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, New Jersey 07302-3973
(Address of principal executive offices) (Zip code)
Randolph A. Stuzin, Esq.
Vice President and Assistant Secretary
Member, Chief Legal Officer of Lord, Abbett & Co. LLC
90 Hudson Street, Jersey City, New Jersey 07302-3973
(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: 4/30/2024
Item 1: | Report(s) to Shareholders. |
LORD ABBETT
SEMIANNUAL REPORT
Lord Abbett
Alpha Strategy 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, 2024
Table of Contents
Lord Abbett Alpha Strategy 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, 2024
From left to right: Evelyn E. Guernsey, Independent Chair 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, 2024. 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 | |
1
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 through April 30, 2024).
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 11/1/23 – 4/30/24” 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.
2
Alpha Strategy Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period†# | ||||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | ||||||
Class A | ||||||||
Actual | $1,000.00 | $1,200.20 | $2.35 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.73 | $2.16 | |||||
Class C | ||||||||
Actual | $1,000.00 | $1,195.40 | $6.44 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.00 | $5.92 | |||||
Class F | ||||||||
Actual | $1,000.00 | $1,200.80 | $1.53 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,023.47 | $1.41 | |||||
Class F3 | ||||||||
Actual | $1,000.00 | $1,201.50 | $0.55 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,024.37 | $0.50 | |||||
Class I | ||||||||
Actual | $1,000.00 | $1,201.50 | $0.99 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,023.97 | $0.91 | |||||
Class R2 | ||||||||
Actual | $1,000.00 | $1,197.60 | $4.26 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.98 | $3.92 | |||||
Class R3 | ||||||||
Actual | $1,000.00 | $1,198.30 | $3.72 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.48 | $3.42 | |||||
Class R4 | ||||||||
Actual | $1,000.00 | $1,200.00 | $2.35 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.73 | $2.16 | |||||
Class R5 | ||||||||
Actual | $1,000.00 | $1,201.50 | $0.99 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,023.97 | $0.91 | |||||
Class R6 | ||||||||
Actual | $1,000.00 | $1,202.00 | $0.55 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,024.37 | $0.50 |
† | 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, 0.10% 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 0.10% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
# | Does not include expenses of the Underlying Funds in which Alpha Strategy Fund invests. |
3
Portfolio Holdings Presented by Portfolio Allocation
April 30, 2024
Underlying Fund Name | %* | ||||
Lord Abbett Developing Growth Fund, Inc. – Class I | 20.07 | % | |||
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I | 9.95 | % | |||
Lord Abbett Securities Trust – International Opportunities Fund – Class I | 20.12 | % | |||
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I | 9.93 | % | |||
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I | 19.91 | % | |||
Lord Abbett Securities Trust – Value Opportunities Fund – Class I | 19.95 | % | |||
Repurchase Agreements | 0.07 | % | |||
Total | 100.00 | % |
* | Represents percent of total investments, which excludes derivatives. |
4
Focused Growth Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | ||||||
Class A | ||||||||
Actual | $1,000.00 | $1,295.90 | $ 5.99 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.64 | $ 5.27 | |||||
Class C | ||||||||
Actual | $1,000.00 | $1,291.70 | $10.26 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,015.91 | $ 9.02 | |||||
Class F | ||||||||
Actual | $1,000.00 | $1,297.70 | $ 4.57 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.89 | $ 4.02 | |||||
Class F3* | ||||||||
Actual | $1,000.00 | $1,298.30 | $ 3.83 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.53 | $ 3.37 | |||||
Class I | ||||||||
Actual | $1,000.00 | $1,297.50 | $ 4.57 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.89 | $ 4.02 | |||||
Class R3 | ||||||||
Actual | $1,000.00 | $1,294.30 | $ 7.42 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.40 | $ 6.52 | |||||
Class R4 | ||||||||
Actual | $1,000.00 | $1,295.80 | $ 5.99 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.64 | $ 5.27 | |||||
Class R5 | ||||||||
Actual | $1,000.00 | $1,297.70 | $ 4.57 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.89 | $ 4.02 | |||||
Class R6* | ||||||||
Actual | $1,000.00 | $1,298.80 | $ 3.83 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.53 | $ 3.37 |
† | 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, 0.67% for Class F3, 0.80% for Class I, 1.30% for Class R3, 1.05% for Class R4, 0.80% for Class R5 and 0.67% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
* | The annualized expenses have been updated to 0.65% 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 | $3.71 | $3.27 | ||||
Class R6 | $3.72 | $3.27 |
5
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Communication Services | 15.04 | % | |||
Consumer Discretionary | 15.61 | % | |||
Financials | 1.55 | % | |||
Health Care | 13.57 | % | |||
Industrials | 6.30 | % | |||
Information Technology | 46.47 | % | |||
Repurchase Agreements | 1.46 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. |
6
Focused Large Cap Value Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | ||||||
Class A | ||||||||
Actual | $1,000.00 | $1,247.40 | $5.36 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.09 | $4.82 | |||||
Class C | ||||||||
Actual | $1,000.00 | $1,243.70 | $9.54 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.36 | $8.57 | |||||
Class F | ||||||||
Actual | $1,000.00 | $1,249.50 | $3.97 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.33 | $3.57 | |||||
Class F3* | ||||||||
Actual | $1,000.00 | $1,250.30 | $3.92 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.38 | $3.52 | |||||
Class I | ||||||||
Actual | $1,000.00 | $1,249.50 | $3.97 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.33 | $3.57 | |||||
Class R3 | ||||||||
Actual | $1,000.00 | $1,245.80 | $6.76 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.85 | $6.07 | |||||
Class R4 | ||||||||
Actual | $1,000.00 | $1,246.90 | $5.36 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.09 | $4.82 | |||||
Class R5 | ||||||||
Actual | $1,000.00 | $1,249.20 | $3.97 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.33 | $3.57 | |||||
Class R6* | ||||||||
Actual | $1,000.00 | $1,250.00 | $3.92 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.38 | $3.52 |
† | 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, 0.71% for Class F, 0.70% for Class F3, 0.71% for Class I, 1.21% for Class R3, 0.96% for Class R4, 0.71% for Class R5 and 0.70% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
* | The annualized expenses have been updated to 0.67% 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 | $3.75 | $3.37 | ||||
Class R6 | $3.75 | $3.37 |
7
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Communications | 3.78 | % | |||
Consumer, Cyclical | 11.32 | % | |||
Consumer, Non-cyclical | 11.63 | % | |||
Energy | 9.87 | % | |||
Financial | 25.47 | % | |||
Industrial | 18.20 | % | |||
Technology | 15.75 | % | |||
Repurchase Agreement | 0.71 | % | |||
Money Market Funds(a) | 2.94 | % | |||
Time Deposits(a) | 0.33 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. | |
(a) | Securities were purchased with the cash collateral from loaned securities. |
8
Focused Small Cap Value Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | |||||||||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | |||||||||||
Class A | |||||||||||||
Actual | $ | 1,000.00 | $ | 1,149.30 | $ | 6.84 | |||||||
Hypothetical (5% Return Before Expenses) | $ | 1,000.00 | $ | 1,018.50 | $ | 6.42 | |||||||
Class C | |||||||||||||
Actual | $ | 1,000.00 | $ | 1,145.40 | $ | 10.83 | |||||||
Hypothetical (5% Return Before Expenses) | $ | 1,000.00 | $ | 1,014.77 | $ | 10.17 | |||||||
Class F | |||||||||||||
Actual | $ | 1,000.00 | $ | 1,150.90 | $ | 5.51 | |||||||
Hypothetical (5% Return Before Expenses) | $ | 1,000.00 | $ | 1,019.74 | $ | 5.17 | |||||||
Class F3* | |||||||||||||
Actual | $ | 1,000.00 | $ | 1,151.20 | $ | 5.19 | |||||||
Hypothetical (5% Return Before Expenses) | $ | 1,000.00 | $ | 1,020.04 | $ | 4.87 | |||||||
Class I | |||||||||||||
Actual | $ | 1,000.00 | $ | 1,151.10 | $ | 5.51 | |||||||
Hypothetical (5% Return Before Expenses) | $ | 1,000.00 | $ | 1,019.74 | $ | 5.17 | |||||||
Class R5 | |||||||||||||
Actual | $ | 1,000.00 | $ | 1,150.60 | $ | 5.51 | |||||||
Hypothetical (5% Return Before Expenses) | $ | 1,000.00 | $ | 1,019.74 | $ | 5.17 | |||||||
Class R6* | |||||||||||||
Actual | $ | 1,000.00 | $ | 1,151.20 | $ | 5.19 | |||||||
Hypothetical (5% Return Before Expenses) | $ | 1,000.00 | $ | 1,020.04 | $ | 4.87 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.28% for Class A, 2.03% for Class C, 1.03% for Class F, 0.97% for Class F3, 1.03% for Class I, 1.03% for Class R5 and 0.97% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
* | The annualized expenses have been updated to 0.98% 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 | $5.24 | $4.92 | ||||
Class R6 | $5.24 | $4.92 |
9
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Basic Materials | 5.05 | % | |||
Communications | 6.73 | % | |||
Consumer, Cyclical | 11.70 | % | |||
Consumer, Non-cyclical | 10.02 | % | |||
Energy | 11.28 | % | |||
Financial | 31.29 | % | |||
Industrial | 18.67 | % | |||
Technology | 4.66 | % | |||
Repurchase Agreements | 0.60 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. |
10
Fundamental Equity Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | |||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | |||||
Class A | |||||||
Actual | $1,000.00 | $1,215.30 | $5.23 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.14 | $4.77 | ||||
Class C | |||||||
Actual | $1,000.00 | $1,210.10 | $9.34 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.41 | $8.52 | ||||
Class F | |||||||
Actual | $1,000.00 | $1,215.50 | $4.41 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.89 | $4.02 | ||||
Class F3 | |||||||
Actual | $1,000.00 | $1,217.00 | $3.47 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.73 | $3.17 | ||||
Class I | |||||||
Actual | $1,000.00 | $1,217.20 | $3.86 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.38 | $3.52 | ||||
Class P | |||||||
Actual | $1,000.00 | $1,214.50 | $6.33 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.14 | $5.77 | ||||
Class R2 | |||||||
Actual | $1,000.00 | $1,213.30 | $7.15 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.40 | $6.52 | ||||
Class R3 | |||||||
Actual | $1,000.00 | $1,213.60 | $6.60 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.90 | $6.02 | ||||
Class R4 | |||||||
Actual | $1,000.00 | $1,215.80 | $5.23 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.14 | $4.77 | ||||
Class R5 | |||||||
Actual | $1,000.00 | $1,217.10 | $3.86 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.38 | $3.52 | ||||
Class R6 | |||||||
Actual | $1,000.00 | $1,216.90 | $3.47 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.73 | $3.17 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.95% for Class A, 1.70% for Class C, 0.80% for Class F, 0.63% for Class F3, 0.70% for Class I, 1.15% for Class P, 1.30% for Class R2, 1.20% for Class R3, 0.95% for Class R4, 0.70% for Class R5 and 0.63% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
11
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Basic Materials | 2.42 | % | |||
Communications | 4.74 | % | |||
Consumer Cyclical | 9.89 | % | |||
Consumer Non-cyclical | 15.68 | % | |||
Energy | 9.45 | % | |||
Financial | 27.96 | % | |||
Industrial | 15.61 | % | |||
Technology | 10.32 | % | |||
Utilities | 3.03 | % | |||
Repurchase Agreements | 0.48 | % | |||
Money Market Funds(a) | 0.38 | % | |||
Time Deposits(a) | 0.04 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. | |
(a) | Securities were purchased with the cash collateral from loaned securities. |
12
Global Equity Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | |||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | |||||
Class A | |||||||
Actual | $1,000.00 | $1,222.80 | $4.97 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.39 | $4.52 | ||||
Class C | |||||||
Actual | $1,000.00 | $1,218.30 | $9.10 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.66 | $8.27 | ||||
Class F | |||||||
Actual | $1,000.00 | $1,224.30 | $4.15 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.13 | $3.77 | ||||
Class F3* | |||||||
Actual | $1,000.00 | $1,225.00 | $3.10 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.08 | $2.82 | ||||
Class I | |||||||
Actual | $1,000.00 | $1,225.00 | $3.60 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.63 | $3.27 | ||||
Class R3 | |||||||
Actual | $1,000.00 | $1,221.90 | $6.35 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.14 | $5.77 | ||||
Class R4 | |||||||
Actual | $1,000.00 | $1,223.20 | $4.97 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.39 | $4.52 | ||||
Class R5 | |||||||
Actual | $1,000.00 | $1,224.60 | $3.60 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.63 | $3.27 | ||||
Class R6* | |||||||
Actual | $1,000.00 | $1,225.00 | $3.04 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.13 | $2.77 |
† | 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, 0.56% for Class F3, 0.65% for Class I, 1.15% for Class R3, 0.90% for Class R4, 0.65% for Class R5 and 0.55% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
* | The annualized expenses have been updated to 0.51% 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 | $2.82 | $2.56 | ||||
Class R6 | $2.82 | $2.56 |
13
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Basic Materials | 1.84 | % | |||
Communications | 16.09 | % | |||
Consumer Cyclical | 11.61 | % | |||
Consumer Non-cyclical | 15.28 | % | |||
Energy | 4.30 | % | |||
Financial | 18.05 | % | |||
Industrial | 7.92 | % | |||
Technology | 21.04 | % | |||
Utilities | 1.24 | % | |||
Repurchase Agreements | 2.63 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. |
14
Growth Leaders Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | |||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | |||||
Class A | |||||||
Actual | $1,000.00 | $1,307.60 | $4.99 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.54 | $4.37 | ||||
Class C | |||||||
Actual | $1,000.00 | $1,302.60 | $9.27 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.81 | $8.12 | ||||
Class F | |||||||
Actual | $1,000.00 | $1,309.10 | $3.56 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.78 | $3.12 | ||||
Class F3 | |||||||
Actual | $1,000.00 | $1,309.50 | $3.33 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.98 | $2.92 | ||||
Class I | |||||||
Actual | $1,000.00 | $1,309.10 | $3.56 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.78 | $3.12 | ||||
Class R2 | |||||||
Actual | $1,000.00 | $1,305.00 | $6.99 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.80 | $6.12 | ||||
Class R3 | |||||||
Actual | $1,000.00 | $1,305.80 | $6.42 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.29 | $5.62 | ||||
Class R4 | |||||||
Actual | $1,000.00 | $1,307.30 | $4.99 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.54 | $4.37 | ||||
Class R5 | |||||||
Actual | $1,000.00 | $1,309.30 | $3.56 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.78 | $3.12 | ||||
Class R6 | |||||||
Actual | $1,000.00 | $1,309.50 | $3.33 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.98 | $2.92 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.87% for Class A, 1.62% for Class C, 0.62% for Class F, 0.58% for Class F3, 0.62% for Class I, 1.22% for Class R2, 1.12% for Class R3, 0.87% for Class R4, 0.62% for Class R5 and 0.58% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
15
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Communications | 28.23 | % | |||
Consumer Cyclical | 3.65 | % | |||
Consumer Non-cyclical | 13.53 | % | |||
Financial | 4.67 | % | |||
Industrial | 8.02 | % | |||
Technology | 40.43 | % | |||
Repurchase Agreements | 1.47 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. |
16
Health Care 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† | |||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | |||||
Class A | |||||||
Actual | $1,000.00 | $1,196.10 | $5.62 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.74 | $5.17 | ||||
Class C | |||||||
Actual | $1,000.00 | $1,191.70 | $9.70 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.01 | $8.92 | ||||
Class F | |||||||
Actual | $1,000.00 | $1,197.20 | $4.26 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.98 | $3.92 | ||||
Class F3* | |||||||
Actual | $1,000.00 | $1,198.60 | $3.33 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.83 | $3.07 | ||||
Class I | |||||||
Actual | $1,000.00 | $1,197.60 | $4.26 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.98 | $3.92 | ||||
Class R3 | |||||||
Actual | $1,000.00 | $1,194.50 | $6.98 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.50 | $6.42 | ||||
Class R4 | |||||||
Actual | $1,000.00 | $1,196.20 | $5.57 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.79 | $5.12 | ||||
Class R5 | |||||||
Actual | $1,000.00 | $1,197.60 | $4.10 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.13 | $3.77 | ||||
Class R6* | |||||||
Actual | $1,000.00 | $1,198.50 | $3.28 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.88 | $3.02 |
† | 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, 0.61% for Class F3, 0.78% for Class I, 1.28% for Class R3, 1.02% for Class R4, 0.75% for Class R5 and 0.60% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
* | The annualized expenses have been updated to 0.60% 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 | $3.28 | $3.02 | ||||
Class R6 | $3.28 | $3.02 |
17
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Health Care | 100.00 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. |
18
International Equity Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | ||||||
Class A | ||||||||
Actual | $1,000.00 | $1,211.10 | $5.06 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.29 | $4.62 | |||||
Class C | ||||||||
Actual | $1,000.00 | $1,206.30 | $9.16 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.56 | $8.37 | |||||
Class F | ||||||||
Actual | $1,000.00 | $1,211.50 | $4.23 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.03 | $3.87 | |||||
Class F3 | ||||||||
Actual | $1,000.00 | $1,213.10 | $3.30 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.88 | $3.02 | |||||
Class I | ||||||||
Actual | $1,000.00 | $1,212.80 | $3.69 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.53 | $3.37 | |||||
Class P | ||||||||
Actual | $1,000.00 | $1,209.10 | $5.99 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.44 | $5.47 | |||||
Class R2 | ||||||||
Actual | $1,000.00 | $1,209.00 | $6.98 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.55 | $6.37 | |||||
Class R3 | ||||||||
Actual | $1,000.00 | $1,209.10 | $6.43 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.05 | $5.87 | |||||
Class R4 | ||||||||
Actual | $1,000.00 | $1,210.50 | $5.06 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.29 | $4.62 | |||||
Class R5 | ||||||||
Actual | $1,000.00 | $1,212.70 | $3.63 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.58 | $3.32 | |||||
Class R6 | ||||||||
Actual | $1,000.00 | $1,213.30 | $3.30 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.88 | $3.02 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.92% for Class A, 1.67% for Class C, 0.77% for Class F, 0.60% for Class F3, 0.67% for Class I, 1.09% for Class P, 1.27% for Class R2, 1.17% for Class R3, 0.92% for Class R4, 0.66% for Class R5 and 0.60% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
19
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Communication Services | 4.85 | % | |||
Consumer Discretionary | 10.87 | % | |||
Consumer Staples | 5.62 | % | |||
Energy | 5.71 | % | |||
Financials | 18.13 | % | |||
Health Care | 11.21 | % | |||
Industrials | 15.12 | % | |||
Information Technology | 16.32 | % | |||
Materials | 5.98 | % | |||
Real Estate | 2.06 | % | |||
Utilities | 1.57 | % | |||
Repurchase Agreements | 2.05 | % | |||
Money Market Funds(a) | 0.46 | % | |||
Time Deposits(a) | 0.05 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. | |
(a) | Securities were purchased with the cash collateral from loaned securities. |
20
International Opportunities Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | ||||||
Class A | ||||||||
Actual | $1,000.00 | $1,148.40 | $ 6.52 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.80 | $ 6.12 | |||||
Class C | ||||||||
Actual | $1,000.00 | $1,143.70 | $10.55 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,015.02 | $ 9.92 | |||||
Class F | ||||||||
Actual | $1,000.00 | $1,149.40 | $ 5.77 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.49 | $ 5.42 | |||||
Class F3 | ||||||||
Actual | $1,000.00 | $1,150.10 | $ 4.81 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.39 | $ 4.52 | |||||
Class I | ||||||||
Actual | $1,000.00 | $1,149.80 | $ 5.18 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.04 | $ 4.87 | |||||
Class P | ||||||||
Actual | $1,000.00 | $1,147.10 | $ 7.53 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.85 | $ 7.07 | |||||
Class R2 | ||||||||
Actual | $1,000.00 | $1,146.50 | $ 8.38 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.06 | $ 7.87 | |||||
Class R3 | ||||||||
Actual | $1,000.00 | $1,147.30 | $ 7.85 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.55 | $ 7.37 | |||||
Class R4 | ||||||||
Actual | $1,000.00 | $1,148.40 | $ 6.52 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.80 | $ 6.12 | |||||
Class R5 | ||||||||
Actual | $1,000.00 | $1,149.90 | $ 5.19 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.04 | $ 4.87 | |||||
Class R6 | ||||||||
Actual | $1,000.00 | $1,150.10 | $ 4.81 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.39 | $ 4.52 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.22% for Class A, 1.98% for Class C, 1.08% for Class F, 0.90% for Class F3, 0.97% for Class I, 1.41% for Class P, 1.57% for Class R2, 1.47% for Class R3, 1.22% for Class R4, 0.97% for Class R5 and 0.90% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
21
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Basic Materials | 5.63 | % | |||
Communications | 5.41 | % | |||
Consumer Cyclical | 11.10 | % | |||
Consumer Non-cyclical | 12.84 | % | |||
Energy | 2.67 | % | |||
Financial | 21.68 | % | |||
Industrial | 23.83 | % | |||
Technology | 11.77 | % | |||
Utilities | 2.24 | % | |||
Repurchase Agreements | 2.83 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. |
22
International Value Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | ||||||
Class A | ||||||||
Actual | $1,000.00 | $1,171.50 | $5.18 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.09 | $4.82 | |||||
Class C | ||||||||
Actual | $1,000.00 | $1,168.30 | $9.22 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,016.36 | $8.57 | |||||
Class F | ||||||||
Actual | $1,000.00 | $1,172.30 | $4.37 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.84 | $4.07 | |||||
Class F3 | ||||||||
Actual | $1,000.00 | $1,174.30 | $3.35 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.78 | $3.12 | |||||
Class I | ||||||||
Actual | $1,000.00 | $1,174.30 | $3.84 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.33 | $3.57 | |||||
Class R2 | ||||||||
Actual | $1,000.00 | $1,169.50 | $7.01 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.40 | $6.52 | |||||
Class R3 | ||||||||
Actual | $1,000.00 | $1,170.80 | $6.53 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.85 | $6.07 | |||||
Class R4 | ||||||||
Actual | $1,000.00 | $1,172.10 | $5.18 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.09 | $4.82 | |||||
Class R5 | ||||||||
Actual | $1,000.00 | $1,173.60 | $3.62 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.53 | $3.37 | |||||
Class R6 | ||||||||
Actual | $1,000.00 | $1,174.30 | $3.35 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.78 | $3.12 |
† | 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, 0.62% for Class F3, 0.71% for Class I, 1.30% for Class R2, 1.21% for Class R3, 0.96% for Class R4, 0.67% for Class R5 and 0.62% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
23
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Basic Materials | 5.11 | % | |||
Communications | 2.45 | % | |||
Consumer Cyclical | 8.83 | % | |||
Consumer Non-cyclical | 16.75 | % | |||
Energy | 11.79 | % | |||
Financial | 30.89 | % | |||
Industrial | 13.20 | % | |||
Technology | 5.28 | % | |||
Utilities | 3.31 | % | |||
Repurchase Agreements | 2.39 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. |
24
Micro Cap Growth Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | ||||||
Class A | ||||||||
Actual | $1,000.00 | $1,258.80 | $ 7.69 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.05 | $ 6.87 | |||||
Class C | ||||||||
Actual | $1,000.00 | $1,254.40 | $11.88 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,014.32 | $10.62 | |||||
Class F | ||||||||
Actual | $1,000.00 | $1,260.30 | $ 6.29 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.29 | $ 5.62 | |||||
Class I | ||||||||
Actual | $1,000.00 | $1,260.30 | $ 6.29 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.29 | $ 5.62 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.37% for Class A, 2.12% for Class C, 1.12% for Class F and 1.12% for Class I multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
25
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Communication Services | 0.77 | % | |||
Consumer Discretionary | 14.28 | % | |||
Consumer Staples | 3.82 | % | |||
Financials | 8.53 | % | |||
Health Care | 28.78 | % | |||
Industrials | 16.41 | % | |||
Information Technology | 25.81 | % | |||
Repurchase Agreements | 0.92 | % | |||
Money Market Funds(a) | 0.61 | % | |||
Time Deposits(a) | 0.07 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. | |
(a) | Securities were purchased with the cash collateral from loaned securities. |
26
Value Opportunities Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period† | ||||||
11/1/23 | 4/30/24 | 11/1/23 - 4/30/24 | ||||||
Class A | ||||||||
Actual | $1,000.00 | $1,192.60 | $ 6.38 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.05 | $ 5.87 | |||||
Class C | ||||||||
Actual | $1,000.00 | $1,188.10 | $10.45 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,015.32 | $ 9.62 | |||||
Class F | ||||||||
Actual | $1,000.00 | $1,193.70 | $ 5.56 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.79 | $ 5.12 | |||||
Class F3 | ||||||||
Actual | $1,000.00 | $1,195.00 | $ 4.53 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.74 | $ 4.17 | |||||
Class I | ||||||||
Actual | $1,000.00 | $1,194.10 | $ 5.02 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.29 | $ 4.62 | |||||
Class P | ||||||||
Actual | $1,000.00 | $1,191.90 | $ 7.47 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.05 | $ 6.87 | |||||
Class R2 | ||||||||
Actual | $1,000.00 | $1,190.80 | $ 8.28 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.30 | $ 7.62 | |||||
Class R3 | ||||||||
Actual | $1,000.00 | $1,191.40 | $ 7.74 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.80 | $ 7.12 | |||||
Class R4 | ||||||||
Actual | $1,000.00 | $1,193.10 | $ 6.38 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.05 | $ 5.87 | |||||
Class R5 | ||||||||
Actual | $1,000.00 | $1,193.90 | $ 5.02 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.29 | $ 4.62 | |||||
Class R6 | ||||||||
Actual | $1,000.00 | $1,194.50 | $ 4.53 | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.74 | $ 4.17 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.17% for Class A, 1.92% for Class C, 1.02% for Class F, 0.83% for Class F3, 0.92% for Class I, 1.37% for Class P, 1.52% for Class R2, 1.42% for Class R3, 1.17% for Class R4, 0.92% for Class R5 and 0.83% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
27
Portfolio Holdings Presented by Sector
April 30, 2024
Sector* | %** | ||||
Basic Materials | 3.48 | % | |||
Communications | 2.66 | % | |||
Consumer Cyclical | 14.92 | % | |||
Consumer Non-cyclical | 17.37 | % | |||
Energy | 6.64 | % | |||
Financial | 20.63 | % | |||
Industrial | 18.22 | % | |||
Technology | 9.99 | % | |||
Utilities | 2.42 | % | |||
Repurchase Agreements | 0.50 | % | |||
Money Market Funds(a) | 2.86 | % | |||
Time Deposits(a) | 0.31 | % | |||
Total | 100.00 | % |
* | A sector may comprise several industries. | |
** | Represents percent of total investments, which excludes derivatives. | |
(a) | Securities were purchased with the cash collateral from loaned securities. |
28
Schedule of Investments (unaudited)
ALPHA STRATEGY FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
LONG-TERM INVESTMENTS 99.98% | ||||||||
INVESTMENTS IN UNDERLYING FUNDS(a)(b) 99.98% | ||||||||
Lord Abbett Developing Growth Fund, Inc. – Class I*(c) | 4,701,268 | $ | 120,728,549 | |||||
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I(d) | 2,172,980 | 59,843,876 | ||||||
Lord Abbett Securities Trust – International Opportunities Fund – Class I(d) | 6,488,750 | 121,015,188 | ||||||
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I*(d) | 3,473,389 | 59,707,557 | ||||||
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I(d) | 6,015,832 | 119,775,219 | ||||||
Lord Abbett Securities Trust – Value Opportunities Fund – Class I(d) | 6,184,180 | 119,973,099 | ||||||
Total Investments in Underlying Funds (cost 584,368,447) | 601,043,488 |
Investments | Principal Amount | Fair Value | ||||||
SHORT-TERM INVESTMENTS 0.07% | ||||||||
Repurchase Agreements 0.07% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $437,200 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $436,389; proceeds: $427,748 (cost $427,715) | $ | 427,715 | $ | 427,715 | ||||
Total Investments in Securities 100.05% (cost $584,796,162) | 601,471,203 | |||||||
Other Assets and Liabilities – Net (0.05)% | (300,337 | ) | ||||||
Net Assets 100.00% | $ | 601,170,866 |
* | Non-income producing security. | |
(a) | These investments offer daily redemptions. | |
(b) | Affiliated issuers (See Note 11). | |
(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, 2024 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 | $ | 601,043,488 | $ | – | $ | – | $ | 601,043,488 | |||||||
Short-Term Investments | |||||||||||||||
Repurchase Agreements | – | 427,715 | – | 427,715 | |||||||||||
Total | $ | 601,043,488 | $ | 427,715 | $ | – | $ | 601,471,203 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each investment in Underlying Funds. 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. | 29 |
Schedule of Investments (unaudited)
FOCUSED GROWTH FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
LONG-TERM INVESTMENTS 98.49% | ||||||||
COMMON STOCKS 98.49% | ||||||||
Biotechnology 4.43% | ||||||||
Blueprint Medicines Corp.* | 6,000 | $ | 548,040 | |||||
Natera, Inc.* | 12,469 | 1,158,121 | ||||||
SpringWorks Therapeutics, Inc.* | 12,560 | 586,426 | ||||||
Total | 2,292,587 | |||||||
Broadline Retail 9.44% | ||||||||
Amazon.com, Inc.* | 21,579 | 3,776,325 | ||||||
MercadoLibre, Inc. (Uruguay)*(a) | 760 | 1,108,612 | ||||||
Total | 4,884,937 | |||||||
Communications Equipment 2.78% | ||||||||
Arista Networks, Inc.* | 5,619 | 1,441,611 | ||||||
Electrical Equipment 2.26% | ||||||||
Eaton Corp. PLC | 3,678 | 1,170,560 | ||||||
Entertainment 6.05% | ||||||||
Netflix, Inc.* | 2,193 | 1,207,553 | ||||||
Spotify Technology SA (Sweden)*(a) | 6,870 | 1,926,623 | ||||||
Total | 3,134,176 | |||||||
Financial Services 1.55% | ||||||||
Mastercard, Inc. Class A | 1,775 | 800,880 | ||||||
Ground Transportation 4.03% | ||||||||
Saia, Inc.* | 1,531 | 607,547 | ||||||
Uber Technologies, Inc.* | 22,332 | 1,479,942 | ||||||
Total | 2,087,489 | |||||||
Health Care Equipment & Supplies 4.19% | ||||||||
Boston Scientific Corp.* | 7,075 | 508,480 | ||||||
Intuitive Surgical, Inc.* | 4,482 | 1,661,119 | ||||||
Total | 2,169,599 | |||||||
Hotels, Restaurants & Leisure 6.16% | ||||||||
Chipotle Mexican Grill, Inc.* | 208 | 657,197 | ||||||
DoorDash, Inc. Class A* | 8,251 | 1,066,524 | ||||||
DraftKings, Inc. Class A* | 35,290 | 1,466,653 | ||||||
Total | 3,190,374 |
Investments | Shares | Fair Value | ||||||
Information Technology Services 3.47% | ||||||||
Shopify, Inc. Class A (Canada)*(a) | 25,555 | $ | 1,793,961 | |||||
Interactive Media & Services 8.98% | ||||||||
Alphabet, Inc. Class A* | 16,148 | 2,628,571 | ||||||
Meta Platforms, Inc. Class A | 4,697 | 2,020,509 | ||||||
Total | 4,649,080 | |||||||
Life Sciences Tools & Services 1.00% | ||||||||
Danaher Corp. | 2,108 | 519,875 | ||||||
Pharmaceuticals 3.94% | ||||||||
Eli Lilly & Co. | 2,610 | 2,038,671 | ||||||
Semiconductors & Semiconductor Equipment 20.32% | ||||||||
Advanced Micro Devices, Inc.* | 7,416 | 1,174,546 | ||||||
Applied Materials, Inc. | 6,900 | 1,370,685 | ||||||
Broadcom, Inc. | 822 | 1,068,822 | ||||||
Monolithic Power Systems, Inc. | 1,591 | 1,064,904 | ||||||
NVIDIA Corp. | 6,756 | 5,837,319 | ||||||
Total | 10,516,276 | |||||||
Software 19.89% | ||||||||
Cadence Design Systems, Inc.* | 3,741 | 1,031,132 | ||||||
Crowdstrike Holdings, Inc. Class A* | 3,392 | 992,296 | ||||||
CyberArk Software Ltd. (Israel)*(a) | 4,122 | 986,189 | ||||||
Datadog, Inc. Class A* | 10,858 | 1,362,679 | ||||||
HubSpot, Inc.* | 2,283 | 1,380,918 | ||||||
Microsoft Corp. | 8,756 | 3,408,973 | ||||||
ServiceNow, Inc.* | 1,634 | 1,132,901 | ||||||
Total | 10,295,088 | |||||||
Total Common Stocks (cost $37,301,131) | 50,985,164 |
30 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
FOCUSED GROWTH FUND April 30, 2024
Investments | Principal Amount | Fair Value | ||||||
SHORT-TERM INVESTMENTS 1.46% | ||||||||
Repurchase Agreements 1.46% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $894,500 of U.S. Treasury Note at 0.375% due 9/30/2027; value: $772,037; proceeds: $756,936 (cost $756,877) | $ | 756,877 | $ | 756,877 | ||||
Total Investments in Securities 99.95% (cost $38,058,008) | 51,742,041 | |||||||
Other Assets and Liabilities – Net 0.05% | 23,845 | |||||||
Net Assets 100.00% | $ | 51,765,886 |
* | 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, 2024 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 | $ | 50,985,164 | $ | – | $ | – | $ | 50,985,164 | ||||||||
Short-Term Investments | ||||||||||||||||
Repurchase Agreements | – | 756,877 | – | 756,877 | ||||||||||||
Total | $ | 50,985,164 | $ | 756,877 | $ | – | $ | 51,742,041 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. 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. | 31 |
Schedule of Investments (unaudited)
FOCUSED LARGE CAP VALUE FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
LONG-TERM INVESTMENTS 99.28% | ||||||||
COMMON STOCKS 99.28% | ||||||||
Aerospace & Defense 2.72% | ||||||||
Lockheed Martin Corp. | 1,477 | $ | 686,702 | |||||
Banks 4.67% | ||||||||
JPMorgan Chase & Co. | 6,150 | 1,179,201 | ||||||
Beverages 2.96% | ||||||||
Carlsberg AS Class B | 5,560 | 747,891 | ||||||
Biotechnology 3.13% | ||||||||
AbbVie, Inc. | 4,870 | 792,057 | ||||||
Building Products 6.02% | ||||||||
Allegion PLC (Ireland)(a) | 6,383 | 775,917 | ||||||
Masco Corp. | 10,900 | 746,105 | ||||||
Total | 1,522,022 | |||||||
Capital Markets 7.94% | ||||||||
Charles Schwab Corp. | 15,647 | 1,157,095 | ||||||
KKR & Co., Inc. | 9,140 | 850,660 | ||||||
Total | 2,007,755 | |||||||
Construction Materials 3.41% | ||||||||
CRH PLC (Ireland)(a) | 11,140 | 862,459 | ||||||
Consumer Staples Distribution & Retail 6.10% | ||||||||
BJ’s Wholesale Club Holdings, Inc.* | 8,256 | 616,558 | ||||||
Target Corp. | 5,740 | 924,025 | ||||||
Total | 1,540,583 | |||||||
Electronic Equipment, Instruments & Components 3.36% | ||||||||
TD SYNNEX Corp. | 7,210 | 849,626 | ||||||
Financial Services 3.61% | ||||||||
Fiserv, Inc.* | 5,970 | 911,440 |
Investments | Shares | Fair Value | ||||||
Health Care Providers & Services 5.93% | ||||||||
Laboratory Corp. of America Holdings | 3,330 | $ | 670,562 | |||||
Molina Healthcare, Inc.* | 2,420 | 827,882 | ||||||
Total | 1,498,444 | |||||||
Insurance 7.34% | ||||||||
Allstate Corp. | 6,380 | 1,084,983 | ||||||
RenaissanceRe Holdings Ltd. | 3,508 | 769,129 | ||||||
Total | 1,854,112 | |||||||
Interactive Media & Services 3.91% | ||||||||
Alphabet, Inc. Class A* | 6,070 | 988,075 | ||||||
Machinery 6.52% | ||||||||
Cummins, Inc. | 2,880 | 813,571 | ||||||
Parker-Hannifin Corp. | 1,530 | 833,713 | ||||||
Total | 1,647,284 | |||||||
Oil, Gas & Consumable Fuels 10.21% | ||||||||
Chesapeake Energy Corp.(b) | 9,080 | 816,110 | ||||||
Diamondback Energy, Inc. | 4,650 | 935,254 | ||||||
Shell PLC ADR | 11,560 | 828,390 | ||||||
Total | 2,579,754 | |||||||
Real Estate Management & Development 2.65% | ||||||||
CBRE Group, Inc. Class A* | 7,710 | 669,922 | ||||||
Semiconductors & Semiconductor Equipment 3.72% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6,840 | 939,406 | ||||||
Software 5.95% | ||||||||
Adobe, Inc.* | 1,460 | 675,732 | ||||||
Microsoft Corp. | 2,127 | 828,105 | ||||||
Total | 1,503,837 | |||||||
Specialty Retail 2.38% | ||||||||
Best Buy Co., Inc. | 8,180 | 602,375 |
32 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
FOCUSED LARGE CAP VALUE FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
Technology Hardware, Storage & Peripherals 3.00% | ||||||||
NetApp, Inc. | 7,430 | $ | 759,420 | |||||
Trading Companies & Distributors 3.75% | ||||||||
AerCap Holdings NV (Ireland)*(a) | 11,210 | 947,133 | ||||||
Total Common Stocks (cost $20,166,302) | 25,089,498 | |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS 4.11% | ||||||||
Repurchase Agreements 0.73% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $188,500 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $188,148; proceeds: $184,427 (cost $184,413) | $ | 184,413 | 184,413 |
Investments | Shares | Fair Value | ||||||
MONEY MARKET FUNDS 3.04% | ||||||||
Fidelity Government Portfolio(c) (cost $768,560) | 768,560 | $ | 768,560 | |||||
TIME DEPOSITS 0.34% | ||||||||
CitiBank N.A.(c) (cost $85,396) | 85,396 | 85,396 | ||||||
Total Short-Term Investments (cost $1,038,369) | 1,038,369 | |||||||
Total Investments in Securities 103.39% (cost $21,204,671) | 26,127,867 | |||||||
Other Assets and Liabilities – Net (3.39)% | (856,535 | ) | ||||||
Net Assets 100.00% | $ | 25,271,332 |
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, 2024 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 | ||||||||||||||||
Beverages | $ | – | $ | 747,891 | $ | – | $ | 747,891 | ||||||||
Remaining Industries | 24,341,607 | – | – | 24,341,607 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Repurchase Agreements | – | 184,413 | – | 184,413 | ||||||||||||
Money Market Funds | 768,560 | – | – | 768,560 | ||||||||||||
Time Deposits | – | 85,396 | – | 85,396 | ||||||||||||
Total | $ | 25,110,167 | $ | 1,017,700 | $ | – | $ | 26,127,867 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. 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. | 33 |
Schedule of Investments (unaudited)
FOCUSED SMALL CAP VALUE FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
LONG-TERM INVESTMENTS 99.43% | ||||||||
COMMON STOCKS 99.43% | ||||||||
Aerospace & Defense 3.10% | ||||||||
Leonardo DRS, Inc.* | 150,461 | $ | 3,237,921 | |||||
Air Freight & Logistics 1.45% | ||||||||
Radiant Logistics, Inc.* | 307,445 | 1,518,778 | ||||||
Automobile Components 2.00% | ||||||||
Gentherm, Inc.* | 41,345 | 2,090,817 | ||||||
Banks 13.51% | ||||||||
Axos Financial, Inc.* | 43,115 | 2,182,050 | ||||||
Bancorp, Inc.* | 60,622 | 1,815,023 | ||||||
First BanCorp | 154,478 | 2,664,746 | ||||||
Prosperity Bancshares, Inc. | 42,161 | 2,612,717 | ||||||
Seacoast Banking Corp. of Florida | 100,326 | 2,314,521 | ||||||
Wintrust Financial Corp. | 26,230 | 2,534,867 | ||||||
Total | 14,123,924 | |||||||
Capital Markets 3.56% | ||||||||
Bridge Investment Group Holdings, Inc. Class A | 236,962 | 1,559,210 | ||||||
Moelis & Co. Class A | 44,144 | 2,166,588 | ||||||
Total | 3,725,798 | |||||||
Chemicals 5.05% | ||||||||
Avient Corp. | 71,705 | 3,041,726 | ||||||
Element Solutions, Inc. | 96,860 | 2,240,372 | ||||||
Total | 5,282,098 | |||||||
Commercial Services & Supplies 5.30% | ||||||||
Brady Corp. Class A | 61,013 | 3,599,767 | ||||||
Vestis Corp. | 105,548 | 1,944,194 | ||||||
Total | 5,543,961 | |||||||
Electronic Equipment, Instruments & Components 7.90% | ||||||||
Advanced Energy Industries, Inc. | 24,085 | 2,308,306 | ||||||
Belden, Inc. | 36,880 | 2,997,238 | ||||||
Mirion Technologies, Inc.* | 271,637 | 2,952,694 | ||||||
Total | 8,258,238 |
Investments | Shares | Fair Value | ||||||
Energy Equipment & Services 2.69% | ||||||||
Liberty Energy, Inc. | 127,988 | $ | 2,815,736 | |||||
Financial Services 5.57% | ||||||||
Compass Diversified Holdings | 145,641 | 3,199,733 | ||||||
International Money Express, Inc.* | 129,531 | 2,620,412 | ||||||
Total | 5,820,145 | |||||||
Health Care Equipment & Supplies 2.65% | ||||||||
Integer Holdings Corp.* | 12,031 | 1,343,021 | ||||||
Integra LifeSciences Holdings Corp.* | 49,089 | 1,431,926 | ||||||
Total | 2,774,947 | |||||||
Health Care Providers & Services 3.74% | ||||||||
Addus HomeCare Corp.* | 21,359 | 2,053,668 | ||||||
AMN Healthcare Services, Inc.* | 30,923 | 1,854,761 | ||||||
Total | 3,908,429 | |||||||
Household Durables 1.71% | ||||||||
Taylor Morrison Home Corp.* | 31,946 | 1,789,295 | ||||||
Information Technology Services 2.36% | ||||||||
Perficient, Inc.* | 52,214 | 2,467,634 | ||||||
Insurance 6.36% | ||||||||
Kemper Corp. | 62,073 | 3,619,477 | ||||||
White Mountains Insurance Group Ltd. | 1,703 | 3,028,172 | ||||||
Total | 6,647,649 | |||||||
Interactive Media & Services 1.90% | ||||||||
Cars.com, Inc.* | 118,646 | 1,982,575 | ||||||
Leisure Products 4.16% | ||||||||
Malibu Boats, Inc. Class A* | 67,759 | 2,305,161 | ||||||
YETI Holdings, Inc.* | 57,389 | 2,049,935 | ||||||
Total | 4,355,096 | |||||||
Machinery 2.79% | ||||||||
Columbus McKinnon Corp. | 70,768 | 2,920,595 |
34 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
FOCUSED SMALL CAP VALUE FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
Media 2.47% | ||||||||
Criteo SA ADR* | 73,672 | $ | 2,581,467 | |||||
Oil, Gas & Consumable Fuels 8.59% | ||||||||
MEG Energy Corp.*(a) | 102,873 | 2,339,704 | ||||||
Northern Oil & Gas, Inc. | 75,828 | 3,093,024 | ||||||
Permian Resources Corp. | 212,119 | 3,552,994 | ||||||
Total | 8,985,722 | |||||||
Professional Services 2.17% | ||||||||
WNS Holdings Ltd. (India)*(b) | 54,188 | 2,271,019 | ||||||
Real Estate Management & Development 2.30% | ||||||||
Marcus & Millichap, Inc. | 75,929 | 2,404,671 | ||||||
Semiconductors & Semiconductor Equipment 2.49% | ||||||||
Silicon Motion Technology Corp. ADR | 35,336 | 2,608,150 | ||||||
Specialty Retail 2.35% | ||||||||
Academy Sports & Outdoors, Inc. | 42,116 | 2,455,363 | ||||||
Tobacco 1.78% | ||||||||
Turning Point Brands, Inc. | 64,367 | 1,856,344 | ||||||
Trading Companies & Distributors 1.48% | ||||||||
GMS, Inc.* | 16,766 | 1,551,190 | ||||||
Total Common Stocks (cost $100,386,818) | 103,977,562 |
Investments | Principal Amount | Fair Value | ||||||
SHORT-TERM INVESTMENTS 0.60% | ||||||||
Repurchase Agreements 0.60% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $644,000 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $642,768; proceeds: $630,114 (cost $630,065) | $ | 630,065 | $ | 630,065 | ||||
Total Investments in Securities 100.03% (cost $101,016,883) | 104,607,627 | |||||||
Other Assets and Liabilities – Net (0.03)% | (31,149 | ) | ||||||
Net Assets 100.00% | $ | 104,576,478 |
ADR | American Depositary Receipt. | |
* | Non-income producing security. | |
(a) | Investment in non-U.S. dollar denominated securities. | |
(b) | Foreign security traded in U.S. dollars. |
See Notes to Financial Statements. | 35 |
Schedule of Investments (unaudited)(concluded)
FOCUSED SMALL CAP VALUE FUND April 30, 2024
The following is a summary of the inputs used as of April 30, 2024 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 | $ | 103,977,562 | $ | – | $ | – | $ | 103,977,562 | ||||||||
Short-Term Investments | ||||||||||||||||
Repurchase Agreements | – | 630,065 | – | 630,065 | ||||||||||||
Total | $ | 103,977,562 | $ | 630,065 | $ | – | $ | 104,607,627 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. 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.
