UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-07538
LORD ABBETT SECURITIES TRUST
(Exact name of Registrant as specified in
charter)
30 Hudson Street, Jersey City, New Jersey
07302-4804
(Address of principal executive offices)
(Zip code)
Randolph A. Stuzin, Esq.
Vice President and Assistant Secretary
30 Hudson Street, Jersey City, New Jersey
07302-4804
(Name and address of agent for service)
Registrant’s telephone number, including
area code: (888) 522-2388
Date of fiscal year end: 10/31
Date of reporting period: 4/30/2026
| Item 1: | Report(s) to Shareholders. |
Lord Abbett Alpha Strategy Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $23 | 0.43%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $664,825,239 |
|---|
# of Portfolio Holdings | 6 |
|---|
Portfolio Turnover Rate | 3% |
|---|
Table SummaryPortfolio Holdings Presented by Portfolio Allocation | %Footnote Reference* |
|---|
Lord Abbett Developing Growth Fund, Inc. - Class I | 20.22% |
Lord Abbett Focused Small Cap Value Fund - Class I | 9.99% |
Lord Abbett International Opportunities Fund - Class I | 19.59% |
Lord Abbett Micro Cap Growth Fund - Class I | 10.20% |
Lord Abbett Small Cap Value Fund - Class I | 20.03% |
Lord Abbett Value Opportunities Fund - Class I | 19.97% |
Total | 100.00% |
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Alpha Strategy Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $63 | 1.18%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $664,825,239 |
|---|
# of Portfolio Holdings | 6 |
|---|
Portfolio Turnover Rate | 3% |
|---|
Table SummaryPortfolio Holdings Presented by Portfolio Allocation | %Footnote Reference* |
|---|
Lord Abbett Developing Growth Fund, Inc. - Class I | 20.22% |
Lord Abbett Focused Small Cap Value Fund - Class I | 9.99% |
Lord Abbett International Opportunities Fund - Class I | 19.59% |
Lord Abbett Micro Cap Growth Fund - Class I | 10.20% |
Lord Abbett Small Cap Value Fund - Class I | 20.03% |
Lord Abbett Value Opportunities Fund - Class I | 19.97% |
Total | 100.00% |
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Alpha Strategy Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $15 | 0.28%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $664,825,239 |
|---|
# of Portfolio Holdings | 6 |
|---|
Portfolio Turnover Rate | 3% |
|---|
Table SummaryPortfolio Holdings Presented by Portfolio Allocation | %Footnote Reference* |
|---|
Lord Abbett Developing Growth Fund, Inc. - Class I | 20.22% |
Lord Abbett Focused Small Cap Value Fund - Class I | 9.99% |
Lord Abbett International Opportunities Fund - Class I | 19.59% |
Lord Abbett Micro Cap Growth Fund - Class I | 10.20% |
Lord Abbett Small Cap Value Fund - Class I | 20.03% |
Lord Abbett Value Opportunities Fund - Class I | 19.97% |
Total | 100.00% |
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Alpha Strategy Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $5 | 0.10%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $664,825,239 |
|---|
# of Portfolio Holdings | 6 |
|---|
Portfolio Turnover Rate | 3% |
|---|
Table SummaryPortfolio Holdings Presented by Portfolio Allocation | %Footnote Reference* |
|---|
Lord Abbett Developing Growth Fund, Inc. - Class I | 20.22% |
Lord Abbett Focused Small Cap Value Fund - Class I | 9.99% |
Lord Abbett International Opportunities Fund - Class I | 19.59% |
Lord Abbett Micro Cap Growth Fund - Class I | 10.20% |
Lord Abbett Small Cap Value Fund - Class I | 20.03% |
Lord Abbett Value Opportunities Fund - Class I | 19.97% |
Total | 100.00% |
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Alpha Strategy Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $10 | 0.18%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $664,825,239 |
|---|
# of Portfolio Holdings | 6 |
|---|
Portfolio Turnover Rate | 3% |
|---|
Table SummaryPortfolio Holdings Presented by Portfolio Allocation | %Footnote Reference* |
|---|
Lord Abbett Developing Growth Fund, Inc. - Class I | 20.22% |
Lord Abbett Focused Small Cap Value Fund - Class I | 9.99% |
Lord Abbett International Opportunities Fund - Class I | 19.59% |
Lord Abbett Micro Cap Growth Fund - Class I | 10.20% |
Lord Abbett Small Cap Value Fund - Class I | 20.03% |
Lord Abbett Value Opportunities Fund - Class I | 19.97% |
Total | 100.00% |
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Alpha Strategy Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R2 | $41 | 0.78%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $664,825,239 |
|---|
# of Portfolio Holdings | 6 |
|---|
Portfolio Turnover Rate | 3% |
|---|
Table SummaryPortfolio Holdings Presented by Portfolio Allocation | %Footnote Reference* |
|---|
Lord Abbett Developing Growth Fund, Inc. - Class I | 20.22% |
Lord Abbett Focused Small Cap Value Fund - Class I | 9.99% |
Lord Abbett International Opportunities Fund - Class I | 19.59% |
Lord Abbett Micro Cap Growth Fund - Class I | 10.20% |
Lord Abbett Small Cap Value Fund - Class I | 20.03% |
Lord Abbett Value Opportunities Fund - Class I | 19.97% |
Total | 100.00% |
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Alpha Strategy Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R3 | $36 | 0.68%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $664,825,239 |
|---|
# of Portfolio Holdings | 6 |
|---|
Portfolio Turnover Rate | 3% |
|---|
Table SummaryPortfolio Holdings Presented by Portfolio Allocation | %Footnote Reference* |
|---|
Lord Abbett Developing Growth Fund, Inc. - Class I | 20.22% |
Lord Abbett Focused Small Cap Value Fund - Class I | 9.99% |
Lord Abbett International Opportunities Fund - Class I | 19.59% |
Lord Abbett Micro Cap Growth Fund - Class I | 10.20% |
Lord Abbett Small Cap Value Fund - Class I | 20.03% |
Lord Abbett Value Opportunities Fund - Class I | 19.97% |
Total | 100.00% |
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Alpha Strategy Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R4 | $23 | 0.43%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $664,825,239 |
|---|
# of Portfolio Holdings | 6 |
|---|
Portfolio Turnover Rate | 3% |
|---|
Table SummaryPortfolio Holdings Presented by Portfolio Allocation | %Footnote Reference* |
|---|
Lord Abbett Developing Growth Fund, Inc. - Class I | 20.22% |
Lord Abbett Focused Small Cap Value Fund - Class I | 9.99% |
Lord Abbett International Opportunities Fund - Class I | 19.59% |
Lord Abbett Micro Cap Growth Fund - Class I | 10.20% |
Lord Abbett Small Cap Value Fund - Class I | 20.03% |
Lord Abbett Value Opportunities Fund - Class I | 19.97% |
Total | 100.00% |
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Alpha Strategy Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $10 | 0.18%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $664,825,239 |
|---|
# of Portfolio Holdings | 6 |
|---|
Portfolio Turnover Rate | 3% |
|---|
Table SummaryPortfolio Holdings Presented by Portfolio Allocation | %Footnote Reference* |
|---|
Lord Abbett Developing Growth Fund, Inc. - Class I | 20.22% |
Lord Abbett Focused Small Cap Value Fund - Class I | 9.99% |
Lord Abbett International Opportunities Fund - Class I | 19.59% |
Lord Abbett Micro Cap Growth Fund - Class I | 10.20% |
Lord Abbett Small Cap Value Fund - Class I | 20.03% |
Lord Abbett Value Opportunities Fund - Class I | 19.97% |
Total | 100.00% |
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Alpha Strategy Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $5 | 0.10%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $664,825,239 |
|---|
# of Portfolio Holdings | 6 |
|---|
Portfolio Turnover Rate | 3% |
|---|
Table SummaryPortfolio Holdings Presented by Portfolio Allocation | %Footnote Reference* |
|---|
Lord Abbett Developing Growth Fund, Inc. - Class I | 20.22% |
Lord Abbett Focused Small Cap Value Fund - Class I | 9.99% |
Lord Abbett International Opportunities Fund - Class I | 19.59% |
Lord Abbett Micro Cap Growth Fund - Class I | 10.20% |
Lord Abbett Small Cap Value Fund - Class I | 20.03% |
Lord Abbett Value Opportunities Fund - Class I | 19.97% |
Total | 100.00% |
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Global Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $46 | 0.90%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $393,914,920 |
|---|
# of Portfolio Holdings | 85 |
|---|
Portfolio Turnover Rate | 25% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 8.60% |
Consumer Discretionary | 11.00% |
Consumer Staples | 4.64% |
Energy | 3.40% |
Financials | 15.39% |
Health Care | 7.26% |
Industrials | 14.10% |
Information Technology | 31.40% |
Materials | 1.49% |
Real Estate | 0.37% |
Utilities | 1.03% |
Repurchase Agreements | 1.32% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Global Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $85 | 1.65%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $393,914,920 |
|---|
# of Portfolio Holdings | 85 |
|---|
Portfolio Turnover Rate | 25% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 8.60% |
Consumer Discretionary | 11.00% |
Consumer Staples | 4.64% |
Energy | 3.40% |
Financials | 15.39% |
Health Care | 7.26% |
Industrials | 14.10% |
Information Technology | 31.40% |
Materials | 1.49% |
Real Estate | 0.37% |
Utilities | 1.03% |
Repurchase Agreements | 1.32% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Global Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $39 | 0.75%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $393,914,920 |
|---|
# of Portfolio Holdings | 85 |
|---|
Portfolio Turnover Rate | 25% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 8.60% |
Consumer Discretionary | 11.00% |
Consumer Staples | 4.64% |
Energy | 3.40% |
Financials | 15.39% |
Health Care | 7.26% |
Industrials | 14.10% |
Information Technology | 31.40% |
Materials | 1.49% |
Real Estate | 0.37% |
Utilities | 1.03% |
Repurchase Agreements | 1.32% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Global Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $29 | 0.56%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $393,914,920 |
|---|
# of Portfolio Holdings | 85 |
|---|
Portfolio Turnover Rate | 25% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 8.60% |
Consumer Discretionary | 11.00% |
Consumer Staples | 4.64% |
Energy | 3.40% |
Financials | 15.39% |
Health Care | 7.26% |
Industrials | 14.10% |
Information Technology | 31.40% |
Materials | 1.49% |
Real Estate | 0.37% |
Utilities | 1.03% |
Repurchase Agreements | 1.32% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Global Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $33 | 0.65%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $393,914,920 |
|---|
# of Portfolio Holdings | 85 |
|---|
Portfolio Turnover Rate | 25% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 8.60% |
Consumer Discretionary | 11.00% |
Consumer Staples | 4.64% |
Energy | 3.40% |
Financials | 15.39% |
Health Care | 7.26% |
Industrials | 14.10% |
Information Technology | 31.40% |
Materials | 1.49% |
Real Estate | 0.37% |
Utilities | 1.03% |
Repurchase Agreements | 1.32% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Global Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R3 | $59 | 1.15%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $393,914,920 |
|---|
# of Portfolio Holdings | 85 |
|---|
Portfolio Turnover Rate | 25% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 8.60% |
Consumer Discretionary | 11.00% |
Consumer Staples | 4.64% |
Energy | 3.40% |
Financials | 15.39% |
Health Care | 7.26% |
Industrials | 14.10% |
Information Technology | 31.40% |
Materials | 1.49% |
Real Estate | 0.37% |
Utilities | 1.03% |
Repurchase Agreements | 1.32% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Global Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R4 | $46 | 0.90%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $393,914,920 |
|---|
# of Portfolio Holdings | 85 |
|---|
Portfolio Turnover Rate | 25% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 8.60% |
Consumer Discretionary | 11.00% |
Consumer Staples | 4.64% |
Energy | 3.40% |
Financials | 15.39% |
Health Care | 7.26% |
Industrials | 14.10% |
Information Technology | 31.40% |
Materials | 1.49% |
Real Estate | 0.37% |
Utilities | 1.03% |
Repurchase Agreements | 1.32% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Global Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $33 | 0.65%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $393,914,920 |
|---|
# of Portfolio Holdings | 85 |
|---|
Portfolio Turnover Rate | 25% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 8.60% |
Consumer Discretionary | 11.00% |
Consumer Staples | 4.64% |
Energy | 3.40% |
Financials | 15.39% |
Health Care | 7.26% |
Industrials | 14.10% |
Information Technology | 31.40% |
Materials | 1.49% |
Real Estate | 0.37% |
Utilities | 1.03% |
Repurchase Agreements | 1.32% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Global Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $29 | 0.56%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $393,914,920 |
|---|
# of Portfolio Holdings | 85 |
|---|
Portfolio Turnover Rate | 25% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 8.60% |
Consumer Discretionary | 11.00% |
Consumer Staples | 4.64% |
Energy | 3.40% |
Financials | 15.39% |
Health Care | 7.26% |
Industrials | 14.10% |
Information Technology | 31.40% |
Materials | 1.49% |
Real Estate | 0.37% |
Utilities | 1.03% |
Repurchase Agreements | 1.32% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $46 | 0.87%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $721,922,207 |
|---|
# of Portfolio Holdings | 111 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 3.66% |
Consumer Discretionary | 6.30% |
Consumer Staples | 4.32% |
Energy | 3.49% |
Financials | 22.17% |
Health Care | 7.52% |
Industrials | 18.66% |
Information Technology | 21.94% |
Materials | 5.87% |
Real Estate | 0.52% |
Utilities | 1.78% |
Repurchase Agreements | 2.85% |
Money Market FundsFootnote Reference† | 0.83% |
Time DepositsFootnote Reference† | 0.09% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $86 | 1.62%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $721,922,207 |
|---|
# of Portfolio Holdings | 111 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 3.66% |
Consumer Discretionary | 6.30% |
Consumer Staples | 4.32% |
Energy | 3.49% |
Financials | 22.17% |
Health Care | 7.52% |
Industrials | 18.66% |
Information Technology | 21.94% |
Materials | 5.87% |
Real Estate | 0.52% |
Utilities | 1.78% |
Repurchase Agreements | 2.85% |
Money Market FundsFootnote Reference† | 0.83% |
Time DepositsFootnote Reference† | 0.09% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $38 | 0.72%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $721,922,207 |
|---|
# of Portfolio Holdings | 111 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 3.66% |
Consumer Discretionary | 6.30% |
Consumer Staples | 4.32% |
Energy | 3.49% |
Financials | 22.17% |
Health Care | 7.52% |
Industrials | 18.66% |
Information Technology | 21.94% |
Materials | 5.87% |
Real Estate | 0.52% |
Utilities | 1.78% |
Repurchase Agreements | 2.85% |
Money Market FundsFootnote Reference† | 0.83% |
Time DepositsFootnote Reference† | 0.09% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $30 | 0.56%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $721,922,207 |
|---|
# of Portfolio Holdings | 111 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 3.66% |
Consumer Discretionary | 6.30% |
Consumer Staples | 4.32% |
Energy | 3.49% |
Financials | 22.17% |
Health Care | 7.52% |
Industrials | 18.66% |
Information Technology | 21.94% |
Materials | 5.87% |
Real Estate | 0.52% |
Utilities | 1.78% |
Repurchase Agreements | 2.85% |
Money Market FundsFootnote Reference† | 0.83% |
Time DepositsFootnote Reference† | 0.09% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $33 | 0.62%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $721,922,207 |
|---|
# of Portfolio Holdings | 111 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 3.66% |
Consumer Discretionary | 6.30% |
Consumer Staples | 4.32% |
Energy | 3.49% |
Financials | 22.17% |
Health Care | 7.52% |
Industrials | 18.66% |
Information Technology | 21.94% |
Materials | 5.87% |
Real Estate | 0.52% |
Utilities | 1.78% |
Repurchase Agreements | 2.85% |
Money Market FundsFootnote Reference† | 0.83% |
Time DepositsFootnote Reference† | 0.09% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class P | $54 | 1.02%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $721,922,207 |
|---|
# of Portfolio Holdings | 111 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 3.66% |
Consumer Discretionary | 6.30% |
Consumer Staples | 4.32% |
Energy | 3.49% |
Financials | 22.17% |
Health Care | 7.52% |
Industrials | 18.66% |
Information Technology | 21.94% |
Materials | 5.87% |
Real Estate | 0.52% |
Utilities | 1.78% |
Repurchase Agreements | 2.85% |
Money Market FundsFootnote Reference† | 0.83% |
Time DepositsFootnote Reference† | 0.09% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R2 | $65 | 1.22%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $721,922,207 |
|---|
# of Portfolio Holdings | 111 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 3.66% |
Consumer Discretionary | 6.30% |
Consumer Staples | 4.32% |
Energy | 3.49% |
Financials | 22.17% |
Health Care | 7.52% |
Industrials | 18.66% |
Information Technology | 21.94% |
Materials | 5.87% |
Real Estate | 0.52% |
Utilities | 1.78% |
Repurchase Agreements | 2.85% |
Money Market FundsFootnote Reference† | 0.83% |
Time DepositsFootnote Reference† | 0.09% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R3 | $60 | 1.12%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $721,922,207 |
|---|
# of Portfolio Holdings | 111 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 3.66% |
Consumer Discretionary | 6.30% |
Consumer Staples | 4.32% |
Energy | 3.49% |
Financials | 22.17% |
Health Care | 7.52% |
Industrials | 18.66% |
Information Technology | 21.94% |
Materials | 5.87% |
Real Estate | 0.52% |
Utilities | 1.78% |
Repurchase Agreements | 2.85% |
Money Market FundsFootnote Reference† | 0.83% |
Time DepositsFootnote Reference† | 0.09% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R4 | $46 | 0.87%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $721,922,207 |
|---|
# of Portfolio Holdings | 111 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 3.66% |
Consumer Discretionary | 6.30% |
Consumer Staples | 4.32% |
Energy | 3.49% |
Financials | 22.17% |
Health Care | 7.52% |
Industrials | 18.66% |
Information Technology | 21.94% |
Materials | 5.87% |
Real Estate | 0.52% |
Utilities | 1.78% |
Repurchase Agreements | 2.85% |
Money Market FundsFootnote Reference† | 0.83% |
Time DepositsFootnote Reference† | 0.09% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $33 | 0.62%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $721,922,207 |
|---|
# of Portfolio Holdings | 111 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 3.66% |
Consumer Discretionary | 6.30% |
Consumer Staples | 4.32% |
Energy | 3.49% |
Financials | 22.17% |
Health Care | 7.52% |
Industrials | 18.66% |
Information Technology | 21.94% |
Materials | 5.87% |
Real Estate | 0.52% |
Utilities | 1.78% |
Repurchase Agreements | 2.85% |
Money Market FundsFootnote Reference† | 0.83% |
Time DepositsFootnote Reference† | 0.09% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $30 | 0.56%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $721,922,207 |
|---|
# of Portfolio Holdings | 111 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 3.66% |
Consumer Discretionary | 6.30% |
Consumer Staples | 4.32% |
Energy | 3.49% |
Financials | 22.17% |
Health Care | 7.52% |
Industrials | 18.66% |
Information Technology | 21.94% |
Materials | 5.87% |
Real Estate | 0.52% |
Utilities | 1.78% |
Repurchase Agreements | 2.85% |
Money Market FundsFootnote Reference† | 0.83% |
Time DepositsFootnote Reference† | 0.09% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Small Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $69 | 1.28%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $95,733,692 |
|---|
# of Portfolio Holdings | 42 |
|---|
Portfolio Turnover Rate | 32% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.39% |
Consumer Discretionary | 6.88% |
Consumer Staples | 4.06% |
Energy | 7.26% |
Financials | 25.70% |
Health Care | 6.57% |
Industrials | 22.45% |
Information Technology | 11.20% |
Materials | 8.76% |
Real Estate | 2.59% |
Utilities | 2.47% |
Repurchase Agreements | 0.67% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Small Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $109 | 2.03%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $95,733,692 |
|---|
# of Portfolio Holdings | 42 |
|---|
Portfolio Turnover Rate | 32% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.39% |
Consumer Discretionary | 6.88% |
Consumer Staples | 4.06% |
Energy | 7.26% |
Financials | 25.70% |
Health Care | 6.57% |
Industrials | 22.45% |
Information Technology | 11.20% |
Materials | 8.76% |
Real Estate | 2.59% |
Utilities | 2.47% |
Repurchase Agreements | 0.67% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Small Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $55 | 1.03%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $95,733,692 |
|---|
# of Portfolio Holdings | 42 |
|---|
Portfolio Turnover Rate | 32% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.39% |
Consumer Discretionary | 6.88% |
Consumer Staples | 4.06% |
Energy | 7.26% |
Financials | 25.70% |
Health Care | 6.57% |
Industrials | 22.45% |
Information Technology | 11.20% |
Materials | 8.76% |
Real Estate | 2.59% |
Utilities | 2.47% |
Repurchase Agreements | 0.67% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Small Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $53 | 0.98%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $95,733,692 |
|---|
# of Portfolio Holdings | 42 |
|---|
Portfolio Turnover Rate | 32% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.39% |
Consumer Discretionary | 6.88% |
Consumer Staples | 4.06% |
Energy | 7.26% |
Financials | 25.70% |
Health Care | 6.57% |
Industrials | 22.45% |
Information Technology | 11.20% |
Materials | 8.76% |
Real Estate | 2.59% |
Utilities | 2.47% |
Repurchase Agreements | 0.67% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Small Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $55 | 1.03%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $95,733,692 |
|---|
# of Portfolio Holdings | 42 |
|---|
Portfolio Turnover Rate | 32% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.39% |
Consumer Discretionary | 6.88% |
Consumer Staples | 4.06% |
Energy | 7.26% |
Financials | 25.70% |
Health Care | 6.57% |
Industrials | 22.45% |
Information Technology | 11.20% |
Materials | 8.76% |
Real Estate | 2.59% |
Utilities | 2.47% |
Repurchase Agreements | 0.67% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Small Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $55 | 1.03%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $95,733,692 |
|---|
# of Portfolio Holdings | 42 |
|---|
Portfolio Turnover Rate | 32% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.39% |
Consumer Discretionary | 6.88% |
Consumer Staples | 4.06% |
Energy | 7.26% |
Financials | 25.70% |
Health Care | 6.57% |
Industrials | 22.45% |
Information Technology | 11.20% |
Materials | 8.76% |
Real Estate | 2.59% |
Utilities | 2.47% |
Repurchase Agreements | 0.67% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Small Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $53 | 0.99%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $95,733,692 |
|---|
# of Portfolio Holdings | 42 |
|---|
Portfolio Turnover Rate | 32% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.39% |
Consumer Discretionary | 6.88% |
Consumer Staples | 4.06% |
Energy | 7.26% |
Financials | 25.70% |
Health Care | 6.57% |
Industrials | 22.45% |
Information Technology | 11.20% |
Materials | 8.76% |
Real Estate | 2.59% |
Utilities | 2.47% |
Repurchase Agreements | 0.67% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $51 | 1.05%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $162,700,173 |
|---|
# of Portfolio Holdings | 34 |
|---|
Portfolio Turnover Rate | 75% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.58% |
Consumer Discretionary | 6.00% |
Consumer Staples | 1.20% |
Financials | 2.17% |
Health Care | 15.61% |
Industrials | 16.29% |
Information Technology | 44.69% |
Repurchase Agreements | 2.46% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $87 | 1.80%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $162,700,173 |
|---|
# of Portfolio Holdings | 34 |
|---|
Portfolio Turnover Rate | 75% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.58% |
Consumer Discretionary | 6.00% |
Consumer Staples | 1.20% |
Financials | 2.17% |
Health Care | 15.61% |
Industrials | 16.29% |
Information Technology | 44.69% |
Repurchase Agreements | 2.46% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $39 | 0.80%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $162,700,173 |
|---|
# of Portfolio Holdings | 34 |
|---|
Portfolio Turnover Rate | 75% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.58% |
Consumer Discretionary | 6.00% |
Consumer Staples | 1.20% |
Financials | 2.17% |
Health Care | 15.61% |
Industrials | 16.29% |
Information Technology | 44.69% |
Repurchase Agreements | 2.46% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $34 | 0.71%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $162,700,173 |
|---|
# of Portfolio Holdings | 34 |
|---|
Portfolio Turnover Rate | 75% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.58% |
Consumer Discretionary | 6.00% |
Consumer Staples | 1.20% |
Financials | 2.17% |
Health Care | 15.61% |
Industrials | 16.29% |
Information Technology | 44.69% |
Repurchase Agreements | 2.46% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $39 | 0.80%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $162,700,173 |
|---|
# of Portfolio Holdings | 34 |
|---|
Portfolio Turnover Rate | 75% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.58% |
Consumer Discretionary | 6.00% |
Consumer Staples | 1.20% |
Financials | 2.17% |
Health Care | 15.61% |
Industrials | 16.29% |
Information Technology | 44.69% |
Repurchase Agreements | 2.46% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R3 | $63 | 1.30%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $162,700,173 |
|---|
# of Portfolio Holdings | 34 |
|---|
Portfolio Turnover Rate | 75% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.58% |
Consumer Discretionary | 6.00% |
Consumer Staples | 1.20% |
Financials | 2.17% |
Health Care | 15.61% |
Industrials | 16.29% |
Information Technology | 44.69% |
Repurchase Agreements | 2.46% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R4 | $51 | 1.05%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $162,700,173 |
|---|
# of Portfolio Holdings | 34 |
|---|
Portfolio Turnover Rate | 75% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.58% |
Consumer Discretionary | 6.00% |
Consumer Staples | 1.20% |
Financials | 2.17% |
Health Care | 15.61% |
Industrials | 16.29% |
Information Technology | 44.69% |
Repurchase Agreements | 2.46% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $39 | 0.80%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $162,700,173 |
|---|
# of Portfolio Holdings | 34 |
|---|
Portfolio Turnover Rate | 75% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.58% |
Consumer Discretionary | 6.00% |
Consumer Staples | 1.20% |
Financials | 2.17% |
Health Care | 15.61% |
Industrials | 16.29% |
Information Technology | 44.69% |
Repurchase Agreements | 2.46% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $34 | 0.71%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $162,700,173 |
|---|
# of Portfolio Holdings | 34 |
|---|
Portfolio Turnover Rate | 75% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.58% |
Consumer Discretionary | 6.00% |
Consumer Staples | 1.20% |
Financials | 2.17% |
Health Care | 15.61% |
Industrials | 16.29% |
Information Technology | 44.69% |
Repurchase Agreements | 2.46% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Large Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Large Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $49 | 0.96%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $148,305,663 |
|---|
# of Portfolio Holdings | 32 |
|---|
Portfolio Turnover Rate | 35% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.59% |
Consumer Discretionary | 10.06% |
Consumer Staples | 5.61% |
Energy | 7.93% |
Financials | 20.49% |
Health Care | 11.44% |
Industrials | 14.17% |
Information Technology | 17.07% |
Materials | 2.91% |
Real Estate | 3.52% |
Repurchase Agreements | 1.21% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Large Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Large Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $87 | 1.71%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $148,305,663 |
|---|
# of Portfolio Holdings | 32 |
|---|
Portfolio Turnover Rate | 35% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.59% |
Consumer Discretionary | 10.06% |
Consumer Staples | 5.61% |
Energy | 7.93% |
Financials | 20.49% |
Health Care | 11.44% |
Industrials | 14.17% |
Information Technology | 17.07% |
Materials | 2.91% |
Real Estate | 3.52% |
Repurchase Agreements | 1.21% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Large Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Large Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $36 | 0.71%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $148,305,663 |
|---|
# of Portfolio Holdings | 32 |
|---|
Portfolio Turnover Rate | 35% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.59% |
Consumer Discretionary | 10.06% |
Consumer Staples | 5.61% |
Energy | 7.93% |
Financials | 20.49% |
Health Care | 11.44% |
Industrials | 14.17% |
Information Technology | 17.07% |
Materials | 2.91% |
Real Estate | 3.52% |
Repurchase Agreements | 1.21% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Large Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Large Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $32 | 0.63%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $148,305,663 |
|---|
# of Portfolio Holdings | 32 |
|---|
Portfolio Turnover Rate | 35% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.59% |
Consumer Discretionary | 10.06% |
Consumer Staples | 5.61% |
Energy | 7.93% |
Financials | 20.49% |
Health Care | 11.44% |
Industrials | 14.17% |
Information Technology | 17.07% |
Materials | 2.91% |
Real Estate | 3.52% |
Repurchase Agreements | 1.21% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Large Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Large Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $36 | 0.71%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $148,305,663 |
|---|
# of Portfolio Holdings | 32 |
|---|
Portfolio Turnover Rate | 35% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.59% |
Consumer Discretionary | 10.06% |
Consumer Staples | 5.61% |
Energy | 7.93% |
Financials | 20.49% |
Health Care | 11.44% |
Industrials | 14.17% |
Information Technology | 17.07% |
Materials | 2.91% |
Real Estate | 3.52% |
Repurchase Agreements | 1.21% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Large Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Large Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R3 | $62 | 1.21%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $148,305,663 |
|---|
# of Portfolio Holdings | 32 |
|---|
Portfolio Turnover Rate | 35% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.59% |
Consumer Discretionary | 10.06% |
Consumer Staples | 5.61% |
Energy | 7.93% |
Financials | 20.49% |
Health Care | 11.44% |
Industrials | 14.17% |
Information Technology | 17.07% |
Materials | 2.91% |
Real Estate | 3.52% |
Repurchase Agreements | 1.21% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Large Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Large Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R4 | $49 | 0.96%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $148,305,663 |
|---|
# of Portfolio Holdings | 32 |
|---|
Portfolio Turnover Rate | 35% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.59% |
Consumer Discretionary | 10.06% |
Consumer Staples | 5.61% |
Energy | 7.93% |
Financials | 20.49% |
Health Care | 11.44% |
Industrials | 14.17% |
Information Technology | 17.07% |
Materials | 2.91% |
Real Estate | 3.52% |
Repurchase Agreements | 1.21% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Large Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Large Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $36 | 0.71%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $148,305,663 |
|---|
# of Portfolio Holdings | 32 |
|---|
Portfolio Turnover Rate | 35% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.59% |
Consumer Discretionary | 10.06% |
Consumer Staples | 5.61% |
Energy | 7.93% |
Financials | 20.49% |
Health Care | 11.44% |
Industrials | 14.17% |
Information Technology | 17.07% |
Materials | 2.91% |
Real Estate | 3.52% |
Repurchase Agreements | 1.21% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Focused Large Cap Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Large Cap Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $32 | 0.63%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $148,305,663 |
|---|
# of Portfolio Holdings | 32 |
|---|
Portfolio Turnover Rate | 35% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.59% |
Consumer Discretionary | 10.06% |
Consumer Staples | 5.61% |
Energy | 7.93% |
Financials | 20.49% |
Health Care | 11.44% |
Industrials | 14.17% |
Information Technology | 17.07% |
Materials | 2.91% |
Real Estate | 3.52% |
Repurchase Agreements | 1.21% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Fundamental Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $48 | 0.93%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $2,210,839,803 |
|---|
# of Portfolio Holdings | 57 |
|---|
Portfolio Turnover Rate | 22% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.52% |
Consumer Discretionary | 6.97% |
Consumer Staples | 4.47% |
Energy | 8.16% |
Financials | 20.26% |
Health Care | 14.14% |
Industrials | 14.87% |
Information Technology | 14.05% |
Materials | 5.03% |
Real Estate | 1.75% |
Utilities | 4.31% |
Repurchase Agreements | 0.47% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Fundamental Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $87 | 1.68%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $2,210,839,803 |
|---|
# of Portfolio Holdings | 57 |
|---|
Portfolio Turnover Rate | 22% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.52% |
Consumer Discretionary | 6.97% |
Consumer Staples | 4.47% |
Energy | 8.16% |
Financials | 20.26% |
Health Care | 14.14% |
Industrials | 14.87% |
Information Technology | 14.05% |
Materials | 5.03% |
Real Estate | 1.75% |
Utilities | 4.31% |
Repurchase Agreements | 0.47% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Fundamental Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $41 | 0.78%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $2,210,839,803 |
|---|
# of Portfolio Holdings | 57 |
|---|
Portfolio Turnover Rate | 22% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.52% |
Consumer Discretionary | 6.97% |
Consumer Staples | 4.47% |
Energy | 8.16% |
Financials | 20.26% |
Health Care | 14.14% |
Industrials | 14.87% |
Information Technology | 14.05% |
Materials | 5.03% |
Real Estate | 1.75% |
Utilities | 4.31% |
Repurchase Agreements | 0.47% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Fundamental Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $32 | 0.62%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $2,210,839,803 |
|---|
# of Portfolio Holdings | 57 |
|---|
Portfolio Turnover Rate | 22% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.52% |
Consumer Discretionary | 6.97% |
Consumer Staples | 4.47% |
Energy | 8.16% |
Financials | 20.26% |
Health Care | 14.14% |
Industrials | 14.87% |
Information Technology | 14.05% |
Materials | 5.03% |
Real Estate | 1.75% |
Utilities | 4.31% |
Repurchase Agreements | 0.47% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Fundamental Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $35 | 0.68%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $2,210,839,803 |
|---|
# of Portfolio Holdings | 57 |
|---|
Portfolio Turnover Rate | 22% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.52% |
Consumer Discretionary | 6.97% |
Consumer Staples | 4.47% |
Energy | 8.16% |
Financials | 20.26% |
Health Care | 14.14% |
Industrials | 14.87% |
Information Technology | 14.05% |
Materials | 5.03% |
Real Estate | 1.75% |
Utilities | 4.31% |
Repurchase Agreements | 0.47% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Fundamental Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class P | $59 | 1.13%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $2,210,839,803 |
|---|
# of Portfolio Holdings | 57 |
|---|
Portfolio Turnover Rate | 22% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.52% |
Consumer Discretionary | 6.97% |
Consumer Staples | 4.47% |
Energy | 8.16% |
Financials | 20.26% |
Health Care | 14.14% |
Industrials | 14.87% |
Information Technology | 14.05% |
Materials | 5.03% |
Real Estate | 1.75% |
Utilities | 4.31% |
Repurchase Agreements | 0.47% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Fundamental Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R2 | $66 | 1.28%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $2,210,839,803 |
|---|
# of Portfolio Holdings | 57 |
|---|
Portfolio Turnover Rate | 22% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.52% |
Consumer Discretionary | 6.97% |
Consumer Staples | 4.47% |
Energy | 8.16% |
Financials | 20.26% |
Health Care | 14.14% |
Industrials | 14.87% |
Information Technology | 14.05% |
Materials | 5.03% |
Real Estate | 1.75% |
Utilities | 4.31% |
Repurchase Agreements | 0.47% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Fundamental Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R3 | $61 | 1.18%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $2,210,839,803 |
|---|
# of Portfolio Holdings | 57 |
|---|
Portfolio Turnover Rate | 22% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.52% |
Consumer Discretionary | 6.97% |
Consumer Staples | 4.47% |
Energy | 8.16% |
Financials | 20.26% |
Health Care | 14.14% |
Industrials | 14.87% |
Information Technology | 14.05% |
Materials | 5.03% |
Real Estate | 1.75% |
Utilities | 4.31% |
Repurchase Agreements | 0.47% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Fundamental Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R4 | $49 | 0.94%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $2,210,839,803 |
|---|
# of Portfolio Holdings | 57 |
|---|
Portfolio Turnover Rate | 22% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.52% |
Consumer Discretionary | 6.97% |
Consumer Staples | 4.47% |
Energy | 8.16% |
Financials | 20.26% |
Health Care | 14.14% |
Industrials | 14.87% |
Information Technology | 14.05% |
Materials | 5.03% |
Real Estate | 1.75% |
Utilities | 4.31% |
Repurchase Agreements | 0.47% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Fundamental Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $35 | 0.68%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $2,210,839,803 |
|---|
# of Portfolio Holdings | 57 |
|---|
Portfolio Turnover Rate | 22% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.52% |
Consumer Discretionary | 6.97% |
Consumer Staples | 4.47% |
Energy | 8.16% |
Financials | 20.26% |
Health Care | 14.14% |
Industrials | 14.87% |
Information Technology | 14.05% |
Materials | 5.03% |
Real Estate | 1.75% |
Utilities | 4.31% |
Repurchase Agreements | 0.47% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Fundamental Equity Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $32 | 0.62%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $2,210,839,803 |
|---|
# of Portfolio Holdings | 57 |
|---|
Portfolio Turnover Rate | 22% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 5.52% |
Consumer Discretionary | 6.97% |
Consumer Staples | 4.47% |
Energy | 8.16% |
Financials | 20.26% |
Health Care | 14.14% |
Industrials | 14.87% |
Information Technology | 14.05% |
Materials | 5.03% |
Real Estate | 1.75% |
Utilities | 4.31% |
Repurchase Agreements | 0.47% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Growth Leaders Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $44 | 0.90%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $7,549,340,877 |
|---|
# of Portfolio Holdings | 62 |
|---|
Portfolio Turnover Rate | 50% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.27% |
Consumer Discretionary | 7.44% |
Consumer Staples | 0.91% |
Energy | 0.41% |
Financials | 1.28% |
Health Care | 13.79% |
Industrials | 16.81% |
Information Technology | 44.25% |
Repurchase Agreements | 3.84% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Growth Leaders Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $80 | 1.65%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $7,549,340,877 |
|---|
# of Portfolio Holdings | 62 |
|---|
Portfolio Turnover Rate | 50% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.27% |
Consumer Discretionary | 7.44% |
Consumer Staples | 0.91% |
Energy | 0.41% |
Financials | 1.28% |
Health Care | 13.79% |
Industrials | 16.81% |
Information Technology | 44.25% |
Repurchase Agreements | 3.84% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Growth Leaders Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $31 | 0.64%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $7,549,340,877 |
|---|
# of Portfolio Holdings | 62 |
|---|
Portfolio Turnover Rate | 50% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.27% |
Consumer Discretionary | 7.44% |
Consumer Staples | 0.91% |
Energy | 0.41% |
Financials | 1.28% |
Health Care | 13.79% |
Industrials | 16.81% |
Information Technology | 44.25% |
Repurchase Agreements | 3.84% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Growth Leaders Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $28 | 0.57%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $7,549,340,877 |
|---|
# of Portfolio Holdings | 62 |
|---|
Portfolio Turnover Rate | 50% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.27% |
Consumer Discretionary | 7.44% |
Consumer Staples | 0.91% |
Energy | 0.41% |
Financials | 1.28% |
Health Care | 13.79% |
Industrials | 16.81% |
Information Technology | 44.25% |
Repurchase Agreements | 3.84% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Growth Leaders Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $31 | 0.64%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $7,549,340,877 |
|---|
# of Portfolio Holdings | 62 |
|---|
Portfolio Turnover Rate | 50% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.27% |
Consumer Discretionary | 7.44% |
Consumer Staples | 0.91% |
Energy | 0.41% |
Financials | 1.28% |
Health Care | 13.79% |
Industrials | 16.81% |
Information Technology | 44.25% |
Repurchase Agreements | 3.84% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Growth Leaders Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R2 | $61 | 1.25%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $7,549,340,877 |
|---|
# of Portfolio Holdings | 62 |
|---|
Portfolio Turnover Rate | 50% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.27% |
Consumer Discretionary | 7.44% |
Consumer Staples | 0.91% |
Energy | 0.41% |
Financials | 1.28% |
Health Care | 13.79% |
Industrials | 16.81% |
Information Technology | 44.25% |
Repurchase Agreements | 3.84% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Growth Leaders Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R3 | $56 | 1.15%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $7,549,340,877 |
|---|
# of Portfolio Holdings | 62 |
|---|
Portfolio Turnover Rate | 50% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.27% |
Consumer Discretionary | 7.44% |
Consumer Staples | 0.91% |
Energy | 0.41% |
Financials | 1.28% |
Health Care | 13.79% |
Industrials | 16.81% |
Information Technology | 44.25% |
Repurchase Agreements | 3.84% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Growth Leaders Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R4 | $44 | 0.90%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $7,549,340,877 |
|---|
# of Portfolio Holdings | 62 |
|---|
Portfolio Turnover Rate | 50% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.27% |
Consumer Discretionary | 7.44% |
Consumer Staples | 0.91% |
Energy | 0.41% |
Financials | 1.28% |
Health Care | 13.79% |
Industrials | 16.81% |
Information Technology | 44.25% |
Repurchase Agreements | 3.84% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Growth Leaders Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $32 | 0.65%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $7,549,340,877 |
|---|
# of Portfolio Holdings | 62 |
|---|
Portfolio Turnover Rate | 50% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.27% |
Consumer Discretionary | 7.44% |
Consumer Staples | 0.91% |
Energy | 0.41% |
Financials | 1.28% |
Health Care | 13.79% |
Industrials | 16.81% |
Information Technology | 44.25% |
Repurchase Agreements | 3.84% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Growth Leaders Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $28 | 0.57%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $7,549,340,877 |
|---|
# of Portfolio Holdings | 62 |
|---|
Portfolio Turnover Rate | 50% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 11.27% |
Consumer Discretionary | 7.44% |
Consumer Staples | 0.91% |
Energy | 0.41% |
Financials | 1.28% |
Health Care | 13.79% |
Industrials | 16.81% |
Information Technology | 44.25% |
Repurchase Agreements | 3.84% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Health Care Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $51 | 1.03%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $8,118,556 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by Industry | % Footnote Reference* |
|---|
Biotechnology | 41.41% |
|---|
Health Care Equipment & Supplies | 6.96% |
|---|
Health Care Providers & Services | 10.98% |
|---|
Health Care Technology | 0.85% |
|---|
Life Sciences Tools & Services | 4.67% |
|---|
Pharmaceuticals | 31.50% |
|---|
Repurchase Agreements | 1.75% |
|---|
Money Market FundsFootnote Reference** | 1.69% |
|---|
Time DepositsFootnote Reference** | 0.19% |
|---|
Total | 100.00% |
|---|
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Footnote** | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Health Care Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $88 | 1.78%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $8,118,556 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by Industry | % Footnote Reference* |
|---|
Biotechnology | 41.41% |
|---|
Health Care Equipment & Supplies | 6.96% |
|---|
Health Care Providers & Services | 10.98% |
|---|
Health Care Technology | 0.85% |
|---|
Life Sciences Tools & Services | 4.67% |
|---|
Pharmaceuticals | 31.50% |
|---|
Repurchase Agreements | 1.75% |
|---|
Money Market FundsFootnote Reference** | 1.69% |
|---|
Time DepositsFootnote Reference** | 0.19% |
|---|
Total | 100.00% |
|---|
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Footnote** | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Health Care Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $39 | 0.78%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $8,118,556 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by Industry | % Footnote Reference* |
|---|
Biotechnology | 41.41% |
|---|
Health Care Equipment & Supplies | 6.96% |
|---|
Health Care Providers & Services | 10.98% |
|---|
Health Care Technology | 0.85% |
|---|
Life Sciences Tools & Services | 4.67% |
|---|
Pharmaceuticals | 31.50% |
|---|
Repurchase Agreements | 1.75% |
|---|
Money Market FundsFootnote Reference** | 1.69% |
|---|
Time DepositsFootnote Reference** | 0.19% |
|---|
Total | 100.00% |
|---|
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Footnote** | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Health Care Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $34 | 0.68%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $8,118,556 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by Industry | % Footnote Reference* |
|---|
Biotechnology | 41.41% |
|---|
Health Care Equipment & Supplies | 6.96% |
|---|
Health Care Providers & Services | 10.98% |
|---|
Health Care Technology | 0.85% |
|---|
Life Sciences Tools & Services | 4.67% |
|---|
Pharmaceuticals | 31.50% |
|---|
Repurchase Agreements | 1.75% |
|---|
Money Market FundsFootnote Reference** | 1.69% |
|---|
Time DepositsFootnote Reference** | 0.19% |
|---|
Total | 100.00% |
|---|
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Footnote** | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Health Care Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $39 | 0.78%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $8,118,556 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by Industry | % Footnote Reference* |
|---|
Biotechnology | 41.41% |
|---|
Health Care Equipment & Supplies | 6.96% |
|---|
Health Care Providers & Services | 10.98% |
|---|
Health Care Technology | 0.85% |
|---|
Life Sciences Tools & Services | 4.67% |
|---|
Pharmaceuticals | 31.50% |
|---|
Repurchase Agreements | 1.75% |
|---|
Money Market FundsFootnote Reference** | 1.69% |
|---|
Time DepositsFootnote Reference** | 0.19% |
|---|
Total | 100.00% |
|---|
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Footnote** | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Health Care Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R3 | $63 | 1.28%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $8,118,556 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by Industry | % Footnote Reference* |
|---|
Biotechnology | 41.41% |
|---|
Health Care Equipment & Supplies | 6.96% |
|---|
Health Care Providers & Services | 10.98% |
|---|
Health Care Technology | 0.85% |
|---|
Life Sciences Tools & Services | 4.67% |
|---|
Pharmaceuticals | 31.50% |
|---|
Repurchase Agreements | 1.75% |
|---|
Money Market FundsFootnote Reference** | 1.69% |
|---|
Time DepositsFootnote Reference** | 0.19% |
|---|
Total | 100.00% |
|---|
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Footnote** | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Health Care Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R4 | $51 | 1.03%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $8,118,556 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by Industry | % Footnote Reference* |
|---|
Biotechnology | 41.41% |
|---|
Health Care Equipment & Supplies | 6.96% |
|---|
Health Care Providers & Services | 10.98% |
|---|
Health Care Technology | 0.85% |
|---|
Life Sciences Tools & Services | 4.67% |
|---|
Pharmaceuticals | 31.50% |
|---|
Repurchase Agreements | 1.75% |
|---|
Money Market FundsFootnote Reference** | 1.69% |
|---|
Time DepositsFootnote Reference** | 0.19% |
|---|
Total | 100.00% |
|---|
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Footnote** | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Health Care Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $39 | 0.78%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $8,118,556 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by Industry | % Footnote Reference* |
|---|
Biotechnology | 41.41% |
|---|
Health Care Equipment & Supplies | 6.96% |
|---|
Health Care Providers & Services | 10.98% |
|---|
Health Care Technology | 0.85% |
|---|
Life Sciences Tools & Services | 4.67% |
|---|
Pharmaceuticals | 31.50% |
|---|
Repurchase Agreements | 1.75% |
|---|
Money Market FundsFootnote Reference** | 1.69% |
|---|
Time DepositsFootnote Reference** | 0.19% |
|---|
Total | 100.00% |
|---|
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Footnote** | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Health Care Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $34 | 0.68%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $8,118,556 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 37% |
|---|
Table SummaryPortfolio Holdings Presented by Industry | % Footnote Reference* |
|---|
Biotechnology | 41.41% |
|---|
Health Care Equipment & Supplies | 6.96% |
|---|
Health Care Providers & Services | 10.98% |
|---|
Health Care Technology | 0.85% |
|---|
Life Sciences Tools & Services | 4.67% |
|---|
Pharmaceuticals | 31.50% |
|---|
Repurchase Agreements | 1.75% |
|---|
Money Market FundsFootnote Reference** | 1.69% |
|---|
Time DepositsFootnote Reference** | 0.19% |
|---|
Total | 100.00% |
|---|
| Footnote | Description |
Footnote* | Represents percent of total investments, which excludes derivatives. |
Footnote** | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $65 | 1.23%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $347,439,022 |
|---|
# of Portfolio Holdings | 108 |
|---|
Portfolio Turnover Rate | 67% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.33% |
Consumer Discretionary | 8.74% |
Consumer Staples | 3.92% |
Energy | 6.27% |
Financials | 9.86% |
Health Care | 5.43% |
Industrials | 32.29% |
Information Technology | 19.03% |
Materials | 8.25% |
Real Estate | 2.57% |
Utilities | 0.77% |
Repurchase Agreements | 0.84% |
Money Market FundsFootnote Reference† | 0.63% |
Time DepositsFootnote Reference† | 0.07% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $105 | 1.98%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $347,439,022 |
|---|
# of Portfolio Holdings | 108 |
|---|
Portfolio Turnover Rate | 67% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.33% |
Consumer Discretionary | 8.74% |
Consumer Staples | 3.92% |
Energy | 6.27% |
Financials | 9.86% |
Health Care | 5.43% |
Industrials | 32.29% |
Information Technology | 19.03% |
Materials | 8.25% |
Real Estate | 2.57% |
Utilities | 0.77% |
Repurchase Agreements | 0.84% |
Money Market FundsFootnote Reference† | 0.63% |
Time DepositsFootnote Reference† | 0.07% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $57 | 1.08%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $347,439,022 |
|---|
# of Portfolio Holdings | 108 |
|---|
Portfolio Turnover Rate | 67% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.33% |
Consumer Discretionary | 8.74% |
Consumer Staples | 3.92% |
Energy | 6.27% |
Financials | 9.86% |
Health Care | 5.43% |
Industrials | 32.29% |
Information Technology | 19.03% |
Materials | 8.25% |
Real Estate | 2.57% |
Utilities | 0.77% |
Repurchase Agreements | 0.84% |
Money Market FundsFootnote Reference† | 0.63% |
Time DepositsFootnote Reference† | 0.07% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $48 | 0.91%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $347,439,022 |
|---|
# of Portfolio Holdings | 108 |
|---|
Portfolio Turnover Rate | 67% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.33% |
Consumer Discretionary | 8.74% |
Consumer Staples | 3.92% |
Energy | 6.27% |
Financials | 9.86% |
Health Care | 5.43% |
Industrials | 32.29% |
Information Technology | 19.03% |
Materials | 8.25% |
Real Estate | 2.57% |
Utilities | 0.77% |
Repurchase Agreements | 0.84% |
Money Market FundsFootnote Reference† | 0.63% |
Time DepositsFootnote Reference† | 0.07% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $52 | 0.98%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $347,439,022 |
|---|
# of Portfolio Holdings | 108 |
|---|
Portfolio Turnover Rate | 67% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.33% |
Consumer Discretionary | 8.74% |
Consumer Staples | 3.92% |
Energy | 6.27% |
Financials | 9.86% |
Health Care | 5.43% |
Industrials | 32.29% |
Information Technology | 19.03% |
Materials | 8.25% |
Real Estate | 2.57% |
Utilities | 0.77% |
Repurchase Agreements | 0.84% |
Money Market FundsFootnote Reference† | 0.63% |
Time DepositsFootnote Reference† | 0.07% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class P | $75 | 1.42%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $347,439,022 |
|---|
# of Portfolio Holdings | 108 |
|---|
Portfolio Turnover Rate | 67% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.33% |
Consumer Discretionary | 8.74% |
Consumer Staples | 3.92% |
Energy | 6.27% |
Financials | 9.86% |
Health Care | 5.43% |
Industrials | 32.29% |
Information Technology | 19.03% |
Materials | 8.25% |
Real Estate | 2.57% |
Utilities | 0.77% |
Repurchase Agreements | 0.84% |
Money Market FundsFootnote Reference† | 0.63% |
Time DepositsFootnote Reference† | 0.07% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R2 | $84 | 1.58%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $347,439,022 |
|---|
# of Portfolio Holdings | 108 |
|---|
Portfolio Turnover Rate | 67% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.33% |
Consumer Discretionary | 8.74% |
Consumer Staples | 3.92% |
Energy | 6.27% |
Financials | 9.86% |
Health Care | 5.43% |
Industrials | 32.29% |
Information Technology | 19.03% |
Materials | 8.25% |
Real Estate | 2.57% |
Utilities | 0.77% |
Repurchase Agreements | 0.84% |
Money Market FundsFootnote Reference† | 0.63% |
Time DepositsFootnote Reference† | 0.07% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R3 | $79 | 1.48%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $347,439,022 |
|---|
# of Portfolio Holdings | 108 |
|---|
Portfolio Turnover Rate | 67% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.33% |
Consumer Discretionary | 8.74% |
Consumer Staples | 3.92% |
Energy | 6.27% |
Financials | 9.86% |
Health Care | 5.43% |
Industrials | 32.29% |
Information Technology | 19.03% |
Materials | 8.25% |
Real Estate | 2.57% |
Utilities | 0.77% |
Repurchase Agreements | 0.84% |
Money Market FundsFootnote Reference† | 0.63% |
Time DepositsFootnote Reference† | 0.07% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R4 | $65 | 1.23%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $347,439,022 |
|---|
# of Portfolio Holdings | 108 |
|---|
Portfolio Turnover Rate | 67% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.33% |
Consumer Discretionary | 8.74% |
Consumer Staples | 3.92% |
Energy | 6.27% |
Financials | 9.86% |
Health Care | 5.43% |
Industrials | 32.29% |
Information Technology | 19.03% |
Materials | 8.25% |
Real Estate | 2.57% |
Utilities | 0.77% |
Repurchase Agreements | 0.84% |
Money Market FundsFootnote Reference† | 0.63% |
Time DepositsFootnote Reference† | 0.07% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $52 | 0.98%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $347,439,022 |
|---|
# of Portfolio Holdings | 108 |
|---|
Portfolio Turnover Rate | 67% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.33% |
Consumer Discretionary | 8.74% |
Consumer Staples | 3.92% |
Energy | 6.27% |
Financials | 9.86% |
Health Care | 5.43% |
Industrials | 32.29% |
Information Technology | 19.03% |
Materials | 8.25% |
Real Estate | 2.57% |
Utilities | 0.77% |
Repurchase Agreements | 0.84% |
Money Market FundsFootnote Reference† | 0.63% |
Time DepositsFootnote Reference† | 0.07% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $48 | 0.91%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $347,439,022 |
|---|
# of Portfolio Holdings | 108 |
|---|
Portfolio Turnover Rate | 67% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 1.33% |
Consumer Discretionary | 8.74% |
Consumer Staples | 3.92% |
Energy | 6.27% |
Financials | 9.86% |
Health Care | 5.43% |
Industrials | 32.29% |
Information Technology | 19.03% |
Materials | 8.25% |
Real Estate | 2.57% |
Utilities | 0.77% |
Repurchase Agreements | 0.84% |
Money Market FundsFootnote Reference† | 0.63% |
Time DepositsFootnote Reference† | 0.07% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $49 | 0.93%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $514,883,210 |
|---|
# of Portfolio Holdings | 81 |
|---|
Portfolio Turnover Rate | 34% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.91% |
Consumer Discretionary | 4.67% |
Consumer Staples | 6.11% |
Energy | 6.83% |
Financials | 34.37% |
Health Care | 7.23% |
Industrials | 13.19% |
Information Technology | 7.21% |
Materials | 7.69% |
Utilities | 5.44% |
Repurchase Agreements | 3.05% |
Money Market FundsFootnote Reference† | 1.17% |
Time DepositsFootnote Reference† | 0.13% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $89 | 1.68%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $514,883,210 |
|---|
# of Portfolio Holdings | 81 |
|---|
Portfolio Turnover Rate | 34% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.91% |
Consumer Discretionary | 4.67% |
Consumer Staples | 6.11% |
Energy | 6.83% |
Financials | 34.37% |
Health Care | 7.23% |
Industrials | 13.19% |
Information Technology | 7.21% |
Materials | 7.69% |
Utilities | 5.44% |
Repurchase Agreements | 3.05% |
Money Market FundsFootnote Reference† | 1.17% |
Time DepositsFootnote Reference† | 0.13% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $41 | 0.78%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $514,883,210 |
|---|
# of Portfolio Holdings | 81 |
|---|
Portfolio Turnover Rate | 34% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.91% |
Consumer Discretionary | 4.67% |
Consumer Staples | 6.11% |
Energy | 6.83% |
Financials | 34.37% |
Health Care | 7.23% |
Industrials | 13.19% |
Information Technology | 7.21% |
Materials | 7.69% |
Utilities | 5.44% |
Repurchase Agreements | 3.05% |
Money Market FundsFootnote Reference† | 1.17% |
Time DepositsFootnote Reference† | 0.13% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $32 | 0.61%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $514,883,210 |
|---|
# of Portfolio Holdings | 81 |
|---|
Portfolio Turnover Rate | 34% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.91% |
Consumer Discretionary | 4.67% |
Consumer Staples | 6.11% |
Energy | 6.83% |
Financials | 34.37% |
Health Care | 7.23% |
Industrials | 13.19% |
Information Technology | 7.21% |
Materials | 7.69% |
Utilities | 5.44% |
Repurchase Agreements | 3.05% |
Money Market FundsFootnote Reference† | 1.17% |
Time DepositsFootnote Reference† | 0.13% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $36 | 0.68%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $514,883,210 |
|---|
# of Portfolio Holdings | 81 |
|---|
Portfolio Turnover Rate | 34% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.91% |
Consumer Discretionary | 4.67% |
Consumer Staples | 6.11% |
Energy | 6.83% |
Financials | 34.37% |
Health Care | 7.23% |
Industrials | 13.19% |
Information Technology | 7.21% |
Materials | 7.69% |
Utilities | 5.44% |
Repurchase Agreements | 3.05% |
Money Market FundsFootnote Reference† | 1.17% |
Time DepositsFootnote Reference† | 0.13% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R2 | $68 | 1.28%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $514,883,210 |
|---|
# of Portfolio Holdings | 81 |
|---|
Portfolio Turnover Rate | 34% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.91% |
Consumer Discretionary | 4.67% |
Consumer Staples | 6.11% |
Energy | 6.83% |
Financials | 34.37% |
Health Care | 7.23% |
Industrials | 13.19% |
Information Technology | 7.21% |
Materials | 7.69% |
Utilities | 5.44% |
Repurchase Agreements | 3.05% |
Money Market FundsFootnote Reference† | 1.17% |
Time DepositsFootnote Reference† | 0.13% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R3 | $63 | 1.18%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $514,883,210 |
|---|
# of Portfolio Holdings | 81 |
|---|
Portfolio Turnover Rate | 34% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.91% |
Consumer Discretionary | 4.67% |
Consumer Staples | 6.11% |
Energy | 6.83% |
Financials | 34.37% |
Health Care | 7.23% |
Industrials | 13.19% |
Information Technology | 7.21% |
Materials | 7.69% |
Utilities | 5.44% |
Repurchase Agreements | 3.05% |
Money Market FundsFootnote Reference† | 1.17% |
Time DepositsFootnote Reference† | 0.13% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R4 | $49 | 0.93%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $514,883,210 |
|---|
# of Portfolio Holdings | 81 |
|---|
Portfolio Turnover Rate | 34% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.91% |
Consumer Discretionary | 4.67% |
Consumer Staples | 6.11% |
Energy | 6.83% |
Financials | 34.37% |
Health Care | 7.23% |
Industrials | 13.19% |
Information Technology | 7.21% |
Materials | 7.69% |
Utilities | 5.44% |
Repurchase Agreements | 3.05% |
Money Market FundsFootnote Reference† | 1.17% |
Time DepositsFootnote Reference† | 0.13% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $35 | 0.66%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $514,883,210 |
|---|
# of Portfolio Holdings | 81 |
|---|
Portfolio Turnover Rate | 34% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.91% |
Consumer Discretionary | 4.67% |
Consumer Staples | 6.11% |
Energy | 6.83% |
Financials | 34.37% |
Health Care | 7.23% |
Industrials | 13.19% |
Information Technology | 7.21% |
Materials | 7.69% |
Utilities | 5.44% |
Repurchase Agreements | 3.05% |
Money Market FundsFootnote Reference† | 1.17% |
Time DepositsFootnote Reference† | 0.13% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett International Value Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $32 | 0.61%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $514,883,210 |
|---|
# of Portfolio Holdings | 81 |
|---|
Portfolio Turnover Rate | 34% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.91% |
Consumer Discretionary | 4.67% |
Consumer Staples | 6.11% |
Energy | 6.83% |
Financials | 34.37% |
Health Care | 7.23% |
Industrials | 13.19% |
Information Technology | 7.21% |
Materials | 7.69% |
Utilities | 5.44% |
Repurchase Agreements | 3.05% |
Money Market FundsFootnote Reference† | 1.17% |
Time DepositsFootnote Reference† | 0.13% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Micro Cap Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Micro Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $71 | 1.36%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $203,608,823 |
|---|
# of Portfolio Holdings | 82 |
|---|
Portfolio Turnover Rate | 46% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.96% |
Consumer Discretionary | 7.97% |
Consumer Staples | 3.28% |
Financials | 6.85% |
Health Care | 27.16% |
Industrials | 23.47% |
Information Technology | 19.54% |
Repurchase Agreements | 1.32% |
Money Market FundsFootnote Reference† | 6.70% |
Time DepositsFootnote Reference† | 0.75% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Micro Cap Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Micro Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $111 | 2.11%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $203,608,823 |
|---|
# of Portfolio Holdings | 82 |
|---|
Portfolio Turnover Rate | 46% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.96% |
Consumer Discretionary | 7.97% |
Consumer Staples | 3.28% |
Financials | 6.85% |
Health Care | 27.16% |
Industrials | 23.47% |
Information Technology | 19.54% |
Repurchase Agreements | 1.32% |
Money Market FundsFootnote Reference† | 6.70% |
Time DepositsFootnote Reference† | 0.75% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Micro Cap Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Micro Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $58 | 1.11%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $203,608,823 |
|---|
# of Portfolio Holdings | 82 |
|---|
Portfolio Turnover Rate | 46% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.96% |
Consumer Discretionary | 7.97% |
Consumer Staples | 3.28% |
Financials | 6.85% |
Health Care | 27.16% |
Industrials | 23.47% |
Information Technology | 19.54% |
Repurchase Agreements | 1.32% |
Money Market FundsFootnote Reference† | 6.70% |
Time DepositsFootnote Reference† | 0.75% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Micro Cap Growth Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Micro Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $58 | 1.11%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $203,608,823 |
|---|
# of Portfolio Holdings | 82 |
|---|
Portfolio Turnover Rate | 46% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Communication Services | 2.96% |
Consumer Discretionary | 7.97% |
Consumer Staples | 3.28% |
Financials | 6.85% |
Health Care | 27.16% |
Industrials | 23.47% |
Information Technology | 19.54% |
Repurchase Agreements | 1.32% |
Money Market FundsFootnote Reference† | 6.70% |
Time DepositsFootnote Reference† | 0.75% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Footnote† | Securities were purchased with the cash collateral from loaned securities. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Value Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A | $62 | 1.18%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $1,133,631,545 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 16% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Consumer Discretionary | 9.19% |
Consumer Staples | 4.35% |
Energy | 6.10% |
Financials | 18.30% |
Health Care | 8.61% |
Industrials | 24.85% |
Information Technology | 18.67% |
Materials | 4.77% |
Real Estate | 1.52% |
Utilities | 3.03% |
Repurchase Agreements | 0.61% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Value Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C | $102 | 1.93%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $1,133,631,545 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 16% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Consumer Discretionary | 9.19% |
Consumer Staples | 4.35% |
Energy | 6.10% |
Financials | 18.30% |
Health Care | 8.61% |
Industrials | 24.85% |
Information Technology | 18.67% |
Materials | 4.77% |
Real Estate | 1.52% |
Utilities | 3.03% |
Repurchase Agreements | 0.61% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Value Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F | $54 | 1.03%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $1,133,631,545 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 16% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Consumer Discretionary | 9.19% |
Consumer Staples | 4.35% |
Energy | 6.10% |
Financials | 18.30% |
Health Care | 8.61% |
Industrials | 24.85% |
Information Technology | 18.67% |
Materials | 4.77% |
Real Estate | 1.52% |
Utilities | 3.03% |
Repurchase Agreements | 0.61% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Value Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class F3 | $44 | 0.84%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $1,133,631,545 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 16% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Consumer Discretionary | 9.19% |
Consumer Staples | 4.35% |
Energy | 6.10% |
Financials | 18.30% |
Health Care | 8.61% |
Industrials | 24.85% |
Information Technology | 18.67% |
Materials | 4.77% |
Real Estate | 1.52% |
Utilities | 3.03% |
Repurchase Agreements | 0.61% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Value Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $49 | 0.93%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $1,133,631,545 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 16% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Consumer Discretionary | 9.19% |
Consumer Staples | 4.35% |
Energy | 6.10% |
Financials | 18.30% |
Health Care | 8.61% |
Industrials | 24.85% |
Information Technology | 18.67% |
Materials | 4.77% |
Real Estate | 1.52% |
Utilities | 3.03% |
Repurchase Agreements | 0.61% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Value Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class P | $73 | 1.38%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $1,133,631,545 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 16% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Consumer Discretionary | 9.19% |
Consumer Staples | 4.35% |
Energy | 6.10% |
Financials | 18.30% |
Health Care | 8.61% |
Industrials | 24.85% |
Information Technology | 18.67% |
Materials | 4.77% |
Real Estate | 1.52% |
Utilities | 3.03% |
Repurchase Agreements | 0.61% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Value Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R2 | $81 | 1.53%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $1,133,631,545 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 16% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Consumer Discretionary | 9.19% |
Consumer Staples | 4.35% |
Energy | 6.10% |
Financials | 18.30% |
Health Care | 8.61% |
Industrials | 24.85% |
Information Technology | 18.67% |
Materials | 4.77% |
Real Estate | 1.52% |
Utilities | 3.03% |
Repurchase Agreements | 0.61% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Value Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R3 | $76 | 1.43%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $1,133,631,545 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 16% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Consumer Discretionary | 9.19% |
Consumer Staples | 4.35% |
Energy | 6.10% |
Financials | 18.30% |
Health Care | 8.61% |
Industrials | 24.85% |
Information Technology | 18.67% |
Materials | 4.77% |
Real Estate | 1.52% |
Utilities | 3.03% |
Repurchase Agreements | 0.61% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Value Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R4 | $62 | 1.18%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $1,133,631,545 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 16% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Consumer Discretionary | 9.19% |
Consumer Staples | 4.35% |
Energy | 6.10% |
Financials | 18.30% |
Health Care | 8.61% |
Industrials | 24.85% |
Information Technology | 18.67% |
Materials | 4.77% |
Real Estate | 1.52% |
Utilities | 3.03% |
Repurchase Agreements | 0.61% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Value Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R5 | $49 | 0.93%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $1,133,631,545 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 16% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Consumer Discretionary | 9.19% |
Consumer Staples | 4.35% |
Energy | 6.10% |
Financials | 18.30% |
Health Care | 8.61% |
Industrials | 24.85% |
Information Technology | 18.67% |
Materials | 4.77% |
Real Estate | 1.52% |
Utilities | 3.03% |
Repurchase Agreements | 0.61% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
Lord Abbett Value Opportunities Fund
Semi-Annual Shareholder Report
April 30, 2026
lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.
What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R6 | $44 | 0.84%Footnote Reference(a) |
|---|
| Footnote | Description |
Footnote(a) | Annualized. |
What did the Fund invest in?
Table SummaryTotal Net Assets | $1,133,631,545 |
|---|
# of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 16% |
|---|
Table SummaryPortfolio Holdings Presented by SectorFootnote Reference* | % Footnote Reference** |
|---|
Consumer Discretionary | 9.19% |
Consumer Staples | 4.35% |
Energy | 6.10% |
Financials | 18.30% |
Health Care | 8.61% |
Industrials | 24.85% |
Information Technology | 18.67% |
Materials | 4.77% |
Real Estate | 1.52% |
Utilities | 3.03% |
Repurchase Agreements | 0.61% |
Total | 100.00% |
| Footnote | Description |
Footnote* | A sector may comprise several industries. |
Footnote** | Represents percent of total investments, which excludes derivatives. |
Where can I find additional information about the Fund?
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.
| (c) | The Registrant has not amended its Sarbanes-Oxley Code of Ethics for the principal executive officer and senior financial officers
of the Registrant (“Code of Ethics”) during the six-month period ended April 30, 2026 (the “Period”). Subsequent
to the Period, the Registrant updated its Code of Ethics solely to reflect a change to the Registrant’s principal financial
officer and principal accounting officer, effective May 22, 2026. |
| (d) | The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described
in Form N-CSR during the Period. |
| (f) | See Item 19(a)(1) concerning the filing of the Code of Ethics. |
| Item 3: | Audit Committee Financial
Expert. |
| Item 4: | Principal Accountant
Fees and Services. |
| Item 5: | Audit Committee of
Listed Registrants. |
| | The Registrant’s “Schedule I - Investments in securities of unaffiliated issuers” as of the close of the
reporting period is included under Item 7 of this Form N-CSR. |
| Item 7: |
Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
| Item 8: |
Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
| Item 9: |
Proxy Disclosures for Open-End Management Investment Companies. |
| Item 10: |
Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies. |
| Item 11: |
Statement Regarding Basis for Approval of Investment Advisory Contract. |
| | The basis for the approval of the investment adviser contract is included as part of the report to shareholders filed under
Iitem 1 (a) of this form N-CSR. |

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION
| Lord Abbett |
|
| Alpha Strategy Fund |
Health Care Fund |
| Focused Growth Fund |
International Equity Fund |
| Focused Large Cap Value Fund |
International Opportunities Fund |
| Focused Small Cap Value Fund |
International Value Fund |
| Fundamental Equity Fund |
Micro Cap Growth Fund |
| Global Equity Fund |
Value Opportunities Fund |
| Growth Leaders Fund |
|
For the six-month period ended April 30, 2026
Table of Contents
Schedule of Investments (unaudited)
ALPHA STRATEGY FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| LONG-TERM INVESTMENTS 100.00% | | |
| | |
| | | |
| | |
| INVESTMENTS IN AFFILIATED FUNDS(a)(b)
100.00% | | |
| Lord Abbett Developing Growth Fund, Inc. – Class I(c) | |
| 3,386,447 | | |
$ | 134,441,924 | |
| Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I(d) | |
| 2,072,906 | | |
| 66,436,646 | |
| Lord Abbett Securities Trust – International Opportunities Fund – Class I(d) | |
| 5,118,996 | | |
| 130,227,258 | |
| Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I(d) | |
| 2,413,014 | | |
| 67,805,701 | |
| Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I(d) | |
| 5,862,317 | | |
| 133,133,227 | |
| Lord Abbett Securities Trust – Value Opportunities Fund – Class I(d) | |
| 6,249,083 | | |
| 132,793,016 | |
Total Investments in Affiliated Funds
(cost $510,688,960) | |
| | | |
| 664,837,772 | |
| Investments | |
Fair Value | |
Total Investments in Securities 100.00%
(cost $510,688,960) | |
$ | 664,837,772 | |
| Other Assets and Liabilities – Net (0.00)% | |
| (12,533 | ) |
| Net Assets 100.00% | |
$ | 664,825,239 | |
| (a) |
These investments offer daily redemptions. |
| (b) |
Affiliated funds (See Note 10). |
| (c) |
Fund investment objective is long-term growth of capital through a diversified and actively managed portfolio consisting
of developing growth companies, many of which are traded over the counter. |
| (d) |
Fund investment objective is long-term capital appreciation. |
The following is a summary of the inputs used as of April 30, 2026
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 Affiliated Funds | |
$ | 664,837,772 | | |
$ | – | | |
$ | – | | |
$ | 664,837,772 |
| Total | |
$ | 664,837,772 | | |
$ | – | | |
$ | – | | |
$ | 664,837,772 |
| |
(1) |
Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| |
(2) |
See Schedule of Investments for fair values in each investment in Affiliated Funds. When applicable, each Level 3 security
is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund
has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.
| |
See Notes to Financial Statements. |
1 |
Schedule of Investments (unaudited)
FOCUSED GROWTH FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| LONG-TERM INVESTMENTS 97.57% | |
| | | |
| | |
| | |
| | | |
| | |
| COMMON STOCKS 97.57% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 4.75% | |
| | | |
| | |
| Carpenter Technology Corp. | |
| 8,438 | | |
$ | 3,613,152 | |
| Howmet Aerospace, Inc. | |
| 16,911 | | |
| 4,110,049 | |
| Total | |
| | | |
| 7,723,201 | |
| | |
| | | |
| | |
| Biotechnology 10.50% | |
| | | |
| | |
| Abivax SA ADR* | |
| 9,602 | | |
| 1,127,083 | |
| Argenx SE ADR* | |
| 3,674 | | |
| 2,872,039 | |
| Cogent Biosciences, Inc.* | |
| 49,139 | | |
| 1,758,685 | |
| Gilead Sciences, Inc. | |
| 27,528 | | |
| 3,601,763 | |
| Madrigal Pharmaceuticals, Inc.* | |
| 3,839 | | |
| 1,986,260 | |
| Natera, Inc.* | |
| 17,793 | | |
| 3,668,205 | |
| Revolution Medicines, Inc.* | |
| 14,414 | | |
| 2,077,346 | |
| Total | |
| | | |
| 17,091,381 | |
| | |
| | | |
| | |
| Broadline Retail 6.00% | |
| | | |
| | |
| Amazon.com, Inc.* | |
| 36,842 | | |
| 9,765,340 | |
| | |
| | | |
| | |
| Capital Markets 2.17% | |
| | | |
| | |
| Interactive Brokers Group, Inc. Class A | |
| 44,339 | | |
| 3,524,950 | |
| | |
| | | |
| | |
| Communications Equipment 2.21% | |
| | | |
| | |
| Arista Networks, Inc.* | |
| 20,868 | | |
| 3,604,112 | |
| | |
| | | |
| | |
| Construction & Engineering 5.10% | |
| | | |
| | |
| Comfort Systems USA, Inc. | |
| 4,506 | | |
| 8,292,166 | |
| | |
| Consumer Staples Distribution & Retail 1.20% | |
| Costco Wholesale Corp. | |
| 1,922 | | |
| 1,949,927 | |
| | |
| | | |
| | |
| Electrical Equipment 6.45% | |
| | | |
| | |
| Bloom Energy Corp. Class A* | |
| 14,926 | | |
| 4,229,431 | |
| GE Vernova, Inc. | |
| 5,778 | | |
| 6,260,232 | |
| Total | |
| | | |
| 10,489,663 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 1.53% | |
| Corning, Inc. | |
| 15,220 | | |
| 2,499,733 | |
| Investments | |
Shares | | |
Fair Value | |
| Health Care Providers & Services 1.03% | | |
| | |
| Guardant Health, Inc.* | |
| 19,223 | | |
$ | 1,673,939 | |
| | |
| | | |
| | |
| Information Technology Services 4.15% | | |
| | |
| Cloudflare, Inc. Class A* | |
| 13,556 | | |
| 2,778,573 | |
| CoreWeave, Inc. Class A* | |
| 13,744 | | |
| 1,533,831 | |
| Shopify, Inc. Class A (Canada)*(a) | |
| 20,101 | | |
| 2,434,834 | |
| Total | |
| | | |
| 6,747,238 | |
| | |
| | | |
| | |
| Interactive Media & Services 11.58% | | |
| | |
| Alphabet, Inc. Class A | |
| 41,025 | | |
| 15,786,420 | |
| Meta Platforms, Inc. Class A | |
| 5,004 | | |
| 3,061,998 | |
| Total | |
| | | |
| 18,848,418 | |
| | |
| | | |
| | |
| Pharmaceuticals 4.09% | |
| | | |
| | |
| Eli Lilly & Co. | |
| 7,121 | | |
| 6,655,287 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 22.16% | |
| Broadcom, Inc. | |
| 18,207 | | |
| 7,600,148 | |
| Lam Research Corp. | |
| 17,888 | | |
| 4,612,600 | |
| NVIDIA Corp. | |
| 119,463 | | |
| 23,841,231 | |
| Total | |
| | | |
| 36,053,979 | |
| | |
| | | |
| | |
| Software 8.34% | |
| | | |
| | |
| AppLovin Corp. Class A* | |
| 4,549 | | |
| 2,030,446 | |
| Circle Internet Group, Inc.* | |
| 18,073 | | |
| 1,642,474 | |
| Crowdstrike Holdings, Inc. Class A* | |
| 5,395 | | |
| 2,404,821 | |
| Microsoft Corp. | |
| 10,392 | | |
| 4,237,650 | |
| Palantir Technologies, Inc. Class A* | |
| 23,409 | | |
| 3,256,426 | |
| Total | |
| | | |
| 13,571,817 | |
| | |
| | | |
| | |
| Technology Hardware, Storage & Peripherals 6.31% | |
| Apple, Inc. | |
| 37,831 | | |
| 10,265,442 | |
Total Common Stocks
(cost $112,353,018) | |
| | | |
| 158,756,593 | |
| 2 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
FOCUSED GROWTH FUND April 30, 2026
| Investments | |
Principal Amount | | |
Fair Value | |
| SHORT-TERM INVESTMENTS 2.46% | | |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 2.46% | |
| | | |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $4,033,300 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $4,079,069; proceeds: $3,999,365
(cost $3,999,004) | |
$ | 3,999,004 | | |
$ | 3,999,004 | |
Total Investments in Securities 100.03%
(cost $116,352,022) | |
| | | |
| 162,755,597 | |
| Other Assets and Liabilities – Net (0.03)% | |
| | | |
| (55,424 | ) |
| Net Assets 100.00% | |
| | | |
$ | 162,700,173 | |
| ADR |
|
American Depositary Receipt. |
| * |
|
Non-income producing security. |
| (a) |
|
Foreign security traded in U.S. dollars. |
The following is a summary of the inputs used as of April 30, 2026
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 | |
$ | 158,756,593 | | |
$ | – | | |
$ | – | | |
$ | 158,756,593 |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| |
| Repurchase Agreements | |
| – | | |
| 3,999,004 | | |
| – | | |
| 3,999,004 |
| Total | |
$ | 158,756,593 | | |
$ | 3,999,004 | | |
$ | – | | |
$ | 162,755,597 |
| |
(1) |
Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments
along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund
has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.
| |
See Notes to Financial Statements. |
3 |
Schedule of Investments (unaudited)
FOCUSED LARGE CAP VALUE FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| LONG-TERM INVESTMENTS 99.03% | |
| | | |
| | |
| | |
| | | |
| | |
| COMMON STOCKS 99.03% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 6.43% | |
| | | |
| | |
| Boeing Co.* | |
| 21,728 | | |
$ | 4,976,364 | |
| RTX Corp. | |
| 25,912 | | |
| 4,562,326 | |
| Total | |
| | | |
| 9,538,690 | |
| | |
| | | |
| | |
| Banks 3.82% | |
| | | |
| | |
| JPMorgan Chase & Co. | |
| 18,072 | | |
| 5,660,693 | |
| | |
| | | |
| | |
| Beverages 3.29% | |
| | | |
| | |
| Carlsberg AS Class B(a) | |
| 36,013 | | |
| 4,876,657 | |
| | |
| | | |
| | |
| Biotechnology 2.94% | |
| | | |
| | |
| Gilead Sciences, Inc. | |
| 33,355 | | |
| 4,364,168 | |
| | |
| | | |
| | |
| Building Products 1.13% | |
| | | |
| | |
| Allegion PLC (Ireland)(b) | |
| 12,223 | | |
| 1,680,418 | |
| | |
| | | |
| | |
| Capital Markets 9.88% | |
| | | |
| | |
| Charles Schwab Corp. | |
| 45,508 | | |
| 4,170,353 | |
| KKR & Co., Inc. | |
| 40,376 | | |
| 4,212,832 | |
| SEI Investments Co. | |
| 69,124 | | |
| 6,268,164 | |
| Total | |
| | | |
| 14,651,349 | |
| | |
| | | |
| | |
| Chemicals 2.92% | |
| | | |
| | |
| LyondellBasell Industries NV Class A | |
| 57,980 | | |
| 4,325,308 | |
| | |
| | | |
| | |
| Consumer Staples Distribution & Retail 2.33% | |
| BJ’s Wholesale Club Holdings, Inc.* | |
| 36,877 | | |
| 3,462,381 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 6.39% | |
| Amphenol Corp. Class A | |
| 29,510 | | |
| 4,345,938 | |
| TD SYNNEX Corp. | |
| 22,478 | | |
| 5,129,030 | |
| Total | |
| | | |
| 9,474,968 | |
| | |
| | | |
| | |
| Health Care Providers & Services 1.68% | | |
| | |
| UnitedHealth Group, Inc. | |
| 6,714 | | |
| 2,487,403 | |
| Investments | |
Shares | | |
Fair Value | |
| Insurance 6.84% | |
| | | |
| | |
| Aon PLC Class A (United Kingdom)(b) | |
| 17,798 | | |
$ | 5,546,747 | |
| Arch Capital Group Ltd.* | |
| 48,737 | | |
| 4,603,697 | |
| Total | |
| | | |
| 10,150,444 | |
| | |
| | | |
| | |
| Interactive Media & Services 5.61% | |
| | | |
| | |
| Alphabet, Inc. Class A | |
| 21,607 | | |
| 8,314,374 | |
| | |
| | | |
| | |
| Life Sciences Tools & Services 3.09% | | |
| | |
| IQVIA Holdings, Inc.* | |
| 28,969 | | |
| 4,587,820 | |
| | |
| | | |
| | |
| Machinery 3.26% | |
| | | |
| | |
| Parker-Hannifin Corp. | |
| 5,317 | | |
| 4,835,386 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 7.95% | |
| | | |
| | |
| Expand Energy Corp. | |
| 29,722 | | |
| 3,036,102 | |
| Permian Resources Corp. Class A | |
| 172,507 | | |
| 3,729,602 | |
| Shell PLC ADR | |
| 55,427 | | |
| 5,025,566 | |
| Total | |
| | | |
| 11,791,270 | |
| | |
| | | |
| | |
| Pharmaceuticals 3.76% | |
| | | |
| | |
| Novartis AG ADR | |
| 37,680 | | |
| 5,570,988 | |
| | |
| | | |
| | |
| Real Estate Management & Development 3.53% | |
| CBRE Group, Inc. Class A* | |
| 36,642 | | |
| 5,229,913 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 7.75% | |
| ASML Holding NV NY Reg Shares (Netherlands)(b) | |
| 3,120 | | |
| 4,489,649 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR |
| 17,689 | | |
| 7,005,905 | |
| Total | |
| | | |
| 11,495,554 | |
| | |
| | | |
| | |
| Software 2.97% | |
| | | |
| | |
| Microsoft Corp. | |
| 10,789 | | |
| 4,399,538 | |
| | |
| | | |
| | |
| Specialty Retail 10.08% | |
| | | |
| | |
| Dick’s Sporting Goods, Inc. | |
| 22,174 | | |
| 5,031,724 | |
| Lowe’s Cos., Inc. | |
| 18,864 | | |
| 4,504,535 | |
| Ross Stores, Inc. | |
| 23,770 | | |
| 5,414,568 | |
| Total | |
| | | |
| 14,950,827 | |
| 4 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
FOCUSED LARGE CAP VALUE FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| Trading Companies & Distributors 3.38% | |
| AerCap Holdings NV (Ireland)(b) | |
| 35,264 | | |
$ | 5,014,893 | |
Total Common Stocks
(cost $129,047,429) | |
| | | |
| 146,863,042 | |
| | |
| | | |
| | |
| | |
| Principal
Amount | | |
| | |
| | |
| | | |
| | |
| SHORT-TERM INVESTMENTS 1.21% | | |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 1.21% | |
| | | |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $1,817,400 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $1,838,020; proceeds: $1,802,112
(cost $1,801,950) | |
$ | 1,801,950 | | |
| 1,801,950 | |
| Investments | |
Fair Value | |
Total Investments in Securities 100.24%
(cost $130,849,379) | |
$ | 148,664,992 | |
| Other Assets and Liabilities – Net (0.24)% | |
| (359,329 | ) |
| Net Assets 100.00% | |
$ | 148,305,663 | |
| ADR |
|
American Depositary Receipt. |
| * |
|
Non-income producing security. |
| (a) |
|
Investment in non-U.S. dollar denominated securities. |
| (b) |
|
Foreign security traded in U.S. dollars. |
The following is a summary of the inputs used as of April 30, 2026
in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total |
| Long-Term Investments | |
| | | |
| | | |
| | | |
| |
| Common Stocks | |
| | | |
| | | |
| | | |
| |
| Beverages | |
$ | – | | |
$ | 4,876,657 | | |
$ | – | | |
$ | 4,876,657 |
| Remaining Industries | |
| 141,986,385 | | |
| – | | |
| – | | |
| 141,986,385 |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| |
| Repurchase Agreements | |
| – | | |
| 1,801,950 | | |
| – | | |
| 1,801,950 |
| Total | |
$ | 141,986,385 | | |
$ | 6,678,607 | | |
$ | – | | |
$ | 148,664,992 |
| |
(1) |
Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments
along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund
has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.
