Lord Abbett Micro Cap Growth Fund (LMIYX) NPORT-P Lord Abbett Focused Large Cap Value Fund (Jul 2022 report)

Lord Abbett

Quarterly Portfolio Holdings Report

Lord Abbett

Alpha Strategy Fund

Durable Growth Fund

Focused Growth Fund

Focused Large Cap Value Fund

Focused Small Cap Value Fund

Fundamental Equity Fund

Global Equity Fund

Growth Leaders Fund

Health Care Fund

International Equity Fund

International Opportunities Fund

International Value Fund

Micro Cap Growth Fund

Value Opportunities Fund

For the period ended July 31, 2022

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND July 31, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 100.01%
INVESTMENTS IN UNDERLYING FUNDS(a)(b) 100.01%
Lord Abbett Developing Growth Fund, Inc. - Class I*(c)		5,737,899	$	139,545,710
Lord Abbett Securities Trust-Focused Small Cap Value Fund-Class I*(d)		2,666,567		71,117,344
Lord Abbett Securities Trust - International Opportunities Fund - Class I(d)		7,883,469		137,014,702
Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I*(d)		4,014,954		64,961,951
Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I(d)		7,973,483		140,173,827
Lord Abbett Securities Trust-Value Opportunities Fund-Class I(d)		7,419,458		141,340,673
Total Investments in Underlying Funds (cost 731,941,657)				694,154,207

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.03%
Repurchase Agreements 0.03%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $200,300 of U.S. Treasury Note at 2.25% due 11/15/2027; value: $196,266; proceeds: $192,384 (cost $192,371)	$	192,371	$	192,371
Total Investments in Securities 100.04% (cost $732,134,028)				694,346,578
Other Assets and Liabilities – Net (0.04)%				(292,365	)
Net Assets 100.00%			$	694,054,213

*	Non-income producing security.
(a)	Affiliated issuer.
(b)	These investments offer daily redemptions.
(c)	Fund investment objective is long-term growth of capital through a diversified and actively managed portfolio consisting of developing growth companies, many of which are traded over the counter.
(d)	Fund investment objective is long-term capital appreciation.

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Investments in Underlying Funds	$	694,154,207	$	–	$	–	$	694,154,207
Short-Term Investments
Repurchase Agreements		–		192,371		–		192,371
Total	$	694,154,207	$	192,371	$	–	$	694,346,578

(1)	Refer to Note 2(b) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each 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 Schedule of Investments. 1

Schedule of Investments (unaudited)

DURABLE GROWTH FUND July 31, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 97.47%
COMMON STOCKS 97.47%
Aerospace & Defense 3.58%
Airbus SE(a)	EUR	24,515	$	2,643,249
CAE, Inc. (Canada)*(b)		72,804		1,927,850
Northrop Grumman Corp.		12,124		5,806,183
TransDigm Group, Inc.*		7,174		4,464,667
Total				14,841,949
Air Freight & Logistics 0.63%
GXO Logistics, Inc.*		54,545		2,618,160
Automobiles 4.02%
Tesla, Inc.*		18,675		16,647,829
Banks 1.14%
First Republic Bank		29,009		4,720,054
Beverages 2.69%
Brown-Forman Corp. Class B		36,817		2,732,558
Coca-Cola Co. (The)		131,009		8,406,847
Total				11,139,405
Biotechnology 1.92%
BioNTech SE ADR		8,088		1,335,733
Genmab A/S ADR*		79,648		2,837,062
Seagen, Inc.*		21,145		3,805,677
Total				7,978,472
Capital Markets 0.86%
Moody’s Corp.		11,493		3,565,703
Chemicals 1.14%
Air Products & Chemicals, Inc.		19,008		4,718,356
Construction Materials 1.25%
Vulcan Materials Co.		31,374		5,187,063
Containers & Packaging 1.40%
Avery Dennison Corp.		15,492		2,950,606
Ball Corp.		38,916		2,857,213
Total				5,807,819

Investments	Shares		Fair Value
Diversified Consumer Services 0.76%
Service Corp. International		42,215	$	3,143,329
Entertainment 0.84%
Roku, Inc.*		14,145		926,781
Walt Disney Co. (The)*		23,942		2,540,246
Total				3,467,027
Equity Real Estate Investment Trusts 2.27%
American Tower Corp.		10,941		2,963,151
SBA Communications Corp.		19,222		6,454,555
Total				9,417,706
Food & Staples Retailing 1.70%
Sysco Corp.		42,133		3,577,092
Walmart, Inc.		26,203		3,460,106
Total				7,037,198
Health Care Equipment & Supplies 2.54%
DexCom, Inc.*		39,319		3,227,303
Edwards Lifesciences Corp.*		72,783		7,317,603
Total				10,544,906
Hotels, Restaurants & Leisure 2.18%
Airbnb, Inc. Class A*		14,262		1,582,797
Chipotle Mexican Grill, Inc.*		3,181		4,975,784
Hilton Worldwide Holdings, Inc.		19,439		2,489,552
Total				9,048,133
Household Products 0.79%
Church & Dwight Co., Inc.		37,350		3,285,680
Industrial Conglomerates 0.83%
Honeywell International, Inc.		17,816		3,428,867
Information Technology Services 5.92%
Accenture plc Class A (Ireland)(b)		9,194		2,815,754
Fidelity National Information Services, Inc.		21,047		2,150,162
Genpact Ltd.		84,012		4,039,297
Mastercard, Inc. Class A		43,953		15,550,132
Total				24,555,345

2 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

DURABLE GROWTH FUND July 31, 2022

Investments	Shares		Fair Value
Interactive Media & Services 5.96%
Alphabet, Inc. Class A*		166,118	$	19,322,846
Match Group, Inc.*		28,890		2,117,926
Meta Platforms, Inc.Class A*		20,507		3,262,663
Total				24,703,435
Internet & Direct Marketing Retail 7.01%
Amazon.com, Inc.*		215,504		29,082,265
Life Sciences Tools & Services 2.98%
Danaher Corp.		15,590		4,544,018
Repligen Corp.*		18,925		4,037,838
West Pharmaceutical Services, Inc.		11,038		3,792,215
Total				12,374,071
Machinery 1.18%
Parker-Hannifin Corp.		9,988		2,887,431
Stanley Black & Decker, Inc.		20,782		2,022,712
Total				4,910,143
Oil, Gas & Consumable Fuels 0.48%
Pioneer Natural Resources Co.		8,411		1,992,987
Personal Products 1.21%
Estee Lauder Cos., Inc. (The) Class A		18,339		5,008,381
Pharmaceuticals 4.44%
Eli Lilly & Co.		29,123		9,601,562
Novo Nordisk A/S ADR		31,344		3,637,784
Zoetis, Inc.		28,414		5,186,976
Total				18,426,322
Road & Rail 1.95%
Norfolk Southern Corp.		18,840		4,732,043
Old Dominion Freight Line, Inc.		11,010		3,341,645
Total				8,073,688

Investments	Shares		Fair Value
Semiconductors & Semiconductor Equipment 7.77%
Advanced Micro Devices, Inc.*		11,868	$	1,121,170
Analog Devices, Inc.		29,732		5,112,715
Lam Research Corp.		7,720		3,863,937
NVIDIA Corp.		77,229		14,027,103
NXP Semiconductors NV (Netherlands)(b)		15,444		2,839,843
QUALCOMM, Inc.		36,288		5,263,937
Total				32,228,705
Software 16.28%
Cadence Design Systems, Inc.*		39,562		7,361,697
Datadog, Inc. Class A*		16,846		1,718,461
Microsoft Corp.		142,309		39,951,829
Palo Alto Networks, Inc.*		4,324		2,158,108
Roper Technologies, Inc.		7,583		3,311,269
Salesforce, Inc.*		36,509		6,718,386
ServiceNow, Inc.*		14,084		6,290,759
Total				67,510,509
Specialty Retail 2.78%
Burlington Stores, Inc.*		21,755		3,070,283
Five Below, Inc.*		15,811		2,009,104
Home Depot, Inc. (The)		21,450		6,455,163
Total				11,534,550
Technology Hardware, Storage & Peripherals 7.20%
Apple, Inc.		183,638		29,843,011
Textiles, Apparel & Luxury Goods 1.77%
Lululemon Athletica, Inc. (Canada)*(b)		3,221		1,000,153
NIKE, Inc. Class B		55,075		6,329,219
Total				7,329,372
Total Common Stocks (cost $402,594,234)				404,170,440

See Notes to Schedule of Investments. 3

Schedule of Investments (unaudited)(concluded)

DURABLE GROWTH FUND July 31, 2022

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.48%
Repurchase Agreements 1.48%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $5,165,100 of U.S. Treasury Inflation Indexed Note at 0.50% due 01/15/2028; value: $6,236,802; proceeds: $6,114,903 (cost $6,114,470)	$	6,114,470	$	6,114,470
Total Investments in Securities 98.95% (cost $408,708,704)				410,284,910
Other Assets and Liabilities – Net 1.05%				4,366,546
Net Assets 100.00%			$	414,651,456

ADR	American Depositary Receipt.
EUR	Euro.
*	Non-income producing security.
(a)	Investment in non-U.S. dollar denominated securities.
(b)	Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Aerospace & Defense	$	12,198,700	$	2,643,249	$	–	$	14,841,949
Remaining Industries		389,328,491		–		–		389,328,491
Short-Term Investments
Repurchase Agreements		–		6,114,470		–		6,114,470
Total	$	401,527,191	$	8,757,719	$	–	$	410,284,910

(1)

Refer to Note 2(b) 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.

4 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)

FOCUSED GROWTH FUND July 31, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 97.16%
COMMON STOCKS 97.16%
Aerospace & Defense 1.77%
Raytheon Technologies Corp.		6,843	$	637,836
Automobiles 5.60%
Tesla, Inc.*		2,257		2,012,003
Biotechnology 9.12%
Argenx SE ADR*		2,416		879,931
Cytokinetics, Inc.*		8,273		350,196
Seagen, Inc.*		5,177		931,757
Vertex Pharmaceuticals, Inc.*		3,973		1,114,069
Total				3,275,953
Chemicals 1.40%
Albemarle Corp.		2,066		504,744
Communications Equipment 2.79%
Arista Networks, Inc.*		8,602		1,003,251
Entertainment 2.64%
Live Nation Entertainment, Inc.*		10,115		950,709
Food & Staples Retailing 2.19%
Costco Wholesale Corp.		1,453		786,509
Health Care Equipment & Supplies 1.82%
Edwards Lifesciences Corp.*		6,494		652,907
Health Care Providers & Services 2.87%
UnitedHealth Group, Inc.		1,899		1,029,904
Hotels, Restaurants & Leisure 2.19%
Airbnb, Inc. Class A*		7,090		786,848
Information Technology Services 8.04%
Mastercard, Inc. Class A		3,958		1,400,301
MongoDB, Inc.*		2,319		724,618
Visa, Inc. Class A		3,608		765,293
Total				2,890,212

Investments	Shares		Fair Value
Interactive Media & Services 6.00%
Alphabet, Inc. Class A*		18,543	$	2,156,922
Internet & Direct Marketing Retail 5.49%
Amazon.com, Inc.*		10,503		1,417,380
MercadoLibre, Inc. (Argentina)*(a)		682		554,950
Total				1,972,330
Oil, Gas & Consumable Fuels 2.64%
Cheniere Energy, Inc.		6,353		950,282
Pharmaceuticals 2.34%
Novo Nordisk A/S ADR		7,233		839,462
Semiconductors & Semiconductor Equipment 11.64%
Advanced Micro Devices, Inc.*		7,679		725,435
Enphase Energy, Inc.*		4,870		1,383,957
KLA Corp.		1,456		558,434
Monolithic Power Systems, Inc.		1,547		718,922
NVIDIA Corp.		4,383		796,084
Total				4,182,832
Software 17.18%
Atlassian Corp. plc Class A (Australia)*(a)		3,442		720,479
Datadog, Inc. Class A*		5,942		606,143
Intuit, Inc.		1,444		658,710
Microsoft Corp.		11,987		3,365,230
Palo Alto Networks, Inc.*		1,649		823,016
Total				6,173,578
Technology Hardware, Storage & Peripherals 9.48%
Apple, Inc.		20,955		3,405,397
Textiles, Apparel & Luxury Goods 1.96%
Lululemon Athletica, Inc. (Canada)*(a)		2,270		704,858
Total Common Stocks (cost $35,429,620)				34,916,537

See Notes to Schedule of Investments. 5

Schedule of Investments (unaudited)(concluded)

FOCUSED GROWTH FUND July 31, 2022

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 4.30%
Repurchase Agreements 4.30%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $1,757,700 of U.S. Treasury Note at 0.50% due 08/31/2027; value: $1,575,786; proceeds: $1,544,945 (cost $1,544,835)	$	1,544,835	$	1,544,835
Total Investments in Securities 101.46% (cost $36,974,455)				36,461,372
Other Assets and Liabilities – Net (1.46)%				(522,937	)
Net Assets 100.00%			$	35,938,435

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

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	34,916,537	$	–	$	–	$	34,916,537
Short-Term Investments
Repurchase Agreements		–		1,544,835		–		1,544,835
Total	$	34,916,537	$	1,544,835	$	–	$	36,461,372

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

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

6 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)

FOCUSED LARGE CAP VALUE FUND July 31, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 95.36%
COMMON STOCKS 95.36%
Aerospace & Defense 3.77%
Raytheon Technologies Corp.		108,270	$	10,091,847
Automobiles 2.56%
General Motors Co.*		188,820		6,846,613
Banks 6.41%
Popular, Inc.		96,350		7,483,504
Wells Fargo & Co.		220,010		9,651,839
Total				17,135,343
Biotechnology 5.86%
AbbVie, Inc.		64,290		9,226,258
Horizon Therapeutics plc*		77,800		6,455,066
Total				15,681,324
Building Products 2.56%
Masco Corp.		123,810		6,856,598
Capital Markets 7.89%
Ameriprise Financial, Inc.		37,850		10,216,472
KKR & Co., Inc.		196,280		10,885,689
Total				21,102,161
Chemicals 2.61%
Valvoline, Inc.		217,000		6,991,740
Communications Equipment 2.11%
Cisco Systems, Inc.		124,120		5,631,324
Construction Materials 2.56%
Eagle Materials, Inc.		54,150		6,847,267
Electric: Utilities 3.15%
NRG Energy, Inc.		223,160		8,424,290
Energy Equipment & Services 2.07%
Schlumberger NV		149,300		5,528,579