36 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
FUNDAMENTAL EQUITY FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
LONG-TERM INVESTMENTS 99.52% | ||||||||
COMMON STOCKS 99.52% | ||||||||
Aerospace & Defense 1.78% | ||||||||
Lockheed Martin Corp. | 74,070 | $ | 34,437,365 | |||||
Air Freight & Logistics 0.84% | ||||||||
Expeditors International of Washington, Inc. | 144,830 | 16,121,027 | ||||||
Banks 6.66% | ||||||||
JPMorgan Chase & Co. | 416,010 | 79,765,757 | ||||||
Wells Fargo & Co. | 823,590 | 48,855,359 | ||||||
Total | 128,621,116 | |||||||
Beverages 1.54% | ||||||||
Carlsberg AS Class B(a) | 221,730 | 29,825,535 | ||||||
Biotechnology 2.06% | ||||||||
AbbVie, Inc. | 245,150 | 39,871,196 | ||||||
Building Products 4.87% | ||||||||
Allegion PLC (Ireland)(b) | 243,250 | 29,569,470 | ||||||
Builders FirstSource, Inc.* | 173,890 | 31,790,570 | ||||||
Masco Corp. | 478,460 | 32,750,587 | ||||||
Total | 94,110,627 | |||||||
Capital Markets 7.64% | ||||||||
Ameriprise Financial, Inc. | 60,900 | 25,078,011 | ||||||
Charles Schwab Corp. | 707,110 | 52,290,784 | ||||||
KKR & Co., Inc. | 430,380 | 40,055,467 | ||||||
Morgan Stanley | 331,260 | 30,091,658 | ||||||
Total | 147,515,920 | |||||||
Chemicals 1.49% | ||||||||
Dow, Inc. | 504,600 | 28,711,740 | ||||||
Construction & Engineering 2.00% | ||||||||
EMCOR Group, Inc. | 108,360 | 38,702,941 | ||||||
Construction Materials 1.72% | ||||||||
CRH PLC (Ireland)(b) | 430,190 | 33,305,310 |
Investments | Shares | Fair Value | ||||||
Consumer Finance 1.65% | ||||||||
American Express Co. | 136,050 | $ | 31,839,782 | |||||
Consumer Staples Distribution & Retail 3.65% | ||||||||
BJ’s Wholesale Club Holdings, Inc.* | 407,700 | 30,447,036 | ||||||
Target Corp. | 248,570 | 40,014,799 | ||||||
Total | 70,461,835 | |||||||
Electric: Utilities 3.04% | ||||||||
Entergy Corp. | 181,920 | 19,405,406 | ||||||
FirstEnergy Corp. | 496,290 | 19,027,759 | ||||||
NextEra Energy, Inc. | 303,300 | 20,312,001 | ||||||
Total | 58,745,166 | |||||||
Electronic Equipment, Instruments & Components 2.49% | ||||||||
TD SYNNEX Corp. | 255,600 | 30,119,904 | ||||||
Teledyne Technologies, Inc.* | 47,350 | 18,063,078 | ||||||
Total | 48,182,982 | |||||||
Energy Equipment & Services 1.76% | ||||||||
Schlumberger NV | 714,370 | 33,918,288 | ||||||
Financial Services 1.87% | ||||||||
Fiserv, Inc.* | 236,380 | 36,088,135 | ||||||
Health Care Equipment & Supplies 1.50% | ||||||||
Becton Dickinson & Co. | 123,820 | 29,048,172 | ||||||
Health Care Providers & Services 7.03% | ||||||||
Laboratory Corp. of America Holdings | 164,490 | 33,123,351 | ||||||
McKesson Corp. | 62,610 | 33,634,718 | ||||||
Molina Healthcare, Inc.* | 100,130 | 34,254,473 | ||||||
UnitedHealth Group, Inc. | 72,120 | 34,884,444 | ||||||
Total | 135,896,986 | |||||||
Hotels, Restaurants & Leisure 0.84% | ||||||||
Caesars Entertainment, Inc.* | 453,880 | 16,257,982 |
See Notes to Financial Statements. | 37 |
Schedule of Investments (unaudited)(continued)
FUNDAMENTAL EQUITY FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
Household Products 0.99% | ||||||||
Procter & Gamble Co. | 116,980 | $ | 19,091,136 | |||||
Industrial REITS 0.70% | ||||||||
Prologis, Inc. | 132,210 | 13,492,031 | ||||||
Insurance 7.10% | ||||||||
Allstate Corp. | 308,730 | 52,502,624 | ||||||
Arch Capital Group Ltd.* | 328,660 | 30,742,856 | ||||||
Arthur J Gallagher & Co. | 101,410 | 23,799,913 | ||||||
RenaissanceRe Holdings Ltd. | 137,100 | 30,059,175 | ||||||
Total | 137,104,568 | |||||||
Interactive Media & Services 2.94% | ||||||||
Alphabet, Inc. Class A* | 348,930 | 56,798,825 | ||||||
Life Sciences Tools & Services 1.54% | ||||||||
Thermo Fisher Scientific, Inc. | 52,390 | 29,795,241 | ||||||
Machinery 3.47% | ||||||||
Cummins, Inc. | 102,570 | 28,974,999 | ||||||
Parker-Hannifin Corp. | 69,830 | 38,051,066 | ||||||
Total | 67,026,065 | |||||||
Media 1.82% | ||||||||
Comcast Corp. Class A | 922,480 | 35,155,713 | ||||||
Metals & Mining 0.94% | ||||||||
Reliance, Inc. | 63,970 | 18,213,538 | ||||||
Oil, Gas & Consumable Fuels 7.73% | ||||||||
Chesapeake Energy Corp.(c) | 467,970 | 42,061,144 | ||||||
Diamondback Energy, Inc. | 267,640 | 53,830,433 | ||||||
Shell PLC ADR | 745,790 | 53,443,311 | ||||||
Total | 149,334,888 | |||||||
Real Estate Management & Development 1.42% | ||||||||
CBRE Group, Inc. Class A* | 316,420 | 27,493,734 |
Investments | Shares | Fair Value | ||||||
Residential REITS 0.90% | ||||||||
American Homes 4 Rent Class A | 486,350 | $ | 17,411,330 | |||||
Semiconductors & Semiconductor Equipment 3.06% | ||||||||
KLA Corp. | 32,430 | 22,353,674 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 267,020 | 36,672,527 | ||||||
Total | 59,026,201 | |||||||
Software 3.60% | ||||||||
Adobe, Inc.* | 61,130 | 28,292,798 | ||||||
Microsoft Corp. | 105,760 | 41,175,541 | ||||||
Total | 69,468,339 | |||||||
Specialty Retail 5.01% | ||||||||
AutoZone, Inc.* | 6,750 | 19,955,700 | ||||||
Best Buy Co., Inc. | 405,560 | 29,865,438 | ||||||
Lowe’s Cos., Inc. | 115,430 | 26,316,886 | ||||||
Valvoline, Inc.* | 487,670 | 20,735,728 | ||||||
Total | 96,873,752 | |||||||
Technology Hardware, Storage & Peripherals 1.84% | ||||||||
NetApp, Inc. | 348,050 | 35,574,190 | ||||||
Trading Companies & Distributors 2.03% | ||||||||
AerCap Holdings NV (Ireland)*(b) | 463,010 | 39,119,715 | ||||||
Total Common Stocks (cost $1,380,748,674) | 1,922,641,371 |
38 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
FUNDAMENTAL EQUITY FUND April 30, 2024
Investments | Principal Amount | Fair Value | ||||||
SHORT-TERM INVESTMENTS 0.90% | ||||||||
Repurchase Agreements 0.48% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $10,813,400 of U.S. Treasury Note at 0.500% due 4/30/2027; value: $9,523,042; proceeds: $9,336,906 (cost $9,336,180) | $ | 9,336,180 | $ | 9,336,180 |
Investments | Shares | Fair Value | ||||||
MONEY MARKET FUNDS 0.38% | ||||||||
Fidelity Government Portfolio(d) (cost $7,295,373) | 7,295,373 | $ | 7,295,373 | |||||
TIME DEPOSITS 0.04% | ||||||||
CitiBank N.A.(d) (cost $810,597) | 810,597 | 810,597 | ||||||
Total Short-Term Investments (cost $17,442,150) | 17,442,150 | |||||||
Total Investments in Securities 100.42% (cost $1,398,190,824) | 1,940,083,521 | |||||||
Other Assets and Liabilities – Net (0.42)% | (8,040,245 | ) | ||||||
Net Assets 100.00% | $ | 1,932,043,276 |
ADR | American Depositary Receipt. | |
REITS | Real Estate Investment Trusts. | |
* | Non-income producing security. | |
(a) | Investment in non-U.S. dollar denominated securities. | |
(b) | Foreign security traded in U.S. dollars. | |
(c) | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. | |
(d) | Security was purchased with the cash collateral from loaned securities. |
The following is a summary of the inputs used as of April 30, 2024 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 | |||||||||||||||
Beverages | $ | – | $ | 29,825,535 | $ | – | $ | 29,825,535 | |||||||
Remaining Industries | 1,892,815,836 | – | – | 1,892,815,836 | |||||||||||
Short-Term Investments | |||||||||||||||
Repurchase Agreements | – | 9,336,180 | – | 9,336,180 | |||||||||||
Money Market Funds | 7,295,373 | – | – | 7,295,373 | |||||||||||
Time Deposits | – | 810,597 | – | 810,597 | |||||||||||
Total | $ | 1,900,111,209 | $ | 39,972,312 | $ | – | $ | 1,940,083,521 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. 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. | 39 |
Schedule of Investments (unaudited)
GLOBAL EQUITY FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
LONG-TERM INVESTMENTS 97.19% | ||||||||
COMMON STOCKS 97.19% | ||||||||
Australia 1.58% | ||||||||
Diversified REITS 0.70% | ||||||||
Charter Hall Group | 22,103 | $ | 167,855 | |||||
Metals & Mining 0.88% | ||||||||
BHP Group Ltd. | 7,694 | 211,017 | ||||||
Total Australia | 378,872 | |||||||
Austria 1.70% | ||||||||
Banks | ||||||||
BAWAG Group AG† | 6,867 | 410,034 | ||||||
Brazil 1.67% | ||||||||
Broadline Retail | ||||||||
MercadoLibre, Inc.* | 276 | 402,601 | ||||||
Canada 1.78% | ||||||||
Consumer Staples Distribution & Retail 1.18% | ||||||||
Alimentation Couche-Tard, Inc. | 5,121 | 283,828 | ||||||
Insurance 0.60% | ||||||||
Manulife Financial Corp. | 6,217 | 145,010 | ||||||
Total Canada | 428,838 | |||||||
China 3.88% | ||||||||
Beverages 0.37% | ||||||||
Kweichow Moutai Co. Ltd. Class A | 381 | 89,327 | ||||||
Broadline Retail 0.92% | ||||||||
PDD Holdings, Inc. ADR* | 1,771 | 221,694 | ||||||
Gas Utilities 0.39% | ||||||||
ENN Energy Holdings Ltd. | 10,960 | 93,383 | ||||||
Interactive Media & Services 1.08% | ||||||||
Tencent Holdings Ltd. | 5,893 | 258,604 |
Investments | Shares | U.S. $ Fair Value | ||||||
Marine Transportation 1.12% | ||||||||
SITC International Holdings Co. Ltd. | 124,367 | $ | 269,701 | |||||
Total China | 932,709 | |||||||
Denmark 2.05% | ||||||||
Pharmaceuticals | ||||||||
Novo Nordisk AS Class B | 3,851 | 493,861 | ||||||
France 3.06% | ||||||||
Beverages 0.22% | ||||||||
Pernod Ricard SA | 350 | 52,934 | ||||||
Capital Markets 1.31% | ||||||||
Amundi SA† | 4,517 | 315,126 | ||||||
Life Sciences Tools & Services 0.09% | ||||||||
Sartorius Stedim Biotech | 98 | 21,106 | ||||||
Oil, Gas & Consumable Fuels 0.88% | ||||||||
Gaztransport Et Technigaz SA | 1,520 | 211,858 | ||||||
Textiles, Apparel & Luxury Goods 0.56% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 165 | 135,537 | ||||||
Total France | 736,561 | |||||||
Germany 0.96% | ||||||||
Chemicals | ||||||||
FUCHS SE | 6,302 | 230,379 | ||||||
India 0.79% | ||||||||
Commercial Services & Supplies | ||||||||
CMS Info Systems Ltd. | 38,043 | 188,853 | ||||||
Ireland 0.51% | ||||||||
Trading Companies & Distributors | ||||||||
AerCap Holdings NV* | 1,458 | 123,186 |
40 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
GLOBAL EQUITY FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
Japan 5.23% | ||||||||
Electrical Equipment 0.88% | ||||||||
Fuji Electric Co. Ltd. | 3,402 | $ | 211,618 | |||||
Entertainment 0.67% | ||||||||
Nintendo Co. Ltd. | 3,302 | 161,035 | ||||||
Information Technology Services 0.47% | ||||||||
SCSK Corp. | 6,238 | 113,402 | ||||||
Insurance 1.70% | ||||||||
Sompo Holdings, Inc. | 20,704 | 409,734 | ||||||
Professional Services 0.88% | ||||||||
TechnoPro Holdings, Inc. | 12,459 | 212,219 | ||||||
Semiconductors & Semiconductor Equipment 0.63% | ||||||||
SUMCO Corp. | 10,079 | 150,311 | ||||||
Total Japan | 1,258,319 | |||||||
Mexico 1.69% | ||||||||
Banks | ||||||||
Grupo Financiero Banorte SAB de CV Class O | 41,050 | 406,289 | ||||||
Netherlands 0.70% | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
ASML Holding NV | 194 | 168,977 | ||||||
Peru 0.93% | ||||||||
Banks | ||||||||
Intercorp Financial Services, Inc. | 10,455 | 222,901 | ||||||
Singapore 0.64% | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
STMicroelectronics NV | 3,899 | 154,341 | ||||||
South Korea 1.48% | ||||||||
Technology Hardware, Storage & Peripherals | ||||||||
Samsung Electronics Co. Ltd. | 6,396 | 355,532 |
Investments | Shares | U.S. $ Fair Value | ||||||
Spain 0.85% | ||||||||
Electric: Utilities | ||||||||
Iberdrola SA | 16,605 | $ | 203,604 | |||||
Taiwan 2.47% | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 24,834 | 594,619 | ||||||
United Kingdom 6.73% | ||||||||
Broadline Retail 2.75% | ||||||||
B&M European Value Retail SA | 47,081 | 303,841 | ||||||
Next PLC | 3,186 | 357,335 | ||||||
661,176 | ||||||||
Capital Markets 0.27% | ||||||||
London Stock Exchange Group PLC | 587 | 64,711 | ||||||
Household Durables 0.77% | ||||||||
Persimmon PLC | 11,409 | 184,746 | ||||||
Personal Care Products 0.79% | ||||||||
Unilever PLC | 3,680 | 190,370 | ||||||
Tobacco 1.49% | ||||||||
Imperial Brands PLC | 15,647 | 357,536 | ||||||
Trading Companies & Distributors 0.66% | ||||||||
Ashtead Group PLC | 2,198 | 159,601 | ||||||
Total United Kingdom | 1,618,140 | |||||||
United States 58.49% | ||||||||
Aerospace & Defense 0.48% | ||||||||
TransDigm Group, Inc. | 92 | 114,819 | ||||||
Automobiles 1.75% | ||||||||
General Motors Co. | 9,430 | 419,918 |
See Notes to Financial Statements. | 41 |
Schedule of Investments (unaudited)(continued)
GLOBAL EQUITY FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
United States (continued) | ||||||||
Banks 3.31% | ||||||||
East West Bancorp, Inc. | 4,492 | $ | 334,609 | |||||
JPMorgan Chase & Co. | 2,410 | 462,093 | ||||||
796,702 | ||||||||
Biotechnology 2.67% | ||||||||
AbbVie, Inc. | 1,503 | 244,448 | ||||||
SpringWorks Therapeutics, Inc.* | 2,288 | 106,827 | ||||||
Vertex Pharmaceuticals, Inc.* | 742 | 291,465 | ||||||
642,740 | ||||||||
Broadline Retail 3.20% | ||||||||
Amazon.com, Inc.* | 4,405 | 770,875 | ||||||
Building Products 2.59% | ||||||||
Allegion PLC | 1,964 | 238,744 | ||||||
Builders FirstSource, Inc.* | 2,097 | 383,373 | ||||||
622,117 | ||||||||
Capital Markets 2.71% | ||||||||
Ameriprise Financial, Inc. | 651 | 268,075 | ||||||
Cboe Global Markets, Inc. | 570 | 103,256 | ||||||
Evercore, Inc. Class A | 1,552 | 281,688 | ||||||
653,019 | ||||||||
Construction Materials 1.22% | ||||||||
CRH PLC | 2,272 | 175,946 | ||||||
CRH PLC | 1,534 | 118,762 | ||||||
294,708 | ||||||||
Consumer Staples Distribution & Retail 0.13% | ||||||||
BJ’s Wholesale Club Holdings, Inc.* | 408 | 30,469 | ||||||
Entertainment 1.28% | ||||||||
Netflix, Inc.* | 559 | 307,808 | ||||||
Financial Services 2.35% | ||||||||
Visa, Inc. Class A | 2,102 | 564,618 | ||||||
Ground Transportation 0.39% | ||||||||
Norfolk Southern Corp. | 405 | 93,280 |
Investments | Shares | U.S. $ Fair Value | ||||||
Health Care Equipment & Supplies 0.65% | ||||||||
Dexcom, Inc.* | 872 | $ | 111,084 | |||||
Intuitive Surgical, Inc.* | 120 | 44,474 | ||||||
155,558 | ||||||||
Health Care Providers & Services 3.54% | ||||||||
Cigna Group | 956 | 341,331 | ||||||
Molina Healthcare, Inc.* | 542 | 185,418 | ||||||
UnitedHealth Group, Inc. | 673 | 325,530 | ||||||
852,279 | ||||||||
Household Durables 1.77% | ||||||||
Helen of Troy Ltd.* | 1,661 | 153,991 | ||||||
PulteGroup, Inc. | 2,446 | 272,534 | ||||||
426,525 | ||||||||
Industrial REITS 0.23% | ||||||||
Prologis, Inc. | 550 | 56,128 | ||||||
Information Technology Services 0.62% | ||||||||
Accenture PLC Class A | 498 | 149,853 | ||||||
Interactive Media & Services 7.91% | ||||||||
Alphabet, Inc. Class A* | 6,770 | 1,102,021 | ||||||
Meta Platforms, Inc. Class A | 1,860 | 800,116 | ||||||
1,902,137 | ||||||||
Life Sciences Tools & Services 0.41% | ||||||||
Thermo Fisher Scientific, Inc. | 174 | 98,957 | ||||||
Machinery 1.23% | ||||||||
Crane Co. | 1,115 | 156,111 | ||||||
Parker-Hannifin Corp. | 258 | 140,587 | ||||||
296,698 | ||||||||
Oil, Gas & Consumable Fuels 3.41% | ||||||||
Marathon Petroleum Corp. | 1,641 | 298,202 | ||||||
Shell PLC | 14,670 | 521,498 | ||||||
819,700 | ||||||||
Professional Services 0.39% | ||||||||
Verra Mobility Corp.* | 4,004 | 94,414 |
42 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
GLOBAL EQUITY FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
United States (continued) | ||||||||
Semiconductors & Semiconductor Equipment 6.89% | ||||||||
Broadcom, Inc. | 251 | $ | 326,368 | |||||
KLA Corp. | 398 | 274,337 | ||||||
NVIDIA Corp. | 1,222 | 1,055,833 | ||||||
1,656,538 | ||||||||
Software 5.85% | ||||||||
Adobe, Inc.* | 467 | 216,142 | ||||||
Cadence Design Systems, Inc.* | 474 | 130,649 | ||||||
Intuit, Inc. | 57 | 35,660 | ||||||
Microsoft Corp. | 2,632 | 1,024,716 | ||||||
1,407,167 | ||||||||
Specialty Retail 1.41% | ||||||||
Academy Sports & Outdoors, Inc. | 3,627 | 211,454 | ||||||
Lowe’s Cos., Inc. | 561 | 127,902 | ||||||
339,356 | ||||||||
Technology Hardware, Storage & Peripherals 0.86% | ||||||||
Apple, Inc. | 1,222 | 208,143 | ||||||
Trading Companies & Distributors 1.24% | ||||||||
Core & Main, Inc. Class A* | 5,282 | 298,275 | ||||||
Total United States | 14,072,801 | |||||||
Total Common Stocks (cost $18,954,461) | 23,381,417 |
Investments | Principal Amount | U.S. $ Fair Value | ||||||
SHORT-TERM INVESTMENTS 2.62% | ||||||||
Repurchase Agreements 2.62% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $645,200 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $643,932; proceeds: $631,321 (cost $631,271) | $ | 631,271 | $ | 631,271 | ||||
Total Investments in Securities 99.81% (cost $19,585,732) | 24,012,688 | |||||||
Other Assets and Liabilities – Net 0.19% | 45,596 | |||||||
Net Assets 100.00% | $ | 24,058,284 |
ADR | American Depositary Receipt. | |
REITS | Real Estate Investment Trusts. | |
† | 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, 2024, the total value of Rule 144A securities was $725,160, which represents 3.01% of net assets. | |
* | Non-income producing security. |
See Notes to Financial Statements. | 43 |
Schedule of Investments (unaudited)(concluded)
GLOBAL EQUITY FUND April 30, 2024
The following is a summary of the inputs used as of April 30, 2024 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 | $ | – | $ | 378,872 | $ | – | $ | 378,872 | ||||||||
Austria | – | 410,034 | – | 410,034 | ||||||||||||
China | 221,694 | 711,015 | – | 932,709 | ||||||||||||
Denmark | – | 493,861 | – | 493,861 | ||||||||||||
France | – | 736,561 | – | 736,561 | ||||||||||||
Germany | – | 230,379 | – | 230,379 | ||||||||||||
India | – | 188,853 | – | 188,853 | ||||||||||||
Japan | – | 1,258,319 | – | 1,258,319 | ||||||||||||
Netherlands | – | 168,977 | – | 168,977 | ||||||||||||
Singapore | – | 154,341 | – | 154,341 | ||||||||||||
South Korea | – | 355,532 | – | 355,532 | ||||||||||||
Spain | – | 203,604 | – | 203,604 | ||||||||||||
Taiwan | – | 594,619 | – | 594,619 | ||||||||||||
United Kingdom | – | 1,618,140 | – | 1,618,140 | ||||||||||||
United States | 13,375,357 | 697,444 | – | 14,072,801 | ||||||||||||
Remaining Countries | 1,583,815 | – | – | 1,583,815 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Repurchase Agreements | – | 631,271 | – | 631,271 | ||||||||||||
Total | $ | 15,180,866 | $ | 8,831,822 | $ | – | $ | 24,012,688 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Countries 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.
44 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
GROWTH LEADERS FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
LONG-TERM INVESTMENTS 98.61% | ||||||||
COMMON STOCKS 98.61% | ||||||||
Aerospace & Defense 3.01% | ||||||||
Axon Enterprise, Inc.* | 309,061 | $ | 96,940,073 | |||||
TransDigm Group, Inc. | 62,300 | 77,752,269 | ||||||
Total | 174,692,342 | |||||||
Biotechnology 4.15% | ||||||||
Blueprint Medicines Corp.* | 529,536 | 48,367,818 | ||||||
Natera, Inc.* | 709,425 | 65,891,394 | ||||||
Neurocrine Biosciences, Inc.* | 313,822 | 43,163,078 | ||||||
Regeneron Pharmaceuticals, Inc.* | 44,399 | 39,544,413 | ||||||
SpringWorks Therapeutics, Inc.* | 936,771 | 43,737,838 | ||||||
Total | 240,704,541 | |||||||
Broadline Retail 7.13% | ||||||||
Amazon.com, Inc.* | 1,654,693 | 289,571,275 | ||||||
MercadoLibre, Inc. (Uruguay)*(a) | 85,356 | 124,508,797 | ||||||
Total | 414,080,072 | |||||||
Building Products 0.59% | ||||||||
Trane Technologies PLC (Ireland)(a) | 107,028 | 33,964,266 | ||||||
Capital Markets 1.48% | ||||||||
Blackstone, Inc. | 367,823 | 42,891,840 | ||||||
Coinbase Global, Inc. Class A* | 211,056 | 43,040,650 | ||||||
Total | 85,932,490 | |||||||
Communications Equipment 2.23% | ||||||||
Arista Networks, Inc.* | 505,637 | 129,726,229 | ||||||
Construction & Engineering 1.44% | ||||||||
EMCOR Group, Inc. | 141,619 | 50,582,058 | ||||||
Quanta Services, Inc. | 127,215 | 32,892,711 | ||||||
Total | 83,474,769 | |||||||
Diversified Consumer Services 1.04% | ||||||||
Duolingo, Inc.* | 268,493 | 60,612,295 |
Investments | Shares | Fair Value | ||||||
Electrical Equipment 1.99% | ||||||||
Eaton Corp. PLC | 221,545 | $ | 70,508,912 | |||||
Vertiv Holdings Co. Class A | 483,165 | 44,934,345 | ||||||
Total | 115,443,257 | |||||||
Entertainment 4.28% | ||||||||
Netflix, Inc.* | 195,804 | 107,817,514 | ||||||
Spotify Technology SA (Sweden)*(a) | 502,002 | 140,781,441 | ||||||
Total | 248,598,955 | |||||||
Financial Services 3.19% | ||||||||
Apollo Global Management, Inc. | 685,071 | 74,247,995 | ||||||
Mastercard, Inc. Class A | 124,489 | 56,169,437 | ||||||
Visa, Inc. Class A | 204,371 | 54,896,094 | ||||||
Total | 185,313,526 | |||||||
Ground Transportation 2.81% | ||||||||
Saia, Inc.* | 112,929 | 44,813,615 | ||||||
Uber Technologies, Inc.* | 1,789,962 | 118,620,782 | ||||||
Total | 163,434,397 | |||||||
Health Care Equipment & Supplies 5.05% | ||||||||
Boston Scientific Corp.* | 794,504 | 57,101,002 | ||||||
Dexcom, Inc.* | 480,491 | 61,209,749 | ||||||
Glaukos Corp.* | 468,235 | 44,950,560 | ||||||
Intuitive Surgical, Inc.* | 351,345 | 130,215,484 | ||||||
Total | 293,476,795 | |||||||
Hotels, Restaurants & Leisure 5.56% | ||||||||
Chipotle Mexican Grill, Inc.* | 32,731 | 103,416,868 | ||||||
DoorDash, Inc. Class A* | 856,356 | 110,692,576 | ||||||
DraftKings, Inc. Class A* | 2,621,236 | 108,938,568 | ||||||
Total | 323,048,012 | |||||||
Information Technology Services 3.28% | ||||||||
MongoDB, Inc.* | 89,722 | 32,764,680 | ||||||
Shopify, Inc. Class A (Canada)*(a) | 2,249,646 | 157,925,149 | ||||||
Total | 190,689,829 |
See Notes to Financial Statements. | 45 |
Schedule of Investments (unaudited)(continued)
GROWTH LEADERS FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
Interactive Media & Services 7.94% | ||||||||
Alphabet, Inc. Class A* | 1,611,841 | $ | 262,375,478 | |||||
Meta Platforms, Inc. Class A | 461,550 | 198,544,964 | ||||||
Total | 460,920,442 | |||||||
Life Sciences Tools & Services 1.01% | ||||||||
Danaher Corp. | 236,799 | 58,399,369 | ||||||
Machinery 0.81% | ||||||||
Parker-Hannifin Corp. | 85,740 | 46,720,583 | ||||||
Pharmaceuticals 2.77% | ||||||||
Eli Lilly & Co. | 205,674 | 160,651,961 | ||||||
Semiconductors & Semiconductor Equipment 18.37% | ||||||||
Advanced Micro Devices, Inc.* | 647,315 | 102,521,750 | ||||||
Applied Materials, Inc. | 545,215 | 108,306,960 | ||||||
Broadcom, Inc. | 45,712 | 59,437,942 | ||||||
KLA Corp. | 113,043 | 77,919,410 | ||||||
Monolithic Power Systems, Inc. | 118,910 | 79,590,030 | ||||||
NVIDIA Corp. | 739,612 | 639,039,560 | ||||||
Total | 1,066,815,652 | |||||||
Software 20.48% | ||||||||
Cadence Design Systems, Inc.* | 315,101 | 86,851,289 | ||||||
Crowdstrike Holdings, Inc. Class A* | 310,483 | 90,828,697 | ||||||
CyberArk Software Ltd. (Israel)*(a) | 358,646 | 85,806,055 | ||||||
Datadog, Inc. Class A* | 784,440 | 98,447,220 | ||||||
HubSpot, Inc.* | 201,590 | 121,935,743 | ||||||
Microsoft Corp. | 1,026,142 | 399,507,865 | ||||||
Procore Technologies, Inc.* | 770,525 | 52,719,321 | ||||||
Salesforce, Inc. | 266,372 | 71,638,086 | ||||||
ServiceNow, Inc.* | 135,959 | 94,264,453 | ||||||
Synopsys, Inc.* | 164,734 | 87,406,213 | ||||||
Total | 1,189,404,942 | |||||||
Total Common Stocks (cost $3,997,989,914) | 5,726,104,724 |
Investments | Principal Amount | Fair Value | ||||||
SHORT-TERM INVESTMENTS 1.47% | ||||||||
Repurchase Agreements 1.47% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $19,481,700 of U.S. Treasury Note at 2.500% due 3/31/2027; $78,282,900 of U.S. Treasury Note at 0.500% due 4/30/2027; value: $87,251,892; proceeds: $85,547,545 (cost $85,540,892) | $ | 85,540,892 | $ | 85,540,892 | ||||
Total Investments in Securities 100.08% (cost $4,083,530,806) | 5,811,645,616 | |||||||
Other Assets and Liabilities – Net (0.08)% | (4,593,815 | ) | ||||||
Net Assets 100.00% | $ | 5,807,051,801 |
* | Non-income producing security. | |
(a) | Foreign security traded in U.S. dollars. |
46 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
GROWTH LEADERS FUND April 30, 2024
The following is a summary of the inputs used as of April 30, 2024 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 | $ | 5,726,104,724 | $ | – | $ | – | $ | 5,726,104,724 | ||||||||
Short-Term Investments | ||||||||||||||||
Repurchase Agreements | – | 85,540,892 | – | 85,540,892 | ||||||||||||
Total | $ | 5,726,104,724 | $ | 85,540,892 | $ | – | $ | 5,811,645,616 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. 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. | 47 |
Schedule of Investments (unaudited)
HEALTH CARE FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
LONG-TERM INVESTMENTS 99.24% | ||||||||
COMMON STOCKS 99.24% | ||||||||
Canada 1.20% | ||||||||
Biotechnology | ||||||||
Xenon Pharmaceuticals, Inc.* | 2,416 | $ | 98,210 | |||||
Denmark 9.00% | ||||||||
Biotechnology 1.79% | ||||||||
Ascendis Pharma AS ADR* | 467 | 64,652 | ||||||
Zealand Pharma AS* | 907 | 81,399 | ||||||
146,051 | ||||||||
Pharmaceuticals 7.21% | ||||||||
Novo Nordisk AS Class B | 4,580 | 587,349 | ||||||
Total Denmark | 733,400 | |||||||
France 0.98% | ||||||||
Life Sciences Tools & Services | ||||||||
Sartorius Stedim Biotech | 372 | 80,117 | ||||||
Germany 2.90% | ||||||||
Health Care Equipment & Supplies 0.98% | ||||||||
Siemens Healthineers AG† | 1,443 | 80,025 | ||||||
Life Sciences Tools & Services 1.92% | ||||||||
Gerresheimer AG | 741 | 79,803 | ||||||
Schott Pharma AG & Co. KGaA | 1,819 | 76,551 | ||||||
156,354 | ||||||||
Total Germany | 236,379 | |||||||
Italy 0.68% | ||||||||
Life Sciences Tools & Services | ||||||||
Stevanato Group SpA | 1,963 | 55,043 | ||||||
Japan 3.60% | ||||||||
Health Care Equipment & Supplies 0.98% | ||||||||
Terumo Corp. | 4,696 | 79,664 |
Investments | Shares | U.S. $ Fair Value | ||||||
Pharmaceuticals 2.62% | ||||||||
Daiichi Sankyo Co. Ltd. | 3,666 | $ | 123,389 | |||||
Eisai Co. Ltd. | 2,208 | 90,680 | ||||||
214,069 | ||||||||
Total Japan | 293,733 | |||||||
Netherlands 1.05% | ||||||||
Biotechnology | ||||||||
Argenx SE* | 230 | 85,920 | ||||||
Sweden 1.02% | ||||||||
Biotechnology | ||||||||
Swedish Orphan Biovitrum AB* | 3,213 | 83,208 | ||||||
Switzerland 0.74% | ||||||||
Health Care Equipment & Supplies | ||||||||
Alcon, Inc. | 773 | 59,969 | ||||||
United Kingdom 2.26% | ||||||||
Health Care Equipment & Supplies 0.46% | ||||||||
ConvaTec Group PLC† | 11,996 | 37,323 | ||||||
Pharmaceuticals 1.80% | ||||||||
AstraZeneca PLC | 970 | 146,712 | ||||||
Total United Kingdom | 184,035 | |||||||
United States 75.81% | ||||||||
Biotechnology 25.42% | ||||||||
Apellis Pharmaceuticals, Inc.* | 961 | 42,467 | ||||||
Arcellx, Inc.* | 2,421 | 121,098 | ||||||
Blueprint Medicines Corp.* | 1,913 | 174,733 | ||||||
Bridgebio Pharma, Inc.* | 3,621 | 92,770 | ||||||
Crinetics Pharmaceuticals, Inc.* | 2,388 | 104,642 | ||||||
Immunome, Inc.* | 2,010 | 28,261 | ||||||
Immunovant, Inc.* | 1,597 | 43,822 | ||||||
Janux Therapeutics, Inc.* | 919 | 52,383 | ||||||
Krystal Biotech, Inc.* | 1,195 | 182,978 | ||||||
Madrigal Pharmaceuticals, Inc.* | 177 | 36,111 | ||||||
MoonLake Immunotherapeutics* | 845 | 34,569 |
48 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
HEALTH CARE FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
United States (continued) | ||||||||
Natera, Inc.* | 2,417 | $ | 224,491 | |||||
Neurocrine Biosciences, Inc.* | 1,268 | 174,401 | ||||||
Nuvalent, Inc. Class A* | 970 | 66,814 | ||||||
Regeneron Pharmaceuticals, Inc.* | 193 | 171,897 | ||||||
Rhythm Pharmaceuticals, Inc.* | 1,868 | 74,272 | ||||||
SpringWorks Therapeutics, Inc.* | 2,485 | 116,025 | ||||||
Vaxcyte, Inc.* | 917 | 55,524 | ||||||
Vera Therapeutics, Inc.* | 1,368 | 54,050 | ||||||
Vertex Pharmaceuticals, Inc.* | 376 | 147,696 | ||||||
Viking Therapeutics, Inc.* | 920 | 73,214 | ||||||
2,072,218 | ||||||||
Health Care Equipment & Supplies 23.15% | ||||||||
Boston Scientific Corp.* | 3,221 | 231,493 | ||||||
Cooper Cos., Inc. | 1,092 | 97,254 | ||||||
CVRx, Inc.* | 2,967 | 46,018 | ||||||
Dexcom, Inc.* | 1,477 | 188,155 | ||||||
Glaukos Corp.* | 1,655 | 158,880 | ||||||
Globus Medical, Inc. Class A* | 787 | 39,185 | ||||||
IDEXX Laboratories, Inc.* | 161 | 79,334 | ||||||
Inspire Medical Systems, Inc.* | 341 | 82,406 | ||||||
Intuitive Surgical, Inc.* | 777 | 287,972 | ||||||
iRhythm Technologies, Inc.* | 619 | 67,830 | ||||||
PROCEPT BioRobotics Corp.* | 2,082 | 110,304 | ||||||
RxSight, Inc.* | 2,979 | 155,295 | ||||||
Stryker Corp. | 726 | 244,299 | ||||||
TransMedics Group, Inc.* | 1,051 | 98,931 | ||||||
1,887,356 | ||||||||
Health Care Providers & Services 3.98% | ||||||||
Cencora, Inc. | 719 | 171,877 | ||||||
Encompass Health Corp. | 787 | 65,620 | ||||||
Laboratory Corp. of America Holdings | 250 | 50,342 | ||||||
Molina Healthcare, Inc.* | 108 | 36,947 | ||||||
324,786 |
Investments | Shares | U.S. $ Fair Value | ||||||
Life Sciences Tools & Services 10.16% | ||||||||
Agilent Technologies, Inc. | 878 | $ | 120,321 | |||||
Bio-Techne Corp. | 792 | 50,062 | ||||||
Danaher Corp. | 1,042 | 256,978 | ||||||
Quanterix Corp.* | 3,213 | 51,794 | ||||||
Repligen Corp.* | 677 | 111,163 | ||||||
Thermo Fisher Scientific, Inc. | 418 | 237,725 | ||||||
828,043 | ||||||||
Pharmaceuticals 13.10% | ||||||||
Eli Lilly & Co. | 963 | 752,199 | ||||||
Evolus, Inc.* | 3,107 | 36,569 | ||||||
Intra-Cellular Therapies, Inc.* | 886 | 63,624 | ||||||
Longboard Pharmaceuticals, Inc.* | 3,452 | 73,528 | ||||||
Merck & Co., Inc. | 1,098 | 141,884 | ||||||
1,067,804 | ||||||||
Total United States | 6,180,207 | |||||||
Total Common Stocks (cost $6,467,399) | 8,090,221 | |||||||
Other Assets and Liabilities – Net 0.76% | 61,973 | |||||||
Net Assets 100.00% | $ | 8,152,194 |
ADR | American Depositary Receipt. | |
* | Non-income producing security. | |
† | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At April 30, 2024, the total value of Rule 144A securities was $117,348, which represents 1.44% of net assets. |
See Notes to Financial Statements. | 49 |
Schedule of Investments (unaudited)(concluded)
HEALTH CARE FUND April 30, 2024
The following is a summary of the inputs used as of April 30, 2024 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 | ||||||||||||||||
Denmark | $ | 64,652 | $ | 668,748 | $ | – | $ | 733,400 | ||||||||
France | – | 80,117 | – | 80,117 | ||||||||||||
Germany | – | 236,379 | – | 236,379 | ||||||||||||
Japan | – | 293,733 | – | 293,733 | ||||||||||||
Netherlands | – | 85,920 | – | 85,920 | ||||||||||||
Sweden | – | 83,208 | – | 83,208 | ||||||||||||
United Kingdom | – | 184,035 | – | 184,035 | ||||||||||||
Remaining Countries | 6,393,429 | – | – | 6,393,429 | ||||||||||||
Total | $ | 6,458,081 | $ | 1,632,140 | $ | – | $ | 8,090,221 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Countries 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.
50 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
INTERNATIONAL EQUITY FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
LONG-TERM INVESTMENTS 97.49% | ||||||||
COMMON STOCKS 97.49% | ||||||||
Australia 1.95% | ||||||||
Industrial REITS 0.50% | ||||||||
Goodman Group | 82,000 | $ | 1,656,369 | |||||
Metals & Mining 1.45% | ||||||||
BHP Group Ltd. | 175,695 | 4,818,631 | ||||||
Total Australia | 6,475,000 | |||||||
Austria 1.04% | ||||||||
Banks | ||||||||
Erste Group Bank AG | 73,813 | 3,442,275 | ||||||
Brazil 0.99% | ||||||||
Banks 0.29% | ||||||||
Itau Unibanco Holding SA ADR | 160,810 | 972,900 | ||||||
Broadline Retail 0.70% | ||||||||
MercadoLibre, Inc.* | 1,600 | 2,333,920 | ||||||
Total Brazil | 3,306,820 | |||||||
Canada 4.02% | ||||||||
Construction & Engineering 0.60% | ||||||||
Stantec, Inc. | 25,000 | 1,990,520 | ||||||
Consumer Staples Distribution & Retail 0.83% | ||||||||
Alimentation Couche-Tard, Inc. | 50,000 | 2,771,220 | ||||||
Ground Transportation 0.89% | ||||||||
Canadian Pacific Kansas City Ltd. | 37,523 | 2,943,729 | ||||||
Metals & Mining 1.00% | ||||||||
Teck Resources Ltd. Class B | 67,633 | 3,326,867 | ||||||
Oil, Gas & Consumable Fuels 0.70% | ||||||||
Imperial Oil Ltd. | 33,900 | 2,330,756 | ||||||
Total Canada | 13,363,092 |
Investments | Shares | U.S. $ Fair Value | ||||||
China 3.29% | ||||||||
Automobiles 0.68% | ||||||||
BYD Co. Ltd. Class H | 82,324 | $ | 2,256,712 | |||||
Beverages 0.58% | ||||||||
Kweichow Moutai Co. Ltd. Class A | 8,200 | 1,922,516 | ||||||
Broadline Retail 0.73% | ||||||||
PDD Holdings, Inc. ADR* | 19,455 | 2,435,377 | ||||||
Interactive Media & Services 1.30% | ||||||||
Tencent Holdings Ltd. | 98,447 | 4,320,168 | ||||||
Total China | 10,934,773 | |||||||
Denmark 4.45% | ||||||||
Banks 0.85% | ||||||||
Danske Bank AS | 98,301 | 2,829,790 | ||||||
Beverages 0.49% | ||||||||
Carlsberg AS Class B | 12,162 | 1,635,945 | ||||||
Pharmaceuticals 3.11% | ||||||||
Novo Nordisk AS Class B | 80,539 | 10,328,498 | ||||||
Total Denmark | 14,794,233 | |||||||
France 10.56% | ||||||||
Aerospace & Defense 0.74% | ||||||||
Airbus SE | 14,821 | 2,438,910 | ||||||
Building Products 1.23% | ||||||||
Cie de Saint-Gobain SA | 51,769 | 4,094,029 | ||||||
Chemicals 1.45% | ||||||||
Air Liquide SA | 14,100 | 2,757,659 | ||||||
Arkema SA | 19,988 | 2,062,497 | ||||||
4,820,156 | ||||||||
Hotels, Restaurants & Leisure 0.77% | ||||||||
Accor SA | 58,645 | 2,570,157 | ||||||
Insurance 1.06% | ||||||||
AXA SA | 102,105 | 3,527,889 |
See Notes to Financial Statements. | 51 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL EQUITY FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
France (continued) | ||||||||
Oil, Gas & Consumable Fuels 1.71% | ||||||||
TotalEnergies SE | 78,180 | $ | 5,675,771 | |||||
Personal Care Products 1.27% | ||||||||
L’Oreal SA | 9,000 | 4,219,678 | ||||||
Textiles, Apparel & Luxury Goods 2.33% | ||||||||
Hermes International SCA | 1,040 | 2,489,750 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 6,400 | 5,257,190 | ||||||
7,746,940 | ||||||||
Total France | 35,093,530 | |||||||
Germany 7.44% | ||||||||
Aerospace & Defense 0.49% | ||||||||
Rheinmetall AG | 2,972 | 1,637,705 | ||||||
Automobiles 0.64% | ||||||||
Bayerische Motoren Werke AG | 19,500 | 2,124,511 | ||||||
Diversified Telecommunication Services 1.15% | ||||||||
Deutsche Telekom AG | 167,446 | 3,835,445 | ||||||
Health Care Equipment & Supplies 0.44% | ||||||||
Siemens Healthineers AG† | 26,727 | 1,482,212 | ||||||
Insurance 2.15% | ||||||||
Allianz SE Registered Shares | 13,093 | 3,715,597 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 7,791 | 3,426,549 | ||||||
7,142,146 | ||||||||
Life Sciences Tools & Services 0.91% | ||||||||
Schott Pharma AG & Co. KGaA(a) | 71,620 | 3,014,060 | ||||||
Software 1.66% | ||||||||
SAP SE | 30,491 | 5,505,673 | ||||||
Total Germany | 24,741,752 |
Investments | Shares | U.S. $ Fair Value | ||||||
Greece 0.75% | ||||||||
Banks | ||||||||
National Bank of Greece SA* | 307,000 | $ | 2,476,887 | |||||
Hong Kong 0.69% | ||||||||
Machinery | ||||||||
Techtronic Industries Co. Ltd. | 166,000 | 2,294,002 | ||||||
India 4.10% | ||||||||
Banks 1.14% | ||||||||
ICICI Bank Ltd. ADR | 137,867 | 3,795,478 | ||||||
Information Technology Services 0.64% | ||||||||
Tata Consultancy Services Ltd. | 46,720 | 2,132,305 | ||||||
Oil, Gas & Consumable Fuels 0.95% | ||||||||
Reliance Industries Ltd. | 89,797 | 3,152,258 | ||||||
Pharmaceuticals 0.38% | ||||||||
Mankind Pharma Ltd.* | 45,116 | 1,275,420 | ||||||
Wireless Telecommunication Services 0.99% | ||||||||
Bharti Airtel Ltd. | 207,000 | 3,276,536 | ||||||
Total India | 13,631,997 | |||||||
Indonesia 0.52% | ||||||||
Banks | ||||||||
Bank Negara Indonesia Persero Tbk. PT | 5,366,300 | 1,726,536 | ||||||
Italy 3.26% | ||||||||
Banks 1.64% | ||||||||
UniCredit SpA | 148,220 | 5,440,321 | ||||||
Electric: Utilities 0.85% | ||||||||
Enel SpA | 429,781 | 2,824,710 | ||||||
Electrical Equipment 0.77% | ||||||||
Prysmian SpA | 47,141 | 2,557,793 | ||||||
Total Italy | 10,822,824 |
52 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL EQUITY FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
Japan 19.74% | ||||||||
Automobile Components 0.47% | ||||||||
Denso Corp. | 92,000 | $ | 1,567,967 | |||||
Automobiles 1.68% | ||||||||
Toyota Motor Corp. | 245,100 | 5,590,382 | ||||||
Banks 1.53% | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 89,507 | 5,084,335 | ||||||
Beverages 0.77% | ||||||||
Asahi Group Holdings Ltd. | 74,557 | 2,550,517 | ||||||
Broadline Retail 0.80% | ||||||||
Pan Pacific International Holdings Corp. | 113,669 | 2,669,633 | ||||||
Chemicals 0.57% | ||||||||
Shin-Etsu Chemical Co. Ltd. | 49,000 | 1,896,738 | ||||||
Electronic Equipment, Instruments & Components 0.52% | ||||||||
Keyence Corp. | 3,900 | 1,715,102 | ||||||
Entertainment 0.74% | ||||||||
Nintendo Co. Ltd. | 50,400 | 2,457,956 | ||||||
Health Care Equipment & Supplies 1.35% | ||||||||
Hoya Corp. | 21,800 | 2,527,488 | ||||||
Terumo Corp. | 116,500 | 1,976,320 | ||||||
4,503,808 | ||||||||
Household Durables 0.64% | ||||||||
Sony Group Corp. | 25,700 | 2,124,139 | ||||||
Industrial Conglomerates 1.98% | ||||||||
Hitachi Ltd. | 71,200 | 6,568,960 | ||||||
Information Technology Services 0.76% | ||||||||
Fujitsu Ltd. | 162,500 | 2,510,323 | ||||||
Insurance 1.08% | ||||||||
Sompo Holdings, Inc. | 181,200 | 3,585,969 |
Investments | Shares | U.S. $ Fair Value | ||||||
Machinery 0.89% | ||||||||
Ebara Corp. | 36,000 | $ | 2,967,625 | |||||
Real Estate Management & Development 0.93% | ||||||||
Mitsubishi Estate Co. Ltd. | 168,391 | 3,085,716 | ||||||
Semiconductors & Semiconductor Equipment 2.26% | ||||||||
Disco Corp. | 7,600 | 2,164,827 | ||||||
SUMCO Corp. | 72,000 | 1,073,758 | ||||||
Tokyo Electron Ltd. | 19,500 | 4,277,242 | ||||||
7,515,827 | ||||||||
Trading Companies & Distributors 2.77% | ||||||||
ITOCHU Corp. | 111,056 | 5,010,261 | ||||||
Mitsubishi Corp. | 184,274 | 4,214,267 | ||||||
9,224,528 | ||||||||
Total Japan | 65,619,525 | |||||||
Mexico 1.62% | ||||||||
Banks 0.99% | ||||||||
Grupo Financiero Banorte SAB de CV Class O | 331,117 | 3,277,199 | ||||||
Real Estate Management & Development 0.63% | ||||||||
Corp. Inmobiliaria Vesta SAB de CV ADR | 59,013 | 2,095,552 | ||||||
Total Mexico | 5,372,751 | |||||||
Netherlands 2.96% | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
ASM International NV | 3,873 | 2,436,268 | ||||||
ASML Holding NV | 8,491 | 7,395,769 | ||||||
9,832,037 | ||||||||
Peru 0.37% | ||||||||
Banks | ||||||||
Credicorp Ltd. | 7,419 | 1,228,661 | ||||||
Philippines 0.63% | ||||||||
Banks | ||||||||
BDO Unibank, Inc. | 819,200 | 2,101,585 |
See Notes to Financial Statements. | 53 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL EQUITY FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
South Korea 2.15% | ||||||||
Banks 0.52% | ||||||||
KB Financial Group, Inc. | 32,000 | $ | 1,735,581 | |||||
Technology Hardware, Storage & Peripherals 1.63% | ||||||||
Samsung Electronics Co. Ltd. | 97,292 | 5,408,135 | ||||||
Total South Korea | 7,143,716 | |||||||
Spain 2.25% | ||||||||
Banks 1.18% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 361,668 | 3,911,068 | ||||||
Specialty Retail 1.07% | ||||||||
Industria de Diseno Textil SA | 78,155 | 3,558,471 | ||||||
Total Spain | 7,469,539 | |||||||
Sweden 1.24% | ||||||||
Machinery | ||||||||
Atlas Copco AB Class A | 235,950 | 4,132,920 | ||||||
Switzerland 3.08% | ||||||||
Capital Markets 0.43% | ||||||||
UBS Group AG Registered Shares | 54,131 | 1,421,657 | ||||||
Life Sciences Tools & Services 0.82% | ||||||||
Lonza Group AG Registered Shares | 4,982 | 2,750,030 | ||||||
Machinery 0.89% | ||||||||
VAT Group AG† | 5,952 | 2,963,267 | ||||||
Pharmaceuticals 0.94% | ||||||||
Novartis AG Registered Shares | 32,102 | 3,115,739 | ||||||
Total Switzerland | 10,250,693 |
Investments | Shares | U.S. $ Fair Value | ||||||
Taiwan 5.05% | ||||||||
Semiconductors & Semiconductor Equipment 4.63% | ||||||||
MediaTek, Inc. | 59,492 | $ | 1,793,753 | |||||
Realtek Semiconductor Corp. | 121,000 | 1,908,794 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 487,714 | 11,677,704 | ||||||
15,380,251 | ||||||||
Technology Hardware, Storage & Peripherals 0.42% | ||||||||
Quanta Computer, Inc. | 180,000 | 1,412,683 | ||||||
Total Taiwan | 16,792,934 | |||||||
United Kingdom 5.69% | ||||||||
Banks 1.98% | ||||||||
HSBC Holdings PLC | 444,177 | 3,850,105 | ||||||
Lloyds Banking Group PLC | 4,260,000 | 2,749,330 | ||||||
6,599,435 | ||||||||
Electric: Utilities 0.72% | ||||||||
SSE PLC | 114,718 | 2,384,574 | ||||||
Household Durables 0.36% | ||||||||
Persimmon PLC | 73,000 | 1,182,091 | ||||||
Personal Care Products 1.20% | ||||||||
Unilever PLC | 76,825 | 3,974,219 | ||||||
Pharmaceuticals 1.43% | ||||||||
AstraZeneca PLC | 31,532 | 4,769,179 | ||||||
Total United Kingdom | 18,909,498 | |||||||
United States 9.65% | ||||||||
Construction Materials 1.51% | ||||||||
CRH PLC | 65,000 | 5,033,651 | ||||||
Electrical Equipment 1.95% | ||||||||
Schneider Electric SE | 28,400 | 6,475,580 | ||||||
Food Products 0.48% | ||||||||
Nestle SA Registered Shares | 16,000 | 1,606,402 |
54 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL EQUITY FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
United States (continued) | ||||||||
Interactive Media & Services 0.67% | ||||||||
Meta Platforms, Inc. Class A | 5,193 | $ | 2,233,873 | |||||
Oil, Gas & Consumable Fuels 2.36% | ||||||||
Shell PLC | 220,437 | 7,836,226 | ||||||
Pharmaceuticals 1.82% | ||||||||
Eli Lilly & Co. | 4,700 | 3,671,170 | ||||||
Sanofi SA | 23,910 | 2,362,142 | ||||||
6,033,312 | ||||||||
Semiconductors & Semiconductor Equipment 0.86% | ||||||||
NVIDIA Corp. | 3,300 | 2,851,266 | ||||||
Total United States | 32,070,310 | |||||||
Total Common Stocks (cost $252,102,032) | 324,027,890 | |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS 2.56% | ||||||||
Repurchase Agreements 2.05% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $6,980,900 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $6,967,055; proceeds: $6,830,855 (cost $6,830,324) | $ | 6,830,324 | 6,830,324 |
Investments | Shares | U.S. $ Fair Value | |||||||
MONEY MARKET FUNDS 0.46% | |||||||||
Fidelity Government Portfolio(b) (cost $1,514,700) | 1,514,700 | $ | 1,514,700 | ||||||
TIME DEPOSITS 0.05% | |||||||||
CitiBank N.A.(b) (cost $168,300) | 168,300 | 168,300 | |||||||
Total Short-Term Investments (cost $8,513,324) | 8,513,324 | ||||||||
Total Investments in Securities 100.05% (cost $260,615,356) | 332,541,214 | ||||||||
Other Assets and Liabilities – Net (0.05)% | (149,924 | ) | |||||||
Net Assets 100.00% | $ | 332,391,290 |
ADR | American Depositary Receipt. | |
REITS | Real Estate Investment Trusts. | |
* | Non-income producing security. | |
† | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At April 30, 2024, the total value of Rule 144A securities was $4,445,479, which represents 1.34% of net assets. | |
(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. | 55 |
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL EQUITY FUND April 30, 2024
The following is a summary of the inputs used as of April 30, 2024 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 | $ | 3,306,820 | $ | – | $ | – | $ | 3,306,820 | ||||||||
Canada | 13,363,092 | – | – | 13,363,092 | ||||||||||||
China | 2,435,377 | 8,499,396 | – | 10,934,773 | ||||||||||||
India | 3,795,478 | 9,836,519 | – | 13,631,997 | ||||||||||||
Mexico | 5,372,751 | – | – | 5,372,751 | ||||||||||||
Peru | 1,228,661 | – | – | 1,228,661 | ||||||||||||
United States | 8,756,309 | 23,314,001 | – | 32,070,310 | ||||||||||||
Remaining Countries | – | 244,119,486 | – | 244,119,486 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Repurchase Agreements | – | 6,830,324 | – | 6,830,324 | ||||||||||||
Money Market Funds | 1,514,700 | – | – | 1,514,700 | ||||||||||||
Time Deposits | – | 168,300 | – | 168,300 | ||||||||||||
Total | $ | 39,773,188 | $ | 292,768,026 | $ | – | $ | 332,541,214 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Countries 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.