| |
See Notes to Financial Statements. |
5 |
Schedule of Investments (unaudited)
FOCUSED SMALL CAP VALUE FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| LONG-TERM INVESTMENTS 99.35% | |
| | | |
| | |
| | |
| | | |
| | |
| COMMON STOCKS 99.35% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 1.85% | |
| | | |
| | |
| Hexcel Corp. | |
| 18,897 | | |
$ | 1,773,861 | |
| | |
| | | |
| | |
| Automobile Components 2.30% | |
| | | |
| | |
| LCI Industries | |
| 18,503 | | |
| 2,205,928 | |
| | |
| | | |
| | |
| Banks 10.98% | |
| | | |
| | |
| Axos Financial, Inc.* | |
| 21,803 | | |
| 2,102,681 | |
| Bancorp, Inc.* | |
| 30,574 | | |
| 1,829,243 | |
| Bank of NT Butterfield & Son Ltd. | |
| 39,738 | | |
| 2,203,472 | |
| Seacoast Banking Corp. of Florida | |
| 65,137 | | |
| 2,049,861 | |
| Wintrust Financial Corp. | |
| 15,428 | | |
| 2,322,994 | |
| Total | |
| | | |
| 10,508,251 | |
| | |
| | | |
| | |
| Building Products 2.98% | |
| | | |
| | |
| Griffon Corp. | |
| 31,268 | | |
| 2,850,704 | |
| | |
| | | |
| | |
| Capital Markets 7.20% | |
| | | |
| | |
| Affiliated Managers Group, Inc. | |
| 7,702 | | |
| 2,269,548 | |
| Marex Group PLC (United Kingdom)(a) | |
| 52,914 | | |
| 2,822,962 | |
| Moelis & Co. Class A | |
| 27,685 | | |
| 1,802,847 | |
| Total | |
| | | |
| 6,895,357 | |
| | |
| | | |
| | |
| Chemicals 6.01% | |
| | | |
| | |
| Avient Corp. | |
| 52,882 | | |
| 1,960,864 | |
| Element Solutions, Inc. | |
| 89,076 | | |
| 3,793,747 | |
| Total | |
| | | |
| 5,754,611 | |
| | |
| | | |
| | |
| Commercial Services & Supplies 2.72% | | |
| | |
| Brady Corp. Class A | |
| 31,773 | | |
| 2,599,667 | |
| | |
| | | |
| | |
| Construction & Engineering 5.48% | |
| | | |
| | |
| Arcosa, Inc. | |
| 18,385 | | |
| 2,325,151 | |
| WillScot Holdings Corp. | |
| 128,793 | | |
| 2,915,874 | |
| Total | |
| | | |
| 5,241,025 | |
| Investments | |
Shares | | |
Fair Value | |
| Consumer Finance 4.43% | |
| | | |
| | |
| EZCORP, Inc. Class A* | |
| 66,007 | | |
$ | 2,163,709 | |
| FirstCash Holdings, Inc. | |
| 9,526 | | |
| 2,078,764 | |
| Total | |
| | | |
| 4,242,473 | |
| | |
| | | |
| | |
| Consumer Staples Distribution & Retail 2.26% | | |
| | |
| PriceSmart, Inc. | |
| 13,801 | | |
| 2,165,653 | |
| | |
| | | |
| | |
| Containers & Packaging 2.75% | |
| | | |
| | |
| TriMas Corp. | |
| 71,191 | | |
| 2,635,491 | |
| | |
| | | |
| | |
| Electric: Utilities 2.47% | |
| | | |
| | |
| IDACORP, Inc. | |
| 16,019 | | |
| 2,366,647 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 5.83% | |
| Belden, Inc. | |
| 16,371 | | |
| 1,841,410 | |
| Littelfuse, Inc. | |
| 9,248 | | |
| 3,737,764 | |
| Total | |
| | | |
| 5,579,174 | |
| | |
| | | |
| | |
| Ground Transportation 3.05% | |
| | | |
| | |
| Landstar System, Inc. | |
| 15,841 | | |
| 2,915,853 | |
| | |
| | | |
| | |
| Insurance 3.10% | |
| | | |
| | |
| White Mountains Insurance Group Ltd. | |
| 1,329 | | |
| 2,966,315 | |
| | |
| | | |
| | |
| Leisure Products 2.43% | |
| | | |
| | |
| Callaway Golf Co.* | |
| 151,825 | | |
| 2,322,923 | |
| | |
| | | |
| | |
| Life Sciences Tools & Services 3.86% | | |
| | |
| Azenta, Inc.* | |
| 48,214 | | |
| 1,184,618 | |
| Fortrea Holdings, Inc.* | |
| 218,679 | | |
| 2,514,809 | |
| Total | |
| | | |
| 3,699,427 | |
| | |
| | | |
| | |
| Media 1.39% | |
| | | |
| | |
| Nexstar Media Group, Inc. | |
| 6,405 | | |
| 1,333,137 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 7.26% | |
| | | |
| | |
| Chord Energy Corp. | |
| 20,884 | | |
| 3,040,710 | |
| Gulfport Energy Corp.* | |
| 9,796 | | |
| 1,886,122 | |
| Northern Oil & Gas, Inc. | |
| 74,461 | | |
| 2,022,361 | |
| Total | |
| | | |
| 6,949,193 | |
| 6 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
FOCUSED SMALL CAP VALUE FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| Personal Care Products 1.79% | |
| | | |
| | |
| Interparfums, Inc. | |
| 18,815 | | |
$ | 1,716,304 | |
| | |
| | | |
| | |
| Pharmaceuticals 2.71% | |
| | | |
| | |
| Phibro Animal Health Corp. Class A | |
| 48,774 | | |
| 2,593,801 | |
| | |
| | | |
| | |
| Professional Services 3.87% | |
| | | |
| | |
| Genpact Ltd. | |
| 56,221 | | |
| 1,953,680 | |
| Maximus, Inc. | |
| 26,635 | | |
| 1,747,788 | |
| Total | |
| | | |
| 3,701,468 | |
| | |
| | | |
| | |
| Real Estate Management & Development 2.58% | |
| Cushman & Wakefield Ltd.* | |
| 176,228 | | |
| 2,474,241 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 5.01% | |
| Silicon Motion Technology Corp. ADR | |
| 21,908 | | |
| 4,793,032 | |
| | |
| | | |
| | |
| Software 0.36% | |
| | | |
| | |
| Blackbaud, Inc.* | |
| 9,371 | | |
| 348,320 | |
| | |
| | | |
| | |
| Textiles, Apparel & Luxury Goods 2.16% | | |
| | |
| Kontoor Brands, Inc. | |
| 28,117 | | |
| 2,062,663 | |
| | |
| | | |
| | |
| Trading Companies & Distributors 2.52% | | |
| | |
| Rush Enterprises, Inc. Class A | |
| 32,630 | | |
| 2,415,599 | |
Total Common Stocks (cost $72,399,392) | |
| | | |
| 95,111,118 | |
| Investments | |
Principal Amount | | |
Value | |
| SHORT-TERM INVESTMENTS 0.67% | |
| | | |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 0.67% | |
| | | |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $648,300 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $655,746; proceeds: $642,758 (cost $642,700) | |
$ | 642,700 | | |
$ | 642,700 | |
Total Investments in Securities 100.02%
(cost $73,042,092) | |
| | | |
| 95,753,818 | |
| Other Assets and Liabilities – Net (0.02)% | |
| | | |
| (20,126 | ) |
| Net Assets 100.00% | |
| | | |
$ | 95,733,692 | |
| ADR |
|
American Depositary Receipt. |
| * |
|
Non-income producing security. |
| (a) |
|
Foreign security traded in U.S. dollars. |
| |
See Notes to Financial Statements. |
7 |
Schedule of Investments (unaudited)(concluded)
FOCUSED SMALL CAP VALUE FUND April 30, 2026
The following is a summary of the inputs used as of April 30, 2026
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 | |
$ | 95,111,118 | | |
$ | – | | |
$ | – | | |
$ | 95,111,118 |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| |
| Repurchase Agreements | |
| – | | |
| 642,700 | | |
| – | | |
| 642,700 |
| Total | |
$ | 95,111,118 | | |
$ | 642,700 | | |
$ | – | | |
$ | 95,753,818 |
| |
(1) |
Refer to Note 2(a) 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. 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 Financial Statements. |
Schedule of Investments (unaudited)
FUNDAMENTAL EQUITY FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| LONG-TERM INVESTMENTS 99.16% |
| | |
| |
| | |
| COMMON STOCKS 99.16% |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 5.92% |
| | |
| Boeing Co.* | |
| 217,087 | | |
$ | 49,719,436 | |
| General Dynamics Corp. | |
| 107,080 | | |
| 36,867,644 | |
| RTX Corp. | |
| 252,050 | | |
| 44,378,443 | |
| Total | |
| | | |
| 130,965,523 | |
| | |
| | | |
| | |
| Banks 7.07% | |
| | | |
| | |
| Citizens Financial Group, Inc. | |
| 373,347 | | |
| 24,286,222 | |
| JPMorgan Chase & Co. | |
| 257,978 | | |
| 80,806,449 | |
| Wells Fargo & Co. | |
| 622,057 | | |
| 51,151,747 | |
| Total | |
| | | |
| 156,244,418 | |
| | |
| | | |
| | |
| Beverages 1.96% | |
| | | |
| | |
| Carlsberg AS Class B(a) | |
| 320,752 | | |
| 43,434,248 | |
| | |
| | | |
| | |
| Biotechnology 3.80% | |
| | | |
| | |
| Gilead Sciences, Inc. | |
| 242,640 | | |
| 31,747,017 | |
| United Therapeutics Corp.* | |
| 91,588 | | |
| 52,328,804 | |
| Total | |
| | | |
| 84,075,821 | |
| | |
| | | |
| | |
| Building Products 2.66% | |
| | | |
| | |
| Allegion PLC (Ireland)(b) | |
| 183,072 | | |
| 25,168,739 | |
| Lennox International, Inc. | |
| 63,042 | | |
| 33,720,535 | |
| Total | |
| | | |
| 58,889,274 | |
| | |
| | | |
| | |
| Capital Markets 6.23% | |
| | | |
| | |
| Charles Schwab Corp. | |
| 340,545 | | |
| 31,207,544 | |
| KKR & Co., Inc. | |
| 289,969 | | |
| 30,255,365 | |
| Morgan Stanley | |
| 176,155 | | |
| 33,573,381 | |
| SEI Investments Co. | |
| 470,661 | | |
| 42,679,540 | |
| Total | |
| | | |
| 137,715,830 | |
| | |
| | | |
| | |
| Chemicals 1.41% | |
| | | |
| | |
| LyondellBasell Industries NV Class A | |
| 417,251 | | |
| 31,126,925 | |
| | |
| | | |
| | |
| Construction & Engineering 2.76% |
| | |
| AECOM | |
| 381,750 | | |
| 32,105,175 | |
| EMCOR Group, Inc. | |
| 32,335 | | |
| 28,832,149 | |
| Total | |
| | | |
| 60,937,324 | |
| Investments | |
Shares | | |
Fair Value | |
| Construction Materials 1.54% | |
| | | |
| | |
| CRH PLC (Ireland)(b) | |
| 288,109 | | |
$ | 34,117,868 | |
| | |
| | | |
| | |
| Consumer Staples Distribution & Retail 0.96% |
| BJ’s Wholesale Club Holdings, Inc.* | |
| 226,868 | | |
| 21,300,637 | |
| | |
| | | |
| | |
| Electric: Utilities 2.78% | |
| | | |
| | |
| Entergy Corp. | |
| 316,936 | | |
| 37,369,924 | |
| FirstEnergy Corp. | |
| 508,886 | | |
| 24,182,262 | |
| Total | |
| | | |
| 61,552,186 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 5.73% |
| Amphenol Corp. Class A | |
| 245,220 | | |
| 36,113,549 | |
| Keysight Technologies, Inc.* | |
| 171,110 | | |
| 59,873,100 | |
| TD SYNNEX Corp. | |
| 134,576 | | |
| 30,707,552 | |
| Total | |
| | | |
| 126,694,201 | |
| | |
| | | |
| | |
| Energy Equipment & Services 1.22% |
| | |
| Halliburton Co. | |
| 635,398 | | |
| 26,877,335 | |
| | |
| | | |
| | |
| Health Care Providers & Services 4.92% |
| | |
| Labcorp Holdings, Inc. | |
| 124,159 | | |
| 31,884,031 | |
| McKesson Corp. | |
| 48,777 | | |
| 39,763,011 | |
| UnitedHealth Group, Inc. | |
| 100,481 | | |
| 37,226,201 | |
| Total | |
| | | |
| 108,873,243 | |
| | |
| | | |
| | |
| Hotels, Restaurants & Leisure 1.28% |
| | |
| Booking Holdings, Inc. | |
| 168,210 | | |
| 28,319,836 | |
| | |
| | | |
| | |
| Insurance 6.89% | |
| | | |
| | |
| Aon PLC Class A (United Kingdom)(b) | |
| 126,181 | | |
| 39,324,309 | |
| Arch Capital Group Ltd.* | |
| 450,934 | | |
| 42,595,225 | |
| Arthur J Gallagher & Co. | |
| 124,442 | | |
| 25,684,829 | |
| Progressive Corp. | |
| 162,610 | | |
| 32,730,141 | |
| RenaissanceRe Holdings Ltd. | |
| 38,949 | | |
| 11,956,174 | |
| Total | |
| | | |
| 152,290,678 | |
| | |
| | | |
| | |
| Interactive Media & Services 5.50% |
| | |
| Alphabet, Inc. Class A | |
| 315,720 | | |
| 121,489,056 | |
| |
See Notes to Financial Statements. |
9 |
Schedule of Investments (unaudited)(continued)
FUNDAMENTAL EQUITY FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| Life Sciences Tools & Services 1.52% |
| | |
| IQVIA Holdings, Inc.* | |
| 212,615 | | |
$ | 33,671,838 | |
| | |
| | | |
| | |
| Machinery 1.67% | |
| | | |
| | |
| Parker-Hannifin Corp. | |
| 40,585 | | |
| 36,908,811 | |
| | |
| | | |
| | |
| Metals & Mining 2.06% | |
| | | |
| | |
| Steel Dynamics, Inc. | |
| 199,216 | | |
| 45,552,731 | |
| | |
| | | |
| | |
| Multi-Utilities 1.51% | |
| | | |
| | |
| CMS Energy Corp. | |
| 433,710 | | |
| 33,282,905 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 6.92% |
| | |
| Expand Energy Corp. | |
| 303,425 | | |
| 30,994,864 | |
| Permian Resources Corp. Class A | |
| 1,808,270 | | |
| 39,094,798 | |
| Shell PLC ADR | |
| 579,297 | | |
| 52,524,859 | |
| Williams Cos., Inc. | |
| 397,440 | | |
| 30,328,646 | |
| Total | |
| | | |
| 152,943,167 | |
| | |
| | | |
| | |
| Pharmaceuticals 3.84% | |
| | | |
| | |
| Novartis AG ADR | |
| 292,600 | | |
| 43,260,910 | |
| Teva Pharmaceutical Industries Ltd. ADR* | |
| 1,187,618 | | |
| 41,649,763 | |
| Total | |
| | | |
| 84,910,673 | |
| | |
| | | |
| | |
| Real Estate Management & Development 1.74% |
| CBRE Group, Inc. Class A* | |
| 269,506 | | |
| 38,466,591 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 5.92% |
| Analog Devices, Inc. | |
| 96,240 | | |
| 38,713,502 | |
| ASML Holding NV NY Reg Shares (Netherlands)(b) |
| 26,750 | | |
| 38,492,983 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR |
| 135,245 | | |
| 53,565,135 | |
| Total | |
| | | |
| 130,771,620 | |
| | |
| | | |
| | |
| Software 2.36% | |
| | | |
| | |
| Microsoft Corp. | |
| 127,773 | | |
| 52,103,274 | |
| Investments | |
Shares | | |
Fair Value | |
| Specialty Retail 5.66% | |
| | | |
| | |
| Dick’s Sporting Goods, Inc. | |
| 198,540 | | |
$ | 45,052,697 | |
| Lowe’s Cos., Inc. | |
| 176,942 | | |
| 42,251,980 | |
| Ross Stores, Inc. | |
| 166,100 | | |
| 37,835,919 | |
| Total | |
| | | |
| 125,140,596 | |
| | |
| | | |
| | |
| Tobacco 1.53% | |
| | | |
| | |
| Philip Morris International, Inc. | |
| 204,760 | | |
| 33,799,733 | |
| | |
| | | |
| | |
| Trading Companies & Distributors 1.80% |
| | |
| AerCap Holdings NV (Ireland)(b) | |
| 279,327 | | |
| 39,723,093 | |
Total Common Stocks (cost
$1,411,219,160) | |
| | | |
| 2,192,179,435 | |
| | |
| | | |
| | |
| | |
| Principal Amount | | |
| | |
| | |
| | | |
| | |
| SHORT-TERM INVESTMENTS 0.47% |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 0.47% |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $10,502,200 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $10,621,365; proceeds: $10,413,848 (cost $10,412,908) | |
$ | 10,412,908 | | |
| 10,412,908 | |
Total Investments in Securities 99.63% (cost
$1,421,632,068) | |
| | | |
| 2,202,592,343 | |
| Other Assets and Liabilities – Net 0.37% | |
| | | |
| 8,247,460 | |
| Net Assets 100.00% | |
| | | |
$ | 2,210,839,803 | |
| ADR |
American Depositary Receipt. |
| * |
Non-income producing security. |
| (a) |
Investment in non-U.S. dollar denominated securities. |
| (b) |
Foreign security traded in U.S. dollars. |
| 10 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
FUNDAMENTAL EQUITY FUND April 30, 2026
The following is a summary of the inputs used as of April 30, 2026
in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Long-Term Investments | |
| | | |
| | | |
| | | |
| | |
| Common Stocks | |
| | | |
| | | |
| | | |
| | |
| Beverages | |
$ | – | | |
$ | 43,434,248 | | |
$ | – | | |
$ | 43,434,248 | |
| Remaining Industries | |
| 2,148,745,187 | | |
| – | | |
| – | | |
| 2,148,745,187 | |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| | |
| Repurchase Agreements | |
| – | | |
| 10,412,908 | | |
| – | | |
| 10,412,908 | |
| Total | |
$ | 2,148,745,187 | | |
$ | 53,847,156 | | |
$ | – | | |
$ | 2,202,592,343 | |
| (1) |
|
Refer to Note 2(a) 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. When applicable, each Level 3 security is identified
on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund
has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.
| |
See Notes to Financial Statements. |
11 |
Schedule of Investments (unaudited)
GLOBAL EQUITY FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| LONG-TERM INVESTMENTS 98.05% |
| | |
| | |
| | | |
| | |
| COMMON STOCKS 98.05% | |
| | | |
| | |
| | |
| | | |
| | |
| Australia 0.41% | |
| | | |
| | |
| | |
| | | |
| | |
| Diversified REITS 0.37% | |
| | | |
| | |
| Charter Hall Group | |
| 97,452 | | |
$ | 1,435,086 | |
| | |
| | | |
| | |
| Health Care Technology 0.04% | |
| | | |
| | |
| Pro Medicus Ltd. | |
| 1,646 | | |
| 161,551 | |
| Total Australia | |
| | | |
| 1,596,637 | |
| | |
| | | |
| | |
| Austria 1.59% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| BAWAG Group AG† | |
| 36,483 | | |
| 6,247,742 | |
| | |
| | | |
| | |
| Brazil 0.40% | |
| | | |
| | |
| | |
| | | |
| | |
| Broadline Retail | |
| | | |
| | |
| MercadoLibre, Inc.* | |
| 874 | | |
| 1,566,759 | |
| | |
| | | |
| | |
| Canada 3.13% | |
| | | |
| | |
| | |
| | | |
| | |
| Consumer Staples Distribution & Retail 1.74% | |
| | | |
| | |
| Alimentation Couche-Tard, Inc. | |
| 115,583 | | |
| 6,837,891 | |
| | |
| | | |
| | |
| Information Technology Services 0.43% | |
| | | |
| | |
| Shopify, Inc. Class A* | |
| 14,125 | | |
| 1,714,529 | |
| | |
| | | |
| | |
| Trading Companies & Distributors 0.96% | |
| | | |
| | |
| Toromont Industries Ltd. | |
| 24,206 | | |
| 3,763,972 | |
| Total Canada | |
| | | |
| 12,316,392 | |
| | |
| | | |
| | |
| China 4.39% | |
| | | |
| | |
| | |
| | | |
| | |
| Beverages 0.41% | |
| | | |
| | |
| Kweichow Moutai Co. Ltd. Class A | |
| 7,881 | | |
| 1,597,028 | |
| | |
| | | |
| | |
| Interactive Media & Services 0.77% | |
| | | |
| | |
| Tencent Holdings Ltd. | |
| 50,233 | | |
| 3,050,763 | |
| | |
| | | |
| | |
| Marine Transportation 1.86% | |
| | | |
| | |
| SITC International Holdings Co. Ltd. | |
| 1,754,113 | | |
| 7,344,419 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| China (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Textiles, Apparel & Luxury Goods 1.35% | |
| | | |
| | |
| ANTA Sports Products Ltd. | |
| 507,200 | | |
$ | 5,313,438 | |
| Total China | |
| | | |
| 17,305,648 | |
| | |
| | | |
| | |
| France 4.63% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 0.40% | |
| | | |
| | |
| Safran SA | |
| 4,901 | | |
| 1,573,772 | |
| | |
| | | |
| | |
| Construction & Engineering 2.35% | |
| | | |
| | |
| Eiffage SA | |
| 57,516 | | |
| 9,273,208 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 1.18% | |
| | | |
| | |
| Gaztransport Et Technigaz SA | |
| 19,109 | | |
| 4,649,107 | |
| | |
| | | |
| | |
| Textiles, Apparel & Luxury Goods 0.70% | |
| | | |
| | |
| Kering SA | |
| 6,171 | | |
| 1,697,724 | |
| LVMH Moet Hennessy Louis Vuitton SE | |
| 1,957 | | |
| 1,045,448 | |
| | |
| | | |
| 2,743,172 | |
| Total France | |
| | | |
| 18,239,259 | |
| | |
| | | |
| | |
| Ireland 0.61% | |
| | | |
| | |
| | |
| | | |
| | |
| Trading Companies & Distributors | |
| | | |
| | |
| AerCap Holdings NV | |
| 16,859 | | |
| 2,397,518 | |
| | |
| | | |
| | |
| Italy 0.93% | |
| | | |
| | |
| | |
| | | |
| | |
| Passenger Airlines | |
| | | |
| | |
| Ryanair Holdings PLC | |
| 139,523 | | |
| 3,660,686 | |
| | |
| | | |
| | |
| Japan 5.80% | |
| | | |
| | |
| | |
| | | |
| | |
| Chemicals 1.28% | |
| | | |
| | |
| NOF Corp. | |
| 246,200 | | |
| 5,028,139 | |
| | |
| | | |
| | |
| Electrical Equipment 1.41% | |
| | | |
| | |
| Fuji Electric Co. Ltd. | |
| 66,122 | | |
| 5,557,211 | |
| | |
| | | |
| | |
| Health Care Equipment & Supplies 0.90% | |
| | | |
| | |
| Hoya Corp. | |
| 19,100 | | |
| 3,566,805 | |
| 12 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
GLOBAL EQUITY FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Japan (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Health Care Technology 0.43% | |
| | | |
| | |
| M3, Inc. | |
| 175,800 | | |
$ | 1,693,385 | |
| | |
| | | |
| | |
| Information Technology Services 0.26% | |
| | | |
| | |
| Obic Co. Ltd. | |
| 38,900 | | |
| 1,033,696 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 0.88% | |
| | | |
| | |
| Disco Corp. | |
| 7,300 | | |
| 3,473,211 | |
| | |
| | | |
| | |
| Specialty Retail 0.64% | |
| | | |
| | |
| USS Co. Ltd. | |
| 231,300 | | |
| 2,504,254 | |
| Total Japan | |
| | | |
| 22,856,701 | |
| | |
| | | |
| | |
| Mexico 1.82% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| Grupo Financiero Banorte SAB de CV Class O | |
| 660,265 | | |
| 7,169,423 | |
| | |
| | | |
| | |
| Peru 1.32% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| Intercorp Financial Services, Inc. | |
| 117,061 | | |
| 5,218,579 | |
| | |
| | | |
| | |
| Singapore 0.97% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 0.84% | |
| | | |
| | |
| DBS Group Holdings Ltd. | |
| 71,700 | | |
| 3,306,135 | |
| | |
| | | |
| | |
| Broadline Retail 0.13% | |
| | | |
| | |
| Sea Ltd. ADR* | |
| 6,020 | | |
| 510,978 | |
| Total Singapore | |
| | | |
| 3,817,113 | |
| | |
| | | |
| | |
| Spain 1.02% | |
| | | |
| | |
| | |
| | | |
| | |
| Electric: Utilities | |
| | | |
| | |
| Iberdrola SA | |
| 171,937 | | |
| 4,030,927 | |
| | |
| | | |
| | |
| Sweden 0.37% | |
| | | |
| | |
| | |
| | | |
| | |
| Machinery | |
| | | |
| | |
| Volvo AB Class B | |
| 42,003 | | |
| 1,464,087 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Switzerland 0.32% | |
| | |
| |
| | |
| | |
| |
| Capital Markets | |
| | | |
| | |
| Partners Group Holding AG | |
| 1,171 | | |
$ | 1,273,114 | |
| | |
| | | |
| | |
| Taiwan 10.42% | |
| | | |
| | |
| | |
| | | |
| | |
| Communications Equipment 2.85% | |
| | | |
| | |
| Accton Technology Corp. | |
| 153,000 | | |
| 11,205,191 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 4.76% | |
| | | |
| | |
| Realtek Semiconductor Corp. | |
| 150,537 | | |
| 2,570,029 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| 233,036 | | |
| 16,177,790 | |
| | |
| | | |
| 18,747,819 | |
| Technology Hardware, Storage & Peripherals 2.81% | |
| | | |
| | |
| Asia Vital Components Co. Ltd. | |
| 121,000 | | |
| 11,077,948 | |
| Total Taiwan | |
| | | |
| 41,030,958 | |
| | |
| | | |
| | |
| United Arab Emirates 0.94% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| Abu Dhabi Islamic Bank PJSC | |
| 620,015 | | |
| 3,702,361 | |
| | |
| | | |
| | |
| United Kingdom 1.88% | |
| | | |
| | |
| | |
| | | |
| | |
| Household Durables 0.97% | |
| | | |
| | |
| Persimmon PLC | |
| 264,072 | | |
| 3,807,778 | |
| | |
| | | |
| | |
| Personal Care Products 0.26% | |
| | | |
| | |
| Unilever PLC | |
| 17,884 | | |
| 1,042,908 | |
| | |
| | | |
| | |
| Tobacco 0.65% | |
| | | |
| | |
| Imperial Brands PLC | |
| 67,701 | | |
| 2,572,139 | |
| Total United Kingdom | |
| | | |
| 7,422,825 | |
| | |
| | | |
| | |
| United States 57.10% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 0.53% | |
| | | |
| | |
| L3Harris Technologies, Inc. | |
| 5,463 | | |
| 1,751,165 | |
| TransDigm Group, Inc. | |
| 281 | | |
| 325,954 | |
| | |
| | | |
| 2,077,119 | |
| |
See Notes to Financial Statements. |
13 |
Schedule of Investments (unaudited)(continued)
GLOBAL EQUITY FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| United States (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 3.07% | |
| | | |
| | |
| East West Bancorp, Inc. | |
| 59,691 | | |
$ | 7,549,121 | |
| JPMorgan Chase & Co. | |
| 14,451 | | |
| 4,526,486 | |
| | |
| | | |
| 12,075,607 | |
| Biotechnology 1.04% | |
| | | |
| | |
| AbbVie, Inc. | |
| 19,374 | | |
| 4,094,114 | |
| | |
| | | |
| | |
| Broadline Retail 3.96% | |
| | | |
| | |
| Amazon.com, Inc.* | |
| 58,888 | | |
| 15,608,853 | |
| | |
| | | |
| | |
| Building Products 0.05% | |
| | | |
| | |
| Builders FirstSource, Inc.* | |
| 2,611 | | |
| 206,504 | |
| | |
| | | |
| | |
| Capital Markets 3.82% | |
| | | |
| | |
| Ameriprise Financial, Inc. | |
| 2,264 | | |
| 1,074,924 | |
| Charles Schwab Corp. | |
| 53,348 | | |
| 4,888,811 | |
| LPL Financial Holdings, Inc. | |
| 7,667 | | |
| 2,561,775 | |
| Moody’s Corp. | |
| 1,020 | | |
| 471,087 | |
| SEI Investments Co. | |
| 66,568 | | |
| 6,036,386 | |
| | |
| | | |
| 15,032,983 | |
| | |
| | | |
| | |
| Construction Materials 0.20% | |
| | | |
| | |
| CRH PLC | |
| 6,803 | | |
| 805,611 | |
| | |
| | | |
| | |
| Consumer Staples Distribution & Retail 1.55% | |
| | | |
| | |
| Dollar General Corp. | |
| 52,725 | | |
| 6,109,773 | |
| | |
| | | |
| | |
| Electrical Equipment 2.06% | |
| | | |
| | |
| Nextpower, Inc. Class A* | |
| 68,199 | | |
| 8,124,547 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 1.21% |
| Amphenol Corp. Class A | |
| 32,495 | | |
| 4,785,539 | |
| | |
| | | |
| | |
| Entertainment 0.50% | |
| | | |
| | |
| Netflix, Inc.* | |
| 20,892 | | |
| 1,955,700 | |
| | |
| | | |
| | |
| Financial Services 0.82% | |
| | | |
| | |
| Visa, Inc. Class A | |
| 9,753 | | |
| 3,216,929 | |
| | |
| | | |
| | |
| Ground Transportation 0.64% | |
| | | |
| | |
| Uber Technologies, Inc.* | |
| 34,051 | | |
| 2,540,545 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| United States (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Health Care Equipment & Supplies 1.31% | |
| | | |
| | |
| Dexcom, Inc.* | |
| 55,107 | | |
$ | 3,281,622 | |
| IDEXX Laboratories, Inc.* | |
| 3,341 | | |
| 1,873,633 | |
| | |
| | | |
| 5,155,255 | |
| | |
| | | |
| | |
| Health Care Providers & Services 0.69% | |
| | | |
| | |
| McKesson Corp. | |
| 3,322 | | |
| 2,708,094 | |
| | |
| | | |
| | |
| Hotels, Restaurants & Leisure 0.40% | |
| | | |
| | |
| Domino’s Pizza, Inc. | |
| 4,704 | | |
| 1,596,632 | |
| | |
| | | |
| | |
| Information Technology Services 0.61% | |
| | | |
| | |
| Accenture PLC Class A | |
| 13,556 | | |
| 2,422,593 | |
| | |
| | | |
| | |
| Insurance 0.76% | |
| | | |
| | |
| Aon PLC Class A | |
| 9,625 | | |
| 2,999,631 | |
| | |
| | | |
| | |
| Interactive Media & Services 7.27% | |
| | | |
| | |
| Alphabet, Inc. Class A | |
| 58,732 | | |
| 22,600,073 | |
| Meta Platforms, Inc. Class A | |
| 9,880 | | |
| 6,045,671 | |
| | |
| | | |
| 28,645,744 | |
| | |
| | | |
| | |
| Life Sciences Tools & Services 0.79% | |
| | | |
| | |
| Thermo Fisher Scientific, Inc. | |
| 6,501 | | |
| 3,113,719 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 2.21% | |
| | | |
| | |
| Cheniere Energy, Inc. | |
| 17,590 | | |
| 4,836,371 | |
| Williams Cos., Inc. | |
| 50,465 | | |
| 3,850,984 | |
| | |
| | | |
| 8,687,355 | |
| | |
| | | |
| | |
| Pharmaceuticals 2.01% | |
| | | |
| | |
| Johnson & Johnson | |
| 34,393 | | |
| 7,905,231 | |
| | |
| | | |
| | |
| Professional Services 0.31% | |
| | | |
| | |
| Booz Allen Hamilton Holding Corp. | |
| 15,676 | | |
| 1,219,123 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 12.60% |
| Analog Devices, Inc. | |
| 10,608 | | |
| 4,267,174 | |
| Broadcom, Inc. | |
| 32,721 | | |
| 13,658,727 | |
| KLA Corp. | |
| 3,245 | | |
| 5,679,886 | |
| 14 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
GLOBAL EQUITY FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| United States (continued) | |
| | | |
| | |
| NVIDIA Corp. | |
| 130,364 | | |
$ | 26,016,743 | |
| | |
| | | |
| 49,622,530 | |
| | |
| | | |
| | |
| Software 3.44% | |
| | | |
| | |
| Datadog, Inc. Class A* | |
| 4,265 | | |
| 563,790 | |
| Intuit, Inc. | |
| 1,628 | | |
| 632,478 | |
| Microsoft Corp. | |
| 30,271 | | |
| 12,343,909 | |
| | |
| | | |
| 13,540,177 | |
| | |
| | | |
| | |
| Specialty Retail 2.39% | |
| | | |
| | |
| Carvana Co.* | |
| 6,867 | | |
| 2,717,959 | |
| Lowe’s Cos., Inc. | |
| 4,831 | | |
| 1,153,594 | |
| Ulta Beauty, Inc.* | |
| 10,289 | | |
| 5,530,132 | |
| | |
| | | |
| 9,401,685 | |
| | |
| | | |
| | |
| Technology Hardware, Storage & Peripherals 1.34% |
| Dell Technologies, Inc. Class C | |
| 25,185 | | |
| 5,262,406 | |
| | |
| | | |
| | |
| Trading Companies & Distributors 1.52% | |
| | | |
| | |
| Sunbelt Rentals Holdings, Inc. | |
| 79,831 | | |
| 6,000,416 | |
| Total United States | |
| | | |
| 224,914,415 | |
Total Common Stocks (cost
$307,980,285) | |
| | | |
| 386,231,144 | |
| Investments | |
Principal
Amount | | |
U.S. $ Fair Value | |
| SHORT-TERM INVESTMENTS 1.31% |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 1.31% |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $5,218,200 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $5,277,412; proceeds: $5,174,298 (cost $5,173,831) | |
$ | 5,173,831 | | |
$ | 5,173,831 | |
Total Investments in Securities 99.36%
(cost $313,154,116) | |
| | | |
| 391,404,975 | |
| Other Assets and Liabilities – Net 0.64% | |
| | | |
| 2,509,945 | |
| Net Assets 100.00% | |
| | | |
$ | 393,914,920 | |
| ADR |
American Depositary Receipt. |
| REITS |
Real Estate Investment Trusts. |
| † |
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless
registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At April 30,
2026, the total value of Rule 144A securities was $6,247,742, which represents 1.59% of net assets. |
| * |
Non-income producing security. |
| |
See Notes to Financial Statements. |
15 |
Schedule of Investments (unaudited)(concluded)
GLOBAL EQUITY FUND April 30, 2026
The following is a summary of the inputs used as of April 30, 2026
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 | |
$ | – | | |
$ | 1,596,637 | | |
$ | – | | |
$ | 1,596,637 | |
| Austria | |
| – | | |
| 6,247,742 | | |
| – | | |
| 6,247,742 | |
| Brazil | |
| 1,566,759 | | |
| – | | |
| – | | |
| 1,566,759 | |
| Canada | |
| 12,316,392 | | |
| – | | |
| – | | |
| 12,316,392 | |
| China | |
| – | | |
| 17,305,648 | | |
| – | | |
| 17,305,648 | |
| France | |
| – | | |
| 18,239,259 | | |
| – | | |
| 18,239,259 | |
| Ireland | |
| 2,397,518 | | |
| – | | |
| – | | |
| 2,397,518 | |
| Italy | |
| – | | |
| 3,660,686 | | |
| – | | |
| 3,660,686 | |
| Japan | |
| – | | |
| 22,856,701 | | |
| – | | |
| 22,856,701 | |
| Mexico | |
| 7,169,423 | | |
| – | | |
| – | | |
| 7,169,423 | |
| Peru | |
| 5,218,579 | | |
| – | | |
| – | | |
| 5,218,579 | |
| Singapore | |
| 510,978 | | |
| 3,306,135 | | |
| – | | |
| 3,817,113 | |
| Spain | |
| – | | |
| 4,030,927 | | |
| – | | |
| 4,030,927 | |
| Sweden | |
| – | | |
| 1,464,087 | | |
| – | | |
| 1,464,087 | |
| Switzerland | |
| – | | |
| 1,273,114 | | |
| – | | |
| 1,273,114 | |
| Taiwan | |
| – | | |
| 41,030,958 | | |
| – | | |
| 41,030,958 | |
| United Arab Emirates | |
| – | | |
| 3,702,361 | | |
| – | | |
| 3,702,361 | |
| United Kingdom | |
| – | | |
| 7,422,825 | | |
| – | | |
| 7,422,825 | |
| United States | |
| 218,913,999 | | |
| 6,000,416 | | |
| – | | |
| 224,914,415 | |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| | |
| Repurchase Agreements | |
| – | | |
| 5,173,831 | | |
| – | | |
| 5,173,831 | |
| Total | |
$ | 248,093,648 | | |
$ | 143,311,327 | | |
$ | – | | |
$ | 391,404,975 | |
| (1) |
|
Refer to Note 2(a) 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.
| 16 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)
GROWTH LEADERS FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| LONG-TERM INVESTMENTS 96.27% |
| | |
| | |
| | | |
| | |
| COMMON STOCKS 96.27% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 6.62% | |
| | | |
| | |
| Carpenter Technology Corp. | |
| 214,894 | | |
$ | 92,017,611 | |
| General Electric Co. | |
| 589,221 | | |
| 170,832,845 | |
| Howmet Aerospace, Inc. | |
| 420,633 | | |
| 102,230,644 | |
| Karman Holdings, Inc.* | |
| 720,751 | | |
| 48,996,653 | |
| L3Harris Technologies, Inc. | |
| 160,637 | | |
| 51,492,190 | |
| Woodward, Inc. | |
| 93,290 | | |
| 33,863,337 | |
| Total | |
| | | |
| 499,433,280 | |
| | |
| | | |
| | |
| Automobiles 0.47% | |
| | | |
| | |
| Tesla, Inc.* | |
| 94,011 | | |
| 35,877,418 | |
| | |
| | | |
| | |
| Biotechnology 9.30% | |
| | | |
| | |
| Abivax SA ADR* | |
| 468,485 | | |
| 54,990,769 | |
| Argenx SE ADR* | |
| 122,831 | | |
| 96,019,449 | |
| Cogent Biosciences, Inc.* | |
| 1,268,989 | | |
| 45,417,116 | |
| Gilead Sciences, Inc. | |
| 833,104 | | |
| 109,003,328 | |
| Insmed, Inc.* | |
| 335,009 | | |
| 45,671,777 | |
| Madrigal Pharmaceuticals, Inc.* | |
| 102,377 | | |
| 52,968,836 | |
| Natera, Inc.* | |
| 743,387 | | |
| 153,256,664 | |
| Revolution Medicines, Inc.* | |
| 526,650 | | |
| 75,900,798 | |
| Vertex Pharmaceuticals, Inc.* | |
| 160,408 | | |
| 68,555,171 | |
| Total | |
| | | |
| 701,783,908 | |
| | |
| | | |
| | |
| Broadline Retail 5.15% | |
| | | |
| | |
| Amazon.com, Inc.* | |
| 1,467,081 | | |
| 388,864,490 | |
| | |
| | | |
| | |
| Capital Markets 1.28% | |
| | | |
| | |
| Interactive Brokers Group, Inc. Class A | |
| 1,219,943 | | |
| 96,985,468 | |
| | |
| | | |
| | |
| Communications Equipment 2.89% |
| | |
| Arista Networks, Inc.* | |
| 806,322 | | |
| 139,259,873 | |
| Lumentum Holdings, Inc.* | |
| 87,100 | | |
| 78,592,072 | |
| Total | |
| | | |
| 217,851,945 | |
| Investments | |
Shares | | |
Fair Value | |
| Construction & Engineering 4.40% |
| | |
| Comfort Systems USA, Inc. | |
| 134,321 | | |
$ | 247,184,220 | |
| EMCOR Group, Inc. | |
| 95,565 | | |
| 85,212,444 | |
| Total | |
| | | |
| 332,396,664 | |
| | |
| | | |
| | |
| Consumer Staples Distribution & Retail 0.91% |
| Costco Wholesale Corp. | |
| 67,797 | | |
| 68,782,090 | |
| | |
| | | |
| | |
| Electrical Equipment 4.80% | |
| | | |
| | |
| Bloom Energy Corp. Class A* | |
| 276,027 | | |
| 78,215,011 | |
| GE Vernova, Inc. | |
| 146,174 | | |
| 158,373,682 | |
| Nextpower, Inc. Class A* | |
| 455,943 | | |
| 54,316,489 | |
| Vertiv Holdings Co. Class A | |
| 217,963 | | |
| 71,598,666 | |
| Total | |
| | | |
| 362,503,848 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 2.52% |
| Amphenol Corp. Class A | |
| 439,135 | | |
| 64,671,412 | |
| Corning, Inc. | |
| 470,985 | | |
| 77,354,576 | |
| TE Connectivity PLC (Ireland)(a) | |
| 228,106 | | |
| 48,280,916 | |
| Total | |
| | | |
| 190,306,904 | |
| | |
| | | |
| | |
| Entertainment 0.49% | |
| | | |
| | |
| Netflix, Inc.* | |
| 394,307 | | |
| 36,911,078 | |
| | |
| | | |
| | |
| Ground Transportation 0.51% | |
| | | |
| | |
| XPO, Inc.* | |
| 175,189 | | |
| 38,564,355 | |
| | |
| | | |
| | |
| Health Care Equipment & Supplies 0.44% |
| Intuitive Surgical, Inc.* | |
| 72,992 | | |
| 33,401,869 | |
| | |
| | | |
| | |
| Health Care Providers & Services 0.92% |
| Guardant Health, Inc.* | |
| 800,958 | | |
| 69,747,423 | |
| | |
| | | |
| | |
| Hotels, Restaurants & Leisure 0.95% |
| Hilton Worldwide Holdings, Inc. | |
| 221,368 | | |
| 71,738,728 | |
| |
See Notes to Financial Statements. |
17 |
Schedule of Investments (unaudited)(continued)
GROWTH LEADERS FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| Information Technology Services 3.33% |
| | |
| Cloudflare, Inc. Class A* | |
| 639,545 | | |
$ | 131,087,539 | |
| CoreWeave, Inc. Class A* | |
| 310,451 | | |
| 34,646,332 | |
| Shopify, Inc. Class A (Canada)*(a) | |
| 705,657 | | |
| 85,476,232 | |
| Total | |
| | | |
| 251,210,103 | |
| | |
| | | |
| | |
| Interactive Media & Services 10.79% |
| | |
| Alphabet, Inc. Class A | |
| 1,575,257 | | |
| 606,158,894 | |
| Meta Platforms, Inc. Class A | |
| 278,317 | | |
| 170,304,955 | |
| Reddit, Inc. Class A* | |
| 259,192 | | |
| 38,160,838 | |
| Total | |
| | | |
| 814,624,687 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 0.41% |
| | |
| Cheniere Energy, Inc. | |
| 113,194 | | |
| 31,122,690 | |
| | |
| | | |
| | |
| Pharmaceuticals 3.15% | |
| | | |
| | |
| Eli Lilly & Co. | |
| 254,144 | | |
| 237,522,982 | |
| | |
| | | |
| | |
| Professional Services 0.50% | |
| | | |
| | |
| Planet Labs PBC* | |
| 1,018,050 | | |
| 37,637,309 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 25.00% |
| Advanced Micro Devices, Inc.* | |
| 160,664 | | |
| 56,953,781 | |
| Analog Devices, Inc. | |
| 251,985 | | |
| 101,363,486 | |
| Broadcom, Inc. | |
| 648,304 | | |
| 270,621,539 | |
| KLA Corp. | |
| 33,341 | | |
| 58,358,419 | |
| Lam Research Corp. | |
| 616,106 | | |
| 158,869,093 | |
| Lattice Semiconductor Corp.* | |
| 376,644 | | |
| 46,056,028 | |
| Micron Technology, Inc. | |
| 153,039 | | |
| 79,145,649 | |
| Monolithic Power Systems, Inc. | |
| 76,196 | | |
| 123,011,585 | |
| NVIDIA Corp. | |
| 4,749,500 | | |
| 947,857,715 | |
| Teradyne, Inc. | |
| 130,846 | | |
| 44,941,676 | |
| Total | |
| | | |
| 1,887,178,971 | |
| Investments | |
Shares | | |
Fair Value | |
| Software 5.20% | |
| | | |
| | |
| AppLovin Corp. Class A* | |
| 170,759 | | |
$ | 76,218,280 | |
| Circle Internet Group, Inc.* | |
| 513,761 | | |
| 46,690,600 | |
| Crowdstrike Holdings, Inc. Class A* | |
| 105,750 | | |
| 47,138,062 | |
| Microsoft Corp. | |
| 221,220 | | |
| 90,209,092 | |
| Palantir Technologies, Inc. Class A* | |
| 948,728 | | |
| 131,977,552 | |
| Total | |
| | | |
| 392,233,586 | |
| | |
| | | |
| | |
| Specialty Retail 0.87% | |
| | | |
| | |
| Carvana Co.* | |
| 166,695 | | |
| 65,977,881 | |
| | |
| | | |
| | |
| Technology Hardware, Storage & Peripherals 5.37% |
| Apple, Inc. | |
| 1,494,744 | | |
| 405,598,784 | |
Total Common Stocks (cost
$4,454,765,859) | |
| | | |
| 7,268,256,461 | |
| | |
| | | |
| | |
| | |
Principal Amount | | |
| | |
| | |
| | | |
| | |
| SHORT-TERM INVESTMENTS 3.85% |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 3.85% |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $292,987,200 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $296,308,857; proceeds: $290,525,095 (cost $290,498,869) | |
$ | 290,498,869 | | |
| 290,498,869 | |
Total Investments in Securities 100.12% (cost
$4,745,264,728) | |
| | | |
| 7,558,755,330 | |
| Other Assets and Liabilities – Net (0.12)% | |
| | | |
| (9,414,453 | ) |
| Net Assets 100.00% | |
| | | |
$ | 7,549,340,877 | |
| ADR |
|
American Depositary Receipt. |
| * |
|
Non-income producing security. |
| (a) |
|
Foreign security traded in U.S. dollars. |
| 18 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
GROWTH LEADERS FUND April 30, 2026
The following is a summary of the inputs used as of April 30, 2026
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 | |
$ | 7,268,256,461 | | |
$ | – | | |
$ | – | | |
$ | 7,268,256,461 | |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| | |
| Repurchase Agreements | |
| – | | |
| 290,498,869 | | |
| – | | |
| 290,498,869 | |
| Total | |
$ | 7,268,256,461 | | |
$ | 290,498,869 | | |
$ | – | | |
$ | 7,558,755,330 | |
| (1) |
|
Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments
along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund
has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.
| |
See Notes to Financial Statements. |
19 |
Schedule of Investments (unaudited)
HEALTH CARE FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| LONG-TERM INVESTMENTS 98.50% | |
| | | |
| | |
| | |
| | | |
| | |
| COMMON STOCKS 98.50% | |
| | | |
| | |
| | |
| | | |
| | |
| Belgium 1.75% | |
| | | |
| | |
| | |
| | | |
| | |
| Pharmaceuticals | |
| | | |
| | |
| UCB SA* | |
| 522 | | |
$ | 142,136 | |
| | |
| | | |
| | |
| Denmark 1.97% | |
| | | |
| | |
| | |
| | | |
| | |
| Biotechnology | |
| | | |
| | |
| Ascendis Pharma AS*(a) | |
| 698 | | |
| 160,107 | |
| | |
| | | |
| | |
| France 2.64% | |
| | | |
| | |
| | |
| | | |
| | |
| Biotechnology | |
| | | |
| | |
| Abivax SA ADR* | |
| 1,296 | | |
| 152,124 | |
| DBV Technologies SA ADR* | |
| 2,973 | | |
| 62,433 | |
| | |
| | | |
| 214,557 | |
| | |
| | | |
| | |
| Israel 1.28% | |
| | | |
| | |
| | |
| | | |
| | |
| Pharmaceuticals | |
| | | |
| | |
| Teva Pharmaceutical Industries Ltd. ADR* | |
| 2,957 | | |
| 103,702 | |
| | |
| | | |
| | |
| Japan 1.04% | |
| | | |
| | |
| | |
| | | |
| | |
| Pharmaceuticals | |
| | | |
| | |
| Otsuka Holdings Co. Ltd. | |
| 1,162 | | |
| 84,689 | |
| | |
| | | |
| | |
| Netherlands 3.25% | |
| | | |
| | |
| | |
| | | |
| | |
| Biotechnology | |
| | | |
| | |
| Argenx SE* | |
| 266 | | |
| 208,603 | |
| Newamsterdam Pharma Co. NV* | |
| 1,944 | | |
| 55,521 | |
| | |
| | | |
| 264,124 | |
| | |
| | | |
| | |
| South Korea 0.63% | |
| | | |
| | |
| | |
| | | |
| | |
| Life Sciences Tools & Services | |
| | | |
| | |
| Samsung Biologics Co. Ltd.†* | |
| 51 | | |
| 50,849 | |
| | |
| | | |
| | |
| Switzerland 2.12% | |
| | | |
| | |
| | |
| | | |
| | |
| Pharmaceuticals | |
| | | |
| | |
| Galderma Group AG | |
| 818 | | |
| 171,611 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| United Kingdom 4.74% | |
| | | |
| | |
| | |
| | | |
| | |
| Pharmaceuticals | |
| | | |
| | |
| AstraZeneca PLC | |
| 2,029 | | |
$ | 384,946 | |
| | |
| | | |
| | |
| United States 79.08% | |
| | | |
| | |
| | |
| | | |
| | |
| Biotechnology 34.45% | |
| | | |
| | |
| Apogee Therapeutics, Inc.* | |
| 487 | | |
| 40,367 | |
| Arrowhead Pharmaceuticals, Inc.* | |
| 962 | | |
| 70,688 | |
| BeOne Medicines Ltd. Class H* | |
| 3,387 | | |
| 76,882 | |
| Bridgebio Pharma, Inc.* | |
| 2,278 | | |
| 161,989 | |
| Celcuity, Inc.* | |
| 1,349 | | |
| 163,701 | |
| CG oncology, Inc.* | |
| 1,223 | | |
| 81,623 | |
| Cogent Biosciences, Inc.* | |
| 4,983 | | |
| 178,342 | |
| Dianthus Therapeutics, Inc.* | |
| 1,575 | | |
| 138,285 | |
| Gilead Sciences, Inc. | |
| 2,647 | | |
| 346,333 | |
| Insmed, Inc.* | |
| 630 | | |
| 85,888 | |
| Madrigal Pharmaceuticals, Inc.* | |
| 350 | | |
| 181,087 | |
| Mineralys Therapeutics, Inc.* | |
| 3,220 | | |
| 85,813 | |
| Mirum Pharmaceuticals, Inc.* | |
| 1,467 | | |
| 142,754 | |
| Natera, Inc.* | |
| 1,151 | | |
| 237,290 | |
| Nuvalent, Inc. Class A* | |
| 520 | | |
| 52,146 | |
| ORIC Pharmaceuticals, Inc.* | |
| 3,130 | | |
| 30,924 | |
| Oruka Therapeutics, Inc.* | |
| 603 | | |
| 41,251 | |
| Protagonist Therapeutics, Inc.* | |
| 580 | | |
| 57,403 | |
| PTC Therapeutics, Inc.* | |
| 1,401 | | |
| 91,149 | |
| Revolution Medicines, Inc.* | |
| 764 | | |
| 110,108 | |
| Rhythm Pharmaceuticals, Inc.* | |
| 942 | | |
| 76,641 | |
| Roivant Sciences Ltd.* | |
| 1,451 | | |
| 41,397 | |
| Scholar Rock Holding Corp.* | |
| 822 | | |
| 38,313 | |
| United Therapeutics Corp.* | |
| 234 | | |
| 133,696 | |
| Vertex Pharmaceuticals, Inc.* | |
| 311 | | |
| 132,915 | |
| | |
| | | |
| 2,796,985 | |
| | |
| | | |
| | |
| Health Care Equipment & Supplies 7.12% | | |
| | |
| Edwards Lifesciences Corp.* | |
| 1,775 | | |
| 148,212 | |
| Glaukos Corp.* | |
| 526 | | |
| 75,570 | |
| IDEXX Laboratories, Inc.* | |
| 89 | | |
| 49,911 | |
| 20 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
HEALTH CARE FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| United States (continued) | |
| | | |
| | |
| Intuitive Surgical, Inc.* | |
| 393 | | |
$ | 179,841 | |
| Stryker Corp. | |
| 186 | | |
| 58,614 | |
| TransMedics Group, Inc.* | |
| 650 | | |
| 65,514 | |
| | |
| | | |
| 577,662 | |
| | |
| | | |
| | |
| Health Care Providers & Services 11.23% | | |
| | |
| Cencora, Inc. | |
| 525 | | |
| 161,705 | |
| CVS Health Corp. | |
| 2,320 | | |
| 193,233 | |
| Encompass Health Corp. | |
| 677 | | |
| 67,700 | |
| GeneDx Holdings Corp.* | |
| 1,046 | | |
| 65,783 | |
| Guardant Health, Inc.* | |
| 2,459 | | |
| 214,130 | |
| RadNet, Inc.* | |
| 672 | | |
| 38,002 | |
| UnitedHealth Group, Inc. | |
| 461 | | |
| 170,791 | |
| | |
| | | |
| 911,344 | |
| | |
| | | |
| | |
| Health Care Technology 0.86% | |
| | | |
| | |
| HeartFlow, Inc.* | |
| 2,360 | | |
| 70,234 | |
| | |
| | | |
| | |
| Life Sciences Tools & Services 4.15% | | |
| | |
| 10X Genomics, Inc. Class A* | |
| 3,200 | | |
| 70,560 | |
| Adaptive Biotechnologies Corp.* | |
| 6,769 | | |
| 95,443 | |
| Repligen Corp.* | |
| 425 | | |
| 50,281 | |
| Thermo Fisher Scientific, Inc. | |
| 252 | | |
| 120,698 | |
| | |
| | | |
| 336,982 | |
| | |
| | | |
| | |
| Pharmaceuticals 21.27% | |
| | | |
| | |
| Alumis, Inc.* | |
| 2,183 | | |
| 53,898 | |
| Eli Lilly & Co. | |
| 775 | | |
| 724,315 | |
| Johnson & Johnson | |
| 1,129 | | |
| 259,501 | |
| Nektar Therapeutics* | |
| 3,038 | | |
| 258,352 | |
| Novartis AG Registered Shares | |
| 1,356 | | |
| 200,403 | |
| Tarsus Pharmaceuticals, Inc.* | |
| 3,622 | | |
| 230,395 | |
| | |
| | | |
| 1,726,864 | |
| Total United States | |
| | | |
| 6,420,071 | |
Total Common Stocks (cost $5,863,449) | |
| | | |
| 7,996,792 | |
| Investments | |
Principal Amount | | |
U.S. $ Fair Value | |
| SHORT-TERM INVESTMENTS 3.70% | |
| | | |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 1.79% | |
| | | |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $146,100 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $147,799; proceeds: $144,831 (cost $144,818) | |
$ | 144,818 | | |
$ | 144,818 | |
| | |
| | | |
| | |
| Time Deposits 0.19% | |
| | | |
| | |
CitiBank N.A.(b) (cost $15,548) | |
| 15,548 | | |
| 15,548 | |
| | |
| | | |
| | |
| | |
| Shares | | |
| | |
| | |
| | | |
| | |
| Money Market Funds 1.72% | |
| | | |
| | |
Fidelity Government Portfolio(b) (cost $139,928) | |
| 139,928 | | |
| 139,928 | |
Total Short-Term Investments (cost $300,294) | |
| | | |
| 300,294 | |
Total Investments in Securities 102.20% (cost $6,163,743) | |
| | | |
| 8,297,086 | |
| Other Assets and Liabilities – Net (2.20)% | |
| | | |
| (178,530 | ) |
| Net Assets 100.00% | |
| | | |
$ | 8,118,556 | |
| ADR |
|
American Depositary Receipt. |
| * |
|
Non-income producing security. |
| † |
|
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered
under such Act or exempted from registration, may only be resold to qualified institutional buyers. At April 30, 2026, the total
value of Rule 144A securities was $50,849, which represents 0.63% of net assets. |
| (a) |
|
All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| (b) |
|
Security was purchased with the cash collateral from loaned securities. |
| |
See Notes to Financial Statements. |
21 |
Schedule of Investments (unaudited)(concluded)
HEALTH CARE FUND April 30, 2026
The following is a summary of the inputs used as of April 30, 2026 in valuing
the Fund’s investments carried at fair value(1):
| Investment Type(2) | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Long-Term Investments | |
| | | |
| | | |
| | | |
| | |
| Common Stocks | |
| | | |
| | | |
| | | |
| | |
| Belgium | |
$ | – | | |
$ | 142,136 | | |
$ | – | | |
$ | 142,136 | |
| Denmark | |
| 160,107 | | |
| – | | |
| – | | |
| 160,107 | |
| France | |
| 214,557 | | |
| – | | |
| – | | |
| 214,557 | |
| Israel | |
| 103,702 | | |
| – | | |
| – | | |
| 103,702 | |
| Japan | |
| – | | |
| 84,689 | | |
| – | | |
| 84,689 | |
| Netherlands | |
| 55,521 | | |
| 208,603 | | |
| – | | |
| 264,124 | |
| South Korea | |
| – | | |
| 50,849 | | |
| – | | |
| 50,849 | |
| Switzerland | |
| – | | |
| 171,611 | | |
| – | | |
| 171,611 | |
| United Kingdom | |
| – | | |
| 384,946 | | |
| – | | |
| 384,946 | |
| United States | |
| 6,142,786 | | |
| 277,285 | | |
| – | | |
| 6,420,071 | |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| | |
| Repurchase Agreements | |
| – | | |
| 144,818 | | |
| – | | |
| 144,818 | |
| Time Deposits | |
| – | | |
| 15,548 | | |
| – | | |
| 15,548 | |
| Money Market Funds | |
| 139,928 | | |
| – | | |
| – | | |
| 139,928 | |
| Total | |
$ | 6,816,601 | | |
$ | 1,480,485 | | |
$ | – | | |
$ | 8,297,086 | |
| (1) |
|
Refer to Note 2(a) 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 Financial Statements. |
Schedule of Investments (unaudited)
INTERNATIONAL EQUITY FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| LONG-TERM INVESTMENTS 96.04% | |
| | | |
| | |
| | |
| | | |
| | |
| COMMON STOCKS 96.04% | |
| | | |
| | |
| | |
| | | |
| | |
| Australia 1.81% | |
| | | |
| | |
| | |
| | | |
| | |
| Diversified REITS 0.52% | |
| | | |
| | |
| Charter Hall Group | |
| 255,507 | | |
$ | 3,762,617 | |
| | |
| | | |
| | |
| Metals & Mining 1.29% | |
| | | |
| | |
| BHP Group Ltd. | |
| 235,070 | | |
| 9,303,916 | |
| Total Australia | |
| | | |
| 13,066,533 | |
| | |
| | | |
| | |
| Austria 2.08% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| BAWAG Group AG† | |
| 39,879 | | |
| 6,829,309 | |
| Erste Group Bank AG | |
| 73,921 | | |
| 8,167,975 | |
| | |
| | | |
| 14,997,284 | |
| | |
| | | |
| | |
| Belgium 0.48% | |
| | | |
| | |
| | |
| | | |
| | |
| Pharmaceuticals | |
| | | |
| | |
| UCB SA* | |
| 12,762 | | |
| 3,474,981 | |
| | |
| | | |
| | |
| Brazil 0.69% | |
| | | |
| | |
| | |
| | | |
| | |
| Capital Markets | |
| | | |
| | |
| B3 SA - Brasil Bolsa Balcao | |
| 1,371,650 | | |
| 4,994,315 | |
| | |
| | | |
| | |
| Canada 4.07% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 1.26% | |
| | | |
| | |
| Toronto-Dominion Bank | |
| 84,481 | | |
| 9,100,824 | |
| | |
| | | |
| | |
| Consumer Staples Distribution & Retail 0.70% | | |
| Alimentation Couche-Tard, Inc. | |
| 85,814 | | |
| 5,076,757 | |
| | |
| | | |
| | |
| Metals & Mining 1.15% | |
| | | |
| | |
| Agnico Eagle Mines Ltd. | |
| 21,204 | | |
| 3,987,292 | |
| Kinross Gold Corp. | |
| 142,050 | | |
| 4,303,278 | |
| | |
| | | |
| 8,290,570 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 0.96% | |
| | | |
| | |
| Imperial Oil Ltd. | |
| 51,490 | | |
| 6,897,427 | |
| Total Canada | |
| | | |
| 29,365,578 | |
| | |
| | | |
| | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Chile 0.81% | |
| | | |
| | |
| | |
| | | |
| | |
| Metals & Mining | |
| | | |
| | |
| Antofagasta PLC | |
| 119,963 | | |
$ | 5,817,929 | |
| | |
| | | |
| | |
| China 2.56% | |
| | | |
| | |
| | |
| | | |
| | |
| Broadline Retail 1.13% | |
| | | |
| | |
| Alibaba Group Holding Ltd. | |
| 497,990 | | |
| 8,207,378 | |
| | |
| | | |
| | |
| Interactive Media & Services 1.43% | |
| | | |
| | |
| Tencent Holdings Ltd. | |
| 169,697 | | |
| 10,306,078 | |
| Total China | |
| | | |
| 18,513,456 | |
| | |
| | | |
| | |
| Denmark 1.38% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 0.87% | |
| | | |
| | |
| Danske Bank AS | |
| 121,808 | | |
| 6,261,965 | |
| | |
| | | |
| | |
| Pharmaceuticals 0.51% | |
| | | |
| | |
| Novo Nordisk AS Class B | |
| 87,000 | | |
| 3,700,626 | |
| Total Denmark | |
| | | |
| 9,962,591 | |
| | |
| | | |
| | |
| Finland 1.06% | |
| | | |
| | |
| | |
| | | |
| | |
| Communications Equipment | |
| | | |
| | |
| Nokia OYJ | |
| 602,193 | | |
| 7,651,803 | |
| | |
| | | |
| | |
| France 6.75% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 0.62% | |
| | | |
| | |
| Safran SA | |
| 13,925 | | |
| 4,471,492 | |
| | |
| | | |
| | |
| Banks 0.66% | |
| | | |
| | |
| Societe Generale SA | |
| 59,590 | | |
| 4,796,996 | |
| | |
| | | |
| | |
| Building Products 0.80% | |
| | | |
| | |
| Cie de Saint-Gobain SA | |
| 62,875 | | |
| 5,760,594 | |
| | |
| | | |
| | |
| Commercial Services & Supplies 0.51% | | |
| | |
| SPIE SA | |
| 63,777 | | |
| 3,700,507 | |
| | |
| | | |
| | |
| Diversified Telecommunication Services 0.35% | | |
| | |
| Orange SA | |
| 119,999 | | |
| 2,498,660 | |
| | |
| | | |
| | |
| Electrical Equipment 1.20% | |
| | | |
| | |
| Legrand SA | |
| 48,160 | | |
| 8,628,510 | |
| |
See Notes to Financial Statements. |
23 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL EQUITY FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| France (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 1.10% | |
| | | |
| | |
| TotalEnergies SE | |
| 85,710 | | |
$ | 7,968,762 | |
| | |
| | | |
| | |
| Personal Care Products 0.85% | |
| | | |
| | |
| L’Oreal SA | |
| 14,202 | | |
| 6,116,644 | |
| | |
| | | |
| | |
| Textiles, Apparel & Luxury Goods 0.66% | | |
| | |
| LVMH Moet Hennessy Louis Vuitton SE | |
| 8,968 | | |
| 4,790,788 | |
| Total France | |
| | | |
| 48,732,953 | |
| | |
| | | |
| | |
| Germany 5.90% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 0.53% | |
| | | |
| | |
| Rheinmetall AG | |
| 2,389 | | |
| 3,810,001 | |
| | |
| | | |
| | |
| Construction Materials 0.82% | |
| | | |
| | |
| Heidelberg Materials AG | |
| 26,817 | | |
| 5,916,986 | |
| | |
| | | |
| | |
| Electrical Equipment 2.12% | |
| | | |
| | |
| Pfisterer Holding SE* | |
| 21,400 | | |
| 2,605,403 | |
| Siemens Energy AG | |
| 60,019 | | |
| 12,719,333 | |
| | |
| | | |
| 15,324,736 | |
| | |
| | | |
| | |
| Health Care Providers & Services 0.35% | | |
| | |
| Fresenius SE & Co. KGaA | |
| 52,385 | | |
| 2,536,982 | |
| | |
| | | |
| | |
| Insurance 1.15% | |
| | | |
| | |
| Allianz SE Registered Shares | |
| 18,131 | | |
| 8,281,014 | |
| | |
| | | |
| | |
| Multi-Utilities 0.61% | |
| | | |
| | |
| E.ON SE | |
| 200,650 | | |
| 4,448,459 | |
| | |
| | | |
| | |
| Pharmaceuticals 0.32% | |
| | | |
| | |
| Bayer AG Registered Shares | |
| 51,426 | | |
| 2,305,823 | |
| Total Germany | |
| | | |
| 42,624,001 | |
| | |
| | | |
| | |
| Greece 0.75% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| Alpha Bank SA | |
| 1,341,486 | | |
| 5,383,691 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Hong Kong 0.67% | |
| | | |
| | |
| | |
| | | |
| | |
| Insurance | |
| | | |
| | |
| Prudential PLC | |
| 321,965 | | |
$ | 4,851,864 | |
| | |
| | | |
| | |
| Hungary 1.18% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| OTP Bank Nyrt | |
| 63,793 | | |
| 8,556,485 | |
| | |
| | | |
| | |
| India 1.34% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 0.42% | |
| | | |
| | |
| ICICI Bank Ltd. ADR | |
| 112,663 | | |
| 2,995,709 | |
| | |
| | | |
| | |
| Wireless Telecommunication Services 0.92% | | |
| | |
| Bharti Airtel Ltd. | |
| 333,895 | | |
| 6,674,537 | |
| Total India | |
| | | |
| 9,670,246 | |
| | |
| | | |
| | |
| Ireland 1.69% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 1.10% | |
| | | |
| | |
| AIB Group PLC | |
| 689,169 | | |
| 7,943,738 | |
| | |
| | | |
| | |
| Trading Companies & Distributors 0.59% | | |
| | |
| AerCap Holdings NV | |
| 29,712 | | |
| 4,225,344 | |
| Total Ireland | |
| | | |
| 12,169,082 | |
| | |
| | | |
| | |
| Italy 1.08% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 0.83% | |
| | | |
| | |
| Banca Monte dei Paschi di Siena SpA(a) | |
| 565,000 | | |
| 6,022,737 | |
| | |
| | | |
| | |
| Passenger Airlines 0.25% | |
| | | |
| | |
| Ryanair Holdings PLC | |
| 67,250 | | |
| 1,764,448 | |
| Total Italy | |
| | | |
| 7,787,185 | |
| | |
| | | |
| | |
| Japan 17.20% | |
| | | |
| | |
| | |
| | | |
| | |
| Automobiles 0.80% | |
| | | |
| | |
| Toyota Motor Corp. | |
| 299,280 | | |
| 5,744,802 | |
| | |
| | | |
| | |
| Banks 2.12% | |
| | | |
| | |
| Mizuho Financial Group, Inc. | |
| 167,060 | | |
| 7,184,028 | |
| 24 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL EQUITY FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Japan (continued) | |
| | | |
| | |
| Sumitomo Mitsui Financial Group, Inc. | |
| 229,951 | | |
$ | 8,119,351 | |
| | |
| | | |
| 15,303,379 | |
| | |
| | | |
| | |
| Broadline Retail 0.66% | |
| | | |
| | |
| Ryohin Keikaku Co. Ltd. | |
| 207,800 | | |
| 4,800,949 | |
| | |
| | | |
| | |
| Electrical Equipment 2.77% | |
| | | |
| | |
| Fuji Electric Co. Ltd. | |
| 63,670 | | |
| 5,351,133 | |
| Fujikura Ltd. | |
| 109,720 | | |
| 4,233,325 | |
| Furukawa Electric Co. Ltd. | |
| 6,600 | | |
| 1,792,472 | |
| Mitsubishi Electric Corp. | |
| 214,360 | | |
| 8,602,476 | |
| | |
| | | |
| 19,979,406 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 1.70% | | |
| | |
| Anritsu Corp. | |
| 65,300 | | |
| 1,709,366 | |
| Murata Manufacturing Co. Ltd. | |
| 318,210 | | |
| 10,553,188 | |
| | |
| | | |
| 12,262,554 | |
| | |
| | | |
| | |
| Health Care Equipment & Supplies 0.93% | | |
| | |
| Hoya Corp. | |
| 35,840 | | |
| 6,692,895 | |
| | |
| | | |
| | |
| Household Durables 0.66% | |
| | | |
| | |
| Panasonic Holdings Corp. | |
| 232,500 | | |
| 4,755,975 | |
| | |
| | | |
| | |
| Industrial Conglomerates 1.31% | |
| | | |
| | |
| Hitachi Ltd. | |
| 298,335 | | |
| 9,486,560 | |
| | |
| | | |
| | |
| Insurance 0.64% | |
| | | |
| | |
| Sompo Holdings, Inc. | |
| 123,680 | | |
| 4,602,801 | |
| | |
| | | |
| | |
| Machinery 1.74% | |
| | | |
| | |
| Ebara Corp. | |
| 145,570 | | |
| 4,979,646 | |
| Mitsubishi Heavy Industries Ltd. | |
| 254,800 | | |
| 7,604,729 | |
| | |
| | | |
| 12,584,375 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 1.59% | |
| Disco Corp. | |
| 6,910 | | |
| 3,287,656 | |
| Kioxia Holdings Corp.* | |
| 17,500 | | |
| 4,234,275 | |
| Tokyo Electron Ltd. | |
| 13,330 | | |
| 3,928,119 | |
| | |
| | | |
| 11,450,050 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Japan (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Textiles, Apparel & Luxury Goods 0.58% | | |
| | |
| Asics Corp. | |
| 148,690 | | |
$ | 4,222,441 | |
| | |
| | | |
| | |
| Tobacco 0.86% | |
| | | |
| | |
| Japan Tobacco, Inc. | |
| 166,770 | | |
| 6,212,971 | |
| | |
| | | |
| | |
| Trading Companies & Distributors 0.84% | | |
| | |
| Marubeni Corp. | |
| 155,260 | | |
| 6,042,886 | |
| Total Japan | |
| | | |
| 124,142,044 | |
| | |
| | | |
| | |
| Mexico 0.64% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| Grupo Financiero Banorte SAB de CV Class O | |
| 424,900 | | |
| 4,613,735 | |
| | |
| | | |
| | |
| Netherlands 4.69% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 0.70% | |
| | | |
| | |
| ING Groep NV | |
| 175,161 | | |
| 5,069,401 | |
| | |
| | | |
| | |
| Biotechnology 0.50% | |
| | | |
| | |
| Argenx SE ADR* | |
| 4,574 | | |
| 3,575,587 | |
| | |
| | | |
| | |
| Insurance 1.35% | |
| | | |
| | |
| NN Group NV | |
| 111,237 | | |
| 9,736,997 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 2.14% | |
| ASML Holding NV | |
| 10,712 | | |
| 15,484,685 | |
| Total Netherlands | |
| | | |
| 33,866,670 | |
| | |
| | | |
| | |
| Peru 0.86% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| Credicorp Ltd. | |
| 19,100 | | |
| 6,191,647 | |
| | |
| | | |
| | |
| Singapore 0.79% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| DBS Group Holdings Ltd. | |
| 123,910 | | |
| 5,713,573 | |
| | |
| | | |
| | |
| South Korea 7.52% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 0.90% | |
| | | |
| | |
| Hanwha Aerospace Co. Ltd. 6,783 | |
| | | |
| 6,480,253 | |
| |
See Notes to Financial Statements. |
25 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL EQUITY FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| South Korea (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 0.84% | |
| | | |
| | |
| KB Financial Group, Inc. | |
| 55,494 | | |
$ | 6,076,876 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 1.94% | | |
| | |
| SK Hynix, Inc. | |
| 15,698 | | |
| 13,998,974 | |
| | |
| | | |
| | |
| Technology Hardware, Storage & Peripherals 3.14% | | |
| | |
| Samsung Electronics Co. Ltd. | |
| 150,733 | | |
| 22,698,519 | |
| | |
| | | |
| | |
| Tobacco 0.70% | |
| | | |
| | |
| KT&G Corp. | |
| 42,193 | | |
| 5,072,149 | |
| Total South Korea | |
| | | |
| 54,326,771 | |
| | |
| | | |
| | |
| Spain 4.11% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 1.16% | |
| | | |
| | |
| Banco Santander SA | |
| 687,201 | | |
| 8,385,444 | |
| | |
| | | |
| | |
| Construction & Engineering 0.52% | |
| | | |
| | |
| ACS Actividades de Construccion y Servicios SA | |
| 25,831 | | |
| 3,723,142 | |
| | |
| | | |
| | |
| Electric: Utilities 1.16% | |
| | | |
| | |
| Iberdrola SA | |
| 356,670 | | |
| 8,361,847 | |
| | |
| | | |
| | |
| Information Technology Services 0.33% | | |
| | |
| Indra Sistemas SA | |
| 41,352 | | |
| 2,378,333 | |
| | |
| | | |
| | |
| Specialty Retail 0.94% | |
| | | |
| | |
| Industria de Diseno Textil SA | |
| 113,469 | | |
| 6,791,191 | |
| Total Spain | |
| | | |
| 29,639,957 | |
| | |
| | | |
| | |
| Sweden 1.01% | |
| | | |
| | |
| | |
| | | |
| | |
| Machinery | |
| | | |
| | |
| Sandvik AB(a) | |
| 172,865 | | |
| 7,271,933 | |
| | |
| | | |
| | |
| Switzerland 3.11% | |
| | | |
| | |
| | |
| | | |
| | |
| Electrical Equipment 1.47% | |
| | | |
| | |
| ABB Ltd. Registered Shares | |
| 104,720 | | |
| 10,591,345 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Switzerland (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Pharmaceuticals 0.80% | |
| | | |
| | |
| Sandoz Group AG | |
| 72,300 | | |
$ | 5,799,432 | |
| | |
| | | |
| | |
| Textiles, Apparel & Luxury Goods 0.84% | | |
| | |
| Cie Financiere Richemont SA Class A | |
| 31,585 | | |
| 6,061,707 | |
| Total Switzerland | |
| | | |
| 22,452,484 | |
| | |
| | | |
| | |
| Taiwan 9.27% | |
| | | |
| | |
| | |
| | | |
| | |
| Communications Equipment 0.23% | |
| | | |
| | |
| Accton Technology Corp. | |
| 23,000 | | |
| 1,684,441 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 1.78% | |
| Delta Electronics, Inc. | |
| 146,200 | | |
| 10,252,340 | |
| Unimicron Technology Corp. | |
| 90,000 | | |
| 2,556,301 | |
| | |
| | | |
| 12,808,641 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 6.58% | | |
| ASE Technology Holding Co. Ltd. | |
| 274,200 | | |
| 4,297,989 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| 590,894 | | |
| 41,020,954 | |
| Visual Photonics Epitaxy Co. Ltd. | |
| 197,000 | | |
| 2,194,695 | |
| | |
| | | |
| 47,513,638 | |
| | |
| | | |
| | |
| Technology Hardware, Storage & Peripherals 0.68% | | |
| Asia Vital Components Co. Ltd. | |
| 53,840 | | |
| 4,929,229 | |
| Total Taiwan | |
| | | |
| 66,935,949 | |
| | |
| | | |
| | |
| United Kingdom 4.25% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 0.29% | |
| | | |
| | |
| Babcock International Group PLC | |
| 138,275 | | |
| 2,083,149 | |
| | |
| | | |
| | |
| Banks 0.91% | |
| | | |
| | |
| HSBC Holdings PLC | |
| 357,373 | | |
| 6,575,597 | |
| 26 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL EQUITY FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| United Kingdom (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Beverages 0.58% | |
| | | |
| | |
| Diageo PLC | |
| 206,546 | | |
$ | 4,176,231 | |
| | |
| | | |
| | |
| Capital Markets 0.46% | |
| | | |
| | |
| St. James’s Place PLC | |
| 200,455 | | |
| 3,309,895 | |
| | |
| | | |
| | |
| Pharmaceuticals 1.39% | |
| | | |
| | |
| AstraZeneca PLC | |
| 53,200 | | |
| 10,093,221 | |
| | |
| | | |
| | |
| Tobacco 0.62% | |
| | | |
| | |
| Imperial Brands PLC | |
| 117,871 | | |
| 4,478,230 | |
| Total United Kingdom | |
| | | |
| 30,716,323 | |
| | |
| | | |
| | |
| United States 8.29% | |
| | | |
| | |
| | |
| | | |
| | |
| Biotechnology 0.64% | |
| | | |
| | |
| BeOne Medicines Ltd. Class H* | |
| 205,109 | | |
| 4,655,803 | |
| | |
| | | |
| | |
| Construction Materials 1.80% | |
| | | |
| | |
| CRH PLC | |
| 45,322 | | |
| 5,388,850 | |
| Holcim AG | |
| 81,696 | | |
| 7,591,711 | |
| | |
| | | |
| 12,980,561 | |
| | |
| | | |
| | |
| Electrical Equipment 1.18% | |
| | | |
| | |
| Schneider Electric SE | |
| 26,680 | | |
| 8,489,809 | |
| | |
| | | |
| | |
| Interactive Media & Services 0.95% | |
| | | |
| | |
| Alphabet, Inc. Class A | |
| 17,929 | | |
| 6,899,079 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 1.43% | |
| | | |
| | |
| Shell PLC | |
| 226,568 | | |
| 10,301,315 | |
| | |
| | | |
| | |
| Pharmaceuticals 1.57% | |
| | | |
| | |
| Novartis AG Registered | |
| | | |
| | |
| Shares | |
| 32,851 | | |
| 4,855,038 | |
| Roche Holding AG | |
| 15,956 | | |
| 6,502,068 | |
| | |
| | | |
| 11,357,106 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 0.72% |
| | |
| Broadcom, Inc. | |
| 12,417 | | |
| 5,183,228 | |
| Total United States | |
| | | |
| 59,866,901 | |
Total Common Stocks (cost $493,918,106) | |
| | | |
| 693,357,964 | |
| Investments | |
Principal Amount | | |
U.S. $ Fair Value | |
| SHORT-TERM INVESTMENTS 3.76% | |
| | | |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 2.85% | |
| | | |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $20,731,800 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $20,966,938; proceeds: $20,557,485 (cost $20,555,630) | |
$ | 20,555,630 | | |
$ | 20,555,630 | |
| | |
| | | |
| | |
| Time Deposits 0.09% | |
| | | |
| | |
CitiBank N.A.(b) (cost $659,836) | |
| 659,836 | | |
| 659,836 | |
| | |
| | | |
| | |
| | |
| Shares | | |
| | |
| | |
| | | |
| | |
| Money Market Funds 0.82% | |
| | | |
| | |
Fidelity Government Portfolio(b) (cost $5,938,526) | |
| 5,938,526 | | |
| 5,938,526 | |
Total Short-Term Investments (cost $27,153,992) | |
| | | |
| 27,153,992 | |
Total Investments in Securities 99.80% (cost $521,072,098) | |
| | | |
| 720,511,956 | |
| Other Assets and Liabilities – Net 0.20% | |
| | | |
| 1,410,251 | |
| Net Assets 100.00% | |
| | | |
$ | 721,922,207 | |
| ADR |
|
American Depositary Receipt. |
| REITS |
|
Real Estate Investment Trusts. |
| † |
|
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered
under such Act or exempted from registration, may only be resold to qualified institutional buyers. At April 30, 2026, the total
value of Rule 144A securities was $6,829,309, which represents 0.95% of net assets. |
| * |
|
Non-income producing security. |
| (a) |
|
All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| (b) |
|
Security was purchased with the cash collateral from loaned securities. |
| |
See Notes to Financial Statements. |
27 |
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL EQUITY FUND April 30, 2026
The following is a summary of the inputs used as of April 30, 2026 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 | |
$ | – | | |
$ | 13,066,533 | | |
$ | – | | |
$ | 13,066,533 | |
| Austria | |
| – | | |
| 14,997,284 | | |
| – | | |
| 14,997,284 | |
| Belgium | |
| – | | |
| 3,474,981 | | |
| – | | |
| 3,474,981 | |
| Brazil | |
| 4,994,315 | | |
| – | | |
| – | | |
| 4,994,315 | |
| Canada | |
| 29,365,578 | | |
| – | | |
| – | | |
| 29,365,578 | |
| Chile | |
| – | | |
| 5,817,929 | | |
| – | | |
| 5,817,929 | |
| China | |
| – | | |
| 18,513,456 | | |
| – | | |
| 18,513,456 | |
| Denmark | |
| – | | |
| 9,962,591 | | |
| – | | |
| 9,962,591 | |
| Finland | |
| – | | |
| 7,651,803 | | |
| – | | |
| 7,651,803 | |
| France | |
| – | | |
| 48,732,953 | | |
| – | | |
| 48,732,953 | |
| Germany | |
| – | | |
| 42,624,001 | | |
| – | | |
| 42,624,001 | |
| Greece | |
| – | | |
| 5,383,691 | | |
| – | | |
| 5,383,691 | |
| Hong Kong | |
| – | | |
| 4,851,864 | | |
| – | | |
| 4,851,864 | |
| Hungary | |
| – | | |
| 8,556,485 | | |
| – | | |
| 8,556,485 | |
| India | |
| 2,995,709 | | |
| 6,674,537 | | |
| – | | |
| 9,670,246 | |
| Ireland | |
| 4,225,344 | | |
| 7,943,738 | | |
| – | | |
| 12,169,082 | |
| Italy | |
| – | | |
| 7,787,185 | | |
| – | | |
| 7,787,185 | |
| Japan | |
| 4,800,949 | | |
| 119,341,095 | | |
| – | | |
| 124,142,044 | |
| Mexico | |
| 4,613,735 | | |
| – | | |
| – | | |
| 4,613,735 | |
| Netherlands | |
| 3,575,587 | | |
| 30,291,083 | | |
| – | | |
| 33,866,670 | |
| Peru | |
| 6,191,647 | | |
| – | | |
| – | | |
| 6,191,647 | |
| Singapore | |
| – | | |
| 5,713,573 | | |
| – | | |
| 5,713,573 | |
| South Korea | |
| – | | |
| 54,326,771 | | |
| – | | |
| 54,326,771 | |
| Spain | |
| – | | |
| 29,639,957 | | |
| – | | |
| 29,639,957 | |
| Sweden | |
| – | | |
| 7,271,933 | | |
| – | | |
| 7,271,933 | |
| Switzerland | |
| – | | |
| 22,452,484 | | |
| – | | |
| 22,452,484 | |
| Taiwan | |
| – | | |
| 66,935,949 | | |
| – | | |
| 66,935,949 | |
| United Kingdom | |
| – | | |
| 30,716,323 | | |
| – | | |
| 30,716,323 | |
| United States | |
| 17,471,157 | | |
| 42,395,744 | | |
| – | | |
| 59,866,901 | |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| | |
| Repurchase Agreements | |
| – | | |
| 20,555,630 | | |
| – | | |
| 20,555,630 | |
| Time Deposits | |
| – | | |
| 659,836 | | |
| – | | |
| 659,836 | |
| Money Market Funds | |
| 5,938,526 | | |
| – | | |
| – | | |
| 5,938,526 | |
| Total | |
$ | 84,172,547 | | |
$ | 636,339,409 | | |
$ | – | | |
$ | 720,511,956 | |
| (1) |
|
Refer to Note 2(a) 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.