Investments	Shares		Fair Value
Food & Staples Retailing 2.37%
BJ’s Wholesale Club Holdings, Inc.*		93,610	$	6,337,397
Health Care Providers & Services 6.87%
Centene Corp.*		96,590		8,979,972
CVS Health Corp.		98,260		9,401,517
Total				18,381,489
Hotels, Restaurants & Leisure 2.41%
Caesars Entertainment, Inc.*		140,970		6,440,919
Household Products 1.90%
Spectrum Brands Holdings, Inc.		73,050		5,079,897
Information Technology Services 5.24%
Euronet Worldwide, Inc.*		65,570		6,443,564
Fiserv, Inc.*		71,780		7,585,710
Total				14,029,274
Insurance 5.80%
Allstate Corp. (The)		85,770		10,032,517
Fidelity National Financial, Inc.		137,410		5,490,903
Total				15,523,420
Machinery 2.87%
Parker-Hannifin Corp.		26,540		7,672,449
Media 2.26%
Comcast Corp. Class A		161,390		6,055,353
Metals & Mining 1.02%
Alcoa Corp.		53,800		2,737,882
Multi-Line Retail 2.74%
Target Corp.		44,870		7,330,861
Oil, Gas & Consumable Fuels 5.96%
Chesapeake Energy Corp.		78,180		7,362,210
Pioneer Natural Resources Co.		16,720		3,961,804
Shell plc ADR		86,620		4,623,776
Total				15,947,790

See Notes to Schedule of Investments. 7

Schedule of Investments (unaudited)(concluded)

FOCUSED LARGE CAP VALUE FUND July 31, 2022

Investments	Shares		Fair Value
Pharmaceuticals 6.82%
Organon & Co.		289,770	$	9,191,505
Pfizer, Inc.		179,430		9,063,009
Total				18,254,514
Semiconductors & Semiconductor Equipment 2.02%
Micron Technology, Inc.		87,310		5,400,997
Trading Companies & Distributors 2.40%
AerCap Holdings NV (Ireland)*(a)		143,070		6,418,120
Wireless Telecommunication Services 3.13%
T-Mobile US, Inc.*		58,530		8,373,302
Total Common Stocks (cost $270,354,603)				255,120,750

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 4.50%
Repurchase Agreements 4.50%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $13,710,700 of U.S. Treasury Note at 0.50% due 8/31/2027; value: $12,291,706; proceeds: $12,051,545 (cost $12,050,692)	$	12,050,692	$	12,050,692
Total Investments in Securities 99.86% (cost $282,405,295)				267,171,442
Other Assets and Liabilities – Net 0.14%				365,421
Net Assets 100.00%			$	267,536,863

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

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	255,120,750	$	–	$	–	$	255,120,750
Short-Term Investments
Repurchase Agreements		–		12,050,692		–		12,050,692
Total	$	255,120,750	$	12,050,692	$	–	$	267,171,442

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

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

8 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)

FOCUSED SMALL CAP VALUE FUND July 31, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.41%
COMMON STOCKS 98.41%
Banks 13.87%
Eastern Bankshares, Inc.		188,552	$	3,846,461
First BanCorp		293,155		4,423,709
Heritage Financial Corp.		85,000		2,211,700
Prosperity Bancshares, Inc.		36,175		2,680,206
SouthState Corp.		31,229		2,647,282
Western Alliance Bancorp		20,473		1,563,728
Wintrust Financial Corp.		36,529		3,142,955
Total				20,516,041
Building Products 3.09%
Masonite International Corp.*		50,244		4,573,711
Capital Markets 4.10%
Bridge Investment Group Holdings, Inc. Class A		222,278		3,785,394
CI Financial Corp.(a)	CAD	198,500		2,287,970
Total				6,073,364
Commercial Services & Supplies 3.63%
SP Plus Corp.*		156,618		5,365,733
Construction & Engineering 2.97%
EMCOR Group, Inc.		37,814		4,400,415
Construction Materials 3.62%
Eagle Materials, Inc.		42,341		5,354,019
Containers & Packaging 2.63%
Pactiv Evergreen, Inc.		380,600		3,889,732
Electronic Equipment, Instruments & Components 2.90%
Belden, Inc.		66,421		4,298,767
Energy Equipment & Services 3.23%
NOV, Inc.		122,764		2,284,638
TechnipFMC PLC (United Kingdom)*(b)		308,419		2,495,110
Total				4,779,748

Investments	Shares		Fair Value
Entertainment 2.83%
Marcus Corp. (The)*		254,569	$	4,182,569
Equity Real Estate Investment Trusts 7.28%
Outfront Media, Inc.		136,767		2,524,719
Physicians Realty Trust		182,899		3,250,115
Sunstone Hotel Investors, Inc.*		440,672		4,992,814
Total				10,767,648
Health Care Providers & Services 3.04%
Tenet Healthcare Corp.*		67,982		4,494,970
Hotels, Restaurants & Leisure 1.47%
Dave & Buster’s Entertainment, Inc.*		58,200		2,174,352
Household Products 3.85%
Reynolds Consumer Products, Inc.		96,200		2,795,572
Spectrum Brands Holdings, Inc.		41,662		2,897,176
Total				5,692,748
Information Technology Services 4.11%
International Money Express, Inc.*		252,777		6,076,759
Insurance 6.80%
Kemper Corp.		73,209		3,426,181
Selective Insurance Group, Inc.		48,942		3,810,624
Stewart Information Services Corp.		51,594		2,819,612
Total				10,056,417
Interactive Media & Services 2.81%
Cars.com, Inc.*		353,757		4,160,182
Machinery 2.98%
Columbus McKinnon Corp.		133,366		4,414,415
Metals & Mining 0.62%
Century Aluminum Co.*		117,119		924,069

See Notes to Schedule of Investments. 9

Schedule of Investments (unaudited)(continued)

FOCUSED SMALL CAP VALUE FUND July 31, 2022

Investments	Shares		Fair Value
Oil, Gas & Consumable Fuels 5.26%
Chesapeake Energy Corp.		58,079	$	5,469,299
MEG Energy Corp.*(a)	CAD	167,600		2,307,437
Total				7,776,736
Pharmaceuticals 4.00%
Organon & Co.		186,417		5,913,147
Professional Services 3.17%
TrueBlue, Inc.*		216,600		4,687,224
Real Estate Management & Development 2.33%
Marcus & Millichap, Inc.		84,191		3,445,096
Specialty Retail 2.69%
Boot Barn Holdings, Inc.*		20,929		1,303,877
Sally Beauty Holdings, Inc.*		209,669		2,679,570
Total				3,983,447
Textiles, Apparel & Luxury Goods 0.85%
Deckers Outdoor Corp.*		4,021		1,259,417
Tobacco 1.35%
Turning Point Brands, Inc.		83,571		2,005,704
Trading Companies & Distributors 2.93%
MRC Global, Inc.*		373,705		4,342,452
Total Common Stocks (cost $146,302,693)				145,608,882

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.70%
Repurchase Agreements 1.70%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $2,623,700 of U.S. Treasury Note at 2.25% due 11/15/2027; value: $2,570,855; proceeds: $2,520,538 (cost $2,520,359)	$	2,520,359	$	2,520,359
Total Investments in Securities 100.11% (cost $148,823,052)				148,129,241
Other Assets and Liabilities – Net (0.11)%				(164,983	)
Net Assets 100.00%			$	147,964,258

CAD	Canadian Dollar.
*	Non-income producing security.
(a)	Investment in non-U.S. dollar denominated securities.
(b)	Foreign security traded in U.S. dollars.

10 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(concluded)

FOCUSED SMALL CAP VALUE FUND July 31, 2022

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type	Level 1		Level 2		Level 3		Total
Long-Term Investments(2)
Common Stocks	$	145,608,882	$	–	$	–	$	145,608,882
Short-Term Investments
Repurchase Agreements		–		2,520,359		–		2,520,359
Total	$	145,608,882	$	2,520,359	$	–	$	148,129,241

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

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

See Notes to Schedule of Investments. 11

Schedule of Investments (unaudited)

FUNDAMENTAL EQUITY FUND July 31, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 97.44%
COMMON STOCKS 97.44%
Aerospace & Defense 4.24%
Lockheed Martin Corp.		79,500	$	32,897,895
Raytheon Technologies Corp.		485,450		45,248,795
Total				78,146,690
Automobiles 1.55%
General Motors Co.*		790,390		28,659,541
Banks 3.68%
East West Bancorp, Inc.		429,460		30,826,639
Wells Fargo & Co.		843,080		36,985,919
Total				67,812,558
Biotechnology 1.96%
AbbVie, Inc.		251,990		36,163,085
Building Products 1.44%
Masco Corp.		479,690		26,565,232
Capital Markets 5.86%
Ameriprise Financial, Inc.		130,590		35,248,853
Blackstone Group, Inc. (The)		279,260		28,504,068
Charles Schwab Corp. (The)		213,290		14,727,675
Morgan Stanley		349,660		29,476,338
Total				107,956,934
Chemicals 2.45%
Dow, Inc.		261,970		13,939,424
Valvoline, Inc.		967,300		31,166,406
Total				45,105,830
Communications Equipment 1.49%
Cisco Systems, Inc.		606,520		27,517,812
Construction & Engineering 1.43%
EMCOR Group, Inc.		225,940		26,292,638

Investments	Shares		Fair Value
Consumer Finance 1.45%
American Express Co.		173,420	$	26,710,148
Containers & Packaging 1.15%
Avery Dennison Corp.		111,550		21,245,813
Diversified Financial Services 0.77%
Equitable Holdings, Inc.		499,260		14,193,962
Electric: Utilities 2.66%
NextEra Energy, Inc.		322,090		27,213,384
NRG Energy, Inc.		577,370		21,795,718
Total				49,009,102
Electronic Equipment, Instruments & Components 1.06%
Teledyne Technologies, Inc.*		49,900		19,530,860
Energy Equipment & Services 1.65%
Schlumberger NV		820,360		30,377,931
Equity Real Estate Investment Trusts 3.91%
American Homes 4 Rent Class A		526,630		19,948,744
Life Storage, Inc.		183,940		23,156,207
Prologis, Inc.		218,540		28,969,662
Total				72,074,613
Food & Staples Retailing 1.72%
BJ’s Wholesale Club Holdings, Inc.*		467,410		31,643,657
Health Care Providers & Services 5.99%
CVS Health Corp.		279,760		26,767,437
McKesson Corp.		80,870		27,623,575
UnitedHealth Group, Inc.		103,400		56,077,956
Total				110,468,968
Hotels, Restaurants & Leisure 2.13%
Caesars Entertainment, Inc.*		483,750		22,102,537
Hilton Worldwide Holdings, Inc.		134,080		17,171,626
Total				39,274,163

12 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND July 31, 2022

Investments	Shares		Fair Value
Household Products 3.24%
Clorox Co. (The)		124,760	$	17,695,958
Procter & Gamble Co. (The)		302,660		42,042,501
Total				59,738,459
Information Technology Services 1.56%
Fiserv, Inc.*		271,530		28,695,290
Insurance 7.15%
Allstate Corp. (The)		296,240		34,651,193
American International Group, Inc.		330,230		17,096,007
Arch Capital Group Ltd.*		539,390		23,948,916
Arthur J Gallagher & Co.		210,150		37,614,749
Fidelity National Financial, Inc.		460,640		18,407,174
Total				131,718,039
Interactive Media & Services 2.18%
Alphabet, Inc. Class A*		345,270		40,161,806
Life Sciences Tools & Services 1.64%
Thermo Fisher Scientific, Inc.		50,630		30,297,498
Machinery 1.86%
Parker-Hannifin Corp.		118,490		34,254,274
Media 1.93%
Comcast Corp. Class A		948,480		35,586,970
Metals & Mining 1.73%
Alcoa Corp.		239,650		12,195,789
Reliance Steel & Aluminum Co.		103,350		19,662,337
Total				31,858,126
Multi-Line Retail 1.50%
Target Corp.		169,730		27,730,487

Investments	Shares		Fair Value
Oil, Gas &Consumable Fuels 6.37%
Chesapeake Energy Corp.		443,610	$	41,774,754
Pioneer Natural Resources Co.		151,170		35,819,731
Shell plc ADR		747,000		39,874,860
Total				117,469,345
Pharmaceuticals 6.11%
Eli Lilly & Co.		56,930		18,769,252
Organon & Co.		1,258,910		39,932,625
Pfizer, Inc.		1,067,760		53,932,558
Total				112,634,435
Professional Services 1.04%
Jacobs Engineering Group, Inc.		139,150		19,105,295
Road & Rail 1.44%
Norfolk Southern Corp.		105,860		26,588,856
Semiconductors & Semiconductor Equipment 4.31%
KLA Corp.		55,270		21,198,256
Micron Technology, Inc.		331,020		20,476,897
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		123,560		10,932,589
Texas Instruments, Inc.		149,880		26,812,033
Total				79,419,775
Software 1.77%
Microsoft Corp.		116,480		32,700,595
Specialty Retail 2.55%
AutoZone, Inc.*		8,180		17,483,850
Lowe’s Cos., Inc.		153,690		29,436,246
Total				46,920,096
Technology Hardware, Storage & Peripherals 1.53%
NetApp, Inc.		395,730		28,227,421

See Notes to Schedule of Investments. 13

Schedule of Investments (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND July 31, 2022

Investments	Shares		Fair Value
Trading Companies & Distributors 1.46%
AerCap Holdings NV (Ireland)*(a)		602,020	$	27,006,617
Wireless Telecommunication Services 1.48%
T-Mobile US, Inc.*		190,130		27,199,998
Total Common Stocks (cost $1,544,702,076)				1,796,062,919

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 2.50%
Repurchase Agreements 2.50%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $47,886,200 of U.S. Treasury Note at 2.25% due 11/15/2027; value: $46,921,705; proceeds: $46,004,884 (cost $46,001,625)	$	46,001,625	$	46,001,625
Total Investments in Securities 99.94% (cost $1,590,703,701)				1,842,064,544
Other Assets and Liabilities – Net 0.06%				1,155,683
Net Assets 100.00%			$	1,843,220,227

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

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	1,796,062,919	$	–	$	–	$	1,796,062,919
Short-Term Investments
Repurchase Agreements		–		46,001,625		–		46,001,625
Total	$	1,796,062,919	$	46,001,625	$	–	$	1,842,064,544

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

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

14 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)

GLOBAL EQUITY FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 96.42%
COMMON STOCKS 96.42%
Australia 1.67%
Equity Real Estate Investment Trusts 0.81%
Charter Hall Group		9,120	$	82,419
Metals & Mining 0.86%
BHP Group Ltd.		3,225		88,253
Total Australia				170,672
Austria 0.98%
Banks
BAWAG Group AG†*		2,173		100,327
Brazil 0.51%
Internet & Direct Marketing Retail
MercadoLibre, Inc.*		64		52,077
Canada 4.11%
Banks 1.86%
Royal Bank of Canada		1,953		190,427
Chemicals 0.50%
Nutrien Ltd.		598		51,191
Food & Staples Retailing 1.49%
Alimentation Couche-Tard, Inc.		3,415		152,569
Metals & Mining 0.26%
Capstone Copper Corp.*		11,497		25,947
Total Canada				420,134
China 5.24%
Beverages 0.83%
Kweichow Moutai Co. Ltd. Class A		300		84,525

Investments	Shares		U.S. $ Fair Value
China (continued)
Construction Materials 0.77%
China Resources Cement Holdings Ltd.		128,252	$	78,888
Entertainment 0.63%
NetEase, Inc.		3,416		63,902
Gas Utilities 0.92%
ENN Energy Holdings Ltd.		5,770		94,124
Interactive Media & Services 0.80%
Tencent Holdings Ltd.		2,125		82,129
Internet & Direct Marketing Retail 1.29%
Alibaba Group Holding Ltd.*		7,146		80,346
JD.com, Inc. Class A		1,720		51,312
				131,658
Total China				535,226
Denmark 2.01%
Biotechnology 0.96%
Genmab A/S*		274		97,495
Pharmaceuticals 1.05%
Novo Nordisk A/S Class B		921		107,272
Total Denmark				204,767
France 4.47%
Beverages 1.18%
Pernod Ricard SA		616		121,010
Life Sciences Tools & Services 1.08%
Sartorius Stedim Biotech		275		110,011
Professional Services 0.27%
Teleperformance		83		27,755
Software 0.22%
Esker SA		149		22,381

See Notes to Schedule of Investments. 15

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
France (continued)
Textiles, Apparel & Luxury Goods 1.72%
LVMH Moet Hennessy Louis Vuitton SE		253	$	175,672
Total France				456,829
Germany 0.40%
Semiconductors & Semiconductor Equipment
Infineon Technologies AG		1,501		41,164
India 0.72%
Banks
ICICI Bank Ltd. ADR		3,548		73,727
Japan 4.30%
Electrical Equipment 0.69%
Fuji Electric Co. Ltd.		1,562		70,549
Electronic Equipment, Instruments & Components 0.71%
Keyence Corp.		184		72,927
Household Durables 0.98%
Sony Group Corp.		1,174		99,588
Machinery 1.16%
Fujitec Co. Ltd.		5,499		118,041
Professional Services 0.76%
TechnoPro Holdings, Inc.		3,362		78,128
Total Japan				439,233
Mexico 0.91%
Banks
Grupo Financiero Banorte SAB de CV Class O		16,408		93,359

Investments	Shares		U.S. $ Fair Value
Netherlands 4.95%
Insurance 1.45%
NN Group NV		3,142	$	147,430
Oil, Gas & Consumable Fuels 2.58%
Shell plc		9,881		263,589
Semiconductors & Semiconductor Equipment 0.92%
ASML Holding NV		164		94,260
Total Netherlands				505,279
South Korea 1.28%
Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		2,771		131,166
Spain 1.85%
Electric: Utilities
Iberdrola SA		17,187		183,531
Iberdrola SA		465		4,958
				188,489
Sweden 0.63%
Electronic Equipment, Instruments & Components
Hexagon AB B Shares		5,472		64,430
Taiwan 1.34%
Semiconductors & Semiconductor Equipment
Taiwan Semiconductor Manufacturing Co. Ltd.		7,980		136,854
United Kingdom 3.30%
Capital Markets 0.48%
London Stock Exchange Group plc		509		49,675

16 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
United Kingdom (continued)
Equity Real Estate Investment Trusts 0.71%
UNITE Group plc (The)		5,083	$	72,470
Multi-Line Retail 0.80%
Next plc		983		81,836
Personal Products 1.31%
Unilever plc		2,742		133,543
Total United Kingdom				337,524
United States 57.75%
Aerospace & Defense 1.71%
Northrop Grumman Corp.		248		118,767
TransDigm Group, Inc.*		90		56,011
				174,778
Automobiles 0.20%
General Motors Co.*		563		20,414
Banks 0.48%
JPMorgan Chase & Co.		426		49,143
Biotechnology 1.65%
Vertex Pharmaceuticals, Inc.*		601		168,526
Building Products 1.61%
Carlisle Cos., Inc.		556		164,632
Capital Markets 4.91%
Ameriprise Financial, Inc.		551		148,726
Cboe Global Markets, Inc.		1,471		181,492
KKR & Co., Inc.		955		52,964
Morgan Stanley		1,410		118,863
				502,045
Chemicals 1.26%
Valvoline, Inc.		4,002		128,945

Investments	Shares		U.S. $ Fair Value
United States (continued)
Consumer Finance 0.47%
American Express Co.		314	$	48,362
Containers & Packaging 0.87%
Avery Dennison Corp.		466		88,754
Electric: Utilities 1.38%
NextEra Energy, Inc.		1,667		140,845
Electrical Equipment 0.75%
AMETEK, Inc.		624		77,064
Entertainment 0.49%
Live Nation Entertainment, Inc.*		527		49,533
Equity Real Estate Investment Trusts 1.57%
Alexandria Real Estate Equities, Inc.		377		62,499
Prologis, Inc.		737		97,697
				160,196
Food & Staples Retailing 1.94%
BJ’s Wholesale Club Holdings, Inc.*		1,809		122,469
Walmart, Inc.		575		75,929
				198,398
Health Care Equipment & Supplies 0.64%
DexCom, Inc.*		429		35,212
Intuitive Surgical, Inc.*		130		29,922
				65,134
Health Care Providers & Services 3.29%
UnitedHealth Group, Inc.		620		336,251
Hotels, Restaurants & Leisure 0.54%
Airbnb, Inc. Class A*		493		54,713
Information Technology Services 1.21%
Accenture plc Class A		404		123,729

See Notes to Schedule of Investments. 17

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
United States (continued)
Insurance 1.56%
Allstate Corp. (The)		959	$	112,174
American Financial Group, Inc./OH		354		47,323
				159,497
Interactive Media & Services 4.01%
Alphabet, Inc. Class A*		3,520		409,446
Internet & Direct Marketing Retail 2.28%
Amazon.com, Inc.*		1,722		232,384
Life Sciences Tools & Services 1.64%
Thermo Fisher Scientific, Inc.		280		167,555
Machinery 1.41%
Crane Holdings Co.		1,221		120,794
Fortive Corp.		363		23,395
				144,189
Oil, Gas & Consumable Fuels 3.35%
Cheniere Energy, Inc.		408		61,029
Marathon Petroleum Corp.		2,093		191,844
Pioneer Natural Resources Co.		376		89,093
				341,966
Personal Products 0.80%
Estee Lauder Cos., Inc. (The) Class A		299		81,657
Pharmaceuticals 2.93%
Eli Lilly & Co.		501		165,175
Organon & Co.		4,239		134,461
				299,636
Road & Rail 1.43%
Norfolk Southern Corp.		583		146,432

Investments	Shares		U.S. $ Fair Value
United States (continued)
Semiconductors & Semiconductor Equipment 1.07%
NVIDIA Corp.		602	$	109,341
Software 6.11%
Cadence Design Systems, Inc.*		557		103,646
Microsoft Corp.		1,805		506,736
Trade Desk, Inc. (The) Class A*		312		14,040
				624,422
Specialty Retail 0.91%
Lowe’s Cos., Inc.		487		93,275
Technology Hardware, Storage & Peripherals 4.68%
Apple, Inc.		2,944		478,430
Textiles, Apparel & Luxury Goods 0.60%
NIKE, Inc. Class B		530		60,908
Total United States				5,900,600
Total Common Stocks (cost $9,900,143)				9,851,857
	Principal Amount
SHORT-TERM INVESTMENTS 3.35%
Repurchase Agreements 3.35%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $288,700 of U.S. Treasury Inflation Indexed Note at 0.50% due 1/15/2028; value: $348,602; proceeds: $341,711 (cost $341,687)	$	341,687		341,687

18 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(concluded)

GLOBAL EQUITY FUND July 31, 2022

Investments	U.S. $ Fair Value
Total Investments in Securities 99.77% (cost $10,241,830)	$	10,193,544
Other Assets and Liabilities – Net 0.23%		23,679
Net Assets 100.00%	$	10,217,223

ADR	American Depositary Receipt.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At July 31, 2022, the total value of Rule 144A securities was $100,327, which represents 0.98% of net assets.
*	Non-income producing security.

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Australia	$	–	$	170,672	$	–	$	170,672
Austria		–		100,327		–		100,327
China		–		535,226		–		535,226
Denmark		–		204,767		–		204,767
France		–		456,829		–		456,829
Germany		–		41,164		–		41,164
Japan		–		439,233		–		439,233
Netherlands		–		505,279		–		505,279
South Korea		–		131,166		–		131,166
Spain		–		188,489		–		188,489
Sweden		–		64,430		–		64,430
Taiwan		–		136,854		–		136,854
United Kingdom		–		337,524		–		337,524
Remaining Countries		6,539,897		–		–		6,539,897
Short-Term Investments
Repurchase Agreements		–		341,687		–		341,687
Total	$	6,539,897	$	3,653,647	$	–	$	10,193,544

(1)

Refer to Note 2(b) 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 Schedule of Investments. 19

Schedule of Investments (unaudited)

GROWTH LEADERS FUND July 31, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 96.00%
COMMON STOCKS 96.00%
Aerospace & Defense 1.20%
Raytheon Technologies Corp.		828,791	$	77,251,609
Automobiles 5.12%
Tesla, Inc.*		368,846		328,807,767
Beverages 0.71%
Constellation Brands, Inc. Class A		186,181		45,858,242
Biotechnology 6.58%
Argenx SE ADR*		254,839		92,814,912
Cytokinetics, Inc.*		2,021,412		85,566,370
Seagen, Inc.*		567,030		102,054,060
Vertex Pharmaceuticals, Inc.*		508,454		142,575,586
Total				423,010,928
Chemicals 0.73%
Albemarle Corp.		192,802		47,103,457
Communications Equipment 1.74%
Arista Networks, Inc.*		955,927		111,489,766
Electronic Equipment, Instruments & Components 0.76%
Trimble, Inc.*		703,567		48,848,657
Entertainment 2.04%
Liberty Media Corp.-Liberty Formula One Class C*		721,586		48,901,883
Live Nation Entertainment, Inc.*		873,994		82,146,696
Total				131,048,579
Food & Staples Retailing 1.54%
Costco Wholesale Corp.		182,719		98,905,795

Investments	Shares		Fair Value
Health Care Equipment & Supplies 1.93%
Edwards Lifesciences Corp.*		894,702	$	89,953,339
iRhythm Technologies, Inc.*		218,877		33,844,951
Total				123,798,290
Health Care Providers & Services 2.83%
Centene Corp.*		872,343		81,101,729
UnitedHealth Group, Inc.		185,738		100,733,147
Total				181,834,876
Hotels, Restaurants & Leisure 4.53%
Airbnb, Inc. Class A*		751,483		83,399,583
Booking Holdings, Inc.*		31,179		60,352,878
Chipotle Mexican Grill, Inc.*		55,485		86,790,747
Marriott International, Inc. Class A		381,168		60,537,102
Total				291,080,310
Information Technology Services 7.41%
Accenture plc Class A (Ireland)(a)		348,899		106,853,808
Mastercard, Inc. Class A		501,025		177,257,635
MongoDB, Inc.*		321,094		100,332,242
Visa, Inc. Class A		430,514		91,316,324
Total				475,760,009
Interactive Media & Services 6.13%
Alphabet, Inc. Class A*		3,387,040		393,980,493
Internet & Direct Marketing Retail 4.23%
Amazon.com, Inc.*		1,637,095		220,925,970
MercadoLibre, Inc. (Argentina)*(a)		62,246		50,650,193
Total				271,576,163
Life Sciences Tools & Services 0.99%
Thermo Fisher Scientific, Inc.		106,647		63,818,631

20 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND July 31, 2022

Investments	Shares		Fair Value
Oil, Gas & Consumable Fuels 1.57%
Cheniere Energy, Inc.		672,328	$	100,566,822
Pharmaceuticals 4.05%
AstraZeneca plc ADR		919,558		60,902,326
Eli Lilly & Co.		298,312		98,350,483
Novo Nordisk A/S ADR		871,111		101,101,143
Total				260,353,952
Semiconductors & Semiconductor Equipment 10.88%
Advanced Micro Devices, Inc.*		1,209,159		114,229,250
Enphase Energy, Inc.*		669,889		190,369,056
KLA Corp.		197,272		75,661,703
Monolithic Power Systems, Inc.		323,332		150,258,847
NVIDIA Corp.		603,633		109,637,862
QUALCOMM, Inc.		404,517		58,679,236
Total				698,835,954
Software 19.64%
Aspen Technology, Inc.*		194,980		39,793,468
Atlassian Corp. plc Class A (Australia)*(a)		392,446		82,146,797
Cadence Design Systems, Inc.*		240,206		44,697,532
Crowdstrike Holdings, Inc. Class A*		411,201		75,496,504
Datadog, Inc. Class A*		989,703		100,959,603
Fortinet, Inc.*		1,134,138		67,651,332
HubSpot, Inc.*		159,057		48,989,556
Intuit, Inc.		198,431		90,518,269
Microsoft Corp.		2,166,758		608,295,641
Palo Alto Networks, Inc.*		207,423		103,524,819
Total				1,262,073,521
Specialty Retail 0.63%
Ulta Beauty, Inc.*		103,898		40,406,971