56 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
LONG-TERM INVESTMENTS 95.37% | ||||||||
COMMON STOCKS 95.37% | ||||||||
Australia 1.72% | ||||||||
Automobile Components 0.87% | ||||||||
GUD Holdings Ltd. | 418,516 | $ | 2,748,298 | |||||
Professional Services 0.85% | ||||||||
IPH Ltd. | 673,677 | 2,711,852 | ||||||
Total Australia | 5,460,150 | |||||||
Austria 3.17% | ||||||||
Banks 1.35% | ||||||||
BAWAG Group AG† | 71,376 | 4,261,917 | ||||||
Machinery 1.82% | ||||||||
ANDRITZ AG | 105,891 | 5,779,903 | ||||||
Total Austria | 10,041,820 | |||||||
Belgium 0.60% | ||||||||
Health Care REITS | ||||||||
Aedifica SA | 29,912 | 1,911,305 | ||||||
Canada 6.37% | ||||||||
Gas Utilities 0.62% | ||||||||
Brookfield Infrastructure Corp. Class A | 64,589 | 1,967,721 | ||||||
Metals & Mining 2.52% | ||||||||
Alamos Gold, Inc. Class A | 306,529 | 4,508,925 | ||||||
Capstone Copper Corp.* | 501,400 | 3,470,993 | ||||||
7,979,918 | ||||||||
Oil, Gas & Consumable Fuels 1.43% | ||||||||
MEG Energy Corp.* | 198,600 | 4,516,882 | ||||||
Paper & Forest Products 0.88% | ||||||||
Interfor Corp.* | 220,348 | 2,796,266 | ||||||
Retail REITS 0.92% | ||||||||
First Capital Real Estate Investment Trust | 270,500 | 2,904,144 | ||||||
Total Canada | 20,164,931 |
Investments | Shares | U.S. $ Fair Value | ||||||
China 0.61% | ||||||||
Marine Transportation | ||||||||
SITC International Holdings Co. Ltd. | 897,000 | $ | 1,945,229 | |||||
France 4.49% | ||||||||
Construction Materials 0.96% | ||||||||
Vicat SACA | 82,844 | 3,058,456 | ||||||
Oil, Gas & Consumable Fuels 0.63% | ||||||||
Gaztransport Et Technigaz SA | 14,249 | 1,986,029 | ||||||
Personal Care Products 0.72% | ||||||||
Interparfums SA | 45,131 | 2,289,343 | ||||||
Software 2.18% | ||||||||
Esker SA | 10,875 | 2,021,095 | ||||||
Planisware SA* | 222,895 | 4,872,842 | ||||||
6,893,937 | ||||||||
Total France | 14,227,765 | |||||||
Germany 7.15% | ||||||||
Aerospace & Defense 0.76% | ||||||||
Montana Aerospace AG†* | 124,834 | 2,412,545 | ||||||
Life Sciences Tools & Services 1.58% | ||||||||
Gerresheimer AG | 46,367 | 4,993,584 | ||||||
Media 1.54% | ||||||||
Stroeer SE & Co. KGaA | 76,136 | 4,882,287 | ||||||
Real Estate Management & Development 1.08% | ||||||||
TAG Immobilien AG* | 239,508 | 3,405,245 | ||||||
Semiconductors & Semiconductor Equipment 0.60% | ||||||||
Siltronic AG | 24,548 | 1,913,134 | ||||||
Wireless Telecommunication Services 1.59% | ||||||||
Freenet AG | 181,579 | 5,047,602 | ||||||
Total Germany | 22,654,397 |
See Notes to Financial Statements. | 57 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
Hong Kong 0.53% | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
ASMPT Ltd. | 134,300 | $ | 1,669,038 | |||||
Iceland 0.58% | ||||||||
Machinery | ||||||||
Marel Hf.† | 537,909 | 1,836,982 | ||||||
India 1.59% | ||||||||
Banks 0.76% | ||||||||
Federal Bank Ltd. | 1,235,135 | 2,399,060 | ||||||
Commercial Services & Supplies 0.83% | ||||||||
CMS Info Systems Ltd. | 533,241 | 2,647,110 | ||||||
Total India | 5,046,170 | |||||||
Indonesia 1.83% | ||||||||
Banks 1.06% | ||||||||
Bank Tabungan Negara Persero Tbk. PT | 41,619,000 | 3,371,812 | ||||||
Real Estate Management & Development 0.77% | ||||||||
Pakuwon Jati Tbk. PT | 98,687,500 | 2,434,320 | ||||||
Total Indonesia | 5,806,132 | |||||||
Ireland 1.04% | ||||||||
Hotels, Restaurants & Leisure | ||||||||
Dalata Hotel Group PLC | 735,428 | 3,307,340 | ||||||
Israel 1.77% | ||||||||
Capital Markets 1.20% | ||||||||
Tel Aviv Stock Exchange Ltd. | 574,657 | 3,807,344 | ||||||
Oil, Gas & Consumable Fuels 0.57% | ||||||||
Energean PLC | 130,956 | 1,806,542 | ||||||
Total Israel | 5,613,886 | |||||||
Italy 2.70% | ||||||||
Financial Services 1.21% | ||||||||
Banca Mediolanum SpA | 354,335 | 3,834,464 |
Investments | Shares | U.S. $ Fair Value | ||||||
Textiles, Apparel & Luxury Goods 1.49% | ||||||||
Brunello Cucinelli SpA | 46,149 | $ | 4,710,079 | |||||
Total Italy | 8,544,543 | |||||||
Japan 25.89% | ||||||||
Banks 0.92% | ||||||||
Shizuoka Financial Group, Inc. | 312,600 | 2,917,761 | ||||||
Beverages 1.14% | ||||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 258,400 | 3,617,739 | ||||||
Building Products 1.66% | ||||||||
Sanwa Holdings Corp. | 322,200 | 5,261,811 | ||||||
Chemicals 1.85% | ||||||||
Aica Kogyo Co. Ltd. | 169,400 | 3,926,563 | ||||||
Kansai Paint Co. Ltd. | 148,900 | 1,938,406 | ||||||
5,864,969 | ||||||||
Construction & Engineering 0.94% | ||||||||
SHO-BOND Holdings Co. Ltd. | 76,800 | 2,965,776 | ||||||
Distributors 1.81% | ||||||||
PALTAC Corp. | 189,730 | 5,742,544 | ||||||
Food Products 1.71% | ||||||||
Nichirei Corp. | 216,500 | 5,420,422 | ||||||
Hotels, Restaurants & Leisure 1.20% | ||||||||
Saizeriya Co. Ltd. | 112,600 | 3,802,212 | ||||||
Industrial REITS 1.03% | ||||||||
GLP J-Reit | 4,006 | 3,258,128 | ||||||
Information Technology Services 3.36% | ||||||||
NS Solutions Corp. | 130,988 | 4,266,491 | ||||||
Simplex Holdings, Inc. | 252,100 | 4,072,805 | ||||||
Zuken, Inc. | 87,800 | 2,294,245 | ||||||
10,633,541 |
58 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
Japan (continued) | ||||||||
Machinery 3.55% | ||||||||
DMG Mori Co. Ltd. | 178,200 | $ | 4,763,735 | |||||
Fujitec Co. Ltd. | 106,900 | 2,636,533 | ||||||
OSG Corp. | 297,300 | 3,834,071 | ||||||
11,234,339 | ||||||||
Media 0.56% | ||||||||
Kadokawa Corp. | 97,800 | 1,787,607 | ||||||
Professional Services 0.64% | ||||||||
TechnoPro Holdings, Inc. | 118,200 | 2,013,347 | ||||||
Semiconductors & Semiconductor Equipment 1.36% | ||||||||
Kokusai Electric Corp. | 107,715 | 2,846,233 | ||||||
SUMCO Corp. | 98,900 | 1,474,926 | ||||||
4,321,159 | ||||||||
Software 2.55% | ||||||||
Money Forward, Inc.* | 107,400 | 3,739,812 | ||||||
OBIC Business Consultants Co. Ltd. | 106,100 | 4,335,491 | ||||||
8,075,303 | ||||||||
Wireless Telecommunication Services 1.61% | ||||||||
Okinawa Cellular Telephone Co. | 237,200 | 5,096,710 | ||||||
Total Japan | 82,013,368 | |||||||
Mexico 2.69% | ||||||||
Capital Markets 0.63% | ||||||||
Bolsa Mexicana de Valores SAB de CV | 1,063,700 | 1,998,154 | ||||||
Consumer Finance 1.02% | ||||||||
Gentera SAB de CV | 2,002,820 | 3,211,620 | ||||||
Real Estate Management & Development 1.04% | ||||||||
Corp. Inmobiliaria Vesta SAB de CV | 466,400 | 1,650,161 | ||||||
Corp. Inmobiliaria Vesta SAB de CV ADR | 46,574 | 1,653,843 | ||||||
3,304,004 | ||||||||
Total Mexico | 8,513,778 |
Investments | Shares | U.S. $ Fair Value | ||||||
Netherlands 0.39% | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
BE Semiconductor Industries NV | 9,170 | $ | 1,216,621 | |||||
New Zealand 0.49% | ||||||||
Passenger Airlines | ||||||||
Air New Zealand Ltd. | 4,778,678 | 1,548,709 | ||||||
Peru 0.60% | ||||||||
Banks | ||||||||
Intercorp Financial Services, Inc. | 89,356 | 1,905,070 | ||||||
Portugal 1.57% | ||||||||
Multi-Utilities | ||||||||
REN - Redes Energeticas Nacionais SGPS SA | 2,064,820 | 4,985,531 | ||||||
South Korea 2.14% | ||||||||
Chemicals 1.16% | ||||||||
Soulbrain Co. Ltd. | 16,998 | 3,669,566 | ||||||
Semiconductors & Semiconductor Equipment 0.98% | ||||||||
WONIK IPS Co. Ltd.* | 116,798 | 3,110,639 | ||||||
Total South Korea | 6,780,205 | |||||||
Spain 4.49% | ||||||||
Banks 1.80% | ||||||||
Banco de Sabadell SA | 2,984,899 | 5,701,765 | ||||||
Containers & Packaging 1.58% | ||||||||
Vidrala SA | 47,557 | 5,000,820 | ||||||
Professional Services 1.11% | ||||||||
Applus Services SA | 260,637 | 3,526,967 | ||||||
Total Spain | 14,229,552 | |||||||
Sweden 2.14% | ||||||||
Automobile Components 0.57% | ||||||||
Autoliv, Inc. | 15,556 | 1,816,255 |
See Notes to Financial Statements. | 59 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
Sweden (continued) | ||||||||
Commercial Services & Supplies 1.00% | ||||||||
Loomis AB | 123,312 | $ | 3,151,454 | |||||
Consumer Staples Distribution & Retail 0.57% | ||||||||
Axfood AB | 69,943 | 1,809,388 | ||||||
Total Sweden | 6,777,097 | |||||||
Switzerland 2.09% | ||||||||
Containers & Packaging 0.93% | ||||||||
SIG Group AG | 146,970 | 2,936,953 | ||||||
Life Sciences Tools & Services 0.53% | ||||||||
Tecan Group AG Registered Shares | 4,810 | 1,696,901 | ||||||
Machinery 0.63% | ||||||||
Sulzer AG Registered Shares | 16,456 | 1,993,152 | ||||||
Total Switzerland | 6,627,006 | |||||||
Taiwan 1.71% | ||||||||
Electronic Equipment, Instruments & Components 0.92% | ||||||||
Lotes Co. Ltd. | 66,782 | 2,925,325 | ||||||
Semiconductors & Semiconductor Equipment 0.79% | ||||||||
Realtek Semiconductor Corp. | 158,000 | 2,492,474 | ||||||
Total Taiwan | 5,417,799 | |||||||
United Kingdom 17.02% | ||||||||
Aerospace & Defense 3.24% | ||||||||
Chemring Group PLC | 1,351,488 | 6,332,820 | ||||||
Senior PLC | 1,942,214 | 3,951,080 | ||||||
10,283,900 | ||||||||
Beverages 2.06% | ||||||||
Britvic PLC | 590,688 | 6,513,951 | ||||||
Biotechnology 0.27% | ||||||||
Genus PLC | 37,551 | 844,484 |
Investments | Shares | U.S. $ Fair Value | ||||||
Broadline Retail 1.18% | ||||||||
B&M European Value Retail SA | 580,766 | $ | 3,748,014 | |||||
Capital Markets 1.95% | ||||||||
Man Group PLC | 1,930,110 | 6,189,673 | ||||||
Construction Materials 0.81% | ||||||||
Breedon Group PLC | 569,923 | 2,560,845 | ||||||
Electronic Equipment, Instruments & Components 0.66% | ||||||||
Spectris PLC | 50,322 | 2,081,476 | ||||||
Financial Services 0.34% | ||||||||
Marex Group PLC* | 56,500 | 1,088,190 | ||||||
Food Products 0.73% | ||||||||
Tate & Lyle PLC | 279,624 | 2,302,574 | ||||||
Health Care Equipment & Supplies 0.44% | ||||||||
ConvaTec Group PLC† | 447,383 | 1,391,948 | ||||||
Health Care REITS 0.51% | ||||||||
Assura PLC | 3,142,079 | 1,608,648 | ||||||
Household Durables 0.38% | ||||||||
Persimmon PLC | 73,867 | 1,196,130 | ||||||
Insurance 1.32% | ||||||||
Lancashire Holdings Ltd. | 549,653 | 4,189,596 | ||||||
Machinery 1.27% | ||||||||
Concentric AB | 232,059 | 4,017,718 | ||||||
Specialty Retail 1.01% | ||||||||
WH Smith PLC | 233,158 | 3,189,202 | ||||||
Trading Companies & Distributors 0.85% | ||||||||
Grafton Group PLC CDI | 229,957 | 2,704,807 | ||||||
Total United Kingdom | 53,911,156 | |||||||
Total Common Stocks (cost $283,765,961) | 302,155,580 |
60 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2024
Investments | Principal Amount | U.S. $ Fair Value | ||||||
SHORT-TERM INVESTMENTS 2.78% | ||||||||
Repurchase Agreements 2.78% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $8,990,800 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $8,972,972; proceeds: $8,797,552 (cost $8,796,868) | $ | 8,796,868 | $ | 8,796,868 | ||||
Total Investments in Securities 98.15% (cost $292,562,829) | 310,952,448 | |||||||
Other Assets and Liabilities – Net 1.85% | 5,871,927 | |||||||
Net Assets 100.00% | $ | 316,824,375 |
ADR | American Depositary Receipt. | |
CDI | CREST Depositary Interest. | |
REITS | Real Estate Investment Trusts. | |
† | 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, 2024, the total value of Rule 144A securities was $9,903,392, which represents 3.13% of net assets. | |
* | Non-income producing security. |
The following is a summary of the inputs used as of April 30, 2024 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 | $ | 20,164,931 | $ | – | $ | – | $ | 20,164,931 | |||||||
Israel | 5,613,886 | – | – | 5,613,886 | |||||||||||
Mexico | 8,513,778 | – | – | 8,513,778 | |||||||||||
Peru | 1,905,070 | – | – | 1,905,070 | |||||||||||
United Kingdom | 13,913,180 | 39,997,976 | – | 53,911,156 | |||||||||||
Remaining Countries | – | 212,046,759 | – | 212,046,759 | |||||||||||
Short-Term Investments | |||||||||||||||
Repurchase Agreements | – | 8,796,868 | – | 8,796,868 | |||||||||||
Total | $ | 50,110,845 | $ | 260,841,603 | $ | – | $ | 310,952,448 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Countries 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. | 61 |
Schedule of Investments (unaudited)
INTERNATIONAL VALUE FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
LONG-TERM INVESTMENTS 96.69% | ||||||||
COMMON STOCKS 96.69% | ||||||||
Australia 3.27% | ||||||||
Industrial REITS 1.05% | ||||||||
Goodman Group | 212,229 | $ | 4,286,947 | |||||
Metals & Mining 2.22% | ||||||||
BHP Group Ltd. | 331,590 | 9,094,224 | ||||||
Total Australia | 13,381,171 | |||||||
Austria 3.23% | ||||||||
Banks | ||||||||
BAWAG Group AG† | 83,580 | 4,990,628 | ||||||
Erste Group Bank AG | 176,666 | 8,238,832 | ||||||
13,229,460 | ||||||||
Canada 4.05% | ||||||||
Insurance 1.48% | ||||||||
Manulife Financial Corp. | 260,367 | 6,072,992 | ||||||
Metals & Mining 1.17% | ||||||||
Teck Resources Ltd. Class B | 97,596 | 4,798,804 | ||||||
Oil, Gas & Consumable Fuels 1.40% | ||||||||
Pembina Pipeline Corp. | 162,507 | 5,718,112 | ||||||
Total Canada | 16,589,908 | |||||||
China 0.27% | ||||||||
Broadline Retail | ||||||||
Alibaba Group Holding Ltd. | 116,516 | 1,090,946 | ||||||
France 12.96% | ||||||||
Aerospace & Defense 2.10% | ||||||||
Airbus SE | 23,458 | 3,860,195 | ||||||
Thales SA | 28,226 | 4,743,871 | ||||||
8,604,066 | ||||||||
Banks 0.86% | ||||||||
BNP Paribas SA | 48,732 | 3,506,845 |
Investments | Shares | U.S. $ Fair Value | ||||||
Building Products 1.60% | ||||||||
Cie de Saint-Gobain SA | 82,791 | $ | 6,547,331 | |||||
Capital Markets 1.25% | ||||||||
Amundi SA† | 73,559 | 5,131,800 | ||||||
Chemicals 1.00% | ||||||||
Arkema SA | 39,729 | 4,099,506 | ||||||
Diversified Telecommunication Services 2.16% | ||||||||
Orange SA | 793,113 | 8,827,572 | ||||||
Gas Utilities 1.12% | ||||||||
Rubis SCA | 132,639 | 4,590,139 | ||||||
Hotels, Restaurants & Leisure 0.34% | ||||||||
Sodexo SA | 16,212 | 1,411,634 | ||||||
Information Technology Services 0.62% | ||||||||
Capgemini SE | 12,135 | 2,550,547 | ||||||
Insurance 1.91% | ||||||||
AXA SA | 225,993 | 7,808,414 | ||||||
Total France | 53,077,854 | |||||||
Germany 4.04% | ||||||||
Air Freight & Logistics 1.17% | ||||||||
Deutsche Post AG Registered Shares | 114,125 | 4,778,406 | ||||||
Chemicals 0.83% | ||||||||
FUCHS SE | 92,583 | 3,384,514 | ||||||
Health Care Providers & Services 1.36% | ||||||||
Fresenius SE & Co. KGaA | 186,611 | 5,568,542 | ||||||
Real Estate Management & Development 0.68% | ||||||||
Vonovia SE | 96,659 | 2,793,061 | ||||||
Total Germany | 16,524,523 | |||||||
Hong Kong 0.52% | ||||||||
Real Estate Management & Development | ||||||||
CK Asset Holdings Ltd. | 503,275 | 2,146,757 |
62 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL VALUE FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
Indonesia 0.91% | ||||||||
Banks | ||||||||
Bank Negara Indonesia Persero Tbk. PT | 11,589,187 | $ | 3,728,669 | |||||
Ireland 2.06% | ||||||||
Banks 1.27% | ||||||||
Bank of Ireland Group PLC | 488,373 | 5,210,662 | ||||||
Trading Companies & Distributors 0.79% | ||||||||
AerCap Holdings NV* | 38,411 | 3,245,345 | ||||||
Total Ireland | 8,456,007 | |||||||
Israel 0.55% | ||||||||
Oil, Gas & Consumable Fuels | ||||||||
Energean PLC | 162,346 | 2,239,569 | ||||||
Italy 1.75% | ||||||||
Electric: Utilities | ||||||||
Enel SpA | 1,091,581 | 7,174,352 | ||||||
Japan 19.72% | ||||||||
Automobiles 2.44% | ||||||||
Toyota Motor Corp. | 437,900 | 9,987,875 | ||||||
Banks 3.28% | ||||||||
Mizuho Financial Group, Inc. | 214,000 | 4,136,429 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 163,563 | 9,290,996 | ||||||
13,427,425 | ||||||||
Beverages 1.29% | ||||||||
Asahi Group Holdings Ltd. | 154,858 | 5,297,531 | ||||||
Building Products 0.81% | ||||||||
Sanwa Holdings Corp. | 203,200 | 3,318,436 | ||||||
Electrical Equipment 1.37% | ||||||||
Fuji Electric Co. Ltd. | 90,001 | 5,598,413 |
Investments | Shares | U.S. $ Fair Value | ||||||
Electronic Equipment, Instruments & Components 0.86% | ||||||||
Murata Manufacturing Co. Ltd. | 192,151 | $ | 3,511,013 | |||||
Entertainment 0.96% | ||||||||
Nintendo Co. Ltd. | 80,800 | 3,940,533 | ||||||
Household Durables 0.67% | ||||||||
Sony Group Corp. | 33,300 | 2,752,289 | ||||||
Industrial Conglomerates 1.73% | ||||||||
Hitachi Ltd. | 76,870 | 7,092,078 | ||||||
Insurance 1.97% | ||||||||
Sompo Holdings, Inc. | 408,081 | 8,075,970 | ||||||
Machinery 1.98% | ||||||||
Ebara Corp. | 68,556 | 5,651,347 | ||||||
Fujitec Co. Ltd. | 99,336 | 2,449,978 | ||||||
8,101,325 | ||||||||
Semiconductors & Semiconductor Equipment 0.59% | ||||||||
SUMCO Corp. | 161,000 | 2,401,042 | ||||||
Trading Companies & Distributors 1.77% | ||||||||
ITOCHU Corp. | 160,575 | 7,244,298 | ||||||
Total Japan | 80,748,228 | |||||||
Mexico 0.99% | ||||||||
Banks | ||||||||
Grupo Financiero Banorte SAB de CV Class O | 410,968 | 4,067,517 | ||||||
Netherlands 0.78% | ||||||||
Consumer Staples Distribution & Retail | ||||||||
Koninklijke Ahold Delhaize NV | 104,782 | 3,180,572 |
See Notes to Financial Statements. | 63 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL VALUE FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
Singapore 1.43% | ||||||||
Banks 1.04% | ||||||||
United Overseas Bank Ltd. | 192,808 | $ | 4,278,561 | |||||
Semiconductors & Semiconductor Equipment 0.39% | ||||||||
STMicroelectronics NV | 39,948 | 1,581,337 | ||||||
Total Singapore | 5,859,898 | |||||||
South Africa 1.02% | ||||||||
Metals & Mining | ||||||||
Anglo American PLC | 127,467 | 4,165,298 | ||||||
South Korea 1.70% | ||||||||
Technology Hardware, Storage & Peripherals | ||||||||
Samsung Electronics Co. Ltd. | 125,061 | 6,951,720 | ||||||
Spain 1.66% | ||||||||
Banks | ||||||||
CaixaBank SA | 1,288,668 | 6,795,864 | ||||||
Sweden 2.10% | ||||||||
Automobile Components 1.26% | ||||||||
Autoliv, Inc. SDR | 44,240 | 5,165,281 | ||||||
Commercial Services & Supplies 0.84% | ||||||||
Loomis AB | 133,702 | 3,416,989 | ||||||
Total Sweden | 8,582,270 | |||||||
Switzerland 3.19% | ||||||||
Pharmaceuticals | ||||||||
Novartis AG Registered Shares | 134,636 | 13,067,430 | ||||||
Taiwan 1.93% | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 330,514 | 7,913,746 |
Investments | Shares | U.S. $ Fair Value | ||||||
United Kingdom 16.79% | ||||||||
Banks 4.20% | ||||||||
HSBC Holdings PLC | 1,320,274 | $ | 11,444,070 | |||||
Lloyds Banking Group PLC | 8,950,787 | 5,776,683 | ||||||
17,220,753 | ||||||||
Broadline Retail 1.30% | ||||||||
Next PLC | 47,534 | 5,331,317 | ||||||
Capital Markets 0.78% | ||||||||
Man Group PLC | 991,788 | 3,180,567 | ||||||
Electric: Utilities 1.52% | ||||||||
SSE PLC | 300,608 | 6,248,557 | ||||||
Food Products 0.69% | ||||||||
Tate & Lyle PLC | 341,711 | 2,813,831 | ||||||
Insurance 1.83% | ||||||||
Direct Line Insurance Group PLC | 1,314,238 | 3,051,270 | ||||||
Lancashire Holdings Ltd. | 582,525 | 4,440,155 | ||||||
7,491,425 | ||||||||
Personal Care Products 1.96% | ||||||||
Unilever PLC | 154,936 | 8,014,964 | ||||||
Pharmaceuticals 1.10% | ||||||||
AstraZeneca PLC | 29,827 | 4,511,300 | ||||||
Residential REITS 0.89% | ||||||||
UNITE Group PLC | 314,551 | 3,636,379 | ||||||
Tobacco 1.83% | ||||||||
Imperial Brands PLC | 327,766 | 7,489,502 | ||||||
Trading Companies & Distributors 0.69% | ||||||||
Ashtead Group PLC | 38,897 | 2,824,385 | ||||||
Total United Kingdom | 68,762,980 |
64 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL VALUE FUND April 30, 2024
Investments | Shares | U.S. $ Fair Value | ||||||
United States 11.77% | ||||||||
Construction Materials 1.46% | ||||||||
CRH PLC | 77,193 | $ | 5,977,886 | |||||
Oil, Gas & Consumable Fuels 7.44% | ||||||||
BP PLC | 1,645,025 | 10,603,234 | ||||||
Shell PLC ADR | 277,101 | 19,857,058 | ||||||
30,460,292 | ||||||||
Pharmaceuticals 2.87% | ||||||||
Sanofi SA | 118,855 | 11,742,048 | ||||||
Total United States | 48,180,226 | |||||||
Total Common Stocks (cost $346,680,781) | 395,914,965 |
Investments | Principal Amount | U.S. $ Fair Value | ||||||
SHORT-TERM INVESTMENTS 2.36% | ||||||||
Repurchase Agreements 2.36% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $11,224,600 of U.S. Treasury Note at 0.500% due 4/30/2027; value: $9,885,130; proceeds: $9,692,003 (cost $9,691,249) | $ | 9,691,249 | $ | 9,691,249 | ||||
Total Investments in Securities 99.05% (cost $356,372,030) | 405,606,214 | |||||||
Other Assets and Liabilities – Net 0.95% | 3,875,740 | |||||||
Net Assets 100.00% | $ | 409,481,954 |
ADR | American Depositary Receipt. | |
REITS | Real Estate Investment Trusts. | |
SDR | Swedish Depository 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, 2024, the total value of Rule 144A securities was $10,122,428, which represents 2.47% of net assets. | |
* | Non-income producing security. |
See Notes to Financial Statements. | 65 |
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL VALUE FUND April 30, 2024
The following is a summary of the inputs used as of April 30, 2024 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 | $ | 16,589,908 | $ | – | $ | – | $ | 16,589,908 | |||||||
Ireland | 3,245,345 | 5,210,662 | – | 8,456,007 | |||||||||||
Israel | 2,239,569 | – | – | 2,239,569 | |||||||||||
Mexico | 4,067,517 | – | – | 4,067,517 | |||||||||||
United Kingdom | 7,253,986 | 61,508,994 | – | 68,762,980 | |||||||||||
United States | 19,857,058 | 28,323,168 | – | 48,180,226 | |||||||||||
Remaining Countries | – | 247,618,758 | – | 247,618,758 | |||||||||||
Short-Term Investments | |||||||||||||||
Repurchase Agreements | – | 9,691,249 | – | 9,691,249 | |||||||||||
Total | $ | 53,253,383 | $ | 352,352,831 | $ | – | $ | 405,606,214 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Countries 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.
66 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
MICRO CAP GROWTH FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
LONG-TERM INVESTMENTS 99.04% | ||||||||
COMMON STOCKS 99.04% | ||||||||
Aerospace & Defense 4.57% | ||||||||
AeroVironment, Inc.* | 33,359 | $ | 5,330,435 | |||||
Kratos Defense & Security Solutions, Inc.* | 86,553 | 1,542,374 | ||||||
Loar Holdings, Inc.* | 28,550 | 1,493,736 | ||||||
Total | 8,366,545 | |||||||
Automobile Components 2.89% | ||||||||
Modine Manufacturing Co.* | 57,102 | 5,289,358 | ||||||
Biotechnology 14.17% | ||||||||
Arcellx, Inc.* | 56,185 | 2,810,374 | ||||||
Crinetics Pharmaceuticals, Inc.* | 81,846 | 3,586,492 | ||||||
Immunome, Inc.* | 110,921 | 1,559,549 | ||||||
Janux Therapeutics, Inc.* | 57,722 | 3,290,154 | ||||||
Krystal Biotech, Inc.* | 23,785 | 3,641,959 | ||||||
MoonLake Immunotherapeutics (Switzerland)*(a) | 25,326 | 1,036,087 | ||||||
Rhythm Pharmaceuticals, Inc.* | 68,768 | 2,734,216 | ||||||
Twist Bioscience Corp.* | 74,754 | 2,334,567 | ||||||
Vera Therapeutics, Inc.* | 65,817 | 2,600,430 | ||||||
Xenon Pharmaceuticals, Inc. (Canada)*(a) | 57,744 | 2,347,293 | ||||||
Total | 25,941,121 | |||||||
Building Products 0.70% | ||||||||
Gibraltar Industries, Inc.* | 17,966 | 1,283,850 | ||||||
Capital Markets 1.90% | ||||||||
Piper Sandler Cos. | 17,754 | 3,476,056 | ||||||
Commercial Services & Supplies 1.44% | ||||||||
Montrose Environmental Group, Inc.* | 60,567 | 2,629,819 |
Investments | Shares | Fair Value | ||||||
Construction & Engineering 3.97% | ||||||||
Primoris Services Corp. | 69,052 | $ | 3,217,823 | |||||
Sterling Infrastructure, Inc.* | 39,822 | 4,045,915 | ||||||
Total | 7,263,738 | |||||||
Consumer Finance 1.59% | ||||||||
NerdWallet, Inc. Class A* | 231,131 | 2,905,317 | ||||||
Diversified Consumer Services 1.75% | ||||||||
Stride, Inc.* | 47,972 | 3,202,131 | ||||||
Electronic Equipment, Instruments & Components 3.46% | ||||||||
Arlo Technologies, Inc.* | 209,642 | 2,595,368 | ||||||
OSI Systems, Inc.* | 28,374 | 3,729,479 | ||||||
Total | 6,324,847 | |||||||
Financial Services 5.10% | ||||||||
AvidXchange Holdings, Inc.* | 361,788 | 4,218,448 | ||||||
Paymentus Holdings, Inc. Class A* | 147,701 | 3,014,577 | ||||||
Remitly Global, Inc.* | 117,724 | 2,099,019 | ||||||
Total | 9,332,044 | |||||||
Food Products 2.41% | ||||||||
Vital Farms, Inc.* | 165,093 | 4,417,889 | ||||||
Health Care Equipment & Supplies 8.95% | ||||||||
CVRx, Inc.* | 106,776 | 1,656,096 | ||||||
PROCEPT BioRobotics Corp.* | 61,808 | 3,274,588 | ||||||
RxSight, Inc.* | 102,491 | 5,342,856 | ||||||
TransMedics Group, Inc.* | 19,437 | 1,829,605 | ||||||
UFP Technologies, Inc.* | 20,738 | 4,270,783 | ||||||
Total | 16,373,928 | |||||||
Hotels, Restaurants & Leisure 7.66% | ||||||||
First Watch Restaurant Group, Inc.* | 173,235 | 4,420,957 | ||||||
Kura Sushi USA, Inc. Class A* | 30,965 | 3,408,627 | ||||||
Shake Shack, Inc. Class A* | 29,666 | 3,140,146 | ||||||
Sweetgreen, Inc. Class A* | 135,699 | 3,049,157 | ||||||
Total | 14,018,887 |
See Notes to Financial Statements. | 67 |
Schedule of Investments (unaudited)(continued)
MICRO CAP GROWTH FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
Household Durables 2.07% | ||||||||
Green Brick Partners, Inc.* | 69,983 | $ | 3,788,180 | |||||
Information Technology Services 1.76% | ||||||||
Couchbase, Inc.* | 85,225 | 2,057,332 | ||||||
Grid Dynamics Holdings, Inc.* | 119,556 | 1,168,062 | ||||||
Total | 3,225,394 | |||||||
Life Sciences Tools & Services 0.77% | ||||||||
Quanterix Corp.* | 87,512 | 1,410,693 | ||||||
Machinery 1.48% | ||||||||
Blue Bird Corp.* | 82,208 | 2,709,165 | ||||||
Media 0.79% | ||||||||
Criteo SA ADR* | 41,091 | 1,439,829 | ||||||
Personal Care Products 1.43% | ||||||||
elf Beauty, Inc.* | 8,487 | 1,379,392 | ||||||
Oddity Tech Ltd. Class A (Israel)*(a)(b) | 37,850 | 1,231,639 | ||||||
Total | 2,611,031 | |||||||
Pharmaceuticals 5.07% | ||||||||
Avadel Pharmaceuticals PLC (Ireland)*(a) | 85,516 | 1,552,971 | ||||||
Evolus, Inc.* | 204,615 | 2,408,318 | ||||||
EyePoint Pharmaceuticals, Inc.* | 59,927 | 1,054,715 | ||||||
Longboard Pharmaceuticals, Inc.* | 116,327 | 2,477,765 | ||||||
Tarsus Pharmaceuticals, Inc.* | 56,846 | 1,786,670 | ||||||
Total | 9,280,439 | |||||||
Professional Services 4.35% | ||||||||
ICF International, Inc. | 20,229 | 2,918,842 | ||||||
TaskUS, Inc. Class A* | 158,683 | 1,818,507 | ||||||
Upwork, Inc.* | 114,484 | 1,339,463 | ||||||
Verra Mobility Corp.* | 80,048 | 1,887,532 | ||||||
Total | 7,964,344 |
Investments | Shares | Fair Value | ||||||
Semiconductors & Semiconductor Equipment 6.33% | ||||||||
Credo Technology Group Holding Ltd.* | 147,494 | $ | 2,635,718 | |||||
Impinj, Inc.* | 25,707 | 4,097,182 | ||||||
Photronics, Inc.* | 76,321 | 2,091,958 | ||||||
Rambus, Inc.* | 50,498 | 2,768,300 | ||||||
Total | 11,593,158 | |||||||
Software 14.43% | ||||||||
Agilysys, Inc.* | 39,360 | 3,268,848 | ||||||
Alkami Technology, Inc.* | 148,852 | 3,582,868 | ||||||
Docebo, Inc. (Canada)*(a) | 44,539 | 1,994,456 | ||||||
JFrog Ltd. (Israel)*(a) | 127,517 | 5,085,378 | ||||||
LiveRamp Holdings, Inc.* | 79,604 | 2,556,085 | ||||||
Riskified Ltd. Class A (Israel)*(a) | 183,916 | 947,167 | ||||||
Varonis Systems, Inc.* | 38,453 | 1,682,319 | ||||||
Weave Communications, Inc.* | 318,854 | 3,408,549 | ||||||
Zeta Global Holdings Corp. Class A* | 313,947 | 3,880,385 | ||||||
Total | 26,406,055 | |||||||
Total Common Stocks (cost $141,528,336) | 181,253,818 | |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS 1.61% | ||||||||
Repurchase Agreements 0.93% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $1,735,200 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $1,731,810; proceeds: $1,697,854 (cost $1,697,721) | $ | 1,697,721 | 1,697,721 |
68 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
MICRO CAP GROWTH FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
MONEY MARKET FUNDS 0.61% | ||||||||
Fidelity Government Portfolio(c) (cost $1,120,542) | 1,120,542 | $ | 1,120,542 | |||||
TIME DEPOSITS 0.07% | ||||||||
CitiBank N.A.(c) (cost $124,505) | 124,505 | 124,505 | ||||||
Total Short-Term Investments (cost $2,942,768) | 2,942,768 | |||||||
Total Investments in Securities 100.65% (cost $144,471,104) | 184,196,586 | |||||||
Other Assets and Liabilities – Net (0.65)% | (1,194,686 | ) | ||||||
Net Assets 100.00% | $ | 183,001,900 |
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, 2024 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 | $ | 181,253,818 | $ | – | $ | – | $ | 181,253,818 | |||||||
Short-Term Investments | |||||||||||||||
Repurchase Agreements | – | 1,697,721 | – | 1,697,721 | |||||||||||
Money Market Funds | 1,120,542 | – | – | 1,120,542 | |||||||||||
Time Deposits | – | 124,505 | – | 124,505 | |||||||||||
Total | $ | 182,374,360 | $ | 1,822,226 | $ | – | $ | 184,196,586 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. 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. | 69 |
Schedule of Investments (unaudited)
VALUE OPPORTUNITIES FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
LONG-TERM INVESTMENTS 99.67% | ||||||||
COMMON STOCKS 99.67% | ||||||||
Aerospace & Defense 1.70% | ||||||||
Curtiss-Wright Corp. | 80,235 | $ | 20,333,154 | |||||
Automobile Components 1.34% | ||||||||
Gentherm, Inc.* | 317,126 | 16,037,062 | ||||||
Banks 4.39% | ||||||||
East West Bancorp, Inc. | 260,801 | 19,427,067 | ||||||
First BanCorp | 1,107,229 | 19,099,700 | ||||||
Wintrust Financial Corp. | 144,485 | 13,963,030 | ||||||
Total | 52,489,797 | |||||||
Building Products 2.04% | ||||||||
Allegion PLC (Ireland)(a) | 200,179 | 24,333,759 | ||||||
Capital Markets 5.16% | ||||||||
Cboe Global Markets, Inc. | 117,115 | 21,215,382 | ||||||
Moelis & Co. Class A | 369,792 | 18,149,391 | ||||||
TPG, Inc. | 517,475 | 22,303,173 | ||||||
Total | 61,667,946 | |||||||
Chemicals 2.60% | ||||||||
Avient Corp. | 495,182 | 21,005,620 | ||||||
Axalta Coating Systems Ltd.* | 322,361 | 10,135,030 | ||||||
Total | 31,140,650 | |||||||
Commercial Services & Supplies 1.60% | ||||||||
Brady Corp. Class A | 323,759 | 19,101,781 | ||||||
Construction & Engineering 2.38% | ||||||||
EMCOR Group, Inc. | 79,668 | 28,455,020 | ||||||
Construction Materials 1.75% | ||||||||
Eagle Materials, Inc. | 83,377 | 20,903,448 | ||||||
Consumer Staples Distribution & Retail 2.11% | ||||||||
BJ’s Wholesale Club Holdings, Inc.* | 338,344 | 25,267,530 | ||||||
Containers & Packaging 2.08% | ||||||||
Avery Dennison Corp. | 114,384 | 24,853,356 |
Investments | Shares | Fair Value | ||||||
Electric: Utilities 2.50% | ||||||||
IDACORP, Inc. | 167,787 | $ | 15,902,852 | |||||
Portland General Electric Co. | 324,130 | 14,012,140 | ||||||
Total | 29,914,992 | |||||||
Electronic Equipment, Instruments & Components 4.61% | ||||||||
Advanced Energy Industries, Inc. | 190,437 | 18,251,482 | ||||||
Belden, Inc. | 248,034 | 20,157,723 | ||||||
Littelfuse, Inc. | 72,572 | 16,738,006 | ||||||
Total | 55,147,211 | |||||||
Energy Equipment & Services 1.85% | ||||||||
TechnipFMC PLC (United Kingdom)(a) | 861,109 | 22,061,613 | ||||||
Financial Services 1.26% | ||||||||
Compass Diversified Holdings | 683,647 | 15,019,725 | ||||||
Ground Transportation 1.32% | ||||||||
Saia, Inc.* | 39,653 | 15,735,500 | ||||||
Health Care Equipment & Supplies 4.53% | ||||||||
Cooper Cos., Inc. | 180,081 | 16,038,014 | ||||||
Integer Holdings Corp.* | 136,051 | 15,187,373 | ||||||
STERIS PLC | 112,116 | 22,934,449 | ||||||
Total | 54,159,836 | |||||||
Health Care Providers & Services 2.28% | ||||||||
Molina Healthcare, Inc.* | 79,608 | 27,233,897 | ||||||
Hotels, Restaurants & Leisure 4.06% | ||||||||
Caesars Entertainment, Inc.* | 229,938 | 8,236,379 | ||||||
Choice Hotels International, Inc.(b) | 169,795 | 20,079,957 | ||||||
Texas Roadhouse, Inc. | 125,725 | 20,214,065 | ||||||
Total | 48,530,401 | |||||||
Household Durables 1.06% | ||||||||
Taylor Morrison Home Corp.* | 226,753 | 12,700,436 |
70 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
VALUE OPPORTUNITIES FUND April 30, 2024
Investments | Shares | Fair Value | ||||||
Industrial REITS 1.30% | ||||||||
First Industrial Realty Trust, Inc. | 341,908 | $ | 15,529,461 | |||||
Information Technology Services 1.02% | ||||||||
Perficient, Inc.* | 257,966 | 12,191,473 | ||||||
Insurance 4.74% | ||||||||
American Financial Group, Inc. | 177,961 | 22,734,518 | ||||||
RenaissanceRe Holdings Ltd. | 78,178 | 17,140,527 | ||||||
White Mountains Insurance Group Ltd. | 9,460 | 16,821,204 | ||||||
Total | 56,696,249 | |||||||
Leisure Products 2.50% | ||||||||
Brunswick Corp. | 177,896 | 14,345,533 | ||||||
YETI Holdings, Inc.* | 436,179 | 15,580,314 | ||||||
Total | 29,925,847 | |||||||
Life Sciences Tools & Services 3.61% | ||||||||
Bio-Techne Corp. | 213,571 | 13,499,823 | ||||||
Charles River Laboratories International, Inc.* | 78,762 | 18,036,498 | ||||||
Repligen Corp.* | 70,396 | 11,559,023 | ||||||
Total | 43,095,344 | |||||||
Machinery 3.45% | ||||||||
Columbus McKinnon Corp. | 502,014 | 20,718,118 | ||||||
Crane Co. | 146,850 | 20,560,468 | ||||||
Total | 41,278,586 | |||||||
Media 1.73% | ||||||||
Criteo SA ADR* | 590,972 | 20,707,659 | ||||||
Metals & Mining 1.00% | ||||||||
Reliance, Inc. | 41,907 | 11,931,761 | ||||||
Oil, Gas & Consumable Fuels 5.03% | ||||||||
Chesapeake Energy Corp.(b) | 316,665 | 28,461,850 | ||||||
Permian Resources Corp. | 1,889,360 | 31,646,780 | ||||||
Total | 60,108,630 |
Investments | Shares | Fair Value | ||||||
Professional Services 5.57% | ||||||||
Booz Allen Hamilton Holding Corp. | 123,899 | $ | 18,296,166 | |||||
ICF International, Inc. | 97,566 | 14,077,798 | ||||||
Paylocity Holding Corp.* | 116,489 | 18,074,433 | ||||||
WNS Holdings Ltd. (India)*(a) | 384,342 | 16,107,773 | ||||||
Total | 66,556,170 | |||||||
Real Estate Management & Development 1.21% | ||||||||
Marcus & Millichap, Inc. | 455,381 | 14,421,916 | ||||||
Residential REITS 1.19% | ||||||||
American Homes 4 Rent Class A | 397,697 | 14,237,553 | ||||||
Semiconductors & Semiconductor Equipment 3.04% | ||||||||
Entegris, Inc. | 136,540 | 18,148,897 | ||||||
Silicon Motion Technology Corp. ADR | 247,018 | 18,232,398 | ||||||
Total | 36,381,295 | |||||||
Software 7.28% | ||||||||
Aspen Technology, Inc.* | 86,227 | 16,975,509 | ||||||
CommVault Systems, Inc.* | 289,312 | 29,645,801 | ||||||
Descartes Systems Group, Inc. (Canada)*(a) | 263,071 | 24,410,358 | ||||||
Dolby Laboratories, Inc. Class A | 205,362 | 15,948,413 | ||||||
Total | 86,980,081 | |||||||
Specialty Retail 1.26% | ||||||||
Valvoline, Inc.* | 353,020 | 15,010,410 | ||||||
Textiles, Apparel & Luxury Goods 1.18% | ||||||||
Deckers Outdoor Corp.* | 17,194 | 14,072,773 | ||||||
Trading Companies & Distributors 3.94% | ||||||||
AerCap Holdings NV (Ireland)*(a) | 296,298 | 25,034,218 | ||||||
Core & Main, Inc. Class A* | 390,993 | 22,079,375 | ||||||
Total | 47,113,593 | |||||||
Total Common Stocks (cost $920,528,953) | 1,191,325,915 |
See Notes to Financial Statements. | 71 |
Schedule of Investments (unaudited)(concluded)
VALUE OPPORTUNITIES FUND April 30, 2024
Investments | Principal Amount | Fair Value | ||||||
SHORT-TERM INVESTMENTS 3.81% | ||||||||
Repurchase Agreements 0.52% | ||||||||
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $6,286,700 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $6,274,255; proceeds: $6,151,554 (cost $6,151,075) | $ | 6,151,075 | $ | 6,151,075 | ||||
Investments | Shares | Fair Value | ||||||
MONEY MARKET FUNDS 2.96% | ||||||||
Fidelity Government Portfolio(c) (cost $35,394,469) | 35,394,469 | $ | 35,394,469 | |||||
TIME DEPOSITS 0.33% | ||||||||
CitiBank N.A.(c) (cost $3,932,719) | 3,932,719 | 3,932,719 | ||||||
Total Short-Term Investments (cost $45,478,263) | 45,478,263 | |||||||
Total Investments in Securities 103.48% (cost $966,007,216) | 1,236,804,178 | |||||||
Other Assets and Liabilities – Net (3.48)% | (41,588,504 | ) | ||||||
Net Assets 100.00% | $ | 1,195,215,674 |
ADR | American Depositary Receipt. | |
REITS | Real Estate Investment Trusts. | |
* | 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, 2024 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 | $ | 1,191,325,915 | $ | – | $ | – | $ | 1,191,325,915 | |||||||
Short-Term Investments | |||||||||||||||
Repurchase Agreements | – | 6,151,075 | – | 6,151,075 | |||||||||||
Money Market Funds | 35,394,469 | – | – | 35,394,469 | |||||||||||
Time Deposits | – | 3,932,719 | – | 3,932,719 | |||||||||||
Total | $ | 1,226,720,384 | $ | 10,083,794 | $ | – | $ | 1,236,804,178 |
(1) | Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
(2) | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. 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. |
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73
Statements of Assets and Liabilities (unaudited)
April 30, 2024
Alpha Strategy Fund | Focused Growth Fund | Focused Large Cap Value Fund | |||||||||||||
ASSETS: | |||||||||||||||
Investments in securities, at cost | $ | 427,715 | $ | 38,058,008 | $ | 21,204,671 | |||||||||
Investments in Underlying Funds, at cost | 584,368,447 | – | – | ||||||||||||
Investments in securities, at fair value including $0, $0, $807,931, $0, $7,669,101, $0 and $0, respectively, of securities loaned | $ | 427,715 | $ | 51,742,041 | $ | 26,127,867 | |||||||||
Investments in Underlying Funds, at value | 601,043,488 | – | – | ||||||||||||
Cash | 1 | – | – | ||||||||||||
Foreign cash, at value (cost $0, $0, $15,741, $68,255, $318, $16,370 and $0, respectively) | – | – | 15,438 | ||||||||||||
Receivables: | |||||||||||||||
Investments in Underlying Funds sold | 335,252 | – | – | ||||||||||||
Capital shares sold | 202,324 | 64,110 | 2,198 | ||||||||||||
Interest and dividends | 33 | 1,230 | 58,188 | ||||||||||||
From advisor (See Note 3) | 19 | 14,273 | 13,303 | ||||||||||||
Investment securities sold | – | – | – | ||||||||||||
Securities lending income receivable | – | – | 46 | ||||||||||||
Prepaid expenses and other assets | 67,285 | 71,791 | 27,187 | ||||||||||||
Total assets | 602,076,117 | 51,893,445 | 26,244,227 | ||||||||||||
LIABILITIES: | |||||||||||||||
Payables: | |||||||||||||||
Capital shares reacquired | 521,244 | 36,616 | 8,342 | ||||||||||||
Trustees’ fees | 102,778 | 5,579 | 18,089 | ||||||||||||
12b-1 distribution plan | 81,483 | 7,788 | 4,951 | ||||||||||||
Fund administration | 20,199 | 1,782 | 844 | ||||||||||||
Management fee | – | 28,963 | 12,443 | ||||||||||||
Collateral due to broker for securities lending | – | – | 853,956 | ||||||||||||
Accrued expenses | 179,547 | 46,831 | 74,270 | ||||||||||||
Total liabilities | 905,251 | 127,559 | 972,895 | ||||||||||||
NET ASSETS | $ | 601,170,866 | $ | 51,765,886 | $ | 25,271,332 | |||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||
Paid-in capital | $ | 619,092,304 | $ | 50,206,590 | $ | 20,847,937 | |||||||||
Total distributable earnings (loss) | (17,921,438 | ) | 1,559,296 | 4,423,395 | |||||||||||
Net Assets | $ | 601,170,866 | $ | 51,765,886 | $ | 25,271,332 |
74 | See Notes to Financial Statements. |
Focused Small Cap Value Fund | Fundamental Equity Fund | Global Equity Fund | Growth Leaders Fund | |||||||||||
$ | 101,016,883 | $ | 1,398,190,824 | $ | 19,585,732 | $ | 4,083,530,806 | |||||||
– | – | – | – | |||||||||||
$ | 104,607,627 | $ | 1,940,083,521 | $ | 24,012,688 | $ | 5,811,645,616 | |||||||
– | – | – | – | |||||||||||
3 | 11 | 1,046 | 49 | |||||||||||
67,050 | 320 | 16,189 | – | |||||||||||
– | – | – | – | |||||||||||
121,764 | 306,174 | 8,659 | 5,597,491 | |||||||||||
49 | 1,593,357 | 25,580 | 477,058 | |||||||||||
3,542 | – | 15,877 | 23,143 | |||||||||||
– | 1,838,325 | – | – | |||||||||||
– | 3,197 | – | – | |||||||||||
49,444 | 96,942 | 56,152 | 64,123 | |||||||||||
104,849,479 | 1,943,921,847 | 24,136,191 | 5,817,807,480 | |||||||||||
121,356 | 1,746,753 | – | 6,548,789 | |||||||||||
14,842 | 396,558 | 689 | 364,155 | |||||||||||
4,910 | 244,383 | 2,271 | 845,087 | |||||||||||
3,536 | 62,746 | 788 | 199,119 | |||||||||||
70,720 | 862,193 | 8,871 | 2,570,957 | |||||||||||
– | 8,105,970 | – | – | |||||||||||
57,637 | 459,968 | 65,288 | 227,572 | |||||||||||
273,001 | 11,878,571 | 77,907 | 10,755,679 | |||||||||||
$ | 104,576,478 | $ | 1,932,043,276 | $ | 24,058,284 | $ | 5,807,051,801 | |||||||
$ | 93,761,462 | $ | 1,340,856,638 | $ | 20,349,870 | $ | 5,304,918,434 | |||||||
10,815,016 | 591,186,638 | 3,708,414 | 502,133,367 | |||||||||||
$ | 104,576,478 | $ | 1,932,043,276 | $ | 24,058,284 | $ | 5,807,051,801 |
See Notes to Financial Statements. | 75 |
Statements of Assets and Liabilities (unaudited)(continued)
April 30, 2024
Alpha Strategy Fund | Focused Growth Fund | Focused Large Cap Value Fund | |||||||||||||
Net Assets by class: | |||||||||||||||
Class A Shares | $ | 392,328,127 | $ | 23,286,555 | $ | 10,699,653 | |||||||||
Class C Shares | $ | 12,721,630 | $ | 2,723,125 | $ | 3,130,126 | |||||||||
Class F Shares | $ | 8,976,554 | $ | 3,638,218 | $ | 165,442 | |||||||||
Class F3 Shares | $ | 53,111,602 | $ | 15,810 | $ | 11,204 | |||||||||
Class I Shares | $ | 108,759,695 | $ | 15,349,712 | $ | 9,043,607 | |||||||||
Class P Shares | $ | – | $ | – | $ | – | |||||||||
Class R2 Shares | $ | 909,352 | $ | – | $ | – | |||||||||
Class R3 Shares | $ | 16,158,099 | $ | 223,579 | $ | 168,843 | |||||||||
Class R4 Shares | $ | 3,593,364 | $ | 17,703 | $ | 8,024 | |||||||||
Class R5 Shares | $ | 538,992 | $ | 20,719 | $ | 8,067 | |||||||||
