(1,723	)		(29,536	)
Increase (decrease)		1,696		$	25,898			(154	)	$	(3,578	)

Class R3 Shares
Shares sold		31,310		$	454,924			60,283		$	986,472
Reinvestment of distributions		45,198			673,002			3,356			51,482
Shares reacquired		(41,810	)		(618,720	)		(117,485	)		(1,908,756	)
Increase (decrease)		34,698		$	509,206			(53,846	)	$	(870,802	)

Class R4 Shares
Shares sold		12,027		$	180,875			22,758		$	374,708
Reinvestment of distributions		12,009			180,612			988			15,301
Shares reacquired		(10,820	)		(172,552	)		(15,169	)		(250,732	)
Increase		13,216		$	188,935			8,577		$	139,277

Class R5 Shares
Shares sold		1,060		$	15,654			528		$	8,854
Reinvestment of distributions		499			7,581			54			848
Shares reacquired		(4,477	)		(70,794	)		(800	)		(13,844	)
Decrease		(2,918	)	$	(47,559	)		(218	)	$	(4,142	)

Class R6 Shares
Shares sold		18,022		$	288,249			95,921		$	1,640,453
Reinvestment of distributions		11,994			183,755			71			1,124
Shares reacquired		(18,962	)		(295,183	)		(20,345	)		(336,541	)
Increase		11,054		$	176,821			75,647		$	1,305,036

207

Notes to Financial Statements (continued)

International Opportunities Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		378,664		$	7,383,184			1,020,365		$	20,734,426
Converted from Class C*		5,005			94,195			56,486			1,157,283
Reinvestment of distributions		143,264			2,819,439			–			–
Shares reacquired		(485,313	)		(9,416,886	)		(1,129,310	)		(22,544,684	)
Increase (decrease)		41,620		$	879,932			(52,459	)	$	(652,975	)

Class C Shares
Shares sold		32,357		$	561,718			98,943		$	1,805,973
Reinvestment of distributions		12,065			218,612			–			–
Shares reacquired		(124,575	)		(2,202,236	)		(184,163	)		(3,387,765	)
Converted to Class A*		(5,447	)		(94,195	)		(61,458	)		(1,157,283	)
Decrease		(85,600	)	$	(1,516,101	)		(146,678	)	$	(2,739,075	)

Class F Shares
Shares sold		174,161		$	3,352,749			603,623		$	11,596,436
Reinvestment of distributions		60,590			1,180,901			–			–
Shares reacquired		(805,182	)		(15,231,785	)		(809,112	)		(15,871,515	)
Decrease		(570,431	)	$	(10,698,135	)		(205,489	)	$	(4,275,079	)

Class F3 Shares
Shares sold		379,481		$	7,615,817			568,476		$	12,066,160
Reinvestment of distributions		36,746			751,094			–			–
Shares reacquired		(183,870	)		(3,655,283	)		(276,690	)		(5,795,476	)
Increase		232,357		$	4,711,628			291,786		$	6,270,684

Class I Shares
Shares sold		443,424		$	8,687,012			509,328		$	10,221,845
Reinvestment of distributions		229,563			4,664,717			–			–
Shares reacquired		(245,634	)		(4,846,808	)		(814,010	)		(17,506,626	)
Increase (decrease)		427,353		$	8,504,921			(304,682	)	$	(7,284,781	)

Class P Shares
Shares sold		651		$	12,669			310		$	6,474
Reinvestment of distributions		136			2,744			–			–
Shares reacquired		(3	)		(51	)		(1,318	)		(28,552	)
Increase (decrease)		784		$	15,362			(1,008	)	$	(22,078	)

Class R2 Shares
Shares sold		18,673		$	351,345			19,444		$	387,386
Reinvestment of distributions		2,535			48,946			–			–
Shares reacquired		(24,709	)		(465,310	)		(50,635	)		(1,000,966	)
Decrease		(3,501	)	$	(65,019	)		(31,191	)	$	(613,580	)

Class R3 Shares
Shares sold		19,965		$	379,722			98,606		$	1,906,895
Reinvestment of distributions		5,703			110,011			–			–
Shares reacquired		(45,599	)		(878,425	)		(769,436	)		(15,146,837	)
Decrease		(19,931	)	$	(388,692	)		(670,830	)	$	(13,239,942	)