Investments	Shares		Fair Value
Technology Hardware, Storage & Peripherals 9.75%
Apple, Inc.		3,855,478	$	626,553,730
Textiles, Apparel & Luxury Goods 1.01%
Lululemon Athletica, Inc. (Canada)*(a)		208,575		64,764,623
Total Common Stocks (cost $5,911,100,721)				6,167,729,145
		Principal Amount
SHORT-TERM INVESTMENTS 5.13%
Repurchase Agreements 5.13%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $378,120,300 of U.S. Treasury Note at 0.375% due 9/30/2027; value: $335,810,344; proceeds: $329,249,099 (cost $329,225,779)	$	329,225,779		329,225,779
Total Investments in Securities 101.13% (cost $6,240,326,500)				6,496,954,924
Other Assets and Liabilities – Net (1.13)%				(72,531,077	)
Net Assets 100.00%			$	6,424,423,847

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

See Notes to Schedule of Investments. 21

Schedule of Investments (unaudited)(concluded)

GROWTH LEADERS FUND July 31, 2022

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	6,167,729,145	$	–	$	–	$	6,167,729,145
Short-Term Investments
Repurchase Agreements		–		329,225,779		–		329,225,779
Total	$	6,167,729,145	$	329,225,779	$	–	$	6,496,954,924

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

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

22 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)

HEALTH CARE FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 98.05%
COMMON STOCKS 98.05%
Belgium 0.38%
Pharmaceuticals
UCB SA		329	$	25,707
Canada 2.09%
Biotechnology
BELLUS Health, Inc.*		7,372		72,319
Xenon Pharmaceuticals, Inc.*		2,076		68,820
				141,139
Denmark 6.16%
Biotechnology 1.38%
Genmab A/S*		261		92,869
Pharmaceuticals 4.78%
Novo Nordisk A/S Class B		2,769		322,516
Total Denmark				415,385
France 1.36%
Life Sciences Tools & Services 0.67%
Sartorius Stedim Biotech		113		45,204
Pharmaceuticals 0.69%
Sanofi		470		46,706
Total France				91,910
Netherlands 2.29%
Biotechnology
Argenx SE*		306		111,782
Merus NV*		1,745		42,194
				153,976
Switzerland 3.08%
Health Care Equipment & Supplies 1.72%
Alcon, Inc.		1,482		115,729

Investments	Shares		U.S. $ Fair Value
Switzerland (continued)
Life Sciences Tools & Services 1.36%
Lonza Group AG Registered Shares		151	$	91,771
Total Switzerland				207,500
United Kingdom 4.62%
Pharmaceuticals
AstraZeneca plc		2,365		311,095
United States 78.07%
Biotechnology 15.56%
Arcellx, Inc.*(a)		2,054		42,579
Biohaven Pharmaceutical Holding Co. Ltd.*		561		81,917
Cytokinetics, Inc.*		1,970		83,390
Horizon Therapeutics plc*		936		77,660
Insmed, Inc.*		2,540		56,185
Intellia Therapeutics, Inc.*		712		46,109
Karuna Therapeutics, Inc.*		347		45,197
Krystal Biotech, Inc.*		1,235		89,636
Legend Biotech Corp. ADR*		689		32,548
Mirati Therapeutics, Inc.*		561		36,128
Neurocrine Biosciences, Inc.*		598		56,290
Rocket Pharmaceuticals, Inc.*		2,303		33,394
Sarepta Therapeutics, Inc.*		662		61,533
Seagen, Inc.*		558		100,429
Ultragenyx Pharmaceutical, Inc.*		669		35,644
Vertex Pharmaceuticals, Inc.*		606		169,929
				1,048,568
Health Care Equipment & Supplies 16.05%
Abbott Laboratories		1,632		177,627
Axonics, Inc.*		581		37,689
CONMED Corp.		235		22,943
Cooper Cos., Inc. (The)		228		74,556
DexCom, Inc.*		788		64,679
Edwards Lifesciences Corp.*		1,277		128,390
IDEXX Laboratories, Inc.*		171		68,260
Inari Medical, Inc.*		364		28,239
Inspire Medical Systems, Inc.*		302		63,115
Insulet Corp.*		372		92,182

See Notes to Schedule of Investments. 23

Schedule of Investments (unaudited)(continued)

HEALTH CARE FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
United States (continued)
Intuitive Surgical, Inc.*		315	$	72,503
iRhythm Technologies, Inc.*		430		66,491
Lantheus Holdings, Inc.*		960		73,651
Shockwave Medical, Inc.*		243		51,256
Zimmer Biomet Holdings, Inc.		540		59,611
				1,081,192
Health Care Providers & Services 15.41%
AmerisourceBergen Corp.		645		94,125
Centene Corp.*		1,307		121,512
Elevance Health, Inc.		137		65,363
HCA Healthcare, Inc.		184		39,085
Humana, Inc.		281		135,442
Molina Healthcare, Inc.*		209		68,493
R1 RCM, Inc.*		890		22,250
Tenet Healthcare Corp.*		786		51,970
UnitedHealth Group, Inc.		812		440,380
				1,038,620
Life Sciences Tools & Services 11.10%
Agilent Technologies, Inc.		624		83,678
Bio-Rad Laboratories, Inc. Class A*		67		37,739
Danaher Corp.		747		217,728
Repligen Corp.*		335		71,476
Thermo Fisher Scientific, Inc.		456		272,875
West Pharmaceutical Services, Inc.		188		64,589
				748,085
Pharmaceuticals 19.95%
Eli Lilly & Co.		1,066		351,449
Intra-Cellular Therapies, Inc.*		1,572		85,077
Merck & Co., Inc.		2,674		238,895
NGM Biopharmaceuticals, Inc.*		1,600		23,168
Organon & Co.		2,255		71,529
Pfizer, Inc.		5,458		275,684
Roche Holding AG		454		150,730
Zoetis, Inc.		809		147,683
				1,344,215
Total United States				5,260,680
Total Common Stocks (cost $5,916,050)				6,607,392

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 2.04%
Repurchase Agreements 1.61%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $112,900 of U.S. Treasury Note at 2.25% due 11/15/2027; value: $110,626; proceeds: $108,389 (cost $108,382)	$	108,382	$	108,382
	Shares
Money Market Funds 0.39%
Fidelity Government Portfolio(b) (cost $25,912)		25,912		25,912
Time Deposits 0.04%
CitiBank N.A.(b) (cost $2,879)		2,879		2,879
Total Short-Term Investments (cost $137,173)				137,173
Total Investments in Securities 100.09% (cost $6,053,223)				6,744,565
Other Assets and Liabilities – Net (0.09)%				(5,949	)
Net Assets 100.00%			$	6,738,616

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

24 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(concluded)

HEALTH CARE FUND July 31, 2022

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Canada	$	141,139	$	–	$	–	$	141,139
Netherlands		42,194		111,782		–		153,976
Switzerland		115,729		91,771		–		207,500
United States		5,109,950		150,730		–		5,260,680
Remaining Countries		–		844,097		–		844,097
Short-Term Investments
Repurchase Agreements		–		108,382		–		108,382
Money Market Funds		25,912		–		–		25,912
Time Deposits		–		2,879		–		2,879
Total	$	5,434,924	$	1,309,641	$	–	$	6,744,565

(1)

Refer to Note 2(b) 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 Schedule of Investments. 25

Schedule of Investments (unaudited)

INTERNATIONAL EQUITY FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 96.93%
COMMON STOCKS 96.93%
Australia 1.46%
Metals & Mining
BHP Group Ltd.		169,712	$	4,644,229
Austria 0.66%
Banks
BAWAG Group AG†*		45,623		2,106,403
Brazil 1.14%
Insurance 0.79%
BB Seguridade Participacoes SA		449,900		2,520,748
Internet & Direct Marketing Retail 0.35%
MercadoLibre, Inc.*		1,379		1,122,106
Total Brazil				3,642,854
Canada 3.73%
Aerospace & Defense 0.57%
CAE, Inc.*		68,717		1,818,072
Banks 0.85%
Royal Bank of Canada		27,800		2,710,639
Information Technology Services 0.31%
Shopify, Inc. Class A*		28,286		985,201
Insurance 0.80%
Intact Financial Corp.		17,100		2,545,203
Metals & Mining 0.28%
Capstone Copper Corp.*		394,000		889,196
Oil, Gas & Consumable Fuels 0.92%
Pembina Pipeline Corp.		77,019		2,940,501
Total Canada				11,888,812

Investments	Shares		U.S. $ Fair Value
China 8.24%
Automobiles 0.87%
BYD Co. Ltd. Class H		75,500	$	2,762,241
Beverages 0.68%
Kweichow Moutai Co. Ltd. Class A		7,700		2,169,484
Electrical Equipment 0.31%
Contemporary Amperex Technology Co. Ltd. Class A*		13,100		995,366
Entertainment 0.78%
NetEase, Inc.		133,400		2,495,482
Gas Utilities 0.62%
ENN Energy Holdings Ltd.		120,600		1,967,298
Interactive Media & Services 1.07%
Tencent Holdings Ltd.		87,900		3,397,230
Internet & Direct Marketing Retail 3.59%
Alibaba Group Holding Ltd.*		395,100		4,442,294
JD.com, Inc. Class A		120,626		3,598,581
Meituan Class B†*		152,800		3,427,816
				11,468,691
Semiconductors & Semiconductor Equipment 0.32%
LONGi Green Energy Technology Co. Ltd. Class A		113,040		1,035,706
Total China				26,291,498
Denmark 3.98%
Air Freight & Logistics 0.87%
DSV A/S		16,462		2,773,862
Biotechnology 0.84%
Genmab A/S*		7,532		2,680,035

26 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
Denmark (continued)
Pharmaceuticals 2.27%
Novo Nordisk A/S Class B		62,127	$	7,236,165
Total Denmark				12,690,062
Finland 1.06%
Banks
Nordea Bank Abp		344,042		3,392,242
France 13.19%
Aerospace & Defense 1.45%
Airbus SE		18,743		2,020,902
Thales SA		21,074		2,620,754
				4,641,656
Auto Components 0.77%
Cie Generale des Etablissements Michelin SCA		87,588		2,451,112
Beverages 1.06%
Pernod Ricard SA		17,246		3,387,879
Chemicals 1.07%
Air Liquide SA		24,766		3,404,888
Diversified Telecommunication Services 0.65%
Orange SA		201,877		2,062,866
Information Technology Services 0.90%
Capgemini SE		15,079		2,876,121
Life Sciences Tools & Services 0.36%
Sartorius Stedim Biotech		2,907		1,162,914
Oil, Gas & Consumable Fuels 1.07%
TotalEnergies SE		66,907		3,417,433
Personal Products 1.69%
L’Oreal SA		14,219		5,375,597
Professional Services 0.91%
Teleperformance		8,659		2,895,578

Investments	Shares		U.S. $ Fair Value
France (continued)
Textiles, Apparel & Luxury Goods 3.26%
Hermes International		2,377	$	3,261,111
LVMH Moet Hennessy Louis Vuitton SE		10,294		7,147,680
				10,408,791
Total France				42,084,835
Germany 1.76%
Chemicals 0.89%
Symrise AG		24,366		2,843,161
Pharmaceuticals 0.53%
Bayer AG Registered Shares		29,014		1,692,393
Semiconductors & Semiconductor Equipment 0.34%
Aixtron SE		41,377		1,069,714
Total Germany				5,605,268
Hong Kong 1.46%
Insurance
AIA Group Ltd.		464,082		4,662,466
India 5.46%
Banks 2.00%
ICICI Bank Ltd. ADR		218,489		4,540,202
State Bank of India		274,227		1,837,615
				6,377,817
Chemicals 0.82%
Asian Paints Ltd.		62,054		2,621,461
Oil, Gas & Consumable Fuels 1.12%
Reliance Industries Ltd.		112,954		3,592,425
Personal Products 0.76%
Hindustan Unilever Ltd.		72,506		2,422,196
Wireless Telecommunication Services 0.76%
Bharti Airtel Ltd.*		281,872		2,417,120
Total India				17,431,019

See Notes to Schedule of Investments. 27

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
Indonesia 1.44%
Banks 0.87%
Bank Mandiri Persero Tbk PT		4,973,300	$	2,783,846
Diversified Telecommunication Services 0.57%
Telkom Indonesia Persero Tbk PT ADR		63,877		1,820,494
Total Indonesia				4,604,340
Ireland 0.67%
Construction Materials
CRH plc		56,099		2,152,007
Japan 17.47%
Auto Components 1.41%
Bridgestone Corp.		58,700		2,289,644
Denso Corp.		40,585		2,219,799
				4,509,443
Automobiles 1.53%
Toyota Motor Corp.		300,600		4,879,046
Banks 0.68%
Sumitomo Mitsui Financial Group, Inc.		69,500		2,180,360
Beverages 0.76%
Asahi Group Holdings Ltd.		69,525		2,417,130
Building Products 0.60%
Daikin Industries Ltd.		10,875		1,907,238
Diversified Financial Services 0.78%
ORIX Corp.		139,500		2,486,144
Electrical Equipment 0.83%
Fuji Electric Co. Ltd.		58,600		2,646,721
Electronic Equipment, Instruments & Components 1.25%
Keyence Corp.		10,060		3,987,201
Health Care Equipment & Supplies 1.01%
Hoya Corp.		32,200		3,226,170

Investments	Shares		U.S. $ Fair Value
Japan (continued)
Household Durables 1.26%
Sony Group Corp.		47,200	$	4,003,877
Industrial Conglomerates 0.80%
Hitachi Ltd.		50,300		2,546,591
Insurance 0.96%
Tokio Marine Holdings, Inc.		52,400		3,067,492
Machinery 1.11%
Ebara Corp.		48,100		1,884,274
Fujitec Co. Ltd.		77,400		1,661,457
				3,545,731
Pharmaceuticals 1.15%
Daiichi Sankyo Co. Ltd.		138,800		3,680,241
Professional Services 0.63%
TechnoPro Holdings, Inc.		86,900		2,019,447
Semiconductors & Semiconductor Equipment 0.67%
Lasertec Corp.		15,000		2,147,551
Specialty Retail 1.04%
Fast Retailing Co. Ltd.		5,450		3,300,467
Trading Companies & Distributors 1.00%
ITOCHU Corp.		109,100		3,175,864
Total Japan				55,726,714
Mexico 1.41%
Banks 0.74%
Grupo Financiero Banorte SAB de CV Class O		414,217		2,356,824
Transportation Infrastructure 0.67%
Grupo Aeroportuario del Pacifico SAB de CV ADR		15,961		2,155,373
Total Mexico				4,512,197
Netherlands 5.49%
Information Technology Services 0.53%
Adyen NV†*		944		1,698,041