Class R6 Shares | $ | 4,073,451 | $ | 6,490,465 | $ | 2,036,366 | |||||||||
Outstanding shares by class (unlimited number of authorized shares of beneficial interest): | |||||||||||||||
Class A Shares | 16,773,087 | 877,259 | 895,076 | ||||||||||||
Class C Shares | 736,027 | 107,131 | 264,374 | ||||||||||||
Class F Shares | 378,346 | 135,038 | 13,535 | ||||||||||||
Class F3 Shares | 2,164,823 | 584 | 931 | ||||||||||||
Class I Shares | 4,461,324 | 569,592 | 725,294 | ||||||||||||
Class P Shares | – | – | – | ||||||||||||
Class R2 Shares | 41,273 | – | – | ||||||||||||
Class R3 Shares | 725,404 | 8,542 | 14,180 | ||||||||||||
Class R4 Shares | 154,102 | 667 | 670 | ||||||||||||
Class R5 Shares | 22,103 | 769 | 671 | ||||||||||||
Class R6 Shares | 165,977 | 239,720 | 169,010 | ||||||||||||
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares): | |||||||||||||||
Class A Shares-Net asset value | $23.39 | $26.54 | $11.95 | ||||||||||||
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%) | $24.82 | $28.16 | $12.68 | ||||||||||||
Class C Shares-Net asset value | $17.28 | $25.42 | $11.84 | ||||||||||||
Class F Shares-Net asset value | $23.73 | $26.94 | $12.22 | ||||||||||||
Class F3 Shares-Net asset value* | $24.53 | $27.07 | $12.04 | ||||||||||||
Class I Shares-Net asset value | $24.38 | $26.95 | $12.47 | ||||||||||||
Class P Shares-Net asset value | $ – | $ – | $ – | ||||||||||||
Class R2 Shares-Net asset value | $22.03 | $ – | $ – | ||||||||||||
Class R3 Shares-Net asset value | $22.27 | $26.17 | $11.91 | ||||||||||||
Class R4 Shares-Net asset value* | $23.32 | $26.55 | $11.97 | ||||||||||||
Class R5 Shares-Net asset value* | $24.39 | $26.94 | $12.03 | ||||||||||||
Class R6 Shares-Net asset value | $24.54 | $27.08 | $12.05 |
* | Net asset value may not recalculate due to rounding of fractional shares. |
76 | See Notes to Financial Statements. |
Focused Small Cap Value Fund | Fundamental Equity Fund | Global Equity Fund | Growth Leaders Fund | |||||||||||
$ | 12,303,376 | $ | 1,224,160,056 | $ | 6,837,844 | $ | 1,924,409,538 | |||||||
$ | 2,494,562 | $ | 23,461,228 | $ | 570,968 | $ | 467,145,542 | |||||||
$ | 2,323,738 | $ | 24,705,580 | $ | 1,351,040 | $ | 267,125,548 | |||||||
$ | 11,853 | $ | 20,600,559 | $ | 16,648 | $ | 427,706,152 | |||||||
$ | 74,382,584 | $ | 558,783,470 | $ | 9,874,226 | $ | 2,537,832,946 | |||||||
$ | – | $ | 2,973,323 | $ | – | $ | – | |||||||
$ | – | $ | 1,788,871 | $ | – | $ | 1,615,904 | |||||||
$ | – | $ | 62,328,994 | $ | 739,130 | $ | 21,092,855 | |||||||
$ | – | $ | 3,139,835 | $ | 17,052 | $ | 11,578,463 | |||||||
$ | 207,339 | $ | 993,963 | $ | 17,087 | $ | 10,722,335 | |||||||
$ | 12,853,026 | $ | 9,107,397 | $ | 4,634,289 | $ | 137,822,518 | |||||||
488,196 | 85,270,057 | 453,924 | 53,184,036 | |||||||||||
94,003 | 1,916,338 | 38,360 | 15,093,699 | |||||||||||
83,907 | 1,746,716 | 89,481 | 7,095,023 | |||||||||||
429 | 1,409,650 | 1,102 | 11,158,432 | |||||||||||
2,701,157 | 38,601,765 | 654,479 | 66,803,308 | |||||||||||
– | 212,659 | – | – | |||||||||||
– | 128,267 | – | 46,565 | |||||||||||
– | 4,450,531 | 49,450 | 606,784 | |||||||||||
– | 220,074 | 1,124 | 319,843 | |||||||||||
7,528 | 68,605 | 1,132 | 282,087 | |||||||||||
465,315 | 622,772 | 306,605 | 3,595,722 | |||||||||||
$25.20 | $14.36 | $15.06 | $36.18 | |||||||||||
$26.74 | $15.24 | $15.98 | $38.39 | |||||||||||
$26.54 | $12.24 | $14.88 | $30.95 | |||||||||||
$27.69 | $14.14 | $15.10 | $37.65 | |||||||||||
$27.62 | $14.61 | $15.11 | $38.33 | |||||||||||
$27.54 | $14.48 | $15.09 | $37.99 | |||||||||||
$ – | $13.98 | $ – | $ – | |||||||||||
$ – | $13.95 | $ – | $34.70 | |||||||||||
$ – | $14.00 | $14.95 | $34.76 | |||||||||||
$ – | $14.27 | $15.18 | $36.20 | |||||||||||
$27.54 | $14.49 | $15.10 | $38.01 | |||||||||||
$27.62 | $14.62 | $15.11 | $38.33 |
See Notes to Financial Statements. | 77 |
Statements of Assets and Liabilities (unaudited)(continued)
April 30, 2024
Health Care Fund | International Equity Fund | International Opportunities Fund | |||||||||||||
ASSETS: | |||||||||||||||
Investments in securities, at cost | $ | 6,467,399 | $ | 260,615,356 | $ | 292,562,829 | |||||||||
Investments in securities, at fair value including $0, $1,573,944, $0, $0, $1,218,460 and $37,463,091, respectively, of securities loaned | $ | 8,090,221 | $ | 332,541,214 | $ | 310,952,448 | |||||||||
Cash | 25,038 | – | 8,938 | ||||||||||||
Foreign cash, at value (cost $0, $2,690,102, $4,575,194, $1,639,749, $0 and $0, respectively) | – | 2,660,667 | 4,555,744 | ||||||||||||
Receivables: | |||||||||||||||
Investment securities sold | 48,009 | 2,667,064 | 369,778 | ||||||||||||
From advisor (See Note 3) | 15,383 | – | – | ||||||||||||
Interest and dividends | 6,313 | 1,453,170 | 1,806,233 | ||||||||||||
Capital shares sold | 1,850 | 195,930 | 94,625 | ||||||||||||
Securities lending income receivable | 148 | 2,105 | 230 | ||||||||||||
Prepaid expenses and other assets | 28,264 | 73,116 | 66,910 | ||||||||||||
Total assets | 8,215,226 | 339,593,266 | 317,854,906 | ||||||||||||
LIABILITIES: | |||||||||||||||
Payables: | |||||||||||||||
Management fee | 4,270 | 124,203 | 199,727 | ||||||||||||
Trustees’ fees | 2,604 | 73,251 | 57,760 | ||||||||||||
12b-1 distribution plan | 1,869 | 36,361 | 18,437 | ||||||||||||
Fund administration | 276 | 11,040 | 10,652 | ||||||||||||
Capital shares reacquired | – | 390,462 | 523,176 | ||||||||||||
Investment securities purchased | – | 4,497,736 | – | ||||||||||||
Collateral due to broker for securities lending | – | 1,683,000 | – | ||||||||||||
Foreign capital gains taxes deferred | – | 235,471 | 95,835 | ||||||||||||
Foreign currency overdraft (cost $42, $0, $0, $0, $0 and $0, respectively) | 42 | – | – | ||||||||||||
Accrued expenses | 53,971 | 150,452 | 124,944 | ||||||||||||
Total liabilities | 63,032 | 7,201,976 | 1,030,531 | ||||||||||||
NET ASSETS | $ | 8,152,194 | $ | 332,391,290 | $ | 316,824,375 | |||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||
Paid-in capital | $ | 7,674,643 | $ | 273,961,350 | $ | 348,668,352 | |||||||||
Total distributable earnings (loss) | 477,551 | 58,429,940 | (31,843,977 | ) | |||||||||||
Net Assets | $ | 8,152,194 | $ | 332,391,290 | $ | 316,824,375 |
78 | See Notes to Financial Statements. |
International Value Fund | Micro Cap Growth Fund | Value Opportunities Fund | ||||||||
$ | 356,372,030 | $ | 144,471,104 | $ | 966,007,216 | |||||
$ | 405,606,214 | $ | 184,196,586 | $ | 1,236,804,178 | |||||
2 | – | 2,641 | ||||||||
1,607,039 | – | – | ||||||||
1,749,925 | 697,822 | – | ||||||||
– | 823 | – | ||||||||
3,119,721 | 132 | 14,132 | ||||||||
300,927 | 42,681 | 300,189 | ||||||||
– | 2,021 | 6,331 | ||||||||
61,681 | 8,053 | 115,086 | ||||||||
412,445,509 | 184,948,118 | 1,237,242,557 | ||||||||
168,623 | 137,379 | 749,004 | ||||||||
109,244 | 18,204 | 251,621 | ||||||||
45,573 | 10,449 | 112,478 | ||||||||
13,490 | 6,106 | 40,458 | ||||||||
394,274 | 247,393 | 1,201,663 | ||||||||
2,063,568 | 180,779 | – | ||||||||
– | 1,245,047 | 39,327,188 | ||||||||
– | – | – | ||||||||
– | – | – | ||||||||
168,783 | 100,861 | 344,471 | ||||||||
2,963,555 | 1,946,218 | 42,026,883 | ||||||||
$ | 409,481,954 | $ | 183,001,900 | $ | 1,195,215,674 | |||||
$ | 782,942,398 | $ | 227,491,346 | $ | 886,773,238 | |||||
(373,460,444 | ) | (44,489,446 | ) | 308,442,436 | ||||||
$ | 409,481,954 | $ | 183,001,900 | $ | 1,195,215,674 |
See Notes to Financial Statements. | 79 |
Statements of Assets and Liabilities (unaudited)(concluded)
April 30, 2024
Health Care Fund | International Equity Fund | International Opportunities Fund | |||||||||||||
Net Assets by class: | |||||||||||||||
Class A Shares | $ | 4,357,357 | $ | 152,737,773 | $ | 92,785,058 | |||||||||
Class C Shares | $ | 1,148,531 | $ | 1,411,597 | $ | 4,180,625 | |||||||||
Class F Shares | $ | 207,840 | $ | 4,226,278 | $ | 3,495,512 | |||||||||
Class F3 Shares | $ | 34,055 | $ | 12,734,594 | $ | 30,408,345 | |||||||||
Class I Shares | $ | 39,267 | $ | 149,098,187 | $ | 156,299,486 | |||||||||
Class P Shares | $ | – | $ | 12,029 | $ | 24,941 | |||||||||
Class R2 Shares | $ | – | $ | 211,125 | $ | 1,566,247 | |||||||||
Class R3 Shares | $ | 22,336 | $ | 6,164,144 | $ | 4,870,858 | |||||||||
Class R4 Shares | $ | 12,273 | $ | 1,639,959 | $ | 2,608,562 | |||||||||
Class R5 Shares | $ | 12,410 | $ | 168,860 | $ | 2,292,631 | |||||||||
Class R6 Shares | $ | 2,318,125 | $ | 3,986,744 | $ | 18,292,110 | |||||||||
Outstanding shares by class (unlimited number of authorized shares of beneficial interest): | |||||||||||||||
Class A Shares | 236,610 | 10,379,178 | 5,145,165 | ||||||||||||
Class C Shares | 64,821 | 95,485 | 252,109 | ||||||||||||
Class F Shares | 11,148 | 288,290 | 195,479 | ||||||||||||
Class F3 Shares | 1,826 | 851,518 | 1,618,169 | ||||||||||||
Class I Shares | 2,110 | 10,002,008 | 8,380,989 | ||||||||||||
Class P Shares | – | 815 | 1,337 | ||||||||||||
Class R2 Shares | – | 14,323 | 88,583 | ||||||||||||
Class R3 Shares | 1,228 | 426,035 | 276,006 | ||||||||||||
Class R4 Shares | 667 | 112,095 | 145,472 | ||||||||||||
Class R5 Shares | 667 | 11,414 | 122,987 | ||||||||||||
Class R6 Shares | 124,220 | 266,756 | 973,348 | ||||||||||||
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares): | |||||||||||||||
Class A Shares-Net asset value | $18.42 | $14.72 | $18.03 | ||||||||||||
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%) | $19.54 | $15.62 | $19.13 | ||||||||||||
Class C Shares-Net asset value | $17.72 | $14.78 | $16.58 | ||||||||||||
Class F Shares-Net asset value | $18.64 | $14.66 | $17.88 | ||||||||||||
Class F3 Shares-Net asset value | $18.65 | $14.96 | $18.79 | ||||||||||||
Class I Shares-Net asset value | $18.61 | $14.91 | $18.65 | ||||||||||||
Class P Shares-Net asset value | $ – | $14.76 | $18.65 | ||||||||||||
Class R2 Shares-Net asset value | $ – | $14.74 | $17.68 | ||||||||||||
Class R3 Shares-Net asset value* | $18.18 | $14.47 | $17.65 | ||||||||||||
Class R4 Shares-Net asset value* | $18.41 | $14.63 | $17.93 | ||||||||||||
Class R5 Shares-Net asset value | $18.61 | $14.79 | $18.64 | ||||||||||||
Class R6 Shares-Net asset value | $18.66 | $14.95 | $18.79 |
* | Net asset value may not recalculate due to rounding of fractional shares. |
80 | See Notes to Financial Statements. |
International Value Fund | Micro Cap Growth Fund | Value Opportunities Fund | ||||||||
$ | 211,521,178 | $ | 24,844,739 | $ | 602,610,926 | |||||
$ | 2,617,266 | $ | 5,281,990 | $ | 26,020,616 | |||||
$ | 5,156,185 | $ | 9,500,326 | $ | 28,428,457 | |||||
$ | 32,363,915 | $ | – | $ | 188,200,382 | |||||
$ | 150,461,100 | $ | 143,374,845 | $ | 244,589,200 | |||||
$ | – | $ | – | $ | 10,808,380 | |||||
$ | 62,299 | $ | – | $ | 3,548,822 | |||||
$ | 5,384,981 | $ | – | $ | 29,097,686 | |||||
$ | 138,880 | $ | – | $ | 28,660,444 | |||||
$ | 11,885 | $ | – | $ | 1,265,653 | |||||
$ | 1,764,265 | $ | – | $ | 31,985,108 | |||||
26,868,526 | 1,785,853 | 33,077,887 | ||||||||
334,657 | 318,782 | 1,803,907 | ||||||||
649,312 | 552,552 | 1,507,338 | ||||||||
4,069,402 | – | 9,581,883 | ||||||||
18,930,818 | 8,339,614 | 12,610,022 | ||||||||
– | – | 614,607 | ||||||||
7,709 | – | 210,422 | ||||||||
675,800 | – | 1,686,325 | ||||||||
17,687 | – | 1,575,859 | ||||||||
1,502 | – | 65,190 | ||||||||
221,828 | – | 1,630,151 | ||||||||
$7.87 | $13.91 | $18.22 | ||||||||
$8.35 | $14.76 | $19.33 | ||||||||
$7.82 | $16.57 | $14.42 | ||||||||
$7.94 | $17.19 | $18.86 | ||||||||
$7.95 | $ – | $19.64 | ||||||||
$7.95 | $17.19 | $19.40 | ||||||||
$ – | $ – | $17.59 | ||||||||
$8.08 | $ – | $16.87 | ||||||||
$7.97 | $ – | $17.26 | ||||||||
$7.85 | $ – | $18.19 | ||||||||
$7.91 | $ – | $19.41 | ||||||||
$7.95 | $ – | $19.62 |
See Notes to Financial Statements. | 81 |
Statements of Operations (unaudited)
For the Six Months Ended April 30, 2024
Alpha Strategy Fund | Focused Growth Fund | Focused Large Cap Value Fund | ||||||||||
Investment income: | ||||||||||||
Dividends (net of foreign withholding taxes of $0, $0, $4,017, $4,681, $172,761, $6,631 and $0, respectively) | $ | – | $ | 43,530 | $ | 209,374 | ||||||
Dividends received from Underlying Funds | 2,965,033 | – | – | |||||||||
Securities lending net income | – | – | 46 | |||||||||
Interest and other | 5,515 | 19,013 | 4,368 | |||||||||
Interest earned from Interfund Lending (See Note 9) | – | – | – | |||||||||
Total investment income | 2,970,548 | 62,543 | 213,788 | |||||||||
Expenses: | ||||||||||||
Management fee | 301,407 | 145,304 | 68,591 | |||||||||
12b-1 distribution plan–Class A | 488,217 | 26,749 | 12,618 | |||||||||
12b-1 distribution plan–Class C | 72,552 | 13,323 | 15,019 | |||||||||
12b-1 distribution plan–Class F | 4,935 | 1,820 | 95 | |||||||||
12b-1 distribution plan–Class P | – | – | – | |||||||||
12b-1 distribution plan–Class R2 | 2,681 | – | – | |||||||||
12b-1 distribution plan–Class R3 | 42,882 | 514 | 423 | |||||||||
12b-1 distribution plan–Class R4 | 4,310 | 21 | 10 | |||||||||
Shareholder servicing | 253,316 | 15,731 | 5,219 | |||||||||
Fund administration | 120,563 | 8,942 | 4,650 | |||||||||
Registration | 73,017 | 76,392 | 61,705 | |||||||||
Reports to shareholders | 29,559 | 1,157 | 2,425 | |||||||||
Professional | 19,271 | 20,216 | 18,720 | |||||||||
Trustees’ fees | 9,653 | 606 | 403 | |||||||||
Custody | 5,292 | 2,236 | 2,289 | |||||||||
Other | 10,284 | 6,873 | 5,928 | |||||||||
Gross expenses | 1,437,939 | 319,884 | 198,095 | |||||||||
Fees waived and expenses reimbursed (See Note 3) | (306,699 | ) | (104,686 | ) | (87,615 | ) | ||||||
Net expenses | 1,131,240 | 215,198 | 110,480 | |||||||||
Net investment income (loss) | 1,839,308 | (152,655 | ) | 103,308 | ||||||||
Net realized and unrealized gain (loss): | ||||||||||||
Capital gain distributions received from Underlying Funds | 1,549,309 | – | – | |||||||||
Net realized gain (loss) on Investment in Underlying Funds | (1,043,290 | ) | – | – | ||||||||
Net realized gain (loss) on investments | – | 227,996 | 692,061 | |||||||||
Net realized gain (loss) on foreign currency related transactions | – | – | 36 | |||||||||
Net change in unrealized appreciation/depreciation in Underlying Funds | 103,414,062 | – | – | |||||||||
Net change in unrealized appreciation/depreciation on investments | – | 9,201,670 | 4,033,266 | |||||||||
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies | – | – | (9 | ) | ||||||||
Net realized and unrealized gain (loss) | 103,920,081 | 9,429,666 | 4,725,354 | |||||||||
Net Increase in Net Assets Resulting From Operations | $ | 105,759,389 | $ | 9,277,011 | $ | 4,828,662 |
82 | See Notes to Financial Statements. |
Focused Small Cap Value Fund | Fundamental Equity Fund | Global Equity Fund | Growth Leaders Fund | |||||||||||
$ | 646,897 | $ | 16,087,530 | $ | 182,738 | $ | 8,276,788 | |||||||
– | – | – | – | |||||||||||
– | 17,381 | – | 15,004 | |||||||||||
12,150 | 214,692 | 7,581 | 1,533,754 | |||||||||||
– | 1,977 | – | 6,681 | |||||||||||
659,047 | 16,321,580 | 190,319 | 9,832,227 | |||||||||||
430,470 | 4,927,099 | 43,987 | 14,924,053 | |||||||||||
15,984 | 1,484,922 | 7,920 | 2,304,749 | |||||||||||
13,554 | 122,424 | 2,381 | 2,421,364 | |||||||||||
1,469 | 12,763 | 631 | 136,403 | |||||||||||
– | 7,437 | – | – | |||||||||||
– | 6,012 | – | 5,332 | |||||||||||
– | 154,681 | 1,762 | 47,421 | |||||||||||
– | 3,578 | 20 | 14,181 | |||||||||||
25,331 | 662,370 | 10,119 | 1,148,684 | |||||||||||
21,523 | 356,375 | 3,910 | 1,154,143 | |||||||||||
49,899 | 81,916 | 65,735 | 101,388 | |||||||||||
13,686 | 49,319 | 1,975 | 185,647 | |||||||||||
21,034 | 50,163 | 26,276 | 69,525 | |||||||||||
1,729 | 30,672 | 252 | 85,592 | |||||||||||
3,391 | 9,472 | 10,784 | 32,912 | |||||||||||
12,144 | 62,821 | 9,530 | 83,340 | |||||||||||
610,214 | 8,022,024 | 185,282 | 22,714,734 | |||||||||||
(29,885 | ) | (9,472 | ) | (111,075 | ) | (169,315 | ) | |||||||
580,329 | 8,012,552 | 74,207 | 22,545,419 | |||||||||||
78,718 | 8,309,028 | 116,112 | (12,713,192 | ) | ||||||||||
– | – | – | – | |||||||||||
– | – | – | – | |||||||||||
9,121,303 | 52,623,154 | (71,815 | ) | 428,685,874 | ||||||||||
1,067 | (3,112 | ) | (57 | ) | – | |||||||||
– | – | – | – | |||||||||||
5,708,703 | 281,166,760 | 3,257,817 | 1,045,221,123 | |||||||||||
(469 | ) | (1,323 | ) | (437 | ) | – | ||||||||
14,830,604 | 333,785,479 | 3,185,508 | 1,473,906,997 | |||||||||||
$ | 14,909,322 | $ | 342,094,507 | $ | 3,301,620 | $ | 1,461,193,805 |
See Notes to Financial Statements. | 83 |
Statements of Operations (unaudited)(concluded)
For the Six Months Ended April 30, 2024
Health Care Fund | International Equity Fund | International Opportunities Fund | ||||||||||
Investment income: | ||||||||||||
Dividends (net of foreign withholding taxes of $1,239, $371,654, $501,597, $472,932, $0 and $33,627, respectively) | $ | 22,531 | $ | 3,754,767 | $ | 5,208,063 | ||||||
Securities lending net income | 256 | 2,236 | 1,244 | |||||||||
Interest and other | 2,403 | 96,653 | 99,992 | |||||||||
Interest earned from Interfund Lending (See Note 9) | – | – | – | |||||||||
Total investment income | 25,190 | 3,853,656 | 5,309,299 | |||||||||
Expenses: | ||||||||||||
Management fee | 24,834 | 726,450 | 1,197,874 | |||||||||
12b-1 distribution plan–Class A | 5,297 | 184,767 | 117,514 | |||||||||
12b-1 distribution plan–Class C | 5,297 | 7,455 | 23,861 | |||||||||
12b-1 distribution plan–Class F | 101 | 2,082 | 1,961 | |||||||||
12b-1 distribution plan–Class P | – | 26 | 54 | |||||||||
12b-1 distribution plan–Class R2 | – | 589 | 4,711 | |||||||||
12b-1 distribution plan–Class R3 | 68 | 13,625 | 12,821 | |||||||||
12b-1 distribution plan–Class R4 | 15 | 1,900 | 3,197 | |||||||||
Registration | 61,337 | 81,799 | 77,475 | |||||||||
Professional | 23,335 | 32,864 | 31,359 | |||||||||
Shareholder servicing | 2,690 | 128,084 | 118,375 | |||||||||
Custody | 2,656 | 43,783 | 24,515 | |||||||||
Fund administration | 1,602 | 64,573 | 63,887 | |||||||||
Reports to shareholders | 812 | 16,151 | 16,959 | |||||||||
Trustees’ fees | 246 | 5,574 | 5,192 | |||||||||
Other | 6,177 | 24,379 | 27,933 | |||||||||
Gross expenses | 134,467 | 1,334,101 | 1,727,688 | |||||||||
Fees waived and expenses reimbursed (See Note 3) | (94,649 | ) | (43,783 | ) | (24,515 | ) | ||||||
Net expenses | 39,818 | 1,290,318 | 1,703,173 | |||||||||
Net investment income (loss) | (14,628 | ) | 2,563,338 | 3,606,126 | ||||||||
Net realized and unrealized gain (loss): | ||||||||||||
Net realized gain (loss) on investments | 63,259 | 3,512,937 | 473,725 | |||||||||
Net realized gain (loss) on foreign currency related transactions | 16 | (74,632 | ) | (109,497 | ) | |||||||
Net change in unrealized appreciation/depreciation on investments | 1,307,244 | 54,747,170 | 38,927,586 | |||||||||
Net change in unrealized appreciation/depreciation on deferred foreign capital gains taxes | – | (75,586 | ) | 215,469 | ||||||||
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies | (105 | ) | (4,916 | ) | (29,217 | ) | ||||||
Net realized and unrealized gain (loss) | 1,370,414 | 58,104,973 | 39,478,066 | |||||||||
Net Increase in Net Assets Resulting From Operations | $ | 1,355,786 | $ | 60,668,311 | $ | 43,084,192 |
84 | See Notes to Financial Statements. |
International Value Fund | Micro Cap Growth Fund | Value Opportunities Fund | ||||||||
$ | 8,114,694 | $ | 89,241 | $ | 7,452,584 | |||||
21,224 | 59,462 | 11,206 | ||||||||
258,989 | 35,375 | 96,802 | ||||||||
1,574 | – | 1,250 | ||||||||
8,396,481 | 184,078 | 7,561,842 | ||||||||
995,095 | 838,508 | 4,470,227 | ||||||||
257,847 | 33,251 | 751,399 | ||||||||
13,866 | 26,918 | 146,088 | ||||||||
2,547 | 5,727 | 14,692 | ||||||||
– | – | 25,679 | ||||||||
180 | – | 12,297 | ||||||||
15,529 | – | 72,540 | ||||||||
167 | – | 35,947 | ||||||||
71,263 | 31,038 | 80,878 | ||||||||
30,594 | 23,080 | 33,231 | ||||||||
161,870 | 86,009 | 483,448 | ||||||||
34,457 | 6,640 | 11,841 | ||||||||
79,608 | 37,267 | 241,234 | ||||||||
20,066 | 9,702 | 66,914 | ||||||||
8,004 | 3,182 | 19,853 | ||||||||
30,909 | 17,855 | 58,769 | ||||||||
1,722,002 | 1,119,177 | 6,525,037 | ||||||||
(34,457 | ) | (12,367 | ) | (11,841 | ) | |||||
1,687,545 | 1,106,810 | 6,513,196 | ||||||||
6,708,936 | (922,732 | ) | 1,048,646 | |||||||
6,283,664 | 16,050,268 | 42,914,712 | ||||||||
(65,156 | ) | – | – | |||||||
49,497,040 | 26,285,992 | 164,158,897 | ||||||||
24,536 | – | – | ||||||||
(60,857 | ) | – | – | |||||||
55,679,227 | 42,336,260 | 207,073,609 | ||||||||
$ | 62,388,163 | $ | 41,413,528 | $ | 208,122,255 |
See Notes to Financial Statements. | 85 |
Statements of Changes in Net Assets
Alpha Strategy Fund | ||||||||
INCREASE (DECREASE) IN NET ASSETS | For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | ||||||
Operations: | ||||||||
Net investment income (loss) | $ | 1,839,308 | $ | 2,077,947 | ||||
Capital gain distributions received from Underlying Funds | 1,549,309 | 15,265,434 | ||||||
Net realized gain (loss) on investments in Underlying Funds | (1,043,290 | ) | (14,016,235 | ) | ||||
Net realized gain (loss) on investments | – | – | ||||||
Net change in unrealized appreciation/depreciation on investments in Underlying Funds | 103,414,062 | (21,524,542 | ) | |||||
Net change in unrealized appreciation/depreciation on investments | – | – | ||||||
Net increase (decrease) in net assets resulting from operations | 105,759,389 | (18,197,396 | ) | |||||
Distributions to Shareholders | ||||||||
Class A | (1,840,813 | ) | (26,637,494 | ) | ||||
Class C | (80,666 | ) | (2,342,626 | ) | ||||
Class F | (55,096 | ) | (1,650,626 | ) | ||||
Class F3 | (377,183 | ) | (3,208,745 | ) | ||||
Class I | (763,095 | ) | (6,291,180 | ) | ||||
Class R2 | (3,691 | ) | (60,697 | ) | ||||
Class R3 | (72,161 | ) | (1,054,054 | ) | ||||
Class R4 | (15,592 | ) | (254,475 | ) | ||||
Class R5 | (4,359 | ) | (24,219 | ) | ||||
Class R6 | (28,035 | ) | (226,973 | ) | ||||
Return of capital | ||||||||
Class A | – | – | ||||||
Class C | – | – | ||||||
Class F | – | – | ||||||
Class F3 | – | – | ||||||
Class I | – | – | ||||||
Class R3 | – | – | ||||||
Class R4 | – | – | ||||||
Class R5 | – | – | ||||||
Class R6 | – | – | ||||||
Total distribution to shareholders | (3,240,691 | ) | (41,751,089 | ) | ||||
Capital share transactions (See Note 14): | ||||||||
Net proceeds from sales of shares | 29,099,030 | 96,147,796 | ||||||
Reinvestment of distributions | 2,735,361 | 35,663,641 | ||||||
Cost of shares reacquired | (64,837,424 | ) | (195,981,845 | ) | ||||
Net increase (decrease) in net assets resulting from capital share transactions | (33,003,033 | ) | (64,170,408 | ) | ||||
Net increase (decrease) in net assets | 69,515,665 | (124,118,893 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | $ | 531,655,201 | $ | 655,774,094 | ||||
End of period | $ | 601,170,866 | $ | 531,655,201 |
86 | See Notes to Financial Statements. |
Focused Growth Fund | Focused Large Cap Value Fund | |||||||||||||
For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | |||||||||||
$ | (152,655 | ) | $ | (208,061 | ) | $ | 103,308 | $ | 167,926 | |||||
– | – | – | – | |||||||||||
– | – | – | – | |||||||||||
227,996 | (5,010,764 | ) | 692,097 | (787,730 | ) | |||||||||
– | – | – | – | |||||||||||
9,201,670 | 6,273,650 | 4,033,257 | 635,152 | |||||||||||
9,277,011 | 1,054,825 | 4,828,662 | 15,348 | |||||||||||
– | – | – | (154,176 | ) | ||||||||||
– | – | – | (57,554 | ) | ||||||||||
– | – | – | (16,168 | ) | ||||||||||
– | – | – | (160 | ) | ||||||||||
– | – | – | (3,669 | ) | ||||||||||
– | – | – | – | |||||||||||
– | – | – | (1,057 | ) | ||||||||||
– | – | – | (115 | ) | ||||||||||
– | – | – | (116 | ) | ||||||||||
– | – | – | (16,990 | ) | ||||||||||
– | – | – | (3,680,536 | ) | ||||||||||
– | – | – | (1,373,939 | ) | ||||||||||
– | – | – | (385,970 | ) | ||||||||||
– | – | – | (3,828 | ) | ||||||||||
– | – | – | (87,593 | ) | ||||||||||
– | – | – | (25,241 | ) | ||||||||||
– | – | – | (2,732 | ) | ||||||||||
– | – | – | (2,757 | ) | ||||||||||
– | – | – | (405,587 | ) | ||||||||||
– | – | – | (6,218,188 | ) | ||||||||||
17,146,636 | 16,761,437 | 4,489,105 | 11,572,270 | |||||||||||
– | – | – | 5,710,233 | |||||||||||
(5,678,103 | ) | (20,569,155 | ) | (3,049,431 | ) | (11,288,121 | ) | |||||||
11,468,533 | (3,807,718 | ) | 1,439,674 | 5,994,382 | ||||||||||
20,745,544 | (2,752,893 | ) | 6,268,336 | (208,458 | ) | |||||||||
$ | 31,020,342 | $ | 33,773,235 | $ | 19,002,996 | $ | 19,211,454 | |||||||
$ | 51,765,886 | $ | 31,020,342 | $ | 25,271,332 | $ | 19,002,996 |
See Notes to Financial Statements. | 87 |
Statements of Changes in Net Assets (continued)
Focused Small Cap Value Fund | ||||||||
INCREASE (DECREASE) IN NET ASSETS | For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | ||||||
Operations: | ||||||||
Net investment income | $ | 78,718 | $ | 589,550 | ||||
Net realized gain (loss) on investments, future contracts and foreign currency related transactions | 9,122,370 | (1,297,505 | ) | |||||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | 5,708,234 | (3,303,421 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 14,909,322 | (4,011,376 | ) | |||||
Distributions to Shareholders | ||||||||
Class A | (1,939 | ) | (616,896 | ) | ||||
Class C | – | (117,495 | ) | |||||
Class F | – | (757,185 | ) | |||||
Class F3 | (31 | ) | (432 | ) | ||||
Class I | (206,076 | ) | (3,105,857 | ) | ||||
Class P | – | – | ||||||
Class R2 | – | – | ||||||
Class R3 | – | – | ||||||
Class R4 | – | – | ||||||
Class R5 | (500 | ) | (10,525 | ) | ||||
Class R6 | (29,814 | ) | (403,524 | ) | ||||
Total distribution to shareholders | (238,360 | ) | (5,011,914 | ) | ||||
Capital share transactions (See Note 14): | ||||||||
Net proceeds from sales of shares | 4,539,755 | 17,200,883 | ||||||
Reinvestment of distributions | 220,828 | 4,758,371 | ||||||
Cost of shares reacquired | (14,983,425 | ) | (46,958,332 | ) | ||||
Net increase (decrease) in net assets resulting from capital share transactions | (10,222,842 | ) | (24,999,078 | ) | ||||
Net increase (decrease) in net assets | 4,448,120 | (34,022,368 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | $ | 100,128,358 | $ | 134,150,726 | ||||
End of period | $ | 104,576,478 | $ | 100,128,358 |
88 | See Notes to Financial Statements. |
Fundamental Equity Fund | Global Equity Fund | |||||||||||||
For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | |||||||||||
$ | 8,309,028 | $ | 19,926,867 | $ | 116,112 | $ | 173,070 | |||||||
52,620,042 | 1,084,801 | (71,872 | ) | (538,310 | ) | |||||||||
281,165,437 | 3,715,845 | 3,257,380 | 1,650,650 | |||||||||||
342,094,507 | 24,727,513 | 3,301,620 | 1,285,410 | |||||||||||
(9,823,704 | ) | (62,031,796 | ) | (50,993 | ) | (30,060 | ) | |||||||
(36,508 | ) | (2,027,363 | ) | (882 | ) | – | ||||||||
(255,312 | ) | (3,757,884 | ) | (11,456 | ) | (9,680 | ) | |||||||
(209,753 | ) | (984,530 | ) | (171 | ) | (127 | ) | |||||||
(6,431,967 | ) | (30,715,661 | ) | (62,389 | ) | (29,916 | ) | |||||||
(23,325 | ) | (212,025 | ) | – | – | |||||||||
(11,293 | ) | (106,559 | ) | – | – | |||||||||
(386,546 | ) | (3,228,451 | ) | (4,163 | ) | (1,617 | ) | |||||||
(23,347 | ) | (155,223 | ) | – | (3,989 | ) | ||||||||
(9,302 | ) | (42,656 | ) | (168 | ) | (121 | ) | |||||||
(89,912 | ) | (413,951 | ) | (44,649 | ) | (13,663 | ) | |||||||
(17,300,969 | ) | (103,676,099 | ) | (174,871 | ) | (89,173 | ) | |||||||
206,824,070 | 170,880,170 | 7,810,530 | 7,181,990 | |||||||||||
16,789,821 | 100,473,206 | 139,314 | 58,477 | |||||||||||
(369,017,605 | ) | (394,573,791 | ) | (924,113 | ) | (3,484,208 | ) | |||||||
(145,403,714 | ) | (123,220,415 | ) | 7,025,731 | 3,756,259 | |||||||||
179,389,824 | (202,169,001 | ) | 10,152,480 | 4,952,496 | ||||||||||
$ | 1,752,653,452 | $ | 1,954,822,453 | $ | 13,905,804 | $ | 8,953,308 | |||||||
$ | 1,932,043,276 | $ | 1,752,653,452 | $ | 24,058,284 | $ | 13,905,804 |
See Notes to Financial Statements. | 89 |
Statements of Changes in Net Assets (continued)
Growth Leaders Fund | ||||||||
INCREASE (DECREASE) IN NET ASSETS | For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | ||||||
Operations: | ||||||||
Net investment income (loss) | $ | (12,713,192 | ) | $ | (23,930,016 | ) | ||
Net realized gain (loss) on investments and foreign currency related transactions | 428,685,874 | (630,990,488 | ) | |||||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | 1,045,221,123 | 893,374,356 | ||||||
Net increase (decrease) in net assets resulting from operations | 1,461,193,805 | 238,453,852 | ||||||
Distributions to Shareholders | ||||||||
Class A | – | – | ||||||
Class C | – | – | ||||||
Class F | – | – | ||||||
Class F3 | – | – | ||||||
Class I | – | – | ||||||
Class P | – | – | ||||||
Class R2 | – | – | ||||||
Class R3 | – | – | ||||||
Class R4 | – | – | ||||||
Class R5 | – | – | ||||||
Class R6 | – | – | ||||||
Total distribution to shareholders | – | – | ||||||
Capital share transactions (See Note 14): | ||||||||
Net proceeds from sales of shares | 600,097,790 | 1,463,838,212 | ||||||
Reinvestment of distributions | – | – | ||||||
Cost of shares reacquired | (1,071,214,373 | ) | (2,452,151,575 | ) | ||||
Net increase (decrease) in net assets resulting from capital share transactions | (471,116,583 | ) | (988,313,363 | ) | ||||
Net increase (decrease) in net assets | 990,077,222 | (749,859,511 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | $ | 4,816,974,579 | $ | 5,566,834,090 | ||||
End of period | $ | 5,807,051,801 | $ | 4,816,974,579 |
90 | See Notes to Financial Statements. |
Health Care Fund | International Equity Fund | |||||||||||||
For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | |||||||||||
$ | (14,628 | ) | $ | (28,045 | ) | $ | 2,563,338 | $ | 5,777,399 | |||||
63,275 | (375,226 | ) | 3,438,305 | (11,315,354 | ) | |||||||||
1,307,139 | (382,786 | ) | 54,666,668 | 30,691,977 | ||||||||||
1,355,786 | (786,057 | ) | 60,668,311 | 25,154,022 | ||||||||||
– | – | (2,537,347 | ) | (2,799,388 | ) | |||||||||
– | – | (7,268 | ) | (47,998 | ) | |||||||||
– | – | (78,590 | ) | (180,998 | ) | |||||||||
– | (86 | ) | (250,220 | ) | (147,620 | ) | ||||||||
– | (21 | ) | (2,859,273 | ) | (2,985,080 | ) | ||||||||
– | – | (174 | ) | (182 | ) | |||||||||
– | – | (2,720 | ) | (2,657 | ) | |||||||||
– | – | (72,590 | ) | (82,045 | ) | |||||||||
– | – | (25,256 | ) | (29,323 | ) | |||||||||
– | (15 | ) | (306 | ) | (474 | ) | ||||||||
– | (6,009 | ) | (72,278 | ) | (62,147 | ) | ||||||||
– | (6,131 | ) | (5,906,022 | ) | (6,337,912 | ) | ||||||||
887,209 | 2,837,576 | 12,462,181 | 49,374,123 | |||||||||||
– | 28 | 5,799,439 | 6,225,632 | |||||||||||
(1,054,560 | ) | (1,517,369 | ) | (36,062,020 | ) | (58,456,770 | ) | |||||||
(167,351 | ) | 1,320,235 | (17,800,400 | ) | (2,857,015 | ) | ||||||||
1,188,435 | 528,047 | 36,961,889 | 15,959,095 | |||||||||||
$ | 6,963,759 | $ | 6,435,712 | $ | 295,429,401 | $ | 279,470,306 | |||||||
$ | 8,152,194 | $ | 6,963,759 | $ | 332,391,290 | $ | 295,429,401 |
See Notes to Financial Statements. | 91 |
Statements of Changes in Net Assets (continued)
International Opportunities Fund | ||||||||
INCREASE (DECREASE) IN NET ASSETS | For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | ||||||
Operations: | ||||||||
Net investment income (loss) | $ | 3,606,126 | $ | 4,997,413 | ||||
Net realized gain (loss) on investments and foreign currency related transactions | 364,228 | (18,318,316 | ) | |||||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | 39,113,838 | 45,424,537 | ||||||
Net increase (decrease) in net assets resulting from operations | 43,084,192 | 32,103,634 | ||||||
Distributions to Shareholders | ||||||||
Class A | (1,442,866 | ) | (1,515,429 | ) | ||||
Class C | (35,902 | ) | (63,496 | ) | ||||
Class F | (64,775 | ) | (250,874 | ) | ||||
Class F3 | (531,450 | ) | (530,783 | ) | ||||
Class I | (2,686,582 | ) | (2,938,287 | ) | ||||
Class P | (164 | ) | (1,575 | ) | ||||
Class R2 | (15,677 | ) | (28,634 | ) | ||||
Class R3 | (69,218 | ) | (62,415 | ) | ||||
Class R4 | (40,234 | ) | (36,129 | ) | ||||
Class R5 | (38,823 | ) | (38,883 | ) | ||||
Class R6 | (310,118 | ) | (327,410 | ) | ||||
Total distribution to shareholders | (5,235,809 | ) | (5,793,915 | ) | ||||
Capital share transactions (See Note 14): | ||||||||
Net proceeds from sales of shares | 14,959,186 | 61,136,230 | ||||||
Reinvestment of distributions | 5,076,474 | 5,609,335 | ||||||
Cost of shares reacquired | (31,950,850 | ) | (112,764,691 | ) | ||||
Net decrease in net assets resulting from capital share transactions | (11,915,190 | ) | (46,019,126 | ) | ||||
Net increase (decrease) in net assets | 25,933,193 | (19,709,407 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | $ | 290,891,182 | $ | 310,600,589 | ||||
End of period | $ | 316,824,375 | $ | 290,891,182 |
92 | See Notes to Financial Statements. |
International Value Fund | Micro Cap Growth Fund | |||||||||||||
For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | |||||||||||
$ | 6,708,936 | $ | 10,992,628 | $ | (922,732 | ) | $ | (2,131,062 | ) | |||||
6,218,508 | (1,646,150 | ) | 16,050,268 | (21,812,099 | ) | |||||||||
49,460,719 | 40,061,464 | 26,285,992 | (19,131,055 | ) | ||||||||||
62,388,163 | 49,407,942 | 41,413,528 | (43,074,216 | ) | ||||||||||
(2,889,294 | ) | (5,722,791 | ) | – | – | |||||||||
(28,390 | ) | (74,751 | ) | – | – | |||||||||
(74,576 | ) | (183,754 | ) | – | – | |||||||||
(479,121 | ) | (879,787 | ) | – | – | |||||||||
(2,172,451 | ) | (4,136,627 | ) | – | – | |||||||||
– | – | – | – | |||||||||||
(720 | ) | (1,703 | ) | – | – | |||||||||
(76,156 | ) | (176,067 | ) | – | – | |||||||||
(1,885 | ) | (4,200 | ) | – | – | |||||||||
(172 | ) | (336 | ) | – | – | |||||||||
(26,060 | ) | (49,764 | ) | – | – | |||||||||
(5,748,825 | ) | (11,229,780 | ) | – | – | |||||||||
27,001,963 | 41,973,452 | 8,047,404 | 43,964,939 | |||||||||||
5,656,564 | 11,031,675 | – | – | |||||||||||
(40,694,271 | ) | (74,580,700 | ) | (29,388,704 | ) | (71,561,579 | ) | |||||||
(8,035,744 | ) | (21,575,573 | ) | (21,341,300 | ) | (27,596,640 | ) | |||||||
48,603,594 | 16,602,589 | 20,072,228 | (70,670,856 | ) | ||||||||||
$ | 360,878,360 | $ | 344,275,771 | $ | 162,929,672 | $ | 233,600,528 | |||||||
$ | 409,481,954 | $ | 360,878,360 | $ | 183,001,900 | $ | 162,929,672 |
See Notes to Financial Statements. | 93 |
Statements of Changes in Net Assets (concluded)
Value Opportunities Fund | ||||||||
INCREASE (DECREASE) IN NET ASSETS | For the Six Months Ended April 30, 2024 (unaudited) | For the Year Ended October 31, 2023 | ||||||
Operations: | ||||||||
Net investment income | $ | 1,048,646 | $ | 4,944,926 | ||||
Net realized gain (loss) on investments | 42,914,712 | 16,727,882 | ||||||
Net change in unrealized appreciation/depreciation on investments | 164,158,897 | (11,065,712 | ) | |||||
Net increase in net assets resulting from operations | 208,122,255 | 10,607,096 | ||||||
Distributions to Shareholders | ||||||||
Class A | (8,879,757 | ) | (53,463,933 | ) | ||||
Class C | (536,071 | ) | (4,344,107 | ) | ||||
Class F | (458,691 | ) | (6,295,659 | ) | ||||
Class F3 | (3,105,092 | ) | (15,989,854 | ) | ||||
Class I | (4,090,287 | ) | (20,289,726 | ) | ||||
Class P | (167,817 | ) | (1,091,735 | ) | ||||
Class R2 | (63,290 | ) | (390,476 | ) | ||||
Class R3 | (417,247 | ) | (2,715,045 | ) | ||||
Class R4 | (433,579 | ) | (2,475,922 | ) | ||||
Class R5 | (18,196 | ) | (80,636 | ) | ||||
Class R6 | (501,099 | ) | (2,676,277 | ) | ||||
Total distribution to shareholders | (18,671,126 | ) | (109,813,370 | ) | ||||
Capital share transactions (See Note 14): | ||||||||
Net proceeds from sales of shares | 41,242,082 | 137,967,950 | ||||||
Reinvestment of distributions | 18,281,241 | 107,376,618 | ||||||
Cost of shares reacquired | (147,582,498 | ) | (359,091,197 | ) | ||||
Net decrease in net assets resulting from capital share transactions | (88,059,175 | ) | (113,746,629 | ) | ||||
Net increase (decrease) in net assets | 101,391,954 | (212,952,903 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | $ | 1,093,823,720 | $ | 1,306,776,623 | ||||
End of period | $ | 1,195,215,674 | $ | 1,093,823,720 |
94 | See Notes to Financial Statements. |
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95
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 | ||||||||||||||||||||||||||||
4/30/2024(d) | $ | 19.58 | $ | 0.06 | $ | 3.86 | $ | 3.92 | $ | (0.02 | ) | $ | (0.09 | ) | $ | (0.11 | ) | |||||||||||
10/31/2023 | 21.82 | 0.06 | (0.89 | ) | (0.83 | ) | (0.07 | ) | (1.34 | ) | (1.41 | ) | ||||||||||||||||
10/31/2022 | 30.39 | 0.06 | (7.10 | ) | (7.04 | ) | (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 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2024(d) | 14.53 | (0.01 | ) | 2.85 | 2.84 | – | (0.09 | ) | (0.09 | ) | ||||||||||||||||||
10/31/2023 | 16.60 | (0.04 | ) | (0.69 | ) | (0.73 | ) | – | (1.34 | ) | (1.34 | ) | ||||||||||||||||
10/31/2022 | 23.47 | (0.08 | ) | (5.45 | ) | (5.53 | ) | (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 | ) | |||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2024(d) | 19.87 | 0.09 | 3.90 | 3.99 | (0.04 | ) | (0.09 | ) | (0.13 | ) | ||||||||||||||||||
10/31/2023 | 22.09 | 0.16 | (0.97 | ) | (0.81 | ) | (0.07 | ) | (1.34 | ) | (1.41 | ) | ||||||||||||||||
10/31/2022 | 30.73 | 0.20 | (7.27 | ) | (7.07 | ) | (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 | ) | ||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2024(d) | 20.56 | 0.11 | 4.03 | 4.14 | (0.08 | ) | (0.09 | ) | (0.17 | ) | ||||||||||||||||||
10/31/2023 | 22.83 | 0.13 | (0.92 | ) | (0.79 | ) | (0.14 | ) | (1.34 | ) | (1.48 | ) | ||||||||||||||||
10/31/2022 | 31.70 | 0.14 | (7.40 | ) | (7.26 | ) | (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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2024(d) | 20.43 | 0.10 | 4.02 | 4.12 | (0.08 | ) | (0.09 | ) | (0.17 | ) | ||||||||||||||||||
10/31/2023 | 22.71 | 0.11 | (0.92 | ) | (0.81 | ) | (0.13 | ) | (1.34 | ) | (1.47 | ) | ||||||||||||||||
10/31/2022 | 31.56 | 0.04 | (7.28 | ) | (7.24 | ) | (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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
4/30/2024(d) | 18.47 | 0.02 | 3.63 | 3.65 | – | (0.09 | ) | (0.09 | ) | |||||||||||||||||||
10/31/2023 | 20.66 | (0.02 | ) | (0.83 | ) | (0.85 | ) | – | (g) | (1.34 | ) | (1.34 | ) | |||||||||||||||
10/31/2022 | 28.80 | (0.02 | ) | (6.73 | ) | (6.75 | ) | (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 | ) |
96 | 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 (%) | ||||||||||||||||||||
$ | 23.39 | 20.02 | (e) | 0.43 | (f) | 0.53 | (f) | 0.55 | (f) | $ | 392,328 | 1 | (e) | |||||||||||||
19.58 | (3.99 | ) | 0.43 | 0.54 | 0.29 | 342,756 | 4 | |||||||||||||||||||
21.82 | (24.25 | ) | 0.44 | 0.54 | 0.25 | 420,589 | 8 | |||||||||||||||||||
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 | |||||||||||||||||||
17.28 | 19.54 | (e) | 1.18 | (f) | 1.28 | (f) | (0.13 | )(f) | 12,722 | 1 | (e) | |||||||||||||||
14.53 | (4.70 | ) | 1.18 | 1.29 | (0.25 | ) | 13,823 | 4 | ||||||||||||||||||
16.60 | (24.81 | ) | 1.19 | 1.29 | (0.40 | ) | 30,206 | 8 | ||||||||||||||||||
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 | |||||||||||||||||||
23.73 | 20.08 | (e) | 0.28 | (f) | 0.38 | (f) | 0.74 | (f) | 8,977 | 1 | (e) | |||||||||||||||
19.87 | (3.85 | ) | 0.28 | 0.39 | 0.75 | 9,142 | 4 | |||||||||||||||||||
22.09 | (24.10 | ) | 0.28 | 0.39 | 0.76 | 27,275 | 8 | |||||||||||||||||||
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 | ||||||||||||||||||||
24.53 | 20.15 | (e) | 0.10 | (f) | 0.20 | (f) | 0.89 | (f) | 53,112 | 1 | (e) | |||||||||||||||
20.56 | (3.65 | ) | 0.09 | 0.20 | 0.57 | 46,724 | 4 | |||||||||||||||||||
22.83 | (23.98 | ) | 0.09 | 0.19 | 0.57 | 50,046 | 8 | |||||||||||||||||||
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 | ||||||||||||||||||||
24.38 | 20.15 | (e) | 0.18 | (f) | 0.28 | (f) | 0.81 | (f) | 108,760 | 1 | (e) | |||||||||||||||
20.43 | (3.74 | ) | 0.18 | 0.29 | 0.47 | 95,792 | 4 | |||||||||||||||||||
22.71 | (24.04 | ) | 0.19 | 0.29 | 0.18 | 101,366 | 8 | |||||||||||||||||||
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 | ||||||||||||||||||||
22.03 | 19.76 | (e) | 0.78 | (f) | 0.88 | (f) | 0.20 | (f) | 909 | 1 | (e) | |||||||||||||||
18.47 | (4.32 | ) | 0.78 | 0.89 | (0.09 | ) | 812 | 4 | ||||||||||||||||||
20.66 | (24.50 | ) | 0.79 | 0.89 | (0.09 | ) | 928 | 8 | ||||||||||||||||||
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 |
See Notes to Financial Statements. | 97 |
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)(b) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2024(d) | $ | 18.66 | $ | 0.04 | $ | 3.66 | $ | 3.70 | $ | – | $ | (0.09 | ) | $ | (0.09 | ) | ||||||||||||
10/31/2023 | 20.85 | – | (g) | (0.84 | ) | (0.84 | ) | (0.01 | ) | (1.34 | ) | (1.35 | ) | |||||||||||||||
10/31/2022 | 29.09 | 0.01 | (6.80 | ) | (6.79 | ) | (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 | ) | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2024(d) | 19.52 | 0.06 | 3.84 | 3.90 | (0.01 | ) | (0.09 | ) | (0.10 | ) | ||||||||||||||||||
10/31/2023 | 21.76 | 0.06 | (0.88 | ) | (0.82 | ) | (0.08 | ) | (1.34 | ) | (1.42 | ) | ||||||||||||||||
10/31/2022 | 30.30 | 0.05 | (7.06 | ) | (7.01 | ) | (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 | ) | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2024(d) | 20.44 | 0.10 | 4.02 | 4.12 | (0.08 | ) | (0.09 | ) | (0.17 | ) | ||||||||||||||||||
10/31/2023 | 22.72 | 0.09 | (0.90 | ) | (0.81 | ) | (0.13 | ) | (1.34 | ) | (1.47 | ) | ||||||||||||||||
10/31/2022 | 31.57 | 0.13 | (7.37 | ) | (7.24 | ) | (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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
4/30/2024(d) | 20.56 | 0.10 | 4.05 | 4.15 | (0.08 | ) | (0.09 | ) | (0.17 | ) | ||||||||||||||||||
10/31/2023 | 22.84 | 0.14 | (0.94 | ) | (0.80 | ) | (0.14 | ) | (1.34 | ) | (1.48 | ) | ||||||||||||||||
10/31/2022 | 31.71 | 0.16 | (7.42 | ) | (7.26 | ) | (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 | ) |
(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 is less than $0.01. |
98 | 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 (%) | ||||||||||||||||||||
$ | 22.27 | 19.83 | (e) | 0.68 | (f) | 0.78 | (f) | 0.34 | (f) | $ | 16,158 | 1 | (e) | |||||||||||||
18.66 | (4.24 | ) | 0.68 | 0.79 | (0.02 | ) | 15,526 | 4 | ||||||||||||||||||
20.85 | (24.41 | ) | 0.69 | 0.79 | 0.04 | 17,366 | 8 | |||||||||||||||||||
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 | |||||||||||||||||||
23.32 | 20.00 | (e) | 0.43 | (f) | 0.53 | (f) | 0.55 | (f) | 3,593 | 1 | (e) | |||||||||||||||
19.52 | (3.98 | ) | 0.43 | 0.54 | 0.28 | 3,150 | 4 | |||||||||||||||||||
21.76 | (24.23 | ) | 0.44 | 0.54 | 0.21 | 3,859 | 8 | |||||||||||||||||||
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 | |||||||||||||||||||
24.39 | 20.15 | (e) | 0.18 | (f) | 0.28 | (f) | 0.83 | (f) | 539 | 1 | (e) | |||||||||||||||
20.44 | (3.74 | ) | 0.18 | 0.29 | 0.38 | 551 | 4 | |||||||||||||||||||
22.72 | (24.04 | ) | 0.19 | 0.29 | 0.53 | 376 | 8 | |||||||||||||||||||
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 | ||||||||||||||||||||
24.54 | 20.20 | (e) | 0.10 | (f) | 0.20 | (f) | 0.86 | (f) | 4,073 | 1 | (e) | |||||||||||||||
20.56 | (3.69 | ) | 0.09 | 0.20 | 0.61 | 3,380 | 4 | |||||||||||||||||||
22.84 | (23.97 | ) | 0.09 | 0.19 | 0.62 | 3,762 | 8 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 99 |
Financial Highlights (unaudited)
FOCUSED GROWTH FUND
Per Share Operating Performance: | ||||||||||||||||||||||||
Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net realized gain | Net asset value, end of period | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
4/30/2024(c) | $ | 20.48 | $ | (0.10 | ) | $ | 6.16 | $ | 6.06 | $ | – | $ | 26.54 | |||||||||||
10/31/2023 | 19.74 | (0.15 | ) | 0.89 | 0.74 | – | 20.48 | |||||||||||||||||
10/31/2022 | 36.16 | (0.17 | ) | (11.38 | ) | (11.55 | ) | (4.87 | ) | 19.74 | ||||||||||||||
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 | ||||||||||||||||||||||||
4/30/2024(c) | 19.68 | (0.19 | ) | 5.93 | 5.74 | – | 25.42 | |||||||||||||||||
10/31/2023 | 19.12 | (0.29 | ) | 0.85 | 0.56 | – | 19.68 | |||||||||||||||||
10/31/2022 | 35.41 | (0.33 | ) | (11.09 | ) | (11.42 | ) | (4.87 | ) | 19.12 | ||||||||||||||
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 | ||||||||||||||||||||||||
4/30/2024(c) | 20.76 | (0.07 | ) | 6.25 | 6.18 | – | 26.94 | |||||||||||||||||
10/31/2023 | 19.96 | (0.09 | ) | 0.89 | 0.80 | – | 20.76 | |||||||||||||||||
10/31/2022 | 36.44 | (0.12 | ) | (11.49 | ) | (11.61 | ) | (4.87 | ) | 19.96 | ||||||||||||||
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 | ||||||||||||||||||||||||
4/30/2024(c) | 20.85 | (0.05 | ) | 6.27 | 6.22 | – | 27.07 | |||||||||||||||||
10/31/2023 | 20.02 | (0.07 | ) | 0.90 | 0.83 | – | 20.85 | |||||||||||||||||
10/31/2022 | 36.51 | (0.10 | ) | (11.52 | ) | (11.62 | ) | (4.87 | ) | 20.02 | ||||||||||||||
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 | ||||||||||||||||||||||||
4/30/2024(c) | 20.77 | (0.07 | ) | 6.25 | 6.18 | – | 26.95 | |||||||||||||||||
10/31/2023 | 19.96 | (0.09 | ) | 0.90 | 0.81 | – | 20.77 | |||||||||||||||||
10/31/2022 | 36.44 | (0.11 | ) | (11.50 | ) | (11.61 | ) | (4.87 | ) | 19.96 | ||||||||||||||
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 | ||||||||||||||||||||||||
4/30/2024(c) | 20.22 | (0.13 | ) | 6.08 | 5.95 | – | 26.17 | |||||||||||||||||
10/31/2023 | 19.53 | (0.21 | ) | 0.90 | 0.69 | – | 20.22 | |||||||||||||||||
10/31/2022 | 35.92 | (0.23 | ) | (11.29 | ) | (11.52 | ) | (4.87 | ) | 19.53 | ||||||||||||||
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 | ||||||||||||||||||||||||
4/30/2024(c) | 20.49 | (0.10 | ) | 6.16 | 6.06 | – | 26.55 | |||||||||||||||||
10/31/2023 | 19.75 | (0.14 | ) | 0.88 | 0.74 | – | 20.49 | |||||||||||||||||
10/31/2022 | 36.18 | (0.17 | ) | (11.39 | ) | (11.56 | ) | (4.87 | ) | 19.75 | ||||||||||||||
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 |
100 | 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 (%) | |||||||||||||||||
29.59 | (d) | 1.05 | (e) | 1.51 | (e) | (0.77 | )(e) | $ | 23,287 | 48 | (d) | |||||||||||
3.75 | 1.05 | 1.70 | (0.71 | ) | 15,986 | 169 | ||||||||||||||||
(36.92 | ) | 1.05 | 1.54 | (0.71 | ) | 14,420 | 169 | |||||||||||||||
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) | ||||||||||||
29.17 | (d) | 1.80 | (e) | 2.26 | (e) | (1.52 | )(e) | 2,723 | 48 | (d) | ||||||||||||
2.93 | 1.80 | 2.45 | (1.46 | ) | 2,214 | 169 | ||||||||||||||||
(37.40 | ) | 1.80 | 2.30 | (1.46 | ) | 2,289 | 169 | |||||||||||||||
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) | ||||||||||||
29.77 | (d) | 0.80 | (e) | 1.37 | (e) | (0.52 | )(e) | 3,638 | 48 | (d) | ||||||||||||
4.01 | 0.80 | 1.55 | (0.43 | ) | 3,536 | 169 | ||||||||||||||||
(36.79 | ) | 0.80 | 1.37 | (0.47 | ) | 7,021 | 169 | |||||||||||||||
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) | ||||||||||||
29.83 | (d) | 0.67 | (e) | 1.36 | (e) | (0.40 | )(e) | 16 | 48 | (d) | ||||||||||||
4.15 | 0.68 | 1.29 | (0.34 | ) | 499 | 169 | ||||||||||||||||
(36.74 | ) | 0.73 | 1.15 | (0.40 | ) | 667 | 169 | |||||||||||||||
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) | ||||||||||||
29.75 | (d) | 0.80 | (e) | 1.19 | (e) | (0.50 | )(e) | 15,350 | 48 | (d) | ||||||||||||
4.06 | 0.80 | 1.44 | (0.47 | ) | 4,122 | 169 | ||||||||||||||||
(36.79 | ) | 0.80 | 1.30 | (0.47 | ) | 4,595 | 169 | |||||||||||||||
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) | ||||||||||||
29.43 | (d) | 1.30 | (e) | 1.76 | (e) | (1.02 | )(e) | 224 | 48 | (d) | ||||||||||||
3.53 | 1.28 | 1.95 | (1.01 | ) | 155 | 169 | ||||||||||||||||
(37.11 | ) | 1.30 | 1.81 | (0.97 | ) | 14 | 169 | |||||||||||||||
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) | ||||||||||||
29.58 | (d) | 1.05 | (e) | 1.52 | (e) | (0.77 | )(e) | 18 | 48 | (d) | ||||||||||||
3.75 | 1.05 | 1.70 | (0.70 | ) | 14 | 169 | ||||||||||||||||
(36.93 | ) | 1.05 | 1.54 | (0.71 | ) | 13 | 169 | |||||||||||||||
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) |
See Notes to Financial Statements. | 101 |
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 income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net realized gain | Net asset value, end of period | |||||||||||||||||||
Class R5 | ||||||||||||||||||||||||
4/30/2024(c) | $ | 20.76 | $ | (0.07 | ) | $ | 6.25 | $ | 6.18 | $ | – | $ | 26.94 | |||||||||||
10/31/2023 | 19.96 | (0.09 | ) | 0.89 | 0.80 | – | 20.76 | |||||||||||||||||
10/31/2022 | 36.44 | (0.12 | ) | (11.49 | ) | (11.61 | ) | (4.87 | ) | 19.96 | ||||||||||||||
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 | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||
4/30/2024(c) | 20.85 | (0.05 | ) | 6.28 | 6.23 | – | 27.08 | |||||||||||||||||
10/31/2023 | 20.02 | (0.07 | ) | 0.90 | 0.83 | – | 20.85 | |||||||||||||||||
10/31/2022 | 36.51 | (0.09 | ) | (11.53 | ) | (11.62 | ) | (4.87 | ) | 20.02 | ||||||||||||||
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. |
102 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
Total return (%)(b) | Total expenses after waivers and/or reimbursements (%) | Total expenses (%) | Net investment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
29.77 | (d) | 0.80 | (e) | 1.28 | (e) | (0.55 | )(e) | $ | 21 | 48 | (d) | |||||||||||
4.01 | 0.80 | 1.44 | (0.45 | ) | 14 | 169 | ||||||||||||||||
(36.79 | ) | 0.80 | 1.31 | (0.48 | ) | 13 | 169 | |||||||||||||||
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) | ||||||||||||
29.88 | (d) | 0.67 | (e) | 1.19 | (e) | (0.39 | )(e) | 6,490 | 48 | (d) | ||||||||||||
4.15 | 0.68 | 1.30 | (0.34 | ) | 4,481 | 169 | ||||||||||||||||
(36.74 | ) | 0.73 | 1.16 | (0.39 | ) | 4,740 | 169 | |||||||||||||||
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. | 103 |
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 (loss)(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net invest- ment income | Net realized gain | Return of capital | Total distri- butions | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
4/30/2024(c) | $ | 9.58 | $ | 0.05 | $ | 2.32 | $ | 2.37 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
10/31/2023 | 13.58 | 0.08 | 0.17 | (f) | 0.25 | (1.42 | ) | – | (2.83 | ) | (4.25 | ) | ||||||||||||||||||||
10/31/2022 | 19.04 | 0.16 | (1.34 | ) | (1.18 | ) | (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(g)(h) | 15.00 | 0.06 | (0.31 | )(f) | (0.25 | ) | – | – | – | – | ||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
4/30/2024(c) | 9.52 | 0.01 | 2.31 | 2.32 | – | – | – | – | ||||||||||||||||||||||||
10/31/2023 | 13.49 | 0.02 | 0.15 | (f) | 0.17 | (1.31 | ) | – | (2.83 | ) | (4.14 | ) | ||||||||||||||||||||
10/31/2022 | 18.97 | 0.06 | (1.35 | ) | (1.29 | ) | (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(g)(h) | 15.00 | 0.03 | (0.31 | )(f) | (0.28 | ) | – | – | – | – | ||||||||||||||||||||||
Class F | ||||||||||||||||||||||||||||||||
4/30/2024(c) | 9.78 | 0.07 | 2.37 | 2.44 | – | – | – | – | ||||||||||||||||||||||||
10/31/2023 | 13.77 | 0.14 | 0.14 | (f) | 0.28 | (1.44 | ) | – | (2.83 | ) | (4.27 | ) | ||||||||||||||||||||
10/31/2022 | 19.22 | 0.20 | (1.36 | ) | (1.16 | ) | (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(g)(h) | 15.00 | 0.07 | (0.31 | )(f) | (0.24 | ) | – | – | – | – | ||||||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||||||
4/30/2024(c) | 9.63 | 0.06 | 2.35 | 2.41 | – | – | – | – | ||||||||||||||||||||||||
10/31/2023 | 13.64 | 0.11 | 0.16 | (f) | 0.27 | (1.45 | ) | – | (2.83 | ) | (4.28 | ) | ||||||||||||||||||||
10/31/2022 | 19.10 | 0.20 | (1.35 | ) | (1.15 | ) | (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(g)(h) | 15.00 | 0.07 | (0.31 | )(f) | (0.24 | ) | – | – | – | – | ||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||
4/30/2024(c) | 9.98 | 0.06 | 2.43 | 2.49 | – | – | – | – | ||||||||||||||||||||||||
10/31/2023 | 13.63 | 0.09 | 0.18 | (f) | 0.27 | (1.09 | ) | – | (2.83 | ) | (3.92 | ) | ||||||||||||||||||||
10/31/2022 | 19.10 | 0.22 | (1.38 | ) | (1.16 | ) | (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(g)(h) | 15.00 | 0.04 | (0.28 | )(f) | (0.24 | ) | – | – | – | – |
104 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
Net asset value, end of period | Total return (%)(b) | Total expenses after waivers and/or reimburse- ments (%) | Total expenses (%) | Net invest- ment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
$ | 11.95 | 24.74 | (d) | 0.96 | (e) | 1.72 | (e) | 0.90 | (e) | $ | 10,700 | 37 | (d) | |||||||||||||
9.58 | 0.59 | 0.96 | 1.92 | 0.84 | 9,821 | 61 | ||||||||||||||||||||
13.58 | (8.69 | ) | 0.96 | 1.04 | 1.12 | 11,466 | 100 | |||||||||||||||||||
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) | |||||||||||||||
11.84 | 24.37 | (d) | 1.71 | (e) | 2.46 | (e) | 0.14 | (e) | 3,130 | 37 | (d) | |||||||||||||||
9.52 | (0.21 | ) | 1.71 | 2.71 | 0.20 | 2,618 | 61 | |||||||||||||||||||
13.49 | (9.37 | ) | 1.71 | 1.77 | 0.40 | 4,637 | 100 | |||||||||||||||||||
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) | |||||||||||||||
12.22 | 24.95 | (d) | 0.71 | (e) | 1.57 | (e) | 1.16 | (e) | 165 | 37 | (d) | |||||||||||||||
9.78 | 0.81 | 0.71 | 1.95 | 1.34 | 194 | 61 | ||||||||||||||||||||
13.77 | (8.48 | ) | 0.71 | 0.86 | 1.35 | 1,405 | 100 | |||||||||||||||||||
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) | |||||||||||||||
12.04 | 25.03 | (d) | 0.70 | (e) | 1.44 | (e) | 1.14 | (e) | 11 | 37 | (d) | |||||||||||||||
9.63 | 0.82 | 0.71 | 1.61 | 1.13 | 9 | 61 | ||||||||||||||||||||
13.64 | (8.48 | ) | 0.70 | 0.76 | 1.37 | 13 | 100 | |||||||||||||||||||
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) | |||||||||||||||
12.47 | 24.95 | (d) | 0.71 | (e) | 1.45 | (e) | 1.10 | (e) | 9,044 | 37 | (d) | |||||||||||||||
9.98 | 0.89 | 0.71 | 1.56 | 0.92 | 4,982 | 61 | ||||||||||||||||||||
13.63 | (8.55 | ) | 0.69 | 0.69 | 1.49 | 243 | 100 | |||||||||||||||||||
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) |
See Notes to Financial Statements. | 105 |
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 (loss)(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net invest- ment income | Net realized gain | Return of capital | Total distri- butions | |||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||
4/30/2024(c) | $ | 9.56 | $ | 0.04 | $ | 2.31 | $ | 2.35 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
10/31/2023 | 13.56 | 0.05 | 0.18 | (f) | 0.23 | (1.40 | ) | – | (2.83 | ) | (4.23 | ) | ||||||||||||||||||||
10/31/2022 | 18.99 | 0.12 | (1.33 | ) | (1.21 | ) | (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(g)(h) | 15.00 | 0.05 | (0.31 | )(f) | (0.26 | ) | – | – | – | – | ||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||
4/30/2024(c) | 9.60 | 0.05 | 2.32 | 2.37 | – | – | – | – | ||||||||||||||||||||||||
10/31/2023 | 13.59 | 0.09 | 0.17 | (f) | 0.26 | (1.42 | ) | – | (2.83 | ) | (4.25 | ) | ||||||||||||||||||||
10/31/2022 | 19.04 | 0.16 | (1.35 | ) | (1.19 | ) | (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(g)(h) | 15.00 | 0.06 | (0.31 | )(f) | (0.25 | ) | – | – | – | – | ||||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||||||
4/30/2024(c) | 9.63 | 0.07 | 2.33 | 2.40 | – | – | – | – | ||||||||||||||||||||||||
10/31/2023 | 13.63 | 0.12 | 0.16 | (f) | 0.28 | (1.45 | ) | – | (2.83 | ) | (4.28 | ) | ||||||||||||||||||||
10/31/2022 | 19.09 | 0.20 | (1.35 | ) | (1.15 | ) | (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(g)(h) | 15.00 | 0.07 | (0.31 | )(f) | (0.24 | ) | – | – | – | – | ||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||
4/30/2024(c) | 9.64 | 0.06 | 2.35 | 2.41 | – | – | – | – | ||||||||||||||||||||||||
10/31/2023 | 13.65 | 0.11 | 0.16 | (f) | 0.27 | (1.45 | ) | – | (2.83 | ) | (4.28 | ) | ||||||||||||||||||||
10/31/2022 | 19.11 | 0.20 | (1.35 | ) | (1.15 | ) | (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(g)(h) | 15.00 | 0.07 | (0.31 | )(f) | (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) | 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, 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. |
(g) | Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 7/26/2019 through 7/31/2019. |
(h) | 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. |
106 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
Net asset value, end of period | Total return (%)(b) | Total expenses after waivers and/or reimburse- ments (%) | Total expenses (%) | Net invest- ment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
$ | 11.91 | 24.58 | (d) | 1.21 | (e) | 1.97 | (e) | 0.63 | (e) | $ | 169 | 37 | (d) | |||||||||||||
9.56 | 0.40 | 1.21 | 2.11 | 0.52 | 143 | 61 | ||||||||||||||||||||
13.56 | (8.88 | ) | 1.21 | 1.32 | 0.86 | 84 | 100 | |||||||||||||||||||
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) | |||||||||||||||
11.97 | 24.69 | (d) | 0.96 | (e) | 1.67 | (e) | 0.90 | (e) | 8 | 37 | (d) | |||||||||||||||
9.60 | 0.67 | 0.96 | 1.90 | 0.91 | 6 | 61 | ||||||||||||||||||||
13.59 | (8.73 | ) | 0.96 | 1.00 | 1.10 | 9 | 100 | |||||||||||||||||||
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) | |||||||||||||||
12.03 | 24.92 | (d) | 0.71 | (e) | 1.42 | (e) | 1.16 | (e) | 8 | 37 | (d) | |||||||||||||||
9.63 | 0.91 | 0.71 | 1.66 | 1.15 | 6 | 61 | ||||||||||||||||||||
13.63 | (8.49 | ) | 0.71 | 0.75 | 1.37 | 9 | 100 | |||||||||||||||||||
19.09 | 56.83 | 0.65 | 0.65 | 2.14 | 13 | 99 | ||||||||||||||||||||
12.98 | (11.51 | ) | 0.71 | 0.84 | 2.2 | 49 | 128 | |||||||||||||||||||
14.76 | (1.60 | )(d) | 0.71 | (e) | 4.27 | (e) | 1.75 | (e) | 10 | 16 | (d) | |||||||||||||||
12.05 | 25.00 | (d) | 0.70 | (e) | 1.43 | (e) | 1.13 | (e) | 2,036 | 37 | (d) | |||||||||||||||
9.64 | 0.82 | 0.71 | 1.62 | 1.07 | 1,223 | 61 | ||||||||||||||||||||
13.65 | (8.48 | ) | 0.70 | 0.77 | 1.36 | 1,347 | 100 | |||||||||||||||||||
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. | 107 |
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 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 21.93 | $ | (0.01 | ) | $ | 3.28 | $ | 3.27 | $ | – | (d) | $ | – | $ | – | ||||||||||||
10/31/2023 | 23.97 | 0.07 | (1.17 | ) | (1.10 | ) | (0.10 | ) | (0.84 | ) | (0.94 | ) | ||||||||||||||||
10/31/2022 | 30.62 | 0.05 | (3.54 | ) | (3.49 | ) | – | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2024(c) | 23.17 | (0.11 | ) | 3.48 | 3.37 | – | – | – | ||||||||||||||||||||
10/31/2023 | 25.36 | (0.11 | ) | (1.24 | ) | (1.35 | ) | – | (0.84 | ) | (0.84 | ) | ||||||||||||||||
10/31/2022 | 32.44 | (0.15 | ) | (3.77 | ) | (3.92 | ) | – | (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(g) | 27.39 | (0.03 | ) | (0.65 | ) | (0.68 | ) | – | – | – | ||||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2024(c) | 24.06 | 0.03 | 3.60 | 3.63 | – | – | – | |||||||||||||||||||||
10/31/2023 | 26.17 | 0.18 | (1.33 | ) | (1.15 | ) | (0.12 | ) | (0.84 | ) | (0.96 | ) | ||||||||||||||||
10/31/2022 | 33.11 | 0.12 | (3.86 | ) | (3.74 | ) | (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(g) | 27.39 | 0.06 | (0.65 | ) | (0.59 | ) | – | – | – | |||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2024(c) | 24.06 | 0.03 | 3.60 | 3.63 | (0.07 | ) | – | (0.07 | ) | |||||||||||||||||||
10/31/2023 | 26.20 | 0.15 | (1.28 | ) | (1.13 | ) | (0.17 | ) | (0.84 | ) | (1.01 | ) | ||||||||||||||||
10/31/2022 | 33.15 | 0.14 | (3.86 | ) | (3.72 | ) | (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(g) | 27.39 | 0.06 | (0.65 | ) | (0.59 | ) | – | – | – | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2024(c) | 23.99 | 0.03 | 3.59 | 3.62 | (0.07 | ) | – | (0.07 | ) | |||||||||||||||||||
10/31/2023 | 26.14 | 0.14 | (1.28 | ) | (1.14 | ) | (0.17 | ) | (0.84 | ) | (1.01 | ) | ||||||||||||||||
10/31/2022 | 33.10 | 0.12 | (3.85 | ) | (3.73 | ) | (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 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2024(c) | 24.00 | 0.03 | 3.58 | 3.61 | (0.07 | ) | – | (0.07 | ) | |||||||||||||||||||
10/31/2023 | 26.15 | 0.14 | (1.28 | ) | (1.14 | ) | (0.17 | ) | (0.84 | ) | (1.01 | ) | ||||||||||||||||
10/31/2022 | 33.10 | 0.18 | (3.90 | ) | (3.72 | ) | (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(g) | 27.39 | 0.05 | (0.64 | ) | (0.59 | ) | – | – | – |
108 | 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 (%) | ||||||||||||||||||||
$ | 25.20 | 14.93 | (e) | 1.28 | (f) | 1.33 | (f) | (0.06 | )(f) | $ | 12,303 | 33 | (e) | |||||||||||||
21.93 | (4.90 | ) | 1.28 | 1.33 | 0.30 | 11,487 | 54 | |||||||||||||||||||
23.97 | (12.99 | ) | 1.28 | 1.29 | 0.20 | 16,026 | 63 | |||||||||||||||||||
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 | |||||||||||||||||||
26.54 | 14.54 | (e) | 2.03 | (f) | 2.08 | (f) | (0.81 | )(f) | 2,495 | 33 | (e) | |||||||||||||||
23.17 | (5.64 | ) | 2.03 | 2.08 | (0.45 | ) | 2,499 | 54 | ||||||||||||||||||
25.36 | (13.61 | ) | 2.03 | 2.04 | (0.56 | ) | 3,624 | 63 | ||||||||||||||||||
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 | )(e) | 2.03 | (f) | 2.14 | (f) | (0.37 | )(f) | 10 | 135 | ||||||||||||||||
27.69 | 15.09 | (e) | 1.03 | (f) | 1.18 | (f) | 0.20 | (f) | 2,324 | 33 | (e) | |||||||||||||||
24.06 | (4.68 | ) | 1.03 | 1.18 | 0.69 | 4,246 | 54 | |||||||||||||||||||
26.17 | (12.77 | ) | 1.03 | 1.13 | 0.41 | 21,683 | 63 | |||||||||||||||||||
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 | )(e) | 1.03 | (f) | 1.30 | (f) | 0.65 | (f) | 10 | 135 | ||||||||||||||||
27.62 | 15.12 | (e) | 0.97 | (f) | 1.01 | (f) | 0.25 | (f) | 12 | 33 | (e) | |||||||||||||||
24.06 | (4.60 | ) | 0.97 | 1.01 | 0.57 | 10 | 54 | |||||||||||||||||||
26.20 | (12.70 | ) | 0.95 | 0.95 | 0.51 | 11 | 63 | |||||||||||||||||||
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 | )(e) | 0.95 | (f) | 1.15 | (f) | 0.71 | (f) | 10 | 135 | ||||||||||||||||
27.54 | 15.11 | (e) | 1.03 | (f) | 1.08 | (f) | 0.19 | (f) | 74,383 | 33 | (e) | |||||||||||||||
23.99 | (4.66 | ) | 1.03 | 1.08 | 0.52 | 71,703 | 54 | |||||||||||||||||||
26.14 | (12.76 | ) | 1.03 | 1.03 | 0.41 | 82,062 | 63 | |||||||||||||||||||
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 | |||||||||||||||||||
27.54 | 15.06 | (e) | 1.03 | (f) | 1.08 | (f) | 0.19 | (f) | 207 | 33 | (e) | |||||||||||||||
24.00 | (4.66 | ) | 1.03 | 1.08 | 0.55 | 185 | 54 | |||||||||||||||||||
26.15 | (12.73 | ) | 1.03 | 1.05 | 0.69 | 272 | 63 | |||||||||||||||||||
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 | )(e) | 1.03 | (f) | 1.15 | (f) | 0.62 | (f) | 10 | 135 |
See Notes to Financial Statements. | 109 |
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 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 24.06 | $ | 0.04 | $ | 3.59 | $ | 3.63 | $ | (0.07 | ) | $ | – | $ | (0.07 | ) | ||||||||||||
10/31/2023 | 26.20 | 0.15 | (1.28 | ) | (1.13 | ) | (0.17 | ) | (0.84 | ) | (1.01 | ) | ||||||||||||||||
10/31/2022 | 33.16 | 0.14 | (3.87 | ) | (3.73 | ) | (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(g) | 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) | Amount is less than $0.01. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Commencement of operations was 6/28/2019 and date shares first became available to the public was 7/1/2019. |
110 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
Net asset value, end of period | Total return (%)(b) | Total expenses after waivers and/or reimburse- ments (%) | Total expenses (%) | Net invest- ment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
$ | 27.62 | 15.12 | (e) | 0.97 | (f) | 1.03 | (f) | 0.25 | (f) | $ | 12,853 | 33 | (e) | |||||||||||||
24.06 | (4.60 | ) | 0.97 | 1.03 | 0.56 | 9,998 | 54 | |||||||||||||||||||
26.20 | (12.73 | ) | 0.98 | 0.98 | 0.50 | 10,472 | 63 | |||||||||||||||||||
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 | )(e) | 0.95 | (f) | 1.24 | (f) | 1.01 | (f) | 1,336 | 135 |
See Notes to Financial Statements. | 111 |
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 (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 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 11.92 | $ | 0.06 | $ | 2.49 | $ | 2.55 | $ | (0.11 | ) | $ | – | $ | (0.11 | ) | ||||||||||||
10/31/2023 | 12.44 | 0.12 | 0.01 | 0.13 | (0.14 | ) | (0.51 | ) | (0.65 | ) | ||||||||||||||||||
10/31/2022 | 15.04 | 0.15 | (1.03 | ) | (0.88 | ) | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2024(c) | 10.13 | 0.01 | 2.12 | 2.13 | (0.02 | ) | – | (0.02 | ) | |||||||||||||||||||
10/31/2023 | 10.66 | 0.03 | 0.01 | 0.04 | (0.06 | ) | (0.51 | ) | (0.57 | ) | ||||||||||||||||||
10/31/2022 | 13.10 | 0.05 | (0.88 | ) | (0.83 | ) | (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 | ) | ||||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2024(c) | 11.75 | 0.07 | 2.44 | 2.51 | (0.12 | ) | – | (0.12 | ) | |||||||||||||||||||
10/31/2023 | 12.26 | 0.14 | 0.02 | 0.16 | (0.16 | ) | (0.51 | ) | (0.67 | ) | ||||||||||||||||||
10/31/2022 | 14.85 | 0.17 | (1.02 | ) | (0.85 | ) | (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 | ) | ||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.14 | 0.08 | 2.53 | 2.61 | (0.14 | ) | – | (0.14 | ) | |||||||||||||||||||
10/31/2023 | 12.65 | 0.16 | 0.02 | 0.18 | (0.18 | ) | (0.51 | ) | (0.69 | ) | ||||||||||||||||||
10/31/2022 | 15.26 | 0.20 | (1.05 | ) | (0.85 | ) | (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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.03 | 0.08 | 2.51 | 2.59 | (0.14 | ) | – | (0.14 | ) | |||||||||||||||||||
10/31/2023 | 12.55 | 0.15 | 0.02 | 0.17 | (0.18 | ) | (0.51 | ) | (0.69 | ) | ||||||||||||||||||
10/31/2022 | 15.16 | 0.19 | (1.04 | ) | (0.85 | ) | (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 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
4/30/2024(c) | 11.59 | 0.05 | 2.42 | 2.47 | (0.08 | ) | – | (0.08 | ) | |||||||||||||||||||
10/31/2023 | 12.12 | 0.09 | 0.01 | 0.10 | (0.12 | ) | (0.51 | ) | (0.63 | ) | ||||||||||||||||||
10/31/2022 | 14.69 | 0.12 | (1.00 | ) | (0.88 | ) | (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 | ) |
112 | See Notes to Financial Statements. |
Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
Net asset value, end of period | Total return (%)(b) | Total expenses after waivers and/or reimburse- ments (%) | Total expenses (%) | Net invest- ment income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
$ | 14.36 | 21.53 | (d) | 0.95 | (e) | 0.95 | (e) | 0.89 | (e) | $ | 1,224,160 | 22 | (d) | |||||||||||||
11.92 | 0.92 | 0.94 | 0.94 | 0.98 | 1,068,294 | 26 | ||||||||||||||||||||
12.44 | (6.81 | ) | 0.96 | 0.96 | 1.19 | 1,186,259 | 50 | |||||||||||||||||||
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 | ||||||||||||||||||||
12.24 | 21.01 | (d) | 1.70 | (e) | 1.70 | (e) | 0.14 | (e) | 23,461 | 22 | (d) | |||||||||||||||
10.13 | 0.15 | 1.69 | 1.69 | 0.26 | 23,316 | 26 | ||||||||||||||||||||
10.66 | (7.50 | ) | 1.71 | 1.71 | 0.43 | 38,197 | 50 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.14 | 21.55 | (d) | 0.80 | (e) | 0.80 | (e) | 1.04 | (e) | 24,706 | 22 | (d) | |||||||||||||||
11.75 | 1.14 | 0.79 | 0.79 | 1.19 | 24,745 | 26 | ||||||||||||||||||||
12.26 | (6.75 | ) | 0.81 | 0.81 | 1.32 | 69,775 | 50 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.61 | 21.70 | (d) | 0.63 | (e) | 0.63 | (e) | 1.20 | (e) | 20,601 | 22 | (d) | |||||||||||||||
12.14 | 1.26 | 0.63 | 0.63 | 1.28 | 17,642 | 26 | ||||||||||||||||||||
12.65 | (6.58 | ) | 0.63 | 0.63 | 1.53 | 18,159 | 50 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.48 | 21.72 | (d) | 0.70 | (e) | 0.70 | (e) | 1.12 | (e) | 558,783 | 22 | (d) | |||||||||||||||
12.03 | 1.18 | 0.69 | 0.69 | 1.22 | 545,537 | 26 | ||||||||||||||||||||
12.55 | (6.65 | ) | 0.71 | 0.71 | 1.48 | 561,349 | 50 | |||||||||||||||||||
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 | ||||||||||||||||||||
13.98 | 21.45 | (d) | 1.15 | (e) | 1.15 | (e) | 0.70 | (e) | 2,973 | 22 | (d) | |||||||||||||||
11.59 | 0.65 | 1.14 | 1.14 | 0.80 | 3,237 | 26 | ||||||||||||||||||||
12.12 | (7.03 | ) | 1.16 | 1.16 | 0.99 | 4,074 | 50 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 113 |
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 (loss)(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 11.56 | $ | 0.04 | $ | 2.42 | $ | 2.46 | $ | (0.07 | ) | $ | – | $ | (0.07 | ) | ||||||||||||
10/31/2023 | 12.08 | 0.07 | 0.02 | 0.09 | (0.10 | ) | (0.51 | ) | (0.61 | ) | ||||||||||||||||||
10/31/2022 | 14.64 | 0.10 | (0.99 | ) | (0.89 | ) | (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 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2024(c) | 11.61 | 0.04 | 2.43 | 2.47 | (0.08 | ) | – | (0.08 | ) | |||||||||||||||||||
10/31/2023 | 12.13 | 0.09 | 0.01 | 0.10 | (0.11 | ) | (0.51 | ) | (0.62 | ) | ||||||||||||||||||
10/31/2022 | 14.70 | 0.12 | (1.01 | ) | (0.89 | ) | (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 | ) | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2024(c) | 11.84 | 0.06 | 2.48 | 2.54 | (0.11 | ) | – | (0.11 | ) | |||||||||||||||||||
10/31/2023 | 12.37 | 0.12 | 0.01 | 0.13 | (0.15 | ) | (0.51 | ) | (0.66 | ) | ||||||||||||||||||
10/31/2022 | 14.96 | 0.15 | (1.02 | ) | (0.87 | ) | (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 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.04 | 0.08 | 2.51 | 2.59 | (0.14 | ) | – | (0.14 | ) | |||||||||||||||||||
10/31/2023 | 12.56 | 0.15 | 0.02 | 0.17 | (0.18 | ) | (0.51 | ) | (0.69 | ) | ||||||||||||||||||
10/31/2022 | 15.17 | 0.18 | (1.03 | ) | (0.85 | ) | (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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.15 | 0.08 | 2.53 | 2.61 | (0.14 | ) | – | (0.14 | ) | |||||||||||||||||||
10/31/2023 | 12.66 | 0.16 | 0.02 | 0.18 | (0.18 | ) | (0.51 | ) | (0.69 | ) | ||||||||||||||||||
10/31/2022 | 15.27 | 0.19 | (1.04 | ) | (0.85 | ) | (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 | ) |
(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. |
114 | 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 (%) | ||||||||||||||||||||
$ | 13.95 | 21.33 | (d) | 1.30 | (e) | 1.30 | (e) | 0.53 | (e) | $ | 1,789 | 22 | (d) | |||||||||||||
11.56 | 0.59 | 1.29 | 1.29 | 0.62 | 1,964 | 26 | ||||||||||||||||||||
12.08 | (7.17 | ) | 1.31 | 1.31 | 0.82 | 2,114 | 50 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.00 | 21.36 | (d) | 1.20 | (e) | 1.20 | (e) | 0.64 | (e) | 62,329 | 22 | (d) | |||||||||||||||
11.61 | 0.66 | 1.19 | 1.19 | 0.73 | 57,037 | 26 | ||||||||||||||||||||
12.13 | (7.10 | ) | 1.21 | 1.21 | 0.93 | 63,110 | 50 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.27 | 21.58 | (d) | 0.95 | (e) | 0.95 | (e) | 0.87 | (e) | 3,140 | 22 | (d) | |||||||||||||||
11.84 | 0.86 | 0.94 | 0.94 | 0.99 | 2,523 | 26 | ||||||||||||||||||||
12.37 | (6.80 | ) | 0.96 | 0.96 | 1.20 | 2,969 | 50 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.49 | 21.71 | (d) | 0.70 | (e) | 0.70 | (e) | 1.12 | (e) | 994 | 22 | (d) | |||||||||||||||
12.04 | 1.17 | 0.69 | 0.69 | 1.22 | 781 | 26 | ||||||||||||||||||||
12.56 | (6.64 | ) | 0.71 | 0.71 | 1.42 | 776 | 50 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.62 | 21.69 | (d) | 0.63 | (e) | 0.63 | (e) | 1.21 | (e) | 9,107 | 22 | (d) | |||||||||||||||
12.15 | 1.26 | 0.63 | 0.63 | 1.29 | 7,577 | 26 | ||||||||||||||||||||
12.66 | (6.57 | ) | 0.63 | 0.63 | 1.44 | 8,039 | 50 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 115 |
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 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 12.42 | $ | 0.07 | $ | 2.69 | $ | 2.76 | $ | (0.12 | ) | $ | – | $ | (0.12 | ) | ||||||||||||
10/31/2023 | 11.37 | 0.13 | 1.00 | 1.13 | (0.08 | ) | – | (0.08 | ) | |||||||||||||||||||
10/31/2022 | 16.61 | 0.10 | (3.04 | ) | (2.94 | ) | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.24 | 0.02 | 2.65 | 2.67 | (0.03 | ) | – | (0.03 | ) | |||||||||||||||||||
10/31/2023 | 11.22 | 0.04 | 0.98 | 1.02 | – | – | – | |||||||||||||||||||||
10/31/2022 | 16.41 | – | (f) | (3.00 | ) | (3.00 | ) | (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 | ) | ||||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.45 | 0.08 | 2.70 | 2.78 | (0.13 | ) | – | (0.13 | ) | |||||||||||||||||||
10/31/2023 | 11.39 | 0.16 | 0.99 | 1.15 | (0.09 | ) | – | (0.09 | ) | |||||||||||||||||||
10/31/2022 | 16.65 | 0.11 | (3.05 | ) | (2.94 | ) | (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 | ) | ||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.47 | 0.10 | 2.70 | 2.80 | (0.16 | ) | – | (0.16 | ) | |||||||||||||||||||
10/31/2023 | 11.41 | 0.18 | 1.00 | 1.18 | (0.12 | ) | – | (0.12 | ) | |||||||||||||||||||
10/31/2022 | 16.68 | 0.13 | (3.06 | ) | (2.93 | ) | (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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.45 | 0.10 | 2.69 | 2.79 | (0.15 | ) | – | (0.15 | ) | |||||||||||||||||||
10/31/2023 | 11.40 | 0.16 | 1.00 | 1.16 | (0.11 | ) | – | (0.11 | ) | |||||||||||||||||||
10/31/2022 | 16.66 | 0.12 | (3.04 | ) | (2.92 | ) | (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 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.31 | 0.05 | 2.68 | 2.73 | (0.09 | ) | – | (0.09 | ) | |||||||||||||||||||
10/31/2023 | 11.26 | 0.10 | 0.99 | 1.09 | (0.04 | ) | – | (0.04 | ) | |||||||||||||||||||
10/31/2022 | 16.47 | 0.08 | (3.02 | ) | (2.94 | ) | (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 | ) |
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 (%) | ||||||||||||||||||||
$ | 15.06 | 22.28 | (d) | 0.90 | (e) | 2.07 | (e) | 1.01 | (e) | $ | 6,838 | 20 | (d) | |||||||||||||
12.42 | 9.98 | 0.90 | 2.55 | 1.08 | 5,163 | 55 | ||||||||||||||||||||
11.37 | (20.30 | ) | 0.90 | 3.43 | 0.79 | 4,236 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.88 | 21.83 | (d) | 1.65 | (e) | 2.78 | (e) | 0.31 | (e) | 571 | 20 | (d) | |||||||||||||||
12.24 | 9.09 | 1.65 | 3.33 | 0.35 | 345 | 55 | ||||||||||||||||||||
11.22 | (20.87 | ) | 1.65 | 4.05 | (0.03 | ) | 392 | 70 | ||||||||||||||||||
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 | ||||||||||||||||||||
15.10 | 22.43 | (d) | 0.75 | (e) | 1.93 | (e) | 1.16 | (e) | 1,351 | 20 | (d) | |||||||||||||||
12.45 | 10.16 | 0.75 | 2.42 | 1.25 | 1,099 | 55 | ||||||||||||||||||||
11.39 | (20.26 | ) | 0.75 | 3.21 | 0.86 | 1,277 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
15.11 | 22.50 | (d) | 0.56 | (e) | 1.71 | (e) | 1.36 | (e) | 17 | 20 | (d) | |||||||||||||||
12.47 | 10.38 | 0.57 | 2.04 | 1.42 | 14 | 55 | ||||||||||||||||||||
11.41 | (20.15 | ) | 0.59 | 2.99 | 0.99 | 13 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
15.09 | 22.50 | (d) | 0.65 | (e) | 1.74 | (e) | 1.36 | (e) | 9,874 | 20 | (d) | |||||||||||||||
12.45 | 10.26 | 0.65 | 2.29 | 1.32 | 3,245 | 55 | ||||||||||||||||||||
11.40 | (20.17 | ) | 0.65 | 3.12 | 0.93 | 1,085 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.95 | 22.19 | (d) | 1.15 | (e) | 2.32 | (e) | 0.75 | (e) | 739 | 20 | (d) | |||||||||||||||
12.31 | 9.67 | 1.15 | 2.80 | 0.83 | 598 | 55 | ||||||||||||||||||||
11.26 | (20.47 | ) | 1.15 | 3.67 | 0.59 | 506 | 70 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 117 |
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 R4 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 12.41 | $ | 0.07 | $ | 2.70 | $ | 2.77 | $ | – | $ | – | $ | – | ||||||||||||||
10/31/2023 | 11.37 | 0.15 | 0.98 | 1.13 | (0.09 | ) | – | (0.09 | ) | |||||||||||||||||||
10/31/2022 | 16.62 | 0.14 | (3.09 | ) | (2.95 | ) | (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 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.46 | 0.09 | 2.70 | 2.79 | (0.15 | ) | – | (0.15 | ) | |||||||||||||||||||
10/31/2023 | 11.40 | 0.17 | 1.00 | 1.17 | (0.11 | ) | – | (0.11 | ) | |||||||||||||||||||
10/31/2022 | 16.66 | 0.12 | (3.04 | ) | (2.92 | ) | (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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.47 | 0.10 | 2.69 | 2.79 | (0.15 | ) | – | (0.15 | ) | |||||||||||||||||||
10/31/2023 | 11.41 | 0.18 | 1.00 | 1.18 | (0.12 | ) | – | (0.12 | ) | |||||||||||||||||||
10/31/2022 | 16.67 | 0.14 | (3.06 | ) | (2.92 | ) | (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 | ) |
(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 is less than $0.01. |
118 | 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 (%) | ||||||||||||||||||||
$ | 15.18 | 22.32 | (d) | 0.90 | (e) | 2.07 | (e) | 1.00 | (e) | $ | 17 | 20 | (d) | |||||||||||||
12.41 | 9.97 | 0.90 | 2.62 | 1.26 | 14 | 55 | ||||||||||||||||||||
11.37 | (20.37 | ) | 0.90 | 3.88 | 1.17 | 514 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
15.10 | 22.46 | (d) | 0.65 | (e) | 1.82 | (e) | 1.25 | (e) | 17 | 20 | (d) | |||||||||||||||
12.46 | 10.31 | 0.65 | 2.30 | 1.35 | 14 | 55 | ||||||||||||||||||||
11.40 | (20.17 | ) | 0.65 | 3.14 | 0.93 | 13 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
15.11 | 22.50 | (d) | 0.55 | (e) | 1.70 | (e) | 1.36 | (e) | 4,634 | 20 | (d) | |||||||||||||||
12.47 | 10.38 | 0.57 | 1.99 | 1.39 | 3,414 | 55 | ||||||||||||||||||||
11.41 | (20.10 | ) | 0.59 | 3.02 | 1.06 | 919 | 70 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 119 |
Financial Highlights (unaudited)
GROWTH LEADERS FUND
Per Share Operating Performance: | ||||||||||||||||||||||||
Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net realized gain | Net asset value, end of period | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
4/30/2024(c) | $ | 27.67 | $ | (0.09 | ) | $ | 8.60 | $ | 8.51 | $ | – | $ | 36.18 | |||||||||||
10/31/2023 | 26.45 | (0.15 | ) | 1.37 | 1.22 | – | 27.67 | |||||||||||||||||
10/31/2022 | 52.70 | (0.16 | ) | (16.09 | ) | (16.25 | ) | (10.00 | ) | 26.45 | ||||||||||||||
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 | ||||||||||||||||
Class C | ||||||||||||||||||||||||
4/30/2024(c) | 23.76 | (0.19 | ) | 7.38 | 7.19 | – | 30.95 | |||||||||||||||||
10/31/2023 | 22.88 | (0.31 | ) | 1.19 | 0.88 | – | 23.76 | |||||||||||||||||
10/31/2022 | 47.22 | (0.36 | ) | (13.98 | ) | (14.34 | ) | (10.00 | ) | 22.88 | ||||||||||||||
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 | ||||||||||||||||
Class F | ||||||||||||||||||||||||
4/30/2024(c) | 28.76 | (0.05 | ) | 8.94 | 8.89 | – | 37.65 | |||||||||||||||||
10/31/2023 | 27.42 | (0.07 | ) | 1.41 | 1.34 | – | 28.76 | |||||||||||||||||
10/31/2022 | 54.15 | (0.08 | ) | (16.65 | ) | (16.73 | ) | (10.00 | ) | 27.42 | ||||||||||||||
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 | ||||||||||||||||
Class F3 | ||||||||||||||||||||||||
4/30/2024(c) | 29.27 | (0.04 | ) | 9.10 | 9.06 | – | 38.33 | |||||||||||||||||
10/31/2023 | 27.89 | (0.07 | ) | 1.45 | 1.38 | – | 29.27 | |||||||||||||||||
10/31/2022 | 54.88 | (0.06 | ) | (16.93 | ) | (16.99 | ) | (10.00 | ) | 27.89 | ||||||||||||||
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 | ||||||||||||||||
Class I | ||||||||||||||||||||||||
4/30/2024(c) | 29.02 | (0.05 | ) | 9.02 | 8.97 | – | 37.99 | |||||||||||||||||
10/31/2023 | 27.67 | (0.09 | ) | 1.44 | 1.35 | – | 29.02 | |||||||||||||||||
10/31/2022 | 54.56 | (0.08 | ) | (16.81 | ) | (16.89 | ) | (10.00 | ) | 27.67 | ||||||||||||||
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 | ||||||||||||||||
Class R2 | ||||||||||||||||||||||||
4/30/2024(c) | 26.59 | (0.15 | ) | 8.26 | 8.11 | – | 34.70 | |||||||||||||||||
10/31/2023 | 25.50 | (0.23 | ) | 1.32 | 1.09 | – | 26.59 | |||||||||||||||||
10/31/2022 | 51.32 | (0.26 | ) | (15.56 | ) | (15.82 | ) | (10.00 | ) | 25.50 | ||||||||||||||
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 | ||||||||||||||||
Class R3 | ||||||||||||||||||||||||
4/30/2024(c) | 26.62 | (0.13 | ) | 8.27 | 8.14 | – | 34.76 | |||||||||||||||||
10/31/2023 | 25.51 | (0.22 | ) | 1.33 | 1.11 | – | 26.62 | |||||||||||||||||
10/31/2022 | 51.28 | (0.23 | ) | (15.54 | ) | (15.77 | ) | (10.00 | ) | 25.51 | ||||||||||||||
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 |
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 income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
30.76 | (d) | 0.87 | (e) | 0.87 | (e) | (0.53 | )(e) | $ | 1,924,410 | 52 | (d) | |||||||||||
4.61 | 0.91 | 0.91 | (0.55 | ) | 1,491,196 | 120 | ||||||||||||||||
(38.05 | ) | 0.91 | 0.91 | (0.49 | ) | 1,569,330 | 146 | |||||||||||||||
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 | ||||||||||||||||
30.26 | (d) | 1.62 | (e) | 1.62 | (e) | (1.27 | )(e) | 467,146 | 52 | (d) | ||||||||||||
3.85 | 1.66 | 1.66 | (1.29 | ) | 425,713 | 120 | ||||||||||||||||
(38.52 | ) | 1.66 | 1.66 | (1.24 | ) | 543,043 | 146 | |||||||||||||||
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 | ||||||||||||||||
30.91 | (d) | 0.62 | (e) | 0.72 | (e) | (0.28 | )(e) | 267,126 | 52 | (d) | ||||||||||||
4.89 | 0.66 | 0.76 | (0.25 | ) | 244,364 | 120 | ||||||||||||||||
(37.89 | ) | 0.66 | 0.76 | (0.23 | ) | 775,269 | 146 | |||||||||||||||
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 | ||||||||||||||||
30.95 | (d) | 0.58 | (e) | 0.58 | (e) | (0.23 | )(e) | 427,706 | 52 | (d) | ||||||||||||
4.95 | 0.59 | 0.59 | (0.23 | ) | 382,432 | 120 | ||||||||||||||||
(37.85 | ) | 0.59 | 0.59 | (0.17 | ) | 430,492 | 146 | |||||||||||||||
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 | ||||||||||||||||
30.91 | (d) | 0.62 | (e) | 0.62 | (e) | (0.28 | )(e) | 2,537,833 | 52 | (d) | ||||||||||||
4.88 | 0.66 | 0.66 | (0.30 | ) | 2,124,007 | 120 | ||||||||||||||||
(37.89 | ) | 0.66 | 0.66 | (0.25 | ) | 2,087,818 | 146 | |||||||||||||||
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 | ||||||||||||||||
30.50 | (d) | 1.22 | (e) | 1.22 | (e) | (0.88 | )(e) | 1,616 | 52 | (d) | ||||||||||||
4.27 | 1.26 | 1.26 | (0.89 | ) | 1,452 | 120 | ||||||||||||||||
(38.28 | ) | 1.26 | 1.26 | (0.84 | ) | 2,155 | 146 | |||||||||||||||
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 | ||||||||||||||||
30.58 | (d) | 1.12 | (e) | 1.12 | (e) | (0.78 | )(e) | 21,093 | 52 | (d) | ||||||||||||
4.35 | 1.16 | 1.16 | (0.81 | ) | 15,019 | 120 | ||||||||||||||||
(38.20 | ) | 1.16 | 1.16 | (0.74 | ) | 13,621 | 146 | |||||||||||||||
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 |
See Notes to Financial Statements. | 121 |
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 income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net realized gain | Net asset value, end of period | |||||||||||||||||||
Class R4 | ||||||||||||||||||||||||
4/30/2024(c) | $ | 27.69 | $ | (0.09 | ) | $ | 8.60 | $ | 8.51 | $ | – | $ | 36.20 | |||||||||||
10/31/2023 | 26.46 | (0.15 | ) | 1.38 | 1.23 | – | 27.69 | |||||||||||||||||
10/31/2022 | 52.72 | (0.16 | ) | (16.10 | ) | (16.26 | ) | (10.00 | ) | 26.46 | ||||||||||||||
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 | ||||||||||||||||
Class R5 | ||||||||||||||||||||||||
4/30/2024(c) | 29.04 | (0.05 | ) | 9.02 | 8.97 | – | 38.01 | |||||||||||||||||
10/31/2023 | 27.68 | (0.09 | ) | 1.45 | 1.36 | – | 29.04 | |||||||||||||||||
10/31/2022 | 54.58 | (0.08 | ) | (16.82 | ) | (16.90 | ) | (10.00 | ) | 27.68 | ||||||||||||||
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 | ||||||||||||||||
Class R6 | ||||||||||||||||||||||||
4/30/2024(c) | 29.27 | (0.04 | ) | 9.10 | 9.06 | – | 38.33 | |||||||||||||||||
10/31/2023 | 27.89 | (0.07 | ) | 1.45 | 1.38 | – | 29.27 | |||||||||||||||||
10/31/2022 | 54.88 | (0.06 | ) | (16.93 | ) | (16.99 | ) | (10.00 | ) | 27.89 | ||||||||||||||
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 |
(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. |
122 | 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 (%) | |||||||||||||||||
30.73 | (d) | 0.87 | (e) | 0.87 | (e) | (0.53 | )(e) | $ | 11,578 | 52 | (d) | |||||||||||
4.65 | 0.91 | 0.91 | (0.54 | ) | 9,595 | 120 | ||||||||||||||||
(38.06 | ) | 0.91 | 0.91 | (0.49 | ) | 10,901 | 146 | |||||||||||||||
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 | ||||||||||||||||
30.93 | (d) | 0.62 | (e) | 0.62 | (e) | (0.28 | )(e) | 10,722 | 52 | (d) | ||||||||||||
4.88 | 0.66 | 0.66 | (0.30 | ) | 9,206 | 120 | ||||||||||||||||
(37.91 | ) | 0.66 | 0.66 | (0.24 | ) | 9,706 | 146 | |||||||||||||||
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 | ||||||||||||||||
30.95 | (d) | 0.58 | (e) | 0.58 | (e) | (0.24 | )(e) | 137,823 | 52 | (d) | ||||||||||||
4.95 | 0.59 | 0.59 | (0.23 | ) | 113,990 | 120 | ||||||||||||||||
(37.85 | ) | 0.59 | 0.59 | (0.17 | ) | 124,498 | 146 | |||||||||||||||
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 |
See Notes to Financial Statements. | 123 |
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 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 15.39 | $ | (0.04 | ) | $ | 3.07 | $ | 3.03 | $ | – | $ | – | $ | – | |||||||||||||
10/31/2023 | 17.07 | (0.07 | ) | (1.61 | ) | (1.68 | ) | – | – | – | ||||||||||||||||||
10/31/2022 | 21.96 | (0.05 | ) | (3.37 | ) | (3.42 | ) | – | (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 | ||||||||||||||||||||||||||||
4/30/2024(c) | 14.86 | (0.10 | ) | 2.96 | 2.86 | – | – | – | ||||||||||||||||||||
10/31/2023 | 16.61 | (0.20 | ) | (1.55 | ) | (1.75 | ) | – | – | – | ||||||||||||||||||
10/31/2022 | 21.56 | (0.17 | ) | (3.31 | ) | (3.48 | ) | – | (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 | ||||||||||||||||||||||||||||
4/30/2024(c) | 15.56 | (0.01 | ) | 3.09 | 3.08 | – | – | – | ||||||||||||||||||||
10/31/2023 | 17.22 | (0.03 | ) | (1.63 | ) | (1.66 | ) | – | – | – | ||||||||||||||||||
10/31/2022 | 22.08 | – | (h) | (3.39 | ) | (3.39 | ) | – | (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 | ||||||||||||||||||||||||||||
4/30/2024(c) | 15.56 | – | (h) | 3.09 | 3.09 | – | – | – | ||||||||||||||||||||
10/31/2023 | 17.23 | – | (h) | (1.62 | ) | (1.62 | ) | (0.05 | ) | – | (0.05 | ) | ||||||||||||||||
10/31/2022 | 22.07 | 0.02 | (3.39 | ) | (3.37 | ) | – | (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 | ||||||||||||||||||||||||||||
4/30/2024(c) | 15.53 | (0.02 | ) | 3.10 | 3.08 | – | – | – | ||||||||||||||||||||
10/31/2023 | 17.21 | (0.03 | ) | (1.63 | ) | (1.66 | ) | (0.02 | ) | – | (0.02 | ) | ||||||||||||||||
10/31/2022 | 22.07 | – | (h) | (3.39 | ) | (3.39 | ) | – | (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 | ||||||||||||||||||||||||||||
4/30/2024(c) | 15.21 | (0.06 | ) | 3.03 | 2.97 | – | – | – | ||||||||||||||||||||
10/31/2023 | 16.91 | (0.11 | ) | (1.59 | ) | (1.70 | ) | – | – | – | ||||||||||||||||||
10/31/2022 | 21.82 | (0.09 | ) | (3.35 | ) | (3.44 | ) | – | (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 | ) | – | – | – |
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 (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
$ | 18.42 | 19.61 | (d) | 1.03 | (e) | 3.35 | (e) | (0.41 | )(e) | $ | 4,357 | 54 | (d) | |||||||||||||
15.39 | (9.78 | ) | 1.03 | 3.53 | (0.42 | ) | 3,853 | 74 | ||||||||||||||||||
17.07 | (16.29 | ) | 1.03 | 4.11 | (0.26 | ) | 3,177 | 49 | ||||||||||||||||||
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) | |||||||||||||||
17.72 | 19.17 | (d) | 1.78 | (e) | 4.10 | (e) | (1.14 | )(e) | 1,149 | 54 | (d) | |||||||||||||||
14.86 | (10.48 | ) | 1.78 | 4.26 | (1.19 | ) | 930 | 74 | ||||||||||||||||||
16.61 | (16.91 | ) | 1.78 | 4.85 | (1.02 | ) | 607 | 49 | ||||||||||||||||||
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) | |||||||||||||||
18.64 | 19.72 | (d) | 0.78 | (e) | 3.20 | (e) | (0.15 | )(e) | 208 | 54 | (d) | |||||||||||||||
15.56 | (9.58 | ) | 0.78 | 3.41 | (0.15 | ) | 173 | 74 | ||||||||||||||||||
17.22 | (16.05 | ) | 0.78 | 3.97 | 0.01 | 373 | 49 | |||||||||||||||||||
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) | |||||||||||||||
18.65 | 19.86 | (d) | 0.61 | (e) | 3.05 | (e) | 0.02 | (e) | 34 | 54 | (d) | |||||||||||||||
15.56 | (9.45 | ) | 0.62 | 3.11 | (0.01 | ) | 28 | 74 | ||||||||||||||||||
17.23 | (15.96 | ) | 0.68 | 3.69 | 0.09 | 31 | 49 | |||||||||||||||||||
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) | |||||||||||||||
18.61 | 19.76 | (d) | 0.78 | (e) | 3.13 | (e) | (0.18 | )(e) | 39 | 54 | (d) | |||||||||||||||
15.53 | (9.58 | ) | 0.78 | 3.26 | (0.18 | ) | 49 | 74 | ||||||||||||||||||
17.21 | (16.06 | ) | 0.78 | 3.85 | (0.03 | ) | 15 | 49 | ||||||||||||||||||
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) | |||||||||||||||
18.18 | 19.45 | (d) | 1.28 | (e) | 3.60 | (e) | (0.68 | )(e) | 22 | 54 | (d) | |||||||||||||||
15.21 | (9.99 | ) | 1.28 | 3.75 | (0.65 | ) | 24 | 74 | ||||||||||||||||||
16.91 | (16.50 | ) | 1.28 | 4.35 | (0.52 | ) | 11 | 49 | ||||||||||||||||||
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) |
See Notes to Financial Statements. | 125 |
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 R4 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 15.39 | $ | (0.04 | ) | $ | 3.06 | $ | 3.02 | $ | – | $ | – | $ | – | |||||||||||||
10/31/2023 | 17.07 | (0.07 | ) | (1.61 | ) | (1.68 | ) | – | – | – | ||||||||||||||||||
10/31/2022 | 21.95 | (0.04 | ) | (3.37 | ) | (3.41 | ) | – | (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 | ) | – | – | – | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2024(c) | 15.53 | (0.01 | ) | 3.09 | 3.08 | – | – | – | ||||||||||||||||||||
10/31/2023 | 17.21 | (0.03 | ) | (1.63 | ) | (1.66 | ) | (0.02 | ) | – | (0.02 | ) | ||||||||||||||||
10/31/2022 | 22.07 | – | (h) | (3.39 | ) | (3.39 | ) | – | (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 | ||||||||||||||||||||||||||||
4/30/2024(c) | 15.56 | – | (h) | 3.10 | 3.10 | – | – | – | ||||||||||||||||||||
10/31/2023 | 17.24 | – | (h) | (1.63 | ) | (1.63 | ) | (0.05 | ) | – | (0.05 | ) | ||||||||||||||||
10/31/2022 | 22.08 | 0.01 | (3.38 | ) | (3.37 | ) | – | (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) | 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. |
(g) | Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 7/26/2019 through 7/31/2019. |
(h) | Amount is less than $0.01. |
(i) | Amount is less than 0.01%. |
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 (%) | ||||||||||||||||||||
$ | 18.41 | 19.62 | (d) | 1.02 | (e) | 3.33 | (e) | (0.42 | )(e) | $ | 12 | 54 | (d) | |||||||||||||
15.39 | (9.84 | ) | 1.03 | 3.53 | (0.41 | ) | 10 | 74 | ||||||||||||||||||
17.07 | (16.25 | ) | 1.03 | 4.10 | (0.26 | ) | 11 | 49 | ||||||||||||||||||
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) | |||||||||||||||
18.61 | 19.76 | (d) | 0.75 | (e) | 3.06 | (e) | (0.12 | )(e) | 12 | 54 | (d) | |||||||||||||||
15.53 | (9.58 | ) | 0.78 | 3.28 | (0.15 | ) | 10 | 74 | ||||||||||||||||||
17.21 | (16.06 | ) | 0.78 | 3.84 | (0.01 | ) | 11 | 49 | ||||||||||||||||||
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) | |||||||||||||||
18.66 | 19.85 | (d) | 0.60 | (e) | 3.04 | (e) | 0.03 | (e) | 2,318 | 54 | (d) | |||||||||||||||
15.56 | (9.44 | ) | 0.62 | 3.11 | (0.01 | ) | 1,885 | 74 | ||||||||||||||||||
17.24 | (15.95 | ) | 0.68 | 3.68 | 0.08 | 2,198 | 49 | |||||||||||||||||||
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. | 127 |
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 (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 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 12.37 | $ | 0.10 | $ | 2.49 | $ | 2.59 | $ | (0.24 | ) | $ | – | $ | (0.24 | ) | ||||||||||||
10/31/2023 | 11.61 | 0.22 | 0.79 | 1.01 | (0.25 | ) | – | (0.25 | ) | |||||||||||||||||||
10/31/2022 | 17.67 | 0.26 | (4.35 | ) | (4.09 | ) | (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 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.31 | 0.04 | 2.49 | 2.53 | (0.06 | ) | – | (0.06 | ) | |||||||||||||||||||
10/31/2023 | 11.53 | 0.08 | 0.83 | 0.91 | (0.13 | ) | – | (0.13 | ) | |||||||||||||||||||
10/31/2022 | 17.54 | 0.15 | (4.34 | ) | (4.19 | ) | (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 | ) | |||||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.33 | 0.11 | 2.48 | 2.59 | (0.26 | ) | – | (0.26 | ) | |||||||||||||||||||
10/31/2023 | 11.57 | 0.22 | 0.81 | 1.03 | (0.27 | ) | – | (0.27 | ) | |||||||||||||||||||
10/31/2022 | 17.61 | 0.25 | (4.29 | ) | (4.04 | ) | (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 | ) | |||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.58 | 0.13 | 2.53 | 2.66 | (0.28 | ) | – | (0.28 | ) | |||||||||||||||||||
10/31/2023 | 11.80 | 0.28 | 0.79 | 1.07 | (0.29 | ) | – | (0.29 | ) | |||||||||||||||||||
10/31/2022 | 17.92 | 0.33 | (4.44 | ) | (4.11 | ) | (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 | ) | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.54 | 0.12 | 2.52 | 2.64 | (0.27 | ) | – | (0.27 | ) | |||||||||||||||||||
10/31/2023 | 11.77 | 0.26 | 0.80 | 1.06 | (0.29 | ) | – | (0.29 | ) | |||||||||||||||||||
10/31/2022 | 17.88 | 0.31 | (4.41 | ) | (4.10 | ) | (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 | ) | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.40 | 0.09 | 2.48 | 2.57 | (0.21 | ) | – | (0.21 | ) | |||||||||||||||||||
10/31/2023 | 11.63 | 0.19 | 0.81 | 1.00 | (0.23 | ) | – | (0.23 | ) | |||||||||||||||||||
10/31/2022 | 17.69 | 0.24 | (4.37 | ) | (4.13 | ) | (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 | ) |
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 (%) | ||||||||||||||||||||
$ | 14.72 | 21.11 | (d) | 0.92 | (e) | 0.95 | (e) | 1.47 | (e) | $ | 152,738 | 39 | (d) | |||||||||||||
12.37 | 8.72 | 0.95 | 0.99 | 1.65 | 132,735 | 106 | ||||||||||||||||||||
11.61 | (25.75 | ) | 1.17 | 1.22 | 1.89 | 131,097 | 87 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.78 | 20.63 | (d) | 1.67 | (e) | 1.70 | (e) | 0.63 | (e) | 1,412 | 39 | (d) | |||||||||||||||
12.31 | 7.82 | 1.72 | 1.76 | 0.63 | 1,414 | 106 | ||||||||||||||||||||
11.53 | (26.26 | ) | 1.92 | 1.97 | 1.09 | 4,161 | 87 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.66 | 21.15 | (d) | 0.77 | (e) | 0.80 | (e) | 1.60 | (e) | 4,226 | 39 | (d) | |||||||||||||||
12.33 | 8.89 | 0.80 | 0.84 | 1.68 | 3,894 | 106 | ||||||||||||||||||||
11.57 | (25.57 | ) | 0.96 | 1.06 | 1.76 | 7,986 | 87 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.96 | 21.31 | (d) | 0.60 | (e) | 0.63 | (e) | 1.77 | (e) | 12,735 | 39 | (d) | |||||||||||||||
12.58 | 9.07 | 0.61 | 0.65 | 2.08 | 11,841 | 106 | ||||||||||||||||||||
11.80 | (25.50 | ) | 0.84 | 0.89 | 2.39 | 5,987 | 87 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.91 | 21.28 | (d) | 0.67 | (e) | 0.70 | (e) | 1.70 | (e) | 149,098 | 39 | (d) | |||||||||||||||
12.54 | 8.98 | 0.69 | 0.73 | 1.94 | 136,201 | 106 | ||||||||||||||||||||
11.77 | (25.51 | ) | 0.86 | 0.97 | 2.23 | 121,926 | 87 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.76 | 20.91 | (d) | 1.09 | (e) | 1.12 | (e) | 1.31 | (e) | 12 | 39 | (d) | |||||||||||||||
12.40 | 8.57 | 1.14 | 1.18 | 1.44 | 10 | 106 | ||||||||||||||||||||
11.63 | (25.89 | ) | 1.37 | 1.39 | 1.71 | 9 | 87 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 129 |
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 (loss)(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 12.37 | $ | 0.08 | $ | 2.49 | $ | 2.57 | $ | (0.20 | ) | $ | – | $ | (0.20 | ) | ||||||||||||
10/31/2023 | 11.62 | 0.17 | 0.79 | 0.96 | (0.21 | ) | – | (0.21 | ) | |||||||||||||||||||
10/31/2022 | 17.67 | 0.22 | (4.37 | ) | (4.15 | ) | (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 | ) | |||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.15 | 0.09 | 2.43 | 2.52 | (0.20 | ) | – | (0.20 | ) | |||||||||||||||||||
10/31/2023 | 11.40 | 0.19 | 0.78 | 0.97 | (0.22 | ) | – | (0.22 | ) | |||||||||||||||||||
10/31/2022 | 17.38 | 0.22 | (4.28 | ) | (4.06 | ) | (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 | ) | |||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.30 | 0.10 | 2.47 | 2.57 | (0.24 | ) | – | (0.24 | ) | |||||||||||||||||||
10/31/2023 | 11.55 | 0.22 | 0.79 | 1.01 | (0.26 | ) | – | (0.26 | ) | |||||||||||||||||||
10/31/2022 | 17.58 | 0.26 | (4.33 | ) | (4.07 | ) | (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 | ) | |||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.45 | 0.29 | 2.32 | 2.61 | (0.27 | ) | – | (0.27 | ) | |||||||||||||||||||
10/31/2023 | 11.69 | 0.25 | 0.80 | 1.05 | (0.29 | ) | – | (0.29 | ) | |||||||||||||||||||
10/31/2022 | 17.78 | 0.21 | (4.29 | ) | (4.08 | ) | (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 | ) | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.57 | 0.13 | 2.53 | 2.66 | (0.28 | ) | – | (0.28 | ) | |||||||||||||||||||
10/31/2023 | 11.79 | 0.26 | 0.81 | 1.07 | (0.29 | ) | – | (0.29 | ) | |||||||||||||||||||
10/31/2022 | 17.91 | 0.31 | (4.42 | ) | (4.11 | ) | (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 | ) |
(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. |
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 (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
$ | 14.74 | 20.90 | (d) | 1.27 | (e) | 1.30 | (e) | 1.17 | (e) | $ | 211 | 39 | (d) | |||||||||||||
12.37 | 8.27 | 1.30 | 1.34 | 1.30 | 169 | 106 | ||||||||||||||||||||
11.62 | (25.98 | ) | 1.52 | 1.58 | 1.60 | 143 | 87 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.47 | 20.91 | (d) | 1.17 | (e) | 1.20 | (e) | 1.35 | (e) | 6,164 | 39 | (d) | |||||||||||||||
12.15 | 8.42 | 1.19 | 1.23 | 1.44 | 4,530 | 106 | ||||||||||||||||||||
11.40 | (25.88 | ) | 1.42 | 1.47 | 1.63 | 4,203 | 87 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.63 | 21.05 | (d) | 0.92 | (e) | 0.95 | (e) | 1.51 | (e) | 1,640 | 39 | (d) | |||||||||||||||
12.30 | 8.70 | 0.95 | 0.99 | 1.68 | 1,359 | 106 | ||||||||||||||||||||
11.55 | (25.71 | ) | 1.17 | 1.23 | 1.93 | 1,306 | 87 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.79 | 21.27 | (d) | 0.66 | (e) | 0.69 | (e) | 4.05 | (e) | 169 | 39 | (d) | |||||||||||||||
12.45 | 8.96 | 0.69 | 0.73 | 1.93 | 14 | 106 | ||||||||||||||||||||
11.69 | (25.56 | ) | 0.92 | 0.96 | 1.42 | 14 | 87 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.95 | 21.33 | (d) | 0.60 | (e) | 0.63 | (e) | 1.83 | (e) | 3,987 | 39 | (d) | |||||||||||||||
12.57 | 9.08 | 0.62 | 0.66 | 1.99 | 3,263 | 106 | ||||||||||||||||||||
11.79 | (25.51 | ) | 0.84 | 0.88 | 2.21 | 2,639 | 87 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 131 |
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 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 15.94 | $ | 0.19 | $ | 2.17 | $ | 2.36 | $ | (0.27 | ) | $ | – | $ | (0.27 | ) | ||||||||||||
10/31/2023 | 14.80 | 0.24 | 1.17 | 1.41 | (0.27 | ) | – | (0.27 | ) | |||||||||||||||||||
10/31/2022 | 21.36 | 0.19 | (6.27 | ) | (6.08 | ) | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2024(c) | 14.60 | 0.10 | 2.00 | 2.10 | (0.12 | ) | – | (0.12 | ) | |||||||||||||||||||
10/31/2023 | 13.54 | 0.09 | 1.10 | 1.19 | (0.13 | ) | – | (0.13 | ) | |||||||||||||||||||
10/31/2022 | 19.57 | 0.05 | (5.76 | ) | (5.71 | ) | (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 | ) | ||||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2024(c) | 15.81 | 0.19 | 2.17 | 2.36 | (0.29 | ) | – | (0.29 | ) | |||||||||||||||||||
10/31/2023 | 14.67 | 0.19 | 1.23 | 1.42 | (0.28 | ) | – | (0.28 | ) | |||||||||||||||||||
10/31/2022 | 21.19 | 0.22 | (6.23 | ) | (6.01 | ) | (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 | ) | ||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2024(c) | 16.62 | 0.23 | 2.26 | 2.49 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
10/31/2023 | 15.41 | 0.30 | 1.23 | 1.53 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
10/31/2022 | 22.22 | 0.27 | (6.54 | ) | (6.27 | ) | (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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2024(c) | 16.50 | 0.22 | 2.25 | 2.47 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
10/31/2023 | 15.31 | 0.29 | 1.22 | 1.51 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
10/31/2022 | 22.08 | 0.24 | (6.48 | ) | (6.24 | ) | (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 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
4/30/2024(c) | 16.37 | 0.18 | 2.23 | 2.41 | (0.13 | ) | – | (0.13 | ) | |||||||||||||||||||
10/31/2023 | 15.18 | 0.19 | 1.23 | 1.42 | (0.23 | ) | – | (0.23 | ) | |||||||||||||||||||
10/31/2022 | 21.89 | 0.17 | (6.45 | ) | (6.28 | ) | (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 | ) |
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 (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
$ | 18.03 | 14.84 | (d) | 1.22 | (e) | 1.24 | (e) | 2.09 | (e) | $ | 92,785 | 13 | (d) | |||||||||||||
15.94 | 9.54 | 1.22 | 1.25 | 1.38 | 85,371 | 39 | ||||||||||||||||||||
14.80 | (29.03 | ) | 1.22 | 1.26 | 1.10 | 84,505 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
16.58 | 14.37 | (d) | 1.98 | (e) | 2.00 | (e) | 1.24 | (e) | 4,181 | 13 | (d) | |||||||||||||||
14.60 | 8.76 | 1.98 | 2.01 | 0.56 | 4,729 | 39 | ||||||||||||||||||||
13.54 | (29.58 | ) | 1.97 | 2.00 | 0.30 | 7,226 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
17.88 | 14.94 | (d) | 1.08 | (e) | 1.10 | (e) | 2.17 | (e) | 3,496 | 13 | (d) | |||||||||||||||
15.81 | 9.70 | 1.08 | 1.11 | 1.16 | 3,683 | 39 | ||||||||||||||||||||
14.67 | (28.93 | ) | 1.07 | 1.10 | 1.22 | 13,570 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
18.79 | 15.01 | (d) | 0.90 | (e) | 0.92 | (e) | 2.43 | (e) | 30,408 | 13 | (d) | |||||||||||||||
16.62 | 9.94 | 0.89 | 0.92 | 1.68 | 27,245 | 39 | ||||||||||||||||||||
15.41 | (28.83 | ) | 0.89 | 0.93 | 1.47 | 25,732 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
18.65 | 14.98 | (d) | 0.97 | (e) | 0.99 | (e) | 2.35 | (e) | 156,299 | 13 | (d) | |||||||||||||||
16.50 | 9.85 | 0.97 | 1.00 | 1.64 | 143,466 | 39 | ||||||||||||||||||||
15.31 | (28.85 | ) | 0.97 | 1.01 | 1.34 | 153,655 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
18.65 | 14.71 | (d) | 1.41 | (e) | 1.43 | (e) | 1.94 | (e) | 25 | 13 | (d) | |||||||||||||||
16.37 | 9.37 | 1.43 | 1.46 | 1.09 | 21 | 39 | ||||||||||||||||||||
15.18 | (29.19 | ) | 1.42 | 1.46 | 0.93 | 113 | 70 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 133 |
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 R2 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 15.59 | $ | 0.15 | $ | 2.13 | $ | 2.28 | $ | (0.19 | ) | $ | – | $ | (0.19 | ) | ||||||||||||
10/31/2023 | 14.48 | 0.15 | 1.18 | 1.33 | (0.22 | ) | – | (0.22 | ) | |||||||||||||||||||
10/31/2022 | 20.89 | 0.13 | (6.15 | ) | (6.02 | ) | (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 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2024(c) | 15.59 | 0.16 | 2.14 | 2.30 | (0.24 | ) | – | (0.24 | ) | |||||||||||||||||||
10/31/2023 | 14.47 | 0.19 | 1.16 | 1.35 | (0.23 | ) | – | (0.23 | ) | |||||||||||||||||||
10/31/2022 | 20.82 | 0.15 | (6.15 | ) | (6.00 | ) | (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 | ) | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2024(c) | 15.86 | 0.19 | 2.16 | 2.35 | (0.28 | ) | – | (0.28 | ) | |||||||||||||||||||
10/31/2023 | 14.72 | 0.24 | 1.17 | 1.41 | (0.27 | ) | – | (0.27 | ) | |||||||||||||||||||
10/31/2022 | 21.26 | 0.19 | (6.25 | ) | (6.06 | ) | (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 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2024(c) | 16.49 | 0.22 | 2.25 | 2.47 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
10/31/2023 | 15.30 | 0.29 | 1.22 | 1.51 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
10/31/2022 | 22.07 | 0.24 | (6.48 | ) | (6.24 | ) | (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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
4/30/2024(c) | 16.62 | 0.23 | 2.26 | 2.49 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
10/31/2023 | 15.41 | 0.30 | 1.23 | 1.53 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
10/31/2022 | 22.22 | 0.26 | (6.53 | ) | (6.27 | ) | (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 | ) |
(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 is less than $0.01. |
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 (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
$ | 17.68 | 14.65 | (d) | 1.57 | (e) | 1.59 | (e) | 1.73 | (e) | $ | 1,566 | 13 | (d) | |||||||||||||
15.59 | 9.17 | 1.57 | 1.60 | 0.93 | 1,402 | 39 | ||||||||||||||||||||
14.48 | (29.28 | ) | 1.57 | 1.61 | 0.72 | 1,913 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
17.65 | 14.73 | (d) | 1.47 | (e) | 1.49 | (e) | 1.88 | (e) | 4,871 | 13 | (d) | |||||||||||||||
15.59 | 9.30 | 1.47 | 1.50 | 1.16 | 4,508 | 39 | ||||||||||||||||||||
14.47 | (29.24 | ) | 1.47 | 1.51 | 0.84 | 4,129 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
17.93 | 14.84 | (d) | 1.22 | (e) | 1.24 | (e) | 2.11 | (e) | 2,609 | 13 | (d) | |||||||||||||||
15.86 | 9.54 | 1.22 | 1.25 | 1.39 | 2,278 | 39 | ||||||||||||||||||||
14.72 | (29.02 | ) | 1.22 | 1.26 | 1.10 | 1,935 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
18.64 | 14.99 | (d) | 0.97 | (e) | 0.99 | (e) | 2.37 | (e) | 2,293 | 13 | (d) | |||||||||||||||
16.49 | 9.85 | 0.97 | 1.00 | 1.62 | 2,009 | 39 | ||||||||||||||||||||
15.30 | (28.88 | ) | 0.97 | 1.00 | 1.33 | 1,877 | 70 | |||||||||||||||||||
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 | ||||||||||||||||||||
18.79 | 15.01 | (d) | 0.90 | (e) | 0.92 | (e) | 2.44 | (e) | 18,292 | 13 | (d) | |||||||||||||||
16.62 | 9.94 | 0.89 | 0.92 | 1.70 | 16,179 | 39 | ||||||||||||||||||||
15.41 | (28.83 | ) | 0.89 | 0.93 | 1.42 | 15,946 | 70 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 135 |
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 | ||||||||||||||||||||||||
4/30/2024(c) | $ | 6.81 | $ | 0.12 | $ | 1.05 | $ | 1.17 | $ | (0.11 | ) | $ | 7.87 | |||||||||||
10/31/2023 | 6.14 | 0.19 | 0.68 | 0.87 | (0.20 | ) | 6.81 | |||||||||||||||||
10/31/2022 | 8.00 | 0.26 | (1.79 | ) | (1.53 | ) | (0.33 | ) | 6.14 | |||||||||||||||
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 | |||||||||||||||||
Class C | ||||||||||||||||||||||||
4/30/2024(c) | 6.76 | 0.09 | 1.05 | 1.14 | (0.08 | ) | 7.82 | |||||||||||||||||
10/31/2023 | 6.09 | 0.13 | 0.68 | 0.81 | (0.14 | ) | 6.76 | |||||||||||||||||
10/31/2022 | 7.93 | 0.22 | (1.79 | ) | (1.57 | ) | (0.27 | ) | 6.09 | |||||||||||||||
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 | |||||||||||||||||
Class F | ||||||||||||||||||||||||
4/30/2024(c) | 6.87 | 0.13 | 1.05 | 1.18 | (0.11 | ) | 7.94 | |||||||||||||||||
10/31/2023 | 6.18 | 0.19 | 0.70 | 0.89 | (0.20 | ) | 6.87 | |||||||||||||||||
10/31/2022 | 8.04 | 0.31 | (1.83 | ) | (1.52 | ) | (0.34 | ) | 6.18 | |||||||||||||||
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 | |||||||||||||||||
Class F3 | ||||||||||||||||||||||||
4/30/2024(c) | 6.87 | 0.14 | 1.05 | 1.19 | (0.11 | ) | 7.95 | |||||||||||||||||
10/31/2023 | 6.19 | 0.22 | 0.68 | 0.90 | (0.22 | ) | 6.87 | |||||||||||||||||
10/31/2022 | 8.06 | 0.28 | (1.80 | ) | (1.52 | ) | (0.35 | ) | 6.19 | |||||||||||||||
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 | |||||||||||||||||
Class I | ||||||||||||||||||||||||
4/30/2024(c) | 6.87 | 0.13 | 1.06 | 1.19 | (0.11 | ) | 7.95 | |||||||||||||||||
10/31/2023 | 6.19 | 0.22 | 0.68 | 0.90 | (0.22 | ) | 6.87 | |||||||||||||||||
10/31/2022 | 8.06 | 0.32 | (1.84 | ) | (1.52 | ) | (0.35 | ) | 6.19 | |||||||||||||||
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 |
136 | 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 (%) | |||||||||||||||||
17.15 | (d) | 0.96 | (e) | 0.98 | (e) | 3.25 | (e) | $ | 211,521 | 26 | (d) | |||||||||||
14.09 | 0.98 | 1.02 | 2.72 | 190,585 | 46 | |||||||||||||||||
(19.56 | ) | 1.12 | 1.18 | 3.66 | 181,412 | 67 | ||||||||||||||||
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 | |||||||||||||||||
16.83 | (d) | 1.71 | (e) | 1.73 | (e) | 2.43 | (e) | 2,617 | 26 | (d) | ||||||||||||
13.22 | 1.74 | 1.78 | 1.91 | 2,733 | 46 | |||||||||||||||||
(20.19 | ) | 1.87 | 1.93 | 3.00 | 5,037 | 67 | ||||||||||||||||
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 | |||||||||||||||||
17.23 | (d) | 0.81 | (e) | 0.83 | (e) | 3.38 | (e) | 5,156 | 26 | (d) | ||||||||||||
14.33 | 0.83 | 0.89 | 2.71 | 4,786 | 46 | |||||||||||||||||
(19.45 | ) | 0.92 | 1.02 | 4.11 | 9,803 | 67 | ||||||||||||||||
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 | |||||||||||||||||
17.43 | (d) | 0.62 | (e) | 0.64 | (e) | 3.58 | (e) | 32,364 | 26 | (d) | ||||||||||||
14.42 | 0.65 | 0.69 | 3.07 | 28,831 | 46 | |||||||||||||||||
(19.32 | ) | 0.80 | 0.87 | 3.92 | 22,938 | 67 | ||||||||||||||||
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 | |||||||||||||||||
17.43 | (d) | 0.71 | (e) | 0.73 | (e) | 3.52 | (e) | 150,461 | 26 | (d) | ||||||||||||
14.42 | 0.73 | 0.77 | 3.00 | 125,953 | 46 | |||||||||||||||||
(19.33 | ) | 0.82 | 0.91 | 4.23 | 117,542 | 67 | ||||||||||||||||
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 |
See Notes to Financial Statements. | 137 |
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 | ||||||||||||||||||||||||
4/30/2024(c) | $ | 6.99 | $ | 0.11 | $ | 1.07 | $ | 1.18 | $ | (0.09 | ) | $ | 8.08 | |||||||||||
10/31/2023 | 6.30 | 0.18 | 0.70 | 0.88 | (0.19 | ) | 6.99 | |||||||||||||||||
10/31/2022 | 8.21 | 0.21 | (1.81 | ) | (1.60 | ) | (0.31 | ) | 6.30 | |||||||||||||||
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 | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||
4/30/2024(c) | 6.89 | 0.11 | 1.06 | 1.17 | (0.09 | ) | 7.97 | |||||||||||||||||
10/31/2023 | 6.22 | 0.18 | 0.68 | 0.86 | (0.19 | ) | 6.89 | |||||||||||||||||
10/31/2022 | 8.09 | 0.24 | (1.80 | ) | (1.56 | ) | (0.31 | ) | 6.22 | |||||||||||||||
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 | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||
4/30/2024(c) | 6.79 | 0.12 | 1.05 | 1.17 | (0.11 | ) | 7.85 | |||||||||||||||||
10/31/2023 | 6.12 | 0.21 | 0.66 | 0.87 | (0.20 | ) | 6.79 | |||||||||||||||||
10/31/2022 | 7.98 | 0.27 | (1.80 | ) | (1.53 | ) | (0.33 | ) | 6.12 | |||||||||||||||
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 | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||
4/30/2024(c) | 6.84 | 0.13 | 1.05 | 1.18 | (0.11 | ) | 7.91 | |||||||||||||||||
10/31/2023 | 6.16 | 0.21 | 0.69 | 0.90 | (0.22 | ) | 6.84 | |||||||||||||||||
10/31/2022 | 8.03 | 0.27 | (1.79 | ) | (1.52 | ) | (0.35 | ) | 6.16 | |||||||||||||||
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 | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||
4/30/2024(c) | 6.87 | 0.14 | 1.05 | 1.19 | (0.11 | ) | 7.95 | |||||||||||||||||
10/31/2023 | 6.19 | 0.22 | 0.68 | 0.90 | (0.22 | ) | 6.87 | |||||||||||||||||
10/31/2022 | 8.06 | 0.29 | (1.81 | ) | (1.52 | ) | (0.35 | ) | 6.19 | |||||||||||||||
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 |
(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. |
138 | 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 (%) | |||||||||||||||||
16.95 | (d) | 1.30 | (e) | 1.32 | (e) | 2.93 | (e) | $ | 62 | 26 | (d) | |||||||||||
13.83 | 1.32 | 1.36 | 2.47 | 54 | 46 | |||||||||||||||||
(19.92 | ) | 1.47 | 1.55 | 2.95 | 44 | 67 | ||||||||||||||||
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 | |||||||||||||||||
17.08 | (d) | 1.21 | (e) | 1.23 | (e) | 2.80 | (e) | 5,385 | 26 | (d) | ||||||||||||
13.76 | 1.23 | 1.27 | 2.47 | 6,211 | 46 | |||||||||||||||||
(19.67 | ) | 1.37 | 1.43 | 3.36 | 6,003 | 67 | ||||||||||||||||
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 | |||||||||||||||||
17.21 | (d) | 0.96 | (e) | 0.98 | (e) | 3.28 | (e) | 139 | 26 | (d) | ||||||||||||
14.11 | 0.98 | 1.02 | 2.88 | 107 | 46 | |||||||||||||||||
(19.62 | ) | 1.12 | 1.18 | 3.70 | 109 | 67 | ||||||||||||||||
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 | |||||||||||||||||
17.36 | (d) | 0.67 | (e) | 0.69 | (e) | 3.55 | (e) | 12 | 26 | (d) | ||||||||||||
14.49 | 0.73 | 0.77 | 2.94 | 10 | 46 | |||||||||||||||||
(19.40 | ) | 0.87 | 0.93 | 3.69 | 14 | 67 | ||||||||||||||||
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 | |||||||||||||||||
17.43 | (d) | 0.62 | (e) | 0.64 | (e) | 3.60 | (e) | 1,764 | 26 | (d) | ||||||||||||
14.43 | 0.65 | 0.69 | 3.01 | 1,608 | 46 | |||||||||||||||||
(19.32 | ) | 0.80 | 0.87 | 3.97 | 1,374 | 67 | ||||||||||||||||
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 |
See Notes to Financial Statements. | 139 |
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 income (loss)(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net realized gain | Net asset value, end of period | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
4/30/2024(c) | $ | 11.05 | $ | (0.08 | ) | $ | 2.94 | $ | 2.86 | $ | – | $ | 13.91 | |||||||||||
10/31/2023 | 13.86 | (0.16 | ) | (2.65 | ) | (2.81 | ) | – | 11.05 | |||||||||||||||
10/31/2022 | 19.36 | (0.13 | ) | (5.37 | ) | (5.50 | ) | – | 13.86 | |||||||||||||||
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 | ||||||||||||||||
Class C | ||||||||||||||||||||||||
4/30/2024(c) | 13.21 | (0.16 | ) | 3.52 | 3.36 | – | 16.57 | |||||||||||||||||
10/31/2023 | 16.70 | (0.31 | ) | (3.18 | ) | (3.49 | ) | – | 13.21 | |||||||||||||||
10/31/2022 | 23.49 | (0.30 | ) | (6.49 | ) | (6.79 | ) | – | 16.70 | |||||||||||||||
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 | ||||||||||||||||||||||||
4/30/2024(c) | 13.64 | (0.08 | ) | 3.63 | 3.55 | – | 17.19 | |||||||||||||||||
10/31/2023 | 17.07 | (0.15 | ) | (3.28 | ) | (3.43 | ) | – | 13.64 | |||||||||||||||
10/31/2022 | 23.77 | (0.12 | ) | (6.58 | ) | (6.70 | ) | – | 17.07 | |||||||||||||||
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 | ||||||||||||||||||||||||
4/30/2024(c) | 13.64 | (0.08 | ) | 3.63 | 3.55 | – | 17.19 | |||||||||||||||||
10/31/2023 | 17.07 | (0.15 | ) | (3.28 | ) | (3.43 | ) | – | 13.64 | |||||||||||||||
10/31/2022 | 23.77 | (0.12 | ) | (6.58 | ) | (6.70 | ) | – | 17.07 | |||||||||||||||
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 |
(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. |
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 income (loss) (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | |||||||||||||||||
25.88 | (d) | 1.37 | (e) | 1.38 | (e) | (1.17 | )(e) | $ | 24,845 | 59 | (d) | |||||||||||
(20.27 | ) | 1.36 | 1.37 | (1.16 | ) | 24,056 | 121 | |||||||||||||||
(28.41 | ) | 1.40 | 1.41 | (0.91 | ) | 36,107 | 87 | |||||||||||||||
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 | ||||||||||||||||
25.44 | (d) | 2.12 | (e) | 2.13 | (e) | (1.92 | )(e) | 5,282 | 59 | (d) | ||||||||||||
(20.90 | ) | 2.12 | 2.13 | (1.91 | ) | 4,641 | 121 | |||||||||||||||
(28.91 | ) | 2.15 | 2.16 | (1.66 | ) | 6,827 | 87 | |||||||||||||||
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) | ||||||||||||
26.03 | (d) | 1.12 | (e) | 1.23 | (e) | (0.92 | )(e) | 9,500 | 59 | (d) | ||||||||||||
(20.09 | ) | 1.12 | 1.23 | (0.90 | ) | 11,019 | 121 | |||||||||||||||
(28.19 | ) | 1.15 | 1.25 | (0.63 | ) | 41,545 | 87 | |||||||||||||||
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) | ||||||||||||
26.03 | (d) | 1.12 | (e) | 1.13 | (e) | (0.93 | )(e) | 143,375 | 59 | (d) | ||||||||||||
(20.09 | ) | 1.11 | 1.12 | (0.91 | ) | 123,214 | 121 | |||||||||||||||
(28.19 | ) | 1.15 | 1.16 | (0.68 | ) | 149,122 | 87 | |||||||||||||||
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 |
See Notes to Financial Statements. | 141 |
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 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 15.52 | $ | 0.01 | $ | 2.95 | $ | 2.96 | $ | (0.02 | ) | $ | (0.24 | ) | $ | (0.26 | ) | |||||||||||
10/31/2023 | 16.91 | 0.05 | 0.01 | 0.06 | (0.11 | ) | (1.34 | ) | (1.45 | ) | ||||||||||||||||||
10/31/2022 | 23.70 | 0.10 | (4.01 | ) | (3.91 | ) | – | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
4/30/2024(c) | 12.36 | (0.05 | ) | 2.35 | 2.30 | – | (0.24 | ) | (0.24 | ) | ||||||||||||||||||
10/31/2023 | 13.75 | (0.05 | ) | – | (f) | (0.05 | ) | – | (1.34 | ) | (1.34 | ) | ||||||||||||||||
10/31/2022 | 19.92 | (0.03 | ) | (3.26 | ) | (3.29 | ) | – | (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 | ) | ||||||||||||||||||
Class F | ||||||||||||||||||||||||||||
4/30/2024(c) | 16.06 | 0.02 | 3.06 | 3.08 | (0.04 | ) | (0.24 | ) | (0.28 | ) | ||||||||||||||||||
10/31/2023 | 17.45 | 0.09 | (0.01 | )(g) | 0.08 | (0.13 | ) | (1.34 | ) | (1.47 | ) | |||||||||||||||||
10/31/2022 | 24.37 | 0.14 | (4.15 | ) | (4.01 | ) | (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 | ) | ||||||||||||||||||
Class F3 | ||||||||||||||||||||||||||||
4/30/2024(c) | 16.72 | 0.04 | 3.19 | 3.23 | (0.07 | ) | (0.24 | ) | (0.31 | ) | ||||||||||||||||||
10/31/2023 | 18.11 | 0.11 | – | (f) | 0.11 | (0.16 | ) | (1.34 | ) | (1.50 | ) | |||||||||||||||||
10/31/2022 | 25.16 | 0.18 | (4.29 | ) | (4.11 | ) | (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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
4/30/2024(c) | 16.53 | 0.03 | 3.14 | 3.17 | (0.06 | ) | (0.24 | ) | (0.30 | ) | ||||||||||||||||||
10/31/2023 | 17.93 | 0.10 | – | (f) | 0.10 | (0.16 | ) | (1.34 | ) | (1.50 | ) | |||||||||||||||||
10/31/2022 | 24.95 | 0.15 | (4.24 | ) | (4.09 | ) | (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 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
4/30/2024(c) | 14.98 | (0.01 | ) | 2.86 | 2.85 | – | (0.24 | ) | (0.24 | ) | ||||||||||||||||||
10/31/2023 | 16.38 | 0.02 | (0.01 | )(g) | 0.01 | (0.07 | ) | (1.34 | ) | (1.41 | ) | |||||||||||||||||
10/31/2022 | 23.08 | 0.06 | (3.88 | ) | (3.82 | ) | – | (2.88 | ) | (2.88 | ) | |||||||||||||||||
10/31/2021 | 16.55 | (0.03 | ) | 7.56 | 7.53 | (– | )(f) | (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 | ) |
142 | 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 (%) | ||||||||||||||||||||
$ | 18.22 | 19.26 | (d) | 1.17 | (e) | 1.17 | (e) | 0.08 | (e) | $ | 602,611 | 12 | (d) | |||||||||||||
15.52 | 0.12 | 1.18 | 1.18 | 0.31 | 540,438 | 19 | ||||||||||||||||||||
16.91 | (19.11 | ) | 1.16 | 1.16 | 0.53 | 633,570 | 40 | |||||||||||||||||||
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 | ||||||||||||||||||||
14.42 | 18.81 | (d) | 1.92 | (e) | 1.92 | (e) | (0.65 | )(e) | 26,021 | 12 | (d) | |||||||||||||||
12.36 | (0.70 | ) | 1.93 | 1.93 | (0.40 | ) | 28,372 | 19 | ||||||||||||||||||
13.75 | (19.70 | ) | 1.91 | 1.91 | (0.22 | ) | 45,211 | 40 | ||||||||||||||||||
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 | |||||||||||||||||||
18.86 | 19.37 | (d) | 1.02 | (e) | 1.02 | (e) | 0.24 | (e) | 28,428 | 12 | (d) | |||||||||||||||
16.06 | 0.23 | 1.02 | 1.02 | 0.53 | 26,978 | 19 | ||||||||||||||||||||
17.45 | (19.01 | ) | 1.01 | 1.01 | 0.71 | 76,594 | 40 | |||||||||||||||||||
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 | ||||||||||||||||||||
19.64 | 19.50 | (d) | 0.83 | (e) | 0.83 | (e) | 0.43 | (e) | 188,200 | 12 | (d) | |||||||||||||||
16.72 | 0.40 | 0.83 | 0.83 | 0.65 | 172,839 | 19 | ||||||||||||||||||||
18.11 | (18.83 | ) | 0.82 | 0.82 | 0.87 | 194,437 | 40 | |||||||||||||||||||
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 | ||||||||||||||||||||
19.40 | 19.41 | (d) | 0.92 | (e) | 0.92 | (e) | 0.33 | (e) | 244,589 | 12 | (d) | |||||||||||||||
16.53 | 0.33 | 0.93 | 0.93 | 0.56 | 228,083 | 19 | ||||||||||||||||||||
17.93 | (18.88 | ) | 0.91 | 0.91 | 0.75 | 246,040 | 40 | |||||||||||||||||||
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 | ||||||||||||||||||||
17.59 | 19.19 | (d) | 1.37 | (e) | 1.37 | (e) | (0.11 | )(e) | 10,808 | 12 | (d) | |||||||||||||||
14.98 | (0.16 | ) | 1.38 | 1.38 | 0.11 | 10,682 | 19 | |||||||||||||||||||
16.38 | (19.25 | ) | 1.36 | 1.36 | 0.33 | 12,663 | 40 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 143 |
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 R2 | ||||||||||||||||||||||||||||
4/30/2024(c) | $ | 14.39 | $ | (0.02 | ) | $ | 2.74 | $ | 2.72 | $ | – | $ | (0.24 | ) | $ | (0.24 | ) | |||||||||||
10/31/2023 | 15.78 | (0.01 | ) | 0.01 | – | (0.05 | ) | (1.34 | ) | (1.39 | ) | |||||||||||||||||
10/31/2022 | 22.37 | 0.03 | (3.74 | ) | (3.71 | ) | – | (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 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
4/30/2024(c) | 14.71 | (0.01 | ) | 2.80 | 2.79 | – | (0.24 | ) | (0.24 | ) | ||||||||||||||||||
10/31/2023 | 16.10 | 0.01 | 0.01 | 0.02 | (0.07 | ) | (1.34 | ) | (1.41 | ) | ||||||||||||||||||
10/31/2022 | 22.75 | 0.05 | (3.82 | ) | (3.77 | ) | – | (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 | ) | |||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
4/30/2024(c) | 15.49 | 0.01 | 2.95 | 2.96 | (0.02 | ) | (0.24 | ) | (0.26 | ) | ||||||||||||||||||
10/31/2023 | 16.89 | 0.05 | – | (f) | 0.05 | (0.11 | ) | (1.34 | ) | (1.45 | ) | |||||||||||||||||
10/31/2022 | 23.67 | 0.10 | (4.00 | ) | (3.90 | ) | – | (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 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
4/30/2024(c) | 16.54 | 0.03 | 3.14 | 3.17 | (0.06 | ) | (0.24 | ) | (0.30 | ) | ||||||||||||||||||
10/31/2023 | 17.94 | 0.10 | – | (f) | 0.10 | (0.16 | ) | (1.34 | ) | (1.50 | ) | |||||||||||||||||
10/31/2022 | 24.97 | 0.16 | (4.26 | ) | (4.10 | ) | (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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
4/30/2024(c) | 16.71 | 0.04 | 3.18 | 3.22 | (0.07 | ) | (0.24 | ) | (0.31 | ) | ||||||||||||||||||
10/31/2023 | 18.10 | 0.11 | – | (f) | 0.11 | (0.16 | ) | (1.34 | ) | (1.50 | ) | |||||||||||||||||
10/31/2022 | 25.14 | 0.18 | (4.28 | ) | (4.10 | ) | (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 | ) |
(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 is less than $0.01. |
(g) | 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, 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. |
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 (%) | ||||||||||||||||||||
$ | 16.87 | 19.08 | (d) | 1.52 | (e) | 1.52 | (e) | (0.25 | )(e) | $ | 3,549 | 12 | (d) | |||||||||||||
14.39 | (0.26 | ) | 1.53 | 1.53 | (0.04 | ) | 3,849 | 19 | ||||||||||||||||||
15.78 | (19.38 | ) | 1.51 | 1.51 | 0.19 | 4,433 | 40 | |||||||||||||||||||
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 | |||||||||||||||||||
17.26 | 19.14 | (d) | 1.42 | (e) | 1.42 | (e) | (0.17 | )(e) | 29,098 | 12 | (d) | |||||||||||||||
14.71 | (0.15 | ) | 1.43 | 1.43 | 0.07 | 26,523 | 19 | |||||||||||||||||||
16.10 | (19.31 | ) | 1.41 | 1.41 | 0.28 | 31,104 | 40 | |||||||||||||||||||
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 | ||||||||||||||||||||
18.19 | 19.31 | (d) | 1.17 | (e) | 1.17 | (e) | 0.08 | (e) | 28,660 | 12 | (d) | |||||||||||||||
15.49 | 0.05 | 1.18 | 1.18 | 0.30 | 26,011 | 19 | ||||||||||||||||||||
16.89 | (19.09 | ) | 1.16 | 1.16 | 0.53 | 29,341 | 40 | |||||||||||||||||||
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 | ||||||||||||||||||||
19.41 | 19.39 | (d) | 0.92 | (e) | 0.92 | (e) | 0.32 | (e) | 1,266 | 12 | (d) | |||||||||||||||
16.54 | 0.32 | 0.93 | 0.93 | 0.55 | 999 | 19 | ||||||||||||||||||||
17.94 | (18.91 | ) | 0.91 | 0.91 | 0.77 | 1,247 | 40 | |||||||||||||||||||
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 | ||||||||||||||||||||
19.62 | 19.45 | (d) | 0.83 | (e) | 0.83 | (e) | 0.42 | (e) | 31,985 | 12 | (d) | |||||||||||||||
16.71 | 0.40 | 0.83 | 0.83 | 0.64 | 29,050 | 19 | ||||||||||||||||||||
18.10 | (18.80 | ) | 0.82 | 0.82 | 0.88 | 32,138 | 40 | |||||||||||||||||||
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 |
See Notes to Financial Statements. | 145 |
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.
All funds are diversified except Lord Abbett Focused Growth Fund and Lord Abbett Focused Large Cap Value Fund. This report covers the following thirteen 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 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 Focused Large Cap Value Fund’s, Global Equity Fund’s, Health Care Fund’s and International Equity Fund’s investment objective is to seek long-term capital appreciation. Alpha Strategy Fund’s, Focused Small Cap Value Fund’s, International Opportunities Fund’s, Micro Cap Growth Fund’s and Value Opportunities 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. 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)
146
Notes to Financial Statements (continued)
following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund 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 Funds are investment companies and apply the accounting and reporting guidance of the Financial Accounting Standard Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies. 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.
2. | SIGNIFICANT ACCOUNTING POLICIES |
(a) | Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), the Board has designated the determination of fair value of the Funds’ portfolio investments to Lord Abbett, as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of the portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange (“NYSE”). When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party 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 ask 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 ask 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 periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and |
147
Notes to Financial Statements (continued)
assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. | |
Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. | |
(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, if applicable, in 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, 2020 through October 31, 2023. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon each Fund’s 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 shares 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. |
148
Notes to Financial Statements (continued)
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 the 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 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 Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the 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 Statement of Operations. |
(h) | Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by the Funds called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. |
(i) | Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities. |
(j) | When-Issued or Forward Transactions–Each Fund may purchase portfolio securities on a when-issued or forward basis. When-issued or forward transactions involve a commitment by a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund’s custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in |
149
Notes to Financial Statements (continued)
determining its NAV. Each Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date. | |
(k) | Total Return Swap Contracts–Each Fund may enter into total return swap contract 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 contract. If the value of the asset underlying a total return swap contract declines over the term of the swap contract, each Fund also may be required to pay an amount equal to that decline in value to its counterparty. |
(l) | Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below: |
● | Level 1 – | unadjusted quoted prices in active markets for identical investments; | |
● | Level 2 – | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and | |
● | Level 3 – | significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
A summary of inputs used in valuing each Fund’s investments as of April 30, 2024 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. | |
(m) | Foreign Taxes–The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividend, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable tax regulations and rates that exist in foreign jurisdictions which each Fund invests. These foreign |
150
Notes to Financial Statements (continued)
taxes, if any, are paid by each Fund and reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income and foreign taxes on stock dividends are presented as a reduction of dividends, and foreign taxes on gains from sales of investments and foreign taxes on currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2024, if any, are disclosed on the Statements of Assets and Liabilities. | |
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction applicable to the laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. |
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 accrued daily and payable monthly.
The management fee is based on each Fund’s average daily net assets at the following annual rates:
Alpha Strategy Fund* | .10 | % |
* | Lord Abbett is voluntarily waiving the entire management fee of .10%. Lord Abbett may discontinue the voluntary waiver at any time without notice. |
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 | % | ||
Global Equity Fund | ||||
First $1 billion | .45 | % | ||
Next $2 billion | .43 | % | ||
Over $3 billion | .41 | % | ||
Growth Leaders Fund | ||||
First $2 billion | .55 | % | ||
Over $2 billion | .50 | % |
151
Notes to Financial Statements (continued)
Health Care Fund | ||||
First $1 billion | .62 | % | ||
Over $1 billion | .51 | % | ||
International Equity Fund | ||||
First $1 billion | .45 | % | ||
Over $1 billion | .40 | % | ||
International Opportunities Fund | ||||
First $1 billion | .75 | % | ||
Next $1 billion | .70 | % | ||
Over $2 billion | .65 | % | ||
International Value Fund | ||||
First $1 billion | .50 | % | ||
Over $1 billion | .48 | % | ||
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, 2024, the net effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund’s average daily net assets:
Net Effective Management Fee | ||||
Alpha Strategy Fund | .00 | % | ||
Focused Growth Fund | .20 | % | ||
Focused Large Cap Value Fund | .00 | % | ||
Focused Small Cap Value Fund | .75 | % | ||
Fundamental Equity Fund | .55 | % | ||
Global Equity Fund | .00 | % | ||
Growth Leaders Fund | .52 | % | ||
Health Care Fund | .00 | % | ||
International Equity Fund | .45 | % | ||
International Opportunities Fund | .75 | % | ||
International Value Fund | .50 | % | ||
Micro Cap Growth Fund | .90 | % | ||
Value Opportunities Fund | .74 | % |
152
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 0.04% of each Fund’s average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administration fees during the six months ended April 30, 2024.
Fund | Fund Administration Fee | |||
Alpha Strategy Fund | $ | 5,292 | ||
Focused Growth Fund | 2,236 | |||
Focused Large Cap Value Fund | 2,289 | |||
Focused Small Cap Value Fund | 3,391 | |||
Fundamental Equity Fund | 9,472 | |||
Global Equity Fund | 10,784 | |||
Growth Leaders Fund | 32,912 | |||
Health Care Fund | 2,656 | |||
International Equity Fund | 43,783 | |||
International Opportunities Fund | 24,515 | |||
International Value Fund | 34,457 | |||
Micro Cap Growth Fund | 6,640 | |||
Value Opportunities Fund | 11,841 |
For the period ended April 30, 2024 and continuing through February 28, 2025, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding certain of the Funds’ expenses to the following annual rates:
Effective March 1, 2024 | Prior to March 1, 2024 | |||||||||||||||
Classes | Classes | |||||||||||||||
Fund | A, C, F, I, R2, R3, R4 and R5 | F3 and R6 | A, C, F, I, R2, R3, R4 and R5 | F3 and R6 | ||||||||||||
Focused Growth Fund | .80 | % | .65 | % | .80 | % | .67 | % | ||||||||
Focused Large Cap Value Fund | .71 | % | .67 | % | .71 | % | .71 | % | ||||||||
Focused Small Cap Value Fund | 1.03 | % | .98 | % | 1.03 | % | .97 | % | ||||||||
Global Equity Fund | .65 | % | .51 | % | .65 | % | .58 | % | ||||||||
Health Care Fund | .78 | % | .60 | % | .78 | % | .61 | % |
All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.
153
Notes to Financial Statements (continued)
12b-1 Distribution Plan
Each Fund has adopted a distribution plan with respect to Class A, C, F, P, R2, R3 and R4 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 distribution and service fees are accrued daily and payable monthly. 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 fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations. |
(1) | The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus. |
(2) | For the six months ended April 30, 2024 and continuing through February 28, 2025, the Distributor has contractually agreed to waive 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 Funds’ Board. |
(3) | Fundamental Equity Fund, International Equity Fund, International Opportunities Fund and Value Opportunities Fund only. |
Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.
Commissions
The Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, during the six months ended April 30, 2024:
Distributor Commissions | Dealers’ Concessions | |||||||
Alpha Strategy Fund | $ | 12,088 | $ | 81,190 | ||||
Focused Growth Fund | 9,972 | 56,921 | ||||||
Focused Large Cap Value Fund | 1,699 | 11,341 | ||||||
Focused Small Cap Value Fund | 1,363 | 8,271 | ||||||
Fundamental Equity Fund | 19,650 | 124,896 | ||||||
Global Equity Fund | 1,504 | 9,323 | ||||||
Growth Leaders Fund | 189,305 | 1,218,650 | ||||||
Health Care Fund | 229 | 1,248 | ||||||
International Equity Fund | 5,393 | 31,964 | ||||||
International Opportunities Fund | 3,704 | 23,965 | ||||||
International Value Fund | 8,735 | 47,730 | ||||||
Micro Cap Growth Fund | 562 | 3,521 | ||||||
Value Opportunities Fund | 16,437 | 110,849 |
154
Notes to Financial Statements (continued)
The Distributor received the following amounts of CDSCs for the six months ended April 30, 2024:
Class A | Class C | |||||||
Alpha Strategy Fund | $ | 1,893 | $ | 733 | ||||
Focused Growth Fund | – | – | ||||||
Focused Large Cap Value Fund | – | – | ||||||
Focused Small Cap Value Fund | – | 279 | ||||||
Fundamental Equity Fund | 2 | 287 | ||||||
Global Equity Fund | – | 9 | ||||||
Growth Leaders Fund | 1,988 | 11,148 | ||||||
Health Care Fund | – | – | ||||||
International Equity Fund | 9 | – | ||||||
International Opportunities Fund | – | 234 | ||||||
International Value Fund | 444 | 8 | ||||||
Micro Cap Growth Fund | – | – | ||||||
Value Opportunities Fund | 56 | 271 |
One Trustee and certain of the Trust’s officers have an interest in Lord Abbett.
Other Related Parties
As of April 30, 2024, the percentage of 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 | 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 | 56.58% | – | – | – | 37.73% | – | 31.59% | 9.61% | ||||||||
Multi- Asset Balanced Opportunity Fund | – | 16.65% | 3.03% | 26.38% | – | 18.51% | – | – | ||||||||
Multi- Asset Income Fund | – | 3.72% | 0.66% | 11.68% | – | 7.42% | – | – |
4. | DISTRIBUTIONS AND TAX INFORMATION |
Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.
155
Notes to Financial Statements (continued)
The tax character of distributions paid during the six months ended April 30, 2024 was as follows:
Fund | Tax-Exempt Income | Ordinary Income | Net Long-Term Capital Gains | Return of Capital | Total Distributions Paid | |||||||||||||||
Alpha Strategy Fund | $ | – | $ | 897,201 | $ | 2,343,490 | $ | – | $ | 3,240,691 | ||||||||||
Focused Small Cap Value Fund | – | 238,360 | – | – | 238,360 | |||||||||||||||
Fundamental Equity Fund | – | 17,300,969 | – | – | 17,300,969 | |||||||||||||||
Global Equity Fund | – | 174,871 | – | – | 174,871 | |||||||||||||||
International Equity Fund | – | 5,906,022 | – | – | 5,906,022 | |||||||||||||||
International Opportunities Fund | – | 5,235,809 | – | – | 5,235,809 | |||||||||||||||
International Value Fund | – | 5,748,825 | – | – | 5,748,825 | |||||||||||||||
Value Opportunities Fund | – | 5,036,805 | 13,634,321 | – | 18,671,126 | |||||||||||||||
The tax character of distributions paid during the fiscal year ended October 31, 2023 was as follows: | ||||||||||||||||||||
Fund | Tax-Exempt Income | Ordinary Income | Net Long-Term Capital Gains | Return of Capital | Total Distributions Paid | |||||||||||||||
Alpha Strategy Fund | $ | – | $ | 2,368,621 | $ | 39,382,468 | $ | – | $ | 41,751,089 | ||||||||||
Focused Large Cap Value Fund | – | 250,005 | – | 5,968,183 | 6,218,188 | |||||||||||||||
Focused Small Cap Value Fund | – | 748,091 | 4,263,823 | – | 5,011,914 | |||||||||||||||
Fundamental Equity Fund | – | 23,756,230 | 79,919,869 | – | 103,676,099 | |||||||||||||||
Global Equity Fund | – | 85,692 | 3,481 | – | 89,173 | |||||||||||||||
Health Care Fund | – | 6,131 | – | – | 6,131 | |||||||||||||||
International Equity Fund | – | 6,337,912 | – | – | 6,337,912 | |||||||||||||||
International Opportunities Fund | – | 5,793,915 | – | – | 5,793,915 | |||||||||||||||
International Value Fund | – | 11,229,780 | – | – | 11,229,780 | |||||||||||||||
Value Opportunities Fund | – | 9,033,085 | 100,780,285 | – | 109,813,370 |
Net capital losses recognized by the Funds may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:
Fund | Short-Term Losses | Long-Term Losses | Net Capital Losses | |||||||||
Focused Growth Fund | $ | (11,636,663 | ) | $ | (241,079 | ) | $ | (11,877,742 | ) | |||
Focused Large Cap Value Fund | (117,980 | ) | (940,127 | ) | (1,058,107 | ) | ||||||
Focused Small Cap Value Fund | – | (1,291,793 | ) | (1,291,793 | ) | |||||||
Global Equity Fund | (147,657 | ) | (248,559 | ) | (396,216 | ) | ||||||
Growth Leaders Fund | (1,599,701,673 | ) | (8,825,999 | ) | (1,608,527,672 | ) | ||||||
Health Care Fund | (1,061,074 | ) | (119,940 | ) | (1,181,014 | ) | ||||||
International Equity Fund | (14,878,866 | ) | – | (14,878,866 | ) | |||||||
International Opportunities Fund | (27,951,304 | ) | (23,453,163 | ) | (51,404,467 | ) | ||||||
International Value Fund | (210,739,284 | ) | (206,278,245 | ) | (417,017,529 | ) | ||||||
Micro Cap Growth Fund | (95,738,863 | ) | – | (95,738,863 | ) |
156
Notes to Financial Statements (continued)
As of April 30, 2024, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, certain distributions, other financial instruments and wash sales.
Fund | Tax Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | ||||||||||||
Alpha Strategy Fund | $ | 618,768,410 | $ | 20,853,509 | $ | (38,150,716 | ) | $ | (17,297,207 | ) | ||||||
Focused Growth Fund | 38,184,003 | 13,896,071 | (338,033 | ) | 13,558,038 | |||||||||||
Focused Large Cap Value Fund | 21,419,862 | 4,860,944 | (152,939 | ) | 4,708,005 | |||||||||||
Focused Small Cap Value Fund | 101,625,646 | 12,624,943 | (9,642,962 | ) | 2,981,981 | |||||||||||
Fundamental Equity Fund | 1,406,638,957 | 558,259,534 | (24,814,970 | ) | 533,444,564 | |||||||||||
Global Equity Fund | 19,921,848 | 4,538,180 | (447,340 | ) | 4,090,840 | |||||||||||
Growth Leaders Fund | 4,093,069,394 | 1,753,576,274 | (35,000,052 | ) | 1,718,576,222 | |||||||||||
Health Care Fund | 6,473,534 | 1,920,150 | (303,463 | ) | 1,616,687 | |||||||||||
International Equity Fund | 264,603,644 | 70,903,008 | (2,965,438 | ) | 67,937,570 | |||||||||||
International Opportunities Fund | 294,318,621 | 41,791,896 | (25,158,069 | ) | 16,633,827 | |||||||||||
International Value Fund | 370,562,607 | 43,515,249 | (8,471,642 | ) | 35,043,607 | |||||||||||
Micro Cap Growth Fund | 146,298,890 | 43,818,884 | (5,921,188 | ) | 37,897,696 | |||||||||||
Value Opportunities Fund | 969,904,271 | 324,372,259 | (57,472,352 | ) | 266,899,907 |
5. | PORTFOLIO SECURITIES TRANSACTIONS |
Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2024 were as follows:
Purchases | Sales | |||||||
Alpha Strategy Fund | $ | 7,350,570 | $ | 40,359,399 | ||||
Focused Growth Fund | 32,217,582 | 21,171,327 | ||||||
Focused Large Cap Value Fund | 9,858,867 | 8,381,559 | ||||||
Focused Small Cap Value Fund | 35,156,844 | 44,657,865 | ||||||
Fundamental Equity Fund | 389,292,410 | 532,638,054 | ||||||
Global Equity Fund | 10,204,514 | 3,775,105 | ||||||
Growth Leaders Fund | 2,879,372,137 | 3,332,359,556 | ||||||
Health Care Fund | 4,385,949 | 4,252,969 | ||||||
International Equity Fund | 122,015,343 | 133,853,320 | ||||||
International Opportunities Fund | 40,415,636 | 49,852,579 | ||||||
International Value Fund | 100,130,549 | 104,101,142 | ||||||
Micro Cap Growth Fund | 108,557,316 | 130,960,831 | ||||||
Value Opportunities Fund | 147,071,094 | 240,020,989 |
157
Notes to Financial Statements (continued)
There were no purchases or sales of U.S. Government securities during the six months ended April 30, 2024.
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, 2024, the following Funds engaged in cross trades:.
Fund | Purchases | ||
Fundamental Equity Fund | $ | 28,268,327 | |
Growth Leaders Fund | 10,777,538 |
6. | DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES |
The Financial Accounting Standards Board 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 the counterparty. A master netting agreement is an agreement between a fund and the 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:
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 | $ | 427,715 | $ | – | $ | 427,715 | |||||
Total | $ | 427,715 | $ | – | $ | 427,715 |
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 427,715 | $ | – | $ | – | $ | (427,715 | ) | $ | – | ||||||||
Total | $ | 427,715 | $ | – | $ | – | $ | (427,715 | ) | $ | – | ||||||||
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 | $ | 756,877 | $ | – | $ | 756,877 | |||||
Total | $ | 756,877 | $ | – | $ | 756,877 |
158
Notes to Financial Statements (continued)
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 756,877 | $ | – | $ | – | $ | (756,877 | ) | $ | – | ||||||||
Total | $ | 756,877 | $ | – | $ | – | $ | (756,877 | ) | $ | – |
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 | $ | 184,413 | $ | – | $ | 184,413 | |||||
Total | $ | 184,413 | $ | – | $ | 184,413 |
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 184,413 | $ | – | $ | – | $ | (184,413 | ) | $ | – | ||||||||
Total | $ | 184,413 | $ | – | $ | – | $ | (184,413 | ) | $ | – |
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 | $ | 630,065 | $ | – | $ | 630,065 | |||||
Total | $ | 630,065 | $ | – | $ | 630,065 |
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 630,065 | $ | – | $ | – | $ | (630,065 | ) | $ | – | ||||||||
Total | $ | 630,065 | $ | – | $ | – | $ | (630,065 | ) | $ | – |
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 | $ | 9,336,180 | $ | – | $ | 9,336,180 | |||||
Total | $ | 9,336,180 | $ | – | $ | 9,336,180 |
159
Notes to Financial Statements (continued)
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 9,336,180 | $ | – | $ | – | $ | (9,336,180 | ) | $ | – | ||||||||
Total | $ | 9,336,180 | $ | – | $ | – | $ | (9,336,180 | ) | $ | – | ||||||||
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 | $ | 631,271 | $ | – | $ | 631,271 | |||||
Total | $ | 631,271 | $ | – | $ | 631,271 | |||||
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 631,271 | $ | – | $ | – | $ | (631,271 | ) | $ | – | ||||||||
Total | $ | 631,271 | $ | – | $ | – | $ | (631,271 | ) | $ | – | ||||||||
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 | $ | 85,540,892 | $ | – | $ | 85,540,892 | |||||
Total | $ | 85,540,892 | $ | – | $ | 85,540,892 | |||||
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 85,540,892 | $ | – | $ | – | $ | (85,540,892 | ) | $ | – | ||||||||
Total | $ | 85,540,892 | $ | – | $ | – | $ | (85,540,892 | ) | $ | – | ||||||||
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 | $ | 6,830,324 | $ | – | $ | 6,830,324 | |||||
Total | $ | 6,830,324 | $ | – | $ | 6,830,324 | |||||
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 6,830,324 | $ | – | $ | – | $ | (6,830,324 | ) | $ | – | ||||||||
Total | $ | 6,830,324 | $ | – | $ | – | $ | (6,830,324 | ) | $ | – |
160
Notes to Financial Statements (continued)
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 | $ | 8,796,868 | $ | – | $ | 8,796,868 | |||||
Total | $ | 8,796,868 | $ | – | $ | 8,796,868 | |||||
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 8,796,868 | $ | – | $ | – | $ | (8,796,868 | ) | $ | – | ||||||||
Total | $ | 8,796,868 | $ | – | $ | – | $ | (8,796,868 | ) | $ | – | ||||||||
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 | $ | 9,691,249 | $ | – | $ | 9,691,249 | |||||
Total | $ | 9,691,249 | $ | – | $ | 9,691,249 | |||||
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 9,691,249 | $ | – | $ | – | $ | (9,691,249 | ) | $ | – | ||||||||
Total | $ | 9,691,249 | $ | – | $ | – | $ | (9,691,249 | ) | $ | – | ||||||||
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 | $ | 1,697,721 | $ | – | $ | 1,697,721 | |||||
Total | $ | 1,697,721 | $ | – | $ | 1,697,721 | |||||
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 1,697,721 | $ | – | $ | – | $ | (1,697,721 | ) | $ | – | ||||||||
Total | $ | 1,697,721 | $ | – | $ | – | $ | (1,697,721 | ) | $ | – |
161
Notes to Financial Statements (continued)
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 | $ | 6,151,075 | $ | – | $ | 6,151,075 | |||||
Total | $ | 6,151,075 | $ | – | $ | 6,151,075 | |||||
Net Amounts of Assets Presented in | Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||
Counterparty | the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received(a) | Securities Collateral Received(a) | Net Amount(b) | ||||||||||||||
Fixed Income Clearing Corp. | $ | 6,151,075 | $ | – | $ | – | $ | (6,151,075 | ) | $ | – | ||||||||
Total | $ | 6,151,075 | $ | – | $ | – | $ | (6,151,075 | ) | $ | – | ||||||||
(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, 2024. |
7. | TRUSTEES’ REMUNERATION |
The Trust’s officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees may elect to defer receipt of a 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 in the Statements of Operations and in Trustees’ fees payable in the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.
8. | LINE OF CREDIT |
For the period ended April 30, 2024, the Funds (except Alpha Strategy Fund), and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) were party to a syndicated line of credit facility with various lenders for $1.6 billion (the “Syndicated Facility”) under which 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 fund 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 period ended April 30, 2024, the Participating Funds (except Alpha Strategy Fund) were also party to an additional uncommitted line of credit facility with SSB for $330 million (the “Bilateral Facility”). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), or $250 million based on past borrowings and likelihood of future borrowings, among other factors.
These credit facilities are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.
For the six months ended April 30, 2024, the Funds did not utilize the Syndicated Facility or Bilateral Facility.
162
Notes to Financial Statements (continued)
9. | 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 that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.
For the six months ended April 30, 2024, the following Funds participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, average interest rate and interest income were as follows:
Fund | Average Amount Loaned | Average Interest Rate | Interest Income* |
Fundamental Equity Fund | $15,804,741 | 4.57% | $1,977 |
Growth Leaders Fund | 53,414,771 | 4.57% | 6,681 |
International Value Fund | 12,581,649 | 4.57% | 1,574 |
Value Opportunities Fund | 9,993,934 | 4.57% | 1,250 |
* | Statements of Operations location: Interest earned from Interfund Lending. |
10. | CUSTODIAN AND ACCOUNTING AGENT |
SSB is the Trust’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.
11. | 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, 2024:
Affiliated Issuer | Value at 10/31/2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Net Change in Appreciation (Depreciation) | Value at 4/30/2024 | Shares as of 4/30/2024 | Dividend Income | ||||||||||||||||||||||||
Lord Abbett Developing Growth Fund, Inc. – Class I | $ | 100,632,986 | $ | 840,724 | $ | (10,123,416 | ) | $ | 1,184,347 | $ | 28,193,908 | $ | 120,728,549 | 4,701,268 | $ | – | ||||||||||||||||
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I | 55,517,264 | 408,738 | (4,309,726 | ) | (573,121 | ) | 8,800,721 | 59,843,876 | 2,172,980 | 159,299 | ||||||||||||||||||||||
Lord Abbett Securities Trust – International Opportunities Fund – Class I | 109,914,234 | 2,552,169 | (5,598,829 | ) | 474,470 | 13,673,144 | 121,015,188 | 6,488,750 | 2,053,292 | |||||||||||||||||||||||
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I | 47,466,817 | 249,438 | (399,497 | ) | 103,852 | 12,286,947 | 59,707,557 | 3,473,389 | – |
163
Notes to Financial Statements (continued)
Affiliated Issuer | Value at 10/31/2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Appreciation (Depreciation) | Value at 4/30/2024 | Shares as of 4/30/2024 | Dividend Income | ||||||||||||||||||||||||
Lord Abbett Research Fund, Inc. – Small–Cap Value Fund – Class I | 108,566,558 | 832,176 | (8,621,852 | ) | (2,496,911 | ) | 21,495,248 | 119,775,219 | 6,015,832 | 333,302 | ||||||||||||||||||||||
Lord Abbett Securities Trust – Value Opportunities Fund – Class I | 109,583,685 | $ | 2,467,326 | (11,306,079 | ) | 1,813,382 | (a) | 18,964,094 | 119,973,099 | 6,184,180 | 419,140 | |||||||||||||||||||||
Total | $ | 506,019 | $ | 103,414,062 | $ | 601,043,488 | $ | 2,965,033 | ||||||||||||||||||||||||
(a) | Includes $1,549,309 of distributed capital gains. |
12. | 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 the borrower 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 in each Fund’s Statement 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, 2024, 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 Large Cap Value Fund | $ | 807,931 | $ | 853,956 | |||
Fundamental Equity Fund | 7,669,101 | 8,105,970 | |||||
International Equity Fund | 1,573,944 | 1,683,000 | |||||
Micro Cap Growth Fund | 1,218,460 | 1,245,047 | |||||
Value Opportunities Fund | 37,463,091 | 39,327,188 |
(1) | Statements of Assets and Liabilities location: Collateral due to broker for securities lending. |
164
Notes to Financial Statements (continued)
13. | INVESTMENT RISKS |
Each Fund is subject to the general risks and considerations associated with equity investing. The value of the Funds’ investments will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies in which the Funds invest. If a Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.
Large company stocks, in which 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 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, 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, 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
165
Notes to Financial Statements (continued)
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’ 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.
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) 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 their investment strategies and achieving their investment objectives.
166
Notes to Financial Statements (continued)
In March 2023, the shut-down of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system. Other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, may reduce liquidity in the market generally or have other adverse effects on the economy, the Funds or issuers in which the Funds invest. In addition, issuers in which the Funds invest and the Funds may not be able to identify all potential solvency or stress concerns with respect to a financial institution or to transfer assets from one bank or financial institution to another in a timely manner in the event such bank or financial institution comes under stress or fails.
The impact of the COVID-19 outbreak, and the effects of other infectious illness outbreaks, epidemics, or pandemics, may be short term or may continue for an extended period of time. For example, a global pandemic or other widespread health crises 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. Health crises caused by outbreaks of disease may also exacerbate other pre-existing political, social, and economic risks in certain countries or globally. 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 the Fund.