208

Notes to Financial Statements (continued)

International Opportunities Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		9,026		$	174,251			38,326		$	767,766
Reinvestment of distributions		2,323			45,479			–			–
Shares reacquired		(12,499	)		(249,583	)		(216,539	)		(3,983,010	)
Decrease		(1,150	)	$	(29,853	)		(178,213	)	$	(3,215,244	)

Class R5 Shares
Shares sold		7,943		$	159,686			40,176		$	803,376
Reinvestment of distributions		3,892			79,057			–			–
Shares reacquired		(17,698	)		(348,284	)		(871,351	)		(17,560,650	)
Decrease		(5,863	)	$	(109,541	)		(831,175	)	$	(16,757,274	)

Class R6 Shares
Shares sold		118,942		$	2,386,415			540,028		$	10,832,601
Reinvestment of distributions		21,471			438,873			–			–
Shares reacquired		(181,599	)		(3,664,972	)		(1,373,932	)		(27,830,416	)
Decrease		(41,186	)	$	(839,684	)		(833,904	)	$	(16,997,815	)
International Value Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,586,047		$	12,421,915			3,061,134		$	23,907,213
Converted from Class C*		20,304			156,543			606,743			4,752,785
Reinvestment of distributions		534,997			4,148,605			831,708			6,490,509
Shares reacquired		(2,151,227	)		(16,815,317	)		(5,124,680	)		(39,688,743	)
Decrease		(9,879	)	$	(88,254	)		(625,095	)	$	(4,538,236	)

Class C Shares
Shares sold		58,959		$	462,728			69,931		$	547,796
Reinvestment of distributions		17,603			134,863			33,787			260,067
Shares reacquired		(298,686	)		(2,292,915	)		(321,117	)		(2,473,707	)
Converted to Class A*		(20,483	)		(156,543	)		(611,906	)		(4,752,785	)
Decrease		(242,607	)	$	(1,851,867	)		(829,305	)	$	(6,418,629	)

Class F Shares
Shares sold		179,946		$	1,433,480			447,227		$	3,520,651
Reinvestment of distributions		53,438			416,621			95,359			748,699
Shares reacquired		(1,547,252	)		(12,209,505	)		(815,451	)		(6,336,462	)
Decrease		(1,313,868	)	$	(10,359,404	)		(272,865	)	$	(2,067,112	)

Class F3 Shares
Shares sold		564,983		$	4,433,809			739,152		$	5,894,112
Reinvestment of distributions		61,457			480,678			91,373			718,721
Shares reacquired		(369,047	)		(2,900,387	)		(733,863	)		(5,776,493	)
Increase		257,393		$	2,014,100			96,662		$	836,340

209

Notes to Financial Statements (continued)

International Value Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		1,316,546		$	10,406,011			13,551,374		$	109,805,842
Reinvestment of distributions		807,018			6,313,643			1,142,639			9,028,328
Shares reacquired		(424,843	)		(3,290,481	)		(5,696,989	)		(42,372,150	)
Increase		1,698,721		$	13,429,173			8,997,024		$	76,462,020

Class R2 Shares
Shares sold		3,654		$	27,936			1,002		$	8,031
Reinvestment of distributions		65			516			74			591
Shares reacquired		(1,408	)		(11,128	)		(988	)		(7,800	)
Increase		2,311		$	17,324			88		$	822

Class R3 Shares
Shares sold		505,798		$	4,107,305			131,877		$	1,063,380
Reinvestment of distributions		14,660			114,989			20,973			165,652
Shares reacquired		(357,302	)		(2,834,764	)		(192,616	)		(1,485,389	)
Increase (decrease)		163,156		$	1,387,530			(39,766	)	$	(256,357	)

Class R4 Shares
Shares sold		2,538		$	19,819			15,394		$	117,905
Reinvestment of distributions		364			2,817			408			3,223
Shares reacquired		(709	)		(5,776	)		(2,743	)		(20,780	)
Increase		2,193		$	16,860			13,059		$	100,348

Class R5 Shares
Shares sold		22		$	179			515		$	4,185
Reinvestment of distributions		5			40			7			53
Shares reacquired		(443	)		(3,550	)		(102	)		(849	)
Increase (decrease)		(416	)	$	(3,331	)		420		$	3,389