| 28 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| LONG-TERM INVESTMENTS 97.77% | |
| | | |
| | |
| | |
| | | |
| | |
| COMMON STOCKS 97.77% | |
| | | |
| | |
| | |
| | | |
| | |
| Australia 3.12% | |
| | | |
| | |
| | |
| | | |
| | |
| Diversified REITS 0.49% | |
| | | |
| | |
| Charter Hall Group | |
| 115,000 | | |
$ | 1,693,499 | |
| | |
| | | |
| | |
| Metals & Mining 1.71% | |
| | | |
| | |
| Imdex Ltd. | |
| 2,020,000 | | |
| 5,941,990 | |
| | |
| | | |
| | |
| Professional Services 0.70% | |
| | | |
| | |
| ALS Ltd. | |
| 155,000 | | |
| 2,420,299 | |
| | |
| | | |
| | |
| Software 0.22% | |
| | | |
| | |
| IREN Ltd.* | |
| 17,000 | | |
| 773,670 | |
| Total Australia | |
| | | |
| 10,829,458 | |
| | |
| | | |
| | |
| Austria 1.80% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 1.60% | |
| | | |
| | |
| BAWAG Group AG† | |
| 32,376 | | |
| 5,544,415 | |
| | |
| | | |
| | |
| Construction Materials 0.20% | |
| | | |
| | |
| Wienerberger AG | |
| 24,500 | | |
| 710,358 | |
| Total Austria | |
| | | |
| 6,254,773 | |
| | |
| | | |
| | |
| Belgium 0.85% | |
| | | |
| | |
| | |
| | | |
| | |
| Health Care REITS | |
| | | |
| | |
| Aedifica SA | |
| 35,000 | | |
| 2,950,547 | |
| | |
| | | |
| | |
| Burkina Faso 1.02% | |
| | | |
| | |
| | |
| | | |
| | |
| Metals & Mining | |
| | | |
| | |
| IAMGOLD Corp.* | |
| 210,000 | | |
| 3,534,141 | |
| | |
| | | |
| | |
| Canada 11.36% | |
| | | |
| | |
| | |
| | | |
| | |
| Consumer Staples Distribution & Retail 0.84% | |
| | | |
| | |
| North West Co., Inc. | |
| 77,800 | | |
| 2,914,171 | |
| | |
| | | |
| | |
| Gas Utilities 0.76% | |
| | | |
| | |
| Brookfield Infrastructure Corp. Class A | |
| 71,989 | | |
| 2,663,119 | |
| | |
| | | |
| | |
| Ground Transportation 0.99% | |
| | | |
| | |
| TFI International, Inc. | |
| 24,000 | | |
| 3,434,048 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Canada (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Metals & Mining 2.63% | |
| | | |
| | |
| Capstone Copper Corp.* | |
| 306,100 | | |
$ | 2,550,927 | |
| DPM Metals, Inc. | |
| 148,000 | | |
| 4,969,470 | |
| Hudbay Minerals, Inc. | |
| 70,000 | | |
| 1,619,171 | |
| | |
| | | |
| 9,139,568 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 4.94% | |
| | | |
| | |
| Headwater Exploration, Inc. | |
| 335,000 | | |
| 3,309,677 | |
| NexGen Energy Ltd.* | |
| 170,000 | | |
| 2,135,090 | |
| PrairieSky Royalty Ltd. | |
| 197,000 | | |
| 4,975,942 | |
| Tamarack Valley Energy Ltd. | |
| 245,000 | | |
| 2,297,861 | |
| Topaz Energy Corp. | |
| 191,000 | | |
| 4,434,895 | |
| | |
| | | |
| 17,153,465 | |
| | |
| | | |
| | |
| Trading Companies & Distributors 1.20% | |
| | | |
| | |
| Finning International, Inc. | |
| 57,000 | | |
| 4,174,447 | |
| Total Canada | |
| | | |
| 39,478,818 | |
| | |
| | | |
| | |
| Denmark 0.76% | |
| | | |
| | |
| | |
| | | |
| | |
| Pharmaceuticals | |
| | | |
| | |
| ALK-Abello AS | |
| 70,000 | | |
| 2,621,894 | |
| | |
| | | |
| | |
| France 7.56% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 2.44% | |
| | | |
| | |
| Exail Technologies SA* | |
| 21,000 | | |
| 3,046,325 | |
| LISI SA | |
| 74,000 | | |
| 5,417,184 | |
| | |
| | | |
| 8,463,509 | |
| | |
| | | |
| | |
| Biotechnology 1.05% | |
| | | |
| | |
| Abivax SA ADR* | |
| 31,000 | | |
| 3,638,780 | |
| | |
| | | |
| | |
| Commercial Services & Supplies 0.67% | |
| | | |
| | |
| Elis SA | |
| 75,000 | | |
| 2,317,515 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 0.15% |
| Vusion | |
| 3,700 | | |
| 527,759 | |
| |
See Notes to Financial Statements. |
29 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| France (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Hotels, Restaurants & Leisure 1.09% | |
| | | |
| | |
| Accor SA | |
| 28,000 | | |
$ | 1,385,684 | |
| Cie des Alpes | |
| 93,000 | | |
| 2,417,660 | |
| | |
| | | |
| 3,803,344 | |
| | |
| | | |
| | |
| Household Durables 0.27% | |
| | | |
| | |
| Kaufman & Broad SA | |
| 29,000 | | |
| 942,121 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 1.28% | |
| | | |
| | |
| Gaztransport Et Technigaz SA | |
| 18,349 | | |
| 4,464,204 | |
| | |
| | | |
| | |
| Software 0.61% | |
| | | |
| | |
| Planisware SA | |
| 99,781 | | |
| 2,106,373 | |
| Total France | |
| | | |
| 26,263,605 | |
| | |
| | | |
| | |
| Germany 8.84% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 0.53% | |
| | | |
| | |
| Vincorion SE* | |
| 70,000 | | |
| 1,830,424 | |
| | |
| | | |
| | |
| Capital Markets 0.84% | |
| | | |
| | |
| flatexDEGIRO SE | |
| 82,000 | | |
| 2,933,936 | |
| | |
| | | |
| | |
| Chemicals 1.03% | |
| | | |
| | |
| Alzchem Group AG | |
| 18,400 | | |
| 3,577,198 | |
| | |
| | | |
| | |
| Electrical Equipment 1.80% | |
| | | |
| | |
| Pfisterer Holding SE* | |
| 51,500 | | |
| 6,270,012 | |
| | |
| | | |
| | |
| Machinery 1.96% | |
| | | |
| | |
| Deutz AG | |
| 150,000 | | |
| 1,754,018 | |
| JOST Werke SE† | |
| 32,500 | | |
| 1,975,839 | |
| RENK Group AG | |
| 48,500 | | |
| 3,082,419 | |
| | |
| | | |
| 6,812,276 | |
| | |
| | | |
| | |
| Real Estate Management & Development 0.77% | |
| | | |
| | |
| TAG Immobilien AG | |
| 152,433 | | |
| 2,658,267 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 1.91% |
| | |
| AIXTRON SE | |
| 120,000 | | |
| 6,630,462 | |
| Total Germany | |
| | | |
| 30,712,575 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Hong Kong 2.50% | |
| | | |
| | |
| | |
| | | |
| | |
| Hotels, Restaurants & Leisure 0.37% | |
| | | |
| | |
| Melco Resorts & Entertainment Ltd. ADR* | |
| 220,000 | | |
$ | 1,269,400 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 2.13% |
| | |
| ASMPT Ltd. | |
| 353,200 | | |
| 7,398,626 | |
| Total Hong Kong | |
| | | |
| 8,668,026 | |
| | |
| | | |
| | |
| Ireland 0.59% | |
| | | |
| | |
| | |
| | | |
| | |
| Household Durables | |
| | | |
| | |
| Cairn Homes PLC | |
| 800,000 | | |
| 2,046,845 | |
| | |
| | | |
| | |
| Israel 1.91% | |
| | | |
| | |
| | |
| | | |
| | |
| Capital Markets | |
| | | |
| | |
| Tel Aviv Stock Exchange Ltd. | |
| 131,657 | | |
| 6,624,708 | |
| | |
| | | |
| | |
| Italy 5.43% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 0.95% | |
| | | |
| | |
| Avio SpA | |
| 89,622 | | |
| 3,317,530 | |
| | |
| | | |
| | |
| Hotels, Restaurants & Leisure 1.10% | |
| | | |
| | |
| Lottomatica Group SpA | |
| 129,833 | | |
| 3,817,322 | |
| | |
| | | |
| | |
| Leisure Products 1.39% | |
| | | |
| | |
| Technogym SpA† | |
| 205,000 | | |
| 4,829,774 | |
| | |
| | | |
| | |
| Machinery 0.36% | |
| | | |
| | |
| Interpump Group SpA | |
| 30,000 | | |
| 1,264,742 | |
| | |
| | | |
| | |
| Textiles, Apparel & Luxury Goods 0.75% | |
| | | |
| | |
| Brunello Cucinelli SpA(a) | |
| 26,666 | | |
| 2,602,130 | |
| | |
| | | |
| | |
| Transportation Infrastructure 0.88% | |
| | | |
| | |
| Enav SpA† | |
| 520,000 | | |
| 3,044,021 | |
| Total Italy | |
| | | |
| 18,875,519 | |
| | |
| | | |
| | |
| Japan 20.52% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 1.57% | |
| | | |
| | |
| Mebuki Financial Group, Inc. | |
| 659,000 | | |
| 5,471,241 | |
| 30 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Japan (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Beverages 0.49% | |
| | | |
| | |
| Coca-Cola Bottlers Japan Holdings, Inc. | |
| 78,000 | | |
$ | 1,702,443 | |
| | |
| | | |
| | |
| Chemicals 0.78% | |
| | | |
| | |
| NOF Corp. | |
| 132,000 | | |
| 2,695,834 | |
| | |
| | | |
| | |
| Commercial Services & Supplies 1.17% | |
| | | |
| | |
| Daiei Kankyo Co. Ltd. | |
| 93,000 | | |
| 2,234,033 | |
| Japan Elevator Service Holdings Co. Ltd. | |
| 182,000 | | |
| 1,841,305 | |
| | |
| | | |
| 4,075,338 | |
| | |
| | | |
| | |
| Electrical Equipment 2.35% | |
| | | |
| | |
| Furukawa Electric Co. Ltd. | |
| 30,000 | | |
| 8,147,600 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 2.43% |
| Azbil Corp. | |
| 217,400 | | |
| 1,934,805 | |
| Taiyo Yuden Co. Ltd. | |
| 159,000 | | |
| 6,518,918 | |
| | |
| | | |
| 8,453,723 | |
| | |
| | | |
| | |
| Food Products 0.62% | |
| | | |
| | |
| Kewpie Corp. | |
| 81,000 | | |
| 2,149,244 | |
| | |
| | | |
| | |
| Health Care Equipment & | |
| | | |
| | |
| Supplies 1.06% | |
| | | |
| | |
| Asahi Intecc Co. Ltd. | |
| 175,000 | | |
| 3,682,450 | |
| | |
| | | |
| | |
| Hotels, Restaurants & Leisure 1.84% | |
| | | |
| | |
| Food & Life Cos. Ltd. | |
| 55,500 | | |
| 3,228,492 | |
| McDonald’s Holdings Co. Japan Ltd. | |
| 61,000 | | |
| 3,163,872 | |
| | |
| | | |
| 6,392,364 | |
| | |
| | | |
| | |
| Information Technology Services 0.67% | |
| | | |
| | |
| NS Solutions Corp. | |
| 25,476 | | |
| 590,226 | |
| Simplex Holdings, Inc. | |
| 308,400 | | |
| 1,729,946 | |
| | |
| | | |
| 2,320,172 | |
| | |
| | | |
| | |
| Machinery 2.47% | |
| | | |
| | |
| Japan Steel Works Ltd. | |
| 65,500 | | |
| 4,002,748 | |
| Organo Corp. | |
| 45,200 | | |
| 4,567,595 | |
| | |
| | | |
| 8,570,343 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Japan (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Real Estate Management & Development 0.45% | |
| | | |
| | |
| Tokyu Fudosan Holdings Corp. | |
| 182,800 | | |
$ | 1,556,383 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 2.68% | | |
| | |
| Kokusai Electric Corp. | |
| 61,000 | | |
| 2,567,204 | |
| SUMCO Corp. | |
| 219,000 | | |
| 3,494,067 | |
| Tokyo Seimitsu Co. Ltd. | |
| 29,500 | | |
| 3,259,621 | |
| | |
| | | |
| 9,320,892 | |
| | |
| | | |
| | |
| Specialty Retail 0.62% | |
| | | |
| | |
| USS Co. Ltd. | |
| 200,000 | | |
| 2,165,373 | |
| | |
| | | |
| | |
| Wireless Telecommunication Services 1.32% | |
| | | |
| | |
| Okinawa Cellular Telephone Co. | |
| 214,400 | | |
| 4,588,154 | |
| Total Japan | |
| | | |
| 71,291,554 | |
| | |
| | | |
| | |
| Netherlands 3.44% | |
| | | |
| | |
| | |
| | | |
| | |
| Biotechnology 0.35% | |
| | | |
| | |
| Newamsterdam Pharma Co. NV* | |
| 42,000 | | |
| 1,199,520 | |
| | |
| | | |
| | |
| Insurance 1.31% | |
| | | |
| | |
| ASR Nederland NV | |
| 60,000 | | |
| 4,557,565 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 1.78% | | |
| | |
| BE Semiconductor Industries NV | |
| 21,183 | | |
| 6,196,335 | |
| Total Netherlands | |
| | | |
| 11,953,420 | |
| | |
| | | |
| | |
| New Zealand 0.92% | |
| | | |
| | |
| | |
| | | |
| | |
| Transportation Infrastructure | |
| | | |
| | |
| Port of Tauranga Ltd. | |
| 655,000 | | |
| 3,211,613 | |
| | |
| | | |
| | |
| Peru 0.20% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| Intercorp Financial Services, Inc. | |
| 15,856 | | |
| 706,860 | |
| |
See Notes to Financial Statements. |
31 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Singapore 0.59% | |
| | | |
| | |
| | |
| | | |
| | |
| Capital Markets | |
| | | |
| | |
| iFAST Corp. Ltd. | |
| 300,000 | | |
$ | 2,065,113 | |
| | |
| | | |
| | |
| South Korea 1.37% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| BNK Financial Group, Inc. | |
| 374,000 | | |
| 4,748,758 | |
| | |
| | | |
| | |
| Spain 1.54% | |
| | | |
| | |
| | |
| | | |
| | |
| Air Freight & Logistics 1.25% | |
| | | |
| | |
| Logista Integral SA | |
| 111,000 | | |
| 4,336,566 | |
| | |
| | | |
| | |
| Machinery 0.29% | |
| | | |
| | |
| Fluidra SA | |
| 43,000 | | |
| 1,006,271 | |
| Total Spain | |
| | | |
| 5,342,837 | |
| | |
| | | |
| | |
| Sweden 1.19% | |
| | | |
| | |
| Commercial Services & Supplies | |
| | | |
| | |
| Loomis AB | |
| 89,468 | | |
| 4,145,505 | |
| | |
| | | |
| | |
| Switzerland 6.73% | |
| | | |
| | |
| | |
| | | |
| | |
| Building Products 1.21% | |
| | | |
| | |
| Belimo Holding AG Registered Shares | |
| 4,600 | | |
| 4,212,491 | |
| | |
| | | |
| | |
| Capital Markets 0.39% | |
| | | |
| | |
| EFG International AG | |
| 63,300 | | |
| 1,361,948 | |
| | |
| | | |
| | |
| Electrical Equipment 2.91% | |
| | | |
| | |
| Accelleron Industries AG | |
| 31,000 | | |
| 3,321,334 | |
| Huber & Suhner AG | |
| 23,300 | | |
| 6,766,997 | |
| | |
| | | |
| 10,088,331 | |
| | |
| | | |
| | |
| Health Care Equipment & Supplies 1.03% | | |
| | |
| Medacta Group SA† | |
| 19,800 | | |
| 3,588,251 | |
| | |
| | | |
| | |
| Machinery 1.19% | |
| | | |
| | |
| VAT Group AG† | |
| 5,500 | | |
| 4,131,877 | |
| Total Switzerland | |
| | | |
| 23,382,898 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Taiwan 6.31% | |
| | | |
| | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 2.44% | | |
| | |
| Chroma ATE, Inc. | |
| 124,000 | | |
$ | 8,472,959 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 3.09% | | |
| | |
| ASPEED Technology, Inc. | |
| 7,000 | | |
| 3,763,007 | |
| Visual Photonics Epitaxy Co. Ltd. | |
| 625,000 | | |
| 6,962,866 | |
| | |
| | | |
| 10,725,873 | |
| | |
| | | |
| | |
| Technology Hardware, Storage & Peripherals 0.78% | | |
| | |
| AURAS Technology Co. Ltd. | |
| 74,000 | | |
| 2,732,609 | |
| Total Taiwan | |
| | | |
| 21,931,441 | |
| | |
| | | |
| | |
| United Kingdom 9.22% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 0.87% | |
| | | |
| | |
| Babcock International Group PLC | |
| 113,000 | | |
| 1,702,374 | |
| Chemring Group PLC | |
| 186,488 | | |
| 1,324,646 | |
| | |
| | | |
| 3,027,020 | |
| | |
| | | |
| | |
| Biotechnology 0.91% | |
| | | |
| | |
| Genus PLC | |
| 98,500 | | |
| 3,141,753 | |
| | |
| | | |
| | |
| Construction & Engineering 0.60% | |
| | | |
| | |
| Renew Holdings PLC | |
| 170,000 | | |
| 2,093,513 | |
| | |
| | | |
| | |
| Construction Materials 0.82% | |
| | | |
| | |
| SigmaRoc PLC* | |
| 1,700,000 | | |
| 2,851,490 | |
| | |
| | | |
| | |
| Food Products 1.95% | |
| | | |
| | |
| Cranswick PLC | |
| 66,000 | | |
| 4,840,731 | |
| Premier Foods PLC | |
| 716,913 | | |
| 1,928,641 | |
| | |
| | | |
| 6,769,372 | |
| | |
| | | |
| | |
| Health Care Equipment & Supplies 0.24% | |
| | | |
| | |
| Convatec Group PLC† | |
| 295,000 | | |
| 846,008 | |
| | |
| | | |
| | |
| Machinery 1.98% | |
| | | |
| | |
| IMI PLC | |
| 92,000 | | |
| 3,504,102 | |
| Rotork PLC | |
| 375,000 | | |
| 1,575,748 | |
| Weir Group PLC | |
| 50,000 | | |
| 1,812,266 | |
| | |
| | | |
| 6,892,116 | |
| 32 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| United Kingdom (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Textiles, Apparel & Luxury Goods 0.66% | |
| | | |
| | |
| Burberry Group PLC* | |
| 145,000 | | |
$ | 2,300,884 | |
| | |
| | | |
| | |
| Trading Companies & Distributors 1.19% | |
| | | |
| | |
| Diploma PLC | |
| 43,500 | | |
| 4,116,812 | |
| Total United Kingdom | |
| | | |
| 32,038,968 | |
Total Common Stocks (cost
$261,781,653) | |
| | | |
| 339,679,876 | |
| | |
| | | |
| | |
| | |
| |
Principal
Amount | | |
| | |
| | |
| | | |
| | |
| SHORT-TERM INVESTMENTS 1.53% | |
| | | |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 0.83% | |
| | | |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $2,928,200 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $2,961,443; proceeds: $2,903,548 (cost $2,903,286) | |
| $2,903,286 | | |
| 2,903,286 | |
| | |
| | | |
| | |
| Time Deposits 0.07% | |
| | | |
| | |
CitiBank N.A.(b) (cost $242,506) | |
| 242,506 | | |
| 242,506 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Money Market Funds 0.63% | |
| | | |
| | |
Fidelity Government Portfolio(b) (cost $2,182,558) | |
| 2,182,558 | | |
$ | 2,182,558 | |
Total Short-Term Investments (cost
$5,328,350) | |
| | | |
| 5,328,350 | |
Total Investments in Securities 99.30% (cost
$267,110,003) | |
| | | |
| 345,008,226 | |
| Other Assets and Liabilities – Net 0.70% | |
| | | |
| 2,430,796 | |
| Net Assets 100.00% | |
| | | |
$ | 347,439,022 | |
| ADR |
|
American Depositary Receipt. |
| REITS |
|
Real Estate Investment Trusts. |
| * |
|
Non-income producing security. |
| † |
|
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or
exempted from registration, may only be resold to qualified institutional buyers. At April 30, 2026, the total value of Rule
144A securities was $23,960,185, which represents 6.90% of net assets. |
| (a) |
|
All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| (b) |
|
Security was purchased with the cash collateral from loaned securities. |
| |
See Notes to Financial Statements. |
33 |
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL OPPORTUNITIES FUND April 30, 2026
The following is a summary of the inputs used as of April 30, 2026
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 | |
$ | 773,670 | | |
$ | 10,055,788 | | |
$ | – | | |
$ | 10,829,458 | |
| Austria | |
| – | | |
| 6,254,773 | | |
| – | | |
| 6,254,773 | |
| Belgium | |
| – | | |
| 2,950,547 | | |
| – | | |
| 2,950,547 | |
| Burkina Faso | |
| 3,534,141 | | |
| – | | |
| – | | |
| 3,534,141 | |
| Canada | |
| 39,478,818 | | |
| – | | |
| – | | |
| 39,478,818 | |
| Denmark | |
| – | | |
| 2,621,894 | | |
| – | | |
| 2,621,894 | |
| France | |
| 3,638,780 | | |
| 22,624,825 | | |
| – | | |
| 26,263,605 | |
| Germany | |
| 1,830,424 | | |
| 28,882,151 | | |
| – | | |
| 30,712,575 | |
| Hong Kong | |
| 1,269,400 | | |
| 7,398,626 | | |
| – | | |
| 8,668,026 | |
| Ireland | |
| 2,046,845 | | |
| – | | |
| – | | |
| 2,046,845 | |
| Israel | |
| – | | |
| 6,624,708 | | |
| – | | |
| 6,624,708 | |
| Italy | |
| – | | |
| 18,875,519 | | |
| – | | |
| 18,875,519 | |
| Japan | |
| – | | |
| 71,291,554 | | |
| – | | |
| 71,291,554 | |
| Netherlands | |
| 1,199,520 | | |
| 10,753,900 | | |
| – | | |
| 11,953,420 | |
| New Zealand | |
| – | | |
| 3,211,613 | | |
| – | | |
| 3,211,613 | |
| Peru | |
| 706,860 | | |
| – | | |
| – | | |
| 706,860 | |
| Singapore | |
| – | | |
| 2,065,113 | | |
| – | | |
| 2,065,113 | |
| South Korea | |
| – | | |
| 4,748,758 | | |
| – | | |
| 4,748,758 | |
| Spain | |
| – | | |
| 5,342,837 | | |
| – | | |
| 5,342,837 | |
| Sweden | |
| – | | |
| 4,145,505 | | |
| – | | |
| 4,145,505 | |
| Switzerland | |
| – | | |
| 23,382,898 | | |
| – | | |
| 23,382,898 | |
| Taiwan | |
| – | | |
| 21,931,441 | | |
| – | | |
| 21,931,441 | |
| United Kingdom | |
| 1,928,641 | | |
| 30,110,327 | | |
| – | | |
| 32,038,968 | |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| | |
| Repurchase Agreements | |
| – | | |
| 2,903,286 | | |
| – | | |
| 2,903,286 | |
| Time Deposits | |
| – | | |
| 242,506 | | |
| – | | |
| 242,506 | |
| Money Market Funds | |
| 2,182,558 | | |
| – | | |
| – | | |
| 2,182,558 | |
| Total | |
$ | 58,589,657 | | |
$ | 286,418,569 | | |
$ | – | | |
$ | 345,008,226 | |
| (1) |
|
Refer to Note 2(a) 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.
| 34 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)
INTERNATIONAL VALUE FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| LONG-TERM INVESTMENTS 96.16% | |
| | | |
| | |
| | |
| | | |
| | |
| COMMON STOCKS 96.16% | |
| | | |
| | |
| | |
| | | |
| | |
| Australia 4.95% | |
| | | |
| | |
| | |
| | | |
| | |
| Insurance 1.10% | |
| | | |
| | |
| QBE Insurance Group Ltd. | |
| 347,996 | | |
$ | 5,636,792 | |
| | |
| | | |
| | |
| Metals & Mining 3.85% | |
| | | |
| | |
| BHP Group Ltd. | |
| 409,422 | | |
| 16,204,654 | |
| Glencore PLC* | |
| 466,094 | | |
| 3,622,403 | |
| | |
| | | |
| 19,827,057 | |
| Total Australia | |
| | | |
| 25,463,849 | |
| | |
| | | |
| | |
| Austria 2.82% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 2.21% | |
| | | |
| | |
| BAWAG Group AG† | |
| 24,029 | | |
| 4,114,985 | |
| Erste Group Bank AG | |
| 65,754 | | |
| 7,265,554 | |
| | |
| | | |
| 11,380,539 | |
| | |
| | | |
| | |
| Construction Materials 0.61% | |
| | | |
| | |
| Wienerberger AG | |
| 108,342 | | |
| 3,141,290 | |
| Total Austria | |
| | | |
| 14,521,829 | |
| | |
| | | |
| | |
| Canada 3.33% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 1.61% | |
| | | |
| | |
| Toronto-Dominion Bank | |
| 77,177 | | |
| 8,313,991 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 1.72% | |
| | | |
| | |
| Pembina Pipeline Corp. | |
| 189,875 | | |
| 8,838,515 | |
| Total Canada | |
| | | |
| 17,152,506 | |
| | |
| | | |
| | |
| China 1.93% | |
| | | |
| | |
| | |
| | | |
| | |
| Interactive Media & Services 0.73% | |
| | | |
| | |
| Tencent Holdings Ltd. | |
| 61,700 | | |
| 3,747,179 | |
| | |
| | | |
| | |
| Marine Transportation 1.20% | |
| | | |
| | |
| SITC International Holdings Co. Ltd. | |
| 1,473,000 | | |
| 6,167,407 | |
| Total China | |
| | | |
| 9,914,586 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Finland 1.13% | |
| | | |
| | |
| | |
| | | |
| | |
| Communications Equipment | |
| | | |
| | |
| Nokia OYJ | |
| 456,377 | | |
$ | 5,798,983 | |
| | |
| | | |
| | |
| France 9.72% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 2.40% | |
| | | |
| | |
| BNP Paribas SA | |
| 67,268 | | |
| 7,064,582 | |
| Societe Generale SA | |
| 65,700 | | |
| 5,288,851 | |
| | |
| | | |
| 12,353,433 | |
| | |
| | | |
| | |
| Building Products 0.88% | |
| | | |
| | |
| Cie de Saint-Gobain SA | |
| 49,764 | | |
| 4,559,367 | |
| | |
| | | |
| | |
| Chemicals 0.89% | |
| | | |
| | |
| Arkema SA | |
| 62,698 | | |
| 4,575,946 | |
| | |
| | | |
| | |
| Construction & Engineering 1.63% | |
| | | |
| | |
| Eiffage SA | |
| 51,920 | | |
| 8,370,974 | |
| | |
| | | |
| | |
| Diversified Telecommunication Services 0.85% | |
| | | |
| | |
| Orange SA | |
| 211,291 | | |
| 4,399,574 | |
| | |
| | | |
| | |
| Gas Utilities 1.30% | |
| | | |
| | |
| Rubis SCA | |
| 162,676 | | |
| 6,704,603 | |
| | |
| | | |
| | |
| Information Technology Services 0.19% | |
| | | |
| | |
| Capgemini SE | |
| 8,083 | | |
| 983,025 | |
| | |
| | | |
| | |
| Insurance 1.22% | |
| | | |
| | |
| AXA SA | |
| 130,031 | | |
| 6,268,181 | |
| | |
| | | |
| | |
| Media 0.36% | |
| | | |
| | |
| Publicis Groupe SA | |
| 19,816 | | |
| 1,851,553 | |
| Total France | |
| | | |
| 50,066,656 | |
| | |
| | | |
| | |
| Germany 4.73% | |
| | | |
| | |
| | |
| | | |
| | |
| Automobiles 0.55% | |
| | | |
| | |
| Bayerische Motoren Werke AG | |
| 30,854 | | |
| 2,823,547 | |
| | |
| | | |
| | |
| Health Care Providers & Services 1.22% | |
| | | |
| | |
| Fresenius SE & Co. KGaA | |
| 129,525 | | |
| 6,272,838 | |
| |
See Notes to Financial Statements. |
35 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL VALUE FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Germany (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Industrial Conglomerates 1.75% | |
| | | |
| | |
| Siemens AG | |
| 30,352 | | |
$ | 9,019,433 | |
| | |
| | | |
| | |
| Pharmaceuticals 1.21% | |
| | | |
| | |
| Bayer AG Registered Shares | |
| 139,127 | | |
| 6,238,134 | |
| Total Germany | |
| | | |
| 24,353,952 | |
| | |
| | | |
| | |
| Hong Kong 2.25% | |
| | | |
| | |
| | |
| | | |
| | |
| Insurance 1.39% | |
| | | |
| | |
| Prudential PLC | |
| 473,479 | | |
| 7,135,110 | |
| | |
| | | |
| | |
| Machinery 0.86% | |
| | | |
| | |
| Techtronic Industries Co. Ltd. | |
| 305,500 | | |
| 4,429,657 | |
| Total Hong Kong | |
| | | |
| 11,564,767 | |
| | |
| | | |
| | |
| Hungary 0.37% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| OTP Bank Nyrt | |
| 14,367 | | |
| 1,927,030 | |
| | |
| | | |
| | |
| Ireland 2.87% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 1.77% | |
| | | |
| | |
| AIB Group PLC | |
| 787,687 | | |
| 9,079,310 | |
| | |
| | | |
| | |
| Trading Companies & Distributors 1.10% | |
| | | |
| | |
| AerCap Holdings NV | |
| 39,870 | | |
| 5,669,913 | |
| Total Ireland | |
| | | |
| 14,749,223 | |
| | |
| | | |
| | |
| Italy 5.83% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 1.28% | |
| | | |
| | |
| Banca Monte dei Paschi di Siena SpA(a) | |
| 618,825 | | |
| 6,596,496 | |
| | |
| | | |
| | |
| Beverages 1.32% | |
| | | |
| | |
| Coca-Cola HBC AG Class DI | |
| 116,315 | | |
| 6,784,526 | |
| | |
| | | |
| | |
| Electric: Utilities 2.13% | |
| | | |
| | |
| Enel SpA | |
| 939,368 | | |
| 10,967,763 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Italy (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Passenger Airlines 1.10% | |
| | | |
| | |
| Ryanair Holdings PLC | |
| 216,826 | | |
$ | 5,688,897 | |
| Total Italy | |
| | | |
| 30,037,682 | |
| | |
| | | |
| | |
| Japan 17.94% | |
| | | |
| | |
| | |
| | | |
| | |
| Automobiles 1.86% | |
| | | |
| | |
| Toyota Motor Corp. | |
| 499,600 | | |
| 9,590,026 | |
| | |
| | | |
| | |
| Banks 3.06% | |
| | | |
| | |
| Mizuho Financial Group, Inc. | |
| 169,800 | | |
| 7,301,855 | |
| Sumitomo Mitsui Financial Group, Inc. | |
| 239,289 | | |
| 8,449,068 | |
| | |
| | | |
| 15,750,923 | |
| | |
| | | |
| | |
| Capital Markets 0.71% | |
| | | |
| | |
| Nomura Holdings, Inc. | |
| 455,800 | | |
| 3,650,878 | |
| | |
| | | |
| | |
| Chemicals 0.77% | |
| | | |
| | |
| Nissan Chemical Corp. | |
| 91,600 | | |
| 3,960,740 | |
| | |
| | | |
| | |
| Electrical Equipment 1.54% | |
| | | |
| | |
| Fuji Electric Co. Ltd. | |
| 94,201 | | |
| 7,917,105 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 1.69% | | |
| | |
| Murata Manufacturing Co. Ltd. | |
| 262,551 | | |
| 8,707,300 | |
| | |
| | | |
| | |
| Household Durables 0.82% | |
| | | |
| | |
| Panasonic Holdings Corp. | |
| 207,000 | | |
| 4,234,352 | |
| | |
| | | |
| | |
| Industrial Conglomerates 0.75% | |
| | | |
| | |
| Hitachi Ltd. | |
| 121,950 | | |
| 3,877,808 | |
| | |
| | | |
| | |
| Insurance 1.49% | |
| | | |
| | |
| Sompo Holdings, Inc. | |
| 206,781 | | |
| 7,695,438 | |
| | |
| | | |
| | |
| Pharmaceuticals 0.93% | |
| | | |
| | |
| Otsuka Holdings Co. Ltd. | |
| 65,500 | | |
| 4,773,781 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 0.26% | | |
| | |
| Renesas Electronics Corp. | |
| 65,100 | | |
| 1,316,494 | |
| 36 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
INTERNATIONAL VALUE FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Japan (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Technology Hardware, Storage & Peripherals 1.17% | | |
| | |
| FUJIFILM Holdings Corp. | |
| 328,700 | | |
$ | 6,049,272 | |
| | |
| | | |
| | |
| Trading Companies & Distributors 1.90% | |
| | | |
| | |
| ITOCHU Corp. | |
| 166,375 | | |
| 2,061,902 | |
| Sumitomo Corp. | |
| 207,700 | | |
| 7,722,737 | |
| | |
| | | |
| 9,784,639 | |
| | |
| | | |
| | |
| Wireless Telecommunication Services 0.99% | |
| | | |
| | |
| KDDI Corp. | |
| 310,300 | | |
| 5,077,913 | |
| Total Japan | |
| | | |
| 92,386,669 | |
| | |
| | | |
| | |
| Mexico 1.14% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks | |
| | | |
| | |
| Grupo Financiero Banorte SAB de CV Class O | |
| 540,068 | | |
| 5,864,276 | |
| | |
| | | |
| | |
| Netherlands 4.72% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 2.06% | |
| | | |
| | |
| ING Groep NV | |
| 366,706 | | |
| 10,612,976 | |
| | |
| | | |
| | |
| Insurance 2.66% | |
| | | |
| | |
| NN Group NV | |
| 156,220 | | |
| 13,674,531 | |
| Total Netherlands | |
| | | |
| 24,287,507 | |
| | |
| | | |
| | |
| South Africa 0.81% | |
| | | |
| | |
| | |
| | | |
| | |
| Metals & Mining | |
| | | |
| | |
| Anglo American PLC | |
| 84,521 | | |
| 4,182,515 | |
| | |
| | | |
| | |
| South Korea 2.65% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 1.16% | |
| | | |
| | |
| KB Financial Group, Inc. | |
| 54,478 | | |
| 5,965,619 | |
| | |
| | | |
| | |
| Technology Hardware, Storage & Peripherals 1.49% | | |
| | |
| Samsung Electronics Co. Ltd. | |
| 51,120 | | |
| 7,698,038 | |
| Total South Korea | |
| | | |
| 13,663,657 | |
| | |
| | | |
| | |
| Spain 2.74% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 1.50% | |
| | | |
| | |
| Banco Santander SA | |
| 632,054 | | |
| 7,712,523 | |
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| Spain (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Electric: Utilities 1.24% | |
| | | |
| | |
| Iberdrola SA | |
| 271,788 | | |
$ | 6,371,855 | |
| Total Spain | |
| | | |
| 14,084,378 | |
| | |
| | | |
| | |
| Sweden 0.54% | |
| | | |
| | |
| | |
| | | |
| | |
| Machinery | |
| | | |
| | |
| Volvo AB Class B | |
| 79,274 | | |
| 2,763,233 | |
| | |
| | | |
| | |
| Switzerland 1.22% | |
| | | |
| | |
| | |
| | | |
| | |
| Capital Markets | |
| | | |
| | |
| Julius Baer Group Ltd. | |
| 76,488 | | |
| 6,287,076 | |
| | |
| | | |
| | |
| Taiwan 1.32% | |
| | | |
| | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment | | |
| | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| 97,514 | | |
| 6,769,602 | |
| | |
| | | |
| | |
| United Kingdom 14.11% | |
| | | |
| | |
| | |
| | | |
| | |
| Banks 5.45% | |
| | | |
| | |
| HSBC Holdings PLC | |
| 989,684 | | |
| 18,210,003 | |
| Lloyds Banking Group PLC | |
| 7,254,512 | | |
| 9,861,072 | |
| | |
| | | |
| 28,071,075 | |
| | |
| | | |
| | |
| Beverages 0.63% | |
| | | |
| | |
| Diageo PLC | |
| 159,649 | | |
| 3,228,003 | |
| | |
| | | |
| | |
| Broadline Retail 0.60% | |
| | | |
| | |
| Next PLC | |
| 17,601 | | |
| 3,106,374 | |
| | |
| | | |
| | |
| Capital Markets 0.76% | |
| | | |
| | |
| St. James’s Place PLC | |
| 238,713 | | |
| 3,941,607 | |
| | |
| | | |
| | |
| Electric: Utilities 0.80% | |
| | | |
| | |
| SSE PLC | |
| 114,682 | | |
| 4,106,116 | |
| | |
| | | |
| | |
| Health Care Equipment & Supplies 1.02% | |
| | | |
| | |
| Smith & Nephew PLC | |
| 338,791 | | |
| 5,242,388 | |
| | |
| | | |
| | |
| Household Durables 0.85% | |
| | | |
| | |
| Persimmon PLC | |
| 305,055 | | |
| 4,398,731 | |
| |
See Notes to Financial Statements. |
37 |
Schedule of Investments (unaudited)(continued)
INTERNATIONAL VALUE FUND April 30, 2026
| Investments | |
Shares | | |
U.S. $ Fair Value | |
| United Kingdom (continued) | |
| | | |
| | |
| | |
| | | |
| | |
| Personal Care Products 1.62% | |
| | | |
| | |
| Unilever PLC | |
| 143,011 | | |
$ | 8,339,704 | |
| | |
| | | |
| | |
| Pharmaceuticals 0.63% | |
| | | |
| | |
| Hikma Pharmaceuticals PLC | |
| 169,768 | | |
| 3,227,795 | |
| | |
| | | |
| | |
| Tobacco 1.75% | |
| | | |
| | |
| Imperial Brands PLC | |
| 237,155 | | |
| 9,010,143 | |
| Total United Kingdom | |
| | | |
| 72,671,936 | |
| | |
| | | |
| | |
| United States 9.04% | |
| | | |
| | |
| | |
| | | |
| | |
| Construction Materials 0.80% | |
| | | |
| | |
| Holcim AG | |
| 44,271 | | |
| 4,113,942 | |
| | |
| | | |
| | |
| Food Products 0.83% | |
| | | |
| | |
| Nestle SA Registered Shares | |
| 41,987 | | |
| 4,250,749 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 5.15% | |
| | | |
| | |
| BP PLC | |
| 1,168,745 | | |
| 9,251,588 | |
| Shell PLC ADR | |
| 190,648 | | |
| 17,286,054 | |
| | |
| | | |
| 26,537,642 | |
| | |
| | | |
| | |
| Pharmaceuticals 2.26% | |
| | | |
| | |
| Novartis AG Registered Shares | |
| 59,900 | | |
| 8,852,601 | |
| Roche Holding AG | |
| 6,895 | | |
| 2,809,712 | |
| | |
| | | |
| 11,662,313 | |
| Total United States | |
| | | |
| 46,564,646 | |
Total Common Stocks (cost
$399,283,446) | |
| | | |
| 495,076,558 | |
| Investments | |
Principal Amount | | |
U.S. $ Fair Value | |
| SHORT-TERM INVESTMENTS 4.37% | |
| | | |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 3.07% | |
| | | |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $15,926,800 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $16,107,433; proceeds: $15,792,894 (cost $15,791,468) | |
| $15,791,468 | | |
$ | 15,791,468 | |
| | |
| | | |
| | |
| Time Deposits 0.13% | |
| | | |
| | |
CitiBank N.A.(b) (cost $672,031) | |
| 672,031 | | |
| 672,031 | |
| | |
| | | |
| | |
| | |
| |
Shares | | |
| | |
| | |
| | | |
| | |
| Money Market Funds 1.17% | |
| | | |
| | |
Fidelity Government Portfolio(b) (cost $6,048,275) | |
| 6,048,275 | | |
| 6,048,275 | |
Total Short-Term Investments (cost
$22,511,774) | |
| | | |
| 22,511,774 | |
| | |
| | | |
| | |
Total Investments in Securities 100.53% (cost
$421,795,220) | | |
| 517,588,332 | |
| Other Assets and Liabilities – Net (0.53)% | | |
| (2,705,122 | ) |
| Net Assets 100.00% | |
| | | |
$ | 514,883,210 | |
| ADR |
|
American Depositary Receipt. |
| * |
|
Non-income producing security. |
| † |
|
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or
exempted from registration, may only be resold to qualified institutional buyers. At April 30, 2026, the total value of Rule
144A securities was $4,114,985, which represents 0.80% of net assets. |
| (a) |
|
All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| (b) |
|
Security was purchased with the cash collateral from loaned securities. |
| 38 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(concluded)
INTERNATIONAL VALUE FUND April 30, 2026
The following is a summary of the inputs used as of April 30, 2026
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 | |
$ | – | | |
$ | 25,463,849 | | |
$ | – | | |
$ | 25,463,849 | |
| Austria | |
| – | | |
| 14,521,829 | | |
| – | | |
| 14,521,829 | |
| Canada | |
| 17,152,506 | | |
| – | | |
| – | | |
| 17,152,506 | |
| China | |
| – | | |
| 9,914,586 | | |
| – | | |
| 9,914,586 | |
| Finland | |
| – | | |
| 5,798,983 | | |
| – | | |
| 5,798,983 | |
| France | |
| – | | |
| 50,066,656 | | |
| – | | |
| 50,066,656 | |
| Germany | |
| – | | |
| 24,353,952 | | |
| – | | |
| 24,353,952 | |
| Hong Kong | |
| – | | |
| 11,564,767 | | |
| – | | |
| 11,564,767 | |
| Hungary | |
| – | | |
| 1,927,030 | | |
| – | | |
| 1,927,030 | |
| Ireland | |
| 5,669,913 | | |
| 9,079,310 | | |
| – | | |
| 14,749,223 | |
| Italy | |
| – | | |
| 30,037,682 | | |
| – | | |
| 30,037,682 | |
| Japan | |
| – | | |
| 92,386,669 | | |
| – | | |
| 92,386,669 | |
| Mexico | |
| 5,864,276 | | |
| – | | |
| – | | |
| 5,864,276 | |
| Netherlands | |
| – | | |
| 24,287,507 | | |
| – | | |
| 24,287,507 | |
| South Africa | |
| – | | |
| 4,182,515 | | |
| – | | |
| 4,182,515 | |
| South Korea | |
| – | | |
| 13,663,657 | | |
| – | | |
| 13,663,657 | |
| Spain | |
| – | | |
| 14,084,378 | | |
| – | | |
| 14,084,378 | |
| Sweden | |
| – | | |
| 2,763,233 | | |
| – | | |
| 2,763,233 | |
| Switzerland | |
| – | | |
| 6,287,076 | | |
| – | | |
| 6,287,076 | |
| Taiwan | |
| – | | |
| 6,769,602 | | |
| – | | |
| 6,769,602 | |
| United Kingdom | |
| – | | |
| 72,671,936 | | |
| – | | |
| 72,671,936 | |
| United States | |
| 17,286,054 | | |
| 29,278,592 | | |
| – | | |
| 46,564,646 | |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| | |
| Repurchase Agreements | |
| – | | |
| 15,791,468 | | |
| – | | |
| 15,791,468 | |
| Time Deposits | |
| – | | |
| 672,031 | | |
| – | | |
| 672,031 | |
| Money Market Funds | |
| 6,048,275 | | |
| – | | |
| – | | |
| 6,048,275 | |
| Total | |
$ | 52,021,024 | | |
$ | 465,567,308 | | |
$ | – | | |
$ | 517,588,332 | |
| (1) |
|
Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| (2) |
|
See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When
applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund
has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.
| |
See Notes to Financial Statements. |
39 |
Schedule of Investments (unaudited)
MICRO CAP GROWTH FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| LONG-TERM INVESTMENTS 98.69% | |
| | | |
| | |
| | |
| | | |
| | |
| COMMON STOCKS 98.69% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 7.34% | |
| | | |
| | |
| AAR Corp.* | |
| 24,296 | | |
$ | 2,681,550 | |
| Aevex Corp. Class A* | |
| 87,583 | | |
| 2,649,386 | |
| Mercury Systems, Inc.* | |
| 40,572 | | |
| 3,201,536 | |
| TAT Technologies Ltd. (Israel)*(a) | |
| 30,164 | | |
| 1,107,320 | |
| VSE Corp. | |
| 15,823 | | |
| 2,716,493 | |
| York Space Systems, Inc.*(b) | |
| 77,932 | | |
| 2,584,225 | |
| Total | |
| | | |
| 14,940,510 | |
| | |
| | | |
| | |
| Beverages 1.86% | |
| | | |
| | |
| Vita Coco Co., Inc.* | |
| 57,434 | | |
| 3,790,070 | |
| | |
| | | |
| | |
| Biotechnology 17.58% | |
| | | |
| | |
| Celcuity, Inc.* | |
| 48,918 | | |
| 5,936,199 | |
| CG oncology, Inc.* | |
| 14,440 | | |
| 963,726 | |
| Cogent Biosciences, Inc.* | |
| 185,508 | | |
| 6,639,331 | |
| Dianthus Therapeutics, Inc.* | |
| 37,988 | | |
| 3,335,347 | |
| Forte Biosciences, Inc.* | |
| 32,292 | | |
| 860,905 | |
| Mineralys Therapeutics, Inc.* | |
| 82,841 | | |
| 2,207,713 | |
| Mirum Pharmaceuticals, Inc.* | |
| 43,172 | | |
| 4,201,067 | |
| Newamsterdam Pharma Co. NV (Netherlands)*(a) |
| 39,175 | | |
| 1,118,838 | |
| Oruka Therapeutics, Inc.* | |
| 26,285 | | |
| 1,798,157 | |
| Praxis Precision Medicines, Inc.* | |
| 8,370 | | |
| 2,668,607 | |
| PTC Therapeutics, Inc.* | |
| 42,655 | | |
| 2,775,134 | |
| Relay Therapeutics, Inc.* | |
| 64,586 | | |
| 837,035 | |
| Rhythm Pharmaceuticals, Inc.* | |
| 18,198 | | |
| 1,480,589 | |
| Twist Bioscience Corp.* | |
| 16,458 | | |
| 961,970 | |
| Total | |
| | | |
| 35,784,618 | |
| | |
| | | |
| | |
| Broadline Retail 0.86% | |
| | | |
| | |
| Pattern Group, Inc. | |
| | | |
| | |
| Class A* | |
| 129,755 | | |
| 1,747,800 | |
| Investments | |
Shares | | |
Fair Value | |
| Capital Markets 5.13% | |
| | | |
| | |
| Marex Group PLC (United Kingdom)(a) | |
| 22,133 | | |
$ | 1,180,795 | |
| Miami International Holdings, Inc.* | |
| 56,788 | | |
| 2,640,074 | |
| Piper Sandler Cos. | |
| 30,924 | | |
| 2,696,573 | |
| StoneX Group, Inc.* | |
| 23,024 | | |
| 2,441,235 | |
| WisdomTree, Inc.(b) | |
| 87,809 | | |
| 1,492,753 | |
| Total | |
| | | |
| 10,451,430 | |
| | |
| | | |
| | |
| Communications Equipment 3.87% | |
| | | |
| | |
| Applied Optoelectronics, Inc.* | |
| 22,879 | | |
| 3,760,392 | |
| Calix, Inc.* | |
| 23,626 | | |
| 1,029,149 | |
| Gilat Satellite Networks Ltd. (Israel)*(a) | |
| 112,637 | | |
| 2,079,279 | |
| Ondas, Inc.*(b) | |
| 99,745 | | |
| 1,001,440 | |
| Total | |
| | | |
| 7,870,260 | |
| | |
| | | |
| | |
| Construction & Engineering 11.21% | |
| | | |
| | |
| Argan, Inc. | |
| 4,021 | | |
| 2,693,990 | |
| Cardinal Infrastructure Group, Inc. Class A* | |
| 94,472 | | |
| 5,009,850 | |
| Legence Corp. Class A* | |
| 74,140 | | |
| 6,447,214 | |
| MYR Group, Inc.* | |
| 6,744 | | |
| 2,730,039 | |
| Primoris Services Corp. | |
| 6,850 | | |
| 1,240,878 | |
| Sterling Infrastructure, Inc.* | |
| 9,123 | | |
| 4,704,001 | |
| Total | |
| | | |
| 22,825,972 | |
| | |
| | | |
| | |
| Consumer Finance 0.70% | |
| | | |
| | |
| Dave, Inc.* | |
| 5,208 | | |
| 1,416,524 | |
| | |
| | | |
| | |
| Consumer Staples Distribution & Retail 1.05% | |
| | | |
| | |
| Chefs’ Warehouse, Inc.* | |
| 27,640 | | |
| 2,144,864 | |
| | |
| | | |
| | |
| Diversified Consumer Services 3.98% | |
| | | |
| | |
| American Public Education, Inc.* | |
| 23,052 | | |
| 1,340,474 | |
| Lincoln Educational Services Corp.* | |
| 82,269 | | |
| 3,384,546 | |
| Universal Technical Institute, Inc.* | |
| 90,041 | | |
| 3,379,239 | |
| Total | |
| | | |
| 8,104,259 | |
| 40 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
MICRO CAP GROWTH FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| Electronic Equipment, Instruments & Components 5.09% |
| Bel Fuse, Inc. Class B | |
| 16,447 | | |
$ | 4,536,740 | |
| nLight, Inc.* | |
| 28,108 | | |
| 1,963,344 | |
| OSI Systems, Inc.* | |
| 9,550 | | |
| 2,740,086 | |
| Ouster, Inc.* | |
| 41,753 | | |
| 1,125,661 | |
| Total | |
| | | |
| 10,365,831 | |
| | |
| | | |
| | |
| Entertainment 3.20% | |
| | | |
| | |
| IMAX Corp. (Canada)*(a) | |
| 81,801 | | |
| 3,110,074 | |
| Sphere Entertainment Co.* | |
| 23,938 | | |
| 3,409,968 | |
| Total | |
| | | |
| 6,520,042 | |
| | |
| | | |
| | |
| Financial Services 0.65% | |
| | | |
| | |
| Paymentus Holdings, Inc. | |
| | | |
| | |
| Class A* | |
| 47,311 | | |
| 1,327,074 | |
| | |
| | | |
| | |
| Food Products 0.64% | |
| | | |
| | |
| Mama’s Creations, Inc.* | |
| 91,252 | | |
| 1,294,866 | |
| | |
| | | |
| | |
| Health Care Equipment & Supplies 1.43% | |
| | | |
| | |
| Artivion, Inc.* | |
| 34,176 | | |
| 1,224,526 | |
| Ceribell, Inc.* | |
| 44,905 | | |
| 905,285 | |
| Neogen Corp.* | |
| 84,254 | | |
| 791,987 | |
| Total | |
| | | |
| 2,921,798 | |
| | |
| | | |
| | |
| Health Care Providers & Services 1.36% | |
| | | |
| | |
| Billiontoone, Inc. Class A*(b) | |
| 12,849 | | |
| 964,318 | |
| GeneDx Holdings Corp.* | |
| 11,701 | | |
| 735,876 | |
| Hinge Health, Inc. Class A* | |
| 23,852 | | |
| 1,063,799 | |
| Total | |
| | | |
| 2,763,993 | |
| | |
| | | |
| | |
| Health Care Technology 0.59% | |
| | | |
| | |
| HeartFlow, Inc.* | |
| 40,387 | | |
| 1,201,917 | |
| | |
| | | |
| | |
| Hotels, Restaurants & Leisure 3.20% | |
| | | |
| | |
| Lindblad Expeditions Holdings, Inc.* | |
| 151,172 | | |
| 2,801,217 | |
| Navan, Inc. Class A* | |
| 212,222 | | |
| 3,711,763 | |
| Total | |
| | | |
| 6,512,980 | |
| | |
| | | |
| | |
| Information Technology Services 3.84% | |
| | | |
| | |
| Applied Digital Corp.*(b) | |
| 153,977 | | |
| 5,273,712 | |
| Fastly, Inc. Class A* | |
| 101,119 | | |
| 2,553,761 | |
| Total | |
| | | |
| 7,827,473 | |
| Investments | |
Shares | | |
Fair Value | |
| Insurance 0.93% | |
| | | |
| | |
| Neptune Insurance Holdings, Inc. Class A* | |
| 75,071 | | |
$ | 1,886,534 | |
| | |
| | | |
| | |
| Life Sciences Tools & Services 3.60% | |
| | | |
| | |
| 10X Genomics, Inc. Class A* | |
| 92,784 | | |
| 2,045,887 | |
| Adaptive Biotechnologies Corp.* | |
| 324,090 | | |
| 4,569,669 | |
| Alamar Biosciences, Inc.*(b) | |
| 28,651 | | |
| 717,421 | |
| Total | |
| | | |
| 7,332,977 | |
| | |
| | | |
| | |
| Machinery 3.14% | |
| | | |
| | |
| CECO Environmental Corp.* | |
| 54,824 | | |
| 4,064,651 | |
| Standex International Corp. | |
| 8,563 | | |
| 2,337,699 | |
| Total | |
| | | |
| 6,402,350 | |
| | |
| | | |
| | |
| Pharmaceuticals 4.82% | |
| | | |
| | |
| Enliven Therapeutics, Inc.* | |
| 45,526 | | |
| 1,877,037 | |
| Nektar Therapeutics* | |
| 42,431 | | |
| 3,608,332 | |
| Tarsus Pharmaceuticals, Inc.* | |
| 67,997 | | |
| 4,325,289 | |
| Total | |
| | | |
| 9,810,658 | |
| | |
| | | |
| | |
| Professional Services 2.10% | |
| | | |
| | |
| BlackSky Technology, Inc.*(b) | |
| 73,793 | | |
| 2,618,176 | |
| Willdan Group, Inc.* | |
| 21,799 | | |
| 1,656,724 | |
| Total | |
| | | |
| 4,274,900 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 4.70% |
| Aehr Test Systems* | |
| 70,240 | | |
| 6,360,934 | |
| Navitas Semiconductor Corp.* | |
| 195,017 | | |
| 3,217,781 | |
| Total | |
| | | |
| 9,578,715 | |
| | |
| | | |
| | |
| Software 3.63% | |
| | | |
| | |
| Cipher Digital, Inc.* | |
| 56,342 | | |
| 999,507 | |
| Terawulf, Inc.*(b) | |
| 293,736 | | |
| 6,382,883 | |
| Total | |
| | | |
| 7,382,390 | |
| | |
| | | |
| | |
| Specialty Retail 0.59% | |
| | | |
| | |
| Warby Parker, Inc. Class A* | |
| 54,101 | | |
| 1,196,714 | |
| |
See Notes to Financial Statements. |
41 |
Schedule of Investments (unaudited)(concluded)
MICRO CAP GROWTH FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| Trading Companies & Distributors 1.60% | |
| | | |
| | |
| Transcat, Inc.* | |
| 18,544 | | |
$ | 1,411,198 | |
| Xometry, Inc. Class A* | |
| 35,978 | | |
| 1,844,592 | |
| Total | |
| | | |
| 3,255,790 | |
Total Common Stocks (cost $128,715,340) | |
| | | |
| 200,933,309 | |
| | |
| | | |
| | |
| | |
Principal Amount | | |
| | |
| | |
| | | |
| | |
| SHORT-TERM INVESTMENTS 9.48% | | |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 1.43% | |
| | | |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized
by $2,931,500 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $2,964,821; proceeds: $2,906,781
(cost $2,906,519) | |
$ | 2,906,519 | | |
| 2,906,519 | |
| | |
| | | |
| | |
| Time Deposits 0.80% | |
| | | |
| | |
CitiBank N.A.(c) (cost $1,640,292) | |
| 1,640,292 | | |
| 1,640,292 | |
| Investments | |
Shares | | |
Fair Value | |
| Money Market Funds 7.25% | |
| | | |
| | |
Fidelity Government Portfolio(c) (cost $14,762,625) | |
| 14,762,625 | | |
$ | 14,762,625 | |
Total Short-Term Investments (cost $19,309,436) | |
| | | |
| 19,309,436 | |
Total Investments in Securities 108.17%
(cost $148,024,776) | |
| | | |
| 220,242,745 | |
| Other Assets and Liabilities – Net (8.17)% | |
| | | |
| (16,633,922 | ) |
| Net Assets 100.00% | |
| | | |
$ | 203,608,823 | |
| * |
|
Non-income producing security. |
| (a) |
|
Foreign security traded in U.S. dollars. |
| (b) |
|
All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| (c) |
|
Security was purchased with the cash collateral from loaned securities. |
The following is a summary of the inputs used as of April 30, 2026
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 | |
$ | 200,933,309 | | |
$ | – | | |
$ | – | | |
$ | 200,933,309 | |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| | |
| Repurchase Agreements | |
| – | | |
| 2,906,519 | | |
| – | | |
| 2,906,519 | |
| Time Deposits | |
| – | | |
| 1,640,292 | | |
| – | | |
| 1,640,292 | |
| Money Market Funds | |
| 14,762,625 | | |
| – | | |
| – | | |
| 14,762,625 | |
| Total | |
$ | 215,695,934 | | |
$ | 4,546,811 | | |
$ | – | | |
$ | 220,242,745 | |
| (1) |
|
Refer to Note 2(a) 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. 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 Financial Statements. |
Schedule of Investments (unaudited)
VALUE OPPORTUNITIES FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| LONG-TERM INVESTMENTS 99.55% | |
| | | |
| | |
| | |
| | | |
| | |
| COMMON STOCKS 99.55% | |
| | | |
| | |
| | |
| | | |
| | |
| Aerospace & Defense 1.66% | |
| | | |
| | |
| Curtiss-Wright Corp. | |
| 26,153 | | |
$ | 18,835,391 | |
| | |
| | | |
| | |
| Banks 5.34% | |
| | | |
| | |
| East West Bancorp, Inc. | |
| 185,634 | | |
| 23,477,132 | |
| First BanCorp | |
| 768,208 | | |
| 18,652,090 | |
| Wintrust Financial Corp. | |
| 122,099 | | |
| 18,384,447 | |
| Total | |
| | | |
| 60,513,669 | |
| | |
| | | |
| | |
| Beverages 1.70% | |
| | | |
| | |
| Coca-Cola Consolidated, Inc. | |
| 93,931 | | |
| 19,262,430 | |
| | |
| | | |
| | |
| Biotechnology 2.03% | |
| | | |
| | |
| United Therapeutics Corp.* | |
| 40,305 | | |
| 23,028,262 | |
| | |
| | | |
| | |
| Building Products 4.31% | |
| | | |
| | |
| A.O. Smith Corp. | |
| 161,179 | | |
| 9,967,309 | |
| Allegion PLC (Ireland)(a) | |
| 72,145 | | |
| 9,918,495 | |
| Builders FirstSource, Inc.* | |
| 134,962 | | |
| 10,674,145 | |
| Lennox International, Inc. | |
| 34,300 | | |
| 18,346,727 | |
| Total | |
| | | |
| 48,906,676 | |
| | |
| | | |
| | |
| Capital Markets 7.71% | |
| | | |
| | |
| Affiliated Managers Group, Inc. | |
| 52,704 | | |
| 15,530,288 | |
| Cboe Global Markets, Inc. | |
| 55,388 | | |
| 16,621,385 | |
| Moelis & Co. Class A | |
| 204,138 | | |
| 13,293,466 | |
| SEI Investments Co. | |
| 281,364 | | |
| 25,514,087 | |
| TPG, Inc. | |
| 377,030 | | |
| 16,446,049 | |
| Total | |
| | | |
| 87,405,275 | |
| | |
| | | |
| | |
| Chemicals 3.41% | |
| | | |
| | |
| Avient Corp. | |
| 443,434 | | |
| 16,442,533 | |
| Element Solutions, Inc. | |
| 521,894 | | |
| 22,227,465 | |
| Total | |
| | | |
| 38,669,998 | |
| | |
| | | |
| | |
| Commercial Services & Supplies 1.64% | | |
| | |
| Brady Corp. Class A | |
| 227,378 | | |
| 18,604,068 | |
| Investments | |
Shares | | |
Fair Value | |
| Construction & Engineering 2.96% | |
| | | |
| | |
| AECOM | |
| 172,023 | | |
$ | 14,467,134 | |
| EMCOR Group, Inc. | |
| 21,406 | | |
| 19,087,088 | |
| Total | |
| | | |
| 33,554,222 | |
| | |
| | | |
| | |
| Consumer Staples Distribution & Retail 1.31% | | |
| | |
| BJ’s Wholesale Club Holdings, Inc.* | |
| 158,215 | | |
| 14,854,806 | |
| | |
| | | |
| | |
| Electric: Utilities 1.66% | |
| | | |
| | |
| IDACORP, Inc. | |
| 127,645 | | |
| 18,858,272 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components 9.17% |
| Advanced Energy Industries, Inc. | |
| 42,652 | | |
| 16,374,529 | |
| Belden, Inc. | |
| 181,202 | | |
| 20,381,601 | |
| Jabil, Inc. | |
| 42,403 | | |
| 14,310,589 | |
| Littelfuse, Inc. | |
| 73,141 | | |
| 29,561,398 | |
| TD SYNNEX Corp. | |
| 102,177 | | |
| 23,314,748 | |
| Total | |
| | | |
| 103,942,865 | |
| | |
| | | |
| | |
| Energy Equipment & Services 2.61% | | |
| | |
| TechnipFMC PLC (United Kingdom)(a) | |
| 391,313 | | |
| 29,571,523 | |
| | |
| | | |
| | |
| Ground Transportation 1.66% | |
| | | |
| | |
| Landstar System, Inc. | |
| 102,519 | | |
| 18,870,672 | |
| | |
| | | |
| | |
| Health Care Equipment & Supplies 1.93% | |
| | | |
| | |
| Globus Medical, Inc. Class A* | |
| 242,164 | | |
| 21,838,350 | |
| | |
| | | |
| | |
| Health Care Providers & Services 1.31% | | |
| | |
| Labcorp Holdings, Inc. | |
| 57,696 | | |
| 14,816,333 | |
| | |
| | | |
| | |
| Hotels, Restaurants & Leisure 2.60% | | |
| | |
| Expedia Group, Inc. | |
| 50,680 | | |
| 12,587,392 | |
| Texas Roadhouse, Inc. | |
| 104,975 | | |
| 16,899,925 | |
| Total | |
| | | |
| 29,487,317 | |
| | |
| | | |
| | |
| Household Durables 0.50% | |
| | | |
| | |
| TopBuild Corp.* | |
| 12,702 | | |
| 5,623,175 | |
| |
See Notes to Financial Statements. |
43 |
Schedule of Investments (unaudited)(continued)
VALUE OPPORTUNITIES FUND April 30, 2026
| Investments | |
Shares | | |
Fair Value | |
| Industrial REITS 1.52% | |
| | | |
| | |
| First Industrial Realty Trust, Inc. | |
| 278,021 | | |
$ | 17,240,082 | |
| | |
| | | |
| | |
| Insurance 5.28% | |
| | | |
| | |
| American Financial Group, Inc. | |
| 85,059 | | |
| 11,335,813 | |
| RenaissanceRe Holdings Ltd. | |
| 49,310 | | |
| 15,136,691 | |
| Ryan Specialty Holdings, Inc.(b) | |
| 297,488 | | |
| 10,343,658 | |
| White Mountains Insurance Group Ltd. | |
| 10,340 | | |
| 23,078,776 | |
| Total | |
| | | |
| 59,894,938 | |
| | |
| | | |
| | |
| Leisure Products 2.88% | |
| | | |
| | |
| Acushnet Holdings Corp. | |
| 190,272 | | |
| 18,422,135 | |
| YETI Holdings, Inc.* | |
| 361,029 | | |
| 14,246,204 | |
| Total | |
| | | |
| 32,668,339 | |
| | |
| | | |
| | |
| Life Sciences Tools & Services 2.15% | |
| | | |
| | |
| Bio-Techne Corp. | |
| 267,563 | | |
| 14,801,585 | |
| Repligen Corp.* | |
| 80,601 | | |
| 9,535,904 | |
| Total | |
| | | |
| 24,337,489 | |
| | |
| | | |
| | |
| Machinery 7.63% | |
| | | |
| | |
| AGCO Corp. | |
| 150,314 | | |
| 18,191,000 | |
| Crane Co. | |
| 124,257 | | |
| 22,084,197 | |
| Lincoln Electric Holdings, Inc. | |
| 104,996 | | |
| 27,823,940 | |
| Mueller Industries, Inc. | |
| 136,185 | | |
| 18,443,534 | |
| Total | |
| | | |
| 86,542,671 | |
| | |
| | | |
| | |
| Metals & Mining 1.37% | |
| | | |
| | |
| Reliance, Inc. | |
| 42,683 | | |
| 15,472,587 | |
| | |
| | | |
| | |
| Multi-Utilities 1.37% | |
| | | |
| | |
| CMS Energy Corp. | |
| 201,928 | | |
| 15,495,955 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels 3.50% | |
| | | |
| | |
| Expand Energy Corp. | |
| 158,540 | | |
| 16,194,861 | |
| Permian Resources Corp. Class A | |
| 1,088,524 | | |
| 23,533,889 | |
| Total | |
| | | |
| 39,728,750 | |
| Investments | |
Shares | | |
Fair Value | |
| Personal Care Products 1.35% | |
| | | |
| | |
| Interparfums, Inc. | |
| 167,639 | | |
$ | 15,292,030 | |
| | |
| | | |
| | |
| Pharmaceuticals 1.21% | |
| | | |
| | |
| Phibro Animal Health Corp. Class A | |
| 258,598 | | |
| 13,752,242 | |
| | |
| | | |
| | |
| Professional Services 3.32% | |
| | | |
| | |
| CACI International, Inc. Class A* | |
| 29,033 | | |
| 15,083,805 | |
| Genpact Ltd. | |
| 328,156 | | |
| 11,403,421 | |
| Paylocity Holding Corp.* | |
| 105,518 | | |
| 11,131,094 | |
| Total | |
| | | |
| 37,618,320 | |
| | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment 7.21% |
| Nova Ltd. (Israel)*(a) | |
| 24,351 | | |
| 12,185,971 | |
| Silicon Motion Technology Corp. ADR | |
| 318,077 | | |
| 69,588,886 | |
| Total | |
| | | |
| 81,774,857 | |
| | |
| | | |
| | |
| Software 2.32% | |
| | | |
| | |
| Descartes Systems Group, Inc. (Canada)*(a) | |
| 233,677 | | |
| 16,850,448 | |
| Pegasystems, Inc. | |
| 256,952 | | |
| 9,391,596 | |
| Total | |
| | | |
| 26,242,044 | |
| | |
| | | |
| | |
| Specialty Retail 1.83% | |
| | | |
| | |
| Dick’s Sporting Goods, Inc. | |
| 91,425 | | |
| 20,746,161 | |
| | |
| | | |
| | |
| Textiles, Apparel & Luxury Goods 1.40% | | |
| | |
| Ralph Lauren Corp. | |
| 44,314 | | |
| 15,892,773 | |
| | |
| | | |
| | |
| Trading Companies & Distributors 1.70% | | |
| | |
| AerCap Holdings NV (Ireland)(a) | |
| 135,343 | | |
| 19,247,128 | |
Total Common Stocks (cost $775,825,262) | |
| | | |
| 1,128,589,670 | |
| 44 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
VALUE OPPORTUNITIES FUND April 30, 2026
| Investments | |
Principal Amount | | |
Fair Value | |
| SHORT-TERM INVESTMENTS 0.61% | | |
| | |
| | |
| | | |
| | |
| Repurchase Agreements 0.61% | | |
| | |
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $6,954,600 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $7,033,507; proceeds: $6,896,097 (cost $6,895,475) | |
$ | 6,895,475 | | |
$ | 6,895,475 | |
Total Investments in Securities 100.16% (cost $782,720,737) | |
| | | |
| 1,135,485,145 | |
| Other Assets and Liabilities – Net (0.16)% | |
| | | |
| (1,853,600 | ) |
| Net Assets 100.00% | |
| | | |
$ | 1,133,631,545 | |
| ADR |
|
American Depositary Receipt. |
| REITS |
|
Real Estate Investment Trusts. |
| * |
|
Non-income producing security. |
| (a) |
|
Foreign security traded in U.S. dollars. |
| (b) |
|
All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
The following is a summary of the inputs used as of April 30, 2026
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 | |
$ | 1,128,589,670 | | |
$ | – | | |
$ | – | | |
$ | 1,128,589,670 | |
| Short-Term Investments | |
| | | |
| | | |
| | | |
| | |
| Repurchase Agreements | |
| – | | |
| 6,895,475 | | |
| – | | |
| 6,895,475 | |
| Total | |
$ | 1,128,589,670 | | |
$ | 6,895,475 | | |
$ | – | | |
$ | 1,135,485,145 | |
| (1) |
|
Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments
along with the valuation technique utilized. |
A reconciliation of Level 3 investments is presented when the Fund
has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.
| |
See Notes to Financial Statements. |
45 |
Statements of Assets and Liabilities (unaudited)
April 30, 2026
| | |
Alpha Strategy Fund | | |
Focused Growth Fund | | |
Focused Large Cap Value Fund | |
| ASSETS: | |
|
| | | |
|
| | | |
|
| | |
| Investments in securities, at cost | |
|
$ | – | | |
|
$ | 116,352,022 | | |
|
$ | 130,849,379 | |
| Investments in affiliated funds, at cost | |
|
| 510,688,960 | | |
|
| – | | |
|
| – | |
| Investments in securities, at fair value | |
|
$ | – | | |
|
$ | 162,755,597 | | |
|
$ | 148,664,992 | |
| Investments in affiliated funds, at fair value | |
|
| 664,837,772 | | |
|
| – | | |
|
| – | |
| Cash | |
|
| 37,358 | | |
|
| – | | |
|
| – | |
| Foreign cash, at value (cost $0, $0, $158,484, $49,
$351, $35,978 and $0, respectively) | |
|
| – | | |
|
| – | | |
|
| 158,400 | |
| Receivables: | |
|
| | | |
|
| | | |
|
| | |
| Investment in affiliated funds sold | |
|
| 611,929 | | |
|
| – | | |
|
| – | |
| Investment securities sold | |
|
| – | | |
|
| – | | |
|
| 6,614,024 | |
| Capital shares sold | |
|
| 135,369 | | |
|
| 19,039 | | |
|
| 36,505 | |
| Interest and dividends | |
|
| – | | |
|
| 2,049 | | |
|
| 137,681 | |
| From advisor (See Note 3) | |
|
| – | | |
|
| 26,118 | | |
|
| 16,345 | |
| Securities lending income | |
|
| – | | |
|
| – | | |
|
| – | |
| Prepaid expenses and other assets | |
|
| 63,220 | | |
|
| 78,187 | | |
|
| 26,906 | |
| Total assets | |
|
| 665,685,648 | | |
|
| 162,880,990 | | |
|
| 155,654,853 | |
| LIABILITIES: | |
|
| | | |
|
| | | |
|
| | |
| Payables: | |
|
| | | |
|
| | | |
|
| | |
| Capital shares reacquired | |
|
| 520,713 | | |
|
| 53,485 | | |
|
| 23,108 | |
| Trustees’ fees | |
|
| 101,813 | | |
|
| 7,809 | | |
|
| 42,055 | |
| 12b-1 distribution plan | |
|
| 77,374 | | |
|
| 13,472 | | |
|
| 51,345 | |
| Fund administration | |
|
| 20,851 | | |
|
| 4,870 | | |
|
| 4,647 | |
| Investment securities purchased | |
|
| – | | |
|
| – | | |
|
| 7,133,023 | |
| Management fee | |
|
| – | | |
|
| 79,135 | | |
|
| 68,536 | |
| Accrued expenses | |
|
| 139,658 | | |
|
| 22,046 | | |
|
| 26,476 | |
| Total liabilities | |
|
| 860,409 | | |
|
| 180,817 | | |
|
| 7,349,190 | |
| Commitments and contingent liabilities | |
|
| – | | |
|
| – | | |
|
| – | |
| NET ASSETS | |
|
$ | 664,825,239 | | |
|
$ | 162,700,173 | | |
|
$ | 148,305,663 | |
| COMPOSITION
OF NET ASSETS: | |
|
| | | |
|
| | | |
|
| | |
| Paid-in capital | |
|
$ | 521,223,574 | | |
|
$ | 119,957,307 | | |
|
$ | 131,057,600 | |
| Total distributable earnings/(loss) | |
|
| 143,601,665 | | |
|
| 42,742,866 | | |
|
| 17,248,063 | |
| Net Assets | |
|
$ | 664,825,239 | | |
|
$ | 162,700,173 | | |
|
$ | 148,305,663 | |
| 46 |
See Notes to Financial Statements. |
Focused Small Cap Value Fund | | |
Fundamental Equity Fund | | |
Global Equity Fund | | |
Growth Leaders Fund | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
$ | 73,042,092 | | |
|
$ | 1,421,632,068 | | |
|
$ | 313,154,116 | | |
|
$ | 4,745,264,728 | |
| |
| – | | |
|
| – | | |
|
| – | | |
|
| – | |
| |
$ | 95,753,818 | | |
|
$ | 2,202,592,343 | | |
|
$ | 391,404,975 | | |
|
$ | 7,558,755,330 | |
| |
| – | | |
|
| – | | |
|
| – | | |
|
| – | |
| |
| – | | |
|
| – | | |
|
| 25 | | |
|
| – | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| 51 | | |
|
| 351 | | |
|
| 35,699 | | |
|
| – | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| – | | |
|
| – | | |
|
| – | | |
|
| – | |
| |
| 909,996 | | |
|
| 31,642,885 | | |
|
| 3,280,213 | | |
|
| – | |
| |
| 99,059 | | |
|
| 462,609 | | |
|
| 529,126 | | |
|
| 1,665,535 | |
| |
| 58 | | |
|
| 1,957,202 | | |
|
| 716,857 | | |
|
| 152,154 | |
| |
| 4,305 | | |
|
| – | | |
|
| 15,682 | | |
|
| 24,491 | |
| |
| – | | |
|
| – | | |
|
| 4,145 | | |
|
| – | |
| |
| 50,397 | | |
|
| 120,402 | | |
|
| 105,634 | | |
|
| 109,766 | |
| |
| 96,817,684 | | |
|
| 2,236,775,792 | | |
|
| 396,092,356 | | |
|
| 7,560,707,276 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| 102,743 | | |
|
| 868,319 | | |
|
| 264,301 | | |
|
| 5,661,527 | |
| |
| 15,086 | | |
|
| 376,296 | | |
|
| 5,090 | | |
|
| 550,519 | |
| |
| 3,832 | | |
|
| 262,553 | | |
|
| 14,072 | | |
|
| 945,105 | |
| |
| 2,986 | | |
|
| 71,303 | | |
|
| 12,407 | | |
|
| 236,306 | |
| |
| 834,209 | | |
|
| 23,010,971 | | |
|
| 1,693,432 | | |
|
| – | |
| |
| 59,713 | | |
|
| 969,376 | | |
|
| 139,579 | | |
|
| 3,036,019 | |
| |
| 65,423 | | |
|
| 377,171 | | |
|
| 48,555 | | |
|
| 936,923 | |
| |
| 1,083,992 | | |
|
| 25,935,989 | | |
|
| 2,177,436 | | |
|
| 11,366,399 | |
| |
| – | | |
|
| – | | |
|
| – | | |
|
| – | |
| |
$ | 95,733,692 | | |
|
$ | 2,210,839,803 | | |
|
$ | 393,914,920 | | |
|
$ | 7,549,340,877 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
$ | 70,917,976 | | |
|
$ | 1,270,864,261 | | |
|
$ | 328,142,625 | | |
|
$ | 4,177,994,360 | |
| |
| 24,815,716 | | |
|
| 939,975,542 | | |
|
| 65,772,295 | | |
|
| 3,371,346,517 | |
| |
$ | 95,733,692 | | |
|
$ | 2,210,839,803 | | |
|
$ | 393,914,920 | | |
|
$ | 7,549,340,877 | |
| |
See Notes to Financial Statements. |
47 |
Statements of Assets and Liabilities (unaudited)(continued)
April 30, 2026
| | |
Alpha Strategy Fund | | |
Focused Growth Fund | | |
Focused
Large Cap Value Fund | |
| Net Assets by class: | |
|
| | | |
|
| | | |
|
| | |
| Class A Shares | |
|
$ | 418,054,708 | | |
|
$ | 41,411,593 | | |
|
$ | 19,745,490 | |
| Class C Shares | |
|
$ | 8,865,862 | | |
|
$ | 6,230,180 | | |
|
$ | 5,307,298 | |
| Class F Shares | |
|
$ | 8,276,492 | | |
|
$ | 5,660,713 | | |
|
$ | 639,342 | |
| Class F3 Shares | |
|
$ | 69,389,057 | | |
|
$ | 25,465 | | |
|
$ | 14,935 | |
| Class I Shares | |
|
$ | 132,472,891 | | |
|
$ | 96,144,231 | | |
|
$ | 119,011,668 | |
| Class P Shares | |
|
$ | – | | |
|
$ | – | | |
|
$ | – | |
| Class R2 Shares | |
|
$ | 1,047,814 | | |
|
$ | – | | |
|
$ | – | |
| Class R3 Shares | |
|
$ | 17,624,430 | | |
|
$ | 176,629 | | |
|
$ | 199,663 | |
| Class R4 Shares | |
|
$ | 4,581,013 | | |
|
$ | 28,306 | | |
|
$ | 10,684 | |
| Class R5 Shares | |
|
$ | 498,025 | | |
|
$ | 63,935 | | |
|
$ | 11,594 | |
| Class R6 Shares | |
|
$ | 4,014,947 | | |
|
$ | 12,959,121 | | |
|
$ | 3,364,989 | |
| Outstanding shares by class (unlimited number of authorized shares of beneficial interest): | |
|
| | | |
|
| | | |
|
| | |
| Class A Shares | |
|
| 13,725,815 | | |
|
| 975,732 | | |
|
| 1,241,217 | |
| Class C Shares | |
|
| 408,351 | | |
|
| 155,603 | | |
|
| 338,834 | |
| Class F Shares | |
|
| 267,233 | | |
|
| 130,751 | | |
|
| 39,181 | |
| Class F3 Shares | |
|
| 2,156,368 | | |
|
| 584 | | |
|
| 931 | |
| Class I Shares | |
|
| 4,151,928 | | |
|
| 2,219,790 | | |
|
| 7,157,715 | |
| Class P Shares | |
|
| – | | |
|
| – | | |
|
| – | |
| Class R2 Shares | |
|
| 36,886 | | |
|
| – | | |
|
| – | |
| Class R3 Shares | |
|
| 611,968 | | |
|
| 4,242 | | |
|
| 12,595 | |
| Class R4 Shares | |
|
| 150,884 | | |
|
| 667 | | |
|
| 670 | |
| Class R5 Shares | |
|
| 15,604 | | |
|
| 1,477 | | |
|
| 723 | |
| Class R6 Shares | |
|
| 124,724 | | |
|
| 297,155 | | |
|
| 209,483 | |
| Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):* | |
|
| | | |
|
| | | |
|
| | |
| Class A Shares-Net asset value | |
|
| $30.46 | | |
|
| $42.44 | | |
|
| $15.91 | |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%, 5.75%, 5.75%, 5.75%, 5.75%, 5.75% and 5.75%, respectively) | |
|
| $32.32 | | |
|
| $45.03 | | |
|
| $16.88 | |
| Class C Shares-Net asset value | |
|
| $21.71 | | |
|
| $40.04 | | |
|
| $15.66 | |
| Class F Shares-Net asset value | |
|
| $30.97 | | |
|
| $43.29 | | |
|
| $16.32 | |
| Class F3 Shares-Net asset value | |
|
| $32.18 | | |
|
| $43.61 | | |
|
| $16.05 | |
| Class I Shares-Net asset value | |
|
| $31.91 | | |
|
| $43.31 | | |
|
| $16.63 | |
| Class P Shares-Net asset value | |
|
| $ – | | |
|
| $ – | | |
|
| $ – | |
| Class R2 Shares-Net asset value | |
|
| $28.41 | | |
|
| $ – | | |
|
| $ – | |
| Class R3 Shares-Net asset value | |
|
| $28.80 | | |
|
| $41.64 | | |
|
| $15.85 | |
| Class R4 Shares-Net asset value | |
|
| $30.36 | | |
|
| $42.46 | | |
|
| $15.94 | |
| Class R5 Shares-Net asset value | |
|
| $31.92 | | |
|
| $43.30 | | |
|
| $16.02 | |
| Class R6 Shares-Net asset value | |
|
| $32.19 | | |
|
| $43.61 | | |
|
| $16.06 | |
| * |
Net asset value may not recalculate due to rounding of fractional shares. |
| 48 |
See Notes to Financial Statements. |
Focused Small Cap Value Fund | | |
Fundamental Equity Fund | | |
Global Equity Fund | | |
Growth Leaders Fund | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
$ | 12,033,981 | | |
|
$ | 1,379,806,813 | | |
|
$ | 52,435,429 | | |
|
$ | 2,616,458,721 | |
| |
$ | 1,750,069 | | |
|
$ | 20,990,749 | | |
|
$ | 4,109,944 | | |
|
$ | 495,577,522 | |
| |
$ | 1,368,963 | | |
|
$ | 31,280,814 | | |
|
$ | 782,599 | | |
|
$ | 321,085,753 | |
| |
$ | 13,813 | | |
|
$ | 35,574,622 | | |
|
$ | 60,169,557 | | |
|
$ | 593,334,934 | |
| |
$ | 76,224,902 | | |
|
$ | 655,221,286 | | |
|
$ | 266,785,150 | | |
|
$ | 3,321,961,458 | |
| |
$ | – | | |
|
$ | 3,104,754 | | |
|
$ | – | | |
|
$ | – | |
| |
$ | – | | |
|
$ | 658,294 | | |
|
$ | – | | |
|
$ | 2,550,448 | |
| |
$ | – | | |
|
$ | 66,241,981 | | |
|
$ | 1,054,633 | | |
|
$ | 28,929,087 | |
| |
$ | – | | |
|
$ | 2,438,134 | | |
|
$ | 27,421 | | |
|
$ | 13,673,919 | |
| |
$ | 17,059 | | |
|
$ | 750,023 | | |
|
$ | 24,816 | | |
|
$ | 10,608,927 | |
| |
$ | 4,324,905 | | |
|
$ | 14,772,333 | | |
|
$ | 8,525,371 | | |
|
$ | 145,160,108 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| 416,174 | | |
|
| 80,174,976 | | |
|
| 2,456,056 | | |
|
| 47,636,386 | |
| |
| 58,033 | | |
|
| 1,470,767 | | |
|
| 196,275 | | |
|
| 10,749,089 | |
| |
| 42,391 | | |
|
| 1,849,274 | | |
|
| 36,477 | | |
|
| 5,585,483 | |
| |
| 429 | | |
|
| 2,021,881 | | |
|
| 2,797,465 | | |
|
| 10,118,973 | |
| |
| 2,378,103 | | |
|
| 37,704,206 | | |
|
| 12,459,145 | | |
|
| 57,259,122 | |
| |
| – | | |
|
| 185,980 | | |
|
| – | | |
|
| – | |
| |
| – | | |
|
| 39,520 | | |
|
| – | | |
|
| 48,807 | |
| |
| – | | |
|
| 3,961,274 | | |
|
| 49,764 | | |
|
| 551,513 | |
| |
| – | | |
|
| 142,739 | | |
|
| 1,273 | | |
|
| 248,844 | |
| |
| 532 | | |
|
| 43,112 | | |
|
| 1,157 | | |
|
| 182,761 | |
| |
| 134,352 | | |
|
| 838,905 | | |
|
| 396,291 | | |
|
| 2,475,693 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| $28.92 | | |
|
| $17.21 | | |
|
| $21.35 | | |
|
| $54.93 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| $30.68 | | |
|
| $18.26 | | |
|
| $22.65 | | |
|
| $58.28 | |
| |
| $30.16 | | |
|
| $14.27 | | |
|
| $20.94 | | |
|
| $46.10 | |
| |
| $32.29 | | |
|
| $16.92 | | |
|
| $21.46 | | |
|
| $57.49 | |
| |
| $32.19 | | |
|
| $17.59 | | |
|
| $21.51 | | |
|
| $58.64 | |
| |
| $32.05 | | |
|
| $17.38 | | |
|
| $21.41 | | |
|
| $58.02 | |
| |
| $ – | | |
|
| $16.69 | | |
|
| $ – | | |
|
| $ – | |
| |
| $ – | | |
|
| $16.66 | | |
|
| $ – | | |
|
| $52.26 | |
| |
| $ – | | |
|
| $16.72 | | |
|
| $21.19 | | |
|
| $52.45 | |
| |
| $ – | | |
|
| $17.08 | | |
|
| $21.53 | | |
|
| $54.95 | |
| |
| $32.06 | | |
|
| $17.40 | | |
|
| $21.44 | | |
|
| $58.05 | |
| |
| $32.19 | | |
|
| $17.61 | | |
|
| $21.51 | | |
|
| $58.63 | |
| |
See Notes to Financial Statements. |
49 |
Statements of Assets and Liabilities (unaudited)(continued)
April 30, 2026
| | |
Health Care Fund | | |
International Equity Fund | | |
International Opportunities Fund | |
| ASSETS: | |
|
| | | |
|
| | | |
|
| | |
| Investments in securities, at cost | |
|
$ | 6,163,743 | | |
|
$ | 521,072,098 | | |
|
$ | 267,110,003 | |
| Investments in securities, at fair value including $158,502, $6,453,822, $2,366,567, $6,424,800, $17,097,381 and $278,160, respectively, of securities loaned | |
|
$ | 8,297,086 | | |
|
$ | 720,511,956 | | |
|
$ | 345,008,226 | |
| Cash | |
|
| – | | |
|
| – | | |
|
| 5 | |
| Foreign cash, at value (cost $321, $3,967,412, $2,610,379, $501,127, $0 and $0, respectively) | |
|
| 323 | | |
|
| 3,958,814 | | |
|
| 2,619,894 | |
| Receivables: | |
|
| | | |
|
| | | |
|
| | |
| From advisor (See Note 3) | |
|
| 15,985 | | |
|
| – | | |
|
| – | |
| Interest and dividends | |
|
| 2,700 | | |
|
| 2,530,871 | | |
|
| 1,372,756 | |
| Capital shares sold | |
|
| 595 | | |
|
| 1,076,252 | | |
|
| 152,471 | |
| Investment securities sold | |
|
| – | | |
|
| 1,372,811 | | |
|
| 3,503,820 | |
| Securities lending income | |
|
| 135 | | |
|
| 2,846 | | |
|
| 395 | |
| Prepaid expenses | |
|
| 24,156 | | |
|
| 100,624 | | |
|
| 66,227 | |
| Total assets | |
|
| 8,340,980 | | |
|
| 729,554,174 | | |
|
| 352,723,794 | |
| LIABILITIES: | |
|
| | | |
|
| | | |
|
| | |
| Payables: | |
|
| | | |
|
| | | |
|
| | |
| Collateral due to broker for securities lending | |
|
| 155,476 | | |
|
| 6,598,362 | | |
|
| 2,425,064 | |
| Capital shares reacquired | |
|
| 27,588 | | |
|
| 406,526 | | |
|
| 164,292 | |
| Management fee | |
|
| 4,212 | | |
|
| 251,485 | | |
|
| 208,571 | |
| Trustees’ fees | |
|
| 2,548 | | |
|
| 69,455 | | |
|
| 56,212 | |
| 12b–1 distribution plan | |
|
| 2,099 | | |
|
| 50,046 | | |
|
| 18,692 | |
| Fund administration | |
|
| 272 | | |
|
| 22,354 | | |
|
| 11,124 | |
| Investment securities purchased | |
|
| – | | |
|
| – | | |
|
| 2,248,945 | |
| To bank | |
|
| – | | |
|
| 2,075 | | |
|
| – | |
| Foreign capital gains taxes deferred | |
|
| – | | |
|
| 140,575 | | |
|
| – | |
| Accrued expenses | |
|
| 30,229 | | |
|
| 91,089 | | |
|
| 151,872 | |
| Total liabilities | |
|
| 222,424 | | |
|
| 7,631,967 | | |
|
| 5,284,772 | |
| Commitments and contingent liabilities | |
|
| – | | |
|
| – | | |
|
| – | |
| NET ASSETS | |
|
$ | 8,118,556 | | |
|
$ | 721,922,207 | | |
|
$ | 347,439,022 | |
| COMPOSITION
OF NET ASSETS: | |
|
| | | |
|
| | | |
|
| | |
| Paid-in capital | |
|
$ | 6,426,820 | | |
|
$ | 515,365,110 | | |
|
$ | 279,015,236 | |
| Total distributable earnings/(loss) | |
|
| 1,691,736 | | |
|
| 206,557,097 | | |
|
| 68,423,786 | |
| Net Assets | |
|
$ | 8,118,556 | | |
|
$ | 721,922,207 | | |
|
$ | 347,439,022 | |
| 50 |
See Notes to Financial Statements. |
International Value Fund | | |
Micro Cap Growth Fund | | |
Value Opportunities Fund | |
| |
| | | |
|
| | | |
|
| | |
| |
$ | 421,795,220 | | |
|
$ | 148,024,776 | | |
|
$ | 782,720,737 | |
| |
| | | |
|
| | | |
|
| | |
| |
$ | 517,588,332 | | |
|
$ | 220,242,745 | | |
|
$ | 1,135,485,145 | |
| |
| – | | |
|
| – | | |
|
| 11 | |
| |
| | | |
|
| | | |
|
| | |
| |
| 505,794 | | |
|
| – | | |
|
| – | |
| |
| | | |
|
| | | |
|
| | |
| |
| – | | |
|
| 353 | | |
|
| – | |
| |
| 4,115,095 | | |
|
| 1,413 | | |
|
| 82,130 | |
| |
| 120,859 | | |
|
| 1,589 | | |
|
| 159,675 | |
| |
| – | | |
|
| – | | |
|
| – | |
| |
| – | | |
|
| 20,696 | | |
|
| – | |
| |
| 83,441 | | |
|
| 1,723 | | |
|
| 124,587 | |
| |
| 522,413,521 | | |
|
| 220,268,519 | | |
|
| 1,135,851,548 | |
| |
| | | |
|
| | | |
|
| | |
| |
| 6,720,306 | | |
|
| 16,402,917 | | |
|
| – | |
| |
| 292,626 | | |
|
| 15,002 | | |
|
| 882,432 | |
| |
| 208,317 | | |
|
| 143,492 | | |
|
| 668,450 | |
| |
| 98,853 | | |
|
| 21,305 | | |
|
| 237,197 | |
| |
| 56,507 | | |
|
| 9,631 | | |
|
| 72,684 | |
| |
| 16,665 | | |
|
| 6,377 | | |
|
| 35,849 | |
| |
| 1,462 | | |
|
| – | | |
|
| – | |
| |
| – | | |
|
| – | | |
|
| – | |
| |
| – | | |
|
| – | | |
|
| – | |
| |
| 135,575 | | |
|
| 60,972 | | |
|
| 323,391 | |
| |
| 7,530,311 | | |
|
| 16,659,696 | | |
|
| 2,220,003 | |
| |
| – | | |
|
| – | | |
|
| – | |
| |
$ | 514,883,210 | | |
|
$ | 203,608,823 | | |
|
$ | 1,133,631,545 | |
| |
| | | |
|
| | | |
|
| | |
| |
$ | 728,151,725 | | |
|
$ | 154,374,018 | | |
|
$ | 758,120,570 | |
| |
| (213,268,515 | ) | |
|
| 49,234,805 | | |
|
| 375,510,975 | |
| |
$ | 514,883,210 | | |
|
$ | 203,608,823 | | |
|
$ | 1,133,631,545 | |
| |
See Notes to Financial Statements. |
51 |
Statements of Assets and Liabilities (unaudited)(concluded)
April 30, 2026
| | |
Health Care Fund | | |
International Equity Fund | | |
International Opportunities Fund | |
| Net Assets
by class: | |
|
| | | |
|
| | | |
|
| | |
| Class A Shares | |
|
$ | 4,292,544 | | |
|
$ | 214,452,053 | | |
|
$ | 108,466,343 | |
| Class C Shares | |
|
$ | 1,352,480 | | |
|
$ | 3,368,498 | | |
|
$ | 1,720,609 | |
| Class F Shares | |
|
$ | 127,070 | | |
|
$ | 8,731,679 | | |
|
$ | 3,056,753 | |
| Class F3 Shares | |
|
$ | 39,732 | | |
|
$ | 86,201,523 | | |
|
$ | 35,114,756 | |
| Class I Shares | |
|
$ | 40,759 | | |
|
$ | 349,081,722 | | |
|
$ | 167,636,253 | |
| Class P Shares | |
|
$ | – | | |
|
$ | 15,537 | | |
|
$ | 39,554 | |
| Class R2 Shares | |
|
$ | – | | |
|
$ | 377,876 | | |
|
$ | 1,702,911 | |
| Class R3 Shares | |
|
$ | 136,095 | | |
|
$ | 7,578,071 | | |
|
$ | 6,256,375 | |
| Class R4 Shares | |
|
$ | 14,272 | | |
|
$ | 2,985,044 | | |
|
$ | 3,085,089 | |
| Class R5 Shares | |
|
$ | 14,438 | | |
|
$ | 425,241 | | |
|
$ | 2,229,048 | |
| Class R6 Shares | |
|
$ | 2,101,166 | | |
|
$ | 48,704,963 | | |
|
$ | 18,131,331 | |
| Outstanding shares by class (unlimited number of authorized shares of beneficial interest): | |
|
| | | |
|
| | | |
|
| | |
| Class A Shares | |
|
| 200,417 | | |
|
| 10,668,308 | | |
|
| 4,414,357 | |
| Class C Shares | |
|
| 66,330 | | |
|
| 166,877 | | |
|
| 76,000 | |
| Class F Shares | |
|
| 5,844 | | |
|
| 436,196 | | |
|
| 125,483 | |
| Class F3 Shares | |
|
| 1,826 | | |
|
| 4,206,336 | | |
|
| 1,367,186 | |
| Class I Shares | |
|
| 1,882 | | |
|
| 17,118,775 | | |
|
| 6,588,859 | |
| Class P Shares | |
|
| – | | |
|
| 770 | | |
|
| 1,555 | |
| Class R2 Shares | |
|
| – | | |
|
| 18,773 | | |
|
| 70,628 | |
| Class R3 Shares | |
|
| 6,461 | | |
|
| 383,942 | | |
|
| 260,300 | |
| Class R4 Shares | |
|
| 667 | | |
|
| 149,554 | | |
|
| 126,296 | |
| Class R5 Shares | |
|
| 667 | | |
|
| 21,029 | | |
|
| 87,650 | |
| Class R6 Shares | |
|
| 96,502 | | |
|
| 2,378,607 | | |
|
| 705,895 | |
| Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):* | |
|
| | | |
|
| | | |
|
| | |
| Class A Shares-Net asset value | |
|
| $21.42 | | |
|
| $20.10 | | |
|
| $24.57 | |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%, 5.75%, 5.75%, 5.75%, 5.75% and 5.75%,
respectively) | |
|
| $22.73 | | |
|
| $21.33 | | |
|
| $26.07 | |
| Class C Shares-Net asset value | |
|
| $20.39 | | |
|
| $20.19 | | |
|
| $22.64 | |
| Class F Shares-Net asset value | |
|
| $21.74 | | |
|
| $20.02 | | |
|
| $24.36 | |
| Class F3 Shares-Net asset value | |
|
| $21.76 | | |
|
| $20.49 | | |
|
| $25.68 | |
| Class I Shares-Net asset value | |
|
| $21.65 | | |
|
| $20.39 | | |
|
| $25.44 | |
| Class P Shares-Net asset value | |
|
| $ – | | |
|
| $20.18 | | |
|
| $25.43 | |
| Class R2 Shares-Net asset value | |
|
| $ – | | |
|
| $20.13 | | |
|
| $24.11 | |
| Class R3 Shares-Net asset value | |
|
| $21.07 | | |
|
| $19.74 | | |
|
| $24.04 | |
| Class R4 Shares-Net asset value | |
|
| $21.41 | | |
|
| $19.96 | | |
|
| $24.43 | |
| Class R5 Shares-Net asset value | |
|
| $21.65 | | |
|
| $20.22 | | |
|
| $25.43 | |
| Class R6 Shares-Net asset value | |
|
| $21.77 | | |
|
| $20.48 | | |
|
| $25.69 | |
| * |
Net asset value may not recalculate due to rounding of fractional shares. |
| 52 |
See Notes to Financial Statements. |
International Value Fund | | |
Micro Cap Growth Fund | | |
Value Opportunities Fund | |
| |
| | | |
|
| | | |
|
| | |
| |
$ | 264,783,141 | | |
|
$ | 27,959,424 | | |
|
$ | 547,999,974 | |
| |
$ | 3,219,801 | | |
|
$ | 4,808,688 | | |
|
$ | 9,605,814 | |
| |
$ | 5,583,606 | | |
|
$ | 4,423,604 | | |
|
$ | 17,828,659 | |
| |
$ | 54,494,353 | | |
|
$ | – | | |
|
$ | 182,964,509 | |
| |
$ | 178,084,303 | | |
|
$ | 166,417,107 | | |
|
$ | 295,782,965 | |
| |
$ | – | | |
|
$ | – | | |
|
$ | 9,437,800 | |
| |
$ | 88,885 | | |
|
$ | – | | |
|
$ | 3,172,959 | |
| |
$ | 6,668,353 | | |
|
$ | – | | |
|
$ | 23,324,673 | |
| |
$ | 36,116 | | |
|
$ | – | | |
|
$ | 26,823,072 | |
| |
$ | 16,976 | | |
|
$ | – | | |
|
$ | 1,566,879 | |
| |
$ | 1,907,676 | | |
|
$ | – | | |
|
$ | 15,124,241 | |
| |
| | | |
|
| | | |
|
| | |
| |
| 23,642,539 | | |
|
| 1,235,616 | | |
|
| 27,693,859 | |
| |
| 289,505 | | |
|
| 181,128 | | |
|
| 643,098 | |
| |
| 493,971 | | |
|
| 157,398 | | |
|
| 865,923 | |
| |
| 4,805,776 | | |
|
| – | | |
|
| 8,474,855 | |
| |
| 15,739,762 | | |
|
| 5,922,235 | | |
|
| 13,921,495 | |
| |
| – | | |
|
| – | | |
|
| 497,487 | |
| |
| 7,718 | | |
|
| – | | |
|
| 175,878 | |
| |
| 587,776 | | |
|
| – | | |
|
| 1,257,042 | |
| |
| 3,224 | | |
|
| – | | |
|
| 1,358,174 | |
| |
| 1,507 | | |
|
| – | | |
|
| 73,667 | |
| |
| 168,212 | | |
|
| – | | |
|
| 701,265 | |
| |
| | | |
|
| | | |
|
| | |
| |
| $11.20 | | |
|
| $22.63 | | |
|
| $19.79 | |
| |
| | | |
|
| | | |
|
| | |
| |
| $11.88 | | |
|
| $24.01 | | |
|
| $21.00 | |
| |
| $11.12 | | |
|
| $26.55 | | |
|
| $14.94 | |
| |
| $11.30 | | |
|
| $28.10 | | |
|
| $20.59 | |
| |
| $11.34 | | |
|
| $ – | | |
|
| $21.59 | |
| |
| $11.31 | | |
|
| $28.10 | | |
|
| $21.25 | |
| |
| $ – | | |
|
| $ – | | |
|
| $18.97 | |
| |
| $11.52 | | |
|
| $ – | | |
|
| $18.04 | |
| |
| $11.35 | | |
|
| $ – | | |
|
| $18.56 | |
| |
| $11.20 | | |
|
| $ – | | |
|
| $19.75 | |
| |
| $11.27 | | |
|
| $ – | | |
|
| $21.27 | |
| |
| $11.34 | | |
|
| $ – | | |
|
| $21.57 | |
| |
See Notes to Financial Statements. |
53 |
Statements of Operations (unaudited)
For the Six Months Ended April 30, 2026
| | |
Alpha Strategy Fund | | |
Focused Growth Fund | | |
Focused Large Cap Value Fund | |
| Investment
income: | |
|
| | | |
|
| | | |
|
| | |
| Dividends (net of foreign withholding taxes of $0, $0, $55,109, $0, $499,300, $140,869 and $0, respectively) | |
|
$ | – | | |
|
$ | 140,511 | | |
|
$ | 844,296 | |
| Dividend income from affiliated funds (See Note 10) | |
|
| 3,211,322 | | |
|
| – | | |
|
| – | |
| Securities lending net income | |
|
| – | | |
|
| 2 | | |
|
| 97 | |
| Interest and other | |
|
| 3,576 | | |
|
| 80,737 | | |
|
| 33,706 | |
| Total investment income | |
|
| 3,214,898 | | |
|
| 221,250 | | |
|
| 878,099 | |
| Expenses: | |
|
| | | |
|
| | | |
|
| | |
| Management fee | |
|
| 307,273 | | |
|
| 504,064 | | |
|
| 322,739 | |
| 12b-1 distribution plan–Class A | |
|
| 485,509 | | |
|
| 51,709 | | |
|
| 22,449 | |
| 12b-1 distribution plan–Class C | |
|
| 43,579 | | |
|
| 31,681 | | |
|
| 22,241 | |
| 12b-1 distribution plan–Class F | |
|
| 3,922 | | |
|
| 2,672 | | |
|
| 268 | |
| 12b-1 distribution plan–Class P | |
|
| – | | |
|
| – | | |
|
| – | |
| 12b-1 distribution plan–Class R2 | |
|
| 2,895 | | |
|
| – | | |
|
| – | |
| 12b-1 distribution plan–Class R3 | |
|
| 41,057 | | |
|
| 493 | | |
|
| 513 | |
| 12b-1 distribution plan–Class R4 | |
|
| 5,378 | | |
|
| 34 | | |
|
| 13 | |
| Shareholder servicing | |
|
| 268,123 | | |
|
| 80,936 | | |
|
| 41,645 | |
| Fund administration | |
|
| 122,909 | | |
|
| 31,019 | | |
|
| 21,881 | |
| Registration | |
|
| 68,958 | | |
|
| 87,640 | | |
|
| 59,316 | |
| Reports to shareholders | |
|
| 30,366 | | |
|
| 10,531 | | |
|
| 11,033 | |
| Professional | |
|
| 17,912 | | |
|
| 20,712 | | |
|
| 20,230 | |
| Trustees’ fees | |
|
| 8,234 | | |
|
| 2,166 | | |
|
| 1,171 | |
| Custody | |
|
| 4,202 | | |
|
| 2,862 | | |
|
| 6,010 | |
| Other | |
|
| 8,589 | | |
|
| 11,931 | | |
|
| 6,725 | |
| Gross expenses | |
|
| 1,418,906 | | |
|
| 838,450 | | |
|
| 536,234 | |
| Fees waived and expenses reimbursed (See Note 3) | |
|
| (311,477 | ) | |
|
| (139,616 | ) | |
|
| (103,307 | ) |
| Net expenses | |
|
| 1,107,429 | | |
|
| 698,834 | | |
|
| 432,927 | |
| Net investment income (loss) | |
|
| 2,107,469 | | |
|
| (477,584 | ) | |
|
| 445,172 | |
| Net realized
and unrealized gain/(loss): | |
|
| | | |
|
| | | |
|
| | |
| Capital gain distributions received from affiliate funds | |
|
| 14,212,462 | | |
|
| – | | |
|
| – | |
| Net realized gain/(loss) on affiliate funds | |
|
| 8,675,503 | | |
|
| – | | |
|
| – | |
| Net realized gain/(loss) on investments | |
|
| – | | |
|
| 2,368,153 | | |
|
| (727,412 | ) |
| Net realized gain/(loss) on foreign capital gains taxes | |
|
| – | | |
|
| – | | |
|
| – | |
| Net realized gain/(loss) on foreign currency related transactions | |
|
| – | | |
|
| – | | |
|
| 3,788 | |
| Net change in unrealized appreciation/(depreciation) on affiliated funds | |
|
| 59,498,539 | | |
|
| – | | |
|
| – | |
| 54 |
See Notes to Financial Statements. |
Focused Small Cap Value Fund | | |
|
Fundamental Equity Fund | | |
|
Global Equity Fund | | |
|
Growth Leaders Fund | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
$ | 621,926 | | |
|
$ | 17,740,069 | | |
|
$ | 2,886,090 | | |
|
$ | 7,457,395 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| – | | |
|
| – | | |
|
| – | | |
|
| – | |
| |
| 157 | | |
|
| 522 | | |
|
| 4,298 | | |
|
| 2,696 | |
| |
| 10,242 | | |
|
| 320,076 | | |
|
| 141,099 | | |
|
| 2,292,700 | |
| |
| 632,325 | | |
|
| 18,060,667 | | |
|
| 3,031,487 | | |
|
| 9,752,791 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| 355,650 | | |
|
| 5,797,381 | | |
|
| 811,331 | | |
|
| 18,914,808 | |
| |
| 13,810 | | |
|
| 1,679,561 | | |
|
| 59,070 | | |
|
| 3,170,361 | |
| |
| 8,878 | | |
|
| 105,164 | | |
|
| 15,557 | | |
|
| 2,501,997 | |
| |
| 799 | | |
|
| 14,743 | | |
|
| 270 | | |
|
| 159,324 | |
| |
| – | | |
|
| 6,900 | | |
|
| – | | |
|
| – | |
| |
| – | | |
|
| 2,246 | | |
|
| – | | |
|
| 7,126 | |
| |
| – | | |
|
| 162,450 | | |
|
| 2,411 | | |
|
| 68,275 | |
| |
| – | | |
|
| 3,928 | | |
|
| 31 | | |
|
| 17,594 | |
| |
| 20,721 | | |
|
| 715,231 | | |
|
| 150,449 | | |
|
| 2,514,896 | |
| |
| 17,783 | | |
|
| 426,103 | | |
|
| 72,118 | | |
|
| 1,473,513 | |
| |
| 46,788 | | |
|
| 90,027 | | |
|
| 104,657 | | |
|
| 113,908 | |
| |
| 10,110 | | |
|
| 44,382 | | |
|
| 15,608 | | |
|
| 172,446 | |
| |
| 21,623 | | |
|
| 32,849 | | |
|
| 28,508 | | |
|
| 55,607 | |
| |
| 1,185 | | |
|
| 28,208 | | |
|
| 4,476 | | |
|
| 104,640 | |
| |
| 4,217 | | |
|
| 47,303 | | |
|
| 56,515 | | |
|
| 34,107 | |
| |
| 12,092 | | |
|
| 79,568 | | |
|
| 17,339 | | |
|
| 102,474 | |
| |
| 513,656 | | |
|
| 9,236,044 | | |
|
| 1,338,340 | | |
|
| 29,411,076 | |
| |
| (33,856 | ) | |
|
| (47,320 | ) | |
|
| (123,550 | ) | |
|
| (193,457 | ) |
| |
| 479,800 | | |
|
| 9,188,724 | | |
|
| 1,214,790 | | |
|
| 29,217,619 | |
| |
| 152,525 | | |
|
| 8,871,943 | | |
|
| 1,816,697 | | |
|
| (19,464,828 | ) |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| – | | |
|
| – | | |
|
| – | | |
|
| – | |
| |
| – | | |
|
| – | | |
|
| – | | |
|
| – | |
| |
| 2,097,297 | | |
|
| 154,265,808 | | |
|
| (6,173,801 | ) | |
|
| 611,312,833 | |
| |
| – | | |
|
| – | | |
|
| 8,173 | | |
|
| – | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| (53 | ) | |
|
| 176 | | |
|
| (29,916 | ) | |
|
| – | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| – | | |
|
| – | | |
|
| – | | |
|
| – | |
| |
See Notes to Financial Statements. |
55 |
Statements of Operations (unaudited)(continued)
For the Six Months Ended April 30, 2026
| | Alpha Strategy Fund | | Focused Growth Fund | | Focused Large Cap Value Fund | |
| Net
realized and unrealized gain/(loss): | |
| | | |
| | | |
| | |
| Net change in unrealized appreciation/(depreciation) on investments | |
| – | | |
| (10,348,716 | ) | |
| 5,956,212 | |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | |
| – | | |
| – | | |
| 1,465 | |
| Net realized and unrealized gain/(loss) | |
| 82,386,504 | | |
| (7,980,563 | ) | |
| 5,234,053 | |
| Net Increase (Decrease) in Net Assets Resulting From Operations | |
| $84,493,973 | | |
| $(8,458,147 | ) | |
| $5,679,225 | |
| 56 |
See Notes to Financial Statements. |
Focused Small Cap Value Fund | | |
Fundamental Equity Fund | | |
Global Equity Fund | | |
Growth Leaders Fund | |
| | | | |
| | | |
| | | |
| | |
| | 12,139,605 | | |
| 30,179,512 | | |
| 30,390,649 | | |
| (960,960,813 | ) |
| | | | |
| | | |
| | | |
| | |
| | 2 | | |
| 9,087 | | |
| 8,990 | | |
| – | |
| | 14,236,851 | | |
| 184,454,583 | | |
| 24,204,095 | | |
| (349,647,980 | ) |
| | | | |
| | | |
| | | |
| | |
| | $14,389,376 | | |
| $193,326,526 | | |
| $26,020,792 | | |
| $(369,112,808 | ) |
| |
See Notes to Financial Statements. |
57 |
Statements of Operations (unaudited)(concluded)
For the Six Months Ended April 30, 2026
| | Health Care Fund | | International Equity Fund | | International Opportunities Fund | |
| Investment
income: | |
| | | |
| | | |
| | |
| Dividends (net of foreign withholding taxes of $774, $670,210, $284,643, $576,254, $0 and $31,067, respectively) | |
$ | 22,185 | | |
$ | 6,353,684 | | |
$ | 2,696,574 | |
| Securities lending net income | |
| 33 | | |
| 7,121 | | |
| 12,943 | |
| Interest and other (net of foreign withholding taxes of $0, $3, $0, $1, $0 and $0, respectively) | |
| 2,193 | | |
| 305,348 | | |
| 177,569 | |
| Total investment income | |
| 24,411 | | |
| 6,666,153 | | |
| 2,887,086 | |
| Expenses: | |
| | | |
| | | |
| | |
| Management fee | |
| 26,427 | | |
| 1,345,877 | | |
| 1,217,361 | |
| 12b-1 distribution plan–Class A | |
| 5,657 | | |
| 247,146 | | |
| 125,266 | |
| 12b-1 distribution plan–Class C | |
| 6,910 | | |
| 12,141 | | |
| 9,463 | |
| 12b-1 distribution plan–Class F | |
| 67 | | |
| 3,814 | | |
| 1,303 | |
| 12b-1 distribution plan–Class P | |
| – | | |
| 34 | | |
| 80 | |
| 12b-1 distribution plan–Class R2 | |
| – | | |
| 990 | | |
| 4,628 | |
| 12b-1 distribution plan–Class R3 | |
| 345 | | |
| 17,252 | | |
| 13,466 | |
| 12b-1 distribution plan–Class R4 | |
| 18 | | |
| 3,493 | | |
| 3,561 | |
| Registration | |
| 58,416 | | |
| 90,509 | | |
| 74,482 | |
| Professional | |
| 25,340 | | |
| 37,945 | | |
| 35,172 | |
| Reports to shareholders | |
| 3,931 | | |
| 24,785 | | |
| 19,670 | |
| Custody | |
| 3,846 | | |
| 91,421 | | |
| 33,764 | |
| Shareholder servicing | |
| 3,714 | | |
| 168,405 | | |
| 118,430 | |
| Fund administration | |
| 1,705 | | |
| 119,633 | | |
| 64,926 | |
| Trustees’ fees | |
| 239 | | |
| 7,065 | | |
| 4,324 | |
| Other | |
| 6,011 | | |
| 36,116 | | |
| 41,547 | |
| Gross expenses | |
| 142,626 | | |
| 2,206,626 | | |
| 1,767,443 | |
| Fees waived and expenses reimbursed (See Note 3) | |
| (97,586 | ) | |
| (91,430 | ) | |
| (33,828 | ) |
| Net expenses | |
| 45,040 | | |
| 2,115,196 | | |
| 1,733,615 | |
| Net investment income (loss) | |
| (20,629 | ) | |
| 4,550,957 | | |
| 1,153,471 | |
| Net
realized and unrealized gain/(loss): | |
| | | |
| | | |
| | |
| Net realized gain/(loss) on investments | |
| 610,648 | | |
| 7,635,650 | | |
| 22,276,154 | |
| Net realized gain/(loss) on foreign currency related transactions | |
| 58 | | |
| (138,454 | ) | |
| (23,818 | ) |
| Net change in unrealized appreciation/(depreciation) on investments | |
| (572,523 | ) | |
| 74,008,103 | | |
| 21,194,259 | |
| Net change in unrealized appreciation/(depreciation) on deferred foreign capital gains taxes | |
| – | | |
| 185,984 | | |
| – | |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | |
| (2 | ) | |
| 42,186 | | |
| 48,334 | |
| Net realized and unrealized gain/(loss) | |
| 38,181 | | |
| 81,733,469 | | |
| 43,494,929 | |
| Net Increase in Net Assets Resulting From Operations | |
$ | 17,552 | | |
$ | 86,284,426 | | |
$ | 44,648,400 | |
| 58 |
See Notes to Financial Statements. |
International Value Fund | | |
Micro Cap Growth Fund | | |
Value Opportunities Fund | |
| | | | |
| | | |
| | |
| $ | 7,247,882 | | |
$ | 72,362 | | |
$ | 7,247,511 | |
| | 12,866 | | |
| 76,061 | | |
| 1,792 | |
| | | | |
| | | |
| | |
| | 227,658 | | |
| 48,724 | | |
| 97,824 | |
| | 7,488,406 | | |
| 197,147 | | |
| 7,347,127 | |
| | | | |
| | | |
| | |
| | 1,233,132 | | |
| 854,088 | | |
| 4,063,035 | |
| | 317,806 | | |
| 32,789 | | |
| 661,292 | |
| | 12,381 | | |
| 23,247 | | |
| 50,316 | |
| | 2,750 | | |
| 2,271 | | |
| 9,587 | |
| | – | | |
| – | | |
| 20,488 | |
| | 254 | | |
| – | | |
| 9,183 | |
| | 15,226 | | |
| – | | |
| 55,601 | |
| | 200 | | |
| – | | |
| 32,130 | |
| | 56,110 | | |
| 28,489 | | |
| 76,784 | |
| | 35,529 | | |
| 25,003 | | |
| 28,747 | |
| | 17,987 | | |
| 11,975 | | |
| 60,757 | |
| | 50,819 | | |
| 5,495 | | |
| 22,973 | |
| | 162,363 | | |
| 81,078 | | |
| 442,048 | |
| | 98,651 | | |
| 37,960 | | |
| 218,005 | |
| | 6,384 | | |
| 2,621 | | |
| 14,812 | |
| | 43,968 | | |
| 17,357 | | |
| 70,269 | |
| | 2,053,560 | | |
| 1,122,373 | | |
| 5,836,027 | |
| | (50,820 | ) | |
| (7,786 | ) | |
| (22,992 | ) |
| | 2,002,740 | | |
| 1,114,587 | | |
| 5,813,035 | |
| | 5,485,666 | | |
| (917,440 | ) | |
| 1,534,092 | |
| | | | |
| | | |
| | |
| | 44,027,286 | | |
| 20,088,008 | | |
| 27,706,919 | |
| | | | |
| | | |
| | |
| | (50,662 | ) | |
| – | | |
| – | |
| | | | |
| | | |
| | |
| | 17,037,849 | | |
| 2,458,908 | | |
| 107,559,720 | |
| | | | |
| | | |
| | |
| | – | | |
| – | | |
| – | |
| | | | |
| | | |
| | |
| | 112,840 | | |
| – | | |
| – | |
| | 61,127,313 | | |
| 22,546,916 | | |
| 135,266,639 | |
| | | | |
| | | |
| | |
| $ | 66,612,979 | | |
$ | 21,629,476 | | |
$ | 136,800,731 | |
| |
See Notes to Financial Statements. |
59 |
Statements of Changes in Net Assets
| | |
Alpha Strategy Fund |
| INCREASE (DECREASE) IN NET ASSETS | |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | |
| Operations: | |
| | | |
| | |
| Net investment income (loss) | |
$ | 2,107,469 | | |
$ | 942,044 | |
| Net realized gain/(loss) | |
| 22,887,965 | | |
| 33,887,340 | |
| Net change in unrealized appreciation/(depreciation) | |
| 59,498,539 | | |
| 17,809,629 | |
| Net increase (decrease) in net assets resulting from operations | |
| 84,493,973 | | |
| 52,639,013 | |
| Distributions
to Shareholders: | |
| | | |
| | |
| Class A | |
| (19,394,283 | ) | |
| (3,187,702 | ) |
| Class C | |
| (613,563 | ) | |
| (104,263 | ) |
| Class F | |
| (386,214 | ) | |
| (81,994 | ) |
| Class F3 | |
| (2,915,063 | ) | |
| (558,404 | ) |
| Class I | |
| (5,757,143 | ) | |
| (1,176,137 | ) |
| Class R2 | |
| (50,990 | ) | |
| (6,609 | ) |
| Class R3 | |
| (871,634 | ) | |
| (123,862 | ) |
| Class R4 | |
| (214,512 | ) | |
| (28,564 | ) |
| Class R5 | |
| (21,464 | ) | |
| (3,711 | ) |
| Class R6 | |
| (210,750 | ) | |
| (44,159 | ) |
| Total distribution to shareholders | |
| (30,435,616 | ) | |
| (5,315,405 | ) |
| Capital
share transactions (See Note 13): | |
| | | |
| | |
| Net proceeds from sales of shares | |
| 30,058,872 | | |
| 40,058,938 | |
| Reinvestment of distributions | |
| 27,238,050 | | |
| 4,721,996 | |
| Cost of shares reacquired | |
| (59,646,797 | ) | |
| (105,709,802 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | |
| (2,349,875 | ) | |
| (60,928,868 | ) |
| Net increase (decrease) in net assets | |
| 51,708,482 | | |
| (13,605,260 | ) |
| NET
ASSETS: | |
| | | |
| | |
| Beginning of period | |
$ | 613,116,757 | | |
$ | 626,722,017 | |
| End of period | |
$ | 664,825,239 | | |
$ | 613,116,757 | |
| 60 |
See Notes to Financial Statements. |
| Focused Growth Fund | |
Focused Large Cap Value Fund |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | | |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | |
| | | |
| | | |
| | | |
| | |
| $ | (477,584 | ) | |
$ | (743,740 | ) | |
$ | 445,172 | | |
$ | 276,510 | |
| | 2,368,153 | | |
| 4,310,277 | | |
| (723,624 | ) | |
| 110,575 | |
| | (10,348,716 | ) | |
| 34,927,398 | | |
| 5,957,677 | | |
| 4,921,905 | |
| | | | |
| | | |
| | | |
| | |
| | (8,458,147 | ) | |
| 38,493,935 | | |
| 5,679,225 | | |
| 5,308,990 | |
| | | | |
| | | |
| | | |
| | |
| | – | | |
| – | | |
| (81,003 | ) | |
| (244,257 | ) |
| | – | | |
| – | | |
| (8,446 | ) | |
| (27,214 | ) |
| | – | | |
| – | | |
| (2,971 | ) | |
| (3,812 | ) |
| | – | | |
| – | | |
| (99 | ) | |
| (281 | ) |
| | – | | |
| – | | |
| (428,223 | ) | |
| (345,713 | ) |
| | – | | |
| – | | |
| – | | |
| – | |
| | – | | |
| – | | |
| (523 | ) | |
| (2,676 | ) |
| | – | | |
| – | | |
| (47 | ) | |
| (180 | ) |
| | – | | |
| – | | |
| (72 | ) | |
| (203 | ) |
| | – | | |
| – | | |
| (20,280 | ) | |
| (51,587 | ) |
| | – | | |
| – | | |
| (541,664 | ) | |
| (675,923 | ) |
| | | | |
| | | |
| | | |
| | |
| | 39,192,003 | | |
| 129,023,148 | | |
| 86,733,667 | | |
| 54,281,919 | |
| | – | | |
| – | | |
| 520,816 | | |
| 627,008 | |
| | (48,051,855 | ) | |
| (52,078,513 | ) | |
| (27,224,526 | ) | |
| (8,288,752 | ) |
| | | | |
| | | |
| | | |
| | |
| | (8,859,852 | ) | |
| 76,944,635 | | |
| 60,029,957 | | |
| 46,620,175 | |
| | (17,317,999 | ) | |
| 115,438,570 | | |
| 65,167,518 | | |
| 51,253,242 | |
| | | | |
| | | |
| | | |
| | |
| $ | 180,018,172 | | |
$ | 64,579,602 | | |
$ | 83,138,145 | | |
$ | 31,884,903 | |
| $ | 162,700,173 | | |
$ | 180,018,172 | | |
$ | 148,305,663 | | |
$ | 83,138,145 | |
| |
See Notes to Financial Statements. |
61 |
Statements of Changes in Net Assets (continued)
| | |
Focused Small Cap Value Fund |
| INCREASE (DECREASE) IN NET ASSETS | |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | |
| Operations: | |
| | | |
| | |
| Net investment income | |
$ | 152,525 | | |
$ | 220,889 | |
| Net realized gain/(loss) | |
| 2,097,244 | | |
| 3,933,230 | |
| Net change in unrealized appreciation/(depreciation) | |
| 12,139,607 | | |
| (4,611,642 | ) |
| Net increase (decrease) in net assets
resulting from operations | |
| 14,389,376 | | |
| (457,523 | ) |
| Distributions
to Shareholders: | |
| | | |
| | |
| Class A | |
| (505,408 | ) | |
| (902,663 | ) |
| Class C | |
| (84,412 | ) | |
| (171,335 | ) |
| Class F | |
| (84,351 | ) | |
| (136,937 | ) |
| Class F3 | |
| (553 | ) | |
| (853 | ) |
| Class I | |
| (3,046,966 | ) | |
| (5,039,462 | ) |
| Class P | |
| – | | |
| – | |
| Class R2 | |
| – | | |
| – | |
| Class R3 | |
| – | | |
| – | |
| Class R4 | |
| – | | |
| – | |
| Class R5 | |
| (678 | ) | |
| (1,037 | ) |
| Class R6 | |
| (169,229 | ) | |
| (352,265 | ) |
| Total distribution to shareholders | |
| (3,891,597 | ) | |
| (6,604,552 | ) |
| Capital share
transactions (See Note 13): | |
| | | |
| | |
| Net proceeds from sales of shares | |
| 2,195,730 | | |
| 3,538,348 | |
| Reinvestment of distributions | |
| 3,639,940 | | |
| 6,107,198 | |
| Cost of shares reacquired | |
| (6,741,132 | ) | |
| (16,720,147 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | |
| (905,462 | ) | |
| (7,074,601 | ) |
| Net increase (decrease) in net assets | |
| 9,592,317 | | |
| (14,136,676 | ) |
| NET ASSETS: | |
| | | |
| | |
| Beginning of period | |
$ | 86,141,375 | | |
$ | 100,278,051 | |
| End of period | |
$ | 95,733,692 | | |
$ | 86,141,375 | |
| 62 |
See Notes to Financial Statements. |
| Fundamental Equity Fund | | |
Global Equity Fund |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | | |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
$ | 8,871,943 | | |
|
$ | 14,514,792 | | |
|
$ | 1,816,697 | | |
|
$ | 2,260,365 | |
| |
| 154,265,984 | | |
|
| 163,411,261 | | |
|
| (6,195,544 | ) | |
|
| (6,410,558 | ) |
| |
| 30,188,599 | | |
|
| 81,850,360 | | |
|
| 30,399,639 | | |
|
| 40,288,501 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| 193,326,526 | | |
|
| 259,776,413 | | |
|
| 26,020,792 | | |
|
| 36,138,308 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| (100,990,068 | ) | |
|
| (85,350,973 | ) | |
|
| (275,221 | ) | |
|
| (32,766 | ) |
| |
| (1,779,744 | ) | |
|
| (1,561,810 | ) | |
|
| (6,964 | ) | |
|
| – | |
| |
| (2,274,093 | ) | |
|
| (1,738,414 | ) | |
|
| (1,604 | ) | |
|
| (7,704 | ) |
| |
| (2,489,974 | ) | |
|
| (1,490,781 | ) | |
|
| (356,334 | ) | |
|
| (3,267 | ) |
| |
| (44,949,712 | ) | |
|
| (33,577,759 | ) | |
|
| (1,797,927 | ) | |
|
| (411,525 | ) |
| |
| (229,065 | ) | |
|
| (201,904 | ) | |
|
| – | | |
|
| – | |
| |
| (52,179 | ) | |
|
| (133,317 | ) | |
|
| – | | |
|
| – | |
| |
| (4,853,871 | ) | |
|
| (4,238,696 | ) | |
|
| (2,939 | ) | |
|
| (1,335 | ) |
| |
| (340,412 | ) | |
|
| (282,392 | ) | |
|
| (123 | ) | |
|
| (76 | ) |
| |
| (79,245 | ) | |
|
| (77,635 | ) | |
|
| (166 | ) | |
|
| (122 | ) |
| |
| (1,069,069 | ) | |
|
| (723,146 | ) | |
|
| (47,297 | ) | |
|
| (35,282 | ) |
| |
| (159,107,432 | ) | |
|
| (129,376,827 | ) | |
|
| (2,488,575 | ) | |
|
| (492,077 | ) |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| 115,334,180 | | |
|
| 207,541,580 | | |
|
| 111,031,267 | | |
|
| 347,534,305 | |
| |
| 154,239,167 | | |
|
| 125,201,279 | | |
|
| 2,466,001 | | |
|
| 467,028 | |
| |
| (172,066,301 | ) | |
|
| (345,529,935 | ) | |
|
| (79,123,797 | ) | |
|
| (105,480,263 | ) |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| 97,507,046 | | |
|
| (12,787,076 | ) | |
|
| 34,373,471 | | |
|
| 242,521,070 | |
| |
| 131,726,140 | | |
|
| 117,612,510 | | |
|
| 57,905,688 | | |
|
| 278,167,301 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
$ | 2,079,113,663 | | |
|
$ | 1,961,501,153 | | |
|
$ | 336,009,232 | | |
|
$ | 57,841,931 | |
| |
$ | 2,210,839,803 | | |
|
$ | 2,079,113,663 | | |
|
$ | 393,914,920 | | |
|
$ | 336,009,232 | |
| |
See Notes to Financial Statements. |
63 |
Statements of Changes in Net Assets (continued)
| | |
Growth Leaders Fund |
| INCREASE (DECREASE) IN NET ASSETS | |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | |
| Operations: | |
| | | |
| | |
| Net investment income (loss) | |
$ | (19,464,828 | ) | |
$ | (35,081,649 | ) |
| Net realized gain/(loss) | |
| 611,312,833 | | |
| 888,312,389 | |
| Net change in unrealized appreciation/(depreciation) | |
| (960,960,813 | ) | |
| 1,462,665,216 | |
| Net increase (decrease) in net assets
resulting from operations | |
| (369,112,808 | ) | |
| 2,315,895,956 | |
| Distributions
to Shareholders: | |
| | | |
| | |
| Class A | |
| (54,497,215 | ) | |
| – | |
| Class C | |
| (12,937,047 | ) | |
| – | |
| Class F | |
| (6,984,188 | ) | |
| – | |
| Class F3 | |
| (11,636,468 | ) | |
| – | |
| Class I | |
| (66,735,257 | ) | |
| – | |
| Class P | |
| – | | |
| – | |
| Class R2 | |
| (52,692 | ) | |
| – | |
| Class R3 | |
| (599,615 | ) | |
| – | |
| Class R4 | |
| (315,512 | ) | |
| – | |
| Class R5 | |
| (213,552 | ) | |
| – | |
| Class R6 | |
| (2,891,313 | ) | |
| – | |
| Total distribution to shareholders | |
| (156,862,859 | ) | |
| – | |
| Capital
share transactions (See Note 13): | |
| | | |
| | |
| Net proceeds from sales of shares | |
| 516,409,129 | | |
| 1,318,764,417 | |
| Reinvestment of distributions | |
| 146,648,165 | | |
| – | |
| Cost of shares reacquired | |
| (922,725,145 | ) | |
| (1,806,110,357 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | |
| (259,667,851 | ) | |
| (487,345,940 | ) |
| Net increase (decrease) in net assets | |
| (785,643,518 | ) | |
| 1,828,550,016 | |
| NET
ASSETS: | |
| | | |
| | |
| Beginning of period | |
$ | 8,334,984,395 | | |
$ | 6,506,434,379 | |
| End of period | |
$ | 7,549,340,877 | | |
$ | 8,334,984,395 | |
| 64 |
See Notes to Financial Statements. |
| Health Care Fund | | |
International Equity Fund |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | | |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
$ | (20,629 | ) | |
|
$ | (38,239 | ) | |
|
$ | 4,550,957 | | |
|
$ | 6,249,111 | |
| |
| 610,706 | | |
|
| 284,973 | | |
|
| 7,497,196 | | |
|
| 19,631,203 | |
| |
| (572,525 | ) | |
|
| 387,242 | | |
|
| 74,236,273 | | |
|
| 60,295,450 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| 17,552 | | |
|
| 633,976 | | |
|
| 86,284,426 | | |
|
| 86,175,764 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| (7,007 | ) | |
|
| (13,824 | ) | |
|
| (9,368,030 | ) | |
|
| (6,121,012 | ) |
| |
| – | | |
|
| – | | |
|
| (94,124 | ) | |
|
| (38,413 | ) |
| |
| (343 | ) | |
|
| (839 | ) | |
|
| (375,668 | ) | |
|
| (179,949 | ) |
| |
| (153 | ) | |
|
| (200 | ) | |
|
| (3,213,622 | ) | |
|
| (887,082 | ) |
| |
| (160 | ) | |
|
| (238 | ) | |
|
| (11,613,346 | ) | |
|
| (5,933,310 | ) |
| |
| – | | |
|
| – | | |
|
| (727 | ) | |
|
| (480 | ) |
| |
| – | | |
|
| – | | |
|
| (14,460 | ) | |
|
| (8,310 | ) |
| |
| – | | |
|
| (196 | ) | |
|
| (319,805 | ) | |
|
| (218,383 | ) |
| |
| (24 | ) | |
|
| (41 | ) | |
|
| (135,840 | ) | |
|
| (90,407 | ) |
| |
| (57 | ) | |
|
| (73 | ) | |
|
| (14,089 | ) | |
|
| (7,976 | ) |
| |
| (8,729 | ) | |
|
| (13,574 | ) | |
|
| (2,174,565 | ) | |
|
| (190,397 | ) |
| |
| (16,473 | ) | |
|
| (28,985 | ) | |
|
| (27,324,276 | ) | |
|
| (13,675,719 | ) |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| 144,108 | | |
|
| 567,617 | | |
|
| 223,551,018 | | |
|
| 150,762,104 | |
| |
| 7,645 | | |
|
| 14,967 | | |
|
| 26,930,592 | | |
|
| 13,402,131 | |
| |
| (486,221 | ) | |
|
| (1,300,683 | ) | |
|
| (88,358,378 | ) | |
|
| (71,263,614 | ) |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| (334,468 | ) | |
|
| (718,099 | ) | |
|
| 162,123,232 | | |
|
| 92,900,621 | |
| |
| (333,389 | ) | |
|
| (113,108 | ) | |
|
| 221,083,382 | | |
|
| 165,400,666 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
$ | 8,451,945 | | |
|
$ | 8,565,053 | | |
|
$ | 500,838,825 | | |
|
$ | 335,438,159 | |
| |
$ | 8,118,556 | | |
|
$ | 8,451,945 | | |
|
$ | 721,922,207 | | |
|
$ | 500,838,825 | |
| |
See Notes to Financial Statements. |
65 |
Statements of Changes in Net Assets (continued)
| | |
International Opportunities Fund |
| INCREASE (DECREASE) IN NET ASSETS | |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | |
| Operations: | |
| | | |
| | |
| Net investment income (loss) | |
$ | 1,153,471 | | |
$ | 5,665,260 | |
| Net realized gain/(loss) | |
| 22,252,336 | | |
| 17,095,424 | |
| Net change in unrealized appreciation/(depreciation) | |
| 21,242,593 | | |
| 27,203,750 | |
| Net increase in net assets resulting from operations | |
| 44,648,400 | | |
| 49,964,434 | |
| Distributions
to Shareholders: | |
| | | |
| | |
| Class A | |
| (1,530,479 | ) | |
| (1,626,078 | ) |
| Class C | |
| (15,064 | ) | |
| (31,694 | ) |
| Class F | |
| (41,731 | ) | |
| (50,811 | ) |
| Class F3 | |
| (565,013 | ) | |
| (596,220 | ) |
| Class I | |
| (2,670,125 | ) | |
| (3,037,357 | ) |
| Class P | |
| (461 | ) | |
| (424 | ) |
| Class R2 | |
| (15,914 | ) | |
| (23,031 | ) |
| Class R3 | |
| (68,221 | ) | |
| (74,379 | ) |
| Class R4 | |
| (44,545 | ) | |
| (49,304 | ) |
| Class R5 | |
| (40,281 | ) | |
| (41,670 | ) |
| Class R6 | |
| (317,400 | ) | |
| (338,365 | ) |
| Total distribution to shareholders | |
| (5,309,234 | ) | |
| (5,869,333 | ) |
| Capital
share transactions (See Note 13): | |
| | | |
| | |
| Net proceeds from sales of shares | |
| 16,318,935 | | |
| 26,346,211 | |
| Reinvestment of distributions | |
| 5,186,160 | | |
| 5,703,198 | |
| Cost of shares reacquired | |
| (31,311,725 | ) | |
| (69,652,059 | ) |
| Net decrease in net assets resulting from capital share transactions | |
| (9,806,630 | ) | |
| (37,602,650 | ) |
| Net increase (decrease) in net assets | |
| 29,532,536 | | |
| 6,492,451 | |
| NET
ASSETS: | |
| | | |
| | |
| Beginning of period | |
$ | 317,906,486 | | |
$ | 311,414,035 | |
| End of period | |
$ | 347,439,022 | | |
$ | 317,906,486 | |
| 66 |
See Notes to Financial Statements. |
| International Value Fund | | |
Micro Cap Growth Fund |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | | |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
$ | 5,485,666 | | |
|
$ | 13,950,218 | | |
|
$ | (917,440 | ) | |
|
$ | (1,659,751 | ) |
| |
| 43,976,624 | | |
|
| 55,620,941 | | |
|
| 20,088,008 | | |
|
| 21,324,771 | |
| |
| 17,150,689 | | |
|
| 32,176,738 | | |
|
| 2,458,908 | | |
|
| 19,428,196 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| 66,612,979 | | |
|
| 101,747,897 | | |
|
| 21,629,476 | | |
|
| 39,093,216 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| (1,957,110 | ) | |
|
| (7,010,457 | ) | |
|
| – | | |
|
| – | |
| |
| (11,893 | ) | |
|
| (42,660 | ) | |
|
| – | | |
|
| – | |
| |
| (46,088 | ) | |
|
| (161,901 | ) | |
|
| – | | |
|
| – | |
| |
| (448,064 | ) | |
|
| (1,325,030 | ) | |
|
| – | | |
|
| – | |
| |
| (1,518,323 | ) | |
|
| (5,157,325 | ) | |
|
| (12,502 | ) | |
|
| – | |
| |
| – | | |
|
| – | | |
|
| – | | |
|
| – | |
| |
| (479 | ) | |
|
| (1,846 | ) | |
|
| – | | |
|
| – | |
| |
| (39,897 | ) | |
|
| (148,337 | ) | |
|
| – | | |
|
| – | |
| |
| (578 | ) | |
|
| (5,182 | ) | |
|
| – | | |
|
| – | |
| |
| (144 | ) | |
|
| (461 | ) | |
|
| – | | |
|
| – | |
| |
| (15,909 | ) | |
|
| (57,766 | ) | |
|
| – | | |
|
| – | |
| |
| (4,038,485 | ) | |
|
| (13,910,965 | ) | |
|
| (12,502 | ) | |
|
| – | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| 23,680,723 | | |
|
| 40,658,132 | | |
|
| 3,700,864 | | |
|
| 11,635,651 | |
| |
| 3,997,878 | | |
|
| 13,725,855 | | |
|
| 9,605 | | |
|
| – | |
| |
| (43,545,455 | ) | |
|
| (80,523,904 | ) | |
|
| (28,722,008 | ) | |
|
| (38,414,354 | ) |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
| (15,866,854 | ) | |
|
| (26,139,917 | ) | |
|
| (25,011,539 | ) | |
|
| (26,778,703 | ) |
| |
| 46,707,640 | | |
|
| 61,697,015 | | |
|
| (3,394,565 | ) | |
|
| 12,314,513 | |
| |
| | | |
|
| | | |
|
| | | |
|
| | |
| |
$ | 468,175,570 | | |
|
$ | 406,478,555 | | |
|
$ | 207,003,388 | | |
|
$ | 194,688,875 | |
| |
$ | 514,883,210 | | |
|
$ | 468,175,570 | | |
|
$ | 203,608,823 | | |
|
$ | 207,003,388 | |
| |
See Notes to Financial Statements. |
67 |
Statements of Changes in Net Assets (concluded)
| | |
Value Opportunities Fund |
| INCREASE (DECREASE) IN NET ASSETS | |
For the Six Months Ended April 30, 2026 (unaudited) | | |
For the Year Ended October 31, 2025 | |
| Operations: | |
| | | |
| | |
| Net investment income | |
$ | 1,534,092 | | |
$ | 4,051,577 | |
| Net realized gain/(loss) | |
| 27,706,919 | | |
| 64,089,270 | |
| Net change in unrealized appreciation/(depreciation) | |
| 107,559,720 | | |
| (99,070,441 | ) |
| Net
increase (decrease) in net assets resulting from operations | |
| 136,800,731 | | |
| (30,929,594 | ) |
| Distributions
to Shareholders: | |
| | | |
| | |
| Class A | |
| (31,178,811 | ) | |
| (40,165,917 | ) |
| Class C | |
| (771,378 | ) | |
| (1,786,104 | ) |
| Class F | |
| (1,157,257 | ) | |
| (1,816,615 | ) |
| Class F3 | |
| (9,889,957 | ) | |
| (11,928,386 | ) |
| Class I | |
| (15,696,481 | ) | |
| (23,910,114 | ) |
| Class P | |
| (535,464 | ) | |
| (723,745 | ) |
| Class R2 | |
| (188,934 | ) | |
| (257,567 | ) |
| Class R3 | |
| (1,347,046 | ) | |
| (1,995,262 | ) |
| Class R4 | |
| (1,495,948 | ) | |
| (1,844,696 | ) |
| Class R5 | |
| (80,929 | ) | |
| (84,583 | ) |
| Class R6 | |
| (931,009 | ) | |
| (1,526,294 | ) |
| Total distribution to shareholders | |
| (63,273,214 | ) | |
| (86,039,283 | ) |
| Capital
share transactions (See Note 13): | |
| | | |
| | |
| Net proceeds from sales of shares | |
| 30,104,521 | | |
| 69,927,740 | |
| Reinvestment of distributions | |
| 62,059,322 | | |
| 84,449,905 | |
| Cost of shares reacquired | |
| (117,304,990 | ) | |
| (313,729,617 | ) |
| Net decrease in net assets resulting from capital share transactions | |
| (25,141,147 | ) | |
| (159,351,972 | ) |
| Net increase (decrease) in net assets | |
| 48,386,370 | | |
| (276,320,849 | ) |
| NET
ASSETS: | |
| | | |
| | |
| Beginning of period | |
$ | 1,085,245,175 | | |
$ | 1,361,566,024 | |
| End of period | |
$ | 1,133,631,545 | | |
$ | 1,085,245,175 | |
| 68 |
See Notes to Financial Statements. |
This page is intentionally left blank.
69
Financial Highlights
ALPHA STRATEGY FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment
income (loss)(b) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(d) | |
$ | 28.04 | | |
$ | 0.09 | | |
$ | 3.75 | | |
$ | 3.84 | | |
$ | – | | |
$ | (1.42 | ) | |
$ | (1.42 | ) |
| 10/31/2025 | |
| 25.90 | | |
| 0.03 | | |
| 2.32 | | |
| 2.35 | | |
| (0.03 | ) | |
| (0.18 | ) | |
| (0.21 | ) |
| 10/31/2024 | |
| 19.58 | | |
| 0.01 | | |
| 6.42 | | |
| 6.43 | | |
| (0.02 | ) | |
| (0.09 | ) | |
| (0.11 | ) |
| 10/31/2023 | |
| 21.82 | | |
| 0.06 | | |
| (0.89 | ) | |
| (0.83 | ) | |
| (0.07 | ) | |
| (1.34 | ) | |
| (1.41 | ) |
| 10/31/2022 | |
| 30.39 | | |
| 0.06 | | |
| (7.10 | ) | |
| (7.04 | ) | |
| (0.41 | ) | |
| (1.12 | ) | |
| (1.53 | ) |
| 10/31/2021 | |
| 22.60 | | |
| (0.02 | ) | |
| 9.90 | | |
| 9.88 | | |
| (0.36 | ) | |
| (1.73 | ) | |
| (2.09 | ) |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(d) | |
| 20.46 | | |
| (0.01 | ) | |
| 2.68 | | |
| 2.67 | | |
| – | | |
| (1.42 | ) | |
| (1.42 | ) |
| 10/31/2025 | |
| 19.07 | | |
| (0.12 | ) | |
| 1.69 | | |
| 1.57 | | |
| – | | |
| (0.18 | ) | |
| (0.18 | ) |
| 10/31/2024 | |
| 14.53 | | |
| (0.11 | ) | |
| 4.74 | | |
| 4.63 | | |
| – | | |
| (0.09 | ) | |
| (0.09 | ) |
| 10/31/2023 | |
| 16.60 | | |
| (0.04 | ) | |
| (0.69 | ) | |
| (0.73 | ) | |
| – | | |
| (1.34 | ) | |
| (1.34 | ) |
| 10/31/2022 | |
| 23.47 | | |
| (0.08 | ) | |
| (5.45 | ) | |
| (5.53 | ) | |
| (0.22 | ) | |
| (1.12 | ) | |
| (1.34 | ) |
| 10/31/2021 | |
| 17.82 | | |
| (0.17 | ) | |
| 7.74 | | |
| 7.57 | | |
| (0.19 | ) | |
| (1.73 | ) | |
| (1.92 | ) |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(d) | |
| 28.47 | | |
| 0.11 | | |
| 3.81 | | |
| 3.92 | | |
| – | | |
| (1.42 | ) | |
| (1.42 | ) |
| 10/31/2025 | |
| 26.30 | | |
| 0.07 | | |
| 2.35 | | |
| 2.42 | | |
| (0.07 | ) | |
| (0.18 | ) | |
| (0.25 | ) |
| 10/31/2024 | |
| 19.87 | | |
| 0.06 | | |
| 6.50 | | |
| 6.56 | | |
| (0.04 | ) | |
| (0.09 | ) | |
| (0.13 | ) |
| 10/31/2023 | |
| 22.09 | | |
| 0.16 | | |
| (0.97 | ) | |
| (0.81 | ) | |
| (0.07 | ) | |
| (1.34 | ) | |
| (1.41 | ) |
| 10/31/2022 | |
| 30.73 | | |
| 0.20 | | |
| (7.27 | ) | |
| (7.07 | ) | |
| (0.45 | ) | |
| (1.12 | ) | |
| (1.57 | ) |
| 10/31/2021 | |
| 22.82 | | |
| 0.03 | | |
| 10.01 | | |
| 10.04 | | |
| (0.40 | ) | |
| (1.73 | ) | |
| (2.13 | ) |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(d) | |
| 29.50 | | |
| 0.14 | | |
| 3.96 | | |
| 4.10 | | |
| – | | |
| (1.42 | ) | |
| (1.42 | ) |
| 10/31/2025 | |
| 27.22 | | |
| 0.11 | | |
| 2.44 | | |
| 2.55 | | |
| (0.09 | ) | |
| (0.18 | ) | |
| (0.27 | ) |
| 10/31/2024 | |
| 20.56 | | |
| 0.10 | | |
| 6.73 | | |
| 6.83 | | |
| (0.08 | ) | |
| (0.09 | ) | |
| (0.17 | ) |
| 10/31/2023 | |
| 22.83 | | |
| 0.13 | | |
| (0.92 | ) | |
| (0.79 | ) | |
| (0.14 | ) | |
| (1.34 | ) | |
| (1.48 | ) |
| 10/31/2022 | |
| 31.70 | | |
| 0.14 | | |
| (7.40 | ) | |
| (7.26 | ) | |
| (0.49 | ) | |
| (1.12 | ) | |
| (1.61 | ) |
| 10/31/2021 | |
| 23.47 | | |
| 0.07 | | |
| 10.32 | | |
| 10.39 | | |
| (0.43 | ) | |
| (1.73 | ) | |
| (2.16 | ) |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(d) | |
| 29.27 | | |
| 0.13 | | |
| 3.93 | | |
| 4.06 | | |
| – | | |
| (1.42 | ) | |
| (1.42 | ) |
| 10/31/2025 | |
| 27.03 | | |
| 0.09 | | |
| 2.42 | | |
| 2.51 | | |
| (0.09 | ) | |
| (0.18 | ) | |
| (0.27 | ) |
| 10/31/2024 | |
| 20.43 | | |
| 0.07 | | |
| 6.70 | | |
| 6.77 | | |
| (0.08 | ) | |
| (0.09 | ) | |
| (0.17 | ) |
| 10/31/2023 | |
| 22.71 | | |
| 0.11 | | |
| (0.92 | ) | |
| (0.81 | ) | |
| (0.13 | ) | |
| (1.34 | ) | |
| (1.47 | ) |
| 10/31/2022 | |
| 31.56 | | |
| 0.04 | | |
| (7.28 | ) | |
| (7.24 | ) | |
| (0.49 | ) | |
| (1.12 | ) | |
| (1.61 | ) |
| 10/31/2021 | |
| 23.39 | | |
| 0.05 | | |
| 10.27 | | |
| 10.32 | | |
| (0.42 | ) | |
| (1.73 | ) | |
| (2.15 | ) |
| Class R2 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(d) | |
| 26.29 | | |
| 0.03 | | |
| 3.51 | | |
| 3.54 | | |
| – | | |
| (1.42 | ) | |
| (1.42 | ) |
| 10/31/2025 | |
| 24.36 | | |
| (0.07 | ) | |
| 2.18 | | |
| 2.11 | | |
| – | | |
| (0.18 | ) | |
| (0.18 | ) |
| 10/31/2024 | |
| 18.47 | | |
| (0.06 | ) | |
| 6.04 | | |
| 5.98 | | |
| – | | |
| (0.09 | ) | |
| (0.09 | ) |
| 10/31/2023 | |
| 20.66 | | |
| (0.02 | ) | |
| (0.83 | ) | |
| (0.85 | ) | |
| – | (g) | |
| (1.34 | ) | |
| (1.34 | ) |
| 10/31/2022 | |
| 28.80 | | |
| (0.02 | ) | |
| (6.73 | ) | |
| (6.75 | ) | |
| (0.27 | ) | |
| (1.12 | ) | |
| (1.39 | ) |
| 10/31/2021 | |
| 21.52 | | |
| (0.09 | ) | |
| 9.40 | | |
| 9.31 | | |
| (0.30 | ) | |
| (1.73 | ) | |
| (2.03 | ) |
| 70 |
See Notes to Financial Statements. |
| | |
| |
Ratios to Average Net Assets:(a) | |
Supplemental Data: |
| | |
| |
| |
|
Net asset value, end of period | |
Total return(c) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | $30.46 | | |
| 14.28 | (e) | |
| 0.43 | (f) | |
| 0.53 | (f) | |
| 0.62 | (f) | |
$ | 418,055 | | |
| 3 | (e) |
| | 28.04 | | |
| 9.13 | | |
| 0.44 | | |
| 0.54 | | |
| 0.10 | | |
| 390,466 | | |
| 4 | |
| | 25.90 | | |
| 32.90 | | |
| 0.44 | | |
| 0.54 | | |
| 0.04 | | |
| 407,896 | | |
| 1 | |
| | 19.58 | | |
| (3.99 | ) | |
| 0.43 | | |
| 0.54 | | |
| 0.29 | | |
| 342,756 | | |
| 4 | |
| | 21.82 | | |
| (24.25 | ) | |
| 0.44 | | |
| 0.54 | | |
| 0.25 | | |
| 420,589 | | |
| 8 | |
| | 30.39 | | |
| 45.31 | | |
| 0.41 | | |
| 0.52 | | |
| (0.06 | ) | |
| 542,197 | | |
| 7 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 21.71 | | |
| 13.88 | (e) | |
| 1.18 | (f) | |
| 1.28 | (f) | |
| (0.11 | )(f) | |
| 8,866 | | |
| 3 | (e) |
| | 20.46 | | |
| 8.26 | | |
| 1.19 | | |
| 1.29 | | |
| (0.61 | ) | |
| 8,957 | | |
| 4 | |
| | 19.07 | | |
| 31.93 | | |
| 1.19 | | |
| 1.29 | | |
| (0.62 | ) | |
| 11,170 | | |
| 1 | |
| | 14.53 | | |
| (4.70 | ) | |
| 1.18 | | |
| 1.29 | | |
| (0.25 | ) | |
| 13,823 | | |
| 4 | |
| | 16.60 | | |
| (24.81 | ) | |
| 1.19 | | |
| 1.29 | | |
| (0.40 | ) | |
| 30,206 | | |
| 8 | |
| | 23.47 | | |
| 44.16 | | |
| 1.16 | | |
| 1.26 | | |
| (0.77 | ) | |
| 56,365 | | |
| 7 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 30.97 | | |
| 14.35 | (e) | |
| 0.28 | (f) | |
| 0.38 | (f) | |
| 0.78 | (f) | |
| 8,276 | | |
| 3 | (e) |
| | 28.47 | | |
| 9.27 | | |
| 0.29 | | |
| 0.39 | | |
| 0.27 | | |
| 7,995 | | |
| 4 | |
| | 26.30 | | |
| 33.08 | | |
| 0.29 | | |
| 0.39 | | |
| 0.24 | | |
| 8,846 | | |
| 1 | |
| | 19.87 | | |
| (3.85 | ) | |
| 0.28 | | |
| 0.39 | | |
| 0.75 | | |
| 9,142 | | |
| 4 | |
| | 22.09 | | |
| (24.10 | ) | |
| 0.28 | | |
| 0.39 | | |
| 0.76 | | |
| 27,275 | | |
| 8 | |
| | 30.73 | | |
| 45.53 | | |
| 0.26 | | |
| 0.37 | | |
| 0.09 | | |
| 144,742 | | |
| 7 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 32.18 | | |
| 14.46 | (e) | |
| 0.10 | (f) | |
| 0.20 | (f) | |
| 0.93 | (f) | |
| 69,389 | | |
| 3 | (e) |
| | 29.50 | | |
| 9.48 | | |
| 0.10 | | |
| 0.20 | | |
| 0.41 | | |
| 60,386 | | |
| 4 | |
| | 27.22 | | |
| 33.32 | | |
| 0.10 | | |
| 0.20 | | |
| 0.38 | | |
| 56,478 | | |
| 1 | |
| | 20.56 | | |
| (3.65 | ) | |
| 0.09 | | |
| 0.20 | | |
| 0.57 | | |
| 46,724 | | |
| 4 | |
| | 22.83 | | |
| (23.98 | ) | |
| 0.09 | | |
| 0.19 | | |
| 0.57 | | |
| 50,046 | | |
| 8 | |
| | 31.70 | | |
| 45.81 | | |
| 0.08 | | |
| 0.18 | | |
| 0.25 | | |
| 56,369 | | |
| 7 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 31.91 | | |
| 14.44 | (e) | |
| 0.18 | (f) | |
| 0.28 | (f) | |
| 0.86 | (f) | |
| 132,473 | | |
| 3 | (e) |
| | 29.27 | | |
| 9.39 | | |
| 0.19 | | |
| 0.29 | | |
| 0.34 | | |
| 119,113 | | |
| 4 | |
| | 27.03 | | |
| 33.21 | | |
| 0.19 | | |
| 0.29 | | |
| 0.30 | | |
| 116,058 | | |
| 1 | |
| | 20.43 | | |
| (3.74 | ) | |
| 0.18 | | |
| 0.29 | | |
| 0.47 | | |
| 95,792 | | |
| 4 | |
| | 22.71 | | |
| (24.04 | ) | |
| 0.19 | | |
| 0.29 | | |
| 0.18 | | |
| 101,366 | | |
| 8 | |
| | 31.56 | | |
| 45.64 | | |
| 0.16 | | |
| 0.27 | | |
| 0.18 | | |
| 43,112 | | |
| 7 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 28.41 | | |
| 14.13 | (e) | |
| 0.78 | (f) | |
| 0.88 | (f) | |
| 0.25 | (f) | |
| 1,048 | | |
| 3 | (e) |
| | 26.29 | | |
| 8.69 | | |
| 0.79 | | |
| 0.89 | | |
| (0.27 | ) | |
| 937 | | |
| 4 | |
| | 24.36 | | |
| 32.43 | | |
| 0.79 | | |
| 0.89 | | |
| (0.28 | ) | |
| 863 | | |
| 1 | |
| | 18.47 | | |
| (4.32 | ) | |
| 0.78 | | |
| 0.89 | | |
| (0.09 | ) | |
| 812 | | |
| 4 | |
| | 20.66 | | |
| (24.50 | ) | |
| 0.79 | | |
| 0.89 | | |
| (0.09 | ) | |
| 928 | | |
| 8 | |
| | 28.80 | | |
| 44.78 | | |
| 0.76 | | |
| 0.86 | | |
| (0.34 | ) | |
| 1,433 | | |
| 7 | |
| |
See Notes to Financial Statements. |
71 |
Financial Highlights (concluded)
ALPHA STRATEGY FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(b) | |
Net realized and unrealized gain (loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class R3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(d) | |
$ | 26.62 | | |
$ | 0.05 | | |
$ | 3.55 | | |
$ | 3.60 | | |
$ | – | | |
$ | (1.42 | ) | |
$ | (1.42 | ) |
| 10/31/2025 | |
| 24.64 | | |
| (0.04 | ) | |
| 2.20 | | |
| 2.16 | | |
| – | | |
| (0.18 | ) | |
| (0.18 | ) |
| 10/31/2024 | |
| 18.66 | | |
| (0.04 | ) | |
| 6.11 | | |
| 6.07 | | |
| – | | |
| (0.09 | ) | |
| (0.09 | ) |
| 10/31/2023 | |
| 20.85 | | |
| – | (g) | |
| (0.84 | ) | |
| (0.84 | ) | |
| (0.01 | ) | |
| (1.34 | ) | |
| (1.35 | ) |
| 10/31/2022 | |
| 29.09 | | |
| 0.01 | | |
| (6.80 | ) | |
| (6.79 | ) | |
| (0.33 | ) | |
| (1.12 | ) | |
| (1.45 | ) |
| 10/31/2021 | |
| 21.70 | | |
| (0.08 | ) | |
| 9.50 | | |
| 9.42 | | |
| (0.30 | ) | |
| (1.73 | ) | |
| (2.03 | ) |
| Class R4 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(d) | |
| 27.95 | | |
| 0.08 | | |
| 3.75 | | |
| 3.83 | | |
| – | | |
| (1.42 | ) | |
| (1.42 | ) |
| 10/31/2025 | |
| 25.82 | | |
| 0.02 | | |
| 2.31 | | |
| 2.33 | | |
| (0.02 | ) | |
| (0.18 | ) | |
| (0.20 | ) |
| 10/31/2024 | |
| 19.52 | | |
| – | (g) | |
| 6.40 | | |
| 6.40 | | |
| (0.01 | ) | |
| (0.09 | ) | |
| (0.10 | ) |
| 10/31/2023 | |
| 21.76 | | |
| 0.06 | | |
| (0.88 | ) | |
| (0.82 | ) | |
| (0.08 | ) | |
| (1.34 | ) | |
| (1.42 | ) |
| 10/31/2022 | |
| 30.30 | | |
| 0.05 | | |
| (7.06 | ) | |
| (7.01 | ) | |
| (0.41 | ) | |
| (1.12 | ) | |
| (1.53 | ) |
| 10/31/2021 | |
| 22.54 | | |
| (0.01 | ) | |
| 9.86 | | |
| 9.85 | | |
| (0.36 | ) | |
| (1.73 | ) | |
| (2.09 | ) |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(d) | |
| 29.28 | | |
| 0.12 | | |
| 3.94 | | |
| 4.06 | | |
| – | | |
| (1.42 | ) | |
| (1.42 | ) |
| 10/31/2025 | |
| 27.04 | | |
| 0.08 | | |
| 2.43 | | |
| 2.51 | | |
| (0.09 | ) | |
| (0.18 | ) | |
| (0.27 | ) |
| 10/31/2024 | |
| 20.44 | | |
| 0.08 | | |
| 6.69 | | |
| 6.77 | | |
| (0.08 | ) | |
| (0.09 | ) | |
| (0.17 | ) |
| 10/31/2023 | |
| 22.72 | | |
| 0.09 | | |
| (0.90 | ) | |
| (0.81 | ) | |
| (0.13 | ) | |
| (1.34 | ) | |
| (1.47 | ) |
| 10/31/2022 | |
| 31.57 | | |
| 0.13 | | |
| (7.37 | ) | |
| (7.24 | ) | |
| (0.49 | ) | |
| (1.12 | ) | |
| (1.61 | ) |
| 10/31/2021 | |
| 23.40 | | |
| 0.10 | | |
| 10.22 | | |
| 10.32 | | |
| (0.42 | ) | |
| (1.73 | ) | |
| (2.15 | ) |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(d) | |
| 29.51 | | |
| 0.14 | | |
| 3.96 | | |
| 4.10 | | |
| – | | |
| (1.42 | ) | |
| (1.42 | ) |
| 10/31/2025 | |
| 27.23 | | |
| 0.12 | | |
| 2.43 | | |
| 2.55 | | |
| (0.09 | ) | |
| (0.18 | ) | |
| (0.27 | ) |
| 10/31/2024 | |
| 20.56 | | |
| 0.09 | | |
| 6.75 | | |
| 6.84 | | |
| (0.08 | ) | |
| (0.09 | ) | |
| (0.17 | ) |
| 10/31/2023 | |
| 22.84 | | |
| 0.14 | | |
| (0.94 | ) | |
| (0.80 | ) | |
| (0.14 | ) | |
| (1.34 | ) | |
| (1.48 | ) |
| 10/31/2022 | |
| 31.71 | | |
| 0.16 | | |
| (7.42 | ) | |
| (7.26 | ) | |
| (0.49 | ) | |
| (1.12 | ) | |
| (1.61 | ) |
| 10/31/2021 | |
| 23.48 | | |
| 0.08 | | |
| 10.31 | | |
| 10.39 | | |
| (0.43 | ) | |
| (1.73 | ) | |
| (2.16 | ) |
| (a) |
Does not include expenses of the affiliated funds in which the Fund invests. |
| (b) |
Calculated using average shares outstanding during the period. |
| (c) |
Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions.
Total return for all other classes assumes the reinvestment of all distributions. |
| (d) |
Unaudited. |
| (e) |
Not annualized. |
| (f) |
Annualized. |
| (g) |
Amount is less than $0.01. |
| 72 |
See Notes to Financial Statements. |
| | |
| |
Ratios to Average Net Assets:(a) | |
Supplemental Data: |
| | |
| |
| |
|
Net asset value, end of period | |
Total return(c) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | $28.80 | | |
| 14.14 | (e) | |
| 0.68 | (f) | |
| 0.78 | (f) | |
| 0.37 | (f) | |
| $17,624 | | |
| 3 | (e) |
| | 26.62 | | |
| 8.83 | | |
| 0.69 | | |
| 0.79 | | |
| (0.14 | ) | |
| 16,250 | | |
| 4 | |
| | 24.64 | | |
| 32.58 | | |
| 0.69 | | |
| 0.79 | | |
| (0.18 | ) | |
| 16,802 | | |
| 1 | |
| | 18.66 | | |
| (4.24 | ) | |
| 0.68 | | |
| 0.79 | | |
| (0.02 | ) | |
| 15,526 | | |
| 4 | |
| | 20.85 | | |
| (24.41 | ) | |
| 0.69 | | |
| 0.79 | | |
| 0.04 | | |
| 17,366 | | |
| 8 | |
| | 29.09 | | |
| 44.95 | | |
| 0.66 | | |
| 0.76 | | |
| (0.30 | ) | |
| 25,883 | | |
| 7 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 30.36 | | |
| 14.29 | (e) | |
| 0.43 | (f) | |
| 0.53 | (f) | |
| 0.60 | (f) | |
| 4,581 | | |
| 3 | (e) |
| | 27.95 | | |
| 9.12 | | |
| 0.44 | | |
| 0.54 | | |
| 0.06 | | |
| 4,225 | | |
| 4 | |
| | 25.82 | | |
| 32.87 | | |
| 0.44 | | |
| 0.54 | | |
| 0.02 | | |
| 3,874 | | |
| 1 | |
| | 19.52 | | |
| (3.98 | ) | |
| 0.43 | | |
| 0.54 | | |
| 0.28 | | |
| 3,150 | | |
| 4 | |
| | 21.76 | | |
| (24.23 | ) | |
| 0.44 | | |
| 0.54 | | |
| 0.21 | | |
| 3,859 | | |
| 8 | |
| | 30.30 | | |
| 45.25 | | |
| 0.41 | | |
| 0.52 | | |
| (0.04 | ) | |
| 4,621 | | |
| 7 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 31.92 | | |
| 14.43 | (e) | |
| 0.18 | (f) | |
| 0.28 | (f) | |
| 0.85 | (f) | |
| 498 | | |
| 3 | (e) |
| | 29.28 | | |
| 9.38 | | |
| 0.19 | | |
| 0.29 | | |
| 0.30 | | |
| 440 | | |
| 4 | |
| | 27.04 | | |
| 33.20 | | |
| 0.19 | | |
| 0.29 | | |
| 0.33 | | |
| 364 | | |
| 1 | |
| | 20.44 | | |
| (3.74 | ) | |
| 0.18 | | |
| 0.29 | | |
| 0.38 | | |
| 551 | | |
| 4 | |
| | 22.72 | | |
| (24.04 | ) | |
| 0.19 | | |
| 0.29 | | |
| 0.53 | | |
| 376 | | |
| 8 | |
| | 31.57 | | |
| 45.65 | | |
| 0.16 | | |
| 0.27 | | |
| 0.33 | | |
| 518 | | |
| 7 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 32.19 | | |
| 14.46 | (e) | |
| 0.10 | (f) | |
| 0.20 | (f) | |
| 0.98 | (f) | |
| 4,015 | | |
| 3 | (e) |
| | 29.51 | | |
| 9.47 | | |
| 0.10 | | |
| 0.20 | | |
| 0.44 | | |
| 4,349 | | |
| 4 | |
| | 27.23 | | |
| 33.37 | | |
| 0.10 | | |
| 0.20 | | |
| 0.36 | | |
| 4,370 | | |
| 1 | |
| | 20.56 | | |
| (3.69 | ) | |
| 0.09 | | |
| 0.20 | | |
| 0.61 | | |
| 3,380 | | |
| 4 | |
| | 22.84 | | |
| (23.97 | ) | |
| 0.09 | | |
| 0.19 | | |
| 0.62 | | |
| 3,762 | | |
| 8 | |
| | 31.71 | | |
| 45.79 | | |
| 0.08 | | |
| 0.18 | | |
| 0.28 | | |
| 5,386 | | |
| 7 | |
| |
See Notes to Financial Statements. |
73 |
Financial Highlights
FOCUSED GROWTH FUND
| | |
| |
Per Share Operating Performance: |
|
|
|
|
| | |
| |
Investment Operations: | |
Distributions to shareholders from: | |
|
| | |
Net asset value, beginning of period | |
Net investment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from investment operations | |
Net realized gain | |
Net asset value, end of period |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 44.44 | | |
$ | (0.15 | ) | |
$ | (1.85 | ) | |
$ | (2.00 | ) | |
$ | – | | |
$ | 42.44 | |
| 10/31/2025 | |
| 31.88 | | |
| (0.30 | ) | |
| 12.86 | | |
| 12.56 | | |
| – | | |
| 44.44 | |
| 10/31/2024 | |
| 20.48 | | |
| (0.21 | ) | |
| 11.61 | | |
| 11.40 | | |
| – | | |
| 31.88 | |
| 10/31/2023 | |
| 19.74 | | |
| (0.15 | ) | |
| 0.89 | | |
| 0.74 | | |
| – | | |
| 20.48 | |
| 10/31/2022 | |
| 36.16 | | |
| (0.17 | ) | |
| (11.38 | ) | |
| (11.55 | ) | |
| (4.87 | ) | |
| 19.74 | |
| 10/31/2021 | |
| 26.90 | | |
| (0.27 | ) | |
| 11.39 | | |
| 11.12 | | |
| (1.86 | ) | |
| 36.16 | |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 42.08 | | |
| (0.29 | ) | |
| (1.75 | ) | |
| (2.04 | ) | |
| – | | |
| 40.04 | |
| 10/31/2025 | |
| 30.42 | | |
| (0.56 | ) | |
| 12.22 | | |
| 11.66 | | |
| – | | |
| 42.08 | |
| 10/31/2024 | |
| 19.68 | | |
| (0.40 | ) | |
| 11.14 | | |
| 10.74 | | |
| – | | |
| 30.42 | |
| 10/31/2023 | |
| 19.12 | | |
| (0.29 | ) | |
| 0.85 | | |
| 0.56 | | |
| – | | |
| 19.68 | |
| 10/31/2022 | |
| 35.41 | | |
| (0.33 | ) | |
| (11.09 | ) | |
| (11.42 | ) | |
| (4.87 | ) | |
| 19.12 | |
| 10/31/2021 | |
| 26.56 | | |
| (0.50 | ) | |
| 11.21 | | |
| 10.71 | | |
| (1.86 | ) | |
| 35.41 | |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 45.28 | | |
| (0.11 | ) | |
| (1.88 | ) | |
| (1.99 | ) | |
| – | | |
| 43.29 | |
| 10/31/2025 | |
| 32.40 | | |
| (0.21 | ) | |
| 13.09 | | |
| 12.88 | | |
| – | | |
| 45.28 | |
| 10/31/2024 | |
| 20.76 | | |
| (0.14 | ) | |
| 11.78 | | |
| 11.64 | | |
| – | | |
| 32.40 | |
| 10/31/2023 | |
| 19.96 | | |
| (0.09 | ) | |
| 0.89 | | |
| 0.80 | | |
| – | | |
| 20.76 | |
| 10/31/2022 | |
| 36.44 | | |
| (0.12 | ) | |
| (11.49 | ) | |
| (11.61 | ) | |
| (4.87 | ) | |
| 19.96 | |
| 10/31/2021 | |
| 27.03 | | |
| (0.20 | ) | |
| 11.47 | | |
| 11.27 | | |
| (1.86 | ) | |
| 36.44 | |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 45.59 | | |
| (0.09 | ) | |
| (1.89 | ) | |
| (1.98 | ) | |
| – | | |
| 43.61 | |
| 10/31/2025 | |
| 32.59 | | |
| (0.16 | ) | |
| 13.16 | | |
| 13.00 | | |
| – | | |
| 45.59 | |
| 10/31/2024 | |
| 20.85 | | |
| (0.10 | ) | |
| 11.84 | | |
| 11.74 | | |
| – | | |
| 32.59 | |
| 10/31/2023 | |
| 20.02 | | |
| (0.07 | ) | |
| 0.90 | | |
| 0.83 | | |
| – | | |
| 20.85 | |
| 10/31/2022 | |
| 36.51 | | |
| (0.10 | ) | |
| (11.52 | ) | |
| (11.62 | ) | |
| (4.87 | ) | |
| 20.02 | |
| 10/31/2021 | |
| 27.06 | | |
| (0.18 | ) | |
| 11.49 | | |
| 11.31 | | |
| (1.86 | ) | |
| 36.51 | |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 45.30 | | |
| (0.11 | ) | |
| (1.88 | ) | |
| (1.99 | ) | |
| – | | |
| 43.31 | |
| 10/31/2025 | |
| 32.41 | | |
| (0.21 | ) | |
| 13.10 | | |
| 12.89 | | |
| – | | |
| 45.30 | |
| 10/31/2024 | |
| 20.77 | | |
| (0.14 | ) | |
| 11.78 | | |
| 11.64 | | |
| – | | |
| 32.41 | |
| 10/31/2023 | |
| 19.96 | | |
| (0.09 | ) | |
| 0.90 | | |
| 0.81 | | |
| – | | |
| 20.77 | |
| 10/31/2022 | |
| 36.44 | | |
| (0.11 | ) | |
| (11.50 | ) | |
| (11.61 | ) | |
| (4.87 | ) | |
| 19.96 | |
| 10/31/2021 | |
| 27.03 | | |
| (0.20 | ) | |
| 11.47 | | |
| 11.27 | | |
| (1.86 | ) | |
| 36.44 | |
| Class R3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 43.66 | | |
| (0.21 | ) | |
| (1.81 | ) | |
| (2.02 | ) | |
| – | | |
| 41.64 | |
| 10/31/2025 | |
| 31.40 | | |
| (0.39 | ) | |
| 12.65 | | |
| 12.26 | | |
| – | | |
| 43.66 | |
| 10/31/2024 | |
| 20.22 | | |
| (0.27 | ) | |
| 11.45 | | |
| 11.18 | | |
| – | | |
| 31.40 | |
| 10/31/2023 | |
| 19.53 | | |
| (0.21 | ) | |
| 0.90 | | |
| 0.69 | | |
| – | | |
| 20.22 | |
| 10/31/2022 | |
| 35.92 | | |
| (0.23 | ) | |
| (11.29 | ) | |
| (11.52 | ) | |
| (4.87 | ) | |
| 19.53 | |
| 10/31/2021 | |
| 26.79 | | |
| (0.35 | ) | |
| 11.34 | | |
| 10.99 | | |
| (1.86 | ) | |
| 35.92 | |
| 74 |
See Notes to Financial Statements. |
| | |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | |
| |
|
Total return(b) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net investment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.50 | )(d) | |
| 1.05 | (e) | |
| 1.23 | (e) | |
| (0.76 | )(e) | |
$ | 41,412 | | |
| 75 | (d) |
| | 39.40 | | |
| 1.05 | | |
| 1.24 | | |
| (0.80 | ) | |
| 51,177 | | |
| 84 | |
| | 55.66 | | |
| 1.05 | | |
| 1.45 | | |
| (0.75 | ) | |
| 26,783 | | |
| 122 | |
| | 3.75 | | |
| 1.05 | | |
| 1.70 | | |
| (0.71 | ) | |
| 15,986 | | |
| 169 | |
| | (36.92 | ) | |
| 1.05 | | |
| 1.54 | | |
| (0.71 | ) | |
| 14,420 | | |
| 169 | |
| | 43.48 | | |
| 1.05 | | |
| 1.49 | | |
| (0.87 | ) | |
| 18,332 | | |
| 166 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.85 | )(d) | |
| 1.80 | (e) | |
| 1.98 | (e) | |
| (1.52 | )(e) | |
| 6,230 | | |
| 75 | (d) |
| | 38.33 | | |
| 1.80 | | |
| 1.98 | | |
| (1.54 | ) | |
| 7,144 | | |
| 84 | |
| | 54.57 | | |
| 1.80 | | |
| 2.20 | | |
| (1.50 | ) | |
| 3,368 | | |
| 122 | |
| | 2.93 | | |
| 1.80 | | |
| 2.45 | | |
| (1.46 | ) | |
| 2,214 | | |
| 169 | |
| | (37.40 | ) | |
| 1.80 | | |
| 2.30 | | |
| (1.46 | ) | |
| 2,289 | | |
| 169 | |
| | 42.43 | | |
| 1.80 | | |
| 2.24 | | |
| (1.62 | ) | |
| 2,701 | | |
| 166 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.39 | )(d) | |
| 0.80 | (e) | |
| 1.08 | (e) | |
| (0.52 | )(e) | |
| 5,661 | | |
| 75 | (d) |
| | 39.75 | | |
| 0.80 | | |
| 1.09 | | |
| (0.55 | ) | |
| 5,831 | | |
| 84 | |
| | 56.07 | | |
| 0.80 | | |
| 1.31 | | |
| (0.50 | ) | |
| 4,225 | | |
| 122 | |
| | 4.01 | | |
| 0.80 | | |
| 1.55 | | |
| (0.43 | ) | |
| 3,536 | | |
| 169 | |
| | (36.79 | ) | |
| 0.80 | | |
| 1.37 | | |
| (0.47 | ) | |
| 7,021 | | |
| 169 | |
| | 43.85 | | |
| 0.80 | | |
| 1.34 | | |
| (0.63 | ) | |
| 18,621 | | |
| 166 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.34 | )(d) | |
| 0.71 | (e) | |
| 0.87 | (e) | |
| (0.42 | )(e) | |
| 25 | | |
| 75 | (d) |
| | 39.89 | | |
| 0.68 | | |
| 0.92 | | |
| (0.42 | ) | |
| 27 | | |
| 84 | |
| | 56.31 | | |
| 0.65 | | |
| 1.32 | | |
| (0.39 | ) | |
| 19 | | |
| 122 | |
| | 4.15 | | |
| 0.68 | | |
| 1.29 | | |
| (0.34 | ) | |
| 499 | | |
| 169 | |
| | (36.74 | ) | |
| 0.73 | | |
| 1.15 | | |
| (0.40 | ) | |
| 667 | | |
| 169 | |
| | 43.95 | | |
| 0.75 | | |
| 1.16 | | |
| (0.57 | ) | |
| 1,217 | | |
| 166 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.39 | )(d) | |
| 0.80 | (e) | |
| 0.98 | (e) | |
| (0.52 | )(e) | |
| 96,144 | | |
| 75 | (d) |
| | 39.77 | | |
| 0.80 | | |
| 0.97 | | |
| (0.54 | ) | |
| 101,892 | | |
| 84 | |
| | 56.04 | | |
| 0.80 | | |
| 1.16 | | |
| (0.49 | ) | |
| 21,488 | | |
| 122 | |
| | 4.06 | | |
| 0.80 | | |
| 1.44 | | |
| (0.47 | ) | |
| 4,122 | | |
| 169 | |
| | (36.79 | ) | |
| 0.80 | | |
| 1.30 | | |
| (0.47 | ) | |
| 4,595 | | |
| 169 | |
| | 43.90 | | |
| 0.80 | | |
| 1.24 | | |
| (0.62 | ) | |
| 4,587 | | |
| 166 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.60 | )(d) | |
| 1.30 | (e) | |
| 1.46 | (e) | |
| (1.03 | )(e) | |
| 177 | | |
| 75 | (d) |
| | 39.01 | | |
| 1.30 | | |
| 1.49 | | |
| (1.05 | ) | |
| 291 | | |
| 84 | |
| | 55.29 | | |
| 1.30 | | |
| 1.70 | | |
| (1.00 | ) | |
| 259 | | |
| 122 | |
| | 3.53 | | |
| 1.28 | | |
| 1.95 | | |
| (1.01 | ) | |
| 155 | | |
| 169 | |
| | (37.11 | ) | |
| 1.30 | | |
| 1.81 | | |
| (0.97 | ) | |
| 14 | | |
| 169 | |
| | 43.15 | | |
| 1.30 | | |
| 1.73 | | |
| (1.11 | ) | |
| 24 | | |
| 166 | |
| |
See Notes to Financial Statements. |
75 |
Financial Highlights (concluded)
FOCUSED GROWTH FUND
| | |
| |
Per Share Operating Performance: | |
|
| | |
| |
Investment Operations: | |
Distributions to shareholders from: | |
|
| | |
Net asset value, beginning of period | |
Net investment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from investment operations | |
Net realized gain | |
Net asset value, end of period |
| Class R4 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 44.46 | | |
$ | (0.15 | ) | |
$ | (1.85 | ) | |
$ | (2.00 | ) | |
$ | – | | |
| 42.46 | |
| 10/31/2025 | |
| 31.90 | | |
| (0.30 | ) | |
| 12.86 | | |
| 12.56 | | |
| – | | |
| 44.46 | |
| 10/31/2024 | |
| 20.49 | | |
| (0.21 | ) | |
| 11.62 | | |
| 11.41 | | |
| – | | |
| 31.90 | |
| 10/31/2023 | |
| 19.75 | | |
| (0.14 | ) | |
| 0.88 | | |
| 0.74 | | |
| – | | |
| 20.49 | |
| 10/31/2022 | |
| 36.18 | | |
| (0.17 | ) | |
| (11.39 | ) | |
| (11.56 | ) | |
| (4.87 | ) | |
| 19.75 | |
| 10/31/2021 | |
| 26.91 | | |
| (0.27 | ) | |
| 11.40 | | |
| 11.13 | | |
| (1.86 | ) | |
| 36.18 | |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 45.28 | | |
| (0.11 | ) | |
| (1.87 | ) | |
| (1.98 | ) | |
| – | | |
| 43.30 | |
| 10/31/2025 | |
| 32.41 | | |
| (0.21 | ) | |
| 13.08 | | |
| 12.87 | | |
| – | | |
| 45.28 | |
| 10/31/2024 | |
| 20.76 | | |
| (0.14 | ) | |
| 11.79 | | |
| 11.65 | | |
| – | | |
| 32.41 | |
| 10/31/2023 | |
| 19.96 | | |
| (0.09 | ) | |
| 0.89 | | |
| 0.80 | | |
| – | | |
| 20.76 | |
| 10/31/2022 | |
| 36.44 | | |
| (0.12 | ) | |
| (11.49 | ) | |
| (11.61 | ) | |
| (4.87 | ) | |
| 19.96 | |
| 10/31/2021 | |
| 27.02 | | |
| (0.20 | ) | |
| 11.48 | | |
| 11.28 | | |
| (1.86 | ) | |
| 36.44 | |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 45.59 | | |
| (0.09 | ) | |
| (1.89 | ) | |
| (1.98 | ) | |
| – | | |
| 43.61 | |
| 10/31/2025 | |
| 32.59 | | |
| (0.17 | ) | |
| 13.17 | | |
| 13.00 | | |
| – | | |
| 45.59 | |
| 10/31/2024 | |
| 20.85 | | |
| (0.10 | ) | |
| 11.84 | | |
| 11.74 | | |
| – | | |
| 32.59 | |
| 10/31/2023 | |
| 20.02 | | |
| (0.07 | ) | |
| 0.90 | | |
| 0.83 | | |
| – | | |
| 20.85 | |
| 10/31/2022 | |
| 36.51 | | |
| (0.09 | ) | |
| (11.53 | ) | |
| (11.62 | ) | |
| (4.87 | ) | |
| 20.02 | |
| 10/31/2021 | |
| 27.06 | | |
| (0.18 | ) | |
| 11.49 | | |
| 11.31 | | |
| (1.86 | ) | |
| 36.51 | |
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions.