28 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
Netherlands (continued)
Insurance 0.99%
NN Group NV		67,565	$	3,170,311
Oil, Gas & Consumable Fuels 1.83%
Shell plc		218,192		5,820,558
Semiconductors & Semiconductor Equipment 2.14%
ASML Holding NV		11,850		6,810,881
Total Netherlands				17,499,791
Norway 1.63%
Oil, Gas & Consumable Fuels
Aker BP ASA		48,262		1,676,928
Equinor ASA		91,572		3,525,878
				5,202,806
Peru 0.65%
Banks
Credicorp Ltd.		16,035		2,074,929
Singapore 1.06%
Banks
United Overseas Bank Ltd.		168,900		3,369,780
South Africa 0.91%
Metals & Mining
Anglo American plc		80,683		2,916,275
South Korea 0.99%
Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		67,022		3,172,496
Spain 1.87%
Banks 0.72%
CaixaBank SA(a)		764,663		2,296,080

Investments	Shares		U.S. $ Fair Value
Spain (continued)
Electric: Utilities 0.63%
Iberdrola SA		182,551	$	1,949,366
Iberdrola SA		6,280		66,940
				2,016,306
Information Technology Services 0.52%
Amadeus IT Group SA*		28,343		1,652,686
Total Spain				5,965,072
Sweden 1.07%
Machinery
Atlas Copco AB A Shares		292,025		3,413,585
Switzerland 2.54%
Capital Markets 0.81%
UBS Group AG Registered Shares		157,507		2,573,715
Health Care Equipment & Supplies 0.85%
Alcon, Inc.		34,553		2,719,462
Life Sciences Tools & Services 0.88%
Lonza Group AG Registered Shares		4,614		2,804,165
Total Switzerland				8,097,342
Taiwan 2.67%
Electrical Equipment 0.34%
Voltronic Power Technology Corp.		22,000		1,072,777
Electronic Equipment, Instruments & Components 0.50%
Delta Electronics, Inc.		185,000		1,608,967
Semiconductors & Semiconductor Equipment 1.83%
Taiwan Semiconductor Manufacturing Co. Ltd.		341,230		5,851,946
Total Taiwan				8,533,690

See Notes to Schedule of Investments. 29

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
United Kingdom 8.59%
Banks 0.97%
NatWest Group plc		1,023,948	$	3,109,992
Beverages 1.39%
Diageo plc		93,330		4,421,215
Capital Markets 0.65%
London Stock Exchange Group plc		21,411		2,089,557
Electric: Utilities 0.95%
SSE plc		140,185		3,027,771
Personal Products 1.93%
Haleon PLC*		591,766		2,102,864
Unilever plc		83,118		4,048,087
				6,150,951
Pharmaceuticals 1.88%
AstraZeneca plc		45,597		5,997,884
Wireless Telecommunication Services 0.82%
Vodafone Group plc		1,778,946		2,621,557
Total United Kingdom				27,418,927
United States 6.33%
Electrical Equipment 1.46%
Schneider Electric SE		33,661		4,655,445
Food Products 2.28%
Nestle SA Registered Shares		59,296		7,265,377
Pharmaceuticals 2.59%
Eli Lilly & Co.		5,901		1,945,501
GSK PLC		122,692		2,577,784
Roche Holding AG		11,286		3,747,003
				8,270,288
Total United States				20,191,110
Total Common Stocks (cost $298,086,148)				309,290,749

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 4.34%
Repurchase Agreements 3.23%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $6,927,000 of U.S. Treasury Inflation Indexed Bond at 1.75% due 1/15/2028; value: $10,499,993; proceeds: $10,294,797 (cost $10,294,068)	$	10,294,068	$	10,294,068
	Shares
Money Market Funds 1.00%
Fidelity Government Portfolio(b) (cost $3,196,820)		3,196,820		3,196,820
Time Deposits 0.11%
CitiBank N.A.(b) (cost $355,202)		355,202		355,202
Total Short-Term Investments (cost $13,846,090)				13,846,090
Total Investments in Securities 101.27% (cost $311,932,238)				323,136,839
Other Assets and Liabilities – Net (1.27)%				(4,061,874	)
Net Assets 100.00%			$	319,074,965

ADR	American Depositary Receipt.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At July 31, 2022, the total value of Rule 144A securities was $7,232,260, which represents 2.27% of net assets.
*	Non-income producing security.
(a)	All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
(b)	Security was purchased with the cash collateral from loaned securities.

30 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL EQUITY FUND July 31, 2022

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Brazil	$	3,642,854	$	–	$	–	$	3,642,854
Canada		11,888,812		–		–		11,888,812
India		4,540,202		12,890,817		–		17,431,019
Indonesia		1,820,494		2,783,846		–		4,604,340
Mexico		4,512,197		–		–		4,512,197
Peru		2,074,929		–		–		2,074,929
United Kingdom		2,102,864		25,316,063		–		27,418,927
United States		1,945,501		18,245,609		–		20,191,110
Remaining Countries		–		217,526,561		–		217,526,561
Short-Term Investments
Repurchase Agreements		–		10,294,068		–		10,294,068
Money Market Funds		3,196,820		–		–		3,196,820
Time Deposits		–		355,202		–		355,202
Total	$	35,724,673	$	287,412,166	$	–	$	323,136,839

(1)

Refer to Note 2(b) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

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

Investment Type	Common Stocks
Balance as of November 1, 2021	$	4,705,085
Accrued Discounts (Premiums)		–
Realized Gain (Loss)		1,458,876
Change in Unrealized Appreciation (Depreciation)		(2,036,040	)
Purchases		–
Sales		(4,127,921	)
Transfers into Level 3		–
Transfers out of Level 3		–
Balance as of July 31, 2022	$	–
Change in unrealized appreciation/depreciation for the period ended July 31, 2022, related to Level 3 investments held at July 31, 2022	$	–

See Notes to Schedule of Investments. 31

Schedule of Investments (unaudited)

INTERNATIONAL OPPORTUNITIES FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 94.57%
COMMON STOCKS 93.50%
Australia 2.40%
Auto Components 0.96%
GUD Holdings Ltd.		550,865	$	3,408,081
Food Products 0.26%
Costa Group Holdings Ltd.		501,316		908,843
Professional Services 1.18%
IPH Ltd.		675,625		4,170,815
Total Australia				8,487,739
Austria 3.64%
Banks 0.77%
BAWAG Group AG†*		59,162		2,731,495
Electronic Equipment, Instruments & Components 0.74%
AT&S Austria Technologie & Systemtechnik AG(a)		52,281		2,612,180
Machinery 2.13%
ANDRITZ AG		160,916		7,529,228
Total Austria				12,872,903
Belgium 0.83%
Equity Real Estate Investment Trusts
Cofinimmo SA		26,032		2,929,615
Canada 3.59%
Gas Utilities 2.12%
Brookfield Infrastructure Corp. Class A		163,500		7,485,850
Metals & Mining 0.95%
Capstone Copper Corp.*		1,485,700		3,352,991

Investments	Shares		U.S. $ Fair Value
Canada (continued)
Paper & Forest Products 0.52%
Interfor Corp.*		75,100	$	1,854,408
Total Canada				12,693,249
France 3.29%
Construction Materials 0.77%
Vicat SA		104,455		2,723,327
Oil, Gas & Consumable Fuels 1.53%
Gaztransport Et Technigaz SA		39,210		5,408,000
Personal Products 0.63%
Interparfums SA		44,608		2,237,908
Software 0.36%
Esker SA		8,490		1,275,294
Total France				11,644,529
Germany 9.49%
Aerospace & Defense 2.24%
Montana Aerospace AG†*		152,962		3,047,234
Rheinmetall AG		26,579		4,873,979
				7,921,213
Health Care Providers & Services 1.07%
Medios AG*		130,467		3,792,969
Life Sciences Tools & Services 1.13%
Gerresheimer AG(a)		66,358		3,985,821
Media 0.90%
Stroeer SE & Co. KGaA		72,530		3,172,300
Real Estate Management & Development 1.11%
PATRIZIA AG		95,968		1,237,821
TAG Immobilien AG		244,180		2,704,114
				3,941,935

32 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
Germany (continued)
Semiconductors & Semiconductor Equipment 1.63%
Aixtron SE		222,471	$	5,751,510
Specialty Retail 0.35%
MYT Netherlands Parent BV ADR*(a)		93,596		1,234,531
Wireless Telecommunication Services 1.06%
Freenet AG		160,098		3,769,770
Total Germany				33,570,049
Hong Kong 1.98%
Hotels, Restaurants & Leisure 0.22%
Melco International Development Ltd.*		1,144,000		775,859
Real Estate Management & Development 1.02%
Kerry Properties Ltd.		1,493,500		3,592,070
Textiles, Apparel & Luxury Goods 0.74%
Stella International Holdings Ltd.		2,701,432		2,632,639
Total Hong Kong				7,000,568
Iceland 0.94%
Machinery
Marel HF		738,925		3,334,579
India 2.93%
Banks 1.04%
Federal Bank Ltd.		2,719,388		3,676,816
Capital Markets 0.92%
UTI Asset Management Co. Ltd.		369,772		3,247,077
Real Estate Management & Development 0.97%
Phoenix Mills Ltd. (The)		216,692		3,439,921
Total India				10,363,814

Investments	Shares		U.S. $ Fair Value
Indonesia 0.99%
Real Estate Management & Development
Pakuwon Jati Tbk PT		113,832,400	$	3,501,883
Israel 0.77%
Capital Markets
Tel Aviv Stock Exchange Ltd.		566,677		2,735,328
Italy 4.06%
Auto Components 0.86%
Brembo SpA		289,711		3,060,344
Construction Materials 0.37%
Buzzi Unicem SpA		70,850		1,295,357
Diversified Financial Services 0.77%
Banca Mediolanum SpA		412,231		2,729,959
Textiles, Apparel & Luxury Goods 2.06%
Brunello Cucinelli SpA		78,243		4,547,391
Salvatore Ferragamo SpA		153,889		2,729,655
				7,277,046
Total Italy				14,362,706
Japan 19.67%
Auto Components 0.51%
FCC Co. Ltd.		168,200		1,790,960
Banks 0.69%
Aozora Bank Ltd.		117,000		2,445,819
Beverages 0.89%
Coca-Cola Bottlers Japan Holdings, Inc.		274,900		3,134,134
Building Products 1.05%
Sanwa Holdings Corp.		344,500		3,721,506
Chemicals 0.79%
Kansai Paint Co. Ltd.		195,100		2,805,563

See Notes to Schedule of Investments. 33

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
Japan (continued)
Construction & Engineering 1.80%
SHO-BOND Holdings Co. Ltd.		143,500	$	6,349,085
Distributors 1.03%
PALTAC Corp.		116,600		3,655,238
Equity Real Estate Investment Trusts 1.04%
GLP J-REIT		2,791		3,670,595
Information Technology Services 5.31%
NS Solutions Corp.		239,300		7,041,414
Simplex Holdings, Inc.		166,900		2,491,922
TIS, Inc.		180,400		5,115,084
Zuken, Inc.		161,600		4,125,179
				18,773,599
Machinery 2.71%
DMG Mori Co. Ltd.		167,000		2,242,845
Fujitec Co. Ltd.		157,700		3,385,166
OSG Corp.		289,300		3,970,530
				9,598,541
Professional Services 0.84%
TechnoPro Holdings, Inc.		128,300		2,981,531
Real Estate Management & Development 0.83%
CRE, Inc.		234,900		2,920,132
Software 0.69%
Money Forward, Inc.*		93,500		2,424,196
Wireless Telecommunication Services 1.49%
Okinawa Cellular Telephone Co.		129,800		5,284,716
Total Japan				69,555,615
Mexico 0.86%
Consumer Finance
Gentera SAB de CV		3,718,820		3,022,778

Investments	Shares		U.S. $ Fair Value
Norway 1.19%
Semiconductors & Semiconductor Equipment 0.49%
Nordic Semiconductor ASA*		99,295	$	1,744,965
Software 0.70%
Crayon Group Holding ASA†*		153,462		2,460,179
Total Norway				4,205,144
Peru 0.99%
Banks
Intercorp Financial Services, Inc.		145,212		3,493,801
Portugal 1.85%
Multi-Utilities
REN - Redes Energeticas Nacionais SGPS SA		2,310,100		6,531,079
Singapore 0.51%
Equity Real Estate Investment Trusts
Digital Core REIT Management Pte Ltd.*		2,084,500		1,816,271
South Korea 1.98%
Chemicals 1.18%
Soulbrain Co. Ltd./New		23,157		4,165,002
Semiconductors & Semiconductor Equipment 0.80%
WONIK IPS Co. Ltd.		116,798		2,847,116
Total South Korea				7,012,118
Spain 2.39%
Banks 0.48%
Banco de Sabadell SA		2,672,226		1,710,927
Containers & Packaging 1.09%
Vidrala SA		58,030		3,865,333

34 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
Spain (continued)
Professional Services 0.82%
Applus Services SA		396,489	$	2,879,170
Total Spain				8,455,430
Sweden 4.94%
Auto Components 0.52%
Autoliv, Inc. SDR		21,227		1,840,981
Biotechnology 0.42%
Vitrolife AB		45,317		1,478,476
Commercial Services & Supplies 1.54%
Loomis AB		193,086		5,444,691
Food & Staples Retailing 1.71%
Axfood AB		190,744		6,051,432
Software 0.75%
Cint Group AB*		372,853		2,631,644
Total Sweden				17,447,224
Switzerland 3.77%
Containers & Packaging 1.51%
SIG Group AG*		204,814		5,343,251
Health Care Equipment & Supplies 0.50%
Medmix AG†		78,192		1,771,902
Life Sciences Tools & Services 1.30%
Tecan Group AG Registered Shares		12,962		4,603,278
Machinery 0.46%
Sulzer AG Registered Shares		23,930		1,604,130
Total Switzerland				13,322,561
Taiwan 1.16%
Electrical Equipment
Bizlink Holding, Inc.		379,000		4,087,817

Investments	Shares		U.S. $ Fair Value
United Kingdom 19.28%
Aerospace & Defense 2.02%
Chemring Group plc		1,053,742	$	4,459,556
Senior plc*		1,511,277		2,672,309
				7,131,865
Banks 0.69%
Virgin Money UK plc		1,403,279		2,447,541
Beverages 2.34%
Britvic plc		790,425		8,282,996
Biotechnology 0.69%
Genus plc		69,920		2,416,516
Capital Markets 2.24%
Man Group plc		2,054,679		6,835,384
Petershill Partners plc†		382,031		1,088,655
				7,924,039
Communications Equipment 1.28%
Spirent Communications PLC		1,317,208		4,530,773
Construction Materials 1.28%
Breedon Group plc		5,235,870		4,536,294
Entertainment 0.35%
Frontier Developments plc*		65,438		1,242,946
Equity Real Estate Investment Trusts 2.22%
Big Yellow Group plc		151,520		2,628,362
UNITE Group plc (The)		365,907		5,216,845
				7,845,207
Food Products 1.28%
Tate & Lyle PLC		461,201		4,518,092
Household Durables 0.38%
Focusrite plc		99,045		1,331,633
Machinery 0.85%
Concentric AB		140,608		3,012,504

See Notes to Schedule of Investments. 35

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
United Kingdom (continued)
Pharmaceuticals 0.62%
Dechra Pharmaceuticals plc		48,942	$	2,202,520
Road & Rail 0.82%
National Express Group plc*		1,288,047		2,885,745
Specialty Retail 1.33%
WH Smith plc*		266,401		4,702,107
Trading Companies & Distributors 0.89%
Grafton Group plc		305,203		3,156,856
Total United Kingdom				68,167,634
Total Common Stocks (cost $372,272,857)				330,614,434
EXCHANGE-TRADED FUNDS 1.07%
United States 1.07%
Exchange-Traded Funds
VanEck Vectors Junior Gold Miners Cost ($4,472,353)		112,154		3,770,617
Total Long-Term Investments (cost $376,745,210)				334,385,051
	Principal Amount
SHORT-TERM INVESTMENTS 4.93%
Repurchase Agreements 2.98%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $3,894,200 of U.S. Treasury Note at 2.25% due 11/15/2027; $5,754,100 of U.S. Treasury Inflation Indexed Note at 0.50% due 1/15/2028; value: $10,763,778; proceeds: $10,553,397 (cost $10,552,650)	$	10,552,650		10,552,650

Investments	Shares		U.S. $ Fair Value
Money Market Fund 1.75%
Fidelity Government Portfolio(b) (cost $6,200,848)		6,200,848	$	6,200,848
Time Deposit 0.20%
CitiBank N.A.(b) (cost $688,983)		688,983		688,983
Total Short-Term Investments (cost $17,442,481)				17,442,481
Total Investments in Securities 99.50% (cost $394,187,691)				351,827,532
Other Assets and Liabilities – Net(c) 0.50%				1,761,884
Net Assets 100.00%			$	353,589,416

ADR	American Depositary Receipt.
REIT	Real Estate Investment Trust.
SDR	Special Drawing Rights.
†	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 July 31, 2022, the total value of Rule 144A securities was $11,099,465, which represents 3.14% of net assets.
*	Non-income producing security.
(a)	All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
(b)	Security was purchased with the cash collateral from loaned securities.
(c)	Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on swaps as follows:

36 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL OPPORTUNITIES FUND July 31, 2022

Open Total Return Swap Contracts at July 31, 2022:

Swap Counterparty	Referenced Index*	Referenced Spread	Units	Position	Termination Date	Notional Amount		Value/ Unrealized Depreciation
Bank of America	MLLACEB	12-Month USD SOFR Index	73,000	Long	3/8/2023		$72,600		$1,076,455
Swap Counterparty	Referenced Index*	Referenced Spread	Units	Position	Termination Date		Notional Amount	Value/ Unrealized Depreciation
Bank of America	MLLACEB	12-Month USD SOFR Index	73,000	Long	3/8/2023		$72,600		$(460,284	)

* Merrill Lynch Custom Basket Index.

SOFR Secured Over Night Financing Rate.

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2			Level 3		Total
Long-Term Investments
Common Stocks
Canada	$	12,693,249	$	–		$	–	$	12,693,249
Germany		2,472,352		31,097,697			–		33,570,049
Hong Kong		2,632,639		4,367,929			–		7,000,568
Mexico		3,022,778		–			–		3,022,778
Peru		3,493,801		–			–		3,493,801
Singapore		1,816,271		–			–		1,816,271
Spain		2,879,170		5,576,260			–		8,455,430
Sweden		6,051,432		11,395,792			–		17,447,224
United Kingdom		14,460,476		53,707,158			–		68,167,634
Remaining Countries		–		174,947,430			–		174,947,430
Exchange-Traded Fund		3,770,617		–			–		3,770,617
Short-Term Investments
Repurchase Agreements		–		10,552,650			–		10,552,650
Money Market Funds		6,200,848		–			–		6,200,848
Time Deposits		–		688,983			–		688,983
Total	$	59,493,633	$	292,333,899		$	–	$	351,827,532
Other Financial Instruments
Total Return Swaps Contracts
Assets	$	–	$	1,076,455		$	–	$	1,076,455
Liabilities		–		(460,284	)		–		(460,284	)
Total	$	–	$	616,171		$	–	$	616,171

(1)

Refer to Note 2(b) 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 Schedule of Investments. 37

Schedule of Investments (unaudited)

INTERNATIONAL VALUE FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 98.96%
COMMON STOCKS 98.96%
Australia 3.41%
Equity Real Estate Investment Trusts 0.87%
Goodman Group		235,659	$	3,448,884
Metals & Mining 2.54%
BHP Group Ltd.		367,407		10,054,223
Total Australia				13,503,107
Austria 1.49%
Banks
BAWAG Group AG†*		127,966		5,908,159
Canada 6.86%
Banks 0.94%
Bank of Nova Scotia (The)		61,000		3,716,068
Food & Staples Retailing 1.39%
Alimentation Couche-Tard, Inc.		123,800		5,530,903
Insurance 1.18%
Manulife Financial Corp.		256,700		4,698,800
Metals & Mining 0.21%
Capstone Copper Corp.*		362,700		818,557
Multi-Utilities 1.39%
Algonquin Power & Utilities Corp.		394,200		5,513,351
Oil, Gas & Consumable Fuels 1.75%
Pembina Pipeline Corp.		181,833		6,942,185
Total Canada				27,219,864
China 2.15%
Construction Materials 0.81%
China Resources Cement Holdings Ltd.		5,236,000		3,220,660
Internet & Direct Marketing Retail 0.60%
Alibaba Group Holding Ltd.*		212,500		2,389,237

Investments	Shares		U.S. $ Fair Value
China (continued)
Specialty Retail 0.74%
Topsports International Holdings Ltd.†		3,488,000	$	2,909,374
Total China				8,519,271
Finland 1.68%
Banks
Nordea Bank Abp		675,193		6,657,380
France 13.49%
Aerospace & Defense 3.02%
Airbus SE		48,311		5,208,973
Thales SA		54,368		6,761,183
				11,970,156
Building Products 0.67%
Cie de Saint-Gobain		56,748		2,646,149
Diversified Telecommunication Services 2.09%
Orange SA		810,289		8,279,883
Gas Utilities 0.64%
Rubis SCA		104,842		2,562,466
Information Technology Services 0.74%
Capgemini SE		15,328		2,923,614
Insurance 1.35%
AXA SA		233,494		5,380,288
Oil, Gas & Consumable Fuels 0.90%
Gaztransport Et Technigaz SA		25,785		3,556,370
Pharmaceuticals 2.97%
Sanofi		118,463		11,772,085
Textiles, Apparel & Luxury Goods 1.11%
Kering SA		7,719		4,419,058
Total France				53,510,069

38 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
Germany 5.30%
Air Freight & Logistics 1.23%
Deutsche Post AG Registered Shares Registered Shares		121,859	$	4,867,032
Auto Components 0.82%
Continental AG		45,958		3,274,101
Insurance 1.49%
Allianz SE Registered Shares Registered Shares		32,448		5,892,754
Pharmaceuticals 1.76%
Bayer AG Registered Shares		119,581		6,975,188
Total Germany				21,009,075
Hong Kong 2.19%
Insurance 1.14%
Prudential plc		366,057		4,515,088
Real Estate Management & Development 1.05%
Kerry Properties Ltd.		1,733,500		4,169,303
Total Hong Kong				8,684,391
India 1.67%
Banks 0.95%
Federal Bank Ltd.		2,778,493		3,756,731
Oil, Gas & Consumable Fuels 0.72%
Petronet LNG Ltd.		1,024,068		2,850,169
Total India				6,606,900
Ireland 0.92%
Beverages
C&C Group plc*		1,508,190		3,645,180
Italy 0.78%
Electric: Utilities
Enel SpA		613,746		3,094,056

Investments	Shares		U.S. $ Fair Value
Japan 18.16%
Auto Components 0.92%
Denso Corp.		66,300	$	3,626,282
Automobiles 2.59%
Toyota Motor Corp.		633,000		10,274,238
Banks 1.99%
Sumitomo Mitsui Financial Group, Inc.		251,800		7,899,492
Beverages 1.73%
Asahi Group Holdings Ltd.		197,100		6,852,446
Building Products 0.86%
Sanwa Holdings Corp.		313,700		3,388,785
Diversified Financial Services 1.49%
ORIX Corp.		331,300		5,904,369
Electrical Equipment 1.41%
Fuji Electric Co. Ltd.		124,000		5,600,569
Electronic Equipment, Instruments & Components 0.96%
Murata Manufacturing Co., Ltd.		65,300		3,814,218
Household Durables 1.09%
Sony Group Corp.		51,100		4,334,706
Industrial Conglomerates 0.99%
Hitachi Ltd.		77,700		3,933,799
Insurance 1.32%
Tokio Marine Holdings, Inc.		89,600		5,245,177
Machinery 1.12%
Fujitec Co. Ltd.		206,800		4,439,140
Trading Companies & Distributors 1.69%
ITOCHU Corp.		230,500		6,709,777
Total Japan				72,022,998

See Notes to Schedule of Investments. 39

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
Mexico 1.75%
Banks 0.88%
Grupo Financiero Banorte SAB de CV Class O		613,966	$	3,493,361
Transportation Infrastructure 0.87%
Grupo Aeroportuario del Pacifico SAB de CV Class B		253,300		3,434,408
Total Mexico				6,927,769
Netherlands 5.91%
Food & Staples Retailing 1.57%
Koninklijke Ahold Delhaize NV		225,351		6,205,879
Oil, Gas & Consumable Fuels 4.34%
Shell plc ADR		322,489		17,214,463
Total Netherlands				23,420,342
Norway 1.59%
Oil, Gas & Consumable Fuels
Aker BP ASA(a)		181,898		6,320,291
Singapore 1.88%
Banks
United Overseas Bank Ltd.		374,100		7,463,794
South Africa 1.62%
Metals & Mining
Anglo American plc		177,681		6,422,253
South Korea 1.07%
Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		89,379		4,230,768
Sweden 1.17%
Commercial Services & Supplies
Loomis AB		165,042		4,653,899

Investments	Shares		U.S. $ Fair Value
Switzerland 4.11%
Capital Markets 1.71%
UBS Group AG Registered Shares		413,994	$	6,764,796
Pharmaceuticals 2.40%
Novartis AG Registered Shares Registered Shares		110,726		9,514,644
Total Switzerland				16,279,440
Taiwan 0.89%
Electrical Equipment
Bizlink Holding, Inc.		329,000		3,548,527
United Kingdom 18.93%
Banks 2.77%
Barclays plc		1,912,018		3,662,590
Standard Chartered plc		1,064,149		7,334,848
				10,997,438
Electric: Utilities 1.74%
SSE plc		319,487		6,900,406
Equity Real Estate Investment Trusts 1.22%
UNITE Group plc (The)		339,527		4,840,737
Food Products 1.75%
Tate & Lyle PLC		709,501		6,950,529
Household Durables 0.71%
Persimmon plc		121,447		2,801,322
Multi-Line Retail 1.04%
Next plc		49,540		4,124,294
Personal Products 4.14%
Haleon PLC*		1,197,742		4,256,224
Unilever plc		250,089		12,180,056
				16,436,280
Pharmaceuticals 1.86%
AstraZeneca plc		56,188		7,391,037

40 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND July 31, 2022

Investments	Shares		U.S. $ Fair Value
United Kingdom (continued)
Tobacco 1.63%
Imperial Brands plc		293,777	$	6,450,265
Trading Companies & Distributors 0.81%
Ashtead Group plc		56,747		3,194,272
Wireless Telecommunication Services 1.26%
Vodafone Group plc		3,390,882		4,996,997
Total United Kingdom				75,083,577
United States 1.94%
Pharmaceuticals
GSK PLC		366,220		7,694,356
Total Common Stocks (cost $413,960,895)				392,425,466
	Principal Amount
SHORT-TERM INVESTMENTS 3.85%
Repurchase Agreements 1.77%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $7,316,000 of U.S. Treasury Note at 2.25% due 11/15/2027; value: $7,168,646; proceeds: $7,028,503 (cost $7,028,005)	$	7,028,005		7,028,005

Investments	Shares		U.S. $ Fair Value
Money Market Funds 1.87%
Fidelity Government Portfolio(b) (cost $7,406,237)	7,406,237	$	7,406,237
Time Deposits 0.21%
CitiBank N.A.(b) (cost $822,915)	822,915		822,915
Total Short-Term Investments (cost $15,257,157)			15,257,157
Total Investments in Securities 102.81% (cost $429,218,052)			407,682,623
Other Assets and Liabilities – Net (2.81)%			(11,150,943	)
Net Assets 100.00%		$	396,531,680

ADR	American Depositary Receipt.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At July 31, 2022, the total value of Rule 144A securities was $8,817,533, which represents 2.22% of net assets.
*	Non-income producing security.
(a)	All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
(b)	Security was purchased with the cash collateral from loaned securities.

See Notes to Schedule of Investments. 41

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL VALUE FUND July 31, 2022

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Canada	$	27,219,864	$	–	$	–	$	27,219,864
Mexico		6,927,769		–		–		6,927,769
Netherlands		17,214,463		6,205,879		–		23,420,342
United Kingdom		4,256,224		70,827,353		–		75,083,577
Remaining Countries		–		259,773,914		–		259,773,914
Short-Term Investments
Repurchase Agreements		–		7,028,005		–		7,028,005
Money Market Funds		7,406,237		–		–		7,406,237
Time Deposits		–		822,915		–		822,915
Total	$	63,024,557	$	344,658,066	$	–	$	407,682,623

(1)

Refer to Note 2(b) 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.

42 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)

MICRO CAP GROWTH FUND July 31, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.93%
COMMON STOCKS 98.93%
Aerospace & Defense 2.02%
AAR Corp.*		35,376	$	1,575,293
AeroVironment, Inc.*		35,606		3,084,904
Total				4,660,197
Air Freight & Logistics 1.22%
Atlas Air Worldwide Holdings, Inc.*		37,001		2,801,346
Auto Components 0.48%
Gentherm, Inc.*		17,215		1,111,400
Banks 0.90%
Byline Bancorp, Inc.		85,004		2,081,748
Beverages 1.70%
MGP Ingredients, Inc.		37,201		3,912,801
Biotechnology 16.28%
Arcellx, Inc.*		200,887		4,164,388
Beam Therapeutics, Inc.*		26,003		1,637,669
BELLUS Health, Inc. (Canada)*(a)(b)		440,504		4,321,344
ChemoCentryx, Inc.*		100,048		2,363,134
Day One Biopharmaceuticals, Inc.*		54,543		934,322
Insmed, Inc.*		65,337		1,445,255
Karuna Therapeutics, Inc.*		12,547		1,634,247
Krystal Biotech, Inc.*		76,190		5,529,870
Merus NV (Netherlands)*(a)		148,290		3,585,652
Nkarta, Inc.*(b)		156,338		2,112,126
Rocket Pharmaceuticals, Inc.*		166,862		2,419,499
Syndax Pharmaceuticals, Inc.*		101,125		2,059,916
Xenon Pharmaceuticals, Inc. (Canada)*(a)		158,869		5,266,507
Total				37,473,929

Investments	Shares		Fair Value
Capital Markets 1.07%
AssetMark Financial Holdings, Inc.*		62,277	$	1,182,640
Piper Sandler Cos.		10,048		1,268,058
Total				2,450,698
Commercial Services & Supplies 2.19%
Heritage-Crystal Clean, Inc.*		85,796		2,879,314
Montrose Environmental Group, Inc.*		54,057		2,168,767
Total				5,048,081
Communications Equipment 3.11%
AudioCodes Ltd. (Israel)(a)		82,152		1,996,293
Calix, Inc.*		90,370		5,154,705
Total				7,150,998
Construction & Engineering 2.64%
Ameresco, Inc. Class A*		45,917		2,627,371
NV5 Global, Inc.*		25,451		3,451,155
Total				6,078,526
Diversified Consumer Services 3.51%
PowerSchool Holdings, Inc. Class A*		217,406		3,132,820
Stride, Inc.*		98,017		4,379,400
Udemy, Inc.*		47,028		561,985
Total				8,074,205
Diversified Telecommunication Services 0.71%
Ooma, Inc.*		137,264		1,637,559
Electronic Equipment, Instruments & Components 2.85%
908 Devices, Inc.*(b)		77,530		1,744,425
Napco Security Technologies, Inc.*		120,623		3,095,186
OSI Systems, Inc.*		17,900		1,730,393
Total				6,570,004
Food & Staples Retailing 1.82%
Chefs’ Warehouse, Inc. (The)*		120,788		4,180,473

See Notes to Schedule of Investments. 43

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND July 31, 2022

Investments	Shares		Fair Value
Health Care Equipment & Supplies 10.59%
Axonics, Inc.*		60,843	$	3,946,885
Figs, Inc. Class A*		168,414		1,780,136
Lantheus Holdings, Inc.*		61,629		4,728,177
OrthoPediatrics Corp.*		77,127		3,644,251
PROCEPT BioRobotics Corp.*(b)		49,415		1,892,595
Pulmonx Corp.*		58,566		997,965
SI-BONE, Inc.*		79,096		1,063,050
Silk Road Medical, Inc.*		57,877		2,633,982
TransMedics Group, Inc.*		23,685		956,400
Treace Medical Concepts, Inc.*		160,946		2,723,206
Total				24,366,647
Hotels, Restaurants & Leisure 5.39%
Kura Sushi USA, Inc. Class A*		64,185		5,419,781
Monarch Casino & Resort, Inc.*		61,473		3,943,493
Sweetgreen, Inc. Class A*(b)		192,946		3,031,182
Total				12,394,456
Household Durables 0.73%
GoPro, Inc. Class A*		264,592		1,682,805
Insurance 0.84%
Goosehead Insurance, Inc. Class A		34,190		1,921,820
Interactive Media & Services 1.04%
ZipRecruiter, Inc. Class A*		136,553		2,393,774
Internet & Direct Marketing Retail 1.05%
Fiverr International Ltd. (Israel)*(a)		44,010		1,411,841
Lulu’s Fashion Lounge Holdings, Inc.*		181,227		1,014,871
Total				2,426,712
Life Sciences Tools & Services 0.18%
SomaLogic, Inc.*		82,048		414,342

Investments	Shares			Fair Value
Machinery 0.95%
Proto Labs, Inc.*		44,923	$	2,196,285
Media 0.49%
PubMatic, Inc. Class A*		68,254		1,132,334
Metals & Mining 0.70%
Carpenter Technology Corp.		50,345		1,618,088
Oil, Gas & Consumable Fuels 1.83%
Golar LNG Ltd.*		87,290		1,952,677
Talos Energy, Inc.*		119,386		2,262,365
Total				4,215,042
Personal Products 1.27%
elf Beauty, Inc.*		86,920		2,914,428
Pharmaceuticals 3.67%
Intra-Cellular Therapies, Inc.*		74,245		4,018,140
Pliant Therapeutics, Inc.*		155,895		2,707,896
Ventyx Biosciences, Inc.*(b)		114,439		1,729,173
Total				8,455,209
Professional Services 4.30%
Forrester Research, Inc.*		37,953		1,764,435
ICF International, Inc.		56,291		5,311,056
Kforce, Inc.		26,066		1,716,446
Resources Connection, Inc.		51,545		1,106,156
Total				9,898,093
Semiconductors & Semiconductor Equipment 8.26%
CEVA, Inc.*		81,741		3,043,218
Ichor Holdings Ltd.*		66,264		2,071,413
Impinj, Inc.*		72,305		6,147,371
indie Semiconductor, Inc. Class A*(b)		487,846		3,512,491
Rambus, Inc.*		167,280		4,228,838
Total				19,003,331

44 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND July 31, 2022

Investments	Shares		Fair Value
Software 8.94%
Agilysys, Inc.*		96,053	$	4,639,360
Arteris, Inc.*		235,588		1,898,839
AvidXchange Holdings, Inc.*		408,367		2,948,410
JFrog Ltd. (Israel)*(a)		166,959		3,706,490
Olo, Inc. Class A*		272,943		2,923,220
Riskified Ltd. Class A (Israel)*(a)		222,577		977,113
UserTesting, Inc.*(b)		336,971		2,133,026
Zuora, Inc. Class A*		157,843		1,343,244
Total				20,569,702
Specialty Retail 0.78%
Warby Parker, Inc. Class A*(b)		144,312		1,788,026
Technology Hardware, Storage & Peripherals 1.46%
Avid Technology, Inc.*		119,848		3,362,935
Textiles, Apparel & Luxury Goods 2.06%
Allbirds, Inc. Class A*(b)		474,357		2,438,195
Oxford Industries, Inc.		24,135		2,302,479
Total				4,740,674
Trading Companies & Distributors 0.80%
Distribution Solutions Group, Inc.*		37,326		1,851,370
Wireless Telecommunication Services 3.10%
Gogo, Inc.*		411,162		7,137,772
Total Common Stocks (cost $219,034,064)				227,715,810

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 8.07%
Repurchase Agreements 1.54%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $3,692,800 of U.S. Treasury Note at 2.25% due 11/15/2027; value: $3,618,422; proceeds: $3,547,656 (cost $3,547,404)	$	3,547,404	$	3,547,404
		Shares
Money Market Funds 5.88%
Fidelity Government Portfolio(c) (cost $13,531,857)		13,531,857		13,531,857
Time Deposits 0.65%
CitiBank N.A.(c) (cost $1,503,540)		1,503,540		1,503,540
Total Short-Term Investments (cost $18,582,801)				18,582,801
Total Investments in Securities 107.00% (cost $237,616,865)				246,298,611
Other Assets and Liabilities – Net (7.00)%				(16,116,190	)
Net Assets 100.00%			$	230,182,421

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

See Notes to Schedule of Investments. 45

Schedule of Investments (unaudited)(concluded)

MICRO CAP GROWTH FUND July 31, 2022

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3			Total
Long-Term Investments
Common Stocks	$	227,715,810	$	–	$	–	$	227,715,810
Short-Term Investments
Repurchase Agreements		–		3,547,404		–		3,547,404
Money Market Funds		13,531,857		–		–		13,531,857
Time Deposits		–		1,503,540		–		1,503,540
Total	$	241,247,667	$	5,050,944	$	–	$	246,298,611

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

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

46 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)

VALUE OPPORTUNITIES FUND July 31, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.60%
COMMON STOCKS 98.60%
Aerospace & Defense 1.26%
Curtiss-Wright Corp.		125,708	$	18,031,555
Auto Components 1.33%
Gentherm, Inc.*		293,434		18,944,099
Banks 4.58%
East West Bancorp, Inc.		299,135		21,471,910
First BanCorp		1,741,309		26,276,353
Wintrust Financial Corp.		205,356		17,668,830
Total				65,417,093
Biotechnology 1.23%
Horizon Therapeutics plc*		211,291		17,530,814
Building Products 5.48%
Allegion plc (Ireland)(a)		187,887		19,859,656
Carlisle Cos., Inc.		82,588		24,454,307
Masonite International Corp.*		245,624		22,359,152
Simpson Manufacturing Co., Inc.		111,796		11,546,291
Total				78,219,406
Capital Markets 4.14%
Cboe Global Markets, Inc.		173,432		21,398,040
Moelis & Co. Class A		347,256		16,175,185
TPG, Inc.		756,400		21,572,528
Total				59,145,753
Chemicals 5.09%
Avient Corp.		514,122		22,184,364
Axalta Coating Systems Ltd.*		643,258		16,222,967
Valvoline, Inc.		1,062,912		34,247,025
Total				72,654,356
Communications Equipment 1.30%
F5, Inc.*		110,535		18,499,138

Investments	Shares		Fair Value
Construction & Engineering 1.72%
EMCOR Group, Inc.		211,202	$	24,577,577
Construction Materials 1.52%
Eagle Materials, Inc.		171,539		21,691,107
Containers & Packaging 1.87%
Avery Dennison Corp.		139,803		26,626,879
Electric: Utilities 3.25%
IDACORP, Inc.		208,582		23,302,781
Portland General Electric Co.		449,867		23,096,172
Total				46,398,953
Electrical Equipment 1.83%
Generac Holdings, Inc.*		97,198		26,078,223
Electronic Equipment, Instruments & Components 1.85%
Littelfuse, Inc.		94,840		26,448,031
Energy Equipment & Services 1.21%
NOV, Inc.		928,459		17,278,622
Equity Real Estate Investment Trusts 6.50%
American Homes 4 Rent Class A		543,113		20,573,121
First Industrial Realty Trust, Inc.		494,136		25,670,365
National Storage Affiliates Trust		438,894		24,068,947
Sunstone Hotel Investors, Inc.*		1,982,300		22,459,459
Total				92,771,892
Food & Staples Retailing 1.90%
BJ’s Wholesale Club Holdings, Inc.*		400,793		27,133,686
Health Care Equipment & Supplies 4.42%
CONMED Corp.		181,200		17,690,556
Cooper Cos., Inc. (The)		42,312		13,836,024
STERIS plc		139,784		31,542,260
Total				63,068,840

See Notes to Schedule of Investments. 47

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND July 31, 2022

Investments	Shares		Fair Value
Health Care Providers & Services 3.13%
Molina Healthcare, Inc.*		102,751	$	33,673,558
R1 RCM, Inc.*		438,239		10,955,975
Total				44,629,533
Hotels, Restaurants & Leisure 3.88%
Caesars Entertainment, Inc.*		392,900		17,951,601
Choice Hotels International, Inc.		185,333		22,401,200
Dave & Buster’s Entertainment, Inc.*		192,757		7,201,401
SeaWorld Entertainment, Inc.*		163,268		7,792,782
Total				55,346,984
Household Durables 0.93%
Helen of Troy Ltd.*		99,535		13,316,788
Household Products 0.47%
Reynolds Consumer Products, Inc.		229,400		6,666,364
Information Technology Services 1.42%
Euronet Worldwide, Inc.*		205,904		20,234,186
Insurance 5.02%
American Financial Group, Inc./OH		221,879		29,660,785
Selective Insurance Group, Inc.		252,450		19,655,757
Stewart Information Services Corp.		408,196		22,307,911
Total				71,624,453
Life Sciences Tools & Services 5.14%
Azenta, Inc.		208,150		14,208,319
Bio-Techne Corp.		51,437		19,817,647
Charles River Laboratories International, Inc.*		77,394		19,390,293
Repligen Corp.*		93,426		19,933,371
Total				73,349,630

Investments	Shares		Fair Value
Machinery 3.49%
Columbus McKinnon Corp.		597,567	$	19,779,468
Crane Holdings Co.		303,895		30,064,332
Total				49,843,800
Media 0.96%
Criteo SA ADR*		536,384		13,624,154
Metals & Mining 1.02%
Reliance Steel & Aluminum Co.		76,329		14,521,592
Oil, Gas & Consumable Fuels 4.22%
Chesapeake Energy Corp.		387,838		36,522,704
Devon Energy Corp.		377,834		23,746,867
Total				60,269,571
Pharmaceuticals 1.43%
Organon & Co.		643,894		20,424,318
Professional Services 2.16%
Booz Allen Hamilton Holding Corp.		320,861		30,796,239
Real Estate Management & Development 1.17%
Marcus & Millichap, Inc.		408,400		16,711,728
Road & Rail 1.59%
Saia, Inc.*		95,151		22,631,665
Semiconductors & Semiconductor Equipment 4.52%
Entegris, Inc.		274,059		30,119,084
MKS Instruments, Inc.		175,220		20,711,004
Silicon Motion Technology Corp. ADR		160,490		13,691,402
Total				64,521,490
Software 4.89%
Aspen Technology, Inc.*		58,816		12,003,757
CommVault Systems, Inc.*		365,680		20,510,991

48 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(concluded)

VALUE OPPORTUNITIES FUND July 31, 2022

Investments	Shares		Fair Value
Software (continued)
Descartes Systems Group, Inc. (The) (Canada)*(a)		362,463	$	25,024,446
Paylocity Holding Corp.*		59,354		12,222,769
Total				69,761,963
Specialty Retail 0.61%
Burlington Stores, Inc.*		61,843		8,727,903
Textiles, Apparel & Luxury Goods 0.56%
Deckers Outdoor Corp.*		25,340		7,936,741
Trading Companies & Distributors 1.51%
AerCap Holdings NV (Ireland)*(a)		481,797		21,613,413
Total Common Stocks (cost $1,222,031,511)				1,407,068,539

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.53%
Repurchase Agreements 1.53%
Repurchase Agreement dated 7/29/2022, 0.85% due 8/1/2022 with Fixed Income Clearing Corp. collateralized by $14,688,500 of U.S. Treasury Inflation Indexed Bond at 1.75% due 1/15/2028; value: $22,264,927; proceeds: $21,829,813 (cost $21,828,267)	$	21,828,267	$	21,828,267
Total Investments in Securities 100.13% (cost $1,243,859,778)				1,428,896,806
Other Assets and Liabilities – Net (0.13)%				(1,845,815	)
Net Assets 100.00%			$	1,427,050,991

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

The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	1,407,068,539	$	–	$	–	$	1,407,068,539
Short-Term Investments
Repurchase Agreements		–		21,828,267		–		21,828,267
Total	$	1,407,068,539	$	21,828,267	$	–	$	1,428,896,806

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

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

See Notes to Schedule of Investments. 49

Notes to Schedule of Investments (unaudited)

1. ORGANIZATION  

Lord Abbett Securities Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993. The Trust consists of the following fourteen funds (separately, a “Fund” and collectively, the “Funds”): Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”), Lord Abbett Durable Growth Fund (“Durable Growth Fund”), Lord Abbett Focused Growth Fund (“Focused Growth Fund”), Lord Abbett Focused Large Cap Value Fund (“Focused Large Cap Value Fund”), Lord Abbett Focused Small Cap Value (“Focused Small Cap Value Fund), Lord Abbett Fundamental Equity Fund (“Fundamental Equity Fund”), Lord Abbett Global Equity Fund (“Global Equity Fund”), Lord Abbett Growth Leaders Fund (“Growth Leaders Fund”), Lord Abbett Health Care Fund (“Health Care Fund”), Lord Abbett International Equity Fund (“International Equity Fund”), Lord Abbett International Value Fund (“International Value Fund”), Lord Abbett International Opportunities Fund (“International Opportunities Fund”), Lord Abbett Micro-Cap Growth Fund (“Micro Cap Growth Fund”) and Lord Abbett Value Opportunities Fund (“Value Opportunities Fund”).

Each of Alpha Strategy Fund’s, Focused Large Cap Value Fund’s, Focused Small Cap Value Fund’s, Global Equity Fund’s, Health Care Fund’s, International Equity Fund’s, International Opportunities Fund’s, and Value Opportunities Fund’s investment objective is to seek long-term capital appreciation. Micro Cap Growth Fund’s investment object is long-term capital appreciation. Alpha Strategy Fund invests principally in other funds (“Underlying Funds”) managed by Lord, Abbett & Co. LLC (“Lord Abbett”). Fundamental Equity Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. Durable Growth Fund, 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.

2. SIGNIFICANT ACCOUNTING POLICIES  

(a)

Investment Valuation–Under procedures approved by the Funds’ Board of Trustees’ (the “Board”), Lord Abbett & Co. LLC (“Lord Abbett”), each Funds’ investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. 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.

50

Notes to Schedule of Investments (unaudited)(continued)

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	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 July 31, 2022 and, if applicable, Level 3 rollforwards for the period 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.

51

Notes to Schedule of Investments (unaudited)(continued)

3. FEDERAL TAX INFORMATION  

It is the policy of the 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.

The 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 the Fund’s filed U.S. federal tax returns remains open generally three years after the filing of the tax return. The statutes of limitations on the Fund’s, state and local tax returns may remain open for an additional year depending upon the jurisdiction.

4. SECURITIES LENDING AGREEMENT  

The Funds have established a securities lending agreement with Citibank, N.A. (the “agent”) 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 Fund’s 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 Fund on the next business day. As with other extensions of credit, the Funds have may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Funds have or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

The initial collateral received by the Fund 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 July 31, 2022, the market value of securities loaned and collateral received for the Funds were as follows:

Funds	Market Value of Securities Loaned	Collateral Received
International Equity Fund	$  1,501,367	$  3,552,022
International Opportunities Fund	6,520,387	6,889,831
International Value Fund	264,350	8,229,152
Health Care Fund	28,421	28,791
Micro-Cap Growth Fund	15,639,374	15,035,396

52

Notes to Schedule of Investments (unaudited)(concluded)

5. 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 period ended July 31, 2022:

								Net			Change in					Shares
	Value at		Purchases		Proceeds			Realized			Appreciation			Value at		as of		Dividend
Affiliated Issuer	10/31/2021		at Cost		from Sales			Gain (Loss		)	(Depreciation		)	7/31/2022		7/31/2022		Income
Lord Abbett Developing Growth Fund, Inc. - Class I	$	175,650,188	$	44,718,463	$	(1,280,392	)	$	14,420,742	(a)	$	(79,837,701	)	$	139,545,710		5,737,899	$	–
Lord Abbett Focused Small Cap Value Fund - Class I		90,235,170		8,760,540		(9,823,724	)		6,954,955	(b)		(16,432,303	)		71,117,344		2,666,567		183,247
Lord Abbett Securities Trust - International Opportunities Fund - Class I		170,753,580		5,536,940		(2,026,883	)		(13,972	)		(37,234,963	)		137,014,702		7,883,469		4,130,841
Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I		85,447,699		7,099,424		–			–			(27,585,172	)		64,961,951		4,014,954		–
Lord Abbett Research Fund, Inc. - Small-Cap Value Fund - Class I		178,800,321		20,842,471		(16,930,828	)		16,206,125	(c)		(38,384,976	)		140,173,827		7,973,483		483,185
Lord Abbett Value Opportunities Fund - Class I		180,099,301		21,000,762		(14,818,143	)		20,876,338	(d)		(45,203,590	)		141,340,673		7,419,458		386,767
Total								$	58,444,188		$	(244,678,705	)	$	694,154,207			$	5,184,040

(a)	Represents $14,125,590 of distributed capital gains.
(b)	Includes $8,577,294 of distributed capital gains.
(c)	Includes $20,359,286 of distributed capital gains.
(d)	Includes $20,613,995 of distributed capital gains.

53

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of July 31, 2022, Alpha Strategy Fund’s long-term investments were allocated among the Underlying Funds as follows:

Underlying Fund Name	%
Lord Abbett Developing Growth Fund, Inc. – Class I		20.10	%
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I		10.25	%
Lord Abbett Securities Trust – International Opportunities Fund – Class I		19.74	%
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I		9.36	%
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I		20.19	%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		20.36	%
Total		100.00	%

The Ten Largest Holdings and the Holdings by Sector or Credit Rating, as of July 31, 2022 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.

Developing Growth Fund

Ten Largest Holdings	% of Investments
Lantheus Holdings, Inc.		2.77	%
Intra-Cellular Therapies, Inc.		2.58	%
Shockwave Medical, Inc.		2.18	%
Calix, Inc.		2.14	%
Axonics, Inc.		2.05	%
Inspire Medical Systems, Inc.		2.02	%
iRhythm Technologies, Inc.		1.90	%
Planet Fitness, Inc.		1.87	%
Krystal Biotech, Inc.		1.87	%
Cytokinetics, Inc.		1.80	%
Holdings by Sector*		% of Investments
Communication Services		3.98	%
Consumer Discretionary		5.68	%
Consumer Staples		3.36	%
Diversified		0.33	%
Energy		2.41	%
Financials		2.84	%
Health Care		27.92	%
Industrials		15.53	%
Information Technology		30.03	%
Materials		3.56	%
Repurchase Agreements		2.52	%
Money Market Funds(a)		1.66	%
Time Deposits(a)		0.18	%
Total		100.00	%

*	A sector may comprise several industries.
(a)	Securities were purchased with the cash collateral from loaned securities.

54

Investments in Underlying Funds (unaudited)(continued)

Focused Small Cap Value Fund

Ten Largest Holdings	% of Investments
International Money Express, Inc.		4.10	%
Organon & Co.		3.99	%
Chesapeake Energy Corp.		3.69	%
SP Plus Corp.		3.62	%
Eagle Materials, Inc.		3.61	%
Sunstone Hotel Investors, Inc.		3.37	%
TrueBlue, Inc.		3.16	%
Masonite International Corp.		3.09	%
Tenet Healthcare Corp.		3.03	%
First BanCorp		2.99	%
Holdings by Sector*		% of Investments
Communication Services		5.63	%
Consumer Discretionary		5.01	%
Consumer Staples		5.20	%
Energy		8.48	%
Financials		24.74	%
Health Care		7.03	%
Industrials		18.76	%
Information Technology		7.00	%
Materials		6.86	%
Real Estate		9.59	%
Repurchase Agreements		1.70	%
Total		100.00	%

* A sector may comprise several industries.

International Opportunities Fund

Ten Largest Holdings	% of Investments
Britvic plc		2.35	%
ANDRITZ AG		2.14	%
Brookfield Infrastructure Corp.		2.13	%
NS Solutions Corp.		2.00	%
Man Group plc		1.94	%
REN - Redes Energeticas Nacionais SGPS SA		1.86	%
SHO-BOND Holdings Co. Ltd.		1.80	%
Axfood AB		1.72	%
Aixtron SE		1.63	%
Loomis AB		1.55	%

55

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Communication Services		3.83	%
Consumer Discretionary		9.01	%
Consumer Staples		7.14	%
Energy		1.54	%
Financials		11.35	%
Health Care		5.76	%
Industrials		21.55	%
Information Technology		12.80	%
Materials		8.51	%
Real Estate		9.57	%
Utilities		3.98	%
Repurchase Agreements		3.00	%
Money Market Funds(a)		1.76	%
Time Deposits(a)		0.20	%
Total		100.00	%

*	A sector may comprise several industries.
(a)	Securities were purchased with the cash collateral from loaned securities.

Micro Cap Growth Fund

Ten Largest Holdings	% of Investments
Gogo, Inc.		2.90	%
Impinj, Inc.		2.50	%
Krystal Biotech, Inc.		2.25	%
Kura Sushi USA, Inc.		2.20	%
ICF International, Inc.		2.16	%
Xenon Pharmaceuticals, Inc.		2.14	%
Calix, Inc.		2.09	%
Lantheus Holdings, Inc.		1.92	%
Agilysys, Inc.		1.88	%
Stride, Inc.		1.78	%
Holdings by Sector*		% of Investments
Communication Services		5.00	%
Consumer Discretionary		13.08	%
Consumer Staples		4.47	%
Energy		1.71	%
Financials		2.62	%
Health Care		28.71	%
Industrials		13.21	%
Information Technology		23.00	%
Materials		0.66	%
Repurchase Agreements		1.44	%
Money Market Funds(a)		5.49	%
Time Deposits(a)		0.61	%
Total		100.00	%

*	A sector may comprise several industries.
(a)	Securities were purchased with the cash collateral from loaned securities.

56

Investments in Underlying Funds (unaudited)(continued)

Small Cap Value Fund

Ten Largest Holdings	% of Investments
International Money Express, Inc.		2.51	%
First BanCorp		2.42	%
Valvoline, Inc.		2.41	%
Organon & Co.		2.10	%
Crane Holdings Co.		2.04	%
NOV, Inc.		2.03	%
Chesapeake Energy Corp.		2.02	%
Avient Corp.		2.02	%
Masonite International Corp.		1.96	%
Wintrust Financial Corp.		1.86	%
Holdings by Sector*		% of Investments
Communication Services		4.45	%
Consumer Discretionary		6.65	%
Consumer Staples		5.74	%
Energy		7.08	%
Financials		21.25	%
Health Care		7.17	%
Industrials		19.46	%
Information Technology		10.27	%
Materials		7.21	%
Real Estate		7.37	%
Utilities		2.79	%
Repurchase Agreements		0.56	%
Total		100.00	%

* A sector may comprise several industries.

Value Opportunities Fund

Ten Largest Holdings	% of Investments
Chesapeake Energy Corp.		2.56	%
Valvoline, Inc.		2.40	%
Molina Healthcare, Inc.		2.36	%
STERIS plc		2.21	%
Booz Allen Hamilton Holding Corp.		2.16	%
Entegris, Inc.		2.11	%
Crane Holdings Co.		2.10	%
American Financial Group, Inc./OH		2.08	%
BJ’s Wholesale Club Holdings, Inc.		1.90	%
Avery Dennison Corp.		1.86	%

57

Investments in Underlying Funds (unaudited)(concluded)

Holdings by Sector*	% of Investments
Communication Services		0.95	%
Consumer Discretionary		7.30	%
Consumer Staples		2.36	%
Energy		5.43	%
Financials		13.73	%
Health Care		15.33	%
Industrials		19.02	%
Information Technology		13.96	%
Materials		9.48	%
Real Estate		7.66	%
Utilities		3.25	%
Repurchase Agreements		1.53	%
Total		100.00	%

* A sector may comprise several industries.

58

QPHR-SET-3Q

(09/22)