Class R6 Shares
Shares sold		122,778		$	974,702			24,459		$	187,780
Reinvestment of distributions		834			6,533			154			1,230
Shares reacquired		(69,682	)		(545,205	)		(10,950	)		(83,632	)
Increase		53,930		$	436,030			13,663		$	105,378

210

Notes to Financial Statements (continued)

Micro Cap Growth Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		226,147		$	3,749,140			3,899,533		$	79,008,714
Converted from Class C*		78			1,261			2,848			55,236
Reinvestment of distributions		–			–			216,420			3,339,369
Shares reacquired		(599,196	)		(9,966,769	)		(1,635,265	)		(31,860,611	)
Increase (decrease)		(372,971	)	$	(6,216,368	)		2,483,536		$	50,542,708

Class C Shares
Shares sold		13,796		$	273,771			610,825		$	15,046,196
Reinvestment of distributions		–			–			16,075			303,011
Shares reacquired		(101,172	)		(1,971,896	)		(89,983	)		(2,091,787	)
Converted to Class A*		(65	)		(1,261	)		(2,341	)		(55,236	)
Increase (decrease)		(87,441	)	$	(1,699,386	)		534,576		$	13,202,184

Class F Shares
Shares sold		531,955		$	10,648,710			10,540,463		$	266,716,166
Reinvestment of distributions		–			–			199,630			3,773,009
Shares reacquired		(2,337,637	)		(45,826,743	)		(4,292,107	)		(101,849,880	)
Increase (decrease)		(1,805,682	)	$	(35,178,033	)		6,447,986		$	168,639,295

Class I Shares
Shares sold		648,318		$	12,829,438			2,545,959		$	61,392,303
Reinvestment of distributions		–			–			890,870			16,837,445
Shares reacquired		(408,268	)		(7,911,266	)		(1,330,048	)		(31,678,949	)
Increase		240,050		$	4,918,172			2,106,781		$	46,550,799
Value Opportunities Fund		Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		2,248,979		$	45,819,338			3,005,986		$	64,495,583
Converted from Class C*		10,655			213,092			505,585			11,030,413
Reinvestment of distributions		4,619,162			99,450,565			1,967,336			36,454,708
Shares reacquired		(3,395,692	)		(69,051,388	)		(6,408,852	)		(134,991,512	)
Increase (decrease)		3,483,104		$	76,431,607			(929,945	)	$	(23,010,808	)

Class C Shares
Shares sold		163,600		$	2,791,523			644,345		$	11,394,166
Reinvestment of distributions		614,919			10,834,876			284,339			4,458,433
Shares reacquired		(840,721	)		(13,827,932	)		(900,371	)		(16,016,634	)
Converted to Class A*		(13,035	)		(213,092	)		(599,570	)		(11,030,413	)
Decrease		(75,237	)	$	(414,625	)		(571,257	)	$	(11,194,448	)

Class F Shares
Shares sold		733,659		$	15,390,177			1,797,604		$	37,847,528
Reinvestment of distributions		1,001,710			22,217,936			439,721			8,363,493
Shares reacquired		(2,215,606	)		(45,688,594	)		(2,441,356	)		(51,421,396	)
Decrease		(480,237	)	$	(8,080,481	)		(204,031	)	$	(5,210,375	)

211

Notes to Financial Statements (concluded)

Value Opportunities Fund	Six Months Ended April 30, 2022 (unaudited)						Year Ended October 31, 2021
Class F3 Shares	Shares			Amount			Shares			Amount
Shares sold		806,141		$	17,340,327			1,596,849		$	36,558,401
Reinvestment of distributions		1,280,669			29,429,775			608,403			11,930,790
Shares reacquired		(1,129,920	)		(24,898,045	)		(3,195,857	)		(71,397,694	)
Increase (decrease)		956,890		$	21,872,057			(990,605	)	$	(22,908,503	)

Class I Shares
Shares sold		1,322,771		$	27,621,578			6,520,855		$	152,442,751
Reinvestment of distributions		2,122,183			48,300,878			675,691			13,148,938
Shares reacquired		(7,859,940	)		(159,988,430	)		(2,888,534	)		(63,604,654	)
Increase (decrease)		(4,414,986	)	$	(84,065,974	)		4,308,012		$	101,987,035

Class P Shares
Shares sold		67,248		$	1,319,661			79,069		$	1,623,649
Reinvestment of distributions		101,102			2,111,009			50,134			906,422
Shares reacquired		(91,988	)		(1,808,883	)		(387,193	)		(7,742,666	)
Increase (decrease)		76,362		$	1,621,787			(257,990	)	$	(5,212,595	)

Class R2 Shares
Shares sold		50,423		$	962,392			31,406		$	644,725
Reinvestment of distributions		36,753			740,566			16,949			297,456
Shares reacquired		(46,331	)		(895,454	)		(90,409	)		(1,814,660	)
Increase (decrease)		40,845		$	807,504			(42,054	)	$	(872,479	)

Class R3 Shares
Shares sold		149,960		$	2,923,902			392,875		$	8,002,976
Reinvestment of distributions		257,856			5,296,366			139,781			2,492,301
Shares reacquired		(220,663	)		(4,294,688	)		(1,219,492	)		(24,413,278	)
Increase (decrease)		187,153		$	3,925,580			(686,836	)	$	(13,918,001	)

Class R4 Shares
Shares sold		187,608		$	3,751,195			289,822		$	6,215,019
Reinvestment of distributions		236,131			5,076,818			106,339			1,968,337
Shares reacquired		(385,156	)		(7,774,441	)		(657,886	)		(13,558,997	)
Increase (decrease)		38,583		$	1,053,572			(261,725	)	$	(5,375,641	)

Class R5 Shares
Shares sold		3,458		$	74,923			20,489		$	459,253
Reinvestment of distributions		9,868			224,797			5,925			115,427
Shares reacquired		(32,821	)		(708,221	)		(54,178	)		(1,187,542	)
Decrease		(19,495	)	$	(408,501	)		(27,764	)	$	(612,862	)

Class R6 Shares
Shares sold		189,596		$	4,184,663			438,800		$	10,002,897
Reinvestment of distributions		187,129			4,296,484			75,851			1,485,915
Shares reacquired		(167,661	)		(3,568,057	)		(399,116	)		(9,017,125	)
Increase		209,064		$	4,913,090			115,535		$	2,471,687


*		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 eighth anniversary of the month on which the purchase order was accepted.

212

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2022, Alpha Strategy Fund’s long-term investments were allocated among the Underlying Funds as follows:

Alpha Strategy Fund’s Investments:

Underlying Fund Name			%
Lord Abbett Developing Growth Fund, Inc. – Class I			18.82%
Lord Abbett Securities Trust – Focused Small Cap Value Fund-Class I			10.69%
Lord Abbett Securities Trust – International Opportunities Fund-Class I			20.28%
Lord Abbett Securities Trust – Micro Cap Growth Fund-Class I			8.80%
Lord Abbett Research Fund, Inc. – Small Cap Value Fund-Class I			20.70%
Lord Abbett Securities Trust – Value Opportunities Fund-Class I			20.71%
Total			100.00%

Developing Growth Fund

Ten Largest Holdings			% of Investments
Intra-Cellular Therapies, Inc.			2.25%
Lantheus Holdings, Inc.			2.24%
Inspire Medical Systems, Inc.			2.19%
Evoqua Water Technologies Corp.			2.13%
Planet Fitness, Inc.			2.09%
Calix, Inc.			1.93%
Rapid7, Inc.			1.88%
iRhythm Technologies, Inc.			1.88%
Semtech Corp.			1.67%
Simply Good Foods Co. (The)			1.65%

Holdings by Sector			% of Investments
Communication Services			4.69%
Consumer Discretionary			11.48%
Consumer Staples			4.07%
Financials			3.64%
Health Care			25.41%
Industrials			13.24%
Information Technology			31.40%
Materials			3.35%
Money Market Funds			1.28%
Time Deposits			0.14%
Repurchase Agreements			1.30%
Total			100.00%

213

Investments in Underlying Funds (unaudited)(continued)

Focused Small Cap Value Fund

Ten Largest Holdings			% of Investments
MEG Energy Corp.			4.49%
Chesapeake Energy Corp.			4.18%
Organon & Co.			3.65%
International Money Express, Inc.			3.63%
Silicon Motion Technology Corp.			3.56%
TrueBlue, Inc.			3.35%
Sunstone Hotel Investors, Inc.			3.27%
Eagle Materials, Inc.			3.16%
NOV, Inc.			2.94%
Tenet Healthcare Corp.			2.86%

Holdings by Sector			% of Investments
Communication Services			4.55%
Consumer Discretionary			6.20%
Consumer Staples			3.73%
Energy			11.62%
Financials			27.10%
Health Care			6.51%
Industrials			18.06%
Information Technology			7.19%
Materials			6.41%
Real Estate			6.34%
Money Market Funds			0.72%
Time Deposits			0.08%
Repurchase Agreements			1.49%
Total			100.00%

International Value Fund

Ten Largest Holdings			% of Investments
Shell plc			4.02%
Sanofi			3.03%
BHP Group Ltd.			2.72%
GlaxoSmithKline plc			2.28%
Orange SA			2.22%
UBS Group AG			1.93%
Novartis AG Registered Shares			1.88%
Thales SA			1.80%
Standard Chartered plc			1.78%
Koninklijke Ahold Delhaize NV			1.75%

214

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector			% of Investments
Communication Services			2.22%
Consumer Discretionary			6.50%
Consumer Staples			10.19%
Energy			8.55%
Financials			25.08%
Health Care			11.55%
Industrials			14.04%
Information Technology			2.91%
Materials			5.77%
Real Estate			3.42%
Utilities			4.44%
Money Market Funds			1.46%
Time Deposits			0.16%
Repurchase Agreements			3.71%
Total			100.00%

Micro Cap Growth Fund

Ten Largest Holdings			% of Investments
Gogo, Inc.			2.97%
Intra-Cellular Therapies, Inc.			2.41%
Kforce, Inc.			2.37%
Rambus, Inc.			2.23%
ICF International, Inc.			2.19%
Calix, Inc.			2.09%
Avid Technology, Inc.			1.98%
Lantheus Holdings, Inc.			1.97%
Ameresco, Inc.			1.95%
Monarch Casino & Resort, Inc.			1.94%

Holdings by Sector			% of Investments
Communication Services			6.34%
Consumer Discretionary			15.43%
Consumer Staples			3.80%
Financials			5.80%
Health Care			24.06%
Industrials			15.37%
Information Technology			21.74%
Money Market Funds			4.88%
Time Deposits			0.54%
Repurchase Agreements			2.04%
Total			100.00%

215

Investments in Underlying Funds (unaudited)(continued)

Small Cap Value Fund

Ten Largest Holdings			% of Investments
MEG Energy Corp.			3.02%
Chesapeake Energy Corp.			2.92%
Avient Corp.			2.20%
First BanCorp			2.18%
Silicon Motion Technology Corp.			2.18%
Valvoline, Inc.			2.15%
International Money Express, Inc.			2.06%
Applied Industrial Technologies, Inc.			2.04%
Organon & Co.			2.03%
NOV, Inc.			1.97%

Holdings by Sector			% of Investments
Communication Services			3.86%
Consumer Discretionary			6.31%
Consumer Staples			4.25%
Energy			9.72%
Financials			22.79%
Health Care			7.78%
Industrials			18.95%
Information Technology			9.79%
Materials			7.05%
Real Estate			7.33%
Utilities			1.86%
Repurchase Agreements			0.31%
Total			100.00%

Value Opportunities Fund

Ten Largest Holdings			% of Investments
Devon Energy Corp.			2.42%
Chesapeake Energy Corp.			2.39%
BJ’s Wholesale Club Holdings, Inc.			2.22%
Valvoline, Inc.			2.17%
Reliance Steel & Aluminum Co.			2.17%
Molina Healthcare, Inc.			2.16%
American Financial Group, Inc./OH			2.15%
STERIS plc			2.12%
Entegris, Inc.			2.06%
Crane Co.			1.98%

216

Investments in Underlying Funds (unaudited)(concluded)

Holdings by Sector			% of Investments
Communication Services			0.90%
Consumer Discretionary			8.72%
Consumer Staples			2.22%
Energy			5.75%
Financials			13.86%
Health Care			13.95%
Industrials			17.20%
Information Technology			14.91%
Materials			10.29%
Real Estate			8.39%
Utilities			2.64%
Money Market Funds			0.82%
Time Deposits			0.09%
Repurchase Agreements			0.26%
Total			100.00%

217

Approval of Advisory Contract

Securities Trust

(Lord Abbett Alpha Strategy Fund, Lord Abbett Durable Growth Fund, Lord Abbett Focused Growth Fund, Lord Abbett Focused Large Cap Value Fund, Lord Abbett Focused Small Cap Value Fund, Lord Abbett Fundamental Equity Fund, Lord Abbett Global Equity Fund (formerly, Lord Abbett Global Equity Research Fund), Lord Abbett Growth Leaders Fund, Lord Abbett Health Care Fund, Lord Abbett International Equity Fund, Lord Abbett International Opportunities Fund, Lord Abbett International Value Fund, Lord Abbett Value Opportunities Fund and Lord Abbett Micro-Cap Growth Fund)

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”). The Board approved the Agreement at a meeting held on November 11-12, 2021 (the “November Meeting”) and again at a meeting held on January 26-27, 2022 (the “January Meeting”) in order to reset the date for consideration of future approvals. In connection with its approval at the November and January Meetings, 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 an appropriate benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its 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 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, Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Health Care Fund, International Equity Fund and International Value Fund); and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund. At the January Meeting, the Board also considered Lord Abbett’s representation that there were no material changes to Lord Abbett, the

218

Approval of Advisory Contract (continued)

Distributor, the Fund, or to the nature, extent, and quality of the services provided to the Fund by Lord Abbett and the Distributor since the November Meeting.

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 ended June 30, 2021. As to Alpha Strategy Fund and International Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period and below the median of the performance peer group for the three-, five-, and ten-year periods. As to Durable Growth 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 Focused Growth Fund and Health Care Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period. As to Focused Large Cap Value 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 Focused Small Cap Value Fund, Growth Leaders Fund, and Micro-Cap Growth Fund, the Board observed that the Fund’s investment performance was above 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 below the median of the performance peer group for the one-, three-, five- and ten-year periods. As to Global Equity Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and three-year periods. As to International Equity 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 of the performance peer group for the ten-year period. As to International Value Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and three-year periods, but below the median of the performance peer group for the five- and ten-year periods. As to Value Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-year period, and below the median of the performance peer group for the one-, five- and ten-year periods. With respect to Health Care Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, and Value Opportunities Fund, the Board took into account changes to the Fund’s portfolio management team. 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

219

Approval of Advisory Contract (continued)

performance when appropriate. After reviewing these and other factors, including those described below, 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 Micro-Cap Growth Fund, the Board observed that, although the net total expense ratio of the Fund was above the median of the expense peer group, its was only one basis point higher than the median. As to each of Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, Global Equity Fund, Growth Leaders Fund, Health Care Fund, International Equity Fund, International Opportunities Fund, and International Value Fund, the Board observed that the net total expense ratio was below the median of the expense peer group. As to Value Opportunities Fund, the Board observed that the net total expense ratio was equal to the median of the expense peer group.

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 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. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered each Fund’s existing management fee schedule,

220

Approval of Advisory Contract (concluded)

noting one or more contractual breakpoints in the level of management fee for each Fund other than Alpha Strategy Fund, Focused Small Cap Value Fund and Micro-Cap Growth Fund, and, with respect to each of Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Global Equity Fund, Health Care Fund, International Equity Fund, and International Value Fund, the Fund’s expense limitation agreement. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of each 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 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.

221

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 (or related notice of internet availability of 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. 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.

222

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy Fund

Lord Abbett Durable Growth Fund

Lord Abbett Focused Growth Fund

Lord Abbett Focused Large Cap Value Fund

Lord Abbett Focused Small Cap Value Fund

Lord Abbett Fundamental Equity Fund

Lord Abbett Global Equity Fund

Lord Abbett Growth Leaders Fund

Lord Abbett Health Care Fund

Lord Abbett International Equity Fund

Lord Abbett International Opportunities Fund

Lord Abbett International Value Fund

Lord Abbett Micro-Cap Growth Fund

Lord Abbett Value Opportunities Fund

LST-3
(06/22)

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)

The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, 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), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(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 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:

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13:

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 28, 2022

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 28, 2022

	By:	/s/ Michael J. Hebert
		Michael J. Hebert
		Chief Financial Officer and Treasurer

Date: June 28, 2022

Lord Abbett Micro Cap Growth Fund (LMIYX) N-CSRSCertified semi-annual shareholder report (management investment company)