14. | SUMMARY OF CAPITAL TRANSACTIONS |
Transactions in shares of beneficial interest were as follows:
Alpha Strategy Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 649,549 | $ | 14,789,571 | 2,232,997 | $ | 48,775,359 | ||||||||||
Reinvestment of distributions | 72,478 | 1,661,203 | 1,135,557 | 22,995,033 | ||||||||||||
Shares reacquired | (1,451,193 | ) | (33,058,440 | ) | (5,139,103 | ) | (111,018,929 | ) | ||||||||
Decrease | (729,166 | ) | $ | (16,607,666 | ) | (1,770,549 | ) | $ | (39,248,537 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 36,788 | $ | 608,520 | 239,021 | $ | 3,981,308 | ||||||||||
Reinvestment of distributions | 4,403 | 74,756 | 146,133 | 2,210,989 | ||||||||||||
Shares reacquired | (256,311 | ) | (4,387,286 | ) | (1,253,275 | ) | (20,198,329 | ) | ||||||||
Decrease | (215,120 | ) | $ | (3,704,010 | ) | (868,121 | ) | $ | (14,006,032 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 6,069 | $ | 139,421 | 48,120 | $ | 1,049,004 | ||||||||||
Reinvestment of distributions | 2,192 | 50,936 | 77,672 | 1,593,824 | ||||||||||||
Shares reacquired | (90,107 | ) | (2,097,686 | ) | (900,610 | ) | (19,931,518 | ) | ||||||||
Decrease | (81,846 | ) | $ | (1,907,329 | ) | (774,818 | ) | $ | (17,288,690 | ) | ||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 207,512 | $ | 4,992,400 | 519,919 | $ | 11,792,898 | ||||||||||
Reinvestment of distributions | 15,709 | 377,166 | 151,356 | 3,208,745 | ||||||||||||
Shares reacquired | (331,485 | ) | (7,987,962 | ) | (590,390 | ) | (13,355,675 | ) | ||||||||
Increase (decrease) | (108,264 | ) | $ | (2,618,396 | ) | 80,885 | $ | 1,645,968 |
167
Notes to Financial Statements (continued)
Alpha Strategy Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class I Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 290,273 | $ | 6,855,048 | 1,070,091 | $ | 24,186,941 | ||||||||||
Reinvestment of distributions | 19,436 | 463,939 | 197,808 | 4,169,799 | ||||||||||||
Shares reacquired | (537,152 | ) | (12,790,622 | ) | (1,042,136 | ) | (23,355,597 | ) | ||||||||
Increase (decrease) | (227,443 | ) | $ | (5,471,635 | ) | 225,763 | $ | 5,001,143 | ||||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 1,546 | $ | 32,598 | 3,226 | $ | 65,923 | ||||||||||
Reinvestment of distributions | 169 | 3,651 | 3,138 | 60,126 | ||||||||||||
Shares reacquired | (4,409 | ) | (88,296 | ) | (7,324 | ) | (149,721 | ) | ||||||||
Decrease | (2,694 | ) | $ | (52,047 | ) | (960 | ) | $ | (23,672 | ) | ||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 44,720 | $ | 966,953 | 199,491 | $ | 4,187,398 | ||||||||||
Reinvestment of distributions | 3,302 | 72,161 | 54,501 | 1,054,054 | ||||||||||||
Shares reacquired | (154,650 | ) | (3,443,391 | ) | (254,998 | ) | (5,306,839 | ) | ||||||||
Decrease | (106,628 | ) | $ | (2,404,277 | ) | (1,006 | ) | $ | (65,387 | ) | ||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 15,464 | $ | 356,729 | 31,100 | $ | 665,864 | ||||||||||
Reinvestment of distributions | 606 | 13,851 | 11,809 | 238,418 | ||||||||||||
Shares reacquired | (23,351 | ) | (508,466 | ) | (58,894 | ) | (1,293,127 | ) | ||||||||
Decrease | (7,281 | ) | $ | (137,886 | ) | (15,985 | ) | $ | (388,845 | ) | ||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 512 | $ | 12,260 | 14,512 | $ | 337,455 | ||||||||||
Reinvestment of distributions | 183 | 4,359 | 1,148 | 24,219 | ||||||||||||
Shares reacquired | (5,552 | ) | (137,681 | ) | (5,247 | ) | (118,888 | ) | ||||||||
Increase (decrease) | (4,857 | ) | $ | (121,062 | ) | 10,413 | $ | 242,786 | ||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 14,893 | $ | 345,530 | 50,247 | $ | 1,105,646 | ||||||||||
Reinvestment of distributions | 555 | 13,339 | 5,115 | 108,434 | ||||||||||||
Shares reacquired | (13,853 | ) | (337,594 | ) | (55,722 | ) | (1,253,222 | ) | ||||||||
Increase (decrease) | 1,595 | $ | 21,275 | (360 | ) | $ | (39,142 | ) | ||||||||
Focused Growth Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 190,558 | $ | 4,985,526 | 291,794 | $ | 5,932,512 | ||||||||||
Shares reacquired | (93,891 | ) | (2,411,980 | ) | (241,803 | ) | (4,859,077 | ) | ||||||||
Increase | 96,667 | $ | 2,573,546 | 49,991 | $ | 1,073,435 | ||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 16,846 | $ | 422,134 | 43,019 | $ | 821,445 | ||||||||||
Shares reacquired | (22,179 | ) | (536,247 | ) | (50,282 | ) | (967,989 | ) | ||||||||
Decrease | (5,333 | ) | $ | (114,113 | ) | (7,263 | ) | $ | (146,544 | ) |
168
Notes to Financial Statements (continued)
Focused Growth Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class F Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,217 | $ | 30,587 | 57,576 | $ | 1,157,139 | ||||||||||
Shares reacquired | (36,470 | ) | (861,248 | ) | (238,967 | ) | (4,651,433 | ) | ||||||||
Decrease | (35,253 | ) | $ | (830,661 | ) | (181,391 | ) | $ | (3,494,294 | ) | ||||||
Class F3 Shares | ||||||||||||||||
Shares reacquired | (23,372 | ) | $ | (584,954 | ) | (9,377 | ) | $ | (200,000 | ) | ||||||
Decrease | (23,372 | ) | $ | (584,954 | ) | (9,377 | ) | $ | (200,000 | ) | ||||||
Class I Shares | ||||||||||||||||
Shares sold | 412,547 | $ | 10,874,072 | 424,770 | $ | 8,197,351 | ||||||||||
Shares reacquired | (41,434 | ) | (1,129,654 | ) | (456,475 | ) | (8,840,517 | ) | ||||||||
Increase (decrease) | 371,113 | $ | 9,744,418 | (31,705 | ) | $ | (643,166 | ) | ||||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 1,595 | $ | 40,120 | 8,279 | $ | 162,036 | ||||||||||
Shares reacquired | (719 | ) | (19,228 | ) | (1,326 | ) | (27,308 | ) | ||||||||
Increase | 876 | $ | 20,892 | 6,953 | $ | 134,728 | ||||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 102 | $ | 2,863 | – | $ | – | ||||||||||
Increase | 102 | $ | 2,863 | – | $ | – | ||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 30,023 | $ | 791,334 | 24,023 | $ | 490,954 | ||||||||||
Shares reacquired | (5,235 | ) | (134,792 | ) | (45,855 | ) | (1,022,831 | ) | ||||||||
Increase (decrease) | 24,788 | $ | 656,542 | (21,832 | ) | $ | (531,877 | ) | ||||||||
Focused Large Cap Value Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 101,327 | $ | 1,174,811 | 438,702 | $ | 4,612,795 | ||||||||||
Reinvestment of distributions | – | – | 380,125 | 3,793,646 | ||||||||||||
Shares reacquired | (231,350 | ) | (2,477,942 | ) | (638,009 | ) | (6,347,965 | ) | ||||||||
Increase (decrease) | (130,023 | ) | $ | (1,303,131 | ) | 180,818 | $ | 2,058,476 | ||||||||
Class C Shares | ||||||||||||||||
Shares sold | 6,054 | $ | 68,490 | 54,475 | $ | 563,239 | ||||||||||
Reinvestment of distributions | – | – | 140,112 | 1,399,720 | ||||||||||||
Shares reacquired | (16,527 | ) | (182,714 | ) | (263,509 | ) | (2,598,079 | ) | ||||||||
Decrease | (10,473 | ) | $ | (114,224 | ) | (68,922 | ) | $ | (635,120 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 53 | $ | 600 | 15,028 | $ | 154,105 | ||||||||||
Reinvestment of distributions | – | – | 39,542 | 402,138 | ||||||||||||
Shares reacquired | (6,301 | ) | (70,128 | ) | (136,753 | ) | (1,411,962 | ) | ||||||||
Decrease | (6,248 | ) | $ | (69,528 | ) | (82,183 | ) | $ | (855,719 | ) |
169
Notes to Financial Statements (continued)
Focused Large Cap Value Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class I Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 250,661 | $ | 2,741,598 | 534,230 | $ | 5,596,687 | ||||||||||
Reinvestment of distributions | – | – | 8,800 | 91,262 | ||||||||||||
Shares reacquired | (24,520 | ) | (286,044 | ) | (61,726 | ) | (638,447 | ) | ||||||||
Increase | 226,141 | $ | 2,455,554 | 481,304 | $ | 5,049,502 | ||||||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 1,513 | $ | 16,784 | 7,494 | $ | 75,603 | ||||||||||
Reinvestment of distributions | – | – | 2,354 | 23,467 | ||||||||||||
Shares reacquired | (2,342 | ) | (27,823 | ) | (1,030 | ) | (10,394 | ) | ||||||||
Increase (decrease) | (829 | ) | $ | (11,039 | ) | 8,818 | $ | 88,676 | ||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 42,572 | $ | 486,822 | 57,467 | $ | 569,841 | ||||||||||
Shares reacquired | (415 | ) | (4,780 | ) | (29,253 | ) | (281,274 | ) | ||||||||
Increase | 42,157 | $ | 482,042 | 28,214 | $ | 288,567 | ||||||||||
Focused Small Cap Value Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 28,926 | $ | 719,097 | 90,085 | $ | 2,163,312 | ||||||||||
Reinvestment of distributions | 82 | 1,918 | 25,989 | 616,189 | ||||||||||||
Shares reacquired | (64,642 | ) | (1,657,385 | ) | (260,901 | ) | (6,206,783 | ) | ||||||||
Decrease | (35,634 | ) | $ | (936,370 | ) | (144,827 | ) | $ | (3,427,282 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 2,657 | $ | 70,154 | 7,684 | $ | 194,560 | ||||||||||
Reinvestment of distributions | – | – | 4,655 | 117,495 | ||||||||||||
Shares reacquired | (16,505 | ) | (448,153 | ) | (47,364 | ) | (1,208,648 | ) | ||||||||
Decrease | (13,848 | ) | $ | (377,999 | ) | (35,025 | ) | $ | (896,593 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 1,676 | $ | 44,850 | 40,005 | $ | 1,068,703 | ||||||||||
Reinvestment of distributions | – | – | 29,167 | 757,173 | ||||||||||||
Shares reacquired | (94,220 | ) | (2,505,224 | ) | (721,257 | ) | (19,071,679 | ) | ||||||||
Decrease | (92,544 | ) | $ | (2,460,374 | ) | (652,085 | ) | $ | (17,245,803 | ) | ||||||
Class I Shares | ||||||||||||||||
Shares sold | 47,571 | $ | 1,262,379 | 463,843 | $ | 12,175,706 | ||||||||||
Reinvestment of distributions | 7,851 | 200,592 | 116,433 | 3,013,299 | ||||||||||||
Shares reacquired | (342,834 | ) | (9,277,033 | ) | (730,955 | ) | (18,938,486 | ) | ||||||||
Decrease | (287,412 | ) | $ | (7,814,062 | ) | (150,679 | ) | $ | (3,749,481 | ) | ||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 307 | $ | 8,483 | 739 | $ | 19,269 | ||||||||||
Reinvestment of distributions | 18 | 470 | 390 | 10,094 | ||||||||||||
Shares reacquired | (511 | ) | (13,244 | ) | (3,832 | ) | (102,178 | ) | ||||||||
Decrease | (186 | ) | $ | (4,291 | ) | (2,703 | ) | $ | (72,815 | ) |
170
Notes to Financial Statements (continued)
Focused Small Cap Value Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class R6 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 87,033 | $ | 2,434,792 | 60,545 | $ | 1,579,333 | ||||||||||
Reinvestment of distributions | 697 | 17,848 | 9,411 | 244,121 | ||||||||||||
Shares reacquired | (37,937 | ) | (1,082,386 | ) | (54,084 | ) | (1,430,558 | ) | ||||||||
Increase | 49,793 | $ | 1,370,254 | 15,872 | $ | 392,896 | ||||||||||
Fundamental Equity Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,193,826 | $ | 16,271,089 | 5,817,001 | $ | 71,685,540 | ||||||||||
Reinvestment of distributions | 745,895 | 9,368,436 | 4,811,465 | 59,132,901 | ||||||||||||
Shares reacquired | (6,316,051 | ) | (85,740,924 | ) | (16,370,453 | ) | (201,077,342 | ) | ||||||||
Decrease | (4,376,330 | ) | $ | (60,101,399 | ) | (5,741,987 | ) | $ | (70,258,901 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 107,333 | $ | 1,235,190 | 525,769 | $ | 5,564,511 | ||||||||||
Reinvestment of distributions | 3,390 | 36,415 | 192,213 | 2,022,083 | ||||||||||||
Shares reacquired | (496,809 | ) | (5,779,339 | ) | (2,000,443 | ) | (20,802,861 | ) | ||||||||
Decrease | (386,086 | ) | $ | (4,507,734 | ) | (1,282,461 | ) | $ | (13,216,267 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 29,558 | $ | 403,055 | 244,155 | $ | 2,942,114 | ||||||||||
Reinvestment of distributions | 19,571 | 241,895 | 301,494 | 3,648,074 | ||||||||||||
Shares reacquired | (408,967 | ) | (5,426,979 | ) | (4,128,463 | ) | (50,689,204 | ) | ||||||||
Decrease | (359,838 | ) | $ | (4,782,029 | ) | (3,582,814 | ) | $ | (44,099,016 | ) | ||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 109,712 | $ | 1,522,251 | 279,670 | $ | 3,465,451 | ||||||||||
Reinvestment of distributions | 16,438 | 209,753 | 78,825 | 984,530 | ||||||||||||
Shares reacquired | (169,554 | ) | (2,348,427 | ) | (340,484 | ) | (4,244,834 | ) | ||||||||
Increase (decrease) | (43,404 | ) | $ | (616,423 | ) | 18,011 | $ | 205,147 | ||||||||
Class I Shares | ||||||||||||||||
Shares sold | 12,753,419 | $ | 182,296,531 | 5,958,470 | $ | 74,274,943 | ||||||||||
Reinvestment of distributions | 508,007 | 6,426,288 | 2,480,521 | 30,708,848 | ||||||||||||
Shares reacquired | (20,001,772 | ) | (256,648,478 | ) | (7,817,943 | ) | (96,243,294 | ) | ||||||||
Increase (decrease) | (6,740,346 | ) | $ | (67,925,659 | ) | 621,048 | $ | 8,740,497 | ||||||||
Class P Shares | ||||||||||||||||
Shares sold | 10,792 | $ | 141,846 | 23,226 | $ | 276,684 | ||||||||||
Reinvestment of distributions | 1,905 | 23,325 | 17,698 | 212,025 | ||||||||||||
Shares reacquired | (79,224 | ) | (1,062,831 | ) | (98,014 | ) | (1,150,340 | ) | ||||||||
Decrease | (66,527 | ) | $ | (897,660 | ) | (57,090 | ) | $ | (661,631 | ) | ||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 3,937 | $ | 52,171 | 18,595 | $ | 220,064 | ||||||||||
Reinvestment of distributions | 924 | 11,293 | 8,910 | 106,559 | ||||||||||||
Shares reacquired | (46,546 | ) | (627,618 | ) | (32,598 | ) | (391,095 | ) | ||||||||
Decrease | (41,685 | ) | $ | (564,154 | ) | (5,093 | ) | $ | (64,472 | ) |
171
Notes to Financial Statements (continued)
Fundamental Equity Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class R3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 229,523 | $ | 3,078,173 | 833,323 | $ | 9,989,238 | ||||||||||
Reinvestment of distributions | 31,529 | 386,546 | 268,814 | 3,228,451 | ||||||||||||
Shares reacquired | (722,131 | ) | (9,605,729 | ) | (1,392,780 | ) | (16,638,140 | ) | ||||||||
Decrease | (461,079 | ) | $ | (6,141,010 | ) | (290,643 | ) | $ | (3,420,451 | ) | ||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 25,458 | $ | 354,682 | 33,295 | $ | 403,691 | ||||||||||
Reinvestment of distributions | 1,871 | 23,347 | 12,702 | 155,223 | ||||||||||||
Shares reacquired | (20,303 | ) | (275,735 | ) | (73,050 | ) | (887,564 | ) | ||||||||
Increase (decrease) | 7,026 | $ | 102,294 | (27,053 | ) | $ | (328,650 | ) | ||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 9,261 | $ | 127,376 | 9,846 | $ | 120,583 | ||||||||||
Reinvestment of distributions | 735 | 9,302 | 3,443 | 42,656 | ||||||||||||
Shares reacquired | (6,231 | ) | (87,151 | ) | (10,242 | ) | (126,196 | ) | ||||||||
Increase | 3,765 | $ | 49,527 | 3,047 | $ | 37,043 | ||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 93,303 | $ | 1,341,706 | 156,609 | $ | 1,937,351 | ||||||||||
Reinvestment of distributions | 4,168 | 53,221 | 18,548 | 231,856 | ||||||||||||
Shares reacquired | (98,365 | ) | (1,414,394 | ) | (186,387 | ) | (2,322,921 | ) | ||||||||
Decrease | (894 | ) | $ | (19,467 | ) | (11,230 | ) | $ | (153,714 | ) | ||||||
Global Equity Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 68,569 | $ | 996,001 | 95,394 | $ | 1,186,042 | ||||||||||
Reinvestment of distributions | 3,607 | 50,899 | 2,590 | 29,997 | ||||||||||||
Shares reacquired | (33,986 | ) | (505,645 | ) | (54,781 | ) | (673,611 | ) | ||||||||
Increase | 38,190 | $ | 541,255 | 43,203 | $ | 542,428 | ||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 14,057 | $ | 206,532 | 10,926 | $ | 137,594 | ||||||||||
Reinvestment of distributions | 62 | 864 | – | – | ||||||||||||
Shares reacquired | (3,935 | ) | (57,570 | ) | (17,687 | ) | (217,612 | ) | ||||||||
Increase (decrease) | 10,184 | $ | 149,826 | (6,761 | ) | $ | (80,018 | ) | ||||||||
Class F Shares | ||||||||||||||||
Shares sold | 4,238 | $ | 63,522 | 5,557 | $ | 72,403 | ||||||||||
Reinvestment of distributions | 88 | 1,247 | 89 | 1,031 | ||||||||||||
Shares reacquired | (3,118 | ) | (42,654 | ) | (29,446 | ) | (373,629 | ) | ||||||||
Increase (decrease) | 1,208 | $ | 22,115 | (23,800 | ) | $ | (300,195 | ) | ||||||||
Class I Shares | ||||||||||||||||
Shares sold | 407,788 | $ | 6,040,168 | 191,026 | $ | 2,256,212 | ||||||||||
Reinvestment of distributions | 3,521 | 49,721 | 1,667 | 19,301 | ||||||||||||
Shares reacquired | (17,457 | ) | (265,132 | ) | (27,176 | ) | (341,817 | ) | ||||||||
Increase | 393,852 | $ | 5,824,757 | 165,517 | $ | 1,933,696 |
172
Notes to Financial Statements (continued)
Global Equity Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class R3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 968 | $ | 14,092 | 5,486 | $ | 67,834 | ||||||||||
Reinvestment of distributions | 292 | 4,105 | 139 | 1,593 | ||||||||||||
Shares reacquired | (388 | ) | (5,394 | ) | (2,017 | ) | (24,934 | ) | ||||||||
Increase | 872 | $ | 12,803 | 3,608 | $ | 44,493 | ||||||||||
Class R4 Shares | ||||||||||||||||
Shares sold | – | $ | – | 1,313 | $ | 15,907 | ||||||||||
Reinvestment of distributions | – | – | 336 | 3,891 | ||||||||||||
Shares reacquired | – | – | (45,699 | ) | (576,186 | ) | ||||||||||
Decrease | – | $ | – | (44,050 | ) | $ | (556,388 | ) | ||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 33,829 | $ | 490,215 | 292,255 | $ | 3,445,998 | ||||||||||
Reinvestment of distributions | 2,297 | 32,478 | 230 | 2,664 | ||||||||||||
Shares reacquired | (3,214 | ) | (47,718 | ) | (99,294 | ) | (1,276,419 | ) | ||||||||
Increase | 32,912 | $ | 474,975 | 193,191 | $ | 2,172,243 | ||||||||||
Growth Leaders Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 4,423,657 | $ | 154,047,830 | 9,799,730 | $ | 263,735,339 | ||||||||||
Shares reacquired | (5,123,716 | ) | (176,606,182 | ) | (15,243,394 | ) | (409,563,713 | ) | ||||||||
Decrease | (700,059 | ) | $ | (22,558,352 | ) | (5,443,664 | ) | $ | (145,828,374 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 811,133 | $ | 24,329,527 | 1,835,799 | $ | 43,080,014 | ||||||||||
Shares reacquired | (3,635,203 | ) | (107,620,064 | ) | (7,651,040 | ) | (178,305,832 | ) | ||||||||
Decrease | (2,824,070 | ) | $ | (83,290,537 | ) | (5,815,241 | ) | $ | (135,225,818 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 389,633 | $ | 13,898,975 | 2,750,992 | $ | 74,464,460 | ||||||||||
Shares reacquired | (1,791,392 | ) | (62,241,573 | ) | (22,526,141 | ) | (621,403,093 | ) | ||||||||
Decrease | (1,401,759 | ) | $ | (48,342,598 | ) | (19,775,149 | ) | $ | (546,938,633 | ) | ||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 931,583 | $ | 34,951,343 | 3,154,726 | $ | 89,586,052 | ||||||||||
Shares reacquired | (2,837,204 | ) | (104,045,679 | ) | (5,525,326 | ) | (159,968,983 | ) | ||||||||
Decrease | (1,905,621 | ) | $ | (69,094,336 | ) | (2,370,600 | ) | $ | (70,382,931 | ) | ||||||
Class I Shares | ||||||||||||||||
Shares sold | 9,863,442 | $ | 353,592,264 | 33,639,902 | $ | 942,684,516 | ||||||||||
Shares reacquired | (16,253,259 | ) | (589,158,509 | ) | (35,906,580 | ) | (1,012,640,198 | ) | ||||||||
Decrease | (6,389,817 | ) | $ | (235,566,245 | ) | (2,266,678 | ) | $ | (69,955,682 | ) | ||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 12,949 | $ | 436,330 | 19,469 | $ | 521,016 | ||||||||||
Shares reacquired | (20,994 | ) | (722,515 | ) | (49,359 | ) | (1,341,106 | ) | ||||||||
Decrease | (8,045 | ) | $ | (286,185 | ) | (29,890 | ) | $ | (820,090 | ) |
173
Notes to Financial Statements (continued)
Growth Leaders Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class R3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 140,624 | $ | 4,860,649 | 228,099 | $ | 5,886,402 | ||||||||||
Shares reacquired | (98,068 | ) | (3,254,336 | ) | (197,878 | ) | (5,256,433 | ) | ||||||||
Increase | 42,556 | $ | 1,606,313 | 30,221 | $ | 629,969 | ||||||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 33,385 | $ | 1,177,902 | 143,391 | $ | 3,838,372 | ||||||||||
Shares reacquired | (60,090 | ) | (2,057,911 | ) | (208,772 | ) | (5,644,796 | ) | ||||||||
Decrease | (26,705 | ) | $ | (880,009 | ) | (65,381 | ) | $ | (1,806,424 | ) | ||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 19,743 | $ | 734,577 | 79,908 | $ | 2,190,831 | ||||||||||
Shares reacquired | (54,734 | ) | (2,127,715 | ) | (113,452 | ) | (3,271,243 | ) | ||||||||
Decrease | (34,991 | ) | $ | (1,393,138 | ) | (33,544 | ) | $ | (1,080,412 | ) | ||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 328,822 | $ | 12,068,393 | 1,321,086 | $ | 37,851,210 | ||||||||||
Shares reacquired | (627,125 | ) | (23,379,889 | ) | (1,890,861 | ) | (54,756,178 | ) | ||||||||
Decrease | (298,303 | ) | $ | (11,311,496 | ) | (569,775 | ) | $ | (16,904,968 | ) | ||||||
Health Care Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 17,756 | $ | 328,254 | 104,328 | $ | 1,827,096 | ||||||||||
Shares reacquired | (31,468 | ) | (555,836 | ) | (40,085 | ) | (703,652 | ) | ||||||||
Increase (decrease) | (13,712 | ) | $ | (227,582 | ) | 64,243 | $ | 1,123,444 | ||||||||
Class C Shares | ||||||||||||||||
Shares sold | 8,429 | $ | 150,297 | 32,745 | $ | 546,871 | ||||||||||
Shares reacquired | (6,164 | ) | (101,948 | ) | (6,728 | ) | (110,751 | ) | ||||||||
Increase | 2,265 | $ | 48,349 | 26,017 | $ | 436,120 | ||||||||||
Class F Shares | ||||||||||||||||
Shares reacquired | – | $ | – | (10,508 | ) | $ | (183,838 | ) | ||||||||
Decrease | – | $ | – | (10,508 | ) | $ | (183,838 | ) | ||||||||
Class I Shares | ||||||||||||||||
Shares sold | 16 | $ | 300 | 3,730 | $ | 67,827 | ||||||||||
Shares reacquired | (1,038 | ) | (17,518 | ) | (1,483 | ) | (25,582 | ) | ||||||||
Increase (decrease) | (1,022 | ) | $ | (17,218 | ) | 2,247 | $ | 42,245 | ||||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 294 | $ | 5,168 | 931 | $ | 15,935 | ||||||||||
Shares reacquired | (664 | ) | (12,614 | ) | – | (0 | ) | |||||||||
Increase (decrease) | (370 | ) | $ | (7,446 | ) | 931 | $ | 15,935 | ||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 22,448 | $ | 403,190 | 21,502 | $ | 379,847 | ||||||||||
Reinvestment of distributions | – | – | 2 | 28 | ||||||||||||
Shares reacquired | (19,366 | ) | (366,644 | ) | (27,859 | ) | (493,546 | ) | ||||||||
Increase (decrease) | 3,082 | $ | 36,546 | (6,355 | ) | $ | (113,671 | ) |
174
Notes to Financial Statements (continued)
International Equity Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 272,702 | $ | 3,816,416 | 1,292,618 | $ | 17,139,170 | ||||||||||
Reinvestment of distributions | 183,193 | 2,478,595 | 220,199 | 2,732,673 | ||||||||||||
Shares reacquired | (807,333 | ) | (11,309,631 | ) | (2,075,058 | ) | (27,235,388 | ) | ||||||||
Decrease | (351,438 | ) | $ | (5,014,620 | ) | (562,241 | ) | $ | (7,363,545 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 5,493 | $ | 75,508 | 58,820 | $ | 787,426 | ||||||||||
Reinvestment of distributions | 533 | 7,262 | 3,857 | 47,985 | ||||||||||||
Shares reacquired | (25,342 | ) | (359,207 | ) | (308,644 | ) | (4,017,124 | ) | ||||||||
Decrease | (19,316 | ) | $ | (276,437 | ) | (245,967 | ) | $ | (3,181,713 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 7,400 | $ | 105,322 | 25,249 | $ | 332,335 | ||||||||||
Reinvestment of distributions | 5,319 | 71,695 | 14,064 | 173,823 | ||||||||||||
Shares reacquired | (40,304 | ) | (552,653 | ) | (413,760 | ) | (5,410,134 | ) | ||||||||
Decrease | (27,585 | ) | $ | (375,636 | ) | (374,447 | ) | $ | (4,903,976 | ) | ||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 84,090 | $ | 1,206,506 | 597,819 | $ | 8,027,947 | ||||||||||
Reinvestment of distributions | 18,211 | 250,220 | 11,725 | 147,620 | ||||||||||||
Shares reacquired | (192,048 | ) | (2,748,321 | ) | (175,669 | ) | (2,328,059 | ) | ||||||||
Increase (decrease) | (89,747 | ) | $ | (1,291,595 | ) | 433,875 | $ | 5,847,508 | ||||||||
Class I Shares | ||||||||||||||||
Shares sold | 356,930 | $ | 5,150,228 | 1,515,911 | $ | 20,109,148 | ||||||||||
Reinvestment of distributions | 208,705 | 2,859,264 | 237,665 | 2,985,070 | ||||||||||||
Shares reacquired | (1,422,383 | ) | (19,881,816 | ) | (1,253,773 | ) | (16,874,196 | ) | ||||||||
Increase (decrease) | (856,748 | ) | $ | (11,872,324 | ) | 499,803 | $ | 6,220,022 | ||||||||
Class P Shares | ||||||||||||||||
Shares sold | – | $ | 2 | – | $ | – | ||||||||||
Reinvestment of distributions | 13 | 174 | 15 | 186 | ||||||||||||
Shares reacquired | (10 | ) | (137 | ) | (5 | ) | (62 | ) | ||||||||
Increase | 3 | $ | 39 | 10 | $ | 124 | ||||||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 679 | $ | 9,698 | 2,192 | $ | 28,652 | ||||||||||
Reinvestment of distributions | 200 | 2,720 | 213 | 2,657 | ||||||||||||
Shares reacquired | (181 | ) | (2,629 | ) | (1,124 | ) | (14,395 | ) | ||||||||
Increase | 698 | $ | 9,789 | 1,281 | $ | 16,914 | ||||||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 103,124 | $ | 1,416,360 | 120,063 | $ | 1,562,655 | ||||||||||
Reinvestment of distributions | 5,450 | 72,590 | 6,714 | 82,045 | ||||||||||||
Shares reacquired | (55,433 | ) | (757,537 | ) | (122,392 | ) | (1,583,167 | ) | ||||||||
Increase | 53,141 | $ | 731,413 | 4,385 | $ | 61,533 |
175
Notes to Financial Statements (continued)
International Equity Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class R4 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 15,998 | $ | 224,686 | 27,918 | $ | 363,478 | ||||||||||
Reinvestment of distributions | 1,876 | 25,256 | 2,376 | 29,323 | ||||||||||||
Shares reacquired | (16,281 | ) | (222,930 | ) | (32,913 | ) | (432,152 | ) | ||||||||
Increase (decrease) | 1,593 | $ | 27,012 | (2,619 | ) | $ | (39,351 | ) | ||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 10,502 | $ | 159,515 | 951 | $ | 12,279 | ||||||||||
Reinvestment of distributions | 22 | 306 | 38 | 474 | ||||||||||||
Shares reacquired | (212 | ) | (3,084 | ) | (1,083 | ) | (14,364 | ) | ||||||||
Increase (decrease) | 10,312 | $ | 156,737 | (94 | ) | $ | (1,611 | ) | ||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 20,598 | $ | 297,940 | 75,576 | $ | 1,011,033 | ||||||||||
Reinvestment of distributions | 2,284 | 31,357 | 1,890 | 23,776 | ||||||||||||
Shares reacquired | (15,683 | ) | (224,075 | ) | (41,729 | ) | (547,729 | ) | ||||||||
Increase | 7,199 | $ | 105,222 | 35,737 | $ | 487,080 | ||||||||||
International Opportunities Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 203,101 | $ | 3,645,666 | 874,702 | $ | 15,172,885 | ||||||||||
Reinvestment of distributions | 79,306 | 1,418,777 | 93,159 | 1,482,166 | ||||||||||||
Shares reacquired | (492,296 | ) | (8,823,157 | ) | (1,323,783 | ) | (22,667,125 | ) | ||||||||
Decrease | (209,889 | ) | $ | (3,758,714 | ) | (355,922 | ) | $ | (6,012,074 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 10,247 | $ | 169,729 | 58,308 | $ | 938,752 | ||||||||||
Reinvestment of distributions | 2,091 | 34,511 | 4,183 | 61,357 | ||||||||||||
Shares reacquired | (84,242 | ) | (1,394,696 | ) | (272,316 | ) | (4,272,388 | ) | ||||||||
Decrease | (71,904 | ) | $ | (1,190,456 | ) | (209,825 | ) | $ | (3,272,279 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 43,528 | $ | 776,328 | 99,676 | $ | 1,663,690 | ||||||||||
Reinvestment of distributions | 3,553 | 62,998 | 15,662 | 246,987 | ||||||||||||
Shares reacquired | (84,540 | ) | (1,491,295 | ) | (807,474 | ) | (13,642,425 | ) | ||||||||
Decrease | (37,459 | ) | $ | (651,969 | ) | (692,136 | ) | $ | (11,731,748 | ) | ||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 197,722 | $ | 3,670,988 | 543,875 | $ | 9,649,321 | ||||||||||
Reinvestment of distributions | 28,542 | 531,450 | 32,091 | 530,783 | ||||||||||||
Shares reacquired | (247,563 | ) | (4,639,754 | ) | (606,382 | ) | (10,798,693 | ) | ||||||||
Decrease | (21,299 | ) | $ | (437,316 | ) | (30,416 | ) | $ | (618,589 | ) |
176
Notes to Financial Statements (continued)
International Opportunities Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class I Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 197,327 | $ | 3,663,911 | 1,520,278 | $ | 27,031,912 | ||||||||||
Reinvestment of distributions | 143,054 | 2,643,636 | 175,827 | 2,888,844 | ||||||||||||
Shares reacquired | (655,631 | ) | (11,980,538 | ) | (3,037,915 | ) | (52,721,518 | ) | ||||||||
Decrease | (315,250 | ) | $ | (5,672,991 | ) | (1,341,810 | ) | $ | (22,800,762 | ) | ||||||
Class P Shares | ||||||||||||||||
Shares sold | 56 | $ | 1,051 | 206 | $ | 3,576 | ||||||||||
Reinvestment of distributions | 9 | 164 | 96 | 1,575 | ||||||||||||
Shares reacquired | (1 | ) | (22 | ) | (6,453 | ) | (114,718 | ) | ||||||||
Increase (decrease) | 64 | $ | 1,193 | (6,151 | ) | $ | (109,567 | ) | ||||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 20,176 | $ | 355,152 | 39,675 | $ | 672,429 | ||||||||||
Reinvestment of distributions | 893 | 15,677 | 1,834 | 28,634 | ||||||||||||
Shares reacquired | (22,389 | ) | (394,034 | ) | (83,728 | ) | (1,415,985 | ) | ||||||||
Decrease | (1,320 | ) | $ | (23,205 | ) | (42,219 | ) | $ | (714,922 | ) | ||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 26,058 | $ | 460,999 | 79,090 | $ | 1,333,049 | ||||||||||
Reinvestment of distributions | 3,951 | 69,218 | 4,001 | 62,415 | ||||||||||||
Shares reacquired | (43,148 | ) | (762,524 | ) | (79,267 | ) | (1,326,143 | ) | ||||||||
Increase (decrease) | (13,139 | ) | $ | (232,307 | ) | 3,824 | $ | 69,321 | ||||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 10,525 | $ | 186,874 | 49,093 | $ | 849,954 | ||||||||||
Reinvestment of distributions | 1,308 | 23,276 | 1,722 | 27,251 | ||||||||||||
Shares reacquired | (9,990 | ) | (177,159 | ) | (38,577 | ) | (638,563 | ) | ||||||||
Increase | 1,843 | $ | 32,991 | 12,238 | $ | 238,642 | ||||||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 3,882 | $ | 71,740 | 12,296 | $ | 216,259 | ||||||||||
Reinvestment of distributions | 2,101 | 38,823 | 2,367 | 38,883 | ||||||||||||
Shares reacquired | (4,845 | ) | (90,792 | ) | (15,519 | ) | (276,627 | ) | ||||||||
Increase (decrease) | 1,138 | $ | 19,771 | (856 | ) | $ | (21,485 | ) | ||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 104,764 | $ | 1,956,748 | 202,444 | $ | 3,604,403 | ||||||||||
Reinvestment of distributions | 12,779 | 237,944 | 14,537 | 240,440 | ||||||||||||
Shares reacquired | (117,685 | ) | (2,196,879 | ) | (278,278 | ) | (4,890,506 | ) | ||||||||
Decrease | (142 | ) | $ | (2,187 | ) | (61,297 | ) | $ | (1,045,663 | ) |
177
Notes to Financial Statements (continued)
International Value Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 755,353 | $ | 5,682,368 | 2,818,912 | $ | 20,204,241 | ||||||||||
Reinvestment of distributions | 369,592 | 2,849,069 | 791,975 | 5,631,434 | ||||||||||||
Shares reacquired | (2,251,832 | ) | (17,008,039 | ) | (5,173,293 | ) | (36,655,772 | ) | ||||||||
Decrease | (1,126,887 | ) | $ | (8,476,602 | ) | (1,562,406 | ) | $ | (10,820,097 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 3,847 | $ | 29,319 | 64,834 | $ | 453,287 | ||||||||||
Reinvestment of distributions | 3,698 | 28,226 | 10,494 | 74,098 | ||||||||||||
Shares reacquired | (76,970 | ) | (580,078 | ) | (498,049 | ) | (3,515,961 | ) | ||||||||
Decrease | (69,425 | ) | $ | (522,533 | ) | (422,721 | ) | $ | (2,988,576 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 16,545 | $ | 125,549 | 73,263 | $ | 534,737 | ||||||||||
Reinvestment of distributions | 9,210 | 71,579 | 25,003 | 178,118 | ||||||||||||
Shares reacquired | (73,580 | ) | (556,703 | ) | (987,882 | ) | (6,991,102 | ) | ||||||||
Decrease | (47,825 | ) | $ | (359,575 | ) | (889,616 | ) | $ | (6,278,247 | ) | ||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 398,360 | $ | 3,024,614 | 1,302,248 | $ | 9,438,522 | ||||||||||
Reinvestment of distributions | 61,534 | 479,121 | 122,563 | 879,787 | ||||||||||||
Shares reacquired | (585,200 | ) | (4,498,149 | ) | (935,918 | ) | (6,744,672 | ) | ||||||||
Increase (decrease) | (125,306 | ) | $ | (994,414 | ) | 488,893 | $ | 3,573,637 | ||||||||
Class I Shares | ||||||||||||||||
Shares sold | 2,390,843 | $ | 17,682,737 | 1,372,832 | $ | 9,932,551 | ||||||||||
Reinvestment of distributions | 274,594 | 2,138,752 | 566,609 | 4,064,658 | ||||||||||||
Shares reacquired | (2,063,754 | ) | (15,680,290 | ) | (2,589,802 | ) | (18,672,729 | ) | ||||||||
Increase (decrease) | 601,683 | $ | 4,141,199 | (650,361 | ) | $ | (4,675,520 | ) | ||||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 377 | $ | 2,901 | 2,941 | $ | 21,059 | ||||||||||
Reinvestment of distributions | 91 | 720 | 232 | 1,703 | ||||||||||||
Shares reacquired | (474 | ) | (3,741 | ) | (2,510 | ) | (18,425 | ) | ||||||||
Increase (decrease) | (6 | ) | $ | (120 | ) | 663 | $ | 4,337 | ||||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 36,748 | $ | 277,505 | 126,492 | $ | 920,100 | ||||||||||
Reinvestment of distributions | 9,800 | 76,156 | 24,430 | 176,067 | ||||||||||||
Shares reacquired | (272,291 | ) | (2,097,131 | ) | (215,127 | ) | (1,552,754 | ) | ||||||||
Decrease | (225,743 | ) | $ | (1,743,470 | ) | (64,205 | ) | $ | (456,587 | ) | ||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 3,078 | $ | 21,867 | 5,577 | $ | 39,671 | ||||||||||
Reinvestment of distributions | 245 | 1,885 | 591 | 4,200 | ||||||||||||
Shares reacquired | (1,359 | ) | (10,064 | ) | (8,200 | ) | (60,086 | ) | ||||||||
Increase (decrease) | 1,964 | $ | 13,688 | (2,032 | ) | $ | (16,215 | ) |
178
Notes to Financial Statements (continued)
International Value Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class R5 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 7 | $ | 55 | 34 | $ | 235 | ||||||||||
Reinvestment of distributions | – | – | 1 | 7 | ||||||||||||
Shares reacquired | (4 | ) | (31 | ) | (760 | ) | (5,143 | ) | ||||||||
Increase (decrease) | 3 | $ | 24 | (725 | ) | $ | (4,901 | ) | ||||||||
Class R6 Shares | ||||||||||||||||
Shares sold | 20,369 | $ | 155,048 | 60,550 | $ | 429,049 | ||||||||||
Reinvestment of distributions | 1,423 | 11,056 | 3,011 | 21,603 | ||||||||||||
Shares reacquired | (33,904 | ) | (260,045 | ) | (51,540 | ) | (364,056 | ) | ||||||||
Increase (decrease) | (12,112 | ) | $ | (93,941 | ) | 12,021 | $ | 86,596 | ||||||||
Micro Cap Growth Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 88,699 | $ | 1,177,402 | 234,823 | $ | 3,217,331 | ||||||||||
Shares reacquired | (479,054 | ) | (6,486,929 | ) | (662,954 | ) | (8,849,758 | ) | ||||||||
Decrease | (390,355 | ) | $ | (5,309,527 | ) | (428,131 | ) | $ | (5,632,427 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 5,524 | $ | 90,727 | 21,971 | $ | 365,282 | ||||||||||
Shares reacquired | (37,949 | ) | (609,807 | ) | (79,663 | ) | (1,269,192 | ) | ||||||||
Decrease | (32,425 | ) | $ | (519,080 | ) | (57,692 | ) | $ | (903,910 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 16,218 | $ | 283,024 | 52,378 | $ | 886,989 | ||||||||||
Shares reacquired | (271,243 | ) | (4,603,397 | ) | (1,678,801 | ) | (28,248,398 | ) | ||||||||
Decrease | (255,025 | ) | $ | (4,320,373 | ) | (1,626,423 | ) | $ | (27,361,409 | ) | ||||||
Class I Shares | ||||||||||||||||
Shares sold | 384,701 | $ | 6,496,251 | 2,333,185 | $ | 39,495,337 | ||||||||||
Shares reacquired | (1,076,285 | ) | (17,688,571 | ) | (2,038,930 | ) | (33,194,231 | ) | ||||||||
Increase (decrease) | (691,584 | ) | $ | (11,192,320 | ) | 294,255 | $ | 6,301,106 | ||||||||
Value Opportunities Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,110,416 | $ | 19,618,120 | 3,069,030 | $ | 50,098,265 | ||||||||||
Reinvestment of distributions | 531,708 | 8,618,986 | 3,241,772 | 51,706,261 | ||||||||||||
Shares reacquired | (3,394,064 | ) | (59,849,210 | ) | (8,938,104 | ) | (145,605,865 | ) | ||||||||
Decrease | (1,751,940 | ) | $ | (31,612,104 | ) | (2,627,302 | ) | $ | (43,801,339 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 48,154 | $ | 676,809 | 200,000 | $ | 2,649,995 | ||||||||||
Reinvestment of distributions | 41,498 | 534,075 | 338,090 | 4,327,553 | ||||||||||||
Shares reacquired | (580,889 | ) | (8,240,015 | ) | (1,531,086 | ) | (19,776,922 | ) | ||||||||
Decrease | (491,237 | ) | $ | (7,029,131 | ) | (992,996 | ) | $ | (12,799,374 | ) |
179
Notes to Financial Statements (continued)
Value Opportunities Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class F Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 15,460 | $ | 272,642 | 207,865 | $ | 3,476,115 | ||||||||||
Reinvestment of distributions | 25,962 | 435,384 | 372,103 | 6,135,983 | ||||||||||||
Shares reacquired | (213,762 | ) | (3,923,211 | ) | (3,288,888 | ) | (55,882,809 | ) | ||||||||
Decrease | (172,340 | ) | $ | (3,215,185 | ) | (2,708,920 | ) | $ | (46,270,711 | ) | ||||||
Class F3 Shares | ||||||||||||||||
Shares sold | 393,127 | $ | 7,450,736 | 1,015,062 | $ | 17,576,579 | ||||||||||
Reinvestment of distributions | 177,934 | 3,104,946 | 932,888 | 15,989,697 | ||||||||||||
Shares reacquired | (1,323,777 | ) | (25,385,626 | ) | (2,348,711 | ) | (41,034,297 | ) | ||||||||
Decrease | (752,716 | ) | $ | (14,829,944 | ) | (400,761 | ) | $ | (7,468,021 | ) | ||||||
Class I Shares | ||||||||||||||||
Shares sold | 365,034 | $ | 6,898,352 | 2,777,507 | $ | 48,635,765 | ||||||||||
Reinvestment of distributions | 237,110 | 4,087,773 | 1,196,979 | 20,288,797 | ||||||||||||
Shares reacquired | (1,794,252 | ) | (33,985,337 | ) | (3,897,297 | ) | (67,202,845 | ) | ||||||||
Increase (decrease) | (1,192,108 | ) | $ | (22,999,212 | ) | 77,189 | $ | 1,721,717 | ||||||||
Class P Shares | ||||||||||||||||
Shares sold | 29,516 | $ | 506,888 | 72,201 | $ | 1,130,451 | ||||||||||
Reinvestment of distributions | 10,713 | 167,762 | 70,733 | 1,091,406 | ||||||||||||
Shares reacquired | (138,632 | ) | (2,411,926 | ) | (203,136 | ) | (3,218,389 | ) | ||||||||
Decrease | (98,403 | ) | $ | (1,737,276 | ) | (60,202 | ) | $ | (996,532 | ) | ||||||
Class R2 Shares | ||||||||||||||||
Shares sold | 16,593 | $ | 273,442 | 30,985 | $ | 465,734 | ||||||||||
Reinvestment of distributions | 4,145 | 62,296 | 25,906 | 384,437 | ||||||||||||
Shares reacquired | (77,820 | ) | (1,286,553 | ) | (70,281 | ) | (1,055,609 | ) | ||||||||
Decrease | (57,082 | ) | $ | (950,815 | ) | (13,390 | ) | $ | (205,438 | ) | ||||||
Class R3 Shares | ||||||||||||||||
Shares sold | 97,859 | $ | 1,670,745 | 294,829 | $ | 4,584,848 | ||||||||||
Reinvestment of distributions | 27,147 | 417,247 | 179,093 | 2,715,045 | ||||||||||||
Shares reacquired | (242,022 | ) | (4,061,528 | ) | (602,251 | ) | (9,235,023 | ) | ||||||||
Decrease | (117,016 | ) | $ | (1,973,536 | ) | (128,329 | ) | $ | (1,935,130 | ) | ||||||
Class R4 Shares | ||||||||||||||||
Shares sold | 110,814 | $ | 2,019,437 | 177,604 | $ | 2,866,030 | ||||||||||
Reinvestment of distributions | 26,401 | 427,171 | 152,963 | 2,436,699 | ||||||||||||
Shares reacquired | (240,353 | ) | (4,305,004 | ) | (388,834 | ) | (6,302,388 | ) | ||||||||
Decrease | (103,138 | ) | $ | (1,858,396 | ) | (58,267 | ) | $ | (999,659 | ) | ||||||
Class R5 Shares | ||||||||||||||||
Shares sold | 8,054 | $ | 150,553 | 17,230 | $ | 298,110 | ||||||||||
Reinvestment of distributions | 966 | 16,672 | 4,343 | 73,662 | ||||||||||||
Shares reacquired | (4,234 | ) | (82,446 | ) | (30,663 | ) | (538,518 | ) | ||||||||
Increase (decrease) | 4,786 | $ | 84,779 | (9,090 | ) | $ | (166,746 | ) |
180
Notes to Financial Statements (concluded)
Value Opportunities Fund | Six Months Ended April 30, 2024 (unaudited) | Year Ended October 31, 2023 | ||||||||||||||
Class R6 Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 89,603 | $ | 1,704,358 | 356,203 | $ | 6,186,058 | ||||||||||
Reinvestment of distributions | 23,461 | 408,929 | 130,086 | 2,227,078 | ||||||||||||
Shares reacquired | (221,703 | ) | (4,051,642 | ) | (523,518 | ) | (9,238,532 | ) | ||||||||
Decrease | (108,639 | ) | $ | (1,938,355 | ) | (37,229 | ) | $ | (825,396 | ) |
181
Investments in Underlying Funds (unaudited)
Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2024, 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 | 20.09% | |
Lord Abbett Securities Trust – Focused Small Cap Value Fund-Class I | 9.96% | |
Lord Abbett Securities Trust – International Opportunities Fund-Class I | 20.13% | |
Lord Abbett Securities Trust – Micro Cap Growth Fund-Class I | 9.93% | |
Lord Abbett Research Fund, Inc. – Small Cap Value Fund-Class I | 19.93% | |
Lord Abbett Securities Trust – Value Opportunities Fund-Class I | 19.96% | |
Total | 100.00% |
The Ten Largest Holdings and the Holdings by Sector, as of April 30, 2024, for each Underlying Fund are presented below. Each Underlying Fund’s annual and semiannual reports, which are sent to shareholders and filed with the SEC, contain information about the Underlying Fund’s portfolio holdings, including a complete schedule of holdings. A complete schedule of holdings for each Underlying Fund is also filed with the SEC on Form N-PORT as of the end of each respective Underlying Fund’s first and third quarters. In addition, on or about the first day of the second month following each calendar quarter-end, each Fund makes publicly available a complete schedule of its portfolio holdings as of the last day of each such quarter. The information for the most recently ended calendar quarter may be viewed at www.lordabbett.com or requested at no charge by calling Lord Abbett at 888-522-2388.
Lord Abbett Developing Growth Fund, Inc.
Ten Largest Holdings | % of Investments | |
Cava Group, Inc. | 2.79% | |
Wingstop, Inc. | 2.46% | |
AeroVironment, Inc. | 2.31% | |
Comfort Systems USA, Inc. | 2.19% | |
Glaukos Corp. | 2.16% | |
Onto Innovation, Inc. | 2.14% | |
RxSight, Inc. | 2.12% | |
Trex Co., Inc. | 2.08% | |
Duolingo, Inc. | 2.07% | |
Natera, Inc. | 2.03% | |
Holdings by Sector | % of Investments | |
Consumer Discretionary | 10.60% | |
Consumer Staples | 4.48% | |
Financials | 7.06% | |
Health Care | 22.19% | |
Industrials | 25.22% | |
Information Technology | 27.66% | |
Repurchase Agreements | 2.79% | |
Total | 100.00% |
182
Investments in Underlying Funds (unaudited)(continued)
Lord Abbett Securities Trust - Focused Small Cap Value Fund
Ten Largest Holdings | % of Investments | |
Kemper Corp. | 3.46% | |
Brady Corp. | 3.44% | |
Permian Resources Corp. | 3.40% | |
Leonardo DRS, Inc. | 3.10% | |
Compass Diversified Holdings | 3.06% | |
Northern Oil & Gas, Inc. | 2.96% | |
Avient Corp. | 2.91% | |
White Mountains Insurance Group Ltd. | 2.89% | |
Belden, Inc. | 2.87% | |
Mirion Technologies, Inc. | 2.82% | |
Holdings by Sector | % of Investments | |
Basic Material | 5.05% | |
Communications | 6.73% | |
Consumer Cyclical | 11.70% | |
Consumer Non-Cyclical | 10.02% | |
Energy | 11.28% | |
Financial | 31.29% | |
Industrial | 18.67% | |
Technology | 4.66% | |
Repurchase Agreements | 0.60% | |
Total | 100.00% |
Lord Abbett Securities Trust - International Opportunities Fund
Ten Largest Holdings | % of Investments | |
Britvic PLC | 2.09% | |
Chemring Group PLC | 2.04% | |
Man Group PLC | 1.99% | |
ANDRITZ AG | 1.86% | |
PALTAC Corp. | 1.85% | |
Banco de Sabadell SA | 1.83% | |
Nichirei Corp. | 1.74% | |
Sanwa Holdings Corp. | 1.69% | |
Okinawa Cellular Telephone Co. | 1.64% | |
Freenet AG | 1.62% | |
Holdings by Sector | % of Investments | |
Basic Materials | 5.63% | |
Communications | 5.41% | |
Consumer Cyclical | 11.10% | |
Consumer Non-Cyclical | 12.84% | |
Energy | 2.67% | |
Financial | 21.68% | |
Industrial | 23.83% | |
Technology | 11.77% | |
Utilities | 2.24% | |
Repurchase Agreements | 2.83% | |
Total | 100.00% |
183
Investments in Underlying Funds (unaudited)(continued)
Lord Abbett Securities Trust - Micro Cap Growth Fund
Ten Largest Holdings | % of Investments | |
RxSight, Inc. | 2.90% | |
AeroVironment, Inc. | 2.89% | |
Modine Manufacturing Co. | 2.87% | |
JFrog Ltd. | 2.76% | |
First Watch Restaurant Group, Inc. | 2.40% | |
Vital Farms, Inc. | 2.40% | |
UFP Technologies, Inc. | 2.32% | |
AvidXchange Holdings, Inc. | 2.29% | |
Impinj, Inc. | 2.22% | |
Sterling Infrastructure, Inc. | 2.20% | |
Holdings by Sector | % of Investments | |
Communication Services | 0.77% | |
Consumer Discretionary | 14.28% | |
Consumer Staples | 3.82% | |
Financials | 8.53% | |
Health Care | 28.78% | |
Industrials | 16.41% | |
Information Technology | 25.81% | |
Money Market Funds | 0.61% | |
Time Deposits | 0.07% | |
Repurchase Agreements | 0.92% | |
Total | 100.00% | |
Lord Abbett Research Fund, Inc. - Small Cap Value Fund | ||
Ten Largest Holdings | % of Investments | |
Permian Resources Corp. | 3.38% | |
Kemper Corp. | 2.54% | |
CommVault Systems, Inc. | 2.43% | |
Mirion Technologies, Inc. | 2.17% | |
Belden, Inc. | 2.10% | |
Northern Oil & Gas, Inc. | 2.06% | |
Leonardo DRS, Inc. | 2.06% | |
Criteo SA | 2.04% | |
Brady Corp. | 1.97% | |
Avient Corp. | 1.97% |
184
Investments in Underlying Funds (unaudited)(concluded)
Holdings by Sector | % of Investments | |
Communication Services | 3.64% | |
Consumer Discretionary | 10.79% | |
Consumer Staples | 2.39% | |
Energy | 10.24% | |
Financials | 25.77% | |
Health Care | 5.82% | |
Industrials | 17.70% | |
Information Technology | 12.87% | |
Materials | 6.45% | |
Real Estate | 2.85% | |
Utilities | 1.02% | |
Repurchase Agreements | 0.46% | |
Total | 100.00% | |
Lord Abbett Securities Trust - Value Opportunities Fund | ||
Ten Largest Holdings | % of Investments | |
Permian Resources Corp. | 2.56% | |
CommVault Systems, Inc. | 2.40% | |
Chesapeake Energy Corp. | 2.30% | |
EMCOR Group, Inc. | 2.30% | |
Molina Healthcare, Inc. | 2.20% | |
BJ’s Wholesale Club Holdings, Inc. | 2.04% | |
AerCap Holdings NV | 2.02% | |
Avery Dennison Corp. | 2.01% | |
Descartes Systems Group, Inc. | 1.97% | |
Allegion PLC | 1.97% | |
Holdings by Sector | % of Investments | |
Basic Materials | 3.48% | |
Communications | 2.66% | |
Consumer Cyclical | 14.92% | |
Consumer Non-Cyclical | 17.37% | |
Energy | 6.64% | |
Financial | 20.63% | |
Industrial | 18.22% | |
Technology | 9.99% | |
Utilities | 2.42% | |
Time Deposits | 0.32% | |
Money Market Funds | 2.86% | |
Repurchase Agreements | 0.49% | |
Total | 100.00% |
185
Approval of Advisory Contract
Securities Trust
(Lord Abbett Alpha Strategy 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).
Approval of Advisory Contract
The Board, including all of the Trustees who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of 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. 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 to Lord Abbett of providing management and administrative services to the Funds; (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, 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.
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
186
Approval of Advisory Contract (continued)
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, 2023. With respect to Alpha Strategy Fund and Fundamental Equity Fund, the Board observed that the Funds’ investment performance was above the median of the performance peer group for the one-year period, but below the median of the performance peer group for the three-, five- and ten-year periods. With respect to Focused 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 and equal to the median of the performance peer group for the three-year period. With respect 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- and three-year periods. As to Focused Small Cap Value Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and ten-year periods, but below the median of the performance peer group for the three- and five-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-, three- and five-year periods. As to Growth Leaders Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the five- and ten-year periods, but below the median of the performance peer group for the one- and three-year periods. With respect to 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 and equal to the median of the performance peer group for the three-year period. 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 five-year period and equal to the median of the performance peer group for the three-year period, but below the median of the performance peer group for the one- and ten-year periods. As to International Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-year period, but below the median of the performance group for the one-, five- and ten-year periods. As to International Value Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five and ten-year periods. As to Value Opportunities Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, and ten-year periods and equal to the median of the performance peer group for the five-year period. As to Micro-Cap Growth Fund, the Board observed that Fund’s investment performance was above the median of the performance peer group for the one-, three-, five- and ten-year periods. With respect to Alpha Strategy Fund, International Value Fund and Global Equity 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 performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that each Fund’s Agreement should be continued.
187
Approval of Advisory Contract (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 each of the expense level and the actual management fee rates 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 actual management fee (excluding underlying fund fees) was below the median of the expense peer group. As to Micro-Cap Growth Fund, the Board observed that the net total expense ratio and actual management fee of the Fund were both above the median of the expense peer group. As to each of Focused Growth Fund, Focused Large 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 and the actual management fee were both below the median of the expense peer group. As to Value Opportunities Fund, the Board observed that the net total expense ratio was below the median of the expense peer group and the actual management fee was one basis point above the median of the expense peer group. As to Focused Small Cap Value Fund, the Board observed that the net total expense ratio and the actual management fee were both equal to the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by each Fund were reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.
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
188
Approval of Advisory Contract (concluded)
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, 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 Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Global Equity Fund, and Health Care 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, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor 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.
189
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, each Fund has adopted a Liquidity Risk Management Program and Policy (“Program”). The Program is designed to assess, manage and periodically review each Fund’s liquidity risk. Liquidity risk is defined under Rule 22e-4 as the risk that each Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board has appointed Lord Abbett as the administrator for each Fund’s Program. At the April 9, 2024 meeting, Lord Abbett provided the Board with a report addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the period March 31, 2023 through March 31, 2024. Lord Abbett reported that the Program operated effectively during the period. In particular, Lord Abbett reported that: no Fund breached its 15% limit on illiquid investments at any point during the period and all regulatory reporting related to Rule 22e-4 was completed on time and without issue during the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding each Fund’s exposure to liquidity risk and other principal risks to which an investment in each Fund may be subject.
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 Funds Service Center, P.O. Box 534489, Pittsburgh, PA 15253-4489 (regular mail) or Attention: 534489, 500 Ross Street 154-0520, Pittsburgh, PA 15262 (overnight mail).
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.
190
This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
Lord Abbett mutual fund shares are distributed by | Lord Abbett Securities Trust
Lord Abbett Alpha Strategy Fund Lord Abbett Focused Growth Fund Lord Abbett 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 (06/24) |
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. |
The Schedule of Investments is included as part of the Reports to Shareholders under Item 1. | |
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. |
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 | ||
(Principal Executive Officer) |
Date: June 24, 2024
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 | ||
(Principal Executive Officer) |
Date: June 24, 2024
By: | /s/ Michael J. Hebert | |
Michael J. Hebert | ||
Chief Financial Officer and Treasurer | ||
(Principal Financial Officer) |
Date: June 24, 2024