Total return for all other classes assumes the reinvestment of all distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| 76 |
See Notes to Financial Statements. |
| | |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | |
| |
|
Total return(b) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net investment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.50 | )(d) | |
| 1.05 | (e) | |
| 1.22 | (e) | |
| (0.77 | )(e) | |
$ | 28 | | |
| 75 | (d) |
| | 39.37 | | |
| 1.05 | | |
| 1.25 | | |
| (0.81 | ) | |
| 30 | | |
| 84 | |
| | 55.69 | | |
| 1.05 | | |
| 1.45 | | |
| (0.75 | ) | |
| 21 | | |
| 122 | |
| | 3.75 | | |
| 1.05 | | |
| 1.70 | | |
| (0.70 | ) | |
| 14 | | |
| 169 | |
| | (36.93 | ) | |
| 1.05 | | |
| 1.54 | | |
| (0.71 | ) | |
| 13 | | |
| 169 | |
| | 43.50 | | |
| 1.05 | | |
| 1.48 | | |
| (0.86 | ) | |
| 24 | | |
| 166 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.37 | )(d) | |
| 0.80 | (e) | |
| 0.98 | (e) | |
| (0.52 | )(e) | |
| 64 | | |
| 75 | (d) |
| | 39.75 | | |
| 0.80 | | |
| 0.99 | | |
| (0.55 | ) | |
| 60 | | |
| 84 | |
| | 56.07 | | |
| 0.80 | | |
| 1.20 | | |
| (0.50 | ) | |
| 31 | | |
| 122 | |
| | 4.01 | | |
| 0.80 | | |
| 1.44 | | |
| (0.45 | ) | |
| 14 | | |
| 169 | |
| | (36.79 | ) | |
| 0.80 | | |
| 1.31 | | |
| (0.48 | ) | |
| 13 | | |
| 169 | |
| | 43.90 | | |
| 0.80 | | |
| 1.25 | | |
| (0.63 | ) | |
| 24 | | |
| 166 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.34 | )(d) | |
| 0.71 | (e) | |
| 0.88 | (e) | |
| (0.43 | )(e) | |
| 12,959 | | |
| 75 | (d) |
| | 39.89 | | |
| 0.68 | | |
| 0.92 | | |
| (0.43 | ) | |
| 13,567 | | |
| 84 | |
| | 56.31 | | |
| 0.65 | | |
| 1.11 | | |
| (0.36 | ) | |
| 8,385 | | |
| 122 | |
| | 4.15 | | |
| 0.68 | | |
| 1.30 | | |
| (0.34 | ) | |
| 4,481 | | |
| 169 | |
| | (36.74 | ) | |
| 0.73 | | |
| 1.16 | | |
| (0.39 | ) | |
| 4,740 | | |
| 169 | |
| | 43.95 | | |
| 0.75 | | |
| 1.16 | | |
| (0.57 | ) | |
| 6,788 | | |
| 166 | |
| |
See Notes to Financial Statements. |
77 |
Financial Highlights
FOCUSED LARGE CAP VALUE FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
| |
| |
|
| | |
Net asset value, beginning of period | |
Net investment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Return of capital |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 15.02 | | |
$ | 0.04 | | |
$ | 1.19 | | |
$ | 1.23 | | |
$ | (0.04 | ) | |
$ | (0.30 | ) | |
$ | – | |
| 10/31/2025 | |
| 13.35 | | |
| 0.08 | | |
| 1.86 | | |
| 1.94 | | |
| (0.09 | ) | |
| (0.18 | ) | |
| – | |
| 10/31/2024 | |
| 9.58 | | |
| 0.09 | | |
| 3.68 | | |
| 3.77 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 13.58 | | |
| 0.08 | | |
| 0.17 | (f) | |
| 0.25 | | |
| (1.42 | ) | |
| – | | |
| (2.83 | ) |
| 10/31/2022 | |
| 19.04 | | |
| 0.16 | | |
| (1.34 | ) | |
| (1.18 | ) | |
| (0.35 | ) | |
| (3.93 | ) | |
| – | |
| 10/31/2021 | |
| 12.95 | | |
| 0.38 | | |
| 6.68 | | |
| 7.06 | | |
| (0.16 | ) | |
| (0.81 | ) | |
| – | |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 14.81 | | |
| (0.01 | ) | |
| 1.16 | | |
| 1.15 | | |
| – | | |
| (0.30 | ) | |
| – | |
| 10/31/2025 | |
| 13.17 | | |
| (0.03 | ) | |
| 1.85 | | |
| 1.82 | | |
| – | | |
| (0.18 | ) | |
| – | |
| 10/31/2024 | |
| 9.52 | | |
| 0.01 | | |
| 3.64 | | |
| 3.65 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 13.49 | | |
| 0.02 | | |
| 0.15 | (f) | |
| 0.17 | | |
| (1.31 | ) | |
| – | | |
| (2.83 | ) |
| 10/31/2022 | |
| 18.97 | | |
| 0.06 | | |
| (1.35 | ) | |
| (1.29 | ) | |
| (0.26 | ) | |
| (3.93 | ) | |
| – | |
| 10/31/2021 | |
| 12.87 | | |
| 0.25 | | |
| 6.66 | | |
| 6.91 | | |
| – | | |
| (0.81 | ) | |
| – | |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 15.41 | | |
| 0.06 | | |
| 1.21 | | |
| 1.27 | | |
| (0.06 | ) | |
| (0.30 | ) | |
| – | |
| 10/31/2025 | |
| 13.67 | | |
| 0.11 | | |
| 1.92 | | |
| 2.03 | | |
| (0.11 | ) | |
| (0.18 | ) | |
| – | |
| 10/31/2024 | |
| 9.78 | | |
| 0.13 | | |
| 3.76 | | |
| 3.89 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 13.77 | | |
| 0.14 | | |
| 0.14 | (f) | |
| 0.28 | | |
| (1.44 | ) | |
| – | | |
| (2.83 | ) |
| 10/31/2022 | |
| 19.22 | | |
| 0.20 | | |
| (1.36 | ) | |
| (1.16 | ) | |
| (0.36 | ) | |
| (3.93 | ) | |
| – | |
| 10/31/2021 | |
| 12.98 | | |
| 0.49 | | |
| 6.64 | | |
| 7.13 | | |
| (0.08 | ) | |
| (0.81 | ) | |
| – | |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 15.16 | | |
| 0.07 | | |
| 1.19 | | |
| 1.26 | | |
| (0.07 | ) | |
| (0.30 | ) | |
| – | |
| 10/31/2025 | |
| 13.46 | | |
| 0.12 | | |
| 1.88 | | |
| 2.00 | | |
| (0.12 | ) | |
| (0.18 | ) | |
| – | |
| 10/31/2024 | |
| 9.63 | | |
| 0.12 | | |
| 3.71 | | |
| 3.83 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 13.64 | | |
| 0.11 | | |
| 0.16 | (f) | |
| 0.27 | | |
| (1.45 | ) | |
| – | | |
| (2.83 | ) |
| 10/31/2022 | |
| 19.10 | | |
| 0.20 | | |
| (1.35 | ) | |
| (1.15 | ) | |
| (0.38 | ) | |
| (3.93 | ) | |
| – | |
| 10/31/2021 | |
| 12.98 | | |
| 0.37 | | |
| 6.75 | | |
| 7.12 | | |
| (0.19 | ) | |
| (0.81 | ) | |
| – | |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 15.71 | | |
| 0.07 | | |
| 1.22 | | |
| 1.29 | | |
| (0.07 | ) | |
| (0.30 | ) | |
| – | |
| 10/31/2025 | |
| 13.94 | | |
| 0.11 | | |
| 1.96 | | |
| 2.07 | | |
| (0.12 | ) | |
| (0.18 | ) | |
| – | |
| 10/31/2024 | |
| 9.98 | | |
| 0.12 | | |
| 3.84 | | |
| 3.96 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 13.63 | | |
| 0.09 | | |
| 0.18 | (f) | |
| 0.27 | | |
| (1.09 | ) | |
| – | | |
| (2.83 | ) |
| 10/31/2022 | |
| 19.10 | | |
| 0.22 | | |
| (1.38 | ) | |
| (1.16 | ) | |
| (0.38 | ) | |
| (3.93 | ) | |
| – | |
| 10/31/2021 | |
| 12.99 | | |
| 0.35 | | |
| 6.76 | | |
| 7.11 | | |
| (0.19 | ) | |
| (0.81 | ) | |
| – | |
| Class R3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 14.95 | | |
| 0.02 | | |
| 1.18 | | |
| 1.20 | | |
| – | (g) | |
| (0.30 | ) | |
| – | |
| 10/31/2025 | |
| 13.28 | | |
| 0.05 | | |
| 1.85 | | |
| 1.90 | | |
| (0.05 | ) | |
| (0.18 | ) | |
| – | |
| 10/31/2024 | |
| 9.56 | | |
| 0.06 | | |
| 3.66 | | |
| 3.72 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 13.56 | | |
| 0.05 | | |
| 0.18 | (f) | |
| 0.23 | | |
| (1.40 | ) | |
| – | | |
| (2.83 | ) |
| 10/31/2022 | |
| 18.99 | | |
| 0.12 | | |
| (1.33 | ) | |
| (1.21 | ) | |
| (0.29 | ) | |
| (3.93 | ) | |
| – | |
| 10/31/2021 | |
| 12.92 | | |
| 0.29 | | |
| 6.71 | | |
| 7.00 | | |
| (0.12 | ) | |
| (0.81 | ) | |
| – | |
| 78 |
See Notes to Financial Statements. |
| | |
| |
| |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | |
| |
| |
| |
|
Total distri- butions | |
Net asset value, end of period | |
Total return (%)(b) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| $ | (0.34 | ) | |
$ | 15.91 | | |
| 6.37 | (d) | |
| 0.96 | (e) | |
| 1.15 | (e) | |
| 0.58 | (e) | |
$ | 19,745 | | |
| 35 | (d) |
| | (0.27 | ) | |
| 15.02 | | |
| 14.72 | | |
| 0.96 | | |
| 1.51 | | |
| 0.60 | | |
| 15,807 | | |
| 39 | |
| | – | | |
| 13.35 | | |
| 39.35 | | |
| 0.96 | | |
| 1.64 | | |
| 0.76 | | |
| 12,028 | | |
| 58 | |
| | (4.25 | ) | |
| 9.58 | | |
| 0.59 | | |
| 0.96 | | |
| 1.92 | | |
| 0.84 | | |
| 9,821 | | |
| 61 | |
| | (4.28 | ) | |
| 13.58 | | |
| (8.69 | ) | |
| 0.96 | | |
| 1.04 | | |
| 1.12 | | |
| 11,466 | | |
| 100 | |
| | (0.97 | ) | |
| 19.04 | | |
| 56.50 | | |
| 0.93 | | |
| 0.93 | | |
| 2.08 | | |
| 7,714 | | |
| 99 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (0.30 | ) | |
| 15.66 | | |
| 5.98 | (d) | |
| 1.71 | (e) | |
| 1.90 | (e) | |
| (0.17 | )(e) | |
| 5,307 | | |
| 35 | (d) |
| | (0.18 | ) | |
| 14.81 | | |
| 13.86 | | |
| 1.71 | | |
| 2.26 | | |
| (0.19 | ) | |
| 3,627 | | |
| 39 | |
| | – | | |
| 13.17 | | |
| 38.34 | | |
| 1.71 | | |
| 2.39 | | |
| 0.04 | | |
| 1,961 | | |
| 58 | |
| | (4.14 | ) | |
| 9.52 | | |
| (0.21 | ) | |
| 1.71 | | |
| 2.71 | | |
| 0.20 | | |
| 2,618 | | |
| 61 | |
| | (4.19 | ) | |
| 13.49 | | |
| (9.37 | ) | |
| 1.71 | | |
| 1.77 | | |
| 0.40 | | |
| 4,637 | | |
| 100 | |
| | (0.81 | ) | |
| 18.97 | | |
| 55.29 | | |
| 1.67 | | |
| 1.67 | | |
| 1.36 | | |
| 3,601 | | |
| 99 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (0.36 | ) | |
| 16.32 | | |
| 6.50 | (d) | |
| 0.71 | (e) | |
| 1.00 | (e) | |
| 0.80 | (e) | |
| 639 | | |
| 35 | (d) |
| | (0.29 | ) | |
| 15.41 | | |
| 15.02 | | |
| 0.71 | | |
| 1.34 | | |
| 0.78 | | |
| 446 | | |
| 39 | |
| | – | | |
| 13.67 | | |
| 39.78 | | |
| 0.71 | | |
| 1.50 | | |
| 1.03 | | |
| 181 | | |
| 58 | |
| | (4.27 | ) | |
| 9.78 | | |
| 0.81 | | |
| 0.71 | | |
| 1.95 | | |
| 1.34 | | |
| 194 | | |
| 61 | |
| | (4.29 | ) | |
| 13.77 | | |
| (8.48 | ) | |
| 0.71 | | |
| 0.86 | | |
| 1.35 | | |
| 1,405 | | |
| 100 | |
| | (0.89 | ) | |
| 19.22 | | |
| 56.78 | | |
| 0.68 | | |
| 0.78 | | |
| 2.60 | | |
| 2,394 | | |
| 99 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (0.37 | ) | |
| 16.05 | | |
| 6.53 | (d) | |
| 0.63 | (e) | |
| 0.81 | (e) | |
| 0.87 | (e) | |
| 15 | | |
| 35 | (d) |
| | (0.30 | ) | |
| 15.16 | | |
| 15.07 | | |
| 0.69 | | |
| 1.21 | | |
| 0.86 | | |
| 14 | | |
| 39 | |
| | – | | |
| 13.46 | | |
| 39.77 | | |
| 0.67 | | |
| 1.38 | | |
| 1.03 | | |
| 13 | | |
| 58 | |
| | (4.28 | ) | |
| 9.63 | | |
| 0.82 | | |
| 0.71 | | |
| 1.61 | | |
| 1.13 | | |
| 9 | | |
| 61 | |
| | (4.31 | ) | |
| 13.64 | | |
| (8.48 | ) | |
| 0.70 | | |
| 0.76 | | |
| 1.37 | | |
| 13 | | |
| 100 | |
| | (1.00 | ) | |
| 19.10 | | |
| 56.91 | | |
| 0.67 | | |
| 0.67 | | |
| 2.13 | | |
| 18 | | |
| 99 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (0.37 | ) | |
| 16.63 | | |
| 6.50 | (d) | |
| 0.71 | (e) | |
| 0.89 | (e) | |
| 0.91 | (e) | |
| 119,012 | | |
| 35 | (d) |
| | (0.30 | ) | |
| 15.71 | | |
| 15.06 | | |
| 0.71 | | |
| 1.23 | | |
| 0.76 | | |
| 60,102 | | |
| 39 | |
| | – | | |
| 13.94 | | |
| 39.68 | | |
| 0.71 | | |
| 1.37 | | |
| 0.93 | | |
| 15,230 | | |
| 58 | |
| | (3.92 | ) | |
| 9.98 | | |
| 0.89 | | |
| 0.71 | | |
| 1.56 | | |
| 0.92 | | |
| 4,982 | | |
| 61 | |
| | (4.31 | ) | |
| 13.63 | | |
| (8.55 | ) | |
| 0.69 | | |
| 0.69 | | |
| 1.49 | | |
| 243 | | |
| 100 | |
| | (1.00 | ) | |
| 19.10 | | |
| 56.79 | | |
| 0.68 | | |
| 0.68 | | |
| 1.99 | | |
| 656,899 | | |
| 99 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (0.30 | ) | |
| 15.85 | | |
| 6.22 | (d) | |
| 1.21 | (e) | |
| 1.40 | (e) | |
| 0.28 | (e) | |
| 200 | | |
| 35 | (d) |
| | (0.23 | ) | |
| 14.95 | | |
| 14.44 | | |
| 1.21 | | |
| 1.76 | | |
| 0.34 | | |
| 200 | | |
| 39 | |
| | – | | |
| 13.28 | | |
| 38.91 | | |
| 1.21 | | |
| 1.89 | | |
| 0.52 | | |
| 154 | | |
| 58 | |
| | (4.23 | ) | |
| 9.56 | | |
| 0.40 | | |
| 1.21 | | |
| 2.11 | | |
| 0.52 | | |
| 143 | | |
| 61 | |
| | (4.22 | ) | |
| 13.56 | | |
| (8.88 | ) | |
| 1.21 | | |
| 1.32 | | |
| 0.86 | | |
| 84 | | |
| 100 | |
| | (0.93 | ) | |
| 18.99 | | |
| 56.09 | | |
| 1.15 | | |
| 1.15 | | |
| 1.65 | | |
| 13 | | |
| 99 | |
| |
See Notes to Financial Statements. |
79 |
Financial Highlights (concluded)
FOCUSED LARGE CAP VALUE FUND
| | |
| | |
Per Share Operating Performance: |
| | |
| | |
Investment Operations: | |
Distributions to shareholders from: |
| | |
| | |
| |
|
| | |
Net asset value, beginning of period | |
Net investment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Return of capital |
| Class R4 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 15.05 | | |
$ | 0.04 | | |
$ | 1.19 | | |
$ | 1.23 | | |
$ | (0.04 | ) | |
$ | (0.30 | ) | |
$ | – | |
| 10/31/2025 | |
| 13.37 | | |
| 0.08 | | |
| 1.87 | | |
| 1.95 | | |
| (0.09 | ) | |
| (0.18 | ) | |
| – | |
| 10/31/2024 | |
| 9.60 | | |
| 0.09 | | |
| 3.68 | | |
| 3.77 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 13.59 | | |
| 0.09 | | |
| 0.17 | (f) | |
| 0.26 | | |
| (1.42 | ) | |
| – | | |
| (2.83 | ) |
| 10/31/2022 | |
| 19.04 | | |
| 0.16 | | |
| (1.35 | ) | |
| (1.19 | ) | |
| (0.33 | ) | |
| (3.93 | ) | |
| – | |
| 10/31/2021 | |
| 12.95 | | |
| 0.33 | | |
| 6.73 | | |
| 7.06 | | |
| (0.16 | ) | |
| (0.81 | ) | |
| – | |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 15.14 | | |
| 0.06 | | |
| 1.19 | | |
| 1.25 | | |
| (0.07 | ) | |
| (0.30 | ) | |
| – | |
| 10/31/2025 | |
| 13.45 | | |
| 0.12 | | |
| 1.87 | | |
| 1.99 | | |
| (0.12 | ) | |
| (0.18 | ) | |
| – | |
| 10/31/2024 | |
| 9.63 | | |
| 0.12 | | |
| 3.70 | | |
| 3.82 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 13.63 | | |
| 0.12 | | |
| 0.16 | (f) | |
| 0.28 | | |
| (1.45 | ) | |
| – | | |
| (2.83 | ) |
| 10/31/2022 | |
| 19.09 | | |
| 0.20 | | |
| (1.35 | ) | |
| (1.15 | ) | |
| (0.38 | ) | |
| (3.93 | ) | |
| – | |
| 10/31/2021 | |
| 12.98 | | |
| 0.38 | | |
| 6.73 | | |
| 7.11 | | |
| (0.19 | ) | |
| (0.81 | ) | |
| – | |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 15.18 | | |
| 0.07 | | |
| 1.18 | | |
| 1.25 | | |
| (0.07 | ) | |
| (0.30 | ) | |
| – | |
| 10/31/2025 | |
| 13.48 | | |
| 0.12 | | |
| 1.88 | | |
| 2.00 | | |
| (0.12 | ) | |
| (0.18 | ) | |
| – | |
| 10/31/2024 | |
| 9.64 | | |
| 0.12 | | |
| 3.72 | | |
| 3.84 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 13.65 | | |
| 0.11 | | |
| 0.16 | (f) | |
| 0.27 | | |
| (1.45 | ) | |
| – | | |
| (2.83 | ) |
| 10/31/2022 | |
| 19.11 | | |
| 0.20 | | |
| (1.35 | ) | |
| (1.15 | ) | |
| (0.38 | ) | |
| (3.93 | ) | |
| – | |
| 10/31/2021 | |
| 12.99 | | |
| 0.39 | | |
| 6.73 | | |
| 7.12 | | |
| (0.19 | ) | |
| (0.81 | ) | |
| – | |
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales
loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all
distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| (f) |
Realized and unrealized gain/(loss) per share does not correlate to the
aggregate of the net realized and unrealized gain/(loss) in the Statement of Operations, primarily due to the timing of the
sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio. |
| (g) |
Amount is less than $0.01. |
| 80 |
See Notes to Financial Statements. |
| | |
| |
| |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | |
| |
| |
| |
|
| | |
| |
| |
| |
|
Total distri- butions | |
Net asset value, end of period | |
Total return (%)(b) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| |
| $ | (0.34 | ) | |
$ | 15.94 | | |
| 6.33 | (d) | |
| 0.96 | (e) | |
| 1.10 | (e) | |
| 0.58 | (e) | |
$ | 11 | | |
| 35 | (d) |
| | (0.27 | ) | |
| 15.05 | | |
| 14.76 | | |
| 0.96 | | |
| 1.52 | | |
| 0.59 | | |
| 10 | | |
| 39 | |
| | – | | |
| 13.37 | | |
| 39.27 | | |
| 0.96 | | |
| 1.62 | | |
| 0.77 | | |
| 9 | | |
| 58 | |
| | (4.25 | ) | |
| 9.60 | | |
| 0.67 | | |
| 0.96 | | |
| 1.90 | | |
| 0.91 | | |
| 6 | | |
| 61 | |
| | (4.26 | ) | |
| 13.59 | | |
| (8.73 | ) | |
| 0.96 | | |
| 1.00 | | |
| 1.10 | | |
| 9 | | |
| 100 | |
| | (0.97 | ) | |
| 19.04 | | |
| 56.46 | | |
| 0.90 | | |
| 0.90 | | |
| 1.89 | | |
| 13 | | |
| 99 | |
| |
| | (0.37 | ) | |
| 16.02 | | |
| 6.47 | (d) | |
| 0.71 | (e) | |
| 0.86 | (e) | |
| 0.81 | (e) | |
| 12 | | |
| 35 | (d) |
| | (0.30 | ) | |
| 15.14 | | |
| 15.01 | | |
| 0.71 | | |
| 1.27 | | |
| 0.84 | | |
| 10 | | |
| 39 | |
| | – | | |
| 13.45 | | |
| 39.67 | | |
| 0.71 | | |
| 1.42 | | |
| 0.96 | | |
| 9 | | |
| 58 | |
| | (4.28 | ) | |
| 9.63 | | |
| 0.91 | | |
| 0.71 | | |
| 1.66 | | |
| 1.15 | | |
| 6 | | |
| 61 | |
| | (4.31 | ) | |
| 13.63 | | |
| (8.49 | ) | |
| 0.71 | | |
| 0.75 | | |
| 1.37 | | |
| 9 | | |
| 100 | |
| | (1.00 | ) | |
| 19.09 | | |
| 56.83 | | |
| 0.65 | | |
| 0.65 | | |
| 2.14 | | |
| 13 | | |
| 99 | |
| |
| | (0.37 | ) | |
| 16.06 | | |
| 6.53 | (d) | |
| 0.63 | (e) | |
| 0.83 | (e) | |
| 0.84 | (e) | |
| 3,365 | | |
| 35 | (d) |
| | (0.30 | ) | |
| 15.18 | | |
| 14.98 | | |
| 0.68 | | |
| 1.20 | | |
| 0.85 | | |
| 2,923 | | |
| 39 | |
| | – | | |
| 13.48 | | |
| 39.83 | | |
| 0.67 | | |
| 1.36 | | |
| 1.02 | | |
| 2,299 | | |
| 58 | |
| | (4.28 | ) | |
| 9.64 | | |
| 0.82 | | |
| 0.71 | | |
| 1.62 | | |
| 1.07 | | |
| 1,223 | | |
| 61 | |
| | (4.31 | ) | |
| 13.65 | | |
| (8.48 | ) | |
| 0.70 | | |
| 0.77 | | |
| 1.36 | | |
| 1,347 | | |
| 100 | |
| | (1.00 | ) | |
| 19.11 | | |
| 56.86 | | |
| 0.68 | | |
| 0.68 | | |
| 2.17 | | |
| 1,539 | | |
| 99 | |
| |
See Notes to Financial Statements. |
81 |
Financial Highlights
FOCUSED SMALL CAP VALUE FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 25.91 | | |
$ | 0.02 | | |
$ | 4.24 | | |
$ | 4.26 | | |
$ | – | | |
$ | (1.25 | ) | |
$ | (1.25 | ) |
| 10/31/2025 | |
| 27.88 | | |
| 0.01 | | |
| 0.01 | | |
| 0.02 | | |
| – | | |
| (1.99 | ) | |
| (1.99 | ) |
| 10/31/2024 | |
| 21.93 | | |
| – | (f) | |
| 5.95 | | |
| 5.95 | | |
| – | (f) | |
| – | | |
| – | (f) |
| 10/31/2023 | |
| 23.97 | | |
| 0.07 | | |
| (1.17 | ) | |
| (1.10 | ) | |
| (0.10 | ) | |
| (0.84 | ) | |
| (0.94 | ) |
| 10/31/2022 | |
| 30.62 | | |
| 0.05 | | |
| (3.54 | ) | |
| (3.49 | ) | |
| – | | |
| (3.16 | ) | |
| (3.16 | ) |
| 10/31/2021 | |
| 18.77 | | |
| 0.01 | | |
| 12.00 | | |
| 12.01 | | |
| (0.16 | ) | |
| – | | |
| (0.16 | ) |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 27.06 | | |
| (0.08 | ) | |
| 4.43 | | |
| 4.35 | | |
| – | | |
| (1.25 | ) | |
| (1.25 | ) |
| 10/31/2025 | |
| 29.25 | | |
| (0.19 | ) | |
| (0.01 | ) | |
| (0.20 | ) | |
| – | | |
| (1.99 | ) | |
| (1.99 | ) |
| 10/31/2024 | |
| 23.17 | | |
| (0.21 | ) | |
| 6.29 | | |
| 6.08 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 25.36 | | |
| (0.11 | ) | |
| (1.24 | ) | |
| (1.35 | ) | |
| – | | |
| (0.84 | ) | |
| (0.84 | ) |
| 10/31/2022 | |
| 32.44 | | |
| (0.15 | ) | |
| (3.77 | ) | |
| (3.92 | ) | |
| – | | |
| (3.16 | ) | |
| (3.16 | ) |
| 10/31/2021 | |
| 19.99 | | |
| (0.30 | ) | |
| 12.87 | | |
| 12.57 | | |
| (0.12 | ) | |
| – | | |
| (0.12 | ) |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 28.76 | | |
| 0.07 | | |
| 4.72 | | |
| 4.79 | | |
| (0.01 | ) | |
| (1.25 | ) | |
| (1.26 | ) |
| 10/31/2025 | |
| 30.68 | | |
| 0.08 | | |
| (0.01 | ) | |
| 0.07 | | |
| – | | |
| (1.99 | ) | |
| (1.99 | ) |
| 10/31/2024 | |
| 24.06 | | |
| 0.07 | | |
| 6.55 | | |
| 6.62 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 26.17 | | |
| 0.18 | | |
| (1.33 | ) | |
| (1.15 | ) | |
| (0.12 | ) | |
| (0.84 | ) | |
| (0.96 | ) |
| 10/31/2022 | |
| 33.11 | | |
| 0.12 | | |
| (3.86 | ) | |
| (3.74 | ) | |
| (0.04 | ) | |
| (3.16 | ) | |
| (3.20 | ) |
| 10/31/2021 | |
| 20.30 | | |
| 0.01 | | |
| 13.04 | | |
| 13.05 | | |
| (0.24 | ) | |
| – | | |
| (0.24 | ) |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 28.69 | | |
| 0.06 | | |
| 4.73 | | |
| 4.79 | | |
| (0.04 | ) | |
| (1.25 | ) | |
| (1.29 | ) |
| 10/31/2025 | |
| 30.60 | | |
| 0.10 | | |
| (0.02 | ) | |
| 0.08 | | |
| – | | |
| (1.99 | ) | |
| (1.99 | ) |
| 10/31/2024 | |
| 24.06 | | |
| 0.08 | | |
| 6.53 | | |
| 6.61 | | |
| (0.07 | ) | |
| – | | |
| (0.07 | ) |
| 10/31/2023 | |
| 26.20 | | |
| 0.15 | | |
| (1.28 | ) | |
| (1.13 | ) | |
| (0.17 | ) | |
| (0.84 | ) | |
| (1.01 | ) |
| 10/31/2022 | |
| 33.15 | | |
| 0.14 | | |
| (3.86 | ) | |
| (3.72 | ) | |
| (0.07 | ) | |
| (3.16 | ) | |
| (3.23 | ) |
| 10/31/2021 | |
| 20.32 | | |
| 0.11 | | |
| 12.97 | | |
| 13.08 | | |
| (0.25 | ) | |
| – | | |
| (0.25 | ) |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 28.58 | | |
| 0.06 | | |
| 4.70 | | |
| 4.76 | | |
| (0.04 | ) | |
| (1.25 | ) | |
| (1.29 | ) |
| 10/31/2025 | |
| 30.50 | | |
| 0.08 | | |
| (0.01 | ) | |
| 0.07 | | |
| – | | |
| (1.99 | ) | |
| (1.99 | ) |
| 10/31/2024 | |
| 23.99 | | |
| 0.07 | | |
| 6.51 | | |
| 6.58 | | |
| (0.07 | ) | |
| – | | |
| (0.07 | ) |
| 10/31/2023 | |
| 26.14 | | |
| 0.14 | | |
| (1.28 | ) | |
| (1.14 | ) | |
| (0.17 | ) | |
| (0.84 | ) | |
| (1.01 | ) |
| 10/31/2022 | |
| 33.10 | | |
| 0.12 | | |
| (3.85 | ) | |
| (3.73 | ) | |
| (0.07 | ) | |
| (3.16 | ) | |
| (3.23 | ) |
| 10/31/2021 | |
| 20.30 | | |
| 0.11 | | |
| 12.94 | | |
| 13.05 | | |
| (0.25 | ) | |
| – | | |
| (0.25 | ) |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 28.59 | | |
| 0.06 | | |
| 4.70 | | |
| 4.76 | | |
| (0.04 | ) | |
| (1.25 | ) | |
| (1.29 | ) |
| 10/31/2025 | |
| 30.51 | | |
| 0.08 | | |
| (0.01 | ) | |
| 0.07 | | |
| – | | |
| (1.99 | ) | |
| (1.99 | ) |
| 10/31/2024 | |
| 24.00 | | |
| 0.09 | | |
| 6.49 | | |
| 6.58 | | |
| (0.07 | ) | |
| – | | |
| (0.07 | ) |
| 10/31/2023 | |
| 26.15 | | |
| 0.14 | | |
| (1.28 | ) | |
| (1.14 | ) | |
| (0.17 | ) | |
| (0.84 | ) | |
| (1.01 | ) |
| 10/31/2022 | |
| 33.10 | | |
| 0.18 | | |
| (3.90 | ) | |
| (3.72 | ) | |
| (0.07 | ) | |
| (3.16 | ) | |
| (3.23 | ) |
| 10/31/2021 | |
| 20.29 | | |
| 0.10 | | |
| 12.96 | | |
| 13.06 | | |
| (0.25 | ) | |
| – | | |
| (0.25 | ) |
| 82 |
See Notes to Financial Statements. |
| | |
| |
Ratios to Average Net Assets: | |
Supplemental Data: |
| |
Net asset value, end of period | |
Total return(b) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net investment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| |
| $ | 28.92 | | |
| 17.09 | (d) | |
| 1.28 | (e) | |
| 1.35 | (e) | |
| 0.14 | (e) | |
$ | 12,034 | | |
| 32 | (d) |
| | 25.91 | | |
| (0.70 | ) | |
| 1.28 | | |
| 1.35 | | |
| 0.04 | | |
| 10,530 | | |
| 77 | |
| | 27.88 | | |
| 27.15 | | |
| 1.28 | | |
| 1.35 | | |
| (0.02 | ) | |
| 12,718 | | |
| 57 | |
| | 21.93 | | |
| (4.90 | ) | |
| 1.28 | | |
| 1.33 | | |
| 0.30 | | |
| 11,487 | | |
| 54 | |
| | 23.97 | | |
| (12.99 | ) | |
| 1.28 | | |
| 1.29 | | |
| 0.20 | | |
| 16,026 | | |
| 63 | |
| | 30.62 | | |
| 64.27 | | |
| 1.22 | | |
| 1.22 | | |
| 0.03 | | |
| 19,525 | | |
| 116 | |
| |
| | 30.16 | | |
| 16.72 | (d) | |
| 2.03 | (e) | |
| 2.10 | (e) | |
| (0.60 | )(e) | |
| 1,750 | | |
| 32 | (d) |
| | 27.06 | | |
| (1.46 | ) | |
| 2.03 | | |
| 2.10 | | |
| (0.70 | ) | |
| 1,902 | | |
| 77 | |
| | 29.25 | | |
| 26.24 | | |
| 2.03 | | |
| 2.10 | | |
| (0.77 | ) | |
| 2,489 | | |
| 57 | |
| | 23.17 | | |
| (5.64 | ) | |
| 2.03 | | |
| 2.08 | | |
| (0.45 | ) | |
| 2,499 | | |
| 54 | |
| | 25.36 | | |
| (13.61 | ) | |
| 2.03 | | |
| 2.04 | | |
| (0.56 | ) | |
| 3,624 | | |
| 63 | |
| | 32.44 | | |
| 63.10 | | |
| 1.96 | | |
| 1.96 | | |
| (0.95 | ) | |
| 5,028 | | |
| 116 | |
| |
| | 32.29 | | |
| 17.27 | (d) | |
| 1.03 | (e) | |
| 1.21 | (e) | |
| 0.49 | (e) | |
| 1,369 | | |
| 32 | (d) |
| | 28.76 | | |
| (0.46 | ) | |
| 1.03 | | |
| 1.20 | | |
| 0.29 | | |
| 2,148 | | |
| 77 | |
| | 30.68 | | |
| 27.51 | | |
| 1.03 | | |
| 1.20 | | |
| 0.24 | | |
| 2,130 | | |
| 57 | |
| | 24.06 | | |
| (4.68 | ) | |
| 1.03 | | |
| 1.18 | | |
| 0.69 | | |
| 4,246 | | |
| 54 | |
| | 26.17 | | |
| (12.77 | ) | |
| 1.03 | | |
| 1.13 | | |
| 0.41 | | |
| 21,683 | | |
| 63 | |
| | 33.11 | | |
| 64.73 | | |
| 0.97 | | |
| 1.07 | | |
| 0.04 | | |
| 66,993 | | |
| 116 | |
| |
| | 32.19 | | |
| 17.34 | (d) | |
| 0.98 | (e) | |
| 1.03 | (e) | |
| 0.43 | (e) | |
| 14 | | |
| 32 | (d) |
| | 28.69 | | |
| (0.43 | ) | |
| 0.98 | | |
| 1.04 | | |
| 0.34 | | |
| 12 | | |
| 77 | |
| | 30.60 | | |
| 27.54 | | |
| 0.98 | | |
| 1.05 | | |
| 0.28 | | |
| 13 | | |
| 57 | |
| | 24.06 | | |
| (4.60 | ) | |
| 0.97 | | |
| 1.01 | | |
| 0.57 | | |
| 10 | | |
| 54 | |
| | 26.20 | | |
| (12.70 | ) | |
| 0.95 | | |
| 0.95 | | |
| 0.51 | | |
| 11 | | |
| 63 | |
| | 33.15 | | |
| 64.72 | | |
| 0.92 | | |
| 0.92 | | |
| 0.35 | | |
| 14 | | |
| 116 | |
| |
| | 32.05 | | |
| 17.30 | (d) | |
| 1.03 | (e) | |
| 1.10 | (e) | |
| 0.39 | (e) | |
| 76,225 | | |
| 32 | (d) |
| | 28.58 | | |
| (0.47 | ) | |
| 1.03 | | |
| 1.10 | | |
| 0.29 | | |
| 67,732 | | |
| 77 | |
| | 30.50 | | |
| 27.48 | | |
| 1.03 | | |
| 1.10 | | |
| 0.24 | | |
| 77,474 | | |
| 57 | |
| | 23.99 | | |
| (4.66 | ) | |
| 1.03 | | |
| 1.08 | | |
| 0.52 | | |
| 71,703 | | |
| 54 | |
| | 26.14 | | |
| (12.76 | ) | |
| 1.03 | | |
| 1.03 | | |
| 0.41 | | |
| 82,062 | | |
| 63 | |
| | 33.10 | | |
| 64.71 | | |
| 0.95 | | |
| 0.96 | | |
| 0.35 | | |
| 118,351 | | |
| 116 | |
| |
| | 32.06 | | |
| 17.29 | (d) | |
| 1.03 | (e) | |
| 1.10 | (e) | |
| 0.40 | (e) | |
| 17 | | |
| 32 | (d) |
| | 28.59 | | |
| (0.47 | ) | |
| 1.03 | | |
| 1.10 | | |
| 0.28 | | |
| 15 | | |
| 77 | |
| | 30.51 | | |
| 27.47 | | |
| 1.03 | | |
| 1.09 | | |
| 0.30 | | |
| 16 | | |
| 57 | |
| | 24.00 | | |
| (4.66 | ) | |
| 1.03 | | |
| 1.08 | | |
| 0.55 | | |
| 185 | | |
| 54 | |
| | 26.15 | | |
| (12.73 | ) | |
| 1.03 | | |
| 1.05 | | |
| 0.69 | | |
| 272 | | |
| 63 | |
| | 33.10 | | |
| 64.71 | | |
| 0.94 | | |
| 0.94 | | |
| 0.31 | | |
| 17 | | |
| 116 | |
| |
See Notes to Financial Statements. |
83 |
Financial Highlights (concluded)
FOCUSED SMALL CAP VALUE FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 28.69 | | |
$ | 0.06 | | |
$ | 4.73 | | |
$ | 4.79 | | |
$ | (0.04 | ) | |
$ | (1.25 | ) | |
$ | (1.29 | ) |
| 10/31/2025 | |
| 30.60 | | |
| 0.10 | | |
| (0.02 | ) | |
| 0.08 | | |
| – | | |
| (1.99 | ) | |
| (1.99 | ) |
| 10/31/2024 | |
| 24.06 | | |
| 0.09 | | |
| 6.52 | | |
| 6.61 | | |
| (0.07 | ) | |
| – | | |
| (0.07 | ) |
| 10/31/2023 | |
| 26.20 | | |
| 0.15 | | |
| (1.28 | ) | |
| (1.13 | ) | |
| (0.17 | ) | |
| (0.84 | ) | |
| (1.01 | ) |
| 10/31/2022 | |
| 33.16 | | |
| 0.14 | | |
| (3.87 | ) | |
| (3.73 | ) | |
| (0.07 | ) | |
| (3.16 | ) | |
| (3.23 | ) |
| 10/31/2021 | |
| 20.33 | | |
| 0.07 | | |
| 13.01 | | |
| 13.08 | | |
| (0.25 | ) | |
| – | | |
| (0.25 | ) |
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales loads and assumes
the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| (f) |
Amount is less than $0.01. |
| 84 |
See Notes to Financial Statements. |
| | |
| |
Ratios to Average Net Assets: | |
Supplemental Data: |
| |
Net asset value, end of period | |
Total return(b) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net investment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| |
| $ | 32.19 | | |
| 17.33 | (d) | |
| 0.99 | (e) | |
| 1.07 | (e) | |
| 0.43 | (e) | |
$ | 4,325 | | |
| 32 | (d) |
| | 28.69 | | |
| (0.43 | ) | |
| 0.99 | | |
| 1.06 | | |
| 0.33 | | |
| 3,803 | | |
| 77 | |
| | 30.60 | | |
| 27.54 | | |
| 0.98 | | |
| 1.05 | | |
| 0.31 | | |
| 5,437 | | |
| 57 | |
| | 24.06 | | |
| (4.60 | ) | |
| 0.97 | | |
| 1.03 | | |
| 0.56 | | |
| 9,998 | | |
| 54 | |
| | 26.20 | | |
| (12.73 | ) | |
| 0.98 | | |
| 0.98 | | |
| 0.50 | | |
| 10,472 | | |
| 63 | |
| | 33.16 | | |
| 64.69 | | |
| 0.94 | | |
| 0.95 | | |
| 0.22 | | |
| 11,274 | | |
| 116 | |
| |
See Notes to Financial Statements. |
85 |
Financial Highlights
FUNDAMENTAL EQUITY FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 16.99 | | |
$ | 0.06 | | |
$ | 1.46 | | |
$ | 1.52 | | |
$ | (0.09 | ) | |
$ | (1.21 | ) | |
$ | (1.30 | ) |
| 10/31/2025 | |
| 15.94 | | |
| 0.11 | | |
| 1.99 | | |
| 2.10 | | |
| (0.13 | ) | |
| (0.92 | ) | |
| (1.05 | ) |
| 10/31/2024 | |
| 11.92 | | |
| 0.12 | | |
| 4.01 | | |
| 4.13 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2023 | |
| 12.44 | | |
| 0.12 | | |
| 0.01 | | |
| 0.13 | | |
| (0.14 | ) | |
| (0.51 | ) | |
| (0.65 | ) |
| 10/31/2022 | |
| 15.04 | | |
| 0.15 | | |
| (1.03 | ) | |
| (0.88 | ) | |
| (0.14 | ) | |
| (1.58 | ) | |
| (1.72 | ) |
| 10/31/2021 | |
| 10.56 | | |
| 0.14 | | |
| 4.55 | | |
| 4.69 | | |
| (0.21 | ) | |
| – | | |
| (0.21 | ) |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 14.27 | | |
| – | | |
| 1.21 | | |
| 1.21 | | |
| – | | |
| (1.21 | ) | |
| (1.21 | ) |
| 10/31/2025 | |
| 13.54 | | |
| (0.01 | ) | |
| 1.69 | | |
| 1.68 | | |
| (0.03 | ) | |
| (0.92 | ) | |
| (0.95 | ) |
| 10/31/2024 | |
| 10.13 | | |
| 0.01 | | |
| 3.42 | | |
| 3.43 | | |
| (0.02 | ) | |
| – | | |
| (0.02 | ) |
| 10/31/2023 | |
| 10.66 | | |
| 0.03 | | |
| 0.01 | | |
| 0.04 | | |
| (0.06 | ) | |
| (0.51 | ) | |
| (0.57 | ) |
| 10/31/2022 | |
| 13.10 | | |
| 0.05 | | |
| (0.88 | ) | |
| (0.83 | ) | |
| (0.03 | ) | |
| (1.58 | ) | |
| (1.61 | ) |
| 10/31/2021 | |
| 9.19 | | |
| 0.04 | | |
| 3.96 | | |
| 4.00 | | |
| (0.09 | ) | |
| – | | |
| (0.09 | ) |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 16.74 | | |
| 0.07 | | |
| 1.44 | | |
| 1.51 | | |
| (0.12 | ) | |
| (1.21 | ) | |
| (1.33 | ) |
| 10/31/2025 | |
| 15.72 | | |
| 0.13 | | |
| 1.97 | | |
| 2.10 | | |
| (0.16 | ) | |
| (0.92 | ) | |
| (1.08 | ) |
| 10/31/2024 | |
| 11.75 | | |
| 0.14 | | |
| 3.95 | | |
| 4.09 | | |
| (0.12 | ) | |
| – | | |
| (0.12 | ) |
| 10/31/2023 | |
| 12.26 | | |
| 0.14 | | |
| 0.02 | | |
| 0.16 | | |
| (0.16 | ) | |
| (0.51 | ) | |
| (0.67 | ) |
| 10/31/2022 | |
| 14.85 | | |
| 0.17 | | |
| (1.02 | ) | |
| (0.85 | ) | |
| (0.16 | ) | |
| (1.58 | ) | |
| (1.74 | ) |
| 10/31/2021 | |
| 10.44 | | |
| 0.16 | | |
| 4.48 | | |
| 4.64 | | |
| (0.23 | ) | |
| – | | |
| (0.23 | ) |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 17.36 | | |
| 0.09 | | |
| 1.48 | | |
| 1.57 | | |
| (0.13 | ) | |
| (1.21 | ) | |
| (1.34 | ) |
| 10/31/2025 | |
| 16.25 | | |
| 0.15 | | |
| 2.05 | | |
| 2.20 | | |
| (0.17 | ) | |
| (0.92 | ) | |
| (1.09 | ) |
| 10/31/2024 | |
| 12.14 | | |
| 0.17 | | |
| 4.08 | | |
| 4.25 | | |
| (0.14 | ) | |
| – | | |
| (0.14 | ) |
| 10/31/2023 | |
| 12.65 | | |
| 0.16 | | |
| 0.02 | | |
| 0.18 | | |
| (0.18 | ) | |
| (0.51 | ) | |
| (0.69 | ) |
| 10/31/2022 | |
| 15.26 | | |
| 0.20 | | |
| (1.05 | ) | |
| (0.85 | ) | |
| (0.18 | ) | |
| (1.58 | ) | |
| (1.76 | ) |
| 10/31/2021 | |
| 10.71 | | |
| 0.19 | | |
| 4.60 | | |
| 4.79 | | |
| (0.24 | ) | |
| – | | |
| (0.24 | ) |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 17.17 | | |
| 0.09 | | |
| 1.46 | | |
| 1.55 | | |
| (0.13 | ) | |
| (1.21 | ) | |
| (1.34 | ) |
| 10/31/2025 | |
| 16.09 | | |
| 0.15 | | |
| 2.02 | | |
| 2.17 | | |
| (0.17 | ) | |
| (0.92 | ) | |
| (1.09 | ) |
| 10/31/2024 | |
| 12.03 | | |
| 0.16 | | |
| 4.04 | | |
| 4.20 | | |
| (0.14 | ) | |
| – | | |
| (0.14 | ) |
| 10/31/2023 | |
| 12.55 | | |
| 0.15 | | |
| 0.02 | | |
| 0.17 | | |
| (0.18 | ) | |
| (0.51 | ) | |
| (0.69 | ) |
| 10/31/2022 | |
| 15.16 | | |
| 0.19 | | |
| (1.04 | ) | |
| (0.85 | ) | |
| (0.18 | ) | |
| (1.58 | ) | |
| (1.76 | ) |
| 10/31/2021 | |
| 10.65 | | |
| 0.18 | | |
| 4.57 | | |
| 4.75 | | |
| (0.24 | ) | |
| – | | |
| (0.24 | ) |
| Class P | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 16.51 | | |
| 0.05 | | |
| 1.39 | | |
| 1.44 | | |
| (0.05 | ) | |
| (1.21 | ) | |
| (1.26 | ) |
| 10/31/2025 | |
| 15.51 | | |
| 0.07 | | |
| 1.95 | | |
| 2.02 | | |
| (0.10 | ) | |
| (0.92 | ) | |
| (1.02 | ) |
| 10/31/2024 | |
| 11.59 | | |
| 0.09 | | |
| 3.91 | | |
| 4.00 | | |
| (0.08 | ) | |
| – | | |
| (0.08 | ) |
| 10/31/2023 | |
| 12.12 | | |
| 0.09 | | |
| 0.01 | | |
| 0.10 | | |
| (0.12 | ) | |
| (0.51 | ) | |
| (0.63 | ) |
| 10/31/2022 | |
| 14.69 | | |
| 0.12 | | |
| (1.00 | ) | |
| (0.88 | ) | |
| (0.11 | ) | |
| (1.58 | ) | |
| (1.69 | ) |
| 10/31/2021 | |
| 10.33 | | |
| 0.11 | | |
| 4.44 | | |
| 4.55 | | |
| (0.19 | ) | |
| – | | |
| (0.19 | ) |
| Class R2 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 16.44 | | |
| 0.03 | | |
| 1.41 | | |
| 1.44 | | |
| (0.01 | ) | |
| (1.21 | ) | |
| (1.22 | ) |
| 10/31/2025 | |
| 15.46 | | |
| 0.07 | | |
| 1.91 | | |
| 1.98 | | |
| (0.08 | ) | |
| (0.92 | ) | |
| (1.00 | ) |
| 10/31/2024 | |
| 11.56 | | |
| 0.07 | | |
| 3.90 | | |
| 3.97 | | |
| (0.07 | ) | |
| – | | |
| (0.07 | ) |
| 10/31/2023 | |
| 12.08 | | |
| 0.07 | | |
| 0.02 | | |
| 0.09 | | |
| (0.10 | ) | |
| (0.51 | ) | |
| (0.61 | ) |
| 10/31/2022 | |
| 14.64 | | |
| 0.10 | | |
| (0.99 | ) | |
| (0.89 | ) | |
| (0.09 | ) | |
| (1.58 | ) | |
| (1.67 | ) |
| 10/31/2021 | |
| 10.30 | | |
| 0.09 | | |
| 4.43 | | |
| 4.52 | | |
| (0.18 | ) | |
| – | | |
| (0.18 | ) |
| 86 |
See Notes to Financial Statements. |
| | |
| |
Ratios to Average Net Assets: | |
Supplemental Data: |
| |
Net asset value, end of period | |
Total return(b) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| |
| $ | 17.21 | | |
| 9.45 | (d) | |
| 0.93 | (e) | |
| 0.93 | (e) | |
| 0.77 | (e) | |
$ | 1,379,807 | | |
| 22 | (d) |
| | 16.99 | | |
| 13.69 | | |
| 0.93 | | |
| 0.93 | | |
| 0.68 | | |
| 1,334,235 | | |
| 42 | |
| | 15.94 | | |
| 34.90 | | |
| 0.95 | | |
| 0.95 | | |
| 0.82 | | |
| 1,295,860 | | |
| 39 | |
| | 11.92 | | |
| 0.92 | | |
| 0.94 | | |
| 0.94 | | |
| 0.98 | | |
| 1,068,294 | | |
| 26 | |
| | 12.44 | | |
| (6.81 | ) | |
| 0.96 | | |
| 0.96 | | |
| 1.19 | | |
| 1,186,259 | | |
| 50 | |
| | 15.04 | | |
| 44.87 | | |
| 0.96 | | |
| 0.96 | | |
| 1.06 | | |
| 1,382,625 | | |
| 73 | |
| |
| | 14.27 | | |
| 9.01 | (d) | |
| 1.68 | (e) | |
| 1.68 | (e) | |
| 0.02 | (e) | |
| 20,991 | | |
| 22 | (d) |
| | 14.27 | | |
| 12.87 | | |
| 1.68 | | |
| 1.68 | | |
| (0.06 | ) | |
| 21,360 | | |
| 42 | |
| | 13.54 | | |
| 33.86 | | |
| 1.70 | | |
| 1.70 | | |
| 0.08 | | |
| 22,735 | | |
| 39 | |
| | 10.13 | | |
| 0.15 | | |
| 1.69 | | |
| 1.69 | | |
| 0.26 | | |
| 23,316 | | |
| 26 | |
| | 10.66 | | |
| (7.50 | ) | |
| 1.71 | | |
| 1.71 | | |
| 0.43 | | |
| 38,197 | | |
| 50 | |
| | 13.10 | | |
| 43.75 | | |
| 1.71 | | |
| 1.71 | | |
| 0.32 | | |
| 55,600 | | |
| 73 | |
| |
| | 16.92 | | |
| 9.53 | (d) | |
| 0.78 | (e) | |
| 0.78 | (e) | |
| 0.92 | (e) | |
| 31,281 | | |
| 22 | (d) |
| | 16.74 | | |
| 13.86 | | |
| 0.78 | | |
| 0.78 | | |
| 0.83 | | |
| 28,458 | | |
| 42 | |
| | 15.72 | | |
| 35.14 | | |
| 0.80 | | |
| 0.80 | | |
| 0.98 | | |
| 25,434 | | |
| 39 | |
| | 11.75 | | |
| 1.14 | | |
| 0.79 | | |
| 0.79 | | |
| 1.19 | | |
| 24,745 | | |
| 26 | |
| | 12.26 | | |
| (6.75 | ) | |
| 0.81 | | |
| 0.81 | | |
| 1.32 | | |
| 69,775 | | |
| 50 | |
| | 14.85 | | |
| 45.02 | | |
| 0.81 | | |
| 0.81 | | |
| 1.21 | | |
| 146,249 | | |
| 73 | |
| |
| | 17.59 | | |
| 9.57 | (d) | |
| 0.62 | (e) | |
| 0.62 | (e) | |
| 1.07 | (e) | |
| 35,575 | | |
| 22 | (d) |
| | 17.36 | | |
| 14.08 | | |
| 0.63 | | |
| 0.63 | | |
| 0.96 | | |
| 32,492 | | |
| 42 | |
| | 16.25 | | |
| 35.37 | | |
| 0.63 | | |
| 0.63 | | |
| 1.14 | | |
| 22,135 | | |
| 39 | |
| | 12.14 | | |
| 1.26 | | |
| 0.63 | | |
| 0.63 | | |
| 1.28 | | |
| 17,642 | | |
| 26 | |
| | 12.65 | | |
| (6.58 | ) | |
| 0.63 | | |
| 0.63 | | |
| 1.53 | | |
| 18,159 | | |
| 50 | |
| | 15.26 | | |
| 45.36 | | |
| 0.63 | | |
| 0.63 | | |
| 1.39 | | |
| 19,916 | | |
| 73 | |
| |
| | 17.38 | | |
| 9.56 | (d) | |
| 0.68 | (e) | |
| 0.68 | (e) | |
| 1.02 | (e) | |
| 655,221 | | |
| 22 | (d) |
| | 17.17 | | |
| 14.03 | | |
| 0.68 | | |
| 0.68 | | |
| 0.92 | | |
| 575,340 | | |
| 42 | |
| | 16.09 | | |
| 35.26 | | |
| 0.70 | | |
| 0.70 | | |
| 1.07 | | |
| 509,041 | | |
| 39 | |
| | 12.03 | | |
| 1.18 | | |
| 0.69 | | |
| 0.69 | | |
| 1.22 | | |
| 545,537 | | |
| 26 | |
| | 12.55 | | |
| (6.65 | ) | |
| 0.71 | | |
| 0.71 | | |
| 1.48 | | |
| 561,349 | | |
| 50 | |
| | 15.16 | | |
| 45.21 | | |
| 0.71 | | |
| 0.71 | | |
| 1.32 | | |
| 281,392 | | |
| 73 | |
| |
| | 16.69 | | |
| 9.32 | (d) | |
| 1.13 | (e) | |
| 1.13 | (e) | |
| 0.57 | (e) | |
| 3,105 | | |
| 22 | (d) |
| | 16.51 | | |
| 13.45 | | |
| 1.13 | | |
| 1.13 | | |
| 0.48 | | |
| 3,110 | | |
| 42 | |
| | 15.51 | | |
| 34.74 | | |
| 1.15 | | |
| 1.15 | | |
| 0.63 | | |
| 3,045 | | |
| 39 | |
| | 11.59 | | |
| 0.65 | | |
| 1.14 | | |
| 1.14 | | |
| 0.80 | | |
| 3,237 | | |
| 26 | |
| | 12.12 | | |
| (7.03 | ) | |
| 1.16 | | |
| 1.16 | | |
| 0.99 | | |
| 4,074 | | |
| 50 | |
| | 14.69 | | |
| 44.55 | | |
| 1.16 | | |
| 1.16 | | |
| 0.84 | | |
| 4,881 | | |
| 73 | |
| |
| | 16.66 | | |
| 9.29 | (d) | |
| 1.28 | (e) | |
| 1.28 | (e) | |
| 0.42 | (e) | |
| 658 | | |
| 22 | (d) |
| | 16.44 | | |
| 13.24 | | |
| 1.29 | | |
| 1.29 | | |
| 0.44 | | |
| 859 | | |
| 42 | |
| | 15.46 | | |
| 34.47 | | |
| 1.30 | | |
| 1.30 | | |
| 0.47 | | |
| 2,044 | | |
| 39 | |
| | 11.56 | | |
| 0.59 | | |
| 1.29 | | |
| 1.29 | | |
| 0.62 | | |
| 1,964 | | |
| 26 | |
| | 12.08 | | |
| (7.17 | ) | |
| 1.31 | | |
| 1.31 | | |
| 0.82 | | |
| 2,114 | | |
| 50 | |
| | 14.64 | | |
| 44.28 | | |
| 1.31 | | |
| 1.31 | | |
| 0.72 | | |
| 3,271 | | |
| 73 | |
| |
See Notes to Financial Statements. |
87 |
Financial Highlights (concluded)
FUNDAMENTAL EQUITY FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class R3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 16.53 | | |
$ | 0.04 | | |
$ | 1.41 | | |
$ | 1.45 | | |
$ | (0.05 | ) | |
$ | (1.21 | ) | |
$ | (1.26 | ) |
| 10/31/2025 | |
| 15.53 | | |
| 0.07 | | |
| 1.94 | | |
| 2.01 | | |
| (0.09 | ) | |
| (0.92 | ) | |
| (1.01 | ) |
| 10/31/2024 | |
| 11.61 | | |
| 0.08 | | |
| 3.92 | | |
| 4.00 | | |
| (0.08 | ) | |
| – | | |
| (0.08 | ) |
| 10/31/2023 | |
| 12.13 | | |
| 0.09 | | |
| 0.01 | | |
| 0.10 | | |
| (0.11 | ) | |
| (0.51 | ) | |
| (0.62 | ) |
| 10/31/2022 | |
| 14.70 | | |
| 0.12 | | |
| (1.01 | ) | |
| (0.89 | ) | |
| (0.10 | ) | |
| (1.58 | ) | |
| (1.68 | ) |
| 10/31/2021 | |
| 10.33 | | |
| 0.11 | | |
| 4.44 | | |
| 4.55 | | |
| (0.18 | ) | |
| – | | |
| (0.18 | ) |
| Class R4 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 16.88 | | |
| 0.06 | | |
| 1.44 | | |
| 1.50 | | |
| (0.09 | ) | |
| (1.21 | ) | |
| (1.30 | ) |
| 10/31/2025 | |
| 15.84 | | |
| 0.11 | | |
| 1.99 | | |
| 2.10 | | |
| (0.14 | ) | |
| (0.92 | ) | |
| (1.06 | ) |
| 10/31/2024 | |
| 11.84 | | |
| 0.12 | | |
| 3.99 | | |
| 4.11 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2023 | |
| 12.37 | | |
| 0.12 | | |
| 0.01 | | |
| 0.13 | | |
| (0.15 | ) | |
| (0.51 | ) | |
| (0.66 | ) |
| 10/31/2022 | |
| 14.96 | | |
| 0.15 | | |
| (1.02 | ) | |
| (0.87 | ) | |
| (0.14 | ) | |
| (1.58 | ) | |
| (1.72 | ) |
| 10/31/2021 | |
| 10.50 | | |
| 0.14 | | |
| 4.52 | | |
| 4.66 | | |
| (0.20 | ) | |
| – | | |
| (0.20 | ) |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 17.19 | | |
| 0.09 | | |
| 1.46 | | |
| 1.55 | | |
| (0.13 | ) | |
| (1.21 | ) | |
| (1.34 | ) |
| 10/31/2025 | |
| 16.11 | | |
| 0.15 | | |
| 2.02 | | |
| 2.17 | | |
| (0.17 | ) | |
| (0.92 | ) | |
| (1.09 | ) |
| 10/31/2024 | |
| 12.04 | | |
| 0.15 | | |
| 4.06 | | |
| 4.21 | | |
| (0.14 | ) | |
| – | | |
| (0.14 | ) |
| 10/31/2023 | |
| 12.56 | | |
| 0.15 | | |
| 0.02 | | |
| 0.17 | | |
| (0.18 | ) | |
| (0.51 | ) | |
| (0.69 | ) |
| 10/31/2022 | |
| 15.17 | | |
| 0.18 | | |
| (1.03 | ) | |
| (0.85 | ) | |
| (0.18 | ) | |
| (1.58 | ) | |
| (1.76 | ) |
| 10/31/2021 | |
| 10.66 | | |
| 0.18 | | |
| 4.57 | | |
| 4.75 | | |
| (0.24 | ) | |
| – | | |
| (0.24 | ) |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 17.38 | | |
| 0.09 | | |
| 1.48 | | |
| 1.57 | | |
| (0.13 | ) | |
| (1.21 | ) | |
| (1.34 | ) |
| 10/31/2025 | |
| 16.27 | | |
| 0.16 | | |
| 2.04 | | |
| 2.20 | | |
| (0.17 | ) | |
| (0.92 | ) | |
| (1.09 | ) |
| 10/31/2024 | |
| 12.15 | | |
| 0.17 | | |
| 4.09 | | |
| 4.26 | | |
| (0.14 | ) | |
| – | | |
| (0.14 | ) |
| 10/31/2023 | |
| 12.66 | | |
| 0.16 | | |
| 0.02 | | |
| 0.18 | | |
| (0.18 | ) | |
| (0.51 | ) | |
| (0.69 | ) |
| 10/31/2022 | |
| 15.27 | | |
| 0.19 | | |
| (1.04 | ) | |
| (0.85 | ) | |
| (0.18 | ) | |
| (1.58 | ) | |
| (1.76 | ) |
| 10/31/2021 | |
| 10.72 | | |
| 0.19 | | |
| 4.60 | | |
| 4.79 | | |
| (0.24 | ) | |
| – | | |
| (0.24 | ) |
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales loads and assumes
the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| 88 |
See Notes to Financial Statements. |
| | |
| |
Ratios to Average Net Assets: | |
Supplemental Data: |
| |
Net asset value, end of period | |
Total return(b) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| |
| $ | 16.72 | | |
| 9.25 | (d) | |
| 1.18 | (e) | |
| 1.18 | (e) | |
| 0.52 | (e) | |
$ | 66,242 | | |
| 22 | (d) |
| | 16.53 | | |
| 13.45 | | |
| 1.18 | | |
| 1.18 | | |
| 0.43 | | |
| 64,196 | | |
| 42 | |
| | 15.53 | | |
| 34.63 | | |
| 1.20 | | |
| 1.20 | | |
| 0.57 | | |
| 65,416 | | |
| 39 | |
| | 11.61 | | |
| 0.66 | | |
| 1.19 | | |
| 1.19 | | |
| 0.73 | | |
| 57,037 | | |
| 26 | |
| | 12.13 | | |
| (7.10 | ) | |
| 1.21 | | |
| 1.21 | | |
| 0.93 | | |
| 63,110 | | |
| 50 | |
| | 14.70 | | |
| 44.54 | | |
| 1.21 | | |
| 1.21 | | |
| 0.81 | | |
| 86,249 | | |
| 73 | |
| |
| | 17.08 | | |
| 9.39 | (d) | |
| 0.94 | (e) | |
| 0.94 | (e) | |
| 0.72 | (e) | |
| 2,438 | | |
| 22 | (d) |
| | 16.88 | | |
| 13.76 | | |
| 0.93 | | |
| 0.93 | | |
| 0.67 | | |
| 4,414 | | |
| 42 | |
| | 15.84 | | |
| 34.96 | | |
| 0.96 | | |
| 0.96 | | |
| 0.81 | | |
| 4,276 | | |
| 39 | |
| | 11.84 | | |
| 0.86 | | |
| 0.94 | | |
| 0.94 | | |
| 0.99 | | |
| 2,523 | | |
| 26 | |
| | 12.37 | | |
| (6.80 | ) | |
| 0.96 | | |
| 0.96 | | |
| 1.20 | | |
| 2,969 | | |
| 50 | |
| | 14.96 | | |
| 44.80 | | |
| 0.96 | | |
| 0.96 | | |
| 1.04 | | |
| 2,988 | | |
| 73 | |
| |
| | 17.40 | | |
| 9.55 | (d) | |
| 0.68 | (e) | |
| 0.68 | (e) | |
| 1.02 | (e) | |
| 750 | | |
| 22 | (d) |
| | 17.19 | | |
| 14.01 | | |
| 0.68 | | |
| 0.68 | | |
| 0.94 | | |
| 1,016 | | |
| 42 | |
| | 16.11 | | |
| 35.31 | | |
| 0.70 | | |
| 0.70 | | |
| 1.06 | | |
| 1,137 | | |
| 39 | |
| | 12.04 | | |
| 1.17 | | |
| 0.69 | | |
| 0.69 | | |
| 1.22 | | |
| 781 | | |
| 26 | |
| | 12.56 | | |
| (6.64 | ) | |
| 0.71 | | |
| 0.71 | | |
| 1.42 | | |
| 776 | | |
| 50 | |
| | 15.17 | | |
| 45.17 | | |
| 0.71 | | |
| 0.71 | | |
| 1.31 | | |
| 986 | | |
| 73 | |
| |
| | 17.61 | | |
| 9.62 | (d) | |
| 0.62 | (e) | |
| 0.62 | (e) | |
| 1.08 | (e) | |
| 14,772 | | |
| 22 | (d) |
| | 17.38 | | |
| 14.00 | | |
| 0.63 | | |
| 0.63 | | |
| 0.97 | | |
| 13,633 | | |
| 42 | |
| | 16.27 | | |
| 35.42 | | |
| 0.63 | | |
| 0.63 | | |
| 1.14 | | |
| 10,378 | | |
| 39 | |
| | 12.15 | | |
| 1.26 | | |
| 0.63 | | |
| 0.63 | | |
| 1.29 | | |
| 7,577 | | |
| 26 | |
| | 12.66 | | |
| (6.57 | ) | |
| 0.63 | | |
| 0.63 | | |
| 1.44 | | |
| 8,039 | | |
| 50 | |
| | 15.27 | | |
| 45.31 | | |
| 0.63 | | |
| 0.63 | | |
| 1.39 | | |
| 16,209 | | |
| 73 | |
| |
See Notes to Financial Statements. |
89 |
Financial Highlights
GLOBAL EQUITY FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 20.08 | | |
$ | 0.08 | | |
$ | 1.31 | | |
$ | 1.39 | | |
$ | (0.12 | ) | |
$ | – | | |
$ | (0.12 | ) |
| 10/31/2025 | |
| 16.57 | | |
| 0.19 | | |
| 3.39 | | |
| 3.58 | | |
| (0.07 | ) | |
| – | | |
| (0.07 | ) |
| 10/31/2024 | |
| 12.42 | | |
| 0.15 | | |
| 4.12 | | |
| 4.27 | | |
| (0.12 | ) | |
| – | | |
| (0.12 | ) |
| 10/31/2023 | |
| 11.37 | | |
| 0.13 | | |
| 1.00 | | |
| 1.13 | | |
| (0.08 | ) | |
| – | | |
| (0.08 | ) |
| 10/31/2022 | |
| 16.61 | | |
| 0.10 | | |
| (3.04 | ) | |
| (2.94 | ) | |
| (0.12 | ) | |
| (2.18 | ) | |
| (2.30 | ) |
| 10/31/2021 | |
| 12.59 | | |
| 0.14 | | |
| 4.57 | | |
| 4.71 | | |
| (0.18 | ) | |
| (0.51 | ) | |
| (0.69 | ) |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 19.70 | | |
| 0.01 | | |
| 1.28 | | |
| 1.29 | | |
| (0.05 | ) | |
| – | | |
| (0.05 | ) |
| 10/31/2025 | |
| 16.32 | | |
| 0.03 | | |
| 3.35 | | |
| 3.38 | | |
| – | | |
| – | | |
| – | |
| 10/31/2024 | |
| 12.24 | | |
| 0.04 | | |
| 4.07 | | |
| 4.11 | | |
| (0.03 | ) | |
| – | | |
| (0.03 | ) |
| 10/31/2023 | |
| 11.22 | | |
| 0.04 | | |
| 0.98 | | |
| 1.02 | | |
| – | | |
| – | | |
| – | |
| 10/31/2022 | |
| 16.41 | | |
| – | (f) | |
| (3.00 | ) | |
| (3.00 | ) | |
| (0.01 | ) | |
| (2.18 | ) | |
| (2.19 | ) |
| 10/31/2021 | |
| 12.46 | | |
| 0.02 | | |
| 4.53 | | |
| 4.55 | | |
| (0.09 | ) | |
| (0.51 | ) | |
| (0.60 | ) |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 20.13 | | |
| 0.11 | | |
| 1.30 | | |
| 1.41 | | |
| (0.08 | ) | |
| – | | |
| (0.08 | ) |
| 10/31/2025 | |
| 16.62 | | |
| 0.42 | | |
| 3.18 | | |
| 3.60 | | |
| (0.09 | ) | |
| – | | |
| (0.09 | ) |
| 10/31/2024 | |
| 12.45 | | |
| 0.18 | | |
| 4.12 | | |
| 4.30 | | |
| (0.13 | ) | |
| – | | |
| (0.13 | ) |
| 10/31/2023 | |
| 11.39 | | |
| 0.16 | | |
| 0.99 | | |
| 1.15 | | |
| (0.09 | ) | |
| – | | |
| (0.09 | ) |
| 10/31/2022 | |
| 16.65 | | |
| 0.11 | | |
| (3.05 | ) | |
| (2.94 | ) | |
| (0.14 | ) | |
| (2.18 | ) | |
| (2.32 | ) |
| 10/31/2021 | |
| 12.62 | | |
| 0.16 | | |
| 4.59 | | |
| 4.75 | | |
| (0.21 | ) | |
| (0.51 | ) | |
| (0.72 | ) |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 20.22 | | |
| 0.12 | | |
| 1.31 | | |
| 1.43 | | |
| (0.14 | ) | |
| – | | |
| (0.14 | ) |
| 10/31/2025 | |
| 16.66 | | |
| 0.28 | | |
| 3.39 | | |
| 3.67 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2024 | |
| 12.47 | | |
| 0.21 | | |
| 4.14 | | |
| 4.35 | | |
| (0.16 | ) | |
| – | | |
| (0.16 | ) |
| 10/31/2023 | |
| 11.41 | | |
| 0.18 | | |
| 1.00 | | |
| 1.18 | | |
| (0.12 | ) | |
| – | | |
| (0.12 | ) |
| 10/31/2022 | |
| 16.68 | | |
| 0.13 | | |
| (3.06 | ) | |
| (2.93 | ) | |
| (0.16 | ) | |
| (2.18 | ) | |
| (2.34 | ) |
| 10/31/2021 | |
| 12.63 | | |
| 0.19 | | |
| 4.60 | | |
| 4.79 | | |
| (0.23 | ) | |
| (0.51 | ) | |
| (0.74 | ) |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 20.14 | | |
| 0.10 | | |
| 1.31 | | |
| 1.41 | | |
| (0.14 | ) | |
| – | | |
| (0.14 | ) |
| 10/31/2025 | |
| 16.62 | | |
| 0.23 | | |
| 3.40 | | |
| 3.63 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2024 | |
| 12.45 | | |
| 0.17 | | |
| 4.15 | | |
| 4.32 | | |
| (0.15 | ) | |
| – | | |
| (0.15 | ) |
| 10/31/2023 | |
| 11.40 | | |
| 0.16 | | |
| 1.00 | | |
| 1.16 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2022 | |
| 16.66 | | |
| 0.12 | | |
| (3.04 | ) | |
| (2.92 | ) | |
| (0.16 | ) | |
| (2.18 | ) | |
| (2.34 | ) |
| 10/31/2021 | |
| 12.62 | | |
| 0.18 | | |
| 4.59 | | |
| 4.77 | | |
| (0.22 | ) | |
| (0.51 | ) | |
| (0.73 | ) |
| Class R3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 19.90 | | |
| 0.05 | | |
| 1.30 | | |
| 1.35 | | |
| (0.06 | ) | |
| – | | |
| (0.06 | ) |
| 10/31/2025 | |
| 16.43 | | |
| 0.16 | | |
| 3.34 | | |
| 3.50 | | |
| (0.03 | ) | |
| – | | |
| (0.03 | ) |
| 10/31/2024 | |
| 12.31 | | |
| 0.11 | | |
| 4.10 | | |
| 4.21 | | |
| (0.09 | ) | |
| – | | |
| (0.09 | ) |
| 10/31/2023 | |
| 11.26 | | |
| 0.10 | | |
| 0.99 | | |
| 1.09 | | |
| (0.04 | ) | |
| – | | |
| (0.04 | ) |
| 10/31/2022 | |
| 16.47 | | |
| 0.08 | | |
| (3.02 | ) | |
| (2.94 | ) | |
| (0.09 | ) | |
| (2.18 | ) | |
| (2.27 | ) |
| 10/31/2021 | |
| 12.51 | | |
| 0.11 | | |
| 4.52 | | |
| 4.63 | | |
| (0.16 | ) | |
| (0.51 | ) | |
| (0.67 | ) |
| 90 |
See Notes to Financial Statements. |
| | |
| |
Ratios to Average Net Assets: | |
Supplemental Data: |
| |
Net asset value, end of period | |
Total return(b) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| |
| $ | 21.35 | | |
| 6.96 | (d) | |
| 0.90 | (e) | |
| 0.97 | (e) | |
| 0.79 | (e) | |
$ | 52,435 | | |
| 25 | (d) |
| | 20.08 | | |
| 21.60 | | |
| 0.90 | | |
| 1.04 | | |
| 1.03 | | |
| 40,596 | | |
| 61 | |
| | 16.57 | | |
| 34.62 | | |
| 0.90 | | |
| 1.72 | | |
| 0.98 | | |
| 7,468 | | |
| 41 | |
| | 12.42 | | |
| 9.98 | | |
| 0.90 | | |
| 2.55 | | |
| 1.08 | | |
| 5,163 | | |
| 55 | |
| | 11.37 | | |
| (20.30 | ) | |
| 0.90 | | |
| 3.43 | | |
| 0.79 | | |
| 4,236 | | |
| 70 | |
| | 16.61 | | |
| 38.37 | | |
| 0.90 | | |
| 3.53 | | |
| 0.88 | | |
| 5,016 | | |
| 87 | |
| |
| | 20.94 | | |
| 6.57 | (d) | |
| 1.65 | (e) | |
| 1.71 | (e) | |
| 0.12 | (e) | |
| 4,110 | | |
| 25 | (d) |
| | 19.70 | | |
| 20.71 | | |
| 1.63 | | |
| 1.78 | | |
| 0.17 | | |
| 2,603 | | |
| 61 | |
| | 16.32 | | |
| 33.62 | | |
| 1.65 | | |
| 2.45 | | |
| 0.26 | | |
| 543 | | |
| 41 | |
| | 12.24 | | |
| 9.09 | | |
| 1.65 | | |
| 3.33 | | |
| 0.35 | | |
| 345 | | |
| 55 | |
| | 11.22 | | |
| (20.87 | ) | |
| 1.65 | | |
| 4.05 | | |
| (0.03 | ) | |
| 392 | | |
| 70 | |
| | 16.41 | | |
| 37.27 | | |
| 1.65 | | |
| 4.29 | | |
| 0.14 | | |
| 826 | | |
| 87 | |
| |
| | 21.46 | | |
| 7.05 | (d) | |
| 0.75 | (e) | |
| 0.82 | (e) | |
| 1.05 | (e) | |
| 783 | | |
| 25 | (d) |
| | 20.13 | | |
| 21.69 | | |
| 0.75 | | |
| 0.92 | | |
| 2.42 | | |
| 388 | | |
| 61 | |
| | 16.62 | | |
| 34.83 | | |
| 0.75 | | |
| 1.59 | | |
| 1.13 | | |
| 1,358 | | |
| 41 | |
| | 12.45 | | |
| 10.16 | | |
| 0.75 | | |
| 2.42 | | |
| 1.25 | | |
| 1,099 | | |
| 55 | |
| | 11.39 | | |
| (20.26 | ) | |
| 0.75 | | |
| 3.21 | | |
| 0.86 | | |
| 1,277 | | |
| 70 | |
| | 16.65 | | |
| 38.59 | | |
| 0.75 | | |
| 3.40 | | |
| 1.07 | | |
| 2,146 | | |
| 87 | |
| |
| | 21.51 | | |
| 7.15 | (d) | |
| 0.56 | (e) | |
| 0.62 | (e) | |
| 1.16 | (e) | |
| 60,170 | | |
| 25 | (d) |
| | 20.22 | | |
| 22.14 | | |
| 0.51 | | |
| 0.69 | | |
| 1.47 | | |
| 45,822 | | |
| 61 | |
| | 16.66 | | |
| 35.07 | | |
| 0.53 | | |
| 1.36 | | |
| 1.35 | | |
| 18 | | |
| 41 | |
| | 12.47 | | |
| 10.38 | | |
| 0.57 | | |
| 2.04 | | |
| 1.42 | | |
| 14 | | |
| 55 | |
| | 11.41 | | |
| (20.15 | ) | |
| 0.59 | | |
| 2.99 | | |
| 0.99 | | |
| 13 | | |
| 70 | |
| | 16.68 | | |
| 38.90 | | |
| 0.61 | | |
| 3.20 | | |
| 1.20 | | |
| 18 | | |
| 87 | |
| |
| | 21.41 | | |
| 7.13 | (d) | |
| 0.65 | (e) | |
| 0.71 | (e) | |
| 1.02 | (e) | |
| 266,785 | | |
| 25 | (d) |
| | 20.14 | | |
| 21.87 | | |
| 0.65 | | |
| 0.79 | | |
| 1.27 | | |
| 240,122 | | |
| 61 | |
| | 16.62 | | |
| 35.00 | | |
| 0.65 | | |
| 1.25 | | |
| 1.07 | | |
| 42,139 | | |
| 41 | |
| | 12.45 | | |
| 10.26 | | |
| 0.65 | | |
| 2.29 | | |
| 1.32 | | |
| 3,245 | | |
| 55 | |
| | 11.40 | | |
| (20.17 | ) | |
| 0.65 | | |
| 3.12 | | |
| 0.93 | | |
| 1,085 | | |
| 70 | |
| | 16.66 | | |
| 38.78 | | |
| 0.65 | | |
| 3.30 | | |
| 1.16 | | |
| 1,837 | | |
| 87 | |
| |
| | 21.19 | | |
| 6.85 | (d) | |
| 1.15 | (e) | |
| 1.21 | (e) | |
| 0.53 | (e) | |
| 1,055 | | |
| 25 | (d) |
| | 19.90 | | |
| 21.31 | | |
| 1.15 | | |
| 1.31 | | |
| 0.90 | | |
| 883 | | |
| 61 | |
| | 16.43 | | |
| 34.28 | | |
| 1.15 | | |
| 1.98 | | |
| 0.72 | | |
| 824 | | |
| 41 | |
| | 12.31 | | |
| 9.67 | | |
| 1.15 | | |
| 2.80 | | |
| 0.83 | | |
| 598 | | |
| 55 | |
| | 11.26 | | |
| (20.47 | ) | |
| 1.15 | | |
| 3.67 | | |
| 0.59 | | |
| 506 | | |
| 70 | |
| | 16.47 | | |
| 37.85 | | |
| 1.15 | | |
| 3.78 | | |
| 0.70 | | |
| 470 | | |
| 87 | |
| |
See Notes to Financial Statements. |
91 |
Financial Highlights (concluded)
GLOBAL EQUITY FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class R4 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 20.24 | | |
$ | 0.08 | | |
$ | 1.31 | | |
$ | 1.39 | | |
$ | (0.10 | ) | |
$ | – | | |
$ | (0.10 | ) |
| 10/31/2025 | |
| 16.70 | | |
| 0.20 | | |
| 3.41 | | |
| 3.61 | | |
| (0.07 | ) | |
| – | | |
| (0.07 | ) |
| 10/31/2024 | |
| 12.41 | | |
| 0.15 | | |
| 4.14 | | |
| 4.29 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 11.37 | | |
| 0.15 | | |
| 0.98 | | |
| 1.13 | | |
| (0.09 | ) | |
| – | | |
| (0.09 | ) |
| 10/31/2022 | |
| 16.62 | | |
| 0.14 | | |
| (3.09 | ) | |
| (2.95 | ) | |
| (0.12 | ) | |
| (2.18 | ) | |
| (2.30 | ) |
| 10/31/2021 | |
| 12.60 | | |
| 0.14 | | |
| 4.58 | | |
| 4.72 | | |
| (0.19 | ) | |
| (0.51 | ) | |
| (0.70 | ) |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 20.16 | | |
| 0.12 | | |
| 1.30 | | |
| 1.42 | | |
| (0.14 | ) | |
| – | | |
| (0.14 | ) |
| 10/31/2025 | |
| 16.63 | | |
| 0.24 | | |
| 3.40 | | |
| 3.64 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2024 | |
| 12.46 | | |
| 0.19 | | |
| 4.13 | | |
| 4.32 | | |
| (0.15 | ) | |
| – | | |
| (0.15 | ) |
| 10/31/2023 | |
| 11.40 | | |
| 0.17 | | |
| 1.00 | | |
| 1.17 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2022 | |
| 16.66 | | |
| 0.12 | | |
| (3.04 | ) | |
| (2.92 | ) | |
| (0.16 | ) | |
| (2.18 | ) | |
| (2.34 | ) |
| 10/31/2021 | |
| 12.62 | | |
| 0.18 | | |
| 4.59 | | |
| 4.77 | | |
| (0.22 | ) | |
| (0.51 | ) | |
| (0.73 | ) |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 20.23 | | |
| 0.12 | | |
| 1.30 | | |
| 1.42 | | |
| (0.14 | ) | |
| – | | |
| (0.14 | ) |
| 10/31/2025 | |
| 16.66 | | |
| 0.26 | | |
| 3.42 | | |
| 3.68 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2024 | |
| 12.47 | | |
| 0.21 | | |
| 4.13 | | |
| 4.34 | | |
| (0.15 | ) | |
| – | | |
| (0.15 | ) |
| 10/31/2023 | |
| 11.41 | | |
| 0.18 | | |
| 1.00 | | |
| 1.18 | | |
| (0.12 | ) | |
| – | | |
| (0.12 | ) |
| 10/31/2022 | |
| 16.67 | | |
| 0.14 | | |
| (3.06 | ) | |
| (2.92 | ) | |
| (0.16 | ) | |
| (2.18 | ) | |
| (2.34 | ) |
| 10/31/2021 | |
| 12.63 | | |
| 0.19 | | |
| 4.59 | | |
| 4.78 | | |
| (0.23 | ) | |
| (0.51 | ) | |
| (0.74 | ) |
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales loads and assumes
the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| (f) |
Amount is less than $0.01. |
| 92 |
See Notes to Financial Statements. |
| | |
| |
Ratios to Average Net Assets: | |
Supplemental Data: |
| |
Net asset value, end of period | |
Total return(b) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| |
| $ | 21.53 | | |
| 6.91 | (d) | |
| 0.90 | (e) | |
| 0.95 | (e) | |
| 0.80 | (e) | |
$ | 27 | | |
| 25 | (d) |
| | 20.24 | | |
| 21.67 | | |
| 0.90 | | |
| 1.05 | | |
| 1.11 | | |
| 24 | | |
| 61 | |
| | 16.70 | | |
| 34.57 | | |
| 0.90 | | |
| 1.72 | | |
| 0.98 | | |
| 19 | | |
| 41 | |
| | 12.41 | | |
| 9.97 | | |
| 0.90 | | |
| 2.62 | | |
| 1.26 | | |
| 14 | | |
| 55 | |
| | 11.37 | | |
| (20.37 | ) | |
| 0.90 | | |
| 3.88 | | |
| 1.17 | | |
| 514 | | |
| 70 | |
| | 16.62 | | |
| 38.39 | | |
| 0.90 | | |
| 3.54 | | |
| 0.92 | | |
| 19 | | |
| 87 | |
| |
| | 21.44 | | |
| 7.07 | (d) | |
| 0.65 | (e) | |
| 0.73 | (e) | |
| 1.16 | (e) | |
| 25 | | |
| 25 | (d) |
| | 20.16 | | |
| 21.92 | | |
| 0.65 | | |
| 0.80 | | |
| 1.36 | | |
| 23 | | |
| 61 | |
| | 16.63 | | |
| 34.95 | | |
| 0.65 | | |
| 1.48 | | |
| 1.23 | | |
| 19 | | |
| 41 | |
| | 12.46 | | |
| 10.31 | | |
| 0.65 | | |
| 2.30 | | |
| 1.35 | | |
| 14 | | |
| 55 | |
| | 11.40 | | |
| (20.17 | ) | |
| 0.65 | | |
| 3.14 | | |
| 0.93 | | |
| 13 | | |
| 70 | |
| | 16.66 | | |
| 38.78 | | |
| 0.65 | | |
| 3.29 | | |
| 1.16 | | |
| 19 | | |
| 87 | |
| |
| | 21.51 | | |
| 7.20 | (d) | |
| 0.56 | (e) | |
| 0.62 | (e) | |
| 1.18 | (e) | |
| 8,525 | | |
| 25 | (d) |
| | 20.23 | | |
| 22.06 | | |
| 0.52 | | |
| 0.73 | | |
| 1.48 | | |
| 5,548 | | |
| 61 | |
| | 16.66 | | |
| 35.15 | | |
| 0.53 | | |
| 1.35 | | |
| 1.34 | | |
| 5,454 | | |
| 41 | |
| | 12.47 | | |
| 10.38 | | |
| 0.57 | | |
| 1.99 | | |
| 1.39 | | |
| 3,414 | | |
| 55 | |
| | 11.41 | | |
| (20.10 | ) | |
| 0.59 | | |
| 3.02 | | |
| 1.06 | | |
| 919 | | |
| 70 | |
| | 16.67 | | |
| 38.82 | | |
| 0.61 | | |
| 3.21 | | |
| 1.21 | | |
| 1,215 | | |
| 87 | |
| |
See Notes to Financial Statements. |
93 |
Financial Highlights
GROWTH LEADERS FUND
| | |
| |
Per Share Operating Performance: | |
|
| | |
| |
Investment Operations: | |
Distributions
to shareholders
from: | |
Net
asset value, end of period |
| | |
Net asset value, beginning of period | |
Net investment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from investment operations | |
Net realized gain | |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 58.56 | | |
$ | (0.16 | ) | |
$ | (2.34 | ) | |
$ | (2.50 | ) | |
$ | (1.13 | ) | |
$ | 54.93 | |
| 10/31/2025 | |
| 42.72 | | |
| (0.29 | ) | |
| 16.13 | | |
| 15.84 | | |
| – | | |
| 58.56 | |
| 10/31/2024 | |
| 27.67 | | |
| (0.19 | ) | |
| 15.24 | | |
| 15.05 | | |
| – | | |
| 42.72 | |
| 10/31/2023 | |
| 26.45 | | |
| (0.15 | ) | |
| 1.37 | | |
| 1.22 | | |
| – | | |
| 27.67 | |
| 10/31/2022 | |
| 52.70 | | |
| (0.16 | ) | |
| (16.09 | ) | |
| (16.25 | ) | |
| (10.00 | ) | |
| 26.45 | |
| 10/31/2021 | |
| 42.25 | | |
| (0.28 | ) | |
| 15.10 | | |
| 14.82 | | |
| (4.37 | ) | |
| 52.70 | |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 49.53 | | |
| (0.30 | ) | |
| (2.00 | ) | |
| (2.30 | ) | |
| (1.13 | ) | |
| 46.10 | |
| 10/31/2025 | |
| 36.41 | | |
| (0.55 | ) | |
| 13.67 | | |
| 13.12 | | |
| – | | |
| 49.53 | |
| 10/31/2024 | |
| 23.76 | | |
| (0.40 | ) | |
| 13.05 | | |
| 12.65 | | |
| – | | |
| 36.41 | |
| 10/31/2023 | |
| 22.88 | | |
| (0.31 | ) | |
| 1.19 | | |
| 0.88 | | |
| – | | |
| 23.76 | |
| 10/31/2022 | |
| 47.22 | | |
| (0.36 | ) | |
| (13.98 | ) | |
| (14.34 | ) | |
| (10.00 | ) | |
| 22.88 | |
| 10/31/2021 | |
| 38.53 | | |
| (0.57 | ) | |
| 13.63 | | |
| 13.06 | | |
| (4.37 | ) | |
| 47.22 | |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 61.16 | | |
| (0.10 | ) | |
| (2.44 | ) | |
| (2.54 | ) | |
| (1.13 | ) | |
| 57.49 | |
| 10/31/2025 | |
| 44.51 | | |
| (0.17 | ) | |
| 16.82 | | |
| 16.65 | | |
| – | | |
| 61.16 | |
| 10/31/2024 | |
| 28.76 | | |
| (0.10 | ) | |
| 15.85 | | |
| 15.75 | | |
| – | | |
| 44.51 | |
| 10/31/2023 | |
| 27.42 | | |
| (0.07 | ) | |
| 1.41 | | |
| 1.34 | | |
| – | | |
| 28.76 | |
| 10/31/2022 | |
| 54.15 | | |
| (0.08 | ) | |
| (16.65 | ) | |
| (16.73 | ) | |
| (10.00 | ) | |
| 27.42 | |
| 10/31/2021 | |
| 43.20 | | |
| (0.17 | ) | |
| 15.49 | | |
| 15.32 | | |
| (4.37 | ) | |
| 54.15 | |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 62.34 | | |
| (0.09 | ) | |
| (2.48 | ) | |
| (2.57 | ) | |
| (1.13 | ) | |
| 58.64 | |
| 10/31/2025 | |
| 45.34 | | |
| (0.14 | ) | |
| 17.14 | | |
| 17.00 | | |
| – | | |
| 62.34 | |
| 10/31/2024 | |
| 29.27 | | |
| (0.07 | ) | |
| 16.14 | | |
| 16.07 | | |
| – | | |
| 45.34 | |
| 10/31/2023 | |
| 27.89 | | |
| (0.07 | ) | |
| 1.45 | | |
| 1.38 | | |
| – | | |
| 29.27 | |
| 10/31/2022 | |
| 54.88 | | |
| (0.06 | ) | |
| (16.93 | ) | |
| (16.99 | ) | |
| (10.00 | ) | |
| 27.89 | |
| 10/31/2021 | |
| 43.70 | | |
| (0.15 | ) | |
| 15.70 | | |
| 15.55 | | |
| (4.37 | ) | |
| 54.88 | |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 61.72 | | |
| (0.10 | ) | |
| (2.47 | ) | |
| (2.57 | ) | |
| (1.13 | ) | |
| 58.02 | |
| 10/31/2025 | |
| 44.91 | | |
| (0.17 | ) | |
| 16.98 | | |
| 16.81 | | |
| – | | |
| 61.72 | |
| 10/31/2024 | |
| 29.02 | | |
| (0.10 | ) | |
| 15.99 | | |
| 15.89 | | |
| – | | |
| 44.91 | |
| 10/31/2023 | |
| 27.67 | | |
| (0.09 | ) | |
| 1.44 | | |
| 1.35 | | |
| – | | |
| 29.02 | |
| 10/31/2022 | |
| 54.56 | | |
| (0.08 | ) | |
| (16.81 | ) | |
| (16.89 | ) | |
| (10.00 | ) | |
| 27.67 | |
| 10/31/2021 | |
| 43.49 | | |
| (0.17 | ) | |
| 15.61 | | |
| 15.44 | | |
| (4.37 | ) | |
| 54.56 | |
| Class R2 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 55.87 | | |
| (0.24 | ) | |
| (2.24 | ) | |
| (2.48 | ) | |
| (1.13 | ) | |
| 52.26 | |
| 10/31/2025 | |
| 40.90 | | |
| (0.44 | ) | |
| 15.41 | | |
| 14.97 | | |
| – | | |
| 55.87 | |
| 10/31/2024 | |
| 26.59 | | |
| (0.31 | ) | |
| 14.62 | | |
| 14.31 | | |
| – | | |
| 40.90 | |
| 10/31/2023 | |
| 25.50 | | |
| (0.23 | ) | |
| 1.32 | | |
| 1.09 | | |
| – | | |
| 26.59 | |
| 10/31/2022 | |
| 51.32 | | |
| (0.26 | ) | |
| (15.56 | ) | |
| (15.82 | ) | |
| (10.00 | ) | |
| 25.50 | |
| 10/31/2021 | |
| 41.38 | | |
| (0.44 | ) | |
| 14.75 | | |
| 14.31 | | |
| (4.37 | ) | |
| 51.32 | |
| Class R3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 56.05 | | |
| (0.22 | ) | |
| (2.25 | ) | |
| (2.47 | ) | |
| (1.13 | ) | |
| 52.45 | |
| 10/31/2025 | |
| 40.99 | | |
| (0.39 | ) | |
| 15.45 | | |
| 15.06 | | |
| – | | |
| 56.05 | |
| 10/31/2024 | |
| 26.62 | | |
| (0.27 | ) | |
| 14.64 | | |
| 14.37 | | |
| – | | |
| 40.99 | |
| 10/31/2023 | |
| 25.51 | | |
| (0.22 | ) | |
| 1.33 | | |
| 1.11 | | |
| – | | |
| 26.62 | |
| 10/31/2022 | |
| 51.28 | | |
| (0.23 | ) | |
| (15.54 | ) | |
| (15.77 | ) | |
| (10.00 | ) | |
| 25.51 | |
| 10/31/2021 | |
| 41.31 | | |
| (0.39 | ) | |
| 14.73 | | |
| 14.34 | | |
| (4.37 | ) | |
| 51.28 | |
| 94 |
See Notes to Financial Statements. |
| | |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | |
| |
| |
| |
| |
|
Total return(b) (%) | |
Total expenses after waivers and/or reimburse-
ments (%) | |
Total expenses (%) | |
Net investment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | |
| |
| |
| |
| |
|
| | (4.25 | )(d) | |
| 0.90 | (e) | |
| 0.90 | (e) | |
| (0.63 | )(e) | |
$ | 2,616,459 | | |
| 50 | (d) |
| | 37.08 | | |
| 0.89 | | |
| 0.89 | | |
| (0.58 | ) | |
| 2,838,614 | | |
| 72 | |
| | 54.39 | | |
| 0.90 | | |
| 0.90 | | |
| (0.51 | ) | |
| 2,178,145 | | |
| 94 | |
| | 4.61 | | |
| 0.91 | | |
| 0.91 | | |
| (0.55 | ) | |
| 1,491,196 | | |
| 120 | |
| | (38.05 | ) | |
| 0.91 | | |
| 0.91 | | |
| (0.49 | ) | |
| 1,569,330 | | |
| 146 | |
| | 37.77 | | |
| 0.89 | | |
| 0.89 | | |
| (0.61 | ) | |
| 2,713,887 | | |
| 140 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.61 | )(d) | |
| 1.65 | (e) | |
| 1.65 | (e) | |
| (1.38 | )(e) | |
| 495,578 | | |
| 50 | (d) |
| | 36.01 | | |
| 1.64 | | |
| 1.64 | | |
| (1.34 | ) | |
| 574,351 | | |
| 72 | |
| | 53.24 | | |
| 1.65 | | |
| 1.65 | | |
| (1.26 | ) | |
| 493,628 | | |
| 94 | |
| | 3.85 | | |
| 1.66 | | |
| 1.66 | | |
| (1.29 | ) | |
| 425,713 | | |
| 120 | |
| | (38.52 | ) | |
| 1.66 | | |
| 1.66 | | |
| (1.24 | ) | |
| 543,043 | | |
| 146 | |
| | 36.75 | | |
| 1.64 | | |
| 1.64 | | |
| (1.36 | ) | |
| 1,142,002 | | |
| 140 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.13 | )(d) | |
| 0.64 | (e) | |
| 0.74 | (e) | |
| (0.38 | )(e) | |
| 321,086 | | |
| 50 | (d) |
| | 37.41 | | |
| 0.64 | | |
| 0.74 | | |
| (0.33 | ) | |
| 382,875 | | |
| 72 | |
| | 54.76 | | |
| 0.65 | | |
| 0.75 | | |
| (0.26 | ) | |
| 261,387 | | |
| 94 | |
| | 4.89 | | |
| 0.66 | | |
| 0.76 | | |
| (0.25 | ) | |
| 244,364 | | |
| 120 | |
| | (37.89 | ) | |
| 0.66 | | |
| 0.76 | | |
| (0.23 | ) | |
| 775,269 | | |
| 146 | |
| | 38.13 | | |
| 0.64 | | |
| 0.74 | | |
| (0.36 | ) | |
| 4,331,228 | | |
| 140 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.10 | )(d) | |
| 0.57 | (e) | |
| 0.57 | (e) | |
| (0.31 | )(e) | |
| 593,335 | | |
| 50 | (d) |
| | 37.52 | | |
| 0.58 | | |
| 0.58 | | |
| (0.27 | ) | |
| 641,388 | | |
| 72 | |
| | 54.87 | | |
| 0.58 | | |
| 0.58 | | |
| (0.19 | ) | |
| 464,143 | | |
| 94 | |
| | 4.95 | | |
| 0.59 | | |
| 0.59 | | |
| (0.23 | ) | |
| 382,432 | | |
| 120 | |
| | (37.85 | ) | |
| 0.59 | | |
| 0.59 | | |
| (0.17 | ) | |
| 430,492 | | |
| 146 | |
| | 38.23 | | |
| 0.58 | | |
| 0.58 | | |
| (0.30 | ) | |
| 697,858 | | |
| 140 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.13 | )(d) | |
| 0.64 | (e) | |
| 0.64 | (e) | |
| (0.38 | )(e) | |
| 3,321,961 | | |
| 50 | (d) |
| | 37.41 | | |
| 0.64 | | |
| 0.64 | | |
| (0.33 | ) | |
| 3,672,859 | | |
| 72 | |
| | 54.76 | | |
| 0.65 | | |
| 0.65 | | |
| (0.26 | ) | |
| 2,918,040 | | |
| 94 | |
| | 4.88 | | |
| 0.66 | | |
| 0.66 | | |
| (0.30 | ) | |
| 2,124,007 | | |
| 120 | |
| | (37.89 | ) | |
| 0.66 | | |
| 0.66 | | |
| (0.25 | ) | |
| 2,087,818 | | |
| 146 | |
| | 38.13 | | |
| 0.64 | | |
| 0.64 | | |
| (0.36 | ) | |
| 1,282,161 | | |
| 140 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.42 | )(d) | |
| 1.25 | (e) | |
| 1.25 | (e) | |
| (0.98 | )(e) | |
| 2,550 | | |
| 50 | (d) |
| | 36.60 | | |
| 1.24 | | |
| 1.24 | | |
| (0.93 | ) | |
| 2,634 | | |
| 72 | |
| | 53.82 | | |
| 1.25 | | |
| 1.25 | | |
| (0.86 | ) | |
| 2,021 | | |
| 94 | |
| | 4.27 | | |
| 1.26 | | |
| 1.26 | | |
| (0.89 | ) | |
| 1,452 | | |
| 120 | |
| | (38.28 | ) | |
| 1.26 | | |
| 1.26 | | |
| (0.84 | ) | |
| 2,155 | | |
| 146 | |
| | 37.32 | | |
| 1.24 | | |
| 1.24 | | |
| (0.96 | ) | |
| 3,275 | | |
| 140 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.39 | )(d) | |
| 1.15 | (e) | |
| 1.15 | (e) | |
| (0.88 | )(e) | |
| 28,929 | | |
| 50 | (d) |
| | 36.74 | | |
| 1.14 | | |
| 1.14 | | |
| (0.83 | ) | |
| 29,965 | | |
| 72 | |
| | 53.98 | | |
| 1.15 | | |
| 1.15 | | |
| (0.76 | ) | |
| 21,895 | | |
| 94 | |
| | 4.35 | | |
| 1.16 | | |
| 1.16 | | |
| (0.81 | ) | |
| 15,019 | | |
| 120 | |
| | (38.20 | ) | |
| 1.16 | | |
| 1.16 | | |
| (0.74 | ) | |
| 13,621 | | |
| 146 | |
| | 37.44 | | |
| 1.14 | | |
| 1.14 | | |
| (0.86 | ) | |
| 21,928 | | |
| 140 | |
| |
See Notes to Financial Statements. |
95 |
Financial Highlights (concluded)
GROWTH LEADERS FUND
| | |
| |
Per Share Operating Performance: | |
|
| | |
| |
Investment Operations: | |
Distributions to shareholders from: | |
Net
asset value, end of period |
| | |
Net asset value, beginning of period | |
Net investment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from investment operations | |
Net realized gain | |
| Class R4 | |
| |
| |
| |
| |
| |
|
| 4/30/2026(c) | |
$ | 58.59 | | |
$ | (0.17 | ) | |
$ | (2.34 | ) | |
$ | (2.51 | ) | |
$ | (1.13 | ) | |
$ | 54.95 | |
| 10/31/2025 | |
| 42.74 | | |
| (0.29 | ) | |
| 16.14 | | |
| 15.85 | | |
| – | | |
| 58.59 | |
| 10/31/2024 | |
| 27.69 | | |
| (0.19 | ) | |
| 15.24 | | |
| 15.05 | | |
| – | | |
| 42.74 | |
| 10/31/2023 | |
| 26.46 | | |
| (0.15 | ) | |
| 1.38 | | |
| 1.23 | | |
| – | | |
| 27.69 | |
| 10/31/2022 | |
| 52.72 | | |
| (0.16 | ) | |
| (16.10 | ) | |
| (16.26 | ) | |
| (10.00 | ) | |
| 26.46 | |
| 10/31/2021 | |
| 42.26 | | |
| (0.28 | ) | |
| 15.11 | | |
| 14.83 | | |
| (4.37 | ) | |
| 52.72 | |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 61.75 | | |
| (0.11 | ) | |
| (2.46 | ) | |
| (2.57 | ) | |
| (1.13 | ) | |
| 58.05 | |
| 10/31/2025 | |
| 44.94 | | |
| (0.17 | ) | |
| 16.98 | | |
| 16.81 | | |
| – | | |
| 61.75 | |
| 10/31/2024 | |
| 29.04 | | |
| (0.10 | ) | |
| 16.00 | | |
| 15.90 | | |
| – | | |
| 44.94 | |
| 10/31/2023 | |
| 27.68 | | |
| (0.09 | ) | |
| 1.45 | | |
| 1.36 | | |
| – | | |
| 29.04 | |
| 10/31/2022 | |
| 54.58 | | |
| (0.08 | ) | |
| (16.82 | ) | |
| (16.90 | ) | |
| (10.00 | ) | |
| 27.68 | |
| 10/31/2021 | |
| 43.51 | | |
| (0.17 | ) | |
| 15.61 | | |
| 15.44 | | |
| (4.37 | ) | |
| 54.58 | |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 62.34 | | |
| (0.09 | ) | |
| (2.49 | ) | |
| (2.58 | ) | |
| (1.13 | ) | |
| 58.63 | |
| 10/31/2025 | |
| 45.33 | | |
| (0.14 | ) | |
| 17.15 | | |
| 17.01 | | |
| – | | |
| 62.34 | |
| 10/31/2024 | |
| 29.27 | | |
| (0.08 | ) | |
| 16.14 | | |
| 16.06 | | |
| – | | |
| 45.33 | |
| 10/31/2023 | |
| 27.89 | | |
| (0.07 | ) | |
| 1.45 | | |
| 1.38 | | |
| – | | |
| 29.27 | |
| 10/31/2022 | |
| 54.88 | | |
| (0.06 | ) | |
| (16.93 | ) | |
| (16.99 | ) | |
| (10.00 | ) | |
| 27.89 | |
| 10/31/2021 | |
| 43.70 | | |
| (0.15 | ) | |
| 15.70 | | |
| 15.55 | | |
| (4.37 | ) | |
| 54.88 | |
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales loads and assumes
the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| 96 |
See Notes to Financial Statements. |
| | |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | |
| |
| |
| |
| |
|
Total return(b) (%) | |
Total expenses after waivers and/or reimburse-
ments (%) | |
Total expenses (%) | |
Net investment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.25 | )(d) | |
| 0.90 | (e) | |
| 0.90 | (e) | |
| (0.63 | )(e) | |
$ | 13,674 | | |
| 50 | (d) |
| | 37.06 | | |
| 0.89 | | |
| 0.89 | | |
| (0.59 | ) | |
| 16,747 | | |
| 72 | |
| | 54.35 | | |
| 0.90 | | |
| 0.90 | | |
| (0.51 | ) | |
| 14,316 | | |
| 94 | |
| | 4.65 | | |
| 0.91 | | |
| 0.91 | | |
| (0.54 | ) | |
| 9,595 | | |
| 120 | |
| | (38.06 | ) | |
| 0.91 | | |
| 0.91 | | |
| (0.49 | ) | |
| 10,901 | | |
| 146 | |
| | 37.79 | | |
| 0.89 | | |
| 0.89 | | |
| (0.61 | ) | |
| 18,549 | | |
| 140 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.14 | )(d) | |
| 0.65 | (e) | |
| 0.65 | (e) | |
| (0.38 | )(e) | |
| 10,609 | | |
| 50 | (d) |
| | 37.41 | | |
| 0.64 | | |
| 0.64 | | |
| (0.34 | ) | |
| 11,894 | | |
| 72 | |
| | 54.81 | | |
| 0.65 | | |
| 0.65 | | |
| (0.26 | ) | |
| 11,478 | | |
| 94 | |
| | 4.88 | | |
| 0.66 | | |
| 0.66 | | |
| (0.30 | ) | |
| 9,206 | | |
| 120 | |
| | (37.91 | ) | |
| 0.66 | | |
| 0.66 | | |
| (0.24 | ) | |
| 9,706 | | |
| 146 | |
| | 38.13 | | |
| 0.64 | | |
| 0.64 | | |
| (0.36 | ) | |
| 19,722 | | |
| 140 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | (4.12 | )(d) | |
| 0.57 | (e) | |
| 0.57 | (e) | |
| (0.31 | )(e) | |
| 145,160 | | |
| 50 | (d) |
| | 37.52 | | |
| 0.58 | | |
| 0.58 | | |
| (0.27 | ) | |
| 163,659 | | |
| 72 | |
| | 54.87 | | |
| 0.58 | | |
| 0.58 | | |
| (0.19 | ) | |
| 141,383 | | |
| 94 | |
| | 4.95 | | |
| 0.59 | | |
| 0.59 | | |
| (0.23 | ) | |
| 113,990 | | |
| 120 | |
| | (37.85 | ) | |
| 0.59 | | |
| 0.59 | | |
| (0.17 | ) | |
| 124,498 | | |
| 146 | |
| | 38.23 | | |
| 0.58 | | |
| 0.58 | | |
| (0.30 | ) | |
| 181,524 | | |
| 140 | |
| |
See Notes to Financial Statements. |
97 |
Financial Highlights
HEALTH CARE FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class A | |
| |
| |
| |
| |
| |
| |
|
| 4/30/2026(c) | |
$ | 21.43 | | |
$ | (0.05 | ) | |
$ | 0.07 | | |
$ | 0.02 | | |
$ | (0.03 | ) | |
$ | – | | |
$ | (0.03 | ) |
| 10/31/2025 | |
| 19.79 | | |
| (0.09 | ) | |
| 1.79 | | |
| 1.70 | | |
| (0.06 | ) | |
| – | | |
| (0.06 | ) |
| 10/31/2024 | |
| 15.39 | | |
| (0.10 | ) | |
| 4.50 | | |
| 4.40 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 17.07 | | |
| (0.07 | ) | |
| (1.61 | ) | |
| (1.68 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2022 | |
| 21.96 | | |
| (0.05 | ) | |
| (3.37 | ) | |
| (3.42 | ) | |
| – | | |
| (1.47 | ) | |
| (1.47 | ) |
| 10/31/2021 | |
| 19.27 | | |
| (0.10 | ) | |
| 5.10 | | |
| 5.00 | | |
| – | | |
| (2.31 | ) | |
| (2.31 | ) |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 20.45 | | |
| (0.13 | ) | |
| 0.07 | | |
| (0.06 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2025 | |
| 18.96 | | |
| (0.22 | ) | |
| 1.71 | | |
| 1.49 | | |
| – | | |
| – | | |
| – | |
| 10/31/2024 | |
| 14.86 | | |
| (0.24 | ) | |
| 4.34 | | |
| 4.10 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 16.61 | | |
| (0.20 | ) | |
| (1.55 | ) | |
| (1.75 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2022 | |
| 21.56 | | |
| (0.17 | ) | |
| (3.31 | ) | |
| (3.48 | ) | |
| – | | |
| (1.47 | ) | |
| (1.47 | ) |
| 10/31/2021 | |
| 19.09 | | |
| (0.25 | ) | |
| 5.03 | | |
| 4.78 | | |
| – | | |
| (2.31 | ) | |
| (2.31 | ) |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 21.75 | | |
| (0.02 | ) | |
| 0.07 | | |
| 0.05 | | |
| (0.06 | ) | |
| – | | |
| (0.06 | ) |
| 10/31/2025 | |
| 20.05 | | |
| (0.04 | ) | |
| 1.83 | | |
| 1.79 | | |
| (0.09 | ) | |
| – | | |
| (0.09 | ) |
| 10/31/2024 | |
| 15.56 | | |
| (0.06 | ) | |
| 4.55 | | |
| 4.49 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 17.22 | | |
| (0.03 | ) | |
| (1.63 | ) | |
| (1.66 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2022 | |
| 22.08 | | |
| – | (f) | |
| (3.39 | ) | |
| (3.39 | ) | |
| – | | |
| (1.47 | ) | |
| (1.47 | ) |
| 10/31/2021 | |
| 19.32 | | |
| (0.05 | ) | |
| 5.12 | | |
| 5.07 | | |
| – | | |
| (2.31 | ) | |
| (2.31 | ) |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 21.78 | | |
| (0.01 | ) | |
| 0.07 | | |
| 0.06 | | |
| (0.08 | ) | |
| – | | |
| (0.08 | ) |
| 10/31/2025 | |
| 20.08 | | |
| (0.02 | ) | |
| 1.83 | | |
| 1.81 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2024 | |
| 15.56 | | |
| (0.02 | ) | |
| 4.54 | | |
| 4.52 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 17.23 | | |
| – | (f) | |
| (1.62 | ) | |
| (1.62 | ) | |
| (0.05 | ) | |
| – | | |
| (0.05 | ) |
| 10/31/2022 | |
| 22.07 | | |
| 0.02 | | |
| (3.39 | ) | |
| (3.37 | ) | |
| – | | |
| (1.47 | ) | |
| (1.47 | ) |
| 10/31/2021 | |
| 19.33 | | |
| (0.04 | ) | |
| 5.11 | | |
| 5.07 | | |
| (0.02 | ) | |
| (2.31 | ) | |
| (2.33 | ) |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 21.69 | | |
| (0.02 | ) | |
| 0.06 | | |
| 0.04 | | |
| (0.08 | ) | |
| – | | |
| (0.08 | ) |
| 10/31/2025 | |
| 20.02 | | |
| (0.04 | ) | |
| 1.82 | | |
| 1.78 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2024 | |
| 15.53 | | |
| (0.06 | ) | |
| 4.55 | | |
| 4.49 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 17.21 | | |
| (0.03 | ) | |
| (1.63 | ) | |
| (1.66 | ) | |
| (0.02 | ) | |
| – | | |
| (0.02 | ) |
| 10/31/2022 | |
| 22.07 | | |
| – | (f) | |
| (3.39 | ) | |
| (3.39 | ) | |
| – | | |
| (1.47 | ) | |
| (1.47 | ) |
| 10/31/2021 | |
| 19.32 | | |
| (0.05 | ) | |
| 5.11 | | |
| 5.06 | | |
| – | | |
| (2.31 | ) | |
| (2.31 | ) |
| Class R3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 21.07 | | |
| (0.08 | ) | |
| 0.08 | | |
| – | | |
| – | | |
| – | | |
| – | |
| 10/31/2025 | |
| 19.51 | | |
| (0.13 | ) | |
| 1.75 | | |
| 1.62 | | |
| (0.06 | ) | |
| – | | |
| (0.06 | ) |
| 10/31/2024 | |
| 15.21 | | |
| (0.15 | ) | |
| 4.45 | | |
| 4.30 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 16.91 | | |
| (0.11 | ) | |
| (1.59 | ) | |
| (1.70 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2022 | |
| 21.82 | | |
| (0.09 | ) | |
| (3.35 | ) | |
| (3.44 | ) | |
| – | | |
| (1.47 | ) | |
| (1.47 | ) |
| 10/31/2021 | |
| 19.21 | | |
| (0.15 | ) | |
| 5.07 | | |
| 4.92 | | |
| – | | |
| (2.31 | ) | |
| (2.31 | ) |
| 98 |
See Notes to Financial Statements. |
| | |
| |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | |
| |
| |
| |
| |
| |
|
Net asset value, end of period | |
Total return(b) (%) | |
Total expenses after waivers and/or reim-
bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| $ | 21.42 | | |
| 0.10 | (d) | |
| 1.03 | (e) | |
| 3.30 | (e) | |
| (0.46 | )(e) | |
$ | 4,293 | | |
| 37 | (d) |
| | 21.43 | | |
| 8.61 | | |
| 1.03 | | |
| 3.48 | | |
| (0.48 | ) | |
| 4,496 | | |
| 91 | |
| | 19.79 | | |
| 28.51 | | |
| 1.03 | | |
| 3.34 | | |
| (0.55 | ) | |
| 4,526 | | |
| 88 | |
| | 15.39 | | |
| (9.78 | ) | |
| 1.03 | | |
| 3.53 | | |
| (0.42 | ) | |
| 3,853 | | |
| 74 | |
| | 17.07 | | |
| (16.29 | ) | |
| 1.03 | | |
| 4.11 | | |
| (0.26 | ) | |
| 3,177 | | |
| 49 | |
| | 21.96 | | |
| 28.56 | | |
| 1.03 | | |
| 3.90 | | |
| (0.50 | ) | |
| 3,507 | | |
| 59 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 20.39 | | |
| (0.29 | )(d) | |
| 1.78 | (e) | |
| 4.05 | (e) | |
| (1.20 | )(e) | |
| 1,352 | | |
| 37 | (d) |
| | 20.45 | | |
| 7.86 | | |
| 1.78 | | |
| 4.24 | | |
| (1.22 | ) | |
| 1,338 | | |
| 91 | |
| | 18.96 | | |
| 27.51 | | |
| 1.78 | | |
| 4.09 | | |
| (1.30 | ) | |
| 1,227 | | |
| 88 | |
| | 14.86 | | |
| (10.48 | ) | |
| 1.78 | | |
| 4.26 | | |
| (1.19 | ) | |
| 930 | | |
| 74 | |
| | 16.61 | | |
| (16.91 | ) | |
| 1.78 | | |
| 4.85 | | |
| (1.02 | ) | |
| 607 | | |
| 49 | |
| | 21.56 | | |
| 27.57 | | |
| 1.78 | | |
| 4.62 | | |
| (1.25 | ) | |
| 786 | | |
| 59 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 21.74 | | |
| 0.20 | (d) | |
| 0.78 | (e) | |
| 3.15 | (e) | |
| (0.20 | )(e) | |
| 127 | | |
| 37 | (d) |
| | 21.75 | | |
| 8.89 | | |
| 0.78 | | |
| 3.32 | | |
| (0.23 | ) | |
| 132 | | |
| 91 | |
| | 20.05 | | |
| 28.84 | | |
| 0.78 | | |
| 3.18 | | |
| (0.30 | ) | |
| 191 | | |
| 88 | |
| | 15.56 | | |
| (9.58 | ) | |
| 0.78 | | |
| 3.41 | | |
| (0.15 | ) | |
| 173 | | |
| 74 | |
| | 17.22 | | |
| (16.05 | ) | |
| 0.78 | | |
| 3.97 | | |
| 0.01 | | |
| 373 | | |
| 49 | |
| | 22.08 | | |
| 28.88 | | |
| 0.78 | | |
| 3.63 | | |
| (0.23 | ) | |
| 587 | | |
| 59 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 21.76 | | |
| 0.23 | (d) | |
| 0.68 | (e) | |
| 3.02 | (e) | |
| (0.10 | )(e) | |
| 40 | | |
| 37 | (d) |
| | 21.78 | | |
| 9.09 | | |
| 0.65 | | |
| 3.19 | | |
| (0.09 | ) | |
| 40 | | |
| 91 | |
| | 20.08 | | |
| 29.05 | | |
| 0.60 | | |
| 3.04 | | |
| (0.13 | ) | |
| 37 | | |
| 88 | |
| | 15.56 | | |
| (9.45 | ) | |
| 0.62 | | |
| 3.11 | | |
| (0.01 | ) | |
| 28 | | |
| 74 | |
| | 17.23 | | |
| (15.96 | ) | |
| 0.68 | | |
| 3.69 | | |
| 0.09 | | |
| 31 | | |
| 49 | |
| | 22.07 | | |
| 28.91 | | |
| 0.71 | | |
| 3.55 | | |
| (0.18 | ) | |
| 40 | | |
| 59 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 21.65 | | |
| 0.17 | (d) | |
| 0.78 | (e) | |
| 3.05 | (e) | |
| (0.20 | )(e) | |
| 41 | | |
| 37 | (d) |
| | 21.69 | | |
| 8.92 | | |
| 0.78 | | |
| 3.25 | | |
| (0.19 | ) | |
| 42 | | |
| 91 | |
| | 20.02 | | |
| 28.83 | | |
| 0.78 | | |
| 3.10 | | |
| (0.30 | ) | |
| 43 | | |
| 88 | |
| | 15.53 | | |
| (9.58 | ) | |
| 0.78 | | |
| 3.26 | | |
| (0.18 | ) | |
| 49 | | |
| 74 | |
| | 17.21 | | |
| (16.06 | ) | |
| 0.78 | | |
| 3.85 | | |
| (0.03 | ) | |
| 15 | | |
| 49 | |
| | 22.07 | | |
| 28.82 | | |
| 0.78 | | |
| 3.66 | | |
| (0.25 | ) | |
| 20 | | |
| 59 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 21.07 | | |
| (0.05 | )(d) | |
| 1.28 | (e) | |
| 3.55 | (e) | |
| (0.71 | )(e) | |
| 136 | | |
| 37 | (d) |
| | 21.07 | | |
| 8.39 | | |
| 1.28 | | |
| 3.77 | | |
| (0.69 | ) | |
| 134 | | |
| 91 | |
| | 19.51 | | |
| 28.19 | | |
| 1.28 | | |
| 3.60 | | |
| (0.80 | ) | |
| 30 | | |
| 88 | |
| | 15.21 | | |
| (9.99 | ) | |
| 1.28 | | |
| 3.75 | | |
| (0.65 | ) | |
| 24 | | |
| 74 | |
| | 16.91 | | |
| (16.50 | ) | |
| 1.28 | | |
| 4.35 | | |
| (0.52 | ) | |
| 11 | | |
| 49 | |
| | 21.82 | | |
| 28.19 | | |
| 1.28 | | |
| 4.17 | | |
| (0.75 | ) | |
| 15 | | |
| 59 | |
| |
See Notes to Financial Statements. |
99 |
Financial Highlights (concluded)
HEALTH CARE FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class R4 | |
| |
| |
| |
| |
| |
| |
|
| 4/30/2026(c) | |
$ | 21.42 | | |
$ | (0.05 | ) | |
$ | 0.08 | | |
$ | 0.03 | | |
| $(0.04 | ) | |
$ | – | | |
| $(0.04 | ) |
| 10/31/2025 | |
| 19.78 | | |
| (0.09 | ) | |
| 1.79 | | |
| 1.70 | | |
| (0.06 | ) | |
| – | | |
| (0.06 | ) |
| 10/31/2024 | |
| 15.39 | | |
| (0.10 | ) | |
| 4.49 | | |
| 4.39 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 17.07 | | |
| (0.07 | ) | |
| (1.61 | ) | |
| (1.68 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2022 | |
| 21.95 | | |
| (0.04 | ) | |
| (3.37 | ) | |
| (3.41 | ) | |
| – | | |
| (1.47 | ) | |
| (1.47 | ) |
| 10/31/2021 | |
| 19.27 | | |
| (0.10 | ) | |
| 5.09 | | |
| 4.99 | | |
| – | | |
| (2.31 | ) | |
| (2.31 | ) |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 21.68 | | |
| (0.02 | ) | |
| 0.07 | | |
| 0.05 | | |
| (0.08 | ) | |
| – | | |
| (0.08 | ) |
| 10/31/2025 | |
| 20.01 | | |
| (0.05 | ) | |
| 1.83 | | |
| 1.78 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2024 | |
| 15.53 | | |
| (0.06 | ) | |
| 4.54 | | |
| 4.48 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 17.21 | | |
| (0.03 | ) | |
| (1.63 | ) | |
| (1.66 | ) | |
| (0.02 | ) | |
| – | | |
| (0.02 | ) |
| 10/31/2022 | |
| 22.07 | | |
| – | (f) | |
| (3.39 | ) | |
| (3.39 | ) | |
| – | | |
| (1.47 | ) | |
| (1.47 | ) |
| 10/31/2021 | |
| 19.32 | | |
| (0.05 | ) | |
| 5.12 | | |
| 5.07 | | |
| (0.01 | ) | |
| (2.31 | ) | |
| (2.32 | ) |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 21.80 | | |
| (0.01 | ) | |
| 0.06 | | |
| 0.05 | | |
| (0.08 | ) | |
| – | | |
| (0.08 | ) |
| 10/31/2025 | |
| 20.09 | | |
| (0.02 | ) | |
| 1.84 | | |
| 1.82 | | |
| (0.11 | ) | |
| – | | |
| (0.11 | ) |
| 10/31/2024 | |
| 15.56 | | |
| (0.02 | ) | |
| 4.55 | | |
| 4.53 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 17.24 | | |
| – | (f) | |
| (1.63 | ) | |
| (1.63 | ) | |
| (0.05 | ) | |
| – | | |
| (0.05 | ) |
| 10/31/2022 | |
| 22.08 | | |
| 0.01 | | |
| (3.38 | ) | |
| (3.37 | ) | |
| – | | |
| (1.47 | ) | |
| (1.47 | ) |
| 10/31/2021 | |
| 19.34 | | |
| (0.04 | ) | |
| 5.11 | | |
| 5.07 | | |
| (0.02 | ) | |
| (2.31 | ) | |
| (2.33 | ) |
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions.
Total return for all other classes assumes the reinvestment of all distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| (f) |
Amount is less than $0.01. |
| 100 |
See Notes to Financial Statements. |
| | |
| |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | |
| |
| |
|
Net asset value,
end of period | |
Total return(b)
(%) | |
Total expenses after
waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment
income (loss) (%) | |
Net assets, end of
period (000) | |
Portfolio turnover rate
(%) |
| | |
| |
| |
| |
| |
| |
|
| $ | 21.41 | | |
| 0.06 | (d) | |
| 1.03 | (e) | |
| 3.30 | (e) | |
| (0.44 | )(e) | |
$ | 14 | | |
| 37 | (d) |
| | 21.42 | | |
| 8.67 | | |
| 1.03 | | |
| 3.48 | | |
| (0.46 | ) | |
| 14 | | |
| 91 | |
| | 19.78 | | |
| 28.53 | | |
| 1.03 | | |
| 3.31 | | |
| (0.53 | ) | |
| 13 | | |
| 88 | |
| | 15.39 | | |
| (9.84 | ) | |
| 1.03 | | |
| 3.53 | | |
| (0.41 | ) | |
| 10 | | |
| 74 | |
| | 17.07 | | |
| (16.25 | ) | |
| 1.03 | | |
| 4.10 | | |
| (0.26 | ) | |
| 11 | | |
| 49 | |
| | 21.95 | | |
| 28.50 | | |
| 1.03 | | |
| 3.92 | | |
| (0.50 | ) | |
| 15 | | |
| 59 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 21.65 | | |
| 0.18 | (d) | |
| 0.78 | (e) | |
| 3.05 | (e) | |
| (0.20 | )(e) | |
| 14 | | |
| 37 | (d) |
| | 21.68 | | |
| 8.92 | | |
| 0.78 | | |
| 3.25 | | |
| (0.25 | ) | |
| 14 | | |
| 91 | |
| | 20.01 | | |
| 28.83 | | |
| 0.78 | | |
| 3.08 | | |
| (0.31 | ) | |
| 13 | | |
| 88 | |
| | 15.53 | | |
| (9.58 | ) | |
| 0.78 | | |
| 3.28 | | |
| (0.15 | ) | |
| 10 | | |
| 74 | |
| | 17.21 | | |
| (16.06 | ) | |
| 0.78 | | |
| 3.84 | | |
| (0.01 | ) | |
| 11 | | |
| 49 | |
| | 22.07 | | |
| 28.86 | | |
| 0.78 | | |
| 3.67 | | |
| (0.24 | ) | |
| 15 | | |
| 59 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 21.77 | | |
| 0.22 | (d) | |
| 0.68 | (e) | |
| 3.02 | (e) | |
| (0.11 | )(e) | |
| 2,101 | | |
| 37 | (d) |
| | 21.80 | | |
| 9.08 | | |
| 0.65 | | |
| 3.18 | | |
| (0.11 | ) | |
| 2,241 | | |
| 91 | |
| | 20.09 | | |
| 29.03 | | |
| 0.60 | | |
| 3.03 | | |
| (0.11 | ) | |
| 2,485 | | |
| 88 | |
| | 15.56 | | |
| (9.44 | ) | |
| 0.62 | | |
| 3.11 | | |
| (0.01 | ) | |
| 1,885 | | |
| 74 | |
| | 17.24 | | |
| (15.95 | ) | |
| 0.68 | | |
| 3.68 | | |
| 0.08 | | |
| 2,198 | | |
| 49 | |
| | 22.08 | | |
| 28.89 | | |
| 0.70 | | |
| 3.48 | | |
| (0.17 | ) | |
| 2,851 | | |
| 59 | |
| |
See Notes to Financial Statements. |
101 |
Financial Highlights
INTERNATIONAL EQUITY FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera-
tions | |
Net Investment income | |
Net realized gain | |
Total distri- butions |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 18.42 | | |
$ | 0.12 | | |
$ | 2.48 | | |
$ | 2.60 | | |
$ | (0.19 | ) | |
$ | (0.73 | ) | |
$ | (0.92 | ) |
| 10/31/2025 | |
| 15.44 | | |
| 0.24 | | |
| 3.36 | | |
| 3.60 | | |
| (0.21 | ) | |
| (0.41 | ) | |
| (0.62 | ) |
| 10/31/2024 | |
| 12.37 | | |
| 0.20 | | |
| 3.11 | | |
| 3.31 | | |
| (0.24 | ) | |
| – | | |
| (0.24 | ) |
| 10/31/2023 | |
| 11.61 | | |
| 0.22 | | |
| 0.79 | | |
| 1.01 | | |
| (0.25 | ) | |
| – | | |
| (0.25 | ) |
| 10/31/2022 | |
| 17.67 | | |
| 0.26 | | |
| (4.35 | ) | |
| (4.09 | ) | |
| (0.22 | ) | |
| (1.75 | ) | |
| (1.97 | ) |
| 10/31/2021 | |
| 13.41 | | |
| 0.17 | | |
| 4.27 | | |
| 4.44 | | |
| (0.18 | ) | |
| – | | |
| (0.18 | ) |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 18.46 | | |
| 0.06 | | |
| 2.49 | | |
| 2.55 | | |
| (0.09 | ) | |
| (0.73 | ) | |
| (0.82 | ) |
| 10/31/2025 | |
| 15.45 | | |
| 0.12 | | |
| 3.38 | | |
| 3.50 | | |
| (0.08 | ) | |
| (0.41 | ) | |
| (0.49 | ) |
| 10/31/2024 | |
| 12.31 | | |
| 0.09 | | |
| 3.11 | | |
| 3.20 | | |
| (0.06 | ) | |
| – | | |
| (0.06 | ) |
| 10/31/2023 | |
| 11.53 | | |
| 0.08 | | |
| 0.83 | | |
| 0.91 | | |
| (0.13 | ) | |
| – | | |
| (0.13 | ) |
| 10/31/2022 | |
| 17.54 | | |
| 0.15 | | |
| (4.34 | ) | |
| (4.19 | ) | |
| (0.07 | ) | |
| (1.75 | ) | |
| (1.82 | ) |
| 10/31/2021 | |
| 13.31 | | |
| 0.05 | | |
| 4.22 | | |
| 4.27 | | |
| (0.04 | ) | |
| – | | |
| (0.04 | ) |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 18.36 | | |
| 0.13 | | |
| 2.47 | | |
| 2.60 | | |
| (0.21 | ) | |
| (0.73 | ) | |
| (0.94 | ) |
| 10/31/2025 | |
| 15.39 | | |
| 0.26 | | |
| 3.36 | | |
| 3.62 | | |
| (0.24 | ) | |
| (0.41 | ) | |
| (0.65 | ) |
| 10/31/2024 | |
| 12.33 | | |
| 0.22 | | |
| 3.10 | | |
| 3.32 | | |
| (0.26 | ) | |
| – | | |
| (0.26 | ) |
| 10/31/2023 | |
| 11.57 | | |
| 0.22 | | |
| 0.81 | | |
| 1.03 | | |
| (0.27 | ) | |
| – | | |
| (0.27 | ) |
| 10/31/2022 | |
| 17.61 | | |
| 0.25 | | |
| (4.29 | ) | |
| (4.04 | ) | |
| (0.25 | ) | |
| (1.75 | ) | |
| (2.00 | ) |
| 10/31/2021 | |
| 13.36 | | |
| 0.22 | | |
| 4.22 | | |
| 4.44 | | |
| (0.19 | ) | |
| – | | |
| (0.19 | ) |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 18.77 | | |
| 0.16 | | |
| 2.52 | | |
| 2.68 | | |
| (0.23 | ) | |
| (0.73 | ) | |
| (0.96 | ) |
| 10/31/2025 | |
| 15.72 | | |
| 0.31 | | |
| 3.40 | | |
| 3.71 | | |
| (0.25 | ) | |
| (0.41 | ) | |
| (0.66 | ) |
| 10/31/2024 | |
| 12.58 | | |
| 0.25 | | |
| 3.17 | | |
| 3.42 | | |
| (0.28 | ) | |
| – | | |
| (0.28 | ) |
| 10/31/2023 | |
| 11.80 | | |
| 0.28 | | |
| 0.79 | | |
| 1.07 | | |
| (0.29 | ) | |
| – | | |
| (0.29 | ) |
| 10/31/2022 | |
| 17.92 | | |
| 0.33 | | |
| (4.44 | ) | |
| (4.11 | ) | |
| (0.26 | ) | |
| (1.75 | ) | |
| (2.01 | ) |
| 10/31/2021 | |
| 13.59 | | |
| 0.23 | | |
| 4.32 | | |
| 4.55 | | |
| (0.22 | ) | |
| – | | |
| (0.22 | ) |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 18.69 | | |
| 0.16 | | |
| 2.50 | | |
| 2.66 | | |
| (0.23 | ) | |
| (0.73 | ) | |
| (0.96 | ) |
| 10/31/2025 | |
| 15.66 | | |
| 0.28 | | |
| 3.41 | | |
| 3.69 | | |
| (0.25 | ) | |
| (0.41 | ) | |
| (0.66 | ) |
| 10/31/2024 | |
| 12.54 | | |
| 0.24 | | |
| 3.15 | | |
| 3.39 | | |
| (0.27 | ) | |
| – | | |
| (0.27 | ) |
| 10/31/2023 | |
| 11.77 | | |
| 0.26 | | |
| 0.80 | | |
| 1.06 | | |
| (0.29 | ) | |
| – | | |
| (0.29 | ) |
| 10/31/2022 | |
| 17.88 | | |
| 0.31 | | |
| (4.41 | ) | |
| (4.10 | ) | |
| (0.26 | ) | |
| (1.75 | ) | |
| (2.01 | ) |
| 10/31/2021 | |
| 13.56 | | |
| 0.21 | | |
| 4.32 | | |
| 4.53 | | |
| (0.21 | ) | |
| – | | |
| (0.21 | ) |
| Class P | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 18.47 | | |
| 0.10 | | |
| 2.49 | | |
| 2.59 | | |
| (0.15 | ) | |
| (0.73 | ) | |
| (0.88 | ) |
| 10/31/2025 | |
| 15.48 | | |
| 0.22 | | |
| 3.36 | | |
| 3.58 | | |
| (0.18 | ) | |
| (0.41 | ) | |
| (0.59 | ) |
| 10/31/2024 | |
| 12.40 | | |
| 0.18 | | |
| 3.11 | | |
| 3.29 | | |
| (0.21 | ) | |
| – | | |
| (0.21 | ) |
| 10/31/2023 | |
| 11.63 | | |
| 0.19 | | |
| 0.81 | | |
| 1.00 | | |
| (0.23 | ) | |
| – | | |
| (0.23 | ) |
| 10/31/2022 | |
| 17.69 | | |
| 0.24 | | |
| (4.37 | ) | |
| (4.13 | ) | |
| (0.18 | ) | |
| (1.75 | ) | |
| (1.93 | ) |
| 10/31/2021 | |
| 13.42 | | |
| 0.09 | | |
| 4.31 | | |
| 4.40 | | |
| (0.13 | ) | |
| – | | |
| (0.13 | ) |
| Class R2 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 18.42 | | |
| 0.09 | | |
| 2.48 | | |
| 2.57 | | |
| (0.13 | ) | |
| (0.73 | ) | |
| (0.86 | ) |
| 10/31/2025 | |
| 15.44 | | |
| 0.19 | | |
| 3.36 | | |
| 3.55 | | |
| (0.16 | ) | |
| (0.41 | ) | |
| (0.57 | ) |
| 10/31/2024 | |
| 12.37 | | |
| 0.15 | | |
| 3.12 | | |
| 3.27 | | |
| (0.20 | ) | |
| – | | |
| (0.20 | ) |
| 10/31/2023 | |
| 11.62 | | |
| 0.17 | | |
| 0.79 | | |
| 0.96 | | |
| (0.21 | ) | |
| – | | |
| (0.21 | ) |
| 10/31/2022 | |
| 17.67 | | |
| 0.22 | | |
| (4.37 | ) | |
| (4.15 | ) | |
| (0.15 | ) | |
| (1.75 | ) | |
| (1.90 | ) |
| 10/31/2021 | |
| 13.39 | | |
| 0.12 | | |
| 4.25 | | |
| 4.37 | | |
| (0.09 | ) | |
| – | | |
| (0.09 | ) |
| 102 |
See Notes to Financial Statements. |
| | |
| |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | |
| | |
|
Net asset value, end of period | |
Total return(b)
(%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| $ | 20.10 | | |
| 14.81 | (d) | |
| 0.87 | (e) | |
| 0.90 | (e) | |
| 1.29 | (e) | |
$ | 214,452 | | |
| 37 | (d) |
| | 18.42 | | |
| 24.30 | | |
| 0.91 | | |
| 0.94 | | |
| 1.49 | | |
| 187,898 | | |
| 102 | |
| | 15.44 | | |
| 27.03 | | |
| 0.94 | | |
| 0.97 | | |
| 1.38 | | |
| 153,922 | | |
| 89 | |
| | 12.37 | | |
| 8.72 | | |
| 0.95 | | |
| 0.99 | | |
| 1.65 | | |
| 132,735 | | |
| 106 | |
| | 11.61 | | |
| (25.75 | ) | |
| 1.17 | | |
| 1.22 | | |
| 1.89 | | |
| 131,097 | | |
| 87 | |
| | 17.67 | | |
| 33.15 | | |
| 1.17 | | |
| 1.19 | | |
| 1.04 | | |
| 193,680 | | |
| 58 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 20.19 | | |
| 14.45 | (d) | |
| 1.62 | (e) | |
| 1.65 | (e) | |
| 0.67 | (e) | |
| 3,368 | | |
| 37 | (d) |
| | 18.46 | | |
| 23.36 | | |
| 1.66 | | |
| 1.68 | | |
| 0.71 | | |
| 1,931 | | |
| 102 | |
| | 15.45 | | |
| 26.10 | | |
| 1.69 | | |
| 1.72 | | |
| 0.61 | | |
| 1,222 | | |
| 89 | |
| | 12.31 | | |
| 7.82 | | |
| 1.72 | | |
| 1.76 | | |
| 0.63 | | |
| 1,414 | | |
| 106 | |
| | 11.53 | | |
| (26.26 | ) | |
| 1.92 | | |
| 1.97 | | |
| 1.09 | | |
| 4,161 | | |
| 87 | |
| | 17.54 | | |
| 32.20 | | |
| 1.92 | | |
| 1.94 | | |
| 0.28 | | |
| 7,622 | | |
| 58 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 20.02 | | |
| 14.92 | (d) | |
| 0.72 | (e) | |
| 0.75 | (e) | |
| 1.43 | (e) | |
| 8,732 | | |
| 37 | (d) |
| | 18.36 | | |
| 24.52 | | |
| 0.76 | | |
| 0.78 | | |
| 1.56 | | |
| 7,492 | | |
| 102 | |
| | 15.39 | | |
| 27.19 | | |
| 0.79 | | |
| 0.82 | | |
| 1.53 | | |
| 4,256 | | |
| 89 | |
| | 12.33 | | |
| 8.89 | | |
| 0.80 | | |
| 0.84 | | |
| 1.68 | | |
| 3,894 | | |
| 106 | |
| | 11.57 | | |
| (25.57 | ) | |
| 0.96 | | |
| 1.06 | | |
| 1.76 | | |
| 7,986 | | |
| 87 | |
| | 17.61 | | |
| 33.43 | | |
| 0.96 | | |
| 1.04 | | |
| 1.30 | | |
| 24,909 | | |
| 58 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 20.49 | | |
| 15.01 | (d) | |
| 0.56 | (e) | |
| 0.59 | (e) | |
| 1.68 | (e) | |
| 86,202 | | |
| 37 | (d) |
| | 18.77 | | |
| 24.64 | | |
| 0.60 | | |
| 0.62 | | |
| 1.82 | | |
| 60,826 | | |
| 102 | |
| | 15.72 | | |
| 27.48 | | |
| 0.61 | | |
| 0.64 | | |
| 1.68 | | |
| 15,859 | | |
| 89 | |
| | 12.58 | | |
| 9.07 | | |
| 0.61 | | |
| 0.65 | | |
| 2.08 | | |
| 11,841 | | |
| 106 | |
| | 11.80 | | |
| (25.50 | ) | |
| 0.84 | | |
| 0.89 | | |
| 2.39 | | |
| 5,987 | | |
| 87 | |
| | 17.92 | | |
| 33.57 | | |
| 0.84 | | |
| 0.86 | | |
| 1.38 | | |
| 5,928 | | |
| 58 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 20.39 | | |
| 14.96 | (d) | |
| 0.62 | (e) | |
| 0.65 | (e) | |
| 1.64 | (e) | |
| 349,082 | | |
| 37 | (d) |
| | 18.69 | | |
| 24.60 | | |
| 0.66 | | |
| 0.69 | | |
| 1.69 | | |
| 226,150 | | |
| 102 | |
| | 15.66 | | |
| 27.38 | | |
| 0.69 | | |
| 0.72 | | |
| 1.63 | | |
| 147,149 | | |
| 89 | |
| | 12.54 | | |
| 8.98 | | |
| 0.69 | | |
| 0.73 | | |
| 1.94 | | |
| 136,201 | | |
| 106 | |
| | 11.77 | | |
| (25.51 | ) | |
| 0.86 | | |
| 0.97 | | |
| 2.23 | | |
| 121,926 | | |
| 87 | |
| | 17.88 | | |
| 33.55 | | |
| 0.86 | | |
| 0.94 | | |
| 1.24 | | |
| 170,044 | | |
| 58 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 20.18 | | |
| 14.72 | (d) | |
| 1.02 | (e) | |
| 1.05 | (e) | |
| 1.09 | (e) | |
| 16 | | |
| 37 | (d) |
| | 18.47 | | |
| 24.06 | | |
| 1.09 | | |
| 1.11 | | |
| 1.33 | | |
| 15 | | |
| 102 | |
| | 15.48 | | |
| 26.81 | | |
| 1.11 | | |
| 1.14 | | |
| 1.22 | | |
| 13 | | |
| 89 | |
| | 12.40 | | |
| 8.57 | | |
| 1.14 | | |
| 1.18 | | |
| 1.44 | | |
| 10 | | |
| 106 | |
| | 11.63 | | |
| (25.89 | ) | |
| 1.37 | | |
| 1.39 | | |
| 1.71 | | |
| 9 | | |
| 87 | |
| | 17.69 | | |
| 32.90 | | |
| 1.37 | | |
| 1.39 | | |
| 0.53 | | |
| 13 | | |
| 58 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 20.13 | | |
| 14.62 | (d) | |
| 1.22 | (e) | |
| 1.25 | (e) | |
| 0.97 | (e) | |
| 378 | | |
| 37 | (d) |
| | 18.42 | | |
| 23.87 | | |
| 1.26 | | |
| 1.29 | | |
| 1.15 | | |
| 308 | | |
| 102 | |
| | 15.44 | | |
| 26.64 | | |
| 1.29 | | |
| 1.32 | | |
| 1.04 | | |
| 225 | | |
| 89 | |
| | 12.37 | | |
| 8.27 | | |
| 1.30 | | |
| 1.34 | | |
| 1.30 | | |
| 169 | | |
| 106 | |
| | 11.62 | | |
| (25.98 | ) | |
| 1.52 | | |
| 1.58 | | |
| 1.60 | | |
| 143 | | |
| 87 | |
| | 17.67 | | |
| 32.70 | | |
| 1.52 | | |
| 1.54 | | |
| 0.70 | | |
| 178 | | |
| 58 | |
| |
See Notes to Financial Statements. |
103 |
Financial Highlights (concluded)
INTERNATIONAL EQUITY FUND
| | |
| |
Per Share Operating Performance: |
| | |
| |
Investment Operations: | |
Distributions to shareholders from: |
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera-
tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class R3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 18.08 | | |
$ | 0.09 | | |
$ | 2.44 | | |
$ | 2.53 | | |
$ | (0.14 | ) | |
$ | (0.73 | ) | |
$ | (0.87 | ) |
| 10/31/2025 | |
| 15.16 | | |
| 0.20 | | |
| 3.30 | | |
| 3.50 | | |
| (0.17 | ) | |
| (0.41 | ) | |
| (0.58 | ) |
| 10/31/2024 | |
| 12.15 | | |
| 0.17 | | |
| 3.04 | | |
| 3.21 | | |
| (0.20 | ) | |
| – | | |
| (0.20 | ) |
| 10/31/2023 | |
| 11.40 | | |
| 0.19 | | |
| 0.78 | | |
| 0.97 | | |
| (0.22 | ) | |
| – | | |
| (0.22 | ) |
| 10/31/2022 | |
| 17.38 | | |
| 0.22 | | |
| (4.28 | ) | |
| (4.06 | ) | |
| (0.17 | ) | |
| (1.75 | ) | |
| (1.92 | ) |
| 10/31/2021 | |
| 13.20 | | |
| 0.13 | | |
| 4.18 | | |
| 4.31 | | |
| (0.13 | ) | |
| – | | |
| (0.13 | ) |
| Class R4 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 18.30 | | |
| 0.12 | | |
| 2.46 | | |
| 2.58 | | |
| (0.19 | ) | |
| (0.73 | ) | |
| (0.92 | ) |
| 10/31/2025 | |
| 15.35 | | |
| 0.23 | | |
| 3.35 | | |
| 3.58 | | |
| (0.22 | ) | |
| (0.41 | ) | |
| (0.63 | ) |
| 10/31/2024 | |
| 12.30 | | |
| 0.20 | | |
| 3.09 | | |
| 3.29 | | |
| (0.24 | ) | |
| – | | |
| (0.24 | ) |
| 10/31/2023 | |
| 11.55 | | |
| 0.22 | | |
| 0.79 | | |
| 1.01 | | |
| (0.26 | ) | |
| – | | |
| (0.26 | ) |
| 10/31/2022 | |
| 17.58 | | |
| 0.26 | | |
| (4.33 | ) | |
| (4.07 | ) | |
| (0.21 | ) | |
| (1.75 | ) | |
| (1.96 | ) |
| 10/31/2021 | |
| 13.35 | | |
| 0.18 | | |
| 4.23 | | |
| 4.41 | | |
| (0.18 | ) | |
| – | | |
| (0.18 | ) |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 18.54 | | |
| 0.15 | | |
| 2.49 | | |
| 2.64 | | |
| (0.23 | ) | |
| (0.73 | ) | |
| (0.96 | ) |
| 10/31/2025 | |
| 15.54 | | |
| 0.27 | | |
| 3.39 | | |
| 3.66 | | |
| (0.25 | ) | |
| (0.41 | ) | |
| (0.66 | ) |
| 10/31/2024 | |
| 12.45 | | |
| 0.29 | | |
| 3.07 | | |
| 3.36 | | |
| (0.27 | ) | |
| – | | |
| (0.27 | ) |
| 10/31/2023 | |
| 11.69 | | |
| 0.25 | | |
| 0.80 | | |
| 1.05 | | |
| (0.29 | ) | |
| – | | |
| (0.29 | ) |
| 10/31/2022 | |
| 17.78 | | |
| 0.21 | | |
| (4.29 | ) | |
| (4.08 | ) | |
| (0.26 | ) | |
| (1.75 | ) | |
| (2.01 | ) |
| 10/31/2021 | |
| 13.50 | | |
| 0.22 | | |
| 4.27 | | |
| 4.49 | | |
| (0.21 | ) | |
| – | | |
| (0.21 | ) |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 18.76 | | |
| 0.16 | | |
| 2.52 | | |
| 2.68 | | |
| (0.23 | ) | |
| (0.73 | ) | |
| (0.96 | ) |
| 10/31/2025 | |
| 15.71 | | |
| 0.31 | | |
| 3.40 | | |
| 3.71 | | |
| (0.25 | ) | |
| (0.41 | ) | |
| (0.66 | ) |
| 10/31/2024 | |
| 12.57 | | |
| 0.26 | | |
| 3.16 | | |
| 3.42 | | |
| (0.28 | ) | |
| – | | |
| (0.28 | ) |
| 10/31/2023 | |
| 11.79 | | |
| 0.26 | | |
| 0.81 | | |
| 1.07 | | |
| (0.29 | ) | |
| – | | |
| (0.29 | ) |
| 10/31/2022 | |
| 17.91 | | |
| 0.31 | | |
| (4.42 | ) | |
| (4.11 | ) | |
| (0.26 | ) | |
| (1.75 | ) | |
| (2.01 | ) |
| 10/31/2021 | |
| 13.58 | | |
| 0.23 | | |
| 4.32 | | |
| 4.55 | | |
| (0.22 | ) | |
| – | | |
| (0.22 | ) |
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions.
Total return for all other classes assumes the reinvestment of all distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| 104 |
See Notes to Financial Statements. |
| | | |
| |
|
Ratios to Average Net Assets: | |
Supplemental Data: |
| | | |
| | |
|
Net asset value, end of period | |
Total return(b) (%) | |
Total expenses after waivers and/or
reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss)
(%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | |
| |
| |
| |
| | |
|
| $ | 19.74 | | |
| 14.69 | (d) | |
| 1.12 | (e) | |
| 1.15 | (e) | |
| 1.03 | (e) | |
$ | 7,578 | | |
| 37 | (d) |
| | 18.08 | | |
| 24.01 | | |
| 1.16 | | |
| 1.19 | | |
| 1.26 | | |
| 6,843 | | |
| 102 | |
| | 15.16 | | |
| 26.68 | | |
| 1.19 | | |
| 1.22 | | |
| 1.19 | | |
| 5,714 | | |
| 89 | |
| | 12.15 | | |
| 8.42 | | |
| 1.19 | | |
| 1.23 | | |
| 1.44 | | |
| 4,530 | | |
| 106 | |
| | 11.40 | | |
| (25.88 | ) | |
| 1.42 | | |
| 1.47 | | |
| 1.63 | | |
| 4,203 | | |
| 87 | |
| | 17.38 | | |
| 32.81 | | |
| 1.42 | | |
| 1.44 | | |
| 0.80 | | |
| 6,114 | | |
| 58 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 19.96 | | |
| 14.81 | (d) | |
| 0.87 | (e) | |
| 0.90 | (e) | |
| 1.26 | (e) | |
| 2,985 | | |
| 37 | (d) |
| | 18.30 | | |
| 24.31 | | |
| 0.91 | | |
| 0.94 | | |
| 1.44 | | |
| 2,646 | | |
| 102 | |
| | 15.35 | | |
| 27.01 | | |
| 0.94 | | |
| 0.97 | | |
| 1.36 | | |
| 2,220 | | |
| 89 | |
| | 12.30 | | |
| 8.70 | | |
| 0.95 | | |
| 0.99 | | |
| 1.68 | | |
| 1,359 | | |
| 106 | |
| | 11.55 | | |
| (25.71 | ) | |
| 1.17 | | |
| 1.23 | | |
| 1.93 | | |
| 1,306 | | |
| 87 | |
| | 17.58 | | |
| 33.11 | | |
| 1.17 | | |
| 1.19 | | |
| 1.06 | | |
| 1,685 | | |
| 58 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 20.22 | | |
| 14.98 | (d) | |
| 0.62 | (e) | |
| 0.65 | (e) | |
| 1.64 | (e) | |
| 425 | | |
| 37 | (d) |
| | 18.54 | | |
| 24.60 | | |
| 0.66 | | |
| 0.69 | | |
| 1.63 | | |
| 269 | | |
| 102 | |
| | 15.54 | | |
| 27.33 | | |
| 0.71 | | |
| 0.73 | | |
| 1.87 | | |
| 242 | | |
| 89 | |
| | 12.45 | | |
| 8.96 | | |
| 0.69 | | |
| 0.73 | | |
| 1.93 | | |
| 14 | | |
| 106 | |
| | 11.69 | | |
| (25.56 | ) | |
| 0.92 | | |
| 0.96 | | |
| 1.42 | | |
| 14 | | |
| 87 | |
| | 17.78 | | |
| 33.50 | | |
| 0.92 | | |
| 0.94 | | |
| 1.30 | | |
| 81 | | |
| 58 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 20.48 | | |
| 15.02 | (d) | |
| 0.56 | (e) | |
| 0.59 | (e) | |
| 1.65 | (e) | |
| 48,705 | | |
| 37 | (d) |
| | 18.76 | | |
| 24.66 | | |
| 0.60 | | |
| 0.62 | | |
| 1.85 | | |
| 6,462 | | |
| 102 | |
| | 15.71 | | |
| 27.50 | | |
| 0.61 | | |
| 0.64 | | |
| 1.71 | | |
| 4,616 | | |
| 89 | |
| | 12.57 | | |
| 9.08 | | |
| 0.62 | | |
| 0.66 | | |
| 1.99 | | |
| 3,263 | | |
| 106 | |
| | 11.79 | | |
| (25.51 | ) | |
| 0.84 | | |
| 0.88 | | |
| 2.21 | | |
| 2,639 | | |
| 87 | |
| | 17.91 | | |
| 33.60 | | |
| 0.84 | | |
| 0.86 | | |
| 1.36 | | |
| 4,180 | | |
| 58 | |
| |
See Notes to Financial Statements. |
105 |
Financial Highlights
INTERNATIONAL OPPORTUNITIES FUND
| | |
| |
Per Share Operating Performance: | |
| |
|
| | |
| |
Investment Operations: | |
Distributions to shareholders from: | |
| |
|
| | |
Net asset value, beginning
of period | |
Net invest- ment income
(loss)(a) | |
Net realized and unrealized
gain/(loss) | |
Total from invest- ment
opera- tions | |
Net investment income | |
Net asset value, end of
period | |
Total return(b) (%) |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 21.84 | | |
$ | 0.06 | | |
$ | 3.02 | | |
$ | 3.08 | | |
$ | (0.35 | ) | |
$ | 24.57 | | |
| 14.31 | (d) |
| 10/31/2025 | |
| 18.96 | | |
| 0.33 | | |
| 2.89 | | |
| 3.22 | | |
| (0.34 | ) | |
| 21.84 | | |
| 17.34 | |
| 10/31/2024 | |
| 15.94 | | |
| 0.32 | | |
| 2.97 | | |
| 3.29 | | |
| (0.27 | ) | |
| 18.96 | | |
| 20.77 | |
| 10/31/2023 | |
| 14.80 | | |
| 0.24 | | |
| 1.17 | | |
| 1.41 | | |
| (0.27 | ) | |
| 15.94 | | |
| 9.54 | |
| 10/31/2022 | |
| 21.36 | | |
| 0.19 | | |
| (6.27 | ) | |
| (6.08 | ) | |
| (0.48 | ) | |
| 14.80 | | |
| (29.03 | ) |
| 10/31/2021 | |
| 15.69 | | |
| 0.20 | | |
| 5.47 | | |
| 5.67 | | |
| – | | |
| 21.36 | | |
| 36.14 | |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 20.02 | | |
| (0.03 | ) | |
| 2.80 | | |
| 2.77 | | |
| (0.15 | ) | |
| 22.64 | | |
| 13.93 | (d) |
| 10/31/2025 | |
| 17.37 | | |
| 0.16 | | |
| 2.66 | | |
| 2.82 | | |
| (0.17 | ) | |
| 20.02 | | |
| 16.43 | |
| 10/31/2024 | |
| 14.60 | | |
| 0.16 | | |
| 2.73 | | |
| 2.89 | | |
| (0.12 | ) | |
| 17.37 | | |
| 19.82 | |
| 10/31/2023 | |
| 13.54 | | |
| 0.09 | | |
| 1.10 | | |
| 1.19 | | |
| (0.13 | ) | |
| 14.60 | | |
| 8.76 | |
| 10/31/2022 | |
| 19.57 | | |
| 0.05 | | |
| (5.76 | ) | |
| (5.71 | ) | |
| (0.32 | ) | |
| 13.54 | | |
| (29.58 | ) |
| 10/31/2021 | |
| 14.47 | | |
| 0.04 | | |
| 5.06 | | |
| 5.10 | | |
| – | | |
| 19.57 | | |
| 35.25 | |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 21.67 | | |
| 0.08 | | |
| 2.99 | | |
| 3.07 | | |
| (0.38 | ) | |
| 24.36 | | |
| 14.41 | (d) |
| 10/31/2025 | |
| 18.81 | | |
| 0.34 | | |
| 2.89 | | |
| 3.23 | | |
| (0.37 | ) | |
| 21.67 | | |
| 17.54 | |
| 10/31/2024 | |
| 15.81 | | |
| 0.35 | | |
| 2.94 | | |
| 3.29 | | |
| (0.29 | ) | |
| 18.81 | | |
| 20.92 | |
| 10/31/2023 | |
| 14.67 | | |
| 0.19 | | |
| 1.23 | | |
| 1.42 | | |
| (0.28 | ) | |
| 15.81 | | |
| 9.70 | |
| 10/31/2022 | |
| 21.19 | | |
| 0.22 | | |
| (6.23 | ) | |
| (6.01 | ) | |
| (0.51 | ) | |
| 14.67 | | |
| (28.93 | ) |
| 10/31/2021 | |
| 15.53 | | |
| 0.23 | | |
| 5.43 | | |
| 5.66 | | |
| – | | |
| 21.19 | | |
| 36.38 | |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 22.83 | | |
| 0.10 | | |
| 3.15 | | |
| 3.25 | | |
| (0.40 | ) | |
| 25.68 | | |
| 14.49 | (d) |
| 10/31/2025 | |
| 19.79 | | |
| 0.41 | | |
| 3.02 | | |
| 3.43 | | |
| (0.39 | ) | |
| 22.83 | | |
| 17.73 | |
| 10/31/2024 | |
| 16.62 | | |
| 0.39 | | |
| 3.10 | | |
| 3.49 | | |
| (0.32 | ) | |
| 19.79 | | |
| 21.13 | |
| 10/31/2023 | |
| 15.41 | | |
| 0.30 | | |
| 1.23 | | |
| 1.53 | | |
| (0.32 | ) | |
| 16.62 | | |
| 9.94 | |
| 10/31/2022 | |
| 22.22 | | |
| 0.27 | | |
| (6.54 | ) | |
| (6.27 | ) | |
| (0.54 | ) | |
| 15.41 | | |
| (28.83 | ) |
| 10/31/2021 | |
| 16.26 | | |
| 0.29 | | |
| 5.67 | | |
| 5.96 | | |
| – | | |
| 22.22 | | |
| 36.65 | |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 22.62 | | |
| 0.09 | | |
| 3.13 | | |
| 3.22 | | |
| (0.40 | ) | |
| 25.44 | | |
| 14.49 | (d) |
| 10/31/2025 | |
| 19.63 | | |
| 0.40 | | |
| 2.98 | | |
| 3.38 | | |
| (0.39 | ) | |
| 22.62 | | |
| 17.61 | |
| 10/31/2024 | |
| 16.50 | | |
| 0.38 | | |
| 3.07 | | |
| 3.45 | | |
| (0.32 | ) | |
| 19.63 | | |
| 21.02 | |
| 10/31/2023 | |
| 15.31 | | |
| 0.29 | | |
| 1.22 | | |
| 1.51 | | |
| (0.32 | ) | |
| 16.50 | | |
| 9.85 | |
| 10/31/2022 | |
| 22.08 | | |
| 0.24 | | |
| (6.48 | ) | |
| (6.24 | ) | |
| (0.53 | ) | |
| 15.31 | | |
| (28.85 | ) |
| 10/31/2021 | |
| 16.17 | | |
| 0.26 | | |
| 5.65 | | |
| 5.91 | | |
| – | | |
| 22.08 | | |
| 36.55 | |
| Class P | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 22.57 | | |
| 0.04 | | |
| 3.13 | | |
| 3.17 | | |
| (0.31 | ) | |
| 25.43 | | |
| 14.23 | (d) |
| 10/31/2025 | |
| 19.59 | | |
| 0.30 | | |
| 2.98 | | |
| 3.28 | | |
| (0.30 | ) | |
| 22.57 | | |
| 17.07 | |
| 10/31/2024 | |
| 16.37 | | |
| 0.29 | | |
| 3.06 | | |
| 3.35 | | |
| (0.13 | ) | |
| 19.59 | | |
| 20.49 | |
| 10/31/2023 | |
| 15.18 | | |
| 0.19 | | |
| 1.23 | | |
| 1.42 | | |
| (0.23 | ) | |
| 16.37 | | |
| 9.37 | |
| 10/31/2022 | |
| 21.89 | | |
| 0.17 | | |
| (6.45 | ) | |
| (6.28 | ) | |
| (0.43 | ) | |
| 15.18 | | |
| (29.19 | ) |
| 10/31/2021 | |
| 16.10 | | |
| 0.17 | | |
| 5.62 | | |
| 5.79 | | |
| – | | |
| 21.89 | | |
| 35.96 | |
| Class R2 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 21.37 | | |
| 0.03 | | |
| 2.96 | | |
| 2.99 | | |
| (0.25 | ) | |
| 24.11 | | |
| 14.14 | (d) |
| 10/31/2025 | |
| 18.56 | | |
| 0.25 | | |
| 2.83 | | |
| 3.08 | | |
| (0.27 | ) | |
| 21.37 | | |
| 16.89 | |
| 10/31/2024 | |
| 15.59 | | |
| 0.24 | | |
| 2.92 | | |
| 3.16 | | |
| (0.19 | ) | |
| 18.56 | | |
| 20.35 | |
| 10/31/2023 | |
| 14.48 | | |
| 0.15 | | |
| 1.18 | | |
| 1.33 | | |
| (0.22 | ) | |
| 15.59 | | |
| 9.17 | |
| 10/31/2022 | |
| 20.89 | | |
| 0.13 | | |
| (6.15 | ) | |
| (6.02 | ) | |
| (0.39 | ) | |
| 14.48 | | |
| (29.28 | ) |
| 10/31/2021 | |
| 15.39 | | |
| 0.12 | | |
| 5.38 | | |
| 5.50 | | |
| – | | |
| 20.89 | | |
| 35.74 | |
| 106 |
See Notes to Financial Statements. |
| Ratios to Average Net Assets: | |
Supplemental Data: |
| | |
| |
| |
| |
|
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | |
| | |
| | |
| | |
| |
| | 1.23 | (e) | |
| 1.25 | (e) | |
| 0.55 | (e) | |
$ | 108,466 | | |
| 67 | (d) |
| | 1.25 | | |
| 1.29 | | |
| 1.65 | | |
| 97,815 | | |
| 98 | |
| | 1.24 | | |
| 1.25 | | |
| 1.71 | | |
| 92,403 | | |
| 50 | |
| | 1.22 | | |
| 1.25 | | |
| 1.38 | | |
| 85,371 | | |
| 39 | |
| | 1.22 | | |
| 1.26 | | |
| 1.10 | | |
| 84,505 | | |
| 70 | |
| | 1.19 | | |
| 1.21 | | |
| 1.00 | | |
| 130,088 | | |
| 74 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | 1.98 | (e) | |
| 2.00 | (e) | |
| (0.31 | )(e) | |
| 1,721 | | |
| 67 | (d) |
| | 2.00 | | |
| 2.04 | | |
| 0.90 | | |
| 2,220 | | |
| 98 | |
| | 1.99 | | |
| 2.00 | | |
| 0.96 | | |
| 3,397 | | |
| 50 | |
| | 1.98 | | |
| 2.01 | | |
| 0.56 | | |
| 4,729 | | |
| 39 | |
| | 1.97 | | |
| 2.00 | | |
| 0.30 | | |
| 7,226 | | |
| 70 | |
| | 1.95 | | |
| 1.96 | | |
| 0.22 | | |
| 14,488 | | |
| 74 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | 1.08 | (e) | |
| 1.10 | (e) | |
| 0.74 | (e) | |
| 3,057 | | |
| 67 | (d) |
| | 1.10 | | |
| 1.14 | | |
| 1.71 | | |
| 2,449 | | |
| 98 | |
| | 1.09 | | |
| 1.10 | | |
| 1.89 | | |
| 2,545 | | |
| 50 | |
| | 1.08 | | |
| 1.11 | | |
| 1.16 | | |
| 3,683 | | |
| 39 | |
| | 1.07 | | |
| 1.10 | | |
| 1.22 | | |
| 13,570 | | |
| 70 | |
| | 1.05 | | |
| 1.06 | | |
| 1.13 | | |
| 54,601 | | |
| 74 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | 0.91 | (e) | |
| 0.93 | (e) | |
| 0.86 | (e) | |
| 35,115 | | |
| 67 | (d) |
| | 0.92 | | |
| 0.96 | | |
| 1.98 | | |
| 32,654 | | |
| 98 | |
| | 0.91 | | |
| 0.92 | | |
| 2.04 | | |
| 30,426 | | |
| 50 | |
| | 0.89 | | |
| 0.92 | | |
| 1.68 | | |
| 27,245 | | |
| 39 | |
| | 0.89 | | |
| 0.93 | | |
| 1.47 | | |
| 25,732 | | |
| 70 | |
| | 0.86 | | |
| 0.88 | | |
| 1.36 | | |
| 30,504 | | |
| 74 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | 0.98 | (e) | |
| 1.00 | (e) | |
| 0.79 | (e) | |
| 167,636 | | |
| 67 | (d) |
| | 1.00 | | |
| 1.04 | | |
| 1.92 | | |
| 152,728 | | |
| 98 | |
| | 0.99 | | |
| 1.00 | | |
| 1.96 | | |
| 154,096 | | |
| 50 | |
| | 0.97 | | |
| 1.00 | | |
| 1.64 | | |
| 143,466 | | |
| 39 | |
| | 0.97 | | |
| 1.01 | | |
| 1.34 | | |
| 153,655 | | |
| 70 | |
| | 0.95 | | |
| 0.96 | | |
| 1.24 | | |
| 193,183 | | |
| 74 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | 1.42 | (e) | |
| 1.44 | (e) | |
| 0.37 | (e) | |
| 40 | | |
| 67 | (d) |
| | 1.45 | | |
| 1.49 | | |
| 1.46 | | |
| 34 | | |
| 98 | |
| | 1.44 | | |
| 1.45 | | |
| 1.51 | | |
| 27 | | |
| 50 | |
| | 1.43 | | |
| 1.46 | | |
| 1.09 | | |
| 21 | | |
| 39 | |
| | 1.42 | | |
| 1.46 | | |
| 0.93 | | |
| 113 | | |
| 70 | |
| | 1.39 | | |
| 1.41 | | |
| 0.80 | | |
| 140 | | |
| 74 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | 1.58 | (e) | |
| 1.60 | (e) | |
| 0.30 | (e) | |
| 1,703 | | |
| 67 | (d) |
| | 1.60 | | |
| 1.64 | | |
| 1.27 | | |
| 1,731 | | |
| 98 | |
| | 1.59 | | |
| 1.60 | | |
| 1.34 | | |
| 1,571 | | |
| 50 | |
| | 1.57 | | |
| 1.60 | | |
| 0.93 | | |
| 1,402 | | |
| 39 | |
| | 1.57 | | |
| 1.61 | | |
| 0.72 | | |
| 1,913 | | |
| 70 | |
| | 1.55 | | |
| 1.56 | | |
| 0.63 | | |
| 2,771 | | |
| 74 | |
| |
See Notes to Financial Statements. |
107 |
Financial Highlights (concluded)
INTERNATIONAL OPPORTUNITIES FUND
| | |
| |
Per Share Operating Performance: | |
| |
|
| | |
| |
Investment Operations: | |
Distributions to shareholders from: | |
| |
|
| | |
Net asset value, beginning of period | |
Net invest- ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net asset value, end of period | |
Total return(b) (%) |
| Class R3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 21.34 | | |
$ | 0.04 | | |
$ | 2.95 | | |
$ | 2.99 | | |
$ | (0.29 | ) | |
$ | 24.04 | | |
| 14.22 | (d) |
| 10/31/2025 | |
| 18.53 | | |
| 0.28 | | |
| 2.82 | | |
| 3.10 | | |
| (0.29 | ) | |
| 21.34 | | |
| 17.05 | |
| 10/31/2024 | |
| 15.59 | | |
| 0.27 | | |
| 2.91 | | |
| 3.18 | | |
| (0.24 | ) | |
| 18.53 | | |
| 20.45 | |
| 10/31/2023 | |
| 14.47 | | |
| 0.19 | | |
| 1.16 | | |
| 1.35 | | |
| (0.23 | ) | |
| 15.59 | | |
| 9.30 | |
| 10/31/2022 | |
| 20.82 | | |
| 0.15 | | |
| (6.15 | ) | |
| (6.00 | ) | |
| (0.35 | ) | |
| 14.47 | | |
| (29.24 | ) |
| 10/31/2021 | |
| 15.32 | | |
| 0.10 | | |
| 5.40 | | |
| 5.50 | | |
| – | | |
| 20.82 | | |
| 35.90 | |
| Class R4 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 21.71 | | |
| 0.06 | | |
| 3.00 | | |
| 3.06 | | |
| (0.34 | ) | |
| 24.43 | | |
| 14.35 | (d) |
| 10/31/2025 | |
| 18.85 | | |
| 0.34 | | |
| 2.86 | | |
| 3.20 | | |
| (0.34 | ) | |
| 21.71 | | |
| 17.35 | |
| 10/31/2024 | |
| 15.86 | | |
| 0.32 | | |
| 2.95 | | |
| 3.27 | | |
| (0.28 | ) | |
| 18.85 | | |
| 20.73 | |
| 10/31/2023 | |
| 14.72 | | |
| 0.24 | | |
| 1.17 | | |
| 1.41 | | |
| (0.27 | ) | |
| 15.86 | | |
| 9.54 | |
| 10/31/2022 | |
| 21.26 | | |
| 0.19 | | |
| (6.25 | ) | |
| (6.06 | ) | |
| (0.48 | ) | |
| 14.72 | | |
| (29.02 | ) |
| 10/31/2021 | |
| 15.61 | | |
| 0.18 | | |
| 5.47 | | |
| 5.65 | | |
| – | | |
| 21.26 | | |
| 36.19 | |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 22.61 | | |
| 0.09 | | |
| 3.13 | | |
| 3.22 | | |
| (0.40 | ) | |
| 25.43 | | |
| 14.50 | (d) |
| 10/31/2025 | |
| 19.62 | | |
| 0.40 | | |
| 2.98 | | |
| 3.38 | | |
| (0.39 | ) | |
| 22.61 | | |
| 17.62 | |
| 10/31/2024 | |
| 16.49 | | |
| 0.38 | | |
| 3.07 | | |
| 3.45 | | |
| (0.32 | ) | |
| 19.62 | | |
| 21.03 | |
| 10/31/2023 | |
| 15.30 | | |
| 0.29 | | |
| 1.22 | | |
| 1.51 | | |
| (0.32 | ) | |
| 16.49 | | |
| 9.85 | |
| 10/31/2022 | |
| 22.07 | | |
| 0.24 | | |
| (6.48 | ) | |
| (6.24 | ) | |
| (0.53 | ) | |
| 15.30 | | |
| (28.88 | ) |
| 10/31/2021 | |
| 16.17 | | |
| 0.14 | | |
| 5.76 | | |
| 5.90 | | |
| – | | |
| 22.07 | | |
| 36.49 | |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 22.83 | | |
| 0.10 | | |
| 3.16 | | |
| 3.26 | | |
| (0.40 | ) | |
| 25.69 | | |
| 14.53 | (d) |
| 10/31/2025 | |
| 19.79 | | |
| 0.42 | | |
| 3.01 | | |
| 3.43 | | |
| (0.39 | ) | |
| 22.83 | | |
| 17.72 | |
| 10/31/2024 | |
| 16.62 | | |
| 0.40 | | |
| 3.09 | | |
| 3.49 | | |
| (0.32 | ) | |
| 19.79 | | |
| 21.13 | |
| 10/31/2023 | |
| 15.41 | | |
| 0.30 | | |
| 1.23 | | |
| 1.53 | | |
| (0.32 | ) | |
| 16.62 | | |
| 9.94 | |
| 10/31/2022 | |
| 22.22 | | |
| 0.26 | | |
| (6.53 | ) | |
| (6.27 | ) | |
| (0.54 | ) | |
| 15.41 | | |
| (28.83 | ) |
| 10/31/2021 | |
| 16.26 | | |
| 0.24 | | |
| 5.72 | | |
| 5.96 | | |
| – | | |
| 22.22 | | |
| 36.65 | |
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions.
Total return for all other classes assumes the reinvestment of all distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| 108 |
See Notes to Financial Statements. |
| Ratios to Average Net Assets: | |
Supplemental Data: |
| | |
| |
| |
| |
|
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net invest- ment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | |
| | |
| | |
| | |
| |
| | 1.48 | (e) | |
| 1.50 | (e) | |
| 0.35 | (e) | |
$ | 6,256 | | |
| 67 | (d) |
| | 1.50 | | |
| 1.54 | | |
| 1.42 | | |
| 5,166 | | |
| 98 | |
| | 1.49 | | |
| 1.50 | | |
| 1.49 | | |
| 4,706 | | |
| 50 | |
| | 1.47 | | |
| 1.50 | | |
| 1.16 | | |
| 4,508 | | |
| 39 | |
| | 1.47 | | |
| 1.51 | | |
| 0.84 | | |
| 4,129 | | |
| 70 | |
| | 1.45 | | |
| 1.47 | | |
| 0.51 | | |
| 6,838 | | |
| 74 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | 1.23 | (e) | |
| 1.25 | (e) | |
| 0.55 | (e) | |
| 3,085 | | |
| 67 | (d) |
| | 1.25 | | |
| 1.29 | | |
| 1.68 | | |
| 2,732 | | |
| 98 | |
| | 1.24 | | |
| 1.25 | | |
| 1.72 | | |
| 2,683 | | |
| 50 | |
| | 1.22 | | |
| 1.25 | | |
| 1.39 | | |
| 2,278 | | |
| 39 | |
| | 1.22 | | |
| 1.26 | | |
| 1.10 | | |
| 1,935 | | |
| 70 | |
| | 1.20 | | |
| 1.22 | | |
| 0.91 | | |
| 2,869 | | |
| 74 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | 0.98 | (e) | |
| 1.00 | (e) | |
| 0.77 | (e) | |
| 2,229 | | |
| 67 | (d) |
| | 1.00 | | |
| 1.04 | | |
| 1.93 | | |
| 2,175 | | |
| 98 | |
| | 0.99 | | |
| 1.00 | | |
| 1.98 | | |
| 2,105 | | |
| 50 | |
| | 0.97 | | |
| 1.00 | | |
| 1.62 | | |
| 2,009 | | |
| 39 | |
| | 0.97 | | |
| 1.00 | | |
| 1.33 | | |
| 1,877 | | |
| 70 | |
| | 0.95 | | |
| 0.97 | | |
| 0.70 | | |
| 3,283 | | |
| 74 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | 0.91 | (e) | |
| 0.93 | (e) | |
| 0.83 | (e) | |
| 18,131 | | |
| 67 | (d) |
| | 0.92 | | |
| 0.96 | | |
| 1.99 | | |
| 18,204 | | |
| 98 | |
| | 0.91 | | |
| 0.92 | | |
| 2.05 | | |
| 17,454 | | |
| 50 | |
| | 0.89 | | |
| 0.92 | | |
| 1.70 | | |
| 16,179 | | |
| 39 | |
| | 0.89 | | |
| 0.93 | | |
| 1.42 | | |
| 15,946 | | |
| 70 | |
| | 0.87 | | |
| 0.89 | | |
| 1.14 | | |
| 25,184 | | |
| 74 | |
| |
See Notes to Financial Statements. |
109 |
Financial Highlights
INTERNATIONAL VALUE FUND
| | |
| | |
Per Share Operating Performance: | |
| |
| | |
| | |
Investment Operations: | |
Distributions to shareholders from: | |
| |
| | |
Net asset value, beginning of period | |
Net investment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from investment operations | |
Net investment income | |
Net asset value, end of period |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 9.87 | | |
$ | 0.11 | | |
$ | 1.30 | | |
$ | 1.41 | | |
$ | (0.08 | ) | |
$ | 11.20 | |
| 10/31/2025 | |
| 8.05 | | |
| 0.28 | | |
| 1.82 | | |
| 2.10 | | |
| (0.28 | ) | |
| 9.87 | |
| 10/31/2024 | |
| 6.81 | | |
| 0.26 | | |
| 1.27 | | |
| 1.53 | | |
| (0.29 | ) | |
| 8.05 | |
| 10/31/2023 | |
| 6.14 | | |
| 0.19 | | |
| 0.68 | | |
| 0.87 | | |
| (0.20 | ) | |
| 6.81 | |
| 10/31/2022 | |
| 8.00 | | |
| 0.26 | | |
| (1.79 | ) | |
| (1.53 | ) | |
| (0.33 | ) | |
| 6.14 | |
| 10/31/2021 | |
| 6.03 | | |
| 0.21 | | |
| 1.98 | | |
| 2.19 | | |
| (0.22 | ) | |
| 8.00 | |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 9.80 | | |
| 0.08 | | |
| 1.29 | | |
| 1.37 | | |
| (0.05 | ) | |
| 11.12 | |
| 10/31/2025 | |
| 8.00 | | |
| 0.21 | | |
| 1.80 | | |
| 2.01 | | |
| (0.21 | ) | |
| 9.80 | |
| 10/31/2024 | |
| 6.76 | | |
| 0.20 | | |
| 1.26 | | |
| 1.46 | | |
| (0.22 | ) | |
| 8.00 | |
| 10/31/2023 | |
| 6.09 | | |
| 0.13 | | |
| 0.68 | | |
| 0.81 | | |
| (0.14 | ) | |
| 6.76 | |
| 10/31/2022 | |
| 7.93 | | |
| 0.22 | | |
| (1.79 | ) | |
| (1.57 | ) | |
| (0.27 | ) | |
| 6.09 | |
| 10/31/2021 | |
| 5.98 | | |
| 0.15 | | |
| 1.96 | | |
| 2.11 | | |
| (0.16 | ) | |
| 7.93 | |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 9.96 | | |
| 0.12 | | |
| 1.31 | | |
| 1.43 | | |
| (0.09 | ) | |
| 11.30 | |
| 10/31/2025 | |
| 8.12 | | |
| 0.29 | | |
| 1.84 | | |
| 2.13 | | |
| (0.29 | ) | |
| 9.96 | |
| 10/31/2024 | |
| 6.87 | | |
| 0.28 | | |
| 1.27 | | |
| 1.55 | | |
| (0.30 | ) | |
| 8.12 | |
| 10/31/2023 | |
| 6.18 | | |
| 0.19 | | |
| 0.70 | | |
| 0.89 | | |
| (0.20 | ) | |
| 6.87 | |
| 10/31/2022 | |
| 8.04 | | |
| 0.31 | | |
| (1.83 | ) | |
| (1.52 | ) | |
| (0.34 | ) | |
| 6.18 | |
| 10/31/2021 | |
| 6.06 | | |
| 0.23 | | |
| 1.98 | | |
| 2.21 | | |
| (0.23 | ) | |
| 8.04 | |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 9.99 | | |
| 0.13 | | |
| 1.32 | | |
| 1.45 | | |
| (0.10 | ) | |
| 11.34 | |
| 10/31/2025 | |
| 8.14 | | |
| 0.31 | | |
| 1.84 | | |
| 2.15 | | |
| (0.30 | ) | |
| 9.99 | |
| 10/31/2024 | |
| 6.87 | | |
| 0.29 | | |
| 1.28 | | |
| 1.57 | | |
| (0.30 | ) | |
| 8.14 | |
| 10/31/2023 | |
| 6.19 | | |
| 0.22 | | |
| 0.68 | | |
| 0.90 | | |
| (0.22 | ) | |
| 6.87 | |
| 10/31/2022 | |
| 8.06 | | |
| 0.28 | | |
| (1.80 | ) | |
| (1.52 | ) | |
| (0.35 | ) | |
| 6.19 | |
| 10/31/2021 | |
| 6.07 | | |
| 0.24 | | |
| 1.99 | | |
| 2.23 | | |
| (0.24 | ) | |
| 8.06 | |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 9.97 | | |
| 0.13 | | |
| 1.31 | | |
| 1.44 | | |
| (0.10 | ) | |
| 11.31 | |
| 10/31/2025 | |
| 8.13 | | |
| 0.30 | | |
| 1.84 | | |
| 2.14 | | |
| (0.30 | ) | |
| 9.97 | |
| 10/31/2024 | |
| 6.87 | | |
| 0.29 | | |
| 1.27 | | |
| 1.56 | | |
| (0.30 | ) | |
| 8.13 | |
| 10/31/2023 | |
| 6.19 | | |
| 0.22 | | |
| 0.68 | | |
| 0.90 | | |
| (0.22 | ) | |
| 6.87 | |
| 10/31/2022 | |
| 8.06 | | |
| 0.32 | | |
| (1.84 | ) | |
| (1.52 | ) | |
| (0.35 | ) | |
| 6.19 | |
| 10/31/2021 | |
| 6.07 | | |
| 0.25 | | |
| 1.98 | | |
| 2.23 | | |
| (0.24 | ) | |
| 8.06 | |
| Class R2 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 10.14 | | |
| 0.10 | | |
| 1.34 | | |
| 1.44 | | |
| (0.06 | ) | |
| 11.52 | |
| 10/31/2025 | |
| 8.27 | | |
| 0.25 | | |
| 1.87 | | |
| 2.12 | | |
| (0.25 | ) | |
| 10.14 | |
| 10/31/2024 | |
| 6.99 | | |
| 0.24 | | |
| 1.30 | | |
| 1.54 | | |
| (0.26 | ) | |
| 8.27 | |
| 10/31/2023 | |
| 6.30 | | |
| 0.18 | | |
| 0.70 | | |
| 0.88 | | |
| (0.19 | ) | |
| 6.99 | |
| 10/31/2022 | |
| 8.21 | | |
| 0.21 | | |
| (1.81 | ) | |
| (1.60 | ) | |
| (0.31 | ) | |
| 6.30 | |
| 10/31/2021 | |
| 6.18 | | |
| 0.19 | | |
| 2.03 | | |
| 2.22 | | |
| (0.19 | ) | |
| 8.21 | |
| Class R3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 10.00 | | |
| 0.10 | | |
| 1.32 | | |
| 1.42 | | |
| (0.07 | ) | |
| 11.35 | |
| 10/31/2025 | |
| 8.15 | | |
| 0.26 | | |
| 1.85 | | |
| 2.11 | | |
| (0.26 | ) | |
| 10.00 | |
| 10/31/2024 | |
| 6.89 | | |
| 0.24 | | |
| 1.28 | | |
| 1.52 | | |
| (0.26 | ) | |
| 8.15 | |
| 10/31/2023 | |
| 6.22 | | |
| 0.18 | | |
| 0.68 | | |
| 0.86 | | |
| (0.19 | ) | |
| 6.89 | |
| 10/31/2022 | |
| 8.09 | | |
| 0.24 | | |
| (1.80 | ) | |
| (1.56 | ) | |
| (0.31 | ) | |
| 6.22 | |
| 10/31/2021 | |
| 6.10 | | |
| 0.20 | | |
| 1.99 | | |
| 2.19 | | |
| (0.20 | ) | |
| 8.09 | |
| 110 |
See Notes to Financial Statements. |
| | | |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | | |
| |
|
Total return(b) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net investment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 14.37 | (d) | |
| 0.93 | (e) | |
| 0.95 | (e) | |
| 2.11 | (e) | |
$ | 264,783 | | |
| 34 | (d) |
| | 26.45 | | |
| 0.96 | | |
| 0.98 | | |
| 3.13 | | |
| 240,603 | | |
| 66 | |
| | 22.53 | | |
| 0.97 | | |
| 0.99 | | |
| 3.35 | | |
| 209,747 | | |
| 54 | |
| | 14.09 | | |
| 0.98 | | |
| 1.02 | | |
| 2.72 | | |
| 190,585 | | |
| 46 | |
| | (19.56 | ) | |
| 1.12 | | |
| 1.18 | | |
| 3.66 | | |
| 181,412 | | |
| 67 | |
| | 36.44 | | |
| 1.12 | | |
| 1.14 | | |
| 2.73 | | |
| 242,422 | | |
| 61 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 13.99 | (d) | |
| 1.68 | (e) | |
| 1.70 | (e) | |
| 1.59 | (e) | |
| 3,220 | | |
| 34 | (d) |
| | 25.40 | | |
| 1.71 | | |
| 1.73 | | |
| 2.40 | | |
| 2,028 | | |
| 66 | |
| | 21.74 | | |
| 1.72 | | |
| 1.74 | | |
| 2.62 | | |
| 1,787 | | |
| 54 | |
| | 13.22 | | |
| 1.74 | | |
| 1.78 | | |
| 1.91 | | |
| 2,733 | | |
| 46 | |
| | (20.19 | ) | |
| 1.87 | | |
| 1.93 | | |
| 3.00 | | |
| 5,037 | | |
| 67 | |
| | 35.37 | | |
| 1.87 | | |
| 1.89 | | |
| 1.88 | | |
| 10,707 | | |
| 61 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 14.43 | (d) | |
| 0.78 | (e) | |
| 0.80 | (e) | |
| 2.25 | (e) | |
| 5,584 | | |
| 34 | (d) |
| | 26.66 | | |
| 0.81 | | |
| 0.83 | | |
| 3.28 | | |
| 5,250 | | |
| 66 | |
| | 22.65 | | |
| 0.82 | | |
| 0.84 | | |
| 3.49 | | |
| 4,933 | | |
| 54 | |
| | 14.33 | | |
| 0.83 | | |
| 0.89 | | |
| 2.71 | | |
| 4,786 | | |
| 46 | |
| | (19.45 | ) | |
| 0.92 | | |
| 1.02 | | |
| 4.11 | | |
| 9,803 | | |
| 67 | |
| | 36.78 | | |
| 0.92 | | |
| 0.99 | | |
| 2.93 | | |
| 29,094 | | |
| 61 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 14.55 | (d) | |
| 0.61 | (e) | |
| 0.63 | (e) | |
| 2.45 | (e) | |
| 54,494 | | |
| 34 | (d) |
| | 26.84 | | |
| 0.63 | | |
| 0.65 | | |
| 3.45 | | |
| 45,927 | | |
| 66 | |
| | 23.07 | | |
| 0.64 | | |
| 0.66 | | |
| 3.65 | | |
| 34,183 | | |
| 54 | |
| | 14.42 | | |
| 0.65 | | |
| 0.69 | | |
| 3.07 | | |
| 28,831 | | |
| 46 | |
| | (19.32 | ) | |
| 0.80 | | |
| 0.87 | | |
| 3.92 | | |
| 22,938 | | |
| 67 | |
| | 36.87 | | |
| 0.79 | | |
| 0.83 | | |
| 3.06 | | |
| 25,103 | | |
| 61 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 14.47 | (d) | |
| 0.68 | (e) | |
| 0.70 | (e) | |
| 2.34 | (e) | |
| 178,084 | | |
| 34 | (d) |
| | 26.75 | | |
| 0.71 | | |
| 0.73 | | |
| 3.37 | | |
| 167,048 | | |
| 66 | |
| | 22.92 | | |
| 0.72 | | |
| 0.74 | | |
| 3.60 | | |
| 148,827 | | |
| 54 | |
| | 14.42 | | |
| 0.73 | | |
| 0.77 | | |
| 3.00 | | |
| 125,953 | | |
| 46 | |
| | (19.33 | ) | |
| 0.82 | | |
| 0.91 | | |
| 4.23 | | |
| 117,542 | | |
| 67 | |
| | 36.86 | | |
| 0.82 | | |
| 0.89 | | |
| 3.14 | | |
| 334,988 | | |
| 61 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 14.28 | (d) | |
| 1.28 | (e) | |
| 1.30 | (e) | |
| 1.76 | (e) | |
| 89 | | |
| 34 | (d) |
| | 25.93 | | |
| 1.31 | | |
| 1.33 | | |
| 2.76 | | |
| 78 | | |
| 66 | |
| | 22.09 | | |
| 1.31 | | |
| 1.33 | | |
| 3.02 | | |
| 59 | | |
| 54 | |
| | 13.83 | | |
| 1.32 | | |
| 1.36 | | |
| 2.47 | | |
| 54 | | |
| 46 | |
| | (19.92 | ) | |
| 1.47 | | |
| 1.55 | | |
| 2.95 | | |
| 44 | | |
| 67 | |
| | 36.04 | | |
| 1.47 | | |
| 1.49 | | |
| 2.37 | | |
| 27 | | |
| 61 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 14.36 | (d) | |
| 1.18 | (e) | |
| 1.20 | (e) | |
| 1.95 | (e) | |
| 6,668 | | |
| 34 | (d) |
| | 26.05 | | |
| 1.21 | | |
| 1.23 | | |
| 2.88 | | |
| 5,365 | | |
| 66 | |
| | 22.23 | | |
| 1.22 | | |
| 1.24 | | |
| 2.99 | | |
| 5,052 | | |
| 54 | |
| | 13.76 | | |
| 1.23 | | |
| 1.27 | | |
| 2.47 | | |
| 6,211 | | |
| 46 | |
| | (19.67 | ) | |
| 1.37 | | |
| 1.43 | | |
| 3.36 | | |
| 6,003 | | |
| 67 | |
| | 36.00 | | |
| 1.37 | | |
| 1.39 | | |
| 2.50 | | |
| 6,840 | | |
| 61 | |
| |
|
|
| |
See Notes to Financial Statements. |
111 |
Financial Highlights (concluded)
INTERNATIONAL VALUE FUND
| | |
| | |
Per Share Operating Performance: | |
| |
| | |
| | |
Investment Operations: | |
Distributions to shareholders from: | |
| |
| | |
Net asset value, beginning of period | |
Net investment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from investment operations | |
Net investment income | |
Net asset value, end of period |
| Class R4 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 9.84 | | |
$ | 0.08 | | |
$ | 1.33 | | |
$ | 1.41 | | |
$ | (0.05 | ) | |
$ | 11.20 | |
| 10/31/2025 | |
| 8.03 | | |
| 0.28 | | |
| 1.81 | | |
| 2.09 | | |
| (0.28 | ) | |
| 9.84 | |
| 10/31/2024 | |
| 6.79 | | |
| 0.26 | | |
| 1.27 | | |
| 1.53 | | |
| (0.29 | ) | |
| 8.03 | |
| 10/31/2023 | |
| 6.12 | | |
| 0.21 | | |
| 0.66 | | |
| 0.87 | | |
| (0.20 | ) | |
| 6.79 | |
| 10/31/2022 | |
| 7.98 | | |
| 0.27 | | |
| (1.80 | ) | |
| (1.53 | ) | |
| (0.33 | ) | |
| 6.12 | |
| 10/31/2021 | |
| 6.01 | | |
| 0.24 | | |
| 1.95 | | |
| 2.19 | | |
| (0.22 | ) | |
| 7.98 | |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 9.92 | | |
| 0.13 | | |
| 1.32 | | |
| 1.45 | | |
| (0.10 | ) | |
| 11.27 | |
| 10/31/2025 | |
| 8.09 | | |
| 0.30 | | |
| 1.83 | | |
| 2.13 | | |
| (0.30 | ) | |
| 9.92 | |
| 10/31/2024 | |
| 6.84 | | |
| 0.29 | | |
| 1.26 | | |
| 1.55 | | |
| (0.30 | ) | |
| 8.09 | |
| 10/31/2023 | |
| 6.16 | | |
| 0.21 | | |
| 0.69 | | |
| 0.90 | | |
| (0.22 | ) | |
| 6.84 | |
| 10/31/2022 | |
| 8.03 | | |
| 0.27 | | |
| (1.79 | ) | |
| (1.52 | ) | |
| (0.35 | ) | |
| 6.16 | |
| 10/31/2021 | |
| 6.05 | | |
| 0.24 | | |
| 1.98 | | |
| 2.22 | | |
| (0.24 | ) | |
| 8.03 | |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 9.99 | | |
| 0.13 | | |
| 1.32 | | |
| 1.45 | | |
| (0.10 | ) | |
| 11.34 | |
| 10/31/2025 | |
| 8.14 | | |
| 0.31 | | |
| 1.84 | | |
| 2.15 | | |
| (0.30 | ) | |
| 9.99 | |
| 10/31/2024 | |
| 6.87 | | |
| 0.29 | | |
| 1.28 | | |
| 1.57 | | |
| (0.30 | ) | |
| 8.14 | |
| 10/31/2023 | |
| 6.19 | | |
| 0.22 | | |
| 0.68 | | |
| 0.90 | | |
| (0.22 | ) | |
| 6.87 | |
| 10/31/2022 | |
| 8.06 | | |
| 0.29 | | |
| (1.81 | ) | |
| (1.52 | ) | |
| (0.35 | ) | |
| 6.19 | |
| 10/31/2021 | |
| 6.07 | | |
| 0.24 | | |
| 1.99 | | |
| 2.23 | | |
| (0.24 | ) | |
| 8.06 | |
| |
|
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions.
Total return for all other classes assumes the reinvestment of all distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| 112 |
See Notes to Financial Statements. |
| | | |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | | |
| |
|
Total return(b) (%) | |
Total expenses after waivers and/or reim- bursements (%) | |
Total expenses (%) | |
Net investment income (loss) (%) | |
Net assets, end of period (000) | |
Portfolio turnover rate (%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 14.38 | (d) | |
| 0.93 | (e) | |
| 0.95 | (e) | |
| 1.48 | (e) | |
$ | 36 | | |
| 34 | (d) |
| | 26.39 | | |
| 0.96 | | |
| 0.98 | | |
| 3.18 | | |
| 178 | | |
| 66 | |
| | 22.61 | | |
| 0.97 | | |
| 0.99 | | |
| 3.29 | | |
| 164 | | |
| 54 | |
| | 14.11 | | |
| 0.98 | | |
| 1.02 | | |
| 2.88 | | |
| 107 | | |
| 46 | |
| | (19.62 | ) | |
| 1.12 | | |
| 1.18 | | |
| 3.70 | | |
| 109 | | |
| 67 | |
| | 36.35 | | |
| 1.12 | | |
| 1.14 | | |
| 2.98 | | |
| 153 | | |
| 61 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 14.65 | (d) | |
| 0.66 | (e) | |
| 0.68 | (e) | |
| 2.37 | (e) | |
| 17 | | |
| 34 | (d) |
| | 26.76 | | |
| 0.71 | | |
| 0.73 | | |
| 3.37 | | |
| 15 | | |
| 66 | |
| | 22.88 | | |
| 0.69 | | |
| 0.71 | | |
| 3.63 | | |
| 12 | | |
| 54 | |
| | 14.49 | | |
| 0.73 | | |
| 0.77 | | |
| 2.94 | | |
| 10 | | |
| 46 | |
| | (19.40 | ) | |
| 0.87 | | |
| 0.93 | | |
| 3.69 | | |
| 14 | | |
| 67 | |
| | 36.82 | | |
| 0.87 | | |
| 0.88 | | |
| 3.09 | | |
| 15 | | |
| 61 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 14.55 | (d) | |
| 0.61 | (e) | |
| 0.63 | (e) | |
| 2.41 | (e) | |
| 1,908 | | |
| 34 | (d) |
| | 26.84 | | |
| 0.63 | | |
| 0.65 | | |
| 3.46 | | |
| 1,683 | | |
| 66 | |
| | 23.07 | | |
| 0.64 | | |
| 0.66 | | |
| 3.69 | | |
| 1,714 | | |
| 54 | |
| | 14.43 | | |
| 0.65 | | |
| 0.69 | | |
| 3.01 | | |
| 1,608 | | |
| 46 | |
| | (19.32 | ) | |
| 0.80 | | |
| 0.87 | | |
| 3.97 | | |
| 1,374 | | |
| 67 | |
| | 36.87 | | |
| 0.79 | | |
| 0.83 | | |
| 3.06 | | |
| 1,375 | | |
| 61 | |
| |
|
|
| |
See Notes to Financial Statements. |
113 |
Financial Highlights
MICRO CAP GROWTH FUND
| | |
| | |
Per Share Operating Performance: |
| | |
| | |
Investment Operations: | |
Distributions to shareholders from: |
| | |
| |
| |
| |
| |
| |
| |
|
| | |
Net asset value, beginning of period | |
Net invest-
ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 20.23 | | |
$ | (0.12 | ) | |
$ | 2.52 | | |
$ | 2.40 | | |
$ | – | | |
$ | – | | |
$ | – | |
| 10/31/2025 | |
| 16.51 | | |
| (0.18 | ) | |
| 3.90 | | |
| 3.72 | | |
| – | | |
| – | | |
| – | |
| 10/31/2024 | |
| 11.05 | | |
| (0.17 | ) | |
| 5.63 | | |
| 5.46 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 13.86 | | |
| (0.16 | ) | |
| (2.65 | ) | |
| (2.81 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2022 | |
| 19.36 | | |
| (0.13 | ) | |
| (5.37 | ) | |
| (5.50 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2021 | |
| 17.51 | | |
| (0.25 | ) | |
| 7.18 | | |
| 6.93 | | |
| – | | |
| (5.08 | ) | |
| (5.08 | ) |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 23.82 | | |
| (0.22 | ) | |
| 2.95 | | |
| 2.73 | | |
| – | | |
| – | | |
| – | |
| 10/31/2025 | |
| 19.59 | | |
| (0.37 | ) | |
| 4.60 | | |
| 4.23 | | |
| – | | |
| – | | |
| – | |
| 10/31/2024 | |
| 13.21 | | |
| (0.33 | ) | |
| 6.71 | | |
| 6.38 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 16.70 | | |
| (0.31 | ) | |
| (3.18 | ) | |
| (3.49 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2022 | |
| 23.49 | | |
| (0.30 | ) | |
| (6.49 | ) | |
| (6.79 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2021 | |
| 20.44 | | |
| (0.49 | ) | |
| 8.62 | | |
| 8.13 | | |
| – | | |
| (5.08 | ) | |
| (5.08 | ) |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 25.10 | | |
| (0.11 | ) | |
| 3.11 | | |
| 3.00 | | |
| – | | |
| – | | |
| – | |
| 10/31/2025 | |
| 20.43 | | |
| (0.17 | ) | |
| 4.84 | | |
| 4.67 | | |
| – | | |
| – | | |
| – | |
| 10/31/2024 | |
| 13.64 | | |
| (0.16 | ) | |
| 6.95 | | |
| 6.79 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 17.07 | | |
| (0.15 | ) | |
| (3.28 | ) | |
| (3.43 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2022 | |
| 23.77 | | |
| (0.12 | ) | |
| (6.58 | ) | |
| (6.70 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2021 | |
| 20.47 | | |
| (0.25 | ) | |
| 8.63 | | |
| 8.38 | | |
| – | | |
| (5.08 | ) | |
| (5.08 | ) |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 25.09 | | |
| (0.11 | ) | |
| 3.12 | | |
| 3.01 | | |
| – | (f) | |
| – | | |
| – | (f) |
| 10/31/2025 | |
| 20.43 | | |
| (0.17 | ) | |
| 4.83 | | |
| 4.66 | | |
| – | | |
| – | | |
| – | |
| 10/31/2024 | |
| 13.64 | | |
| (0.17 | ) | |
| 6.96 | | |
| 6.79 | | |
| – | | |
| – | | |
| – | |
| 10/31/2023 | |
| 17.07 | | |
| (0.15 | ) | |
| (3.28 | ) | |
| (3.43 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2022 | |
| 23.77 | | |
| (0.12 | ) | |
| (6.58 | ) | |
| (6.70 | ) | |
| – | | |
| – | | |
| – | |
| 10/31/2021 | |
| 20.47 | | |
| (0.24 | ) | |
| 8.62 | | |
| 8.38 | | |
| – | | |
| (5.08 | ) | |
| (5.08 | ) |
| |
|
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions.
Total return for all other classes assumes the reinvestment of all distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| (f) |
Amount is less than $0.01. |
| 114 |
See Notes to Financial Statements. |
| | | | |
| | | |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | | | |
| | | |
| |
|
Net
asset
value,
end of
period | |
Total
return(b)
(%) | |
Total
expenses
after
waivers
and/or reim-
bursements
(%) | |
Total
expenses
(%) | |
Net
invest-
ment
income
(loss)
(%) | |
Net
assets,
end of
period
(000) | |
Portfolio
turnover
rate
(%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| $ | 22.63 | | |
| 11.86 | (d) | |
| 1.36 | (e) | |
| 1.37 | (e) | |
| (1.16 | )(e) | |
$ | 27,959 | | |
| 46 | (d) |
| | 20.23 | | |
| 22.53 | | |
| 1.37 | | |
| 1.37 | | |
| (1.08 | ) | |
| 27,724 | | |
| 107 | |
| | 16.51 | | |
| 49.41 | | |
| 1.37 | | |
| 1.38 | | |
| (1.19 | ) | |
| 26,848 | | |
| 122 | |
| | 11.05 | | |
| (20.27 | ) | |
| 1.36 | | |
| 1.37 | | |
| (1.16 | ) | |
| 24,056 | | |
| 121 | |
| | 13.86 | | |
| (28.41 | ) | |
| 1.40 | | |
| 1.41 | | |
| (0.91 | ) | |
| 36,107 | | |
| 87 | |
| | 19.36 | | |
| 47.12 | | |
| 1.36 | | |
| 1.37 | | |
| (1.29 | ) | |
| 61,063 | | |
| 102 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 26.55 | | |
| 11.46 | (d) | |
| 2.11 | (e) | |
| 2.12 | (e) | |
| (1.91 | )(e) | |
| 4,809 | | |
| 46 | (d) |
| | 23.82 | | |
| 21.59 | | |
| 2.12 | | |
| 2.12 | | |
| (1.83 | ) | |
| 5,085 | | |
| 107 | |
| | 19.59 | | |
| 48.30 | | |
| 2.12 | | |
| 2.13 | | |
| (1.94 | ) | |
| 5,353 | | |
| 122 | |
| | 13.21 | | |
| (20.90 | ) | |
| 2.12 | | |
| 2.13 | | |
| (1.91 | ) | |
| 4,641 | | |
| 121 | |
| | 16.70 | | |
| (28.91 | ) | |
| 2.15 | | |
| 2.16 | | |
| (1.66 | ) | |
| 6,827 | | |
| 87 | |
| | 23.49 | | |
| 46.03 | | |
| 2.12 | | |
| 2.13 | | |
| (2.05 | ) | |
| 13,532 | | |
| 102 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 28.10 | | |
| 12.00 | (d) | |
| 1.11 | (e) | |
| 1.22 | (e) | |
| (0.91 | )(e) | |
| 4,424 | | |
| 46 | (d) |
| | 25.10 | | |
| 22.81 | | |
| 1.12 | | |
| 1.22 | | |
| (0.83 | ) | |
| 5,313 | | |
| 107 | |
| | 20.43 | | |
| 49.78 | | |
| 1.12 | | |
| 1.23 | | |
| (0.93 | ) | |
| 7,057 | | |
| 122 | |
| | 13.64 | | |
| (20.09 | ) | |
| 1.12 | | |
| 1.23 | | |
| (0.90 | ) | |
| 11,019 | | |
| 121 | |
| | 17.07 | | |
| (28.19 | ) | |
| 1.15 | | |
| 1.25 | | |
| (0.63 | ) | |
| 41,545 | | |
| 87 | |
| | 23.77 | | |
| 47.39 | | |
| 1.12 | | |
| 1.22 | | |
| (1.05 | ) | |
| 167,300 | | |
| 102 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 28.10 | | |
| 12.01 | (d) | |
| 1.11 | (e) | |
| 1.12 | (e) | |
| (0.91 | )(e) | |
| 166,417 | | |
| 46 | (d) |
| | 25.09 | | |
| 22.81 | | |
| 1.12 | | |
| 1.12 | | |
| (0.83 | ) | |
| 168,881 | | |
| 107 | |
| | 20.43 | | |
| 49.78 | | |
| 1.12 | | |
| 1.13 | | |
| (0.94 | ) | |
| 155,430 | | |
| 122 | |
| | 13.64 | | |
| (20.09 | ) | |
| 1.11 | | |
| 1.12 | | |
| (0.91 | ) | |
| 123,214 | | |
| 121 | |
| | 17.07 | | |
| (28.19 | ) | |
| 1.15 | | |
| 1.16 | | |
| (0.68 | ) | |
| 149,122 | | |
| 87 | |
| | 23.77 | | |
| 47.39 | | |
| 1.11 | | |
| 1.12 | | |
| (1.03 | ) | |
| 155,420 | | |
| 102 | |
| |
|
|
| |
See Notes to Financial Statements. |
115 |
Financial Highlights
VALUE OPPORTUNITIES FUND
| | |
| | |
Per Share Operating Performance: |
| | |
| | |
Investment Operations: | |
Distributions to shareholders from: |
| | |
| |
| |
| |
| |
| |
| |
|
| | |
Net asset value, beginning of period | |
Net invest-
ment income (loss)(a) | |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class A | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 18.57 | | |
$ | 0.02 | | |
$ | 2.30 | | |
$ | 2.32 | | |
$ | (0.04 | ) | |
$ | (1.06 | ) | |
$ | (1.10 | ) |
| 10/31/2025 | |
| 20.13 | | |
| 0.04 | | |
| (0.30 | ) | |
| (0.26 | ) | |
| – | | |
| (1.30 | ) | |
| (1.30 | ) |
| 10/31/2024 | |
| 15.52 | | |
| 0.02 | | |
| 4.85 | | |
| 4.87 | | |
| (0.02 | ) | |
| (0.24 | ) | |
| (0.26 | ) |
| 10/31/2023 | |
| 16.91 | | |
| 0.05 | | |
| 0.01 | | |
| 0.06 | | |
| (0.11 | ) | |
| (1.34 | ) | |
| (1.45 | ) |
| 10/31/2022 | |
| 23.70 | | |
| 0.10 | | |
| (4.01 | ) | |
| (3.91 | ) | |
| – | | |
| (2.88 | ) | |
| (2.88 | ) |
| 10/31/2021 | |
| 16.98 | | |
| 0.01 | | |
| 7.76 | | |
| 7.77 | | |
| (0.05 | ) | |
| (1.00 | ) | |
| (1.05 | ) |
| Class C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 14.29 | | |
| (0.04 | ) | |
| 1.75 | | |
| 1.71 | | |
| – | | |
| (1.06 | ) | |
| (1.06 | ) |
| 10/31/2025 | |
| 15.88 | | |
| (0.07 | ) | |
| (0.22 | ) | |
| (0.29 | ) | |
| – | | |
| (1.30 | ) | |
| (1.30 | ) |
| 10/31/2024 | |
| 12.36 | | |
| (0.09 | ) | |
| 3.85 | | |
| 3.76 | | |
| – | | |
| (0.24 | ) | |
| (0.24 | ) |
| 10/31/2023 | |
| 13.75 | | |
| (0.05 | ) | |
| – | (f) | |
| (0.05 | ) | |
| – | | |
| (1.34 | ) | |
| (1.34 | ) |
| 10/31/2022 | |
| 19.92 | | |
| (0.03 | ) | |
| (3.26 | ) | |
| (3.29 | ) | |
| – | | |
| (2.88 | ) | |
| (2.88 | ) |
| 10/31/2021 | |
| 14.47 | | |
| (0.13 | ) | |
| 6.58 | | |
| 6.45 | | |
| – | | |
| (1.00 | ) | |
| (1.00 | ) |
| Class F | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 19.29 | | |
| 0.03 | | |
| 2.40 | | |
| 2.43 | | |
| (0.07 | ) | |
| (1.06 | ) | |
| (1.13 | ) |
| 10/31/2025 | |
| 20.85 | | |
| 0.08 | | |
| (0.32 | ) | |
| (0.24 | ) | |
| (0.02 | ) | |
| (1.30 | ) | |
| (1.32 | ) |
| 10/31/2024 | |
| 16.06 | | |
| 0.05 | | |
| 5.02 | | |
| 5.07 | | |
| (0.04 | ) | |
| (0.24 | ) | |
| (0.28 | ) |
| 10/31/2023 | |
| 17.45 | | |
| 0.09 | | |
| (0.01 | )(g) | |
| 0.08 | | |
| (0.13 | ) | |
| (1.34 | ) | |
| (1.47 | ) |
| 10/31/2022 | |
| 24.37 | | |
| 0.14 | | |
| (4.15 | ) | |
| (4.01 | ) | |
| (0.03 | ) | |
| (2.88 | ) | |
| (2.91 | ) |
| 10/31/2021 | |
| 17.42 | | |
| 0.04 | | |
| 7.98 | | |
| 8.02 | | |
| (0.07 | ) | |
| (1.00 | ) | |
| (1.07 | ) |
| Class F3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 20.18 | | |
| 0.05 | | |
| 2.51 | | |
| 2.56 | | |
| (0.09 | ) | |
| (1.06 | ) | |
| (1.15 | ) |
| 10/31/2025 | |
| 21.74 | | |
| 0.11 | | |
| (0.33 | ) | |
| (0.22 | ) | |
| (0.04 | ) | |
| (1.30 | ) | |
| (1.34 | ) |
| 10/31/2024 | |
| 16.72 | | |
| 0.09 | | |
| 5.24 | | |
| 5.33 | | |
| (0.07 | ) | |
| (0.24 | ) | |
| (0.31 | ) |
| 10/31/2023 | |
| 18.11 | | |
| 0.11 | | |
| – | (f) | |
| 0.11 | | |
| (0.16 | ) | |
| (1.34 | ) | |
| (1.50 | ) |
| 10/31/2022 | |
| 25.16 | | |
| 0.18 | | |
| (4.29 | ) | |
| (4.11 | ) | |
| (0.06 | ) | |
| (2.88 | ) | |
| (2.94 | ) |
| 10/31/2021 | |
| 17.95 | | |
| 0.09 | | |
| 8.21 | | |
| 8.30 | | |
| (0.09 | ) | |
| (1.00 | ) | |
| (1.09 | ) |
| Class I | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 19.89 | | |
| 0.04 | | |
| 2.47 | | |
| 2.51 | | |
| (0.09 | ) | |
| (1.06 | ) | |
| (1.15 | ) |
| 10/31/2025 | |
| 21.46 | | |
| 0.10 | | |
| (0.33 | ) | |
| (0.23 | ) | |
| (0.04 | ) | |
| (1.30 | ) | |
| (1.34 | ) |
| 10/31/2024 | |
| 16.53 | | |
| 0.06 | | |
| 5.17 | | |
| 5.23 | | |
| (0.06 | ) | |
| (0.24 | ) | |
| (0.30 | ) |
| 10/31/2023 | |
| 17.93 | | |
| 0.10 | | |
| – | (f) | |
| 0.10 | | |
| (0.16 | ) | |
| (1.34 | ) | |
| (1.50 | ) |
| 10/31/2022 | |
| 24.95 | | |
| 0.15 | | |
| (4.24 | ) | |
| (4.09 | ) | |
| (0.05 | ) | |
| (2.88 | ) | |
| (2.93 | ) |
| 10/31/2021 | |
| 17.82 | | |
| 0.06 | | |
| 8.16 | | |
| 8.22 | | |
| (0.09 | ) | |
| (1.00 | ) | |
| (1.09 | ) |
| Class P | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 17.83 | | |
| – | (f) | |
| 2.21 | | |
| 2.21 | | |
| (0.01 | ) | |
| (1.06 | ) | |
| (1.07 | ) |
| 10/31/2025 | |
| 19.41 | | |
| 0.01 | | |
| (0.29 | ) | |
| (0.28 | ) | |
| – | | |
| (1.30 | ) | |
| (1.30 | ) |
| 10/31/2024 | |
| 14.98 | | |
| (0.02 | ) | |
| 4.69 | | |
| 4.67 | | |
| – | | |
| (0.24 | ) | |
| (0.24 | ) |
| 10/31/2023 | |
| 16.38 | | |
| 0.02 | | |
| (0.01 | )(g) | |
| 0.01 | | |
| (0.07 | ) | |
| (1.34 | ) | |
| (1.41 | ) |
| 10/31/2022 | |
| 23.08 | | |
| 0.06 | | |
| (3.88 | ) | |
| (3.82 | ) | |
| – | | |
| (2.88 | ) | |
| (2.88 | ) |
| 10/31/2021 | |
| 16.55 | | |
| (0.03 | ) | |
| 7.56 | | |
| 7.53 | | |
| (– | )(f) | |
| (1.00 | ) | |
| (1.00 | ) |
| Class R2 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 17.01 | | |
| (0.02 | ) | |
| 2.11 | | |
| 2.09 | | |
| – | | |
| (1.06 | ) | |
| (1.06 | ) |
| 10/31/2025 | |
| 18.60 | | |
| (0.02 | ) | |
| (0.27 | ) | |
| (0.29 | ) | |
| – | | |
| (1.30 | ) | |
| (1.30 | ) |
| 10/31/2024 | |
| 14.39 | | |
| (0.04 | ) | |
| 4.49 | | |
| 4.45 | | |
| – | | |
| (0.24 | ) | |
| (0.24 | ) |
| 10/31/2023 | |
| 15.78 | | |
| (0.01 | ) | |
| 0.01 | | |
| – | | |
| (0.05 | ) | |
| (1.34 | ) | |
| (1.39 | ) |
| 10/31/2022 | |
| 22.37 | | |
| 0.03 | | |
| (3.74 | ) | |
| (3.71 | ) | |
| – | | |
| (2.88 | ) | |
| (2.88 | ) |
| 10/31/2021 | |
| 16.09 | | |
| (0.06 | ) | |
| 7.34 | | |
| 7.28 | | |
| – | | |
| (1.00 | ) | |
| (1.00 | ) |
| 116 |
See Notes to Financial Statements. |
| | | | |
| | | |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | | | |
| | | |
| |
|
Net
asset
value,
end of
period | |
Total
return(b)
(%) | |
Total
expenses
after
waivers
and/or reim-
bursements
(%) | |
Total
expenses
(%) | |
Net
invest-
ment
income
(loss)
(%) | |
Net
assets,
end of
period
(000) | |
Portfolio
turnover
rate
(%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| $ | 19.79 | | |
| 13.17 | (d) | |
| 1.18 | (e) | |
| 1.18 | (e) | |
| 0.17 | (e) | |
$ | 548,000 | | |
| 16 | (d) |
| | 18.57 | | |
| (1.90 | ) | |
| 1.16 | | |
| 1.16 | | |
| 0.23 | | |
| 530,960 | | |
| 36 | |
| | 20.13 | | |
| 31.76 | | |
| 1.18 | | |
| 1.19 | | |
| 0.09 | | |
| 629,155 | | |
| 33 | |
| | 15.52 | | |
| 0.12 | | |
| 1.18 | | |
| 1.18 | | |
| 0.31 | | |
| 540,438 | | |
| 19 | |
| | 16.91 | | |
| (19.11 | ) | |
| 1.16 | | |
| 1.16 | | |
| 0.53 | | |
| 633,570 | | |
| 40 | |
| | 23.70 | | |
| 47.52 | | |
| 1.15 | | |
| 1.15 | | |
| 0.04 | | |
| 851,298 | | |
| 56 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 14.94 | | |
| 12.77 | (d) | |
| 1.93 | (e) | |
| 1.93 | (e) | |
| (0.57 | )(e) | |
| 9,606 | | |
| 16 | (d) |
| | 14.29 | | |
| (2.65 | ) | |
| 1.91 | | |
| 1.92 | | |
| (0.49 | ) | |
| 10,652 | | |
| 36 | |
| | 15.88 | | |
| 30.84 | | |
| 1.93 | | |
| 1.94 | | |
| (0.64 | ) | |
| 22,728 | | |
| 33 | |
| | 12.36 | | |
| (0.70 | ) | |
| 1.93 | | |
| 1.93 | | |
| (0.40 | ) | |
| 28,372 | | |
| 19 | |
| | 13.75 | | |
| (19.70 | ) | |
| 1.91 | | |
| 1.91 | | |
| (0.22 | ) | |
| 45,211 | | |
| 40 | |
| | 19.92 | | |
| 46.42 | | |
| 1.90 | | |
| 1.90 | | |
| (0.70 | ) | |
| 76,310 | | |
| 56 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 20.59 | | |
| 13.25 | (d) | |
| 1.03 | (e) | |
| 1.03 | (e) | |
| 0.34 | (e) | |
| 17,829 | | |
| 16 | (d) |
| | 19.29 | | |
| (1.73 | ) | |
| 1.01 | | |
| 1.01 | | |
| 0.39 | | |
| 20,459 | | |
| 36 | |
| | 20.85 | | |
| 31.96 | | |
| 1.03 | | |
| 1.04 | | |
| 0.24 | | |
| 28,952 | | |
| 33 | |
| | 16.06 | | |
| 0.23 | | |
| 1.02 | | |
| 1.02 | | |
| 0.53 | | |
| 26,978 | | |
| 19 | |
| | 17.45 | | |
| (19.01 | ) | |
| 1.01 | | |
| 1.01 | | |
| 0.71 | | |
| 76,594 | | |
| 40 | |
| | 24.37 | | |
| 47.76 | | |
| 1.00 | | |
| 1.00 | | |
| 0.19 | | |
| 189,251 | | |
| 56 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 21.59 | | |
| 13.34 | (d) | |
| 0.84 | (e) | |
| 0.84 | (e) | |
| 0.51 | (e) | |
| 182,965 | | |
| 16 | (d) |
| | 20.18 | | |
| (1.56 | ) | |
| 0.83 | | |
| 0.84 | | |
| 0.55 | | |
| 173,968 | | |
| 36 | |
| | 21.74 | | |
| 32.28 | | |
| 0.83 | | |
| 0.83 | | |
| 0.44 | | |
| 195,578 | | |
| 33 | |
| | 16.72 | | |
| 0.40 | | |
| 0.83 | | |
| 0.83 | | |
| 0.65 | | |
| 172,839 | | |
| 19 | |
| | 18.11 | | |
| (18.83 | ) | |
| 0.82 | | |
| 0.82 | | |
| 0.87 | | |
| 194,437 | | |
| 40 | |
| | 25.16 | | |
| 48.05 | | |
| 0.81 | | |
| 0.81 | | |
| 0.38 | | |
| 255,539 | | |
| 56 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 21.25 | | |
| 13.28 | (d) | |
| 0.93 | (e) | |
| 0.93 | (e) | |
| 0.42 | (e) | |
| 295,783 | | |
| 16 | (d) |
| | 19.89 | | |
| (1.63 | ) | |
| 0.91 | | |
| 0.91 | | |
| 0.49 | | |
| 271,804 | | |
| 36 | |
| | 21.46 | | |
| 32.08 | | |
| 0.93 | | |
| 0.94 | | |
| 0.31 | | |
| 386,553 | | |
| 33 | |
| | 16.53 | | |
| 0.33 | | |
| 0.93 | | |
| 0.93 | | |
| 0.56 | | |
| 228,083 | | |
| 19 | |
| | 17.93 | | |
| (18.88 | ) | |
| 0.91 | | |
| 0.91 | | |
| 0.75 | | |
| 246,040 | | |
| 40 | |
| | 24.95 | | |
| 47.93 | | |
| 0.89 | | |
| 0.89 | | |
| 0.28 | | |
| 412,964 | | |
| 56 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 18.97 | | |
| 13.04 | (d) | |
| 1.38 | (e) | |
| 1.38 | (e) | |
| (0.03 | )(e) | |
| 9,438 | | |
| 16 | (d) |
| | 17.83 | | |
| (2.08 | ) | |
| 1.36 | | |
| 1.36 | | |
| 0.03 | | |
| 9,004 | | |
| 36 | |
| | 19.41 | | |
| 31.53 | | |
| 1.38 | | |
| 1.39 | | |
| (0.10 | ) | |
| 10,950 | | |
| 33 | |
| | 14.98 | | |
| (0.16 | ) | |
| 1.38 | | |
| 1.38 | | |
| 0.11 | | |
| 10,682 | | |
| 19 | |
| | 16.38 | | |
| (19.25 | ) | |
| 1.36 | | |
| 1.36 | | |
| 0.33 | | |
| 12,663 | | |
| 40 | |
| | 23.08 | | |
| 47.19 | | |
| 1.35 | | |
| 1.35 | | |
| (0.16 | ) | |
| 17,141 | | |
| 56 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 18.04 | | |
| 12.97 | (d) | |
| 1.53 | (e) | |
| 1.53 | (e) | |
| (0.18 | )(e) | |
| 3,173 | | |
| 16 | (d) |
| | 17.01 | | |
| (2.24 | ) | |
| 1.51 | | |
| 1.51 | | |
| (0.12 | ) | |
| 3,006 | | |
| 36 | |
| | 18.60 | | |
| 31.29 | | |
| 1.53 | | |
| 1.54 | | |
| (0.25 | ) | |
| 3,829 | | |
| 33 | |
| | 14.39 | | |
| (0.26 | ) | |
| 1.53 | | |
| 1.53 | | |
| (0.04 | ) | |
| 3,849 | | |
| 19 | |
| | 15.78 | | |
| (19.38 | ) | |
| 1.51 | | |
| 1.51 | | |
| 0.19 | | |
| 4,433 | | |
| 40 | |
| | 22.37 | | |
| 47.03 | | |
| 1.50 | | |
| 1.50 | | |
| (0.30 | ) | |
| 5,845 | | |
| 56 | |
| |
|
|
| |
See Notes to Financial Statements. |
117 |
Financial Highlights (concluded)
VALUE OPPORTUNITIES FUND
| | |
| | |
Per Share Operating Performance: |
| | |
| | |
Investment Operations: | |
Distributions to shareholders from: |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
Net asset value, beginning of period | |
Net invest-
ment income (loss)(a)
| |
Net realized and unrealized gain/(loss) | |
Total from invest- ment opera- tions | |
Net investment income | |
Net realized gain | |
Total distri- butions |
| Class R3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
$ | 17.46 | | |
$ | (0.01 | ) | |
$ | 2.17 | | |
$ | 2.16 | | |
$ | – | | |
$ | (1.06 | ) | |
$ | (1.06 | ) |
| 10/31/2025 | |
| 19.04 | | |
| – | (f) | |
| (0.28 | ) | |
| (0.28 | ) | |
| – | | |
| (1.30 | ) | |
| (1.30 | ) |
| 10/31/2024 | |
| 14.71 | | |
| (0.03 | ) | |
| 4.60 | | |
| 4.57 | | |
| – | | |
| (0.24 | ) | |
| (0.24 | ) |
| 10/31/2023 | |
| 16.10 | | |
| 0.01 | | |
| 0.01 | | |
| 0.02 | | |
| (0.07 | ) | |
| (1.34 | ) | |
| (1.41 | ) |
| 10/31/2022 | |
| 22.75 | | |
| 0.05 | | |
| (3.82 | ) | |
| (3.77 | ) | |
| – | | |
| (2.88 | ) | |
| (2.88 | ) |
| 10/31/2021 | |
| 16.33 | | |
| (0.04 | ) | |
| 7.46 | | |
| 7.42 | | |
| – | | |
| (1.00 | ) | |
| (1.00 | ) |
| Class R4 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 18.54 | | |
| 0.02 | | |
| 2.29 | | |
| 2.31 | | |
| (0.04 | ) | |
| (1.06 | ) | |
| (1.10 | ) |
| 10/31/2025 | |
| 20.09 | | |
| 0.04 | | |
| (0.29 | ) | |
| (0.25 | ) | |
| – | | |
| (1.30 | ) | |
| (1.30 | ) |
| 10/31/2024 | |
| 15.49 | | |
| 0.02 | | |
| 4.84 | | |
| 4.86 | | |
| (0.02 | ) | |
| (0.24 | ) | |
| (0.26 | ) |
| 10/31/2023 | |
| 16.89 | | |
| 0.05 | | |
| – | (f) | |
| 0.05 | | |
| (0.11 | ) | |
| (1.34 | ) | |
| (1.45 | ) |
| 10/31/2022 | |
| 23.67 | | |
| 0.10 | | |
| (4.00 | ) | |
| (3.90 | ) | |
| – | | |
| (2.88 | ) | |
| (2.88 | ) |
| 10/31/2021 | |
| 16.95 | | |
| 0.01 | | |
| 7.75 | | |
| 7.76 | | |
| (0.04 | ) | |
| (1.00 | ) | |
| (1.04 | ) |
| Class R5 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 19.91 | | |
| 0.04 | | |
| 2.47 | | |
| 2.51 | | |
| (0.09 | ) | |
| (1.06 | ) | |
| (1.15 | ) |
| 10/31/2025 | |
| 21.48 | | |
| 0.09 | | |
| (0.32 | ) | |
| (0.23 | ) | |
| (0.04 | ) | |
| (1.30 | ) | |
| (1.34 | ) |
| 10/31/2024 | |
| 16.54 | | |
| 0.07 | | |
| 5.17 | | |
| 5.24 | | |
| (0.06 | ) | |
| (0.24 | ) | |
| (0.30 | ) |
| 10/31/2023 | |
| 17.94 | | |
| 0.10 | | |
| – | (f) | |
| 0.10 | | |
| (0.16 | ) | |
| (1.34 | ) | |
| (1.50 | ) |
| 10/31/2022 | |
| 24.97 | | |
| 0.16 | | |
| (4.26 | ) | |
| (4.10 | ) | |
| (0.05 | ) | |
| (2.88 | ) | |
| (2.93 | ) |
| 10/31/2021 | |
| 17.83 | | |
| 0.06 | | |
| 8.17 | | |
| 8.23 | | |
| (0.09 | ) | |
| (1.00 | ) | |
| (1.09 | ) |
| Class R6 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 4/30/2026(c) | |
| 20.16 | | |
| 0.05 | | |
| 2.51 | | |
| 2.56 | | |
| (0.09 | ) | |
| (1.06 | ) | |
| (1.15 | ) |
| 10/31/2025 | |
| 21.72 | | |
| 0.11 | | |
| (0.33 | ) | |
| (0.22 | ) | |
| (0.04 | ) | |
| (1.30 | ) | |
| (1.34 | ) |
| 10/31/2024 | |
| 16.71 | | |
| 0.09 | | |
| 5.23 | | |
| 5.32 | | |
| (0.07 | ) | |
| (0.24 | ) | |
| (0.31 | ) |
| 10/31/2023 | |
| 18.10 | | |
| 0.11 | | |
| – | (f) | |
| 0.11 | | |
| (0.16 | ) | |
| (1.34 | ) | |
| (1.50 | ) |
| 10/31/2022 | |
| 25.14 | | |
| 0.18 | | |
| (4.28 | ) | |
| (4.10 | ) | |
| (0.06 | ) | |
| (2.88 | ) | |
| (2.94 | ) |
| 10/31/2021 | |
| 17.93 | | |
| 0.09 | | |
| 8.21 | | |
| 8.30 | | |
| (0.09 | ) | |
| (1.00 | ) | |
| (1.09 | ) |
| |
|
| (a) |
Calculated using average shares outstanding during the period. |
| (b) |
Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions.
Total return for all other classes assumes the reinvestment of all distributions. |
| (c) |
Unaudited. |
| (d) |
Not annualized. |
| (e) |
Annualized. |
| (f) |
Amount is less than $0.01. |
| (g) |
Realized and unrealized gain/(loss) per share does not correlate to the aggregate of the net realized and unrealized gain/(loss)
in the Statement of Operations, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to
fluctuating market values of the Fund’s portfolio. |
| 118 |
See Notes to Financial Statements. |
| | | | |
| | | |
Ratios to Average Net Assets: | |
Supplemental Data: |
| | | | |
| | | |
| |
|
Net
asset
value,
end of
period | |
Total
return(b)
(%) | |
Total
expenses
after
waivers
and/or reim-
bursements
(%) | |
Total
expenses
(%) | |
Net
invest-
ment
income
(loss)
(%) | |
Net
assets,
end of
period
(000) | |
Portfolio
turnover
rate
(%) |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| $ | 18.56 | | |
| 13.04 | (d) | |
| 1.43 | (e) | |
| 1.43 | (e) | |
| (0.08 | )(e) | |
$ | 23,325 | | |
| 16 | (d) |
| | 17.46 | | |
| (2.13 | ) | |
| 1.41 | | |
| 1.41 | | |
| (0.02 | ) | |
| 22,137 | | |
| 36 | |
| | 19.04 | | |
| 31.42 | | |
| 1.43 | | |
| 1.44 | | |
| (0.16 | ) | |
| 29,584 | | |
| 33 | |
| | 14.71 | | |
| (0.15 | ) | |
| 1.43 | | |
| 1.43 | | |
| 0.07 | | |
| 26,523 | | |
| 19 | |
| | 16.10 | | |
| (19.31 | ) | |
| 1.41 | | |
| 1.41 | | |
| 0.28 | | |
| 31,104 | | |
| 40 | |
| | 22.75 | | |
| 47.20 | | |
| 1.40 | | |
| 1.40 | | |
| (0.20 | ) | |
| 42,047 | | |
| 56 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 19.75 | | |
| 13.15 | (d) | |
| 1.18 | (e) | |
| 1.18 | (e) | |
| 0.17 | (e) | |
| 26,823 | | |
| 16 | (d) |
| | 18.54 | | |
| (1.85 | ) | |
| 1.16 | | |
| 1.16 | | |
| 0.23 | | |
| 25,373 | | |
| 36 | |
| | 20.09 | | |
| 31.77 | | |
| 1.18 | | |
| 1.19 | | |
| 0.09 | | |
| 28,587 | | |
| 33 | |
| | 15.49 | | |
| 0.05 | | |
| 1.18 | | |
| 1.18 | | |
| 0.30 | | |
| 26,011 | | |
| 19 | |
| | 16.89 | | |
| (19.09 | ) | |
| 1.16 | | |
| 1.16 | | |
| 0.53 | | |
| 29,341 | | |
| 40 | |
| | 23.67 | | |
| 47.50 | | |
| 1.15 | | |
| 1.15 | | |
| 0.04 | | |
| 42,666 | | |
| 56 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 21.27 | | |
| 13.27 | (d) | |
| 0.93 | (e) | |
| 0.93 | (e) | |
| 0.41 | (e) | |
| 1,567 | | |
| 16 | (d) |
| | 19.91 | | |
| (1.63 | ) | |
| 0.90 | | |
| 0.91 | | |
| 0.47 | | |
| 1,419 | | |
| 36 | |
| | 21.48 | | |
| 32.13 | | |
| 0.93 | | |
| 0.94 | | |
| 0.33 | | |
| 1,384 | | |
| 33 | |
| | 16.54 | | |
| 0.32 | | |
| 0.93 | | |
| 0.93 | | |
| 0.55 | | |
| 999 | | |
| 19 | |
| | 17.94 | | |
| (18.91 | ) | |
| 0.91 | | |
| 0.91 | | |
| 0.77 | | |
| 1,247 | | |
| 40 | |
| | 24.97 | | |
| 47.87 | | |
| 0.90 | | |
| 0.90 | | |
| 0.28 | | |
| 2,066 | | |
| 56 | |
| | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | 21.57 | | |
| 13.36 | (d) | |
| 0.84 | (e) | |
| 0.84 | (e) | |
| 0.52 | (e) | |
| 15,124 | | |
| 16 | (d) |
| | 20.16 | | |
| (1.56 | ) | |
| 0.83 | | |
| 0.84 | | |
| 0.57 | | |
| 16,465 | | |
| 36 | |
| | 21.72 | | |
| 32.24 | | |
| 0.83 | | |
| 0.83 | | |
| 0.44 | | |
| 24,267 | | |
| 33 | |
| | 16.71 | | |
| 0.40 | | |
| 0.83 | | |
| 0.83 | | |
| 0.64 | | |
| 29,050 | | |
| 19 | |
| | 18.10 | | |
| (18.80 | ) | |
| 0.82 | | |
| 0.82 | | |
| 0.88 | | |
| 32,138 | | |
| 40 | |
| | 25.14 | | |
| 48.02 | | |
| 0.81 | | |
| 0.81 | | |
| 0.39 | | |
| 44,123 | | |
| 56 | |
| |
|
|
| |
See Notes to Financial Statements. |
119 |
Notes to Financial Statements (unaudited)
Lord Abbett Securities Trust (the “Trust”) is registered
under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company
and was organized as a Delaware statutory trust on February 26, 1993.
All funds are diversified except Lord Abbett Focused Growth Fund.
This report covers the following thirteen funds (separately, a “Fund” and collectively, the “Funds”) and
their respective active share classes:
| Funds |
Classes |
| Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”) |
A, C, F, F3, I, R2, R3, R4, R5 and R6 |
| Lord Abbett Focused Growth Fund (“Focused Growth Fund”) |
A, C, F, F3, I, R3, R4, R5 and R6 |
| Lord Abbett Focused Large Cap Value Fund (“Focused Large Cap Value Fund”) |
A, C, F, F3, I, R3, R4, R5 and R6 |
| Lord Abbett Focused Small Cap Value Fund (“Focused Small Cap Value Fund”) |
A, C, F, F3, I, R5 and R6 |
| Lord Abbett Fundamental Equity Fund (“Fundamental Equity Fund”) |
A, C, F, F3 I, P, R2, R3, R4, R5 and R6 |
| Lord Abbett Global Equity Fund (“Global Equity Fund”) |
A, C, F, F3, I, R3, R4, R5 and R6 |
| Lord Abbett Growth Leaders Fund (“Growth Leaders Fund”) |
A, C, F, F3, I, R2, R3, R4, R5 and R6 |
| Lord Abbett Health Care Fund (“Health Care Fund”) |
A, C, F, F3, I, R3, R4, R5 and R6 |
| Lord Abbett International Equity Fund (“International Equity Fund”) |
A, C, F, F3, I, P, R2, R3, R4, R5 and R6 |
| Lord Abbett International Opportunities Fund (“International Opportunities Fund”) |
A, C, F, F3, I, P, R2, R3, R4, R5 and R6 |
| Lord Abbett International Value Fund (“International Value Fund”) |
A, C, F, F3, I, R2, R3, R4, R5 and R6 |
| Lord Abbett Micro-Cap Growth Fund (“Micro Cap Growth Fund”) |
A, C, F and I |
| Lord Abbett Value Opportunities Fund (“Value Opportunities Fund”) |
A, C, F, F3, I, P, R2, R3, R4, R5 and R6 |
The Funds’ Class P shares are closed to substantially all investors,
with certain exceptions as set forth in the Funds’ prospectus.
Each of Focused Large Cap Value Fund’s,
Global Equity Fund’s, Health Care Fund’s and International Equity Fund’s investment objective is to seek long-term
capital appreciation. Alpha Strategy Fund’s, Focused Small Cap Value Fund’s, International Opportunities Fund’s,
Micro Cap Growth Fund’s and Value Opportunities Fund’s investment objective is long-term capital appreciation. Alpha
Strategy Fund invests principally in other funds (“Affiliated Fund(s)”) managed by Lord, Abbett & Co. LLC (“Lord
Abbett”). Fundamental Equity Fund’s investment objective is long-term growth of capital and income without excessive
fluctuations in market value. Growth Leaders Fund’s and Focused Growth Fund’s investment objective is to seek capital
appreciation. International Value Fund’s investment objective is to seek a high level of total return.
Each class of shares has different expenses and
dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no
front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred
sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before
the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth
in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically
convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter)
following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary
through which a shareholder purchased Class C shares has records verifying that the Class C shares have been held at least eight
years.
120
Notes to Financial Statements (unaudited)(continued)
Basis of Preparation
The
Funds are investment companies and apply the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The
preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America
(“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Segment Reporting
An
operating segment is defined in FASB Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic
280) – Improvements to Reportable Segment Disclosures (“ASU
2023-07”) as a component of a public entity that engages in business activities from which it may recognize revenues and
incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”)
to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information
available.
The CODM for the Funds is the Investment Committee
of Lord Abbett, which represents the highest-level body responsible for evaluating each Fund’s operating performance and
making decisions regarding resource allocation. The Investment Committee regularly reviews each Fund’s operating results,
including investment performance and financial information, in making strategic and operational decisions.
The CODM has determined that each Fund has a
single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and that the Funds’
long-term strategic asset allocation is pre-determined in accordance with the terms of their prospectus, based on a defined investment
strategy which is executed by the Funds’ portfolio managers as a team. The financial information provided to and reviewed
by the CODM is consistent with that presented within the Funds’ Schedules of Investments, Statements of Assets and Liabilities,
Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.
| 2. |
SIGNIFICANT ACCOUNTING POLICIES |
| (a) |
Investment Valuation–Under
procedures approved by the Funds’ Board of Trustees (the “Board”), the Board has designated the determination
of fair value of the Funds’ portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett
is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value
methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the “Pricing Committee”)
that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments
and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject
to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers,
and other market sources to determine fair value. |
| |
|
| |
Securities actively traded on any recognized U.S. or non-U.S. exchange or
on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which
they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to
the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange
(“NYSE”). |
121
Notes to Financial Statements (unaudited)(continued)
| |
When valuing foreign equity securities
that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities
to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other
instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale
price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Investments
in the Affiliated Funds are valued at their NAV each business day at the close of regular trading on the NYSE, normally
4:00 p.m. Eastern time.
Securities for which prices are not
readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number
of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related
or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information
to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews
reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and
assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations
made by the Pricing Committee.
Short-term securities with 60 days or
less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end
money market mutual funds are valued at their NAV as of the close of each business day.
Fair Value Measurements–Fair
value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an
orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier
hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish
classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market
participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk
inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent
in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions
market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from
sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions
about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on
the best information available in the circumstances. The three-tier hierarchy classification is determined based on the
lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels
listed below:
|
| |
• |
Level 1 – |
unadjusted quoted prices in active markets for identical investments; |
| |
|
|
|
| |
• |
Level 2 – |
other significant observable inputs (including quoted prices for similar investments,
interest rates, prepayment speeds, credit risk, etc.); and |
| |
|
|
|
| |
• |
Level 3 – |
significant unobservable inputs (including each Fund’s own assumptions
in determining the fair value of investments). |
| |
A summary of inputs used in valuing each Fund’s investments as of April 30, 2026 and, if applicable, Level 3 rollforwards for the six months then ended is included in each Fund’s Schedule of Investments. |
122
Notes to Financial Statements (unaudited)(continued)
| |
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. |
| |
|
| (b) |
Expenses–Expenses
incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the
Trust on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class
of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 shares
bear only their class-specific shareholder servicing expenses. Class A, C, F, P, R2, R3 and R4 shares bear their class-specific
share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan. |
| |
|
| (c) |
Foreign Taxes–The
Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividend, capital gains on
investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable tax
regulations and rates that exist in foreign jurisdictions which each Fund invests. These foreign taxes, if any, are paid by
each Fund and reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction
of income, foreign taxes on securities lending income and foreign taxes on stock dividends are presented as a reduction of
dividends, and foreign taxes on gains from sales of investments and foreign taxes on currency transactions are included in
their respective net realized gain/(loss) categories. Foreign taxes payable or deferred as of April 30, 2026, if any, are
disclosed on the Statements of Assets and Liabilities. |
| |
|
| |
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts
previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the
jurisdiction applicable to the laws, payment history and market convention. The Statements of Operations include tax reclaims
recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. |
| |
|
| (d) |
Foreign Transactions–The
books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded
in each Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated
in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable,
is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in
foreign currencies in each Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of
such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in each
Fund’s Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result
of changes in the foreign exchange rates from the changes in market prices of the securities. |
| |
|
| |
Each Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated
securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties
do not perform under the contracts’ terms. |
| |
|
| (e) |
Income Taxes–It
is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, 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. |
123
Notes to Financial Statements (unaudited)(continued)
| |
Management has reviewed each Fund’s tax positions for all open tax years
and has determined that as of April 30, 2026, no liability for Federal Income tax is required in each Fund’s financial
statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based
on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund files U.S. federal
and various state and local tax returns. No income tax returns are currently under examination. Each Fund’s Federal
tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of
limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon each Fund’s
jurisdiction. |
| |
|
| (f) |
Investment Income–Dividend
income and capital gain distributions, if any, are recorded on the ex-dividend date. Interest income is recorded on an accrual
basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in
Interest and other, if applicable, in the Statements of Operations. Withholding taxes on foreign dividends, if applicable,
have been provided for in accordance with the applicable country’s tax rules and rates. Investment income is allocated
to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| |
|
| (g) |
Repurchase Agreements–Each
Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund
acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon
price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or
by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having
a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the
agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities
has declined, each Fund may incur a loss upon disposition of the securities. |
| |
|
| |
Because the Funds’ repurchase agreements are not subject to master netting arrangements,
no offsetting disclosures have been presented for these transactions. |
| |
|
| (h) |
Security Transactions–Security
transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses
on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains/(losses) are
allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| |
|
| (i) |
When-Issued or Forward Transactions–Each
Fund may purchase portfolio securities on a when-issued or forward basis. When-issued or forward transactions involve a commitment
by a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order
to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the
period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or
marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market
daily in an amount sufficient to make payment at settlement will be segregated at each Fund’s custodian in order to
pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will
record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. Each
Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery
of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase
date. |
124
Notes to Financial Statements (unaudited)(continued)
| 3. |
MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES |
Management Fee
The Trust has a management fee agreement with
Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel,
provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work
and supervision of each Fund’s investment portfolio. The management fee is accrued daily and payable monthly.
The management fee is based on each Fund’s average daily net
assets at the following annual rates:
| Alpha Strategy Fund* |
|
.10% |
|
| * |
Lord Abbett is voluntarily waiving the entire management fee of .10%. Lord Abbett
may discontinue the voluntary waiver at any time without notice. |
| Focused Growth Fund |
|
| |
|
| First $1 billion |
|
.65% |
|
| Next $1 billion |
|
.63% |
|
| Next $5 billion |
|
.60% |
|
| Over $7 billion |
|
.59% |
|
| |
|
|
|
| Focused Large Cap Value Fund |
|
| |
|
| First $1 billion |
|
.59% |
|
| Over $1 billion |
|
.53% |
|
| |
|
|
|
| Focused Small Cap Value Fund |
|
.80% |
|
| |
|
|
|
| Fundamental Equity Fund |
|
|
| |
|
|
| First $200 million |
|
.75% |
|
| Next $300 million |
|
.65% |
|
| Over $500 million |
|
.50% |
|
| |
|
|
|
| Global Equity Fund |
|
|
|
| |
|
|
|
| First $1 billion |
|
.45% |
|
| Next $2 billion |
|
.43% |
|
| Over $3 billion |
|
.41% |
|
| |
|
|
|
| Growth Leaders Fund |
|
|
|
| |
|
|
|
| First $2 billion |
|
.55% |
|
| Over $2 billion |
|
.50% |
|
| |
|
|
|
| Health Care Fund |
|
|
|
| |
|
|
|
| First $1 billion |
|
.62% |
|
| Over $1 billion |
|
.51% |
|
| |
|
|
|
| International Equity Fund |
| |
| First $1 billion |
|
.45% |
|
| Over $1 billion |
|
.40% |
|
| |
|
|
|
| International Opportunities Fund |
| |
| First $1 billion |
|
.75% |
|
| Next $1 billion |
|
.70% |
|
| Over $2 billion |
|
.65% |
|
125
Notes to Financial Statements (unaudited)(continued)
| International Value Fund |
| |
| First $1 billion |
|
.50% |
|
| Over $1 billion |
|
.48% |
|
| |
|
|
|
| Micro Cap Growth Fund |
|
.90% |
|
| |
|
|
|
| Value Opportunities Fund |
| |
| First $1 billion |
|
.75% |
|
| Next $1 billion |
|
.70% |
|
| Next $3 billion |
|
.65% |
|
| Over $5 billion |
|
.58% |
|
For the six months ended April 30, 2026, the effective management
fee, net of any applicable waivers, was at the following annualized rate of each Fund’s average daily net assets:
| Fund |
|
Net Effective
Management Fee |
| Alpha Strategy Fund |
|
.00% |
| Focused Growth Fund |
|
.48% |
| Focused Large Cap Value Fund |
|
.00% |
| Focused Small Cap Value Fund |
|
.73% |
| Fundamental Equity Fund |
|
.54% |
| Global Equity Fund |
|
.41% |
| Growth Leaders Fund |
|
.51% |
| Health Care Fund |
|
.00% |
| International Equity Fund |
|
.45% |
| International Opportunities Fund |
|
.75% |
| International Value Fund |
|
.50% |
| Micro Cap Growth Fund |
|
.90% |
| Value Opportunities Fund |
|
.75% |
In addition, Lord Abbett provides certain administrative
services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund’s
average daily net assets. The fund administration fee is accrued daily and payable monthly.
Lord Abbett voluntarily waived certain fees and expenses during the
six months ended April 30, 2026:
| Fund |
|
Amount |
| Alpha Strategy Fund |
|
$ 4,204 |
| Fundamental Equity Fund |
|
47,320 |
| Growth Leaders Fund |
|
34,133 |
| International Equity Fund |
|
91,430 |
| International Opportunities Fund |
|
33,828 |
| International Value Fund |
|
50,820 |
| Micro Cap Growth Fund |
|
5,515 |
| Value Opportunities Fund |
|
22,992 |
126
Notes to Financial Statements (unaudited)(continued)
For the six months ended April 30, 2026 and continuing through February
28, 2027, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total
net annual operating expenses, excluding any applicable 12b-1 fees, acquired fund fees and expenses, interest-related expenses,
taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to the following annual rates:
| |
|
Effective March 1, 2026 |
|
|
Prior to March 1, 2026 |
| |
|
Classes |
Classes |
| Fund |
|
A, C, F, I, R2, R3, R4 and R5 |
|
F3 and R6 |
|
A, C, F, I, R2, R3, R4 and R5 |
|
F3 and R6 |
| Focused Growth Fund |
|
.80% |
|
|
.73% |
|
|
.80% |
|
|
.70% |
| Focused Large Cap Value Fund |
|
.71% |
|
|
.63% |
|
|
.71% |
|
|
.69% |
| Focused Small Cap Value Fund |
|
1.03% |
|
|
.99% |
|
|
1.03% |
|
|
.99% |
| Global Equity Fund |
|
.65% |
|
|
.56% |
|
|
.65% |
|
|
.52% |
| Health Care Fund |
|
.78% |
|
|
.68% |
|
|
.78% |
|
|
.68% |
All contractual fee waivers and expense reimbursement agreements between
the Funds and Lord Abbett may be terminated only upon the approval of the Board.
12b-1 Distribution Plan
Each Fund has adopted a distribution plan with
respect to Class A, C, F, P, R2, R3 and R4 pursuant to Rule 12b-1 under the 1940 Act, which provides for the payment of ongoing
distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The
distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board
pursuant to the plan:
| Fees* |
|
Class A |
|
Class C |
|
Class F |
(1)(2) |
|
Class P |
(3) |
|
Class R2 |
|
Class R3 |
|
Class R4 |
| Service |
|
.25% |
|
.25% |
|
– |
|
|
.25% |
|
|
.25% |
|
.25% |
|
.25% |
| Distribution |
|
– |
|
.75% |
|
.10% |
|
|
.20% |
|
|
.35% |
|
.25% |
|
– |
| * |
Each Fund may designate a portion of the aggregate fees attributable to service activities for purposes
of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations. |
| |
|
| (1) |
The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’
prospectus. |
| |
|
| (2) |
For the six months ended April 30, 2026 and continuing through February 28, 2027, the Distributor has contractually agreed
to waive Focused Growth Fund’s, Focused Large Cap Value Fund’s, Focused Small Cap Value Fund’s, Growth Leaders
Fund’s, Health Care Fund’s and Micro Cap Growth Fund’s 0.10% Rule 12b-1 fee for Class F shares. These agreements
may be terminated only by the Funds’ Board. |
| |
|
| (3) |
Fundamental Equity Fund, International Equity Fund, International Opportunities Fund and Value Opportunities Fund only. |
Class F3, Class I, Class R5 and Class R6 shares do not have a distribution
plan.
127
Notes to Financial Statements (unaudited)(continued)
Commissions
The Distributor received the following commissions on sales of shares
of the Funds, after concessions were paid to authorized dealers, during the six months ended April 30, 2026:
| |
Distributor
Commissions |
Dealers’
Concessions |
| Alpha Strategy Fund |
$12,819 |
$73,519 |
| Focused Growth Fund |
6,008 |
33,323 |
| Focused Large Cap Value Fund |
8,759 |
54,753 |
| Focused Small Cap Value Fund |
330 |
1,962 |
| Fundamental Equity Fund |
35,200 |
220,357 |
| Global Equity Fund |
16,839 |
136,306 |
| Growth Leaders Fund |
163,345 |
1,042,020 |
| Health Care Fund |
169 |
831 |
| International Equity Fund |
16,383 |
109,388 |
| International Opportunities Fund |
2,379 |
19,076 |
| International Value Fund |
10,482 |
66,504 |
| Micro Cap Growth Fund |
251 |
1,952 |
| Value Opportunities Fund |
10,483 |
57,633 |
The Distributor received the following amounts of CDSCs for the six
months ended April 30, 2026:
| | |
Class A | | |
Class C | |
| Alpha Strategy Fund | |
$ | 92 | | |
$ | – | |
| Focused Growth Fund | |
| – | | |
| 3,256 | |
| Focused Large Cap Value Fund | |
| – | | |
| 384 | |
| Focused Small Cap Value Fund | |
| – | | |
| 116 | |
| Fundamental Equity Fund | |
| 2,649 | | |
| 2,011 | |
| Global Equity Fund | |
| 5,629 | | |
| 673 | |
| Growth Leaders Fund | |
| 2,439 | | |
| 22,565 | |
| Health Care Fund | |
| – | | |
| – | |
| International Equity Fund | |
| 264 | | |
| 448 | |
| International Opportunities Fund | |
| – | | |
| 23 | |
| International Value Fund | |
| 1,330 | | |
| 19 | |
| Micro Cap Growth Fund | |
| – | | |
| 11 | |
| Value Opportunities Fund | |
| 322 | | |
| 32 | |
One Trustee and certain of the Trust’s officers have an interest
in Lord Abbett.
Other Related Parties
As of April 30, 2026, the percentages of the Funds’ outstanding
shares owned by other Lord Abbett funds that invest principally in affiliated mutual funds managed by Lord Abbett were as follows:
| Fund of Funds | |
Focused Small Cap Value Fund | |
Funda- mental Equity Fund | |
Growth Leaders Fund | |
Inter- national Equity Fund | |
Inter- national Oppor- tunities Fund | |
Inter- national Value Fund | |
Micro Cap Growth Fund | |
Value Oppor- tunities Fund |
| Alpha Strategy Fund | |
68.41% | |
– | |
– | |
– | |
37.03% | |
– | |
32.19% | |
11.23% |
| Multi-Asset Balanced Opportunity Fund | |
– | |
11.84% | |
3.09% | |
13.89% | |
– | |
16.94% | |
– | |
4.42% |
| Multi-Asset Income Fund | |
– | |
3.10% | |
0.64% | |
5.53% | |
– | |
5.90% | |
– | |
– |
128
Notes to Financial Statements (unaudited)(continued)
| 4. |
DISTRIBUTIONS AND TAX INFORMATION |
Dividends are paid from net investment income,
if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable
capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains.
Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from
net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may
differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences
are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment;
temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes,
are reported as a tax return of capital.
The tax character of distributions paid during the six months ended
April 30, 2026 was as follows:
| Fund | |
Ordinary Income | | |
Net Long-Term Capital Gains | | |
Return of Capital | | |
Total Distributions Paid | |
| Alpha Strategy Fund | |
$ | – | | |
$ | 30,435,616 | | |
$ | – | | |
$ | 30,435,616 | |
| Focused Growth Fund | |
| – | | |
| – | | |
| – | | |
| – | |
| Focused Large Cap Value Fund | |
| 351,887 | | |
| 189,778 | | |
| – | | |
| 541,664 | |
| Focused Small Cap Value Fund | |
| 92,550 | | |
| 3,799,047 | | |
| – | | |
| 3,891,597 | |
| Fundamental Equity Fund | |
| 12,044,416 | | |
| 147,063,016 | | |
| – | | |
| 159,107,432 | |
| Global Equity Fund | |
| 2,488,575 | | |
| – | | |
| – | | |
| 2,488,575 | |
| Growth Leaders Fund | |
| 648 | | |
| 156,862,211 | | |
| – | | |
| 156,862,859 | |
| Health Care Fund | |
| 16,473 | | |
| – | | |
| – | | |
| 16,473 | |
| International Equity Fund | |
| 6,100,060 | | |
| 21,224,216 | | |
| – | | |
| 27,324,276 | |
| International Opportunities Fund | |
| 5,309,234 | | |
| – | | |
| – | | |
| 5,309,234 | |
| International Value Fund | |
| 4,038,485 | | |
| – | | |
| – | | |
| 4,038,485 | |
| Micro Cap Growth Fund | |
| 12,502 | | |
| – | | |
| – | | |
| 12,502 | |
| Value Opportunities Fund | |
| 3,482,239 | | |
| 59,790,975 | | |
| – | | |
| 63,273,214 | |
The tax character of distributions paid during the fiscal year ended
October 31, 2025 was as follows:
| Fund | |
Ordinary Income | | |
Net Long-Term Capital Gains | | |
Return of Capital | | |
Total Distributions Paid | |
| Alpha Strategy Fund | |
$ | 1,036,715 | | |
$ | 4,278,690 | | |
$ | – | | |
$ | 5,315,405 | |
| Focused Growth Fund | |
| – | | |
| – | | |
| – | | |
| – | |
| Focused Large Cap Value Fund | |
| 467,552 | | |
| 208,371 | | |
| – | | |
| 675,923 | |
| Focused Small Cap Value Fund | |
| – | | |
| 6,604,552 | | |
| – | | |
| 6,604,552 | |
| Fundamental Equity Fund | |
| 36,019,343 | | |
| 93,357,484 | | |
| - | | |
| 129,376,827 | |
| Global Equity Fund | |
| 492,077 | | |
| – | | |
| – | | |
| 492,077 | |
| Growth Leaders Fund | |
| – | | |
| – | | |
| – | | |
| – | |
| Health Care Fund | |
| 28,985 | | |
| – | | |
| – | | |
| 28,985 | |
| International Equity Fund | |
| 4,976,901 | | |
| 8,698,818 | | |
| – | | |
| 13,675,719 | |
| International Opportunities Fund | |
| 5,869,333 | | |
| – | | |
| – | | |
| 5,869,333 | |
| International Value Fund | |
| 13,910,965 | | |
| – | | |
| – | | |
| 13,910,965 | |
| Micro Cap Growth Fund | |
| – | | |
| – | | |
| – | | |
| – | |
| Value Opportunities Fund | |
| 1,247,992 | | |
| 84,791,291 | | |
| – | | |
| 86,039,283 | |
129
Notes to Financial Statements (unaudited)(continued)
Net capital losses recognized by the Funds may be carried forward
indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward
are as follows:
| Fund | |
Short-Term Losses | | |
Long-Term Losses | | |
Net Capital Losses | |
| Alpha Strategy Fund | |
$ | – | | |
$ | – | | |
$ | – | |
| Focused Growth Fund | |
| (3,190,362 | ) | |
| – | | |
| (3,190,362 | ) |
| Focused Large Cap Value Fund | |
| – | | |
| – | | |
| – | |
| Focused Small Cap Value Fund | |
| – | | |
| – | | |
| – | |
| Fundamental Equity Fund | |
| – | | |
| – | | |
| – | |
| Global Equity Fund | |
| (2,973,617 | ) | |
| – | | |
| (2,973,617 | ) |
| Growth Leaders Fund | |
| – | | |
| – | | |
| – | |
| Health Care Fund | |
| (951,380 | ) | |
| – | | |
| (951,380 | ) |
| International Equity Fund | |
| – | | |
| – | | |
| – | |
| International Opportunities Fund | |
| (23,162,576 | ) | |
| (8,535,876 | ) | |
| (31,698,452 | ) |
| International Value Fund | |
| (202,054,830 | ) | |
| (147,688,340 | ) | |
| (349,743,170 | ) |
| Micro Cap Growth Fund | |
| (39,042,791 | ) | |
| – | | |
| (39,042,791 | ) |
| Value Opportunities Fund | |
| – | | |
| – | | |
| – | |
As of April 30, 2026, the tax cost of investments and the breakdown
of unrealized appreciation/(depreciation) for each Fund are shown below. The difference between book-basis and tax-basis unrealized
appreciation/(depreciation) is attributable to the tax treatment of certain securities, certain distributions, other financial
instruments and wash sales.
| Fund | |
Tax Cost of Investments | | |
Gross Unrealized Appreciation | | |
Gross Unrealized Depreciation | | |
Net Unrealized Appreciation/ (Depreciation) | |
| Alpha Strategy Fund | |
$ | 544,302,350 | | |
$ | 120,535,422 | | |
$ | – | | |
$ | 120,535,422 | |
| Focused Growth Fund | |
| 118,041,770 | | |
| 46,582,294 | | |
| (1,868,467 | ) | |
| 44,713,827 | |
| Focused Large Cap Value Fund | |
| 131,004,244 | | |
| 19,411,114 | | |
| (1,750,366 | ) | |
| 17,660,748 | |
| Focused Small Cap Value Fund | |
| 73,167,817 | | |
| 24,469,783 | | |
| (1,883,782 | ) | |
| 22,586,001 | |
| Fundamental Equity Fund | |
| 1,423,337,007 | | |
| 813,984,866 | | |
| (34,729,530 | ) | |
| 779,255,336 | |
| Global Equity Fund | |
| 317,796,145 | | |
| 83,628,818 | | |
| (10,019,988 | ) | |
| 73,608,830 | |
| Growth Leaders Fund | |
| 4,742,045,310 | | |
| 2,935,280,664 | | |
| (118,570,644 | ) | |
| 2,816,710,020 | |
| Health Care Fund | |
| 6,241,374 | | |
| 2,287,838 | | |
| (232,126 | ) | |
| 2,055,712 | |
| International Equity Fund | |
| 525,093,752 | | |
| 201,884,594 | | |
| (6,466,390 | ) | |
| 195,418,204 | |
| International Opportunities Fund | |
| 268,286,512 | | |
| 83,636,612 | | |
| (6,914,898 | ) | |
| 76,721,714 | |
| International Value Fund | |
| 427,419,932 | | |
| 99,619,066 | | |
| (9,450,666 | ) | |
| 90,168,400 | |
| Micro Cap Growth Fund | |
| 149,804,314 | | |
| 74,430,974 | | |
| (3,992,543 | ) | |
| 70,438,431 | |
| Value Opportunities Fund | |
| 786,583,690 | | |
| 393,399,957 | | |
| (44,498,502 | ) | |
| 348,901,455 | |
130
Notes to Financial Statements (unaudited)(continued)
| 5. |
PORTFOLIO SECURITIES TRANSACTIONS |
Purchases and sales of investment securities (excluding short-term investments)
for the six months ended April 30, 2026 were as follows:
| | |
U.S. Government Purchases | | |
Non-U.S. Government Purchases | | |
U.S. Government Sales | | |
Non-U.S. Government Sales | |
| Alpha Strategy Fund | |
$ | – | | |
$ | 21,437,872 | | |
$ | – | | |
$ | 38,021,545 | |
| Focused Growth Fund | |
| – | | |
| 115,356,579 | | |
| – | | |
| 115,307,306 | |
| Focused Large Cap Value Fund | |
| – | | |
| 98,894,828 | | |
| – | | |
| 38,839,105 | |
| Focused Small Cap Value Fund | |
| – | | |
| 28,419,605 | | |
| – | | |
| 32,101,543 | |
| Fundamental Equity Fund | |
| – | | |
| 461,802,199 | | |
| – | | |
| 522,168,042 | |
| Global Equity Fund | |
| – | | |
| 121,342,979 | | |
| – | | |
| 89,096,786 | |
| Growth Leaders Fund | |
| – | | |
| 3,704,743,272 | | |
| – | | |
| 4,279,229,404 | |
| Health Care Fund | |
| – | | |
| 3,084,477 | | |
| – | | |
| 3,382,726 | |
| International Equity Fund | |
| – | | |
| 339,077,372 | | |
| – | | |
| 219,146,265 | |
| International Opportunities Fund | |
| – | | |
| 212,637,310 | | |
| – | | |
| 223,596,255 | |
| International Value Fund | |
| – | | |
| 166,742,237 | | |
| – | | |
| 186,700,606 | |
| Micro Cap Growth Fund | |
| – | | |
| 87,486,622 | | |
| – | | |
| 114,276,133 | |
| Value Opportunities Fund | |
| – | | |
| 169,942,508 | | |
| – | | |
| 261,068,400 | |
Each Fund is permitted to purchase and sell securities
(“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance
with Rule 17a-7 under the 1940 Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions
of the Rule. For the six months ended April 30, 2026, the Funds did not engage in cross-trade purchases or sales.
| 6. |
TRUSTEES’ REMUNERATION |
The Trust’s officers and one Trustee, who
are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’
fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based
plan available to all Independent Trustees under which Independent Trustees may elect to defer receipt of a portion of Trustees’
fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued
thereon are included in Trustees’ fees in the Statements of Operations and in Trustees’ fees payable in the Statements of
Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.
For the period ended April 30, 2026, the Funds (except
Alpha Strategy Fund), and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) were party
to a syndicated line of credit facility with various lenders for $1.675 billion (the “Syndicated Facility”) under which State
Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were
subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million,
$300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.
131
Notes to Financial Statements (unaudited)(continued)
Effective June 5, 2026, the Participating Funds
(except Alpha Strategy Fund) renewed the Syndicated Facility for $1.8 billion. The Participating Funds are subject to graduated borrowing
limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $500 million, $700 million or
$1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.
For the period ended April 30, 2026, the Participating
Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the “Bilateral Facility”).
Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or
one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.
Effective June 5, 2026, the Participating Funds
(except Alpha Strategy Fund) renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing
limits as were in place prior to the renewal.
Interest associated with these credit facilities
is charged to each Fund based on its borrowings generally at an amount above the Federal Funds rate or at the negotiated rate for swing
line loans. In addition, there is a fee computed at an annual rate of 0.20% on the daily unused portion of the Syndicated Facility which
is allocated among the Participating Funds at the end of each quarter and is included with Other Expenses on the Statements of Operations.
There is no fee associated with the unused portion of the Bilateral Facility.
These credit facilities are to be used for short-term
working capital purposes as additional sources of liquidity to satisfy redemptions.
For the six months ended April 30, 2026, the Funds
did not utilize the Syndicated Facility or Bilateral Facility.
| 8. |
INTERFUND LENDING PROGRAM |
Pursuant to an exemptive order issued by the U.S.
Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed
by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”).
The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each
other for temporary or emergency purposes subject to the limitations and conditions.
During the six months ended April 30, 2026, the
Funds did not participate as a borrower or lender in the Interfund Lending Program.
| 9. |
CUSTODIAN AND ACCOUNTING AGENT |
SSB is the Trust’s custodian and accounting
agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s
NAV.
| 10. |
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
132
Notes to Financial Statements (unaudited)(continued)
under common ownership or control. Alpha Strategy
Fund had the following transactions with affiliated issuers (i.e. the Affiliated Funds) during the six months ended April 30, 2026:
| Affiliated funds | |
Value at 10/31/2025 | | |
Purchases at Cost | | |
Proceeds from Sales | | |
Net Realized Gain/(Loss) | | |
Net Change in Appreciation/ (Depreciation) | | |
Value at 4/30/2026 | | |
Shares as of 4/30/2026 | | |
Dividend Income | | |
Capital Gain Distributions | |
| Lord Abbett Developing Growth Fund, Inc. - Class I | |
$ | 130,302,038 | | |
$ | 44,454 | | |
$ | (12,591,412 | ) | |
$ | 3,981,750 | | |
$ | 12,705,094 | | |
$ | 134,441,924 | | |
| 3,386,447 | | |
$ | 3,305 | | |
$ | – | |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | |
| 59,224,467 | | |
| 2,666,137 | | |
| (2,803,191 | ) | |
| 43,079 | | |
| 7,306,154 | | |
| 66,436,646 | | |
| 2,072,906 | | |
| 76,466 | | |
| 2,589,672 | |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | |
| 118,931,703 | | |
| 2,289,331 | | |
| (5,947,655 | ) | |
| 1,903,071 | | |
| 13,050,808 | | |
| 130,227,258 | | |
| 5,118,996 | | |
| 2,100,793 | | |
| – | |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | |
| 68,508,557 | | |
| 46,124 | | |
| (7,884,864 | ) | |
| 3,466,564 | | |
| 3,669,320 | | |
| 67,805,701 | | |
| 2,413,014 | | |
| 4,975 | | |
| – | |
| Lord Abbett Research Fund, Inc. - Small - Cap Value Fund - Class I | |
| 118,128,818 | | |
| 7,128,447 | | |
| (5,477,751 | ) | |
| (711,772 | ) | |
| 14,065,485 | | |
| 133,133,227 | | |
| 5,862,317 | | |
| 476,903 | | |
| 5,308,291 | |
| Lord Abbett Securities Trust – Value Opportunities Fund – Class I | |
| 118,151,820 | | |
| 9,263,379 | | |
| (3,316,672 | ) | |
| (7,189 | ) | |
| 8,701,678 | | |
| 132,793,016 | | |
| 6,249,083 | | |
| 548,880 | | |
| 6,314,499 | |
| Total | |
$ | 613,247,403 | | |
$ | 21,437,872 | | |
$ | (38,021,545 | ) | |
$ | 8,675,503 | | |
$ | 59,498,539 | | |
$ | 664,837,772 | | |
| | | |
$ | 3,211,322 | | |
$ | 14,212,462 | |
| 11. |
SECURITIES LENDING AGREEMENT |
The Funds have established a securities lending
agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to
at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market
fund. In accordance with the Funds’ securities lending agreement, the market value of securities on loan is determined each day
at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on
the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur
a loss should the borrower of the securities breach its agreement with the Funds or the borrower becomes insolvent at a time when the
collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included
in Securities lending net income, if any, in each Fund’s Statement of Operations.
The initial collateral received by the Funds is
required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market
daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general,
the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the
cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion
of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.
133
Notes to Financial Statements (unaudited)(continued)
As of April 30, 2026, the market value of securities loaned and collateral
received were as follows:
| Funds | |
Market Value of Securities Loaned | | |
Collateral Received(1) | | |
Non-Cash Collateral | |
| Health Care Fund | |
$ | 158,502 | | |
$ | 155,476 | | |
$ | – | |
| International Equity Fund | |
| 6,453,822 | | |
| 6,598,362 | | |
| – | |
| International Opportunities Fund | |
| 2,366,567 | | |
| 2,425,064 | | |
| – | |
| International Value Fund | |
| 6,424,800 | | |
| 6,720,306 | | |
| – | |
| Micro Cap Growth Fund | |
| 17,097,381 | | |
| 16,402,917 | | |
| – | |
| Value Opportunities Fund | |
| 278,160 | | |
| – | | |
| 287,934 | |
| |
|
| (1) |
Statements of Assets and Liabilities location: Payables: Collateral due to broker for securities lending. |
Each Fund is subject to the general risks and considerations
associated with equity investing. The value of the Funds’ investments will fluctuate in response to movements in the equity securities
markets in general and to the changing prospects of individual companies in which the Funds invest. If a Fund’s assessment of a
company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or
produce poor performance relative to other funds, even in a favorable market.
Large company stocks, in which Focused Growth Fund,
Focused Large Cap Value Fund, Fundamental Equity Fund, Global Equity Fund, Growth Leaders Fund, International Equity Fund and International
Value Fund invest, may perform differently than the market as a whole and other types of stocks, such as small company stocks. Small and
mid-sized company stocks, in which Alpha Strategy Fund, Focused Small Cap Value Fund, Focused Growth Fund, Fundamental Equity Fund, Growth
Leaders Fund, International Equity Fund, International Opportunities Fund and Value Opportunities Fund invest, and stocks of micro-cap
companies, in which Micro Cap Growth Fund invests, may be less able to weather economic shifts or other adverse developments than those
of larger, more established companies.
In general, Focused Growth Fund and Growth Leaders
Fund employ a growth investing style, Global Equity Fund employs a blended growth investing and value investing style, and Focused Large
Cap Value Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, International Value Fund and Value Opportunities Fund employ a
value investing style. Growth stocks generally are more volatile than value stocks. The price of value stocks may lag the market for long
periods of time.
Global Equity Fund, International Equity Fund, International
Opportunities Fund and International Value Fund are subject to the risks of investing in foreign securities. Foreign securities may pose
greater risks than domestic securities, including greater price fluctuations, economic, political, and social instability and subject
to less government supervision, lack of transparency, inadequate regulatory and accounting standards, foreign taxes, and higher transaction
costs. Foreign investments also may be affected by changes in currency rates or currency controls. These risks are generally greater for
securities issued by companies in emerging market companies. Similarly, due to their investments in multinational and foreign companies,
Alpha Strategy Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, Growth
Leaders Fund, Health Care Fund, and Value Opportunities Fund are subject to the risks of investing in foreign securities and similarly
may experience increased market, liquidity, currency, political, informational, and other risks.
Health Care Fund is subject to the risks of investing
in the health care sector, including changes in government regulations, dependence on patents and intellectual property rights, expenses
and losses from litigation based on product liability and similar claims, industry competition, extensive
134
Notes to Financial Statements (unaudited)(continued)
research and development, marketing, and sales costs,
and rapid technological change and potential for product obsolescence. Health Care Fund is also subject to the risks of investing in structured
securities. As a result, Health Care Fund is subject to the same risks associated with direct investments in the underlying securities
or other instruments they seek to replicate, as well as liquidity risk and the risk that the issuer and/or the counterparty of the structured
security may be unable to perform under the terms of the instrument, or may disagree as to the meaning or application of such terms.
International Value Fund is subject to the risks
of investing in dividend paying stocks. Dividend paying stocks may be sensitive to changes in market interest rates, and the prices of
such stocks may decline as rates rise. There is no guarantee that companies that currently pay dividends will continue to do so. Securities
of dividend-paying companies that meet the Fund’s investment criteria may not be widely available, limiting the Fund’s ability
to produce current income and increasing the volatility of the Fund’s returns.
Alpha Strategy Fund’s investments are concentrated
in Affiliated Funds and, as a result, the Fund’s performance is directly related to the investment performance of the Affiliated
Funds in which it invests. In addition, the Fund is exposed to the same risks as the Affiliated Funds in direct proportion to the allocation
of its assets among the Affiliated Funds. The Fund’s shareholders will indirectly bear their proportionate share of the Affiliated
Funds’ fees and expenses, as well as their proportionate share of the Fund’s fees and expenses.
Alpha Strategy Fund, Global Equity Fund, Health
Care Fund, International Equity Fund, International Opportunities Fund and International Value Fund are subject to the risks associated
with derivatives, which may be different from and greater than the risks associated with investing directly in securities and other investments.
Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid
securities may lower the Funds’ returns since the Funds may be unable to sell these securities at their desired time or price. Derivatives
also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate
perfectly with the value of the underlying asset, rate or index. Whether a Fund’s use of derivatives is successful will depend on,
among other things, the Fund’s ability to correctly forecast market movements, changes in foreign exchange and interest rates, and
other factors. If a Fund incorrectly forecasts these and other factors, its performance could suffer. A Fund’s use of derivatives
could result in a loss exceeding the amount of the Fund’s investment in these instruments.
Health Care Fund, Focused Large Cap Value Fund and
Focused Small Cap Value Fund are subject to the general risks and considerations associated with investing in fixed income securities.
The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the
prices of fixed income securities are likely to decline; when interest rates fall, such prices tend to rise. Longer-term securities are
usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely
payments of principal and/or interest to a Fund, a risk that is greater with high-yield bonds (sometimes called “junk bonds”)
in which one or more of the Funds may invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest
payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default, may result
in losses to each Fund. High-yield bonds are subject to greater price fluctuations and increased liquidity risk, as well as additional
risks.
Focused Growth Fund is a non-diversified mutual
fund under the 1940 Act. The value of the Fund’s investments may be more adversely affected by a single economic, political or regulatory
event than the value of the investments of a diversified mutual fund.
135
Notes to Financial Statements (unaudited)(continued)
A Fund’s gross expense ratio may fluctuate
during its initial operating period because of the Fund’s relatively smaller asset size and, until the Fund achieves sufficient
scale, a Fund shareholder may experience proportionally higher Fund expenses than would be experienced by shareholders of a fund with
a larger asset base.
Geopolitical and other events, such as war, acts
of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics,
environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments’
reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have
adverse effects on the performance of a Fund and its investments.
A widespread health crisis, such as a global pandemic,
could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example,
the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have,
a significant negative impact on the performance of each Fund’s investments, including exacerbating other pre-existing political,
social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being
affected by events or conditions in a single country or region or events affecting a single or small number of issuers.
It is difficult to accurately predict or foresee
when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events
or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions
and the duration or ultimate impact of those events. The foregoing could disrupt the operations of each Fund and its service providers,
adversely affect the value and liquidity of each Fund’s investments and negatively impact each Fund’s performance and your
investment in each Fund.
| 13. |
SUMMARY OF CAPITAL TRANSACTIONS |
Transactions in shares of beneficial interest were as follows:
| Alpha Strategy Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 449,014 | | |
$ | 12,851,265 | | |
| 575,990 | | |
$ | 14,910,959 | |
| Reinvestment of distributions | |
| 653,134 | | |
| 17,889,342 | | |
| 113,050 | | |
| 2,931,379 | |
| Shares reacquired | |
| (1,303,441 | ) | |
| (36,962,880 | ) | |
| (2,508,055 | ) | |
| (65,613,761 | ) |
| Decrease | |
| (201,293 | ) | |
$ | (6,222,273 | ) | |
| (1,819,015 | ) | |
$ | (47,771,423 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 19,014 | | |
$ | 385,037 | | |
| 49,590 | | |
$ | 942,592 | |
| Reinvestment of distributions | |
| 29,925 | | |
| 585,924 | | |
| 5,196 | | |
| 98,929 | |
| Shares reacquired | |
| (78,477 | ) | |
| (1,589,011 | ) | |
| (202,650 | ) | |
| (3,864,677 | ) |
| Decrease | |
| (29,538 | ) | |
$ | (618,050 | ) | |
| (147,864 | ) | |
$ | (2,823,156 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 2,595 | | |
$ | 72,552 | | |
| 7,177 | | |
$ | 185,527 | |
| Reinvestment of distributions | |
| 12,776 | | |
| 355,684 | | |
| 2,891 | | |
| 75,992 | |
| Shares reacquired | |
| (29,003 | ) | |
| (829,773 | ) | |
| (65,600 | ) | |
| (1,683,378 | ) |
| Decrease | |
| (13,632 | ) | |
$ | (401,537 | ) | |
| (55,532 | ) | |
$ | (1,421,859 | ) |
136
Notes to Financial Statements (unaudited)(continued)
| Alpha Strategy Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class F3 Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 290,171 | | |
$ | 8,649,735 | | |
| 469,788 | | |
$ | 12,775,641 | |
| Reinvestment of distributions | |
| 100,867 | | |
| 2,915,063 | | |
| 20,537 | | |
| 558,404 | |
| Shares reacquired | |
| (281,955 | ) | |
| (8,411,206 | ) | |
| (518,122 | ) | |
| (14,101,793 | ) |
| Increase (decrease) | |
| 109,083 | | |
$ | 3,153,592 | | |
| (27,797 | ) | |
$ | (767,748 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 233,604 | | |
$ | 6,882,408 | | |
| 320,528 | | |
$ | 8,645,091 | |
| Reinvestment of distributions | |
| 149,475 | | |
| 4,285,438 | | |
| 32,556 | | |
| 879,351 | |
| Shares reacquired | |
| (300,746 | ) | |
| (8,815,146 | ) | |
| (576,717 | ) | |
| (15,689,716 | ) |
| Increase (decrease) | |
| 82,333 | | |
$ | 2,352,700 | | |
| (223,633 | ) | |
$ | (6,165,274 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R2 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 1,375 | | |
$ | 36,639 | | |
| 2,407 | | |
$ | 59,644 | |
| Reinvestment of distributions | |
| 1,968 | | |
| 50,334 | | |
| 268 | | |
| 6,526 | |
| Shares reacquired | |
| (2,087 | ) | |
| (54,804 | ) | |
| (2,486 | ) | |
| (58,304 | ) |
| Increase | |
| 1,256 | | |
$ | 32,169 | | |
| 189 | | |
$ | 7,866 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 26,897 | | |
$ | 719,237 | | |
| 53,216 | | |
$ | 1,304,956 | |
| Reinvestment of distributions | |
| 33,628 | | |
| 871,634 | | |
| 5,021 | | |
| 123,862 | |
| Shares reacquired | |
| (59,042 | ) | |
| (1,575,051 | ) | |
| (129,715 | ) | |
| (3,123,858 | ) |
| Increase (decrease) | |
| 1,483 | | |
$ | 15,820 | | |
| (71,478 | ) | |
$ | (1,695,040 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R4 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 10,060 | | |
$ | 281,374 | | |
| 34,731 | | |
$ | 907,619 | |
| Reinvestment of distributions | |
| 6,062 | | |
| 165,496 | | |
| 928 | | |
| 23,995 | |
| Shares reacquired | |
| (16,373 | ) | |
| (463,827 | ) | |
| (34,527 | ) | |
| (908,956 | ) |
| Increase (decrease) | |
| (251 | ) | |
$ | (16,957 | ) | |
| 1,132 | | |
$ | 22,658 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R5 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 396 | | |
$ | 11,471 | | |
| 1,483 | | |
$ | 39,883 | |
| Reinvestment of distributions | |
| 748 | | |
| 21,464 | | |
| 137 | | |
| 3,711 | |
| Shares reacquired | |
| (566 | ) | |
| (17,244 | ) | |
| (55 | ) | |
| (1,474 | ) |
| Increase | |
| 578 | | |
$ | 15,691 | | |
| 1,565 | | |
$ | 42,120 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 5,778 | | |
$ | 169,154 | | |
| 10,844 | | |
$ | 287,026 | |
| Reinvestment of distributions | |
| 3,378 | | |
| 97,671 | | |
| 730 | | |
| 19,847 | |
| Shares reacquired | |
| (31,835 | ) | |
| (927,855 | ) | |
| (24,691 | ) | |
| (663,885 | ) |
| Decrease | |
| (22,679 | ) | |
$ | (661,030 | ) | |
| (13,117 | ) | |
$ | (357,012 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Focused Growth Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
| Shares | | |
| Amount | | |
| Shares | | |
| Amount | |
| Shares sold | |
| 84,081 | | |
$ | 3,367,623 | | |
| 815,995 | | |
$ | 31,604,006 | |
| Shares reacquired | |
| (259,875 | ) | |
| (10,777,696 | ) | |
| (504,469 | ) | |
| (19,175,689 | ) |
| Increase (decrease) | |
| (175,794 | ) | |
$ | (7,410,073 | ) | |
| 311,526 | | |
$ | 12,428,317 | |
137
Notes to Financial Statements (unaudited)(continued)
| Focused Growth Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class C Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 12,487 | | |
$ | 484,165 | | |
| 76,131 | | |
$ | 2,745,087 | |
| Shares reacquired | |
| (26,645 | ) | |
| (1,008,633 | ) | |
| (17,100 | ) | |
| (595,447 | ) |
| Increase (decrease) | |
| (14,158 | ) | |
$ | (524,468 | ) | |
| 59,031 | | |
$ | 2,149,640 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 4,546 | | |
$ | 189,587 | | |
| 11,732 | | |
$ | 421,590 | |
| Shares reacquired | |
| (2,566 | ) | |
| (105,909 | ) | |
| (13,360 | ) | |
| (489,873 | ) |
| Increase (decrease) | |
| 1,980 | | |
$ | 83,678 | | |
| (1,628 | ) | |
$ | (68,283 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 818,493 | | |
$ | 33,668,279 | | |
| 2,437,999 | | |
$ | 91,705,886 | |
| Shares reacquired | |
| (848,068 | ) | |
| (34,509,262 | ) | |
| (851,585 | ) | |
| (30,712,556 | ) |
| Increase (decrease) | |
| (29,575 | ) | |
$ | (840,983 | ) | |
| 1,586,414 | | |
$ | 60,993,330 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 1,796 | | |
$ | 72,640 | | |
| 2,568 | | |
$ | 93,199 | |
| Shares reacquired | |
| (4,217 | ) | |
| (170,867 | ) | |
| (4,142 | ) | |
| (154,931 | ) |
| Decrease | |
| (2,421 | ) | |
$ | (98,227 | ) | |
| (1,574 | ) | |
$ | (61,732 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R5 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 157 | | |
$ | 6,495 | | |
| 352 | | |
$ | 13,400 | |
| Shares reacquired | |
| – | | |
| (15 | ) | |
| (1 | ) | |
| (30 | ) |
| Increase | |
| 157 | | |
$ | 6,480 | | |
| 351 | | |
$ | 13,370 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 34,384 | | |
$ | 1,403,214 | | |
| 64,901 | | |
$ | 2,439,980 | |
| Shares reacquired | |
| (34,816 | ) | |
| (1,479,473 | ) | |
| (24,621 | ) | |
| (949,987 | ) |
| Increase (decrease) | |
| (432 | ) | |
$ | (76,259 | ) | |
| 40,280 | | |
$ | 1,489,993 | |
| | |
| | | |
| | | |
| | | |
| | |
| Focused Large Cap Value Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
| Shares | | |
| Amount | | |
| Shares | | |
| Amount | |
| Shares sold | |
| 238,987 | | |
$ | 3,732,443 | | |
| 439,263 | | |
$ | 6,134,756 | |
| Reinvestment of distributions | |
| 5,167 | | |
| 79,053 | | |
| 17,641 | | |
| 243,978 | |
| Shares reacquired | |
| (55,315 | ) | |
| (867,359 | ) | |
| (305,516 | ) | |
| (4,123,336 | ) |
| Increase | |
| 188,839 | | |
$ | 2,944,137 | | |
| 151,388 | | |
$ | 2,255,398 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 108,798 | | |
$ | 1,667,081 | | |
| 126,738 | | |
$ | 1,810,169 | |
| Reinvestment of distributions | |
| 558 | | |
| 8,429 | | |
| 1,976 | | |
| 27,123 | |
| Shares reacquired | |
| (15,465 | ) | |
| (239,798 | ) | |
| (32,680 | ) | |
| (449,487 | ) |
| Increase | |
| 93,891 | | |
$ | 1,435,712 | | |
| 96,034 | | |
$ | 1,387,805 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 10,432 | | |
$ | 164,177 | | |
| 15,520 | | |
$ | 239,086 | |
| Reinvestment of distributions | |
| 189 | | |
| 2,971 | | |
| 269 | | |
| 3,811 | |
| Shares reacquired | |
| (373 | ) | |
| (6,034 | ) | |
| (95 | ) | |
| (1,315 | ) |
| Increase | |
| 10,248 | | |
$ | 161,114 | | |
| 15,694 | | |
$ | 241,582 | |
138
Notes to Financial Statements (unaudited)(continued)
| Focused Large Cap Value Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class I Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 4,894,748 | | |
$ | 80,450,349 | | |
| 2,920,532 | | |
$ | 45,227,443 | |
| Reinvestment of distributions | |
| 26,797 | | |
| 428,223 | | |
| 23,958 | | |
| 345,713 | |
| Shares reacquired | |
| (1,589,849 | ) | |
| (25,634,681 | ) | |
| (210,907 | ) | |
| (3,155,951 | ) |
| Increase | |
| 3,331,696 | | |
$ | 55,243,891 | | |
| 2,733,583 | | |
$ | 42,417,205 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 715 | | |
$ | 11,095 | | |
| 1,576 | | |
$ | 21,721 | |
| Reinvestment of distributions | |
| 34 | | |
| 523 | | |
| 194 | | |
| 2,676 | |
| Shares reacquired | |
| (1,532 | ) | |
| (23,683 | ) | |
| (21 | ) | |
| (279 | ) |
| Increase (decrease) | |
| (783 | ) | |
$ | (12,065 | ) | |
| 1,749 | | |
$ | 24,118 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R5 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 40 | | |
$ | 633 | | |
| 12 | | |
$ | 187 | |
| Reinvestment of distributions | |
| – | | |
| 2 | | |
| – | | |
| – | |
| Increase | |
| 40 | | |
$ | 635 | | |
| 12 | | |
$ | 187 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 45,340 | | |
$ | 707,889 | | |
| 60,621 | | |
$ | 848,557 | |
| Reinvestment of distributions | |
| 105 | | |
| 1,615 | | |
| 266 | | |
| 3,707 | |
| Shares reacquired | |
| (28,542 | ) | |
| (452,971 | ) | |
| (38,938 | ) | |
| (558,384 | ) |
| Increase | |
| 16,903 | | |
$ | 256,533 | | |
| 21,949 | | |
$ | 293,880 | |
| | |
| | | |
| | | |
| | | |
| | |
| Focused Small Cap Value Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
| Shares | | |
| Amount | | |
| Shares | | |
| Amount | |
| Shares sold | |
| 33,761 | | |
$ | 896,688 | | |
| 34,984 | | |
$ | 905,769 | |
| Reinvestment of distributions | |
| 19,920 | | |
| 503,570 | | |
| 30,890 | | |
| 896,443 | |
| Shares reacquired | |
| (43,944 | ) | |
| (1,158,534 | ) | |
| (115,577 | ) | |
| (2,917,264 | ) |
| Increase (decrease) | |
| 9,737 | | |
$ | 241,724 | | |
| (49,703 | ) | |
$ | (1,115,052 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 429 | | |
$ | 11,761 | | |
| 7,690 | | |
$ | 214,122 | |
| Reinvestment of distributions | |
| 3,193 | | |
| 84,412 | | |
| 5,493 | | |
| 167,661 | |
| Shares reacquired | |
| (15,865 | ) | |
| (454,033 | ) | |
| (28,014 | ) | |
| (752,424 | ) |
| Decrease | |
| (12,243 | ) | |
$ | (357,860 | ) | |
| (14,831 | ) | |
$ | (370,641 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 40 | | |
$ | 1,155 | | |
| 24,479 | | |
$ | 706,561 | |
| Reinvestment of distributions | |
| 2,991 | | |
| 84,351 | | |
| 4,261 | | |
| 136,937 | |
| Shares reacquired | |
| (35,342 | ) | |
| (1,021,135 | ) | |
| (23,482 | ) | |
| (687,378 | ) |
| Increase (decrease) | |
| (32,311 | ) | |
$ | (935,629 | ) | |
| 5,258 | | |
$ | 156,120 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 28,520 | | |
$ | 867,366 | | |
| 39,516 | | |
$ | 1,148,968 | |
| Reinvestment of distributions | |
| 105,660 | | |
| 2,957,432 | | |
| 153,148 | | |
| 4,891,538 | |
| Shares reacquired | |
| (125,781 | ) | |
| (3,732,525 | ) | |
| (362,812 | ) | |
| (10,548,358 | ) |
| Increase (decrease) | |
| 8,399 | | |
$ | 92,273 | | |
| (170,148 | ) | |
$ | (4,507,852 | ) |
139
Notes to Financial Statements (unaudited)(continued)
| Focused Small Cap Value Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class R5 Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Reinvestment of distributions | |
| 4 | | |
$ | 126 | | |
| 6 | | |
$ | 184 | |
| Increase | |
| 4 | | |
$ | 126 | | |
| 6 | | |
$ | 184 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 14,059 | | |
$ | 418,760 | | |
| 18,242 | | |
$ | 562,928 | |
| Reinvestment of distributions | |
| 358 | | |
| 10,049 | | |
| 450 | | |
| 14,435 | |
| Shares reacquired | |
| (12,585 | ) | |
| (374,905 | ) | |
| (63,850 | ) | |
| (1,814,723 | ) |
| Increase (decrease) | |
| 1,832 | | |
$ | 53,904 | | |
| (45,158 | ) | |
$ | (1,237,360 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Fundamental Equity Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 1,414,884 | | |
$ | 23,519,046 | | |
| 2,989,299 | | |
$ | 46,851,874 | |
| Reinvestment of distributions | |
| 6,004,553 | | |
| 96,673,282 | | |
| 5,143,495 | | |
| 81,575,837 | |
| Shares reacquired | |
| (5,753,299 | ) | |
| (95,601,648 | ) | |
| (10,915,105 | ) | |
| (172,454,813 | ) |
| Increase (decrease) | |
| 1,666,138 | | |
$ | 24,590,680 | | |
| (2,782,311 | ) | |
$ | (44,027,102 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 110,976 | | |
$ | 1,533,647 | | |
| 309,299 | | |
$ | 4,075,481 | |
| Reinvestment of distributions | |
| 132,713 | | |
| 1,777,018 | | |
| 116,149 | | |
| 1,557,563 | |
| Shares reacquired | |
| (269,512 | ) | |
| (3,740,560 | ) | |
| (607,597 | ) | |
| (8,027,796 | ) |
| Decrease | |
| (25,823 | ) | |
$ | (429,895 | ) | |
| (182,149 | ) | |
$ | (2,394,752 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 200,124 | | |
$ | 3,311,164 | | |
| 375,888 | | |
$ | 5,946,920 | |
| Reinvestment of distributions | |
| 138,054 | | |
| 2,182,631 | | |
| 105,494 | | |
| 1,645,699 | |
| Shares reacquired | |
| (188,912 | ) | |
| (3,088,813 | ) | |
| (399,599 | ) | |
| (6,105,797 | ) |
| Increase | |
| 149,266 | | |
$ | 2,404,982 | | |
| 81,783 | | |
$ | 1,486,822 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class F3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 288,725 | | |
$ | 4,902,998 | | |
| 892,013 | | |
$ | 14,205,479 | |
| Reinvestment of distributions | |
| 151,458 | | |
| 2,489,974 | | |
| 92,251 | | |
| 1,490,780 | |
| Shares reacquired | |
| (289,747 | ) | |
| (4,916,931 | ) | |
| (474,631 | ) | |
| (7,509,297 | ) |
| Increase | |
| 150,436 | | |
$ | 2,476,041 | | |
| 509,633 | | |
$ | 8,186,962 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 4,441,285 | | |
$ | 74,902,457 | | |
| 7,902,350 | | |
$ | 123,315,414 | |
| Reinvestment of distributions | |
| 2,765,093 | | |
| 44,905,121 | | |
| 2,098,716 | | |
| 33,537,477 | |
| Shares reacquired | |
| (3,012,216 | ) | |
| (50,863,538 | ) | |
| (8,120,768 | ) | |
| (128,541,176 | ) |
| Increase | |
| 4,194,162 | | |
$ | 68,944,040 | | |
| 1,880,298 | | |
$ | 28,311,715 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class P Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 32,336 | | |
$ | 531,073 | | |
| 19,755 | | |
$ | 303,442 | |
| Reinvestment of distributions | |
| 14,655 | | |
| 229,065 | | |
| 13,085 | | |
| 201,903 | |
| Shares reacquired | |
| (49,416 | ) | |
| (809,861 | ) | |
| (40,731 | ) | |
| (626,521 | ) |
| Decrease | |
| (2,425 | ) | |
$ | (49,723 | ) | |
| (7,891 | ) | |
$ | (121,176 | ) |
140
Notes to Financial Statements (unaudited)(continued)
| Fundamental Equity Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class R2 Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 2,265 | | |
$ | 36,342 | | |
| 5,032 | | |
$ | 75,895 | |
| Reinvestment of distributions | |
| 3,345 | | |
| 52,179 | | |
| 8,663 | | |
| 133,317 | |
| Shares reacquired | |
| (18,358 | ) | |
| (302,586 | ) | |
| (93,642 | ) | |
| (1,400,877 | ) |
| Decrease | |
| (12,748 | ) | |
$ | (214,065 | ) | |
| (79,947 | ) | |
$ | (1,191,665 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 251,988 | | |
$ | 4,099,952 | | |
| 415,423 | | |
$ | 6,374,464 | |
| Reinvestment of distributions | |
| 309,953 | | |
| 4,853,871 | | |
| 274,172 | | |
| 4,238,696 | |
| Shares reacquired | |
| (484,687 | ) | |
| (7,872,651 | ) | |
| (1,017,487 | ) | |
| (15,733,128 | ) |
| Increase (decrease) | |
| 77,254 | | |
$ | 1,081,172 | | |
| (327,892 | ) | |
$ | (5,119,968 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R4 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 12,408 | | |
$ | 204,357 | | |
| 93,744 | | |
$ | 1,454,283 | |
| Reinvestment of distributions | |
| 21,302 | | |
| 340,412 | | |
| 17,930 | | |
| 282,392 | |
| Shares reacquired | |
| (152,500 | ) | |
| (2,477,494 | ) | |
| (120,012 | ) | |
| (1,884,254 | ) |
| Decrease | |
| (118,790 | ) | |
$ | (1,932,725 | ) | |
| (8,338 | ) | |
$ | (147,579 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R5 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 1,455 | | |
$ | 24,486 | | |
| 10,725 | | |
$ | 168,661 | |
| Reinvestment of distributions | |
| 4,876 | | |
| 79,245 | | |
| 4,852 | | |
| 77,635 | |
| Shares reacquired | |
| (22,321 | ) | |
| (378,301 | ) | |
| (27,082 | ) | |
| (441,846 | ) |
| Decrease | |
| (15,990 | ) | |
$ | (274,570 | ) | |
| (11,505 | ) | |
$ | (195,550 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 132,556 | | |
$ | 2,268,658 | | |
| 295,594 | | |
$ | 4,769,667 | |
| Reinvestment of distributions | |
| 39,901 | | |
| 656,369 | | |
| 28,446 | | |
| 459,980 | |
| Shares reacquired | |
| (118,190 | ) | |
| (2,013,918 | ) | |
| (177,421 | ) | |
| (2,804,430 | ) |
| Increase | |
| 54,267 | | |
$ | 911,109 | | |
| 146,619 | | |
$ | 2,425,217 | |
| | |
| | | |
| | | |
| | | |
| | |
| Global Equity Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 784,590 | | |
$ | 15,805,523 | | |
| 1,723,552 | | |
$ | 31,928,203 | |
| Reinvestment of distributions | |
| 13,846 | | |
| 275,126 | | |
| 1,914 | | |
| 32,700 | |
| Shares reacquired | |
| (363,728 | ) | |
| (7,336,770 | ) | |
| (154,661 | ) | |
| (2,860,397 | ) |
| Increase | |
| 434,708 | | |
$ | 8,743,879 | | |
| 1,570,805 | | |
$ | 29,100,506 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 87,794 | | |
$ | 1,749,758 | | |
| 113,281 | | |
$ | 2,126,255 | |
| Reinvestment of distributions | |
| 352 | | |
| 6,878 | | |
| – | | |
| – | |
| Shares reacquired | |
| (23,952 | ) | |
| (473,561 | ) | |
| (14,499 | ) | |
| (266,045 | ) |
| Increase | |
| 64,194 | | |
$ | 1,283,075 | | |
| 98,782 | | |
$ | 1,860,210 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 17,309 | | |
$ | 357,500 | | |
| 551,481 | | |
$ | 8,797,941 | |
| Reinvestment of distributions | |
| 80 | | |
| 1,604 | | |
| 92 | | |
| 1,573 | |
| Shares reacquired | |
| (196 | ) | |
| (4,171 | ) | |
| (613,997 | ) | |
| (10,749,146 | ) |
| Increase (decrease) | |
| 17,193 | | |
$ | 354,933 | | |
| (62,424 | ) | |
$ | (1,949,632 | ) |
141
Notes to Financial Statements (unaudited)(continued)
| Global Equity Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class F3 Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 857,657 | | |
$ | 17,418,907 | | |
| 2,443,608 | | |
$ | 44,179,953 | |
| Reinvestment of distributions | |
| 17,826 | | |
| 356,334 | | |
| 184 | | |
| 3,147 | |
| Shares reacquired | |
| (343,937 | ) | |
| (7,047,791 | ) | |
| (178,975 | ) | |
| (3,349,655 | ) |
| Increase | |
| 531,546 | | |
$ | 10,727,450 | | |
| 2,264,817 | | |
$ | 40,833,445 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 3,562,694 | | |
$ | 72,347,577 | | |
| 14,232,802 | | |
$ | 257,628,728 | |
| Reinvestment of distributions | |
| 90,303 | | |
| 1,797,927 | | |
| 23,641 | | |
| 404,033 | |
| Shares reacquired | |
| (3,113,959 | ) | |
| (63,469,092 | ) | |
| (4,871,843 | ) | |
| (84,420,208 | ) |
| Increase | |
| 539,038 | | |
$ | 10,676,412 | | |
| 9,384,600 | | |
$ | 173,612,553 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 7,979 | | |
$ | 158,197 | | |
| 8,835 | | |
$ | 152,967 | |
| Reinvestment of distributions | |
| 147 | | |
| 2,900 | | |
| 78 | | |
| 1,317 | |
| Shares reacquired | |
| (2,751 | ) | |
| (55,315 | ) | |
| (14,662 | ) | |
| (259,702 | ) |
| Increase (decrease) | |
| 5,375 | | |
$ | 105,782 | | |
| (5,749 | ) | |
$ | (105,418 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R4 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 99 | | |
$ | 2,000 | | |
| 53 | | |
$ | 999 | |
| Reinvestment of distributions | |
| – | | |
| 9 | | |
| – | | |
| – | |
| Shares reacquired | |
| (2 | ) | |
| (33 | ) | |
| (1 | ) | |
| (15 | ) |
| Increase | |
| 97 | | |
$ | 1,976 | | |
| 52 | | |
$ | 984 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R5 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 2,344 | | |
$ | 48,554 | | |
| 14 | | |
$ | 262 | |
| Reinvestment of distributions | |
| – | | |
| 3 | | |
| – | | |
| – | |
| Shares reacquired | |
| (2,333 | ) | |
| (49,996 | ) | |
| – | | |
| (1 | ) |
| Increase (decrease) | |
| 11 | | |
$ | (1,439 | ) | |
| 14 | | |
$ | 261 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 153,826 | | |
$ | 3,143,251 | | |
| 143,722 | | |
$ | 2,718,997 | |
| Reinvestment of distributions | |
| 1,262 | | |
| 25,220 | | |
| 1,415 | | |
| 24,258 | |
| Shares reacquired | |
| (33,106 | ) | |
| (687,068 | ) | |
| (198,131 | ) | |
| (3,575,094 | ) |
| Increase (decrease) | |
| 121,982 | | |
$ | 2,481,403 | | |
| (52,994 | ) | |
$ | (831,839 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Growth Leaders Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 2,357,355 | | |
$ | 124,761,103 | | |
| 5,514,983 | | |
$ | 266,427,700 | |
| Reinvestment of distributions | |
| 937,812 | | |
| 50,970,071 | | |
| – | | |
| – | |
| Shares reacquired | |
| (4,129,916 | ) | |
| (217,859,749 | ) | |
| (8,027,030 | ) | |
| (388,308,012 | ) |
| Decrease | |
| (834,749 | ) | |
$ | (42,128,575 | ) | |
| (2,512,047 | ) | |
$ | (121,880,312 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 649,797 | | |
$ | 28,942,440 | | |
| 1,380,287 | | |
$ | 56,624,809 | |
| Reinvestment of distributions | |
| 274,363 | | |
| 12,554,836 | | |
| – | | |
| – | |
| Shares reacquired | |
| (1,771,239 | ) | |
| (78,885,545 | ) | |
| (3,343,270 | ) | |
| (138,090,019 | ) |
| Decrease | |
| (847,079 | ) | |
$ | (37,388,269 | ) | |
| (1,962,983 | ) | |
$ | (81,465,210 | ) |
142
Notes to Financial Statements (unaudited)(continued)
| Growth Leaders Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class F Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 401,427 | | |
$ | 22,726,224 | | |
| 3,900,702 | | |
$ | 190,265,948 | |
| Reinvestment of distributions | |
| 121,058 | | |
| 6,878,515 | | |
| – | | |
| – | |
| Shares reacquired | |
| (1,197,042 | ) | |
| (66,844,095 | ) | |
| (3,513,332 | ) | |
| (168,307,970 | ) |
| Increase (decrease) | |
| (674,557 | ) | |
$ | (37,239,356 | ) | |
| 387,370 | | |
$ | 21,957,978 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class F3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 1,174,672 | | |
$ | 66,446,337 | | |
| 3,037,809 | | |
$ | 157,809,951 | |
| Reinvestment of distributions | |
| 200,820 | | |
| 11,635,509 | | |
| – | | |
| – | |
| Shares reacquired | |
| (1,545,034 | ) | |
| (86,687,350 | ) | |
| (2,987,355 | ) | |
| (153,747,440 | ) |
| Increase (decrease) | |
| (169,542 | ) | |
$ | (8,605,504 | ) | |
| 50,454 | | |
$ | 4,062,511 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 4,638,282 | | |
$ | 258,611,227 | | |
| 11,896,730 | | |
$ | 600,146,374 | |
| Reinvestment of distributions | |
| 1,072,420 | | |
| 61,503,304 | | |
| – | | |
| – | |
| Shares reacquired | |
| (7,964,278 | ) | |
| (444,148,712 | ) | |
| (17,357,794 | ) | |
| (878,196,923 | ) |
| Decrease | |
| (2,253,576 | ) | |
$ | (124,034,181 | ) | |
| (5,461,064 | ) | |
$ | (278,050,549 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R2 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 8,045 | | |
$ | 403,285 | | |
| 8,144 | | |
$ | 373,076 | |
| Reinvestment of distributions | |
| 938 | | |
| 48,582 | | |
| – | | |
| – | |
| Shares reacquired | |
| (7,326 | ) | |
| (373,883 | ) | |
| (10,394 | ) | |
| (466,838 | ) |
| Increase (decrease) | |
| 1,657 | | |
$ | 77,984 | | |
| (2,250 | ) | |
$ | (93,762 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 51,400 | | |
$ | 2,562,035 | | |
| 161,857 | | |
$ | 7,360,996 | |
| Reinvestment of distributions | |
| 11,542 | | |
| 599,615 | | |
| – | | |
| – | |
| Shares reacquired | |
| (46,040 | ) | |
| (2,326,816 | ) | |
| (161,367 | ) | |
| (7,188,195 | ) |
| Increase | |
| 16,902 | | |
$ | 834,834 | | |
| 490 | | |
$ | 172,801 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R4 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 16,161 | | |
$ | 856,964 | | |
| 104,828 | | |
$ | 4,849,238 | |
| Reinvestment of distributions | |
| 4,963 | | |
| 269,852 | | |
| – | | |
| – | |
| Shares reacquired | |
| (58,119 | ) | |
| (3,049,774 | ) | |
| (153,921 | ) | |
| (7,269,684 | ) |
| Decrease | |
| (36,995 | ) | |
$ | (1,922,958 | ) | |
| (49,093 | ) | |
$ | (2,420,446 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R5 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 14,200 | | |
$ | 790,961 | | |
| 32,719 | | |
$ | 1,645,438 | |
| Reinvestment of distributions | |
| 3,722 | | |
| 213,552 | | |
| – | | |
| – | |
| Shares reacquired | |
| (27,778 | ) | |
| (1,555,937 | ) | |
| (95,544 | ) | |
| (4,868,486 | ) |
| Decrease | |
| (9,856 | ) | |
$ | (551,424 | ) | |
| (62,825 | ) | |
$ | (3,223,048 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 183,232 | | |
$ | 10,308,553 | | |
| 639,787 | | |
$ | 33,260,887 | |
| Reinvestment of distributions | |
| 34,075 | | |
| 1,974,329 | | |
| – | | |
| – | |
| Shares reacquired | |
| (366,950 | ) | |
| (20,993,284 | ) | |
| (1,133,169 | ) | |
| (59,666,790 | ) |
| Decrease | |
| (149,643 | ) | |
$ | (8,710,402 | ) | |
| (493,382 | ) | |
$ | (26,405,903 | ) |
143
Notes to Financial Statements (unaudited)(continued)
| Health Care Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 2,991 | | |
$ | 65,780 | | |
| 14,765 | | |
$ | 281,437 | |
| Reinvestment of distributions | |
| 301 | | |
| 6,865 | | |
| 662 | | |
| 13,567 | |
| Shares reacquired | |
| (12,658 | ) | |
| (279,831 | ) | |
| (34,391 | ) | |
| (638,237 | ) |
| Decrease | |
| (9,366 | ) | |
$ | (207,186 | ) | |
| (18,964 | ) | |
$ | (343,233 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 1,533 | | |
$ | 32,714 | | |
| 5,290 | | |
$ | 100,944 | |
| Shares reacquired | |
| (641 | ) | |
| (13,301 | ) | |
| (4,528 | ) | |
| (83,581 | ) |
| Increase | |
| 892 | | |
$ | 19,413 | | |
| 762 | | |
$ | 17,363 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| – | | |
$ | – | | |
| 127 | | |
$ | 2,501 | |
| Reinvestment of distributions | |
| 15 | | |
| 343 | | |
| 40 | | |
| 839 | |
| Shares reacquired | |
| (256 | ) | |
| (5,441 | ) | |
| (3,599 | ) | |
| (65,775 | ) |
| Decrease | |
| (241 | ) | |
$ | (5,098 | ) | |
| (3,432 | ) | |
$ | (62,435 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| – | | |
$ | – | | |
| 959 | | |
$ | 19,205 | |
| Reinvestment of distributions | |
| 7 | | |
| 159 | | |
| 12 | | |
| 238 | |
| Shares reacquired | |
| (61 | ) | |
| (1,382 | ) | |
| (1,193 | ) | |
| (23,485 | ) |
| Decrease | |
| (54 | ) | |
$ | (1,223 | ) | |
| (222 | ) | |
$ | (4,042 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 191 | | |
$ | 4,166 | | |
| 4,785 | | |
$ | 92,940 | |
| Reinvestment of distributions | |
| – | | |
| – | | |
| 8 | | |
| 152 | |
| Shares reacquired | |
| (71 | ) | |
| (1,582 | ) | |
| (13 | ) | |
| (246 | ) |
| Increase | |
| 120 | | |
$ | 2,584 | | |
| 4,780 | | |
$ | 92,846 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 1,787 | | |
$ | 41,448 | | |
| 3,490 | | |
$ | 70,590 | |
| Reinvestment of distributions | |
| 12 | | |
| 278 | | |
| 8 | | |
| 171 | |
| Shares reacquired | |
| (8,136 | ) | |
| (184,684 | ) | |
| (24,335 | ) | |
| (489,359 | ) |
| Decrease | |
| (6,337 | ) | |
$ | (142,958 | ) | |
| (20,837 | ) | |
$ | (418,598 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| International Equity Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 761,965 | | |
$ | 14,466,844 | | |
| 1,143,054 | | |
$ | 19,328,409 | |
| Reinvestment of distributions | |
| 519,156 | | |
| 9,147,529 | | |
| 404,179 | | |
| 5,961,634 | |
| Shares reacquired | |
| (813,964 | ) | |
| (15,458,319 | ) | |
| (1,314,763 | ) | |
| (21,241,039 | ) |
| Increase | |
| 467,157 | | |
$ | 8,156,054 | | |
| 232,470 | | |
$ | 4,049,004 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 85,244 | | |
$ | 1,634,756 | | |
| 48,238 | | |
$ | 799,113 | |
| Reinvestment of distributions | |
| 5,306 | | |
| 94,124 | | |
| 2,581 | | |
| 38,412 | |
| Shares reacquired | |
| (28,257 | ) | |
| (549,086 | ) | |
| (25,314 | ) | |
| (405,334 | ) |
| Increase | |
| 62,293 | | |
$ | 1,179,794 | | |
| 25,505 | | |
$ | 432,191 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 41,717 | | |
$ | 809,380 | | |
| 230,829 | | |
$ | 3,738,156 | |
| Reinvestment of distributions | |
| 19,991 | | |
| 350,641 | | |
| 11,070 | | |
| 162,511 | |
| Shares reacquired | |
| (33,572 | ) | |
| (636,115 | ) | |
| (110,343 | ) | |
| (1,782,940 | ) |
| Increase | |
| 28,136 | | |
$ | 523,906 | | |
| 131,556 | | |
$ | 2,117,727 | |
144
Notes to Financial Statements (unaudited)(continued)
| International Equity Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class F3 Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 1,274,030 | | |
$ | 24,721,164 | | |
| 2,779,887 | | |
$ | 46,283,287 | |
| Reinvestment of distributions | |
| 179,132 | | |
| 3,213,622 | | |
| 59,178 | | |
| 887,081 | |
| Shares reacquired | |
| (486,710 | ) | |
| (9,343,094 | ) | |
| (608,167 | ) | |
| (10,191,618 | ) |
| Increase | |
| 966,452 | | |
$ | 18,591,692 | | |
| 2,230,898 | | |
$ | 36,978,750 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 7,408,927 | | |
$ | 142,275,943 | | |
| 4,461,275 | | |
$ | 77,426,752 | |
| Reinvestment of distributions | |
| 650,095 | | |
| 11,610,697 | | |
| 397,407 | | |
| 5,933,289 | |
| Shares reacquired | |
| (3,039,797 | ) | |
| (58,343,625 | ) | |
| (2,155,273 | ) | |
| (34,869,528 | ) |
| Increase | |
| 5,019,225 | | |
$ | 95,543,015 | | |
| 2,703,409 | | |
$ | 48,490,513 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class P Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| – | | |
$ | 3 | | |
| – | | |
$ | 5 | |
| Reinvestment of distributions | |
| 41 | | |
| 727 | | |
| 32 | | |
| 480 | |
| Shares reacquired | |
| (93 | ) | |
| (1,710 | ) | |
| (25 | ) | |
| (378 | ) |
| Increase (decrease) | |
| (52 | ) | |
$ | (980 | ) | |
| 7 | | |
$ | 107 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R2 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 1,243 | | |
$ | 24,476 | | |
| 1,821 | | |
$ | 29,662 | |
| Reinvestment of distributions | |
| 818 | | |
| 14,460 | | |
| 562 | | |
| 8,310 | |
| Shares reacquired | |
| (8 | ) | |
| (152 | ) | |
| (257 | ) | |
| (4,027 | ) |
| Increase | |
| 2,053 | | |
$ | 38,784 | | |
| 2,126 | | |
$ | 33,945 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 20,811 | | |
$ | 389,275 | | |
| 28,881 | | |
$ | 462,513 | |
| Reinvestment of distributions | |
| 18,464 | | |
| 319,805 | | |
| 15,051 | | |
| 218,383 | |
| Shares reacquired | |
| (33,816 | ) | |
| (623,987 | ) | |
| (42,346 | ) | |
| (683,922 | ) |
| Increase (decrease) | |
| 5,459 | | |
$ | 85,093 | | |
| 1,586 | | |
$ | (3,026 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R4 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 11,961 | | |
$ | 224,271 | | |
| 33,982 | | |
$ | 552,797 | |
| Reinvestment of distributions | |
| 7,762 | | |
| 135,840 | | |
| 6,171 | | |
| 90,407 | |
| Shares reacquired | |
| (14,769 | ) | |
| (285,931 | ) | |
| (40,150 | ) | |
| (604,691 | ) |
| Increase | |
| 4,954 | | |
$ | 74,180 | | |
| 3 | | |
$ | 38,513 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R5 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 5,835 | | |
$ | 110,669 | | |
| 11,552 | | |
$ | 200,838 | |
| Reinvestment of distributions | |
| 796 | | |
| 14,089 | | |
| 538 | | |
| 7,976 | |
| Shares reacquired | |
| (83 | ) | |
| (1,586 | ) | |
| (13,158 | ) | |
| (223,666 | ) |
| Increase (decrease) | |
| 6,548 | | |
$ | 123,172 | | |
| (1,068 | ) | |
$ | (14,852 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 2,086,436 | | |
$ | 38,894,237 | | |
| 119,020 | | |
$ | 1,940,572 | |
| Reinvestment of distributions | |
| 113,166 | | |
| 2,029,058 | | |
| 6,252 | | |
| 93,648 | |
| Shares reacquired | |
| (165,423 | ) | |
| (3,114,773 | ) | |
| (74,724 | ) | |
| (1,256,471 | ) |
| Increase | |
| 2,034,179 | | |
$ | 37,808,522 | | |
| 50,548 | | |
$ | 777,749 | |
145
Notes to Financial Statements (unaudited)(continued)
| International Opportunities Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 164,560 | | |
$ | 3,801,222 | | |
| 336,711 | | |
$ | 6,872,074 | |
| Reinvestment of distributions | |
| 70,463 | | |
| 1,510,033 | | |
| 88,272 | | |
| 1,605,664 | |
| Shares reacquired | |
| (300,254 | ) | |
| (6,801,372 | ) | |
| (819,442 | ) | |
| (16,266,726 | ) |
| Decrease | |
| (65,231 | ) | |
$ | (1,490,117 | ) | |
| (394,459 | ) | |
$ | (7,788,988 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 15,903 | | |
$ | 345,307 | | |
| 4,689 | | |
$ | 87,134 | |
| Reinvestment of distributions | |
| 750 | | |
| 14,848 | | |
| 1,855 | | |
| 31,139 | |
| Shares reacquired | |
| (51,526 | ) | |
| (1,098,114 | ) | |
| (91,300 | ) | |
| (1,664,003 | ) |
| Decrease | |
| (34,873 | ) | |
$ | (737,959 | ) | |
| (84,756 | ) | |
$ | (1,545,730 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 19,693 | | |
$ | 448,255 | | |
| 55,871 | | |
$ | 1,147,309 | |
| Reinvestment of distributions | |
| 1,869 | | |
| 39,697 | | |
| 2,698 | | |
| 48,611 | |
| Shares reacquired | |
| (9,124 | ) | |
| (209,414 | ) | |
| (80,829 | ) | |
| (1,625,674 | ) |
| Increase (decrease) | |
| 12,438 | | |
$ | 278,538 | | |
| (22,260 | ) | |
$ | (429,754 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class F3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 127,195 | | |
$ | 3,016,842 | | |
| 244,602 | | |
$ | 5,018,756 | |
| Reinvestment of distributions | |
| 25,242 | | |
| 564,912 | | |
| 31,441 | | |
| 596,122 | |
| Shares reacquired | |
| (215,785 | ) | |
| (5,186,901 | ) | |
| (383,095 | ) | |
| (7,922,739 | ) |
| Decrease | |
| (63,348 | ) | |
$ | (1,605,147 | ) | |
| (107,052 | ) | |
$ | (2,307,861 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 206,581 | | |
$ | 5,016,767 | | |
| 345,184 | | |
$ | 7,114,837 | |
| Reinvestment of distributions | |
| 120,417 | | |
| 2,669,653 | | |
| 159,663 | | |
| 3,003,253 | |
| Shares reacquired | |
| (489,114 | ) | |
| (11,690,828 | ) | |
| (1,603,830 | ) | |
| (32,944,777 | ) |
| Decrease | |
| (162,116 | ) | |
$ | (4,004,408 | ) | |
| (1,098,983 | ) | |
$ | (22,826,687 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class P Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 37 | | |
$ | 883 | | |
| 94 | | |
$ | 1,958 | |
| Reinvestment of distributions | |
| 21 | | |
| 461 | | |
| 22 | | |
| 424 | |
| Shares reacquired | |
| – | | |
| – | | |
| (6 | ) | |
| (121 | ) |
| Increase | |
| 58 | | |
$ | 1,344 | | |
| 110 | | |
$ | 2,261 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R2 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 24,441 | | |
$ | 565,484 | | |
| 22,211 | | |
$ | 440,409 | |
| Reinvestment of distributions | |
| 756 | | |
| 15,914 | | |
| 1,289 | | |
| 23,031 | |
| Shares reacquired | |
| (35,581 | ) | |
| (768,070 | ) | |
| (27,168 | ) | |
| (533,539 | ) |
| Decrease | |
| (10,384 | ) | |
$ | (186,672 | ) | |
| (3,668 | ) | |
$ | (70,099 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 47,169 | | |
$ | 1,080,448 | | |
| 39,204 | | |
$ | 781,640 | |
| Reinvestment of distributions | |
| 3,250 | | |
| 68,222 | | |
| 4,176 | | |
| 74,379 | |
| Shares reacquired | |
| (32,206 | ) | |
| (703,907 | ) | |
| (55,245 | ) | |
| (1,128,747 | ) |
| Increase (decrease) | |
| 18,213 | | |
$ | 444,763 | | |
| (11,865 | ) | |
$ | (272,728 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R4 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 13,400 | | |
$ | 296,351 | | |
| 20,761 | | |
$ | 412,511 | |
| Reinvestment of distributions | |
| 1,092 | | |
| 23,283 | | |
| 1,539 | | |
| 27,818 | |
| Shares reacquired | |
| (14,032 | ) | |
| (322,215 | ) | |
| (38,800 | ) | |
| (819,947 | ) |
| Increase (decrease) | |
| 460 | | |
$ | (2,581 | ) | |
| (16,500 | ) | |
$ | (379,618 | ) |
146
Notes to Financial Statements (unaudited)(continued)
| International Opportunities Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended
October 31, 2025 | |
| Class R5 Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 7,149 | | |
$ | 163,627 | | |
| 12,570 | | |
$ | 252,754 | |
| Reinvestment of distributions | |
| 1,818 | | |
| 40,281 | | |
| 2,216 | | |
| 41,670 | |
| Shares reacquired | |
| (17,480 | ) | |
| (415,526 | ) | |
| (25,886 | ) | |
| (527,982 | ) |
| Decrease | |
| (8,513 | ) | |
$ | (211,618 | ) | |
| (11,100 | ) | |
$ | (233,558 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 66,111 | | |
$ | 1,583,749 | | |
| 201,670 | | |
$ | 4,216,829 | |
| Reinvestment of distributions | |
| 10,673 | | |
| 238,856 | | |
| 13,243 | | |
| 251,087 | |
| Shares reacquired | |
| (168,320 | ) | |
| (4,115,378 | ) | |
| (299,507 | ) | |
| (6,217,804 | ) |
| Decrease | |
| (91,536 | ) | |
$ | (2,292,773 | ) | |
| (84,594 | ) | |
$ | (1,749,888 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| International Value Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended
October 31, 2025 | |
| Class A Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 812,841 | | |
$ | 8,651,256 | | |
| 1,769,277 | | |
$ | 15,622,080 | |
| Reinvestment of distributions | |
| 186,101 | | |
| 1,931,136 | | |
| 763,582 | | |
| 6,920,219 | |
| Shares reacquired | |
| (1,738,634 | ) | |
| (18,532,676 | ) | |
| (4,205,421 | ) | |
| (37,146,493 | ) |
| Decrease | |
| (739,692 | ) | |
$ | (7,950,284 | ) | |
| (1,672,562 | ) | |
$ | (14,604,194 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 108,965 | | |
$ | 1,199,491 | | |
| 65,783 | | |
$ | 607,819 | |
| Reinvestment of distributions | |
| 1,160 | | |
| 11,893 | | |
| 4,707 | | |
| 42,660 | |
| Shares reacquired | |
| (27,453 | ) | |
| (290,749 | ) | |
| (87,095 | ) | |
| (772,347 | ) |
| Increase (decrease) | |
| 82,672 | | |
$ | 920,635 | | |
| (16,605 | ) | |
$ | (121,868 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 859 | | |
$ | 9,427 | | |
| 44,750 | | |
$ | 382,527 | |
| Reinvestment of distributions | |
| 4,318 | | |
| 45,232 | | |
| 17,076 | | |
| 155,869 | |
| Shares reacquired | |
| (38,385 | ) | |
| (413,779 | ) | |
| (142,040 | ) | |
| (1,260,513 | ) |
| Decrease | |
| (33,208 | ) | |
$ | (359,120 | ) | |
| (80,214 | ) | |
$ | (722,117 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class F3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 688,081 | | |
$ | 7,498,770 | | |
| 1,236,395 | | |
$ | 11,175,383 | |
| Reinvestment of distributions | |
| 42,654 | | |
| 448,064 | | |
| 144,506 | | |
| 1,325,030 | |
| Shares reacquired | |
| (523,590 | ) | |
| (5,723,974 | ) | |
| (982,821 | ) | |
| (8,850,993 | ) |
| Increase | |
| 207,145 | | |
$ | 2,222,860 | | |
| 398,080 | | |
$ | 3,649,420 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 479,395 | | |
$ | 5,190,054 | | |
| 1,386,343 | | |
$ | 12,357,359 | |
| Reinvestment of distributions | |
| 144,695 | | |
| 1,517,627 | | |
| 558,793 | | |
| 5,108,958 | |
| Shares reacquired | |
| (1,641,644 | ) | |
| (17,809,240 | ) | |
| (3,495,897 | ) | |
| (30,661,566 | ) |
| Decrease | |
| (1,017,554 | ) | |
$ | (11,101,559 | ) | |
| (1,550,761 | ) | |
$ | (13,195,249 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R2 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 306 | | |
$ | 3,376 | | |
| 599 | | |
$ | 5,508 | |
| Reinvestment of distributions | |
| 45 | | |
| 479 | | |
| 197 | | |
| 1,846 | |
| Shares reacquired | |
| (339 | ) | |
| (3,654 | ) | |
| (175 | ) | |
| (1,595 | ) |
| Increase | |
| 12 | | |
$ | 201 | | |
| 621 | | |
$ | 5,759 | |
147
Notes to Financial Statements (unaudited)(continued)
| International Value Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class R3 Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 87,089 | | |
$ | 968,389 | | |
| 45,492 | | |
$ | 407,947 | |
| Reinvestment of distributions | |
| 3,803 | | |
| 39,897 | | |
| 16,152 | | |
| 148,337 | |
| Shares reacquired | |
| (39,833 | ) | |
| (441,910 | ) | |
| (144,707 | ) | |
| (1,300,292 | ) |
| Increase (decrease) | |
| 51,059 | | |
$ | 566,376 | | |
| (83,063 | ) | |
$ | (744,008 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R4 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 424 | | |
$ | 4,585 | | |
| 1,509 | | |
$ | 12,852 | |
| Reinvestment of distributions | |
| 55 | | |
| 578 | | |
| 576 | | |
| 5,182 | |
| Shares reacquired | |
| (15,302 | ) | |
| (160,066 | ) | |
| (4,521 | ) | |
| (41,532 | ) |
| Decrease | |
| (14,823 | ) | |
$ | (154,903 | ) | |
| (2,436 | ) | |
$ | (23,498 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R5 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 11 | | |
$ | 114 | | |
| 18 | | |
$ | 154 | |
| Reinvestment of distributions | |
| – | | |
| 1 | | |
| – | | |
| 6 | |
| Shares reacquired | |
| (22 | ) | |
| (230 | ) | |
| (12 | ) | |
| (110 | ) |
| Increase (decrease) | |
| (11 | ) | |
$ | (115 | ) | |
| 6 | | |
$ | 50 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 14,234 | | |
$ | 155,261 | | |
| 9,603 | | |
$ | 86,503 | |
| Reinvestment of distributions | |
| 282 | | |
| 2,971 | | |
| 1,944 | | |
| 17,748 | |
| Shares reacquired | |
| (14,835 | ) | |
| (169,177 | ) | |
| (53,622 | ) | |
| (488,463 | ) |
| Decrease | |
| (319 | ) | |
$ | (10,945 | ) | |
| (42,075 | ) | |
$ | (384,212 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Micro Cap Growth Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 26,844 | | |
$ | 546,402 | | |
| 72,125 | | |
$ | 1,195,727 | |
| Shares reacquired | |
| (161,648 | ) | |
| (3,287,652 | ) | |
| (327,884 | ) | |
| (5,517,305 | ) |
| Decrease | |
| (134,804 | ) | |
$ | (2,741,250 | ) | |
| (255,759 | ) | |
$ | (4,321,578 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 1,686 | | |
$ | 40,198 | | |
| 8,228 | | |
$ | 169,811 | |
| Shares reacquired | |
| (33,977 | ) | |
| (807,179 | ) | |
| (68,092 | ) | |
| (1,365,595 | ) |
| Decrease | |
| (32,291 | ) | |
$ | (766,981 | ) | |
| (59,864 | ) | |
$ | (1,195,784 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 11,702 | | |
$ | 292,782 | | |
| 17,527 | | |
$ | 353,437 | |
| Shares reacquired | |
| (66,018 | ) | |
| (1,649,529 | ) | |
| (151,253 | ) | |
| (3,078,904 | ) |
| Decrease | |
| (54,316 | ) | |
$ | (1,356,747 | ) | |
| (133,726 | ) | |
$ | (2,725,467 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 111,848 | | |
$ | 2,821,482 | | |
| 468,255 | | |
$ | 9,916,676 | |
| Reinvestment of distributions | |
| 394 | | |
| 9,605 | | |
| – | | |
| – | |
| Shares reacquired | |
| (919,857 | ) | |
| (22,977,648 | ) | |
| (1,346,946 | ) | |
| (28,452,550 | ) |
| Decrease | |
| (807,615 | ) | |
$ | (20,146,561 | ) | |
| (878,691 | ) | |
$ | (18,535,874 | ) |
148
Notes to Financial Statements (unaudited)(continued)
| Value Opportunities Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class A Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 480,513 | | |
$ | 8,949,270 | | |
| 1,404,855 | | |
$ | 26,276,320 | |
| Reinvestment of distributions | |
| 1,701,074 | | |
| 30,364,166 | | |
| 1,909,819 | | |
| 39,093,998 | |
| Shares reacquired | |
| (3,076,339 | ) | |
| (57,181,989 | ) | |
| (5,983,393 | ) | |
| (111,407,001 | ) |
| Decrease | |
| (894,752 | ) | |
$ | (17,868,553 | ) | |
| (2,668,719 | ) | |
$ | (46,036,683 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class C Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 12,180 | | |
$ | 173,397 | | |
| 43,617 | | |
$ | 628,939 | |
| Reinvestment of distributions | |
| 57,013 | | |
| 770,815 | | |
| 112,220 | | |
| 1,780,931 | |
| Shares reacquired | |
| (171,354 | ) | |
| (2,434,333 | ) | |
| (842,081 | ) | |
| (12,220,579 | ) |
| Decrease | |
| (102,161 | ) | |
$ | (1,490,121 | ) | |
| (686,244 | ) | |
$ | (9,810,709 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class F Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 8,541 | | |
$ | 166,195 | | |
| 27,309 | | |
$ | 534,664 | |
| Reinvestment of distributions | |
| 58,488 | | |
| 1,085,534 | | |
| 80,786 | | |
| 1,715,896 | |
| Shares reacquired | |
| (261,554 | ) | |
| (5,080,649 | ) | |
| (435,993 | ) | |
| (8,263,139 | ) |
| Decrease | |
| (194,525 | ) | |
$ | (3,828,920 | ) | |
| (327,898 | ) | |
$ | (6,012,579 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class F3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 449,165 | | |
$ | 9,100,782 | | |
| 1,040,907 | | |
$ | 20,700,204 | |
| Reinvestment of distributions | |
| 508,294 | | |
| 9,886,322 | | |
| 537,627 | | |
| 11,924,571 | |
| Shares reacquired | |
| (1,103,392 | ) | |
| (22,469,477 | ) | |
| (1,953,768 | ) | |
| (39,461,797 | ) |
| Decrease | |
| (145,933 | ) | |
$ | (3,482,373 | ) | |
| (375,234 | ) | |
$ | (6,837,022 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class I Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 377,430 | | |
$ | 7,642,562 | | |
| 540,629 | | |
$ | 10,608,697 | |
| Reinvestment of distributions | |
| 819,241 | | |
| 15,688,467 | | |
| 1,092,860 | | |
| 23,900,843 | |
| Shares reacquired | |
| (943,311 | ) | |
| (18,768,982 | ) | |
| (5,980,223 | ) | |
| (112,220,162 | ) |
| Increase (decrease) | |
| 253,360 | | |
$ | 4,562,047 | | |
| (4,346,734 | ) | |
$ | (77,710,622 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class P Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 37,702 | | |
$ | 672,297 | | |
| 77,102 | | |
$ | 1,382,435 | |
| Reinvestment of distributions | |
| 31,244 | | |
| 535,215 | | |
| 36,742 | | |
| 723,443 | |
| Shares reacquired | |
| (76,395 | ) | |
| (1,375,608 | ) | |
| (173,052 | ) | |
| (3,128,840 | ) |
| Decrease | |
| (7,449 | ) | |
$ | (168,096 | ) | |
| (59,208 | ) | |
$ | (1,022,962 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R2 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 8,287 | | |
$ | 140,692 | | |
| 28,781 | | |
$ | 474,776 | |
| Reinvestment of distributions | |
| 11,310 | | |
| 184,351 | | |
| 13,404 | | |
| 252,260 | |
| Shares reacquired | |
| (20,371 | ) | |
| (337,430 | ) | |
| (71,381 | ) | |
| (1,207,369 | ) |
| Decrease | |
| (774 | ) | |
$ | (12,387 | ) | |
| (29,196 | ) | |
$ | (480,333 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R3 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 59,064 | | |
$ | 1,033,799 | | |
| 164,888 | | |
$ | 2,862,836 | |
| Reinvestment of distributions | |
| 80,373 | | |
| 1,347,046 | | |
| 103,435 | | |
| 1,995,262 | |
| Shares reacquired | |
| (150,179 | ) | |
| (2,624,203 | ) | |
| (554,278 | ) | |
| (9,713,849 | ) |
| Decrease | |
| (10,742 | ) | |
$ | (243,358 | ) | |
| (285,955 | ) | |
$ | (4,855,751 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Class R4 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 62,662 | | |
$ | 1,156,749 | | |
| 177,658 | | |
$ | 3,296,024 | |
| Reinvestment of distributions | |
| 82,593 | | |
| 1,471,812 | | |
| 88,929 | | |
| 1,817,713 | |
| Shares reacquired | |
| (155,665 | ) | |
| (2,889,879 | ) | |
| (320,650 | ) | |
| (5,920,695 | ) |
| Decrease | |
| (10,410 | ) | |
$ | (261,318 | ) | |
| (54,063 | ) | |
$ | (806,958 | ) |
149
Notes to Financial Statements (unaudited)(concluded)
| Value Opportunities Fund | |
Six Months Ended April 30, 2026 (unaudited) | | |
Year Ended October 31, 2025 | |
| Class R5 Shares | |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| Shares sold | |
| 13,467 | | |
$ | 271,952 | | |
| 32,418 | | |
$ | 643,525 | |
| Reinvestment of distributions | |
| 3,891 | | |
| 74,595 | | |
| 3,547 | | |
| 77,653 | |
| Shares reacquired | |
| (14,953 | ) | |
| (306,729 | ) | |
| (29,153 | ) | |
| (594,770 | ) |
| Increase | |
| 2,405 | | |
$ | 39,818 | | |
| 6,812 | | |
$ | 126,408 | |
| | |
| | | |
| | | |
| | | |
| | |
| Class R6 Shares | |
| | | |
| | | |
| | | |
| | |
| Shares sold | |
| 39,582 | | |
$ | 796,826 | | |
| 120,852 | | |
$ | 2,519,320 | |
| Reinvestment of distributions | |
| 33,505 | | |
| 650,999 | | |
| 52,678 | | |
| 1,167,335 | |
| Shares reacquired | |
| (188,529 | ) | |
| (3,835,711 | ) | |
| (474,070 | ) | |
| (9,591,416 | ) |
| Decrease | |
| (115,442 | ) | |
$ | (2,387,886 | ) | |
| (300,540 | ) | |
$ | (5,904,761 | ) |
150
Investments in Affiliated Funds (unaudited)
Alpha Strategy Fund invests in Affiliated
Funds managed by Lord Abbett. As of April 30, 2026, Alpha Strategy Fund’s long-term investments were allocated among the
Affiliated Funds as follows:
| Affiliated Fund Name |
% |
| Lord Abbett Developing Growth Fund, Inc. - Class I |
20.22% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I |
20.03% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I |
9.99% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class
I |
19.59% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I |
10.20% |
| Lord Abbett Securities Trust - Value Opportunities
Fund - Class I |
19.97% |
| Total |
100.00% |
Each Affiliated Fund’s annual and semiannual
reports, which are sent to shareholders and filed with the SEC, contain information about the Affiliated Fund’s portfolio
holdings, including a complete schedule of holdings. A complete schedule of holdings for each Affiliated Fund is also filed with
the SEC on Form N-PORT as of the end of each respective Affiliated 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.
151
Changes in and Disagreements with Accountants
There were no changes in or disagreements
with accountants during the period.
Proxy Disclosures
There were no matters submitted to a vote
of shareholders during the period.
Remuneration Paid to Directors, Officers, and Others
Remuneration paid to directors, officers,
and others is included in “Directors’ Remuneration” under Item 7 of this Form N-CSR.
Statement Regarding Basis for Approval of Investment Advisory
Contract
Securities Trust
(Lord Abbett Alpha Strategy Fund, Lord Abbett
Focused Growth Fund, Lord Abbett Focused Large Cap Value Fund, Lord Abbett Focused Small Cap Value Fund, Lord Abbett Fundamental
Equity Fund, Lord Abbett Global Equity Fund, Lord Abbett Growth Leaders Fund, Lord Abbett Health Care Fund, Lord Abbett International
Equity Fund, Lord Abbett International Opportunities Fund, Lord Abbett International Value Fund, Lord Abbett Value Opportunities
Fund and Lord Abbett Micro-Cap Growth Fund)
Approval of Advisory Contract
The Board, including all of the Trustees
who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940,
as amended (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management
agreement between each Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board
reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the
year, including information about each Fund’s investment performance compared to the performance of one or more appropriate
benchmarks. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information,
taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Trustees also met
with their independent legal counsel in various private sessions at which no representatives of management were present.
The materials received by the Board as to each Fund included,
but were not limited to: (1) information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment
performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by
Broadridge, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment
performance of one or more appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual
and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category,
with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer
group”); (3) certain supplemental investment
152
Statement Regarding Basis for Approval of Investment Advisory
Contract (continued)
performance information provided by Lord
Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the
Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7)
an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Funds; (8)
information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s other advisory clients
maintaining accounts with a similar investment strategy as the Fund (in the case of each Fund other than Alpha Strategy Fund, Focused
Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, International Equity Fund and International Value Fund);
and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.
Investment Management and Related Services
Generally. The Board considered the services provided by Lord Abbett to each Fund, including investment research, portfolio
management, risk oversight, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements
and investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in
the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged
in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the
investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in
the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other
clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not
uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to
these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The
Board considered the fact that in many instances fee rates are higher on average for mutual fund clients than for other clients.
The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related
factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment
services provided by Lord Abbett under the Agreement.
Investment Performance. The Board
reviewed each Fund’s investment performance in relation to that of its performance peer group and one or more appropriate
benchmarks as of various periods ended June 30, 2025. With respect to Alpha Strategy Fund, the Board observed that the Fund’s
investment performance was above the median of the performance peer group for the one- and three-year periods but below the median
of the performance peer group for the five- and ten-year periods. With respect to Fundamental Equity Fund, the Board observed that
the Fund’s investment performance was above the median of the performance peer group for the one- and three-year periods,
but below the median of the performance peer group for the five- and ten-year periods. With respect to each of Focused Growth Fund,
Focused Large Cap Value Fund, and Global Equity Fund, the Board observed that the Fund’s investment performance was above
the median of the performance peer group for the one-, three- and five-year periods. As to Focused Small Cap Value Fund, the Board
observed that the Fund’s investment performance was above the median of the performance peer group for the three- and ten-year
periods and equal to the median of the performance peer group for the one- and five-year periods. As to Growth Leaders Fund, the
Board observed that the Fund’s investment performance was above the median of the performance
153
Statement Regarding Basis for Approval of Investment Advisory
Contract (continued)
peer group for the one- and ten-year periods,
but below the median of the performance peer group for the three- and five-year periods. With respect to Health Care Fund, the
Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year
period and equal to the median of the performance peer group for the three-year period, but below the median of the performance
peer group for the five-year period. As to International Equity Fund, the Board observed that the Fund’s investment performance
was above the median of the performance peer group for the one-, three-, and five-year periods and equal to the median of the performance
peer group for the ten-year period. As to International Opportunities Fund, the Board observed that the Fund’s investment
performance was equal to the median of the performance peer group for the one-year period, but below the median of the performance
peer group for the three-, five-, and ten-year periods. As to International Value Fund, the Board observed that the Fund’s
investment performance was above the median of the performance peer group for the one-year period, but below the median of the
performance peer group for the three-, five-, and ten-year periods. As to Value Opportunities Fund, the Board observed that the
Fund’s investment performance was equal to the median of the performance peer group for the three-year period, but below
the median of the performance peer group for the one-, five-, and ten-year periods. As to Micro-Cap Growth Fund, the Board observed
that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, five-, and
ten-year periods. With respect to each Fund, the Board considered Lord Abbett’s explanation of the Fund’s performance.
The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed
funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate.
After reviewing these and other factors, including those described below, the Board concluded that each Fund’s Agreement
should be continued.
Lord Abbett’s Personnel and Methods.
The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of
its investment objective and strategy, and other services to each Fund by Lord Abbett. Among other things, the Board considered
the size, experience, and turnover of Lord Abbett’s staff, the resources made available to them, Lord Abbett’s investment
methodologies and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.
Nature and Quality of Other Services.
The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett
and the nature and extent of Lord Abbett’s oversight of third-party service providers, including each Fund’s transfer
agent and custodian.
Expenses. The Board considered the
expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s
expense peer group. It also considered how each of the expense level and the actual management fee rates of each Fund related to
those of the expense peer group and the amount and nature of the fees paid by shareholders.
As to Alpha Strategy Fund, the Board observed
that while the net total expense ratio was above the median of the expense peer group, the Fund’s actual management fee (excluding
underlying fund fees) was below the median of the expense peer group. As to each of Micro-Cap Growth Fund and Value Opportunities
Fund, the Board observed that the net total expense ratio and actual management fee of the Fund were both above the median of the
expense peer group. As to each of Focused Large Cap Value Fund, Fundamental Equity Fund, Global Equity Fund, Growth Leaders
154
Statement Regarding Basis for Approval of Investment Advisory
Contract (continued)
Fund, Health Care Fund, International Equity
Fund, International Opportunities Fund and International Value Fund, the Board observed that the net total expense ratio and the
actual management fee were both below the median of the expense peer group. As to Focused Small Cap Value Fund and Focused Growth
Fund, the Board observed that the net total expense ratio was below the median of the expense peer group and the actual management
fee was equal to the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the
context of its overall approval of the Agreement, that the management fee schedule in place for each Fund was reasonable in light
of all of the factors it considered including the nature, quality and extent of services provided by Lord Abbett.
Profitability. As to each Fund, the
Board considered the level of Lord Abbett’s operating margin in managing the Fund, including the administrative services
it provides to the Fund, and reviewed Lord Abbett’s methodology for allocating its costs to its management of the Fund. It
considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that
Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett’s
profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s
profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect
Lord Abbett’s ability to recruit and retain personnel. The Board recognized that Lord Abbett’s overall profitability
was a factor in enabling it to attract and retain qualified personnel to provide services to each Fund. After reviewing these and
related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability
with respect to each Fund was not excessive.
Economies of Scale. As to each Fund,
the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders
had appropriately benefited from any such economies of scale, and whether, where applicable, there was potential for realization
of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential
economies of scale through its investments in its businesses supporting the Funds. The Board also considered each Fund’s
existing management fee schedule, noting one or more contractual breakpoints in the level of management fee for each Fund other
than Alpha Strategy Fund, Focused Small Cap Value Fund and Micro-Cap Growth Fund; Lord Abbett’s voluntary waiver of Alpha
Strategy Fund’s management fee; and, with respect to each of Focused Growth Fund, Focused Large Cap Value Fund, Focused Small
Cap Value Fund, Global Equity Fund, and Health Care Fund, the Fund’s expense limitation agreement. Based on these considerations,
the Board concluded that any economies of scale were adequately addressed in respect of each Fund.
Other Benefits to Lord Abbett. As
to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord
Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from
each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s
investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue
of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett
Funds as to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of
the 12b-1 fees it receives, and that the Distributor receives a portion of the sales
155
Statement Regarding Basis for Approval of Investment Advisory
Contract (concluded)
charges on sales and redemptions of some
classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business
of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board
also noted that Lord Abbett has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord
Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage
transactions, including its mutual fund clients.
Alternative Arrangements. As to each
Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the
Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After
considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests
of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As
to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor
as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving
different weights to various factors. This summary does not discuss in detail all matters considered.
156
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This report, when not used for the general information of shareholders
of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.
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Lord Abbett Securities Trust
Lord Abbett Alpha Strategy Fund
Lord Abbett Focused Growth Fund
Lord Abbett Focused Large Cap Value Fund
Lord Abbett Focused Small Cap Value Fund
Lord Abbett Fundamental Equity Fund
Lord Abbett Global Equity Fund
Lord Abbett Growth Leaders Fund
Lord Abbett Health Care Fund
Lord Abbett International Equity Fund
Lord Abbett International Opportunities Fund
Lord Abbett International Value Fund
Lord Abbett Micro-Cap Growth Fund
Lord Abbett Value Opportunities Fund
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LST-3
(06/26) |
| Item 12: |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
| Item 13: |
Portfolio Managers of Closed-End Management Investment Companies. |
| Item 14: |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
| Item 15: |
Submission of Matters to a Vote of Security Holders. |
| Item 16: |
Controls and Procedures. |
| (a) | The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days
of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable
assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized
and reported within the time periods specified in the Commission’s rules and forms. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under
the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are
reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
| Item 17: |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
| Item 18: |
Recovery of Erroneously Awarded Compensation. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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LORD ABBETT SECURITIES TRUST |
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By: |
/s/ Douglas B. Sieg |
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Douglas B. Sieg |
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President and Chief Executive Officer |
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(Principal Executive Officer) |
Date: June 26, 2026
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.
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By: |
/s/ Douglas B. Sieg |
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Douglas B. Sieg |
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President and Chief Executive Officer |
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(Principal Executive Officer) |
Date: June 26, 2026
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By: |
/s/ Gina Andes |
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Gina Andes |
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Assistant Treasurer |
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(Interim Principal Financial Officer) |
Date: June 26, 2026
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