# EDGAR Filing Document

**Accession Number:** 0000898031
**File Stem:** 0000930413-25-002123
**Filing Date:** 2025-7
**Character Count:** 749282
**Document Hash:** 970ceea2bf3eaa1afee46696837bad02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002123.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0000930413-25-002123

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT SECURITIES TRUST
- **CENTRAL INDEX KEY:** 0000898031

**ORGANIZATION NAME:**
- **EIN:** 133712440
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07538
- **FILM NUMBER:** 251104467

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 201-827-2000

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

### Lord Abbett Fundamental Equity Fund (Series ID: S000007138)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019515 | Class A      | LDFVX           |
| C000019517 | Class C      | GILAX           |
| C000019518 | Class P      | LAVPX           |
| C000019519 | Class I      | LAVYX           |
| C000054922 | Class F      | LAVFX           |
| C000054923 | Class R2     | LAVQX           |
| C000054924 | Class R3     | LAVRX           |
| C000155667 | Class R4     | LAVSX           |
| C000155668 | Class R5     | LAVTX           |
| C000155669 | Class R6     | LAVVX           |
| C000184529 | Class F3     | LDFOX           |

### Lord Abbett Alpha Strategy Fund (Series ID: S000007139)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019521 | Class I      | ALFYX           |
| C000019522 | Class A      | ALFAX           |
| C000019524 | Class C      | ALFCX           |
| C000054925 | Class F      | ALFFX           |
| C000054926 | Class R2     | ALFQX           |
| C000054927 | Class R3     | ALFRX           |
| C000155670 | Class R4     | ALFKX           |
| C000155671 | Class R5     | ALFTX           |
| C000155672 | Class R6     | ALFVX           |
| C000184531 | Class F3     | ALFOX           |

### Lord Abbett International Equity Fund (Series ID: S000007140)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019525 | Class A      | LICAX           |
| C000019527 | Class C      | LICCX           |
| C000019528 | Class P      | LICPX           |
| C000019529 | Class I      | LICYX           |
| C000054928 | Class F      | LICFX           |
| C000054929 | Class R2     | LICQX           |
| C000054930 | Class R3     | LICRX           |
| C000155673 | Class R4     | LICSX           |
| C000155674 | Class R5     | LICTX           |
| C000155675 | Class R6     | LICVX           |
| C000184533 | Class F3     | LICOX           |

### Lord Abbett Micro-Cap Growth Fund (Series ID: S000007142)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019535 | Class A      | LAMGX           |
| C000019536 | Class I      | LMIYX           |
| C000221454 | Class C      | LCMGX           |
| C000221457 | Class F      | LFMGX           |

### Lord Abbett Focused Small Cap Value Fund (Series ID: S000007143)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019537 | Class A      | LFVAX           |
| C000019538 | Class I      | LMVYX           |
| C000212759 | Class R6     | LMVWX           |
| C000212760 | Class R5     | LMVVX           |
| C000212762 | Class C      | LFVCX           |
| C000212764 | Class F3     | LMVOX           |
| C000212765 | Class F      | LFSFX           |

### Lord Abbett Value Opportunities Fund (Series ID: S000007144)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019539 | Class A      | LVOAX           |
| C000019541 | Class C      | LVOCX           |
| C000019542 | Class P      | LVOPX           |
| C000019543 | Class I      | LVOYX           |
| C000054934 | Class F      | LVOFX           |
| C000054935 | Class R2     | LVOQX           |
| C000054936 | Class R3     | LVORX           |
| C000155676 | Class R4     | LVOSX           |
| C000155677 | Class R5     | LVOTX           |
| C000155678 | Class R6     | LVOVX           |
| C000184535 | Class F3     | LVOOX           |

### Lord Abbett International Opportunities Fund (Series ID: S000007183)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019658 | Class A      | LAIEX           |
| C000019660 | Class C      | LINCX           |
| C000019661 | Class P      | LINPX           |
| C000019662 | Class I      | LINYX           |
| C000054937 | Class F      | LINFX           |
| C000054938 | Class R2     | LINQX           |
| C000054939 | Class R3     | LINRX           |
| C000155679 | Class R4     | LINSX           |
| C000155680 | Class R5     | LINTX           |
| C000155681 | Class R6     | LINVX           |
| C000184538 | Class F3     | LOIEX           |

### Lord Abbett International Value Fund (Series ID: S000022492)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000065058 | Class A      | LIDAX           |
| C000065060 | Class C      | LIDCX           |
| C000065061 | Class F      | LIDFX           |
| C000065062 | Class I      | LAIDX           |
| C000065063 | Class R2     | LIDRX           |
| C000065064 | Class R3     | LIRRX           |
| C000155682 | Class R4     | LIRSX           |
| C000155683 | Class R5     | LIRTX           |
| C000155684 | Class R6     | LIRVX           |
| C000184539 | Class F3     | LIDOX           |

### Lord Abbett Growth Leaders Fund (Series ID: S000032915)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000101588 | Class A      | LGLAX           |
| C000101589 | Class C      | LGLCX           |
| C000101590 | Class F      | LGLFX           |
| C000101591 | Class I      | LGLIX           |
| C000101592 | Class R2     | LGLQX           |
| C000101593 | Class R3     | LGLRX           |
| C000155685 | Class R4     | LGLSX           |
| C000155686 | Class R5     | LGLUX           |
| C000155687 | Class R6     | LGLVX           |
| C000184541 | Class F3     | LGLOX           |

### Lord Abbett Global Equity Fund (Series ID: S000055621)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175097 | Class A      | LGCAX           |
| C000175098 | Class C      | LGCCX           |
| C000175099 | Class F      | LGCFX           |
| C000175100 | Class I      | LGCYX           |
| C000175102 | Class R3     | LGCRX           |
| C000175103 | Class R4     | LGCSX           |
| C000175104 | Class R5     | LGCVX           |
| C000175105 | Class R6     | LGCWX           |
| C000184543 | Class F3     | LGCOX           |

### Lord Abbett Focused Growth Fund (Series ID: S000064461)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000208648 | Class C      | LFGCX           |
| C000208649 | Class F      | LFGFX           |
| C000208650 | Class F3     | LFGOX           |
| C000208651 | Class I      | LFGIX           |
| C000208652 | Class A      | LFGAX           |
| C000208653 | Class R3     | LFGQX           |
| C000208654 | Class R4     | LFGSX           |
| C000208655 | Class R5     | LFGTX           |
| C000208656 | Class R6     | LFGVX           |

### Lord Abbett Health Care Fund (Series ID: S000064462)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000208658 | Class A      | LHCAX           |
| C000208659 | Class C      | LHCCX           |
| C000208660 | Class F      | LHCFX           |
| C000208661 | Class F3     | LHCOX           |
| C000208662 | Class I      | LHCIX           |
| C000208664 | Class R3     | LHCQX           |
| C000208665 | Class R4     | LHCSX           |
| C000208666 | Class R6     | LHCVX           |
| C000208667 | Class R5     | LHCTX           |

### Lord Abbett Focused Large Cap Value Fund (Series ID: S000064833)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209875 | Class C      | LCFLX           |
| C000209876 | Class F      | LFFLX           |
| C000209877 | Class F3     | LOFLX           |
| C000209878 | Class I      | LIFLX           |
| C000209879 | Class A      | LAFLX           |
| C000209880 | Class R3     | LQFLX           |
| C000209881 | Class R4     | LSFLX           |
| C000209882 | Class R5     | LFLTX           |
| C000209883 | Class R6     | LVFLX           |

?xml version='1.0' encoding='ASCII'?

**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)

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u>

(Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u>

(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: 4/30/2025

Item 1: Report(s) to Shareholders. <br>

![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### ALFAX

# Lord Abbett Alpha Strategy Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $21 | 0.44% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $542354024 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $298233 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | 19.30% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.67% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 9.84% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 21.37% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 9.76% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 19.99% |
| Repurchase Agreements | 0.07% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-265-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### ALFCX

# Lord Abbett Alpha Strategy Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $57 | 1.19% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $542354024 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $298233 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | 19.30% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.67% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 9.84% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 21.37% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 9.76% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 19.99% |
| Repurchase Agreements | 0.07% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-679-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### ALFFX

# Lord Abbett Alpha Strategy Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $14 | 0.29% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $542354024 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $298233 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | 19.30% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.67% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 9.84% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 21.37% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 9.76% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 19.99% |
| Repurchase Agreements | 0.07% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-1025-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### ALFOX

# Lord Abbett Alpha Strategy Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $5 | 0.10% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $542354024 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $298233 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | 19.30% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.67% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 9.84% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 21.37% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 9.76% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 19.99% |
| Repurchase Agreements | 0.07% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8961-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### ALFYX

# Lord Abbett Alpha Strategy Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $9 | 0.19% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $542354024 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $298233 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | 19.30% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.67% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 9.84% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 21.37% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 9.76% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 19.99% |
| Repurchase Agreements | 0.07% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-1429-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R2

#### ALFQX

# Lord Abbett Alpha Strategy Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $38 | 0.79% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $542354024 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $298233 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | 19.30% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.67% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 9.84% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 21.37% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 9.76% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 19.99% |
| Repurchase Agreements | 0.07% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-1095-R2

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R3

#### ALFRX

# Lord Abbett Alpha Strategy Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $33 | 0.69% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $542354024 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $298233 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | 19.30% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.67% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 9.84% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 21.37% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 9.76% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 19.99% |
| Repurchase Agreements | 0.07% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-2069-R3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R4

#### ALFKX

# Lord Abbett Alpha Strategy Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $21 | 0.44% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $542354024 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $298233 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | 19.30% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.67% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 9.84% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 21.37% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 9.76% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 19.99% |
| Repurchase Agreements | 0.07% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8719-R4

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### ALFTX

# Lord Abbett Alpha Strategy Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $9 | 0.19% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $542354024 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $298233 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | 19.30% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.67% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 9.84% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 21.37% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 9.76% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 19.99% |
| Repurchase Agreements | 0.07% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8751-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### ALFVX

# Lord Abbett Alpha Strategy Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Alpha Strategy Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $5 | 0.10% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $542354024 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $298233 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | 19.30% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.67% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 9.84% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 21.37% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 9.76% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 19.99% |
| Repurchase Agreements | 0.07% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8783-R6

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LGCAX

# Lord Abbett Global Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $45 | 0.90% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $142418294 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $181017 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.65% |
| Consumer Discretionary | 9.66% |
| Consumer Staples | 5.55% |
| Energy | 2.76% |
| Financials | 20.45% |
| Health Care | 8.61% |
| Industrials | 13.39% |
| Information Technology | 16.97% |
| Materials | 2.00% |
| Real Estate | 0.80% |
| Utilities | 3.29% |
| Repurchase Agreements | 3.87% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8810-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### LGCCX

# Lord Abbett Global Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $82 | 1.65% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $142418294 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $181017 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.65% |
| Consumer Discretionary | 9.66% |
| Consumer Staples | 5.55% |
| Energy | 2.76% |
| Financials | 20.45% |
| Health Care | 8.61% |
| Industrials | 13.39% |
| Information Technology | 16.97% |
| Materials | 2.00% |
| Real Estate | 0.80% |
| Utilities | 3.29% |
| Repurchase Agreements | 3.87% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8811-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LGCFX

# Lord Abbett Global Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $38 | 0.75% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $142418294 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $181017 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.65% |
| Consumer Discretionary | 9.66% |
| Consumer Staples | 5.55% |
| Energy | 2.76% |
| Financials | 20.45% |
| Health Care | 8.61% |
| Industrials | 13.39% |
| Information Technology | 16.97% |
| Materials | 2.00% |
| Real Estate | 0.80% |
| Utilities | 3.29% |
| Repurchase Agreements | 3.87% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8812-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### LGCOX

# Lord Abbett Global Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $25 | 0.50% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $142418294 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $181017 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.65% |
| Consumer Discretionary | 9.66% |
| Consumer Staples | 5.55% |
| Energy | 2.76% |
| Financials | 20.45% |
| Health Care | 8.61% |
| Industrials | 13.39% |
| Information Technology | 16.97% |
| Materials | 2.00% |
| Real Estate | 0.80% |
| Utilities | 3.29% |
| Repurchase Agreements | 3.87% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8994-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LGCYX

# Lord Abbett Global Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $33 | 0.65% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $142418294 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $181017 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.65% |
| Consumer Discretionary | 9.66% |
| Consumer Staples | 5.55% |
| Energy | 2.76% |
| Financials | 20.45% |
| Health Care | 8.61% |
| Industrials | 13.39% |
| Information Technology | 16.97% |
| Materials | 2.00% |
| Real Estate | 0.80% |
| Utilities | 3.29% |
| Repurchase Agreements | 3.87% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8813-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R3

#### LGCRX

# Lord Abbett Global Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $57 | 1.15% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $142418294 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $181017 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.65% |
| Consumer Discretionary | 9.66% |
| Consumer Staples | 5.55% |
| Energy | 2.76% |
| Financials | 20.45% |
| Health Care | 8.61% |
| Industrials | 13.39% |
| Information Technology | 16.97% |
| Materials | 2.00% |
| Real Estate | 0.80% |
| Utilities | 3.29% |
| Repurchase Agreements | 3.87% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8815-R3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R4

#### LGCSX

# Lord Abbett Global Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $45 | 0.90% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $142418294 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $181017 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.65% |
| Consumer Discretionary | 9.66% |
| Consumer Staples | 5.55% |
| Energy | 2.76% |
| Financials | 20.45% |
| Health Care | 8.61% |
| Industrials | 13.39% |
| Information Technology | 16.97% |
| Materials | 2.00% |
| Real Estate | 0.80% |
| Utilities | 3.29% |
| Repurchase Agreements | 3.87% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8816-R4

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### LGCVX

# Lord Abbett Global Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $33 | 0.65% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $142418294 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $181017 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.65% |
| Consumer Discretionary | 9.66% |
| Consumer Staples | 5.55% |
| Energy | 2.76% |
| Financials | 20.45% |
| Health Care | 8.61% |
| Industrials | 13.39% |
| Information Technology | 16.97% |
| Materials | 2.00% |
| Real Estate | 0.80% |
| Utilities | 3.29% |
| Repurchase Agreements | 3.87% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8817-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### LGCWX

# Lord Abbett Global Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Global Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $26 | 0.51% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $142418294 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $181017 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.65% |
| Consumer Discretionary | 9.66% |
| Consumer Staples | 5.55% |
| Energy | 2.76% |
| Financials | 20.45% |
| Health Care | 8.61% |
| Industrials | 13.39% |
| Information Technology | 16.97% |
| Materials | 2.00% |
| Real Estate | 0.80% |
| Utilities | 3.29% |
| Repurchase Agreements | 3.87% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8818-R6

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LICAX

# Lord Abbett International Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.91% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $365703508 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $762042 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.57% |
| Consumer Discretionary | 8.81% |
| Consumer Staples | 9.89% |
| Energy | 3.38% |
| Financials | 20.27% |
| Health Care | 8.80% |
| Industrials | 18.38% |
| Information Technology | 8.71% |
| Materials | 5.89% |
| Real Estate | 1.00% |
| Utilities | 2.78% |
| Repurchase Agreements | 2.68% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-1418-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### LICCX

# Lord Abbett International Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $85 | 1.66% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $365703508 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $762042 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.57% |
| Consumer Discretionary | 8.81% |
| Consumer Staples | 9.89% |
| Energy | 3.38% |
| Financials | 20.27% |
| Health Care | 8.80% |
| Industrials | 18.38% |
| Information Technology | 8.71% |
| Materials | 5.89% |
| Real Estate | 1.00% |
| Utilities | 2.78% |
| Repurchase Agreements | 2.68% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-1420-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LICFX

# Lord Abbett International Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $39 | 0.76% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $365703508 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $762042 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.57% |
| Consumer Discretionary | 8.81% |
| Consumer Staples | 9.89% |
| Energy | 3.38% |
| Financials | 20.27% |
| Health Care | 8.80% |
| Industrials | 18.38% |
| Information Technology | 8.71% |
| Materials | 5.89% |
| Real Estate | 1.00% |
| Utilities | 2.78% |
| Repurchase Agreements | 2.68% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-1026-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### LICOX

# Lord Abbett International Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $30 | 0.59% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $365703508 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $762042 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.57% |
| Consumer Discretionary | 8.81% |
| Consumer Staples | 9.89% |
| Energy | 3.38% |
| Financials | 20.27% |
| Health Care | 8.80% |
| Industrials | 18.38% |
| Information Technology | 8.71% |
| Materials | 5.89% |
| Real Estate | 1.00% |
| Utilities | 2.78% |
| Repurchase Agreements | 2.68% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8975-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LICYX

# Lord Abbett International Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $34 | 0.66% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $365703508 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $762042 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.57% |
| Consumer Discretionary | 8.81% |
| Consumer Staples | 9.89% |
| Energy | 3.38% |
| Financials | 20.27% |
| Health Care | 8.80% |
| Industrials | 18.38% |
| Information Technology | 8.71% |
| Materials | 5.89% |
| Real Estate | 1.00% |
| Utilities | 2.78% |
| Repurchase Agreements | 2.68% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-1422-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class P

#### LICPX

# Lord Abbett International Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $56 | 1.08% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $365703508 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $762042 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.57% |
| Consumer Discretionary | 8.81% |
| Consumer Staples | 9.89% |
| Energy | 3.38% |
| Financials | 20.27% |
| Health Care | 8.80% |
| Industrials | 18.38% |
| Information Technology | 8.71% |
| Materials | 5.89% |
| Real Estate | 1.00% |
| Utilities | 2.78% |
| Repurchase Agreements | 2.68% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-1421-P

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R2

#### LICQX

# Lord Abbett International Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $65 | 1.26% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $365703508 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $762042 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.57% |
| Consumer Discretionary | 8.81% |
| Consumer Staples | 9.89% |
| Energy | 3.38% |
| Financials | 20.27% |
| Health Care | 8.80% |
| Industrials | 18.38% |
| Information Technology | 8.71% |
| Materials | 5.89% |
| Real Estate | 1.00% |
| Utilities | 2.78% |
| Repurchase Agreements | 2.68% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-1096-R2

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R3

#### LICRX

# Lord Abbett International Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $60 | 1.16% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $365703508 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $762042 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.57% |
| Consumer Discretionary | 8.81% |
| Consumer Staples | 9.89% |
| Energy | 3.38% |
| Financials | 20.27% |
| Health Care | 8.80% |
| Industrials | 18.38% |
| Information Technology | 8.71% |
| Materials | 5.89% |
| Real Estate | 1.00% |
| Utilities | 2.78% |
| Repurchase Agreements | 2.68% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-2070-R3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R4

#### LICSX

# Lord Abbett International Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $47 | 0.91% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $365703508 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $762042 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.57% |
| Consumer Discretionary | 8.81% |
| Consumer Staples | 9.89% |
| Energy | 3.38% |
| Financials | 20.27% |
| Health Care | 8.80% |
| Industrials | 18.38% |
| Information Technology | 8.71% |
| Materials | 5.89% |
| Real Estate | 1.00% |
| Utilities | 2.78% |
| Repurchase Agreements | 2.68% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8720-R4

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### LICTX

# Lord Abbett International Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $34 | 0.66% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $365703508 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $762042 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.57% |
| Consumer Discretionary | 8.81% |
| Consumer Staples | 9.89% |
| Energy | 3.38% |
| Financials | 20.27% |
| Health Care | 8.80% |
| Industrials | 18.38% |
| Information Technology | 8.71% |
| Materials | 5.89% |
| Real Estate | 1.00% |
| Utilities | 2.78% |
| Repurchase Agreements | 2.68% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8752-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### LICVX

# Lord Abbett International Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Equity Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $30 | 0.59% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $365703508 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $762042 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.57% |
| Consumer Discretionary | 8.81% |
| Consumer Staples | 9.89% |
| Energy | 3.38% |
| Financials | 20.27% |
| Health Care | 8.80% |
| Industrials | 18.38% |
| Information Technology | 8.71% |
| Materials | 5.89% |
| Real Estate | 1.00% |
| Utilities | 2.78% |
| Repurchase Agreements | 2.68% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8784-R6

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LFVAX

# Lord Abbett Focused Small Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $60 | 1.28% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $82264621 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $360005 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 2.40% |
| Consumer Discretionary | 6.46% |
| Consumer Staples | 4.66% |
| Energy | 5.79% |
| Financials | 26.14% |
| Health Care | 7.43% |
| Industrials | 21.63% |
| Information Technology | 12.55% |
| Materials | 4.35% |
| Real Estate | 4.21% |
| Utilities | 2.82% |
| Repurchase Agreements | 1.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.24% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-272-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### LFVCX

# Lord Abbett Focused Small Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $95 | 2.03% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $82264621 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $360005 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 2.40% |
| Consumer Discretionary | 6.46% |
| Consumer Staples | 4.66% |
| Energy | 5.79% |
| Financials | 26.14% |
| Health Care | 7.43% |
| Industrials | 21.63% |
| Information Technology | 12.55% |
| Materials | 4.35% |
| Real Estate | 4.21% |
| Utilities | 2.82% |
| Repurchase Agreements | 1.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.24% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9028-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LFSFX

# Lord Abbett Focused Small Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $48 | 1.03% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $82264621 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $360005 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 2.40% |
| Consumer Discretionary | 6.46% |
| Consumer Staples | 4.66% |
| Energy | 5.79% |
| Financials | 26.14% |
| Health Care | 7.43% |
| Industrials | 21.63% |
| Information Technology | 12.55% |
| Materials | 4.35% |
| Real Estate | 4.21% |
| Utilities | 2.82% |
| Repurchase Agreements | 1.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.24% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9029-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### LMVOX

# Lord Abbett Focused Small Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $46 | 0.98% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $82264621 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $360005 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 2.40% |
| Consumer Discretionary | 6.46% |
| Consumer Staples | 4.66% |
| Energy | 5.79% |
| Financials | 26.14% |
| Health Care | 7.43% |
| Industrials | 21.63% |
| Information Technology | 12.55% |
| Materials | 4.35% |
| Real Estate | 4.21% |
| Utilities | 2.82% |
| Repurchase Agreements | 1.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.24% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9030-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LMVYX

# Lord Abbett Focused Small Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $48 | 1.03% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $82264621 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $360005 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 2.40% |
| Consumer Discretionary | 6.46% |
| Consumer Staples | 4.66% |
| Energy | 5.79% |
| Financials | 26.14% |
| Health Care | 7.43% |
| Industrials | 21.63% |
| Information Technology | 12.55% |
| Materials | 4.35% |
| Real Estate | 4.21% |
| Utilities | 2.82% |
| Repurchase Agreements | 1.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.24% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-699-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### LMVVX

# Lord Abbett Focused Small Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $48 | 1.03% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $82264621 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $360005 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 2.40% |
| Consumer Discretionary | 6.46% |
| Consumer Staples | 4.66% |
| Energy | 5.79% |
| Financials | 26.14% |
| Health Care | 7.43% |
| Industrials | 21.63% |
| Information Technology | 12.55% |
| Materials | 4.35% |
| Real Estate | 4.21% |
| Utilities | 2.82% |
| Repurchase Agreements | 1.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.24% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9034-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### LMVWX

# Lord Abbett Focused Small Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $46 | 0.98% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $82264621 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $360005 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 2.40% |
| Consumer Discretionary | 6.46% |
| Consumer Staples | 4.66% |
| Energy | 5.79% |
| Financials | 26.14% |
| Health Care | 7.43% |
| Industrials | 21.63% |
| Information Technology | 12.55% |
| Materials | 4.35% |
| Real Estate | 4.21% |
| Utilities | 2.82% |
| Repurchase Agreements | 1.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.24% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9035-R6

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LFGAX

# Lord Abbett Focused Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $53 | 1.05% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $84464629 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $171433 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 22.63% |
| Consumer Discretionary | 15.37% |
| Financials | 1.56% |
| Health Care | 12.10% |
| Industrials | 3.69% |
| Information Technology | 41.04% |
| Repurchase Agreements | 3.61% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8895-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### LFGCX

# Lord Abbett Focused Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $91 | 1.80% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $84464629 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $171433 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 22.63% |
| Consumer Discretionary | 15.37% |
| Financials | 1.56% |
| Health Care | 12.10% |
| Industrials | 3.69% |
| Information Technology | 41.04% |
| Repurchase Agreements | 3.61% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8896-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LFGFX

# Lord Abbett Focused Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $41 | 0.80% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $84464629 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $171433 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 22.63% |
| Consumer Discretionary | 15.37% |
| Financials | 1.56% |
| Health Care | 12.10% |
| Industrials | 3.69% |
| Information Technology | 41.04% |
| Repurchase Agreements | 3.61% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8897-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### LFGOX

# Lord Abbett Focused Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $34 | 0.67% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $84464629 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $171433 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 22.63% |
| Consumer Discretionary | 15.37% |
| Financials | 1.56% |
| Health Care | 12.10% |
| Industrials | 3.69% |
| Information Technology | 41.04% |
| Repurchase Agreements | 3.61% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: As of March 1, 2025, the expense limitation on total net annual operating expenses increased from 0.65% to 0.70% as part of the annual review of transfer agency expenses.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8899-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LFGIX

# Lord Abbett Focused Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $41 | 0.80% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $84464629 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $171433 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 22.63% |
| Consumer Discretionary | 15.37% |
| Financials | 1.56% |
| Health Care | 12.10% |
| Industrials | 3.69% |
| Information Technology | 41.04% |
| Repurchase Agreements | 3.61% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8898-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R3

#### LFGQX

# Lord Abbett Focused Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $66 | 1.30% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $84464629 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $171433 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 22.63% |
| Consumer Discretionary | 15.37% |
| Financials | 1.56% |
| Health Care | 12.10% |
| Industrials | 3.69% |
| Information Technology | 41.04% |
| Repurchase Agreements | 3.61% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-9122-R3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R4

#### LFGSX

# Lord Abbett Focused Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $53 | 1.05% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $84464629 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $171433 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 22.63% |
| Consumer Discretionary | 15.37% |
| Financials | 1.56% |
| Health Care | 12.10% |
| Industrials | 3.69% |
| Information Technology | 41.04% |
| Repurchase Agreements | 3.61% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-9123-R4

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### LFGTX

# Lord Abbett Focused Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $41 | 0.80% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $84464629 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $171433 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 22.63% |
| Consumer Discretionary | 15.37% |
| Financials | 1.56% |
| Health Care | 12.10% |
| Industrials | 3.69% |
| Information Technology | 41.04% |
| Repurchase Agreements | 3.61% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-9124-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### LFGVX

# Lord Abbett Focused Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Focused Growth Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $33 | 0.66% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $84464629 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $171433 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 22.63% |
| Consumer Discretionary | 15.37% |
| Financials | 1.56% |
| Health Care | 12.10% |
| Industrials | 3.69% |
| Information Technology | 41.04% |
| Repurchase Agreements | 3.61% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: As of March 1, 2025, the expense limitation on total net annual operating expenses increased from 0.65% to 0.70% as part of the annual review of transfer agency expenses.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-9125-R6

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LAFLX

# Lord Abbett Focused Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.96% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $33018045 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $7960 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.98% |
| Consumer Discretionary | 5.08% |
| Consumer Staples | 7.95% |
| Energy | 7.38% |
| Financials | 24.06% |
| Health Care | 11.77% |
| Industrials | 18.31% |
| Information Technology | 13.44% |
| Materials | 3.56% |
| Real Estate | 2.94% |
| Repurchase Agreements | 1.53% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9016-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### LCFLX

# Lord Abbett Focused Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $84 | 1.71% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $33018045 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $7960 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.98% |
| Consumer Discretionary | 5.08% |
| Consumer Staples | 7.95% |
| Energy | 7.38% |
| Financials | 24.06% |
| Health Care | 11.77% |
| Industrials | 18.31% |
| Information Technology | 13.44% |
| Materials | 3.56% |
| Real Estate | 2.94% |
| Repurchase Agreements | 1.53% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9017-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LFFLX

# Lord Abbett Focused Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $35 | 0.71% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $33018045 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $7960 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.98% |
| Consumer Discretionary | 5.08% |
| Consumer Staples | 7.95% |
| Energy | 7.38% |
| Financials | 24.06% |
| Health Care | 11.77% |
| Industrials | 18.31% |
| Information Technology | 13.44% |
| Materials | 3.56% |
| Real Estate | 2.94% |
| Repurchase Agreements | 1.53% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9018-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### LOFLX

# Lord Abbett Focused Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $33 | 0.67% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $33018045 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $7960 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.98% |
| Consumer Discretionary | 5.08% |
| Consumer Staples | 7.95% |
| Energy | 7.38% |
| Financials | 24.06% |
| Health Care | 11.77% |
| Industrials | 18.31% |
| Information Technology | 13.44% |
| Materials | 3.56% |
| Real Estate | 2.94% |
| Repurchase Agreements | 1.53% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9020-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LIFLX

# Lord Abbett Focused Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $35 | 0.71% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $33018045 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $7960 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.98% |
| Consumer Discretionary | 5.08% |
| Consumer Staples | 7.95% |
| Energy | 7.38% |
| Financials | 24.06% |
| Health Care | 11.77% |
| Industrials | 18.31% |
| Information Technology | 13.44% |
| Materials | 3.56% |
| Real Estate | 2.94% |
| Repurchase Agreements | 1.53% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9019-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R3

#### LQFLX

# Lord Abbett Focused Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $59 | 1.21% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $33018045 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $7960 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.98% |
| Consumer Discretionary | 5.08% |
| Consumer Staples | 7.95% |
| Energy | 7.38% |
| Financials | 24.06% |
| Health Care | 11.77% |
| Industrials | 18.31% |
| Information Technology | 13.44% |
| Materials | 3.56% |
| Real Estate | 2.94% |
| Repurchase Agreements | 1.53% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9022-R3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R4

#### LSFLX

# Lord Abbett Focused Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $47 | 0.96% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $33018045 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $7960 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.98% |
| Consumer Discretionary | 5.08% |
| Consumer Staples | 7.95% |
| Energy | 7.38% |
| Financials | 24.06% |
| Health Care | 11.77% |
| Industrials | 18.31% |
| Information Technology | 13.44% |
| Materials | 3.56% |
| Real Estate | 2.94% |
| Repurchase Agreements | 1.53% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9023-R4

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### LFLTX

# Lord Abbett Focused Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $35 | 0.71% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $33018045 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $7960 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.98% |
| Consumer Discretionary | 5.08% |
| Consumer Staples | 7.95% |
| Energy | 7.38% |
| Financials | 24.06% |
| Health Care | 11.77% |
| Industrials | 18.31% |
| Information Technology | 13.44% |
| Materials | 3.56% |
| Real Estate | 2.94% |
| Repurchase Agreements | 1.53% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9024-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### LVFLX

# Lord Abbett Focused Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $33 | 0.68% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $33018045 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $7960 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.98% |
| Consumer Discretionary | 5.08% |
| Consumer Staples | 7.95% |
| Energy | 7.38% |
| Financials | 24.06% |
| Health Care | 11.77% |
| Industrials | 18.31% |
| Information Technology | 13.44% |
| Materials | 3.56% |
| Real Estate | 2.94% |
| Repurchase Agreements | 1.53% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9025-R6

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LDFVX

# Lord Abbett Fundamental Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.95% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1834094905 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $5269849 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.04% |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 3.90% |
| Energy | 7.21% |
| Financials | 25.64% |
| Health Care | 15.66% |
| Industrials | 14.70% |
| Information Technology | 11.48% |
| Materials | 3.38% |
| Real Estate | 2.93% |
| Utilities | 5.31% |
| Repurchase Agreements | 1.64% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-262-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### GILAX

# Lord Abbett Fundamental Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $83 | 1.70% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1834094905 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $5269849 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.04% |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 3.90% |
| Energy | 7.21% |
| Financials | 25.64% |
| Health Care | 15.66% |
| Industrials | 14.70% |
| Information Technology | 11.48% |
| Materials | 3.38% |
| Real Estate | 2.93% |
| Utilities | 5.31% |
| Repurchase Agreements | 1.64% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-243-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LAVFX

# Lord Abbett Fundamental Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $39 | 0.80% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1834094905 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $5269849 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.04% |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 3.90% |
| Energy | 7.21% |
| Financials | 25.64% |
| Health Care | 15.66% |
| Industrials | 14.70% |
| Information Technology | 11.48% |
| Materials | 3.38% |
| Real Estate | 2.93% |
| Utilities | 5.31% |
| Repurchase Agreements | 1.64% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-1024-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### LDFOX

# Lord Abbett Fundamental Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $31 | 0.63% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1834094905 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $5269849 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.04% |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 3.90% |
| Energy | 7.21% |
| Financials | 25.64% |
| Health Care | 15.66% |
| Industrials | 14.70% |
| Information Technology | 11.48% |
| Materials | 3.38% |
| Real Estate | 2.93% |
| Utilities | 5.31% |
| Repurchase Agreements | 1.64% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8970-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LAVYX

# Lord Abbett Fundamental Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $34 | 0.70% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1834094905 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $5269849 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.04% |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 3.90% |
| Energy | 7.21% |
| Financials | 25.64% |
| Health Care | 15.66% |
| Industrials | 14.70% |
| Information Technology | 11.48% |
| Materials | 3.38% |
| Real Estate | 2.93% |
| Utilities | 5.31% |
| Repurchase Agreements | 1.64% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-1403-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class P

#### LAVPX

# Lord Abbett Fundamental Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $56 | 1.15% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1834094905 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $5269849 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.04% |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 3.90% |
| Energy | 7.21% |
| Financials | 25.64% |
| Health Care | 15.66% |
| Industrials | 14.70% |
| Information Technology | 11.48% |
| Materials | 3.38% |
| Real Estate | 2.93% |
| Utilities | 5.31% |
| Repurchase Agreements | 1.64% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-592-P

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R2

#### LAVQX

# Lord Abbett Fundamental Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $64 | 1.30% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1834094905 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $5269849 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.04% |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 3.90% |
| Energy | 7.21% |
| Financials | 25.64% |
| Health Care | 15.66% |
| Industrials | 14.70% |
| Information Technology | 11.48% |
| Materials | 3.38% |
| Real Estate | 2.93% |
| Utilities | 5.31% |
| Repurchase Agreements | 1.64% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-1094-R2

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R3

#### LAVRX

# Lord Abbett Fundamental Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $59 | 1.20% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1834094905 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $5269849 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.04% |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 3.90% |
| Energy | 7.21% |
| Financials | 25.64% |
| Health Care | 15.66% |
| Industrials | 14.70% |
| Information Technology | 11.48% |
| Materials | 3.38% |
| Real Estate | 2.93% |
| Utilities | 5.31% |
| Repurchase Agreements | 1.64% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-2068-R3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R4

#### LAVSX

# Lord Abbett Fundamental Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $47 | 0.95% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1834094905 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $5269849 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.04% |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 3.90% |
| Energy | 7.21% |
| Financials | 25.64% |
| Health Care | 15.66% |
| Industrials | 14.70% |
| Information Technology | 11.48% |
| Materials | 3.38% |
| Real Estate | 2.93% |
| Utilities | 5.31% |
| Repurchase Agreements | 1.64% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8718-R4

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### LAVTX

# Lord Abbett Fundamental Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $34 | 0.70% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1834094905 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $5269849 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.04% |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 3.90% |
| Energy | 7.21% |
| Financials | 25.64% |
| Health Care | 15.66% |
| Industrials | 14.70% |
| Information Technology | 11.48% |
| Materials | 3.38% |
| Real Estate | 2.93% |
| Utilities | 5.31% |
| Repurchase Agreements | 1.64% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8750-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### LAVVX

# Lord Abbett Fundamental Equity Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $31 | 0.63% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1834094905 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $5269849 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.04% |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 3.90% |
| Energy | 7.21% |
| Financials | 25.64% |
| Health Care | 15.66% |
| Industrials | 14.70% |
| Information Technology | 11.48% |
| Materials | 3.38% |
| Real Estate | 2.93% |
| Utilities | 5.31% |
| Repurchase Agreements | 1.64% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8782-R6

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LGLAX

# Lord Abbett Growth Leaders Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $44 | 0.89% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6211137178 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17521329 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 21.22% |
| Consumer Discretionary | 12.22% |
| Consumer Staples | 1.66% |
| Financials | 4.55% |
| Health Care | 11.71% |
| Industrials | 5.70% |
| Information Technology | 39.12% |
| Repurchase Agreements | 3.82% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-3335-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### LGLCX

# Lord Abbett Growth Leaders Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $81 | 1.64% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6211137178 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17521329 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 21.22% |
| Consumer Discretionary | 12.22% |
| Consumer Staples | 1.66% |
| Financials | 4.55% |
| Health Care | 11.71% |
| Industrials | 5.70% |
| Information Technology | 39.12% |
| Repurchase Agreements | 3.82% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-3336-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LGLFX

# Lord Abbett Growth Leaders Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $32 | 0.64% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6211137178 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17521329 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 21.22% |
| Consumer Discretionary | 12.22% |
| Consumer Staples | 1.66% |
| Financials | 4.55% |
| Health Care | 11.71% |
| Industrials | 5.70% |
| Information Technology | 39.12% |
| Repurchase Agreements | 3.82% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-3337-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### LGLOX

# Lord Abbett Growth Leaders Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $29 | 0.58% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6211137178 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17521329 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 21.22% |
| Consumer Discretionary | 12.22% |
| Consumer Staples | 1.66% |
| Financials | 4.55% |
| Health Care | 11.71% |
| Industrials | 5.70% |
| Information Technology | 39.12% |
| Repurchase Agreements | 3.82% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8971-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LGLIX

# Lord Abbett Growth Leaders Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $32 | 0.64% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6211137178 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17521329 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 21.22% |
| Consumer Discretionary | 12.22% |
| Consumer Staples | 1.66% |
| Financials | 4.55% |
| Health Care | 11.71% |
| Industrials | 5.70% |
| Information Technology | 39.12% |
| Repurchase Agreements | 3.82% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-3338-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R2

#### LGLQX

# Lord Abbett Growth Leaders Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $61 | 1.24% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6211137178 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17521329 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 21.22% |
| Consumer Discretionary | 12.22% |
| Consumer Staples | 1.66% |
| Financials | 4.55% |
| Health Care | 11.71% |
| Industrials | 5.70% |
| Information Technology | 39.12% |
| Repurchase Agreements | 3.82% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-3339-R2

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R3

#### LGLRX

# Lord Abbett Growth Leaders Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $56 | 1.14% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6211137178 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17521329 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 21.22% |
| Consumer Discretionary | 12.22% |
| Consumer Staples | 1.66% |
| Financials | 4.55% |
| Health Care | 11.71% |
| Industrials | 5.70% |
| Information Technology | 39.12% |
| Repurchase Agreements | 3.82% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-3340-R3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R4

#### LGLSX

# Lord Abbett Growth Leaders Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $44 | 0.89% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6211137178 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17521329 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 21.22% |
| Consumer Discretionary | 12.22% |
| Consumer Staples | 1.66% |
| Financials | 4.55% |
| Health Care | 11.71% |
| Industrials | 5.70% |
| Information Technology | 39.12% |
| Repurchase Agreements | 3.82% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8727-R4

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### LGLUX

# Lord Abbett Growth Leaders Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $32 | 0.64% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6211137178 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17521329 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 21.22% |
| Consumer Discretionary | 12.22% |
| Consumer Staples | 1.66% |
| Financials | 4.55% |
| Health Care | 11.71% |
| Industrials | 5.70% |
| Information Technology | 39.12% |
| Repurchase Agreements | 3.82% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8759-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### LGLVX

# Lord Abbett Growth Leaders Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Growth Leaders Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $29 | 0.58% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6211137178 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17521329 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 21.22% |
| Consumer Discretionary | 12.22% |
| Consumer Staples | 1.66% |
| Financials | 4.55% |
| Health Care | 11.71% |
| Industrials | 5.70% |
| Information Technology | 39.12% |
| Repurchase Agreements | 3.82% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8791-R6

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LHCAX

# Lord Abbett Health Care Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $49 | 1.03% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $7512188 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Health Care | 100.00% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9126-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### LHCCX

# Lord Abbett Health Care Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $85 | 1.78% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $7512188 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Health Care | 100.00% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9127-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LHCFX

# Lord Abbett Health Care Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $37 | 0.78% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $7512188 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Health Care | 100.00% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9128-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### LHCOX

# Lord Abbett Health Care Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $30 | 0.63% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $7512188 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Health Care | 100.00% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: As of March 1, 2025, the expense limitation on total net annual operating expenses increased from 0.60% to 0.68% as part of the annual review of transfer agency expenses.

**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.

#### TSR-SA-9130-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LHCIX

# Lord Abbett Health Care Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $37 | 0.78% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $7512188 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Health Care | 100.00% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9129-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R3

#### LHCQX

# Lord Abbett Health Care Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $61 | 1.28% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $7512188 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Health Care | 100.00% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9132-R3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R4

#### LHCSX

# Lord Abbett Health Care Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $49 | 1.03% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $7512188 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Health Care | 100.00% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9133-R4

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### LHCTX

# Lord Abbett Health Care Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $37 | 0.78% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $7512188 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Health Care | 100.00% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-9134-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### LHCVX

# Lord Abbett Health Care Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Health Care Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $30 | 0.62% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $7512188 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Health Care | 100.00% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: As of March 1, 2025, the expense limitation on total net annual operating expenses increased from 0.60% to 0.68% as part of the annual review of transfer agency expenses.

**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.

#### TSR-SA-9135-R6

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LAIEX

# Lord Abbett International Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $63 | 1.24% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $306623195 |
| # of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $1118529 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 6.10% |
| Consumer Discretionary | 10.56% |
| Consumer Staples | 7.61% |
| Energy | 3.52% |
| Financials | 16.58% |
| Health Care | 4.90% |
| Industrials | 22.87% |
| Information Technology | 9.38% |
| Materials | 7.37% |
| Real Estate | 6.50% |
| Utilities | 0.95% |
| Repurchase Agreements | 2.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-263-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### LINCX

# Lord Abbett International Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $102 | 1.99% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $306623195 |
| # of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $1118529 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 6.10% |
| Consumer Discretionary | 10.56% |
| Consumer Staples | 7.61% |
| Energy | 3.52% |
| Financials | 16.58% |
| Health Care | 4.90% |
| Industrials | 22.87% |
| Information Technology | 9.38% |
| Materials | 7.37% |
| Real Estate | 6.50% |
| Utilities | 0.95% |
| Repurchase Agreements | 2.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-677-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LINFX

# Lord Abbett International Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $56 | 1.09% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $306623195 |
| # of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $1118529 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 6.10% |
| Consumer Discretionary | 10.56% |
| Consumer Staples | 7.61% |
| Energy | 3.52% |
| Financials | 16.58% |
| Health Care | 4.90% |
| Industrials | 22.87% |
| Information Technology | 9.38% |
| Materials | 7.37% |
| Real Estate | 6.50% |
| Utilities | 0.95% |
| Repurchase Agreements | 2.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-1027-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### LOIEX

# Lord Abbett International Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $47 | 0.91% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $306623195 |
| # of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $1118529 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 6.10% |
| Consumer Discretionary | 10.56% |
| Consumer Staples | 7.61% |
| Energy | 3.52% |
| Financials | 16.58% |
| Health Care | 4.90% |
| Industrials | 22.87% |
| Information Technology | 9.38% |
| Materials | 7.37% |
| Real Estate | 6.50% |
| Utilities | 0.95% |
| Repurchase Agreements | 2.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8977-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LINYX

# Lord Abbett International Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $51 | 0.99% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $306623195 |
| # of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $1118529 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 6.10% |
| Consumer Discretionary | 10.56% |
| Consumer Staples | 7.61% |
| Energy | 3.52% |
| Financials | 16.58% |
| Health Care | 4.90% |
| Industrials | 22.87% |
| Information Technology | 9.38% |
| Materials | 7.37% |
| Real Estate | 6.50% |
| Utilities | 0.95% |
| Repurchase Agreements | 2.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-686-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class P

#### LINPX

# Lord Abbett International Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $74 | 1.44% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $306623195 |
| # of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $1118529 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 6.10% |
| Consumer Discretionary | 10.56% |
| Consumer Staples | 7.61% |
| Energy | 3.52% |
| Financials | 16.58% |
| Health Care | 4.90% |
| Industrials | 22.87% |
| Information Technology | 9.38% |
| Materials | 7.37% |
| Real Estate | 6.50% |
| Utilities | 0.95% |
| Repurchase Agreements | 2.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-600-P

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R2

#### LINQX

# Lord Abbett International Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $81 | 1.59% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $306623195 |
| # of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $1118529 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 6.10% |
| Consumer Discretionary | 10.56% |
| Consumer Staples | 7.61% |
| Energy | 3.52% |
| Financials | 16.58% |
| Health Care | 4.90% |
| Industrials | 22.87% |
| Information Technology | 9.38% |
| Materials | 7.37% |
| Real Estate | 6.50% |
| Utilities | 0.95% |
| Repurchase Agreements | 2.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-1097-R2

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R3

#### LINRX

# Lord Abbett International Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $76 | 1.49% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $306623195 |
| # of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $1118529 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 6.10% |
| Consumer Discretionary | 10.56% |
| Consumer Staples | 7.61% |
| Energy | 3.52% |
| Financials | 16.58% |
| Health Care | 4.90% |
| Industrials | 22.87% |
| Information Technology | 9.38% |
| Materials | 7.37% |
| Real Estate | 6.50% |
| Utilities | 0.95% |
| Repurchase Agreements | 2.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-2071-R3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R4

#### LINSX

# Lord Abbett International Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $63 | 1.24% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $306623195 |
| # of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $1118529 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 6.10% |
| Consumer Discretionary | 10.56% |
| Consumer Staples | 7.61% |
| Energy | 3.52% |
| Financials | 16.58% |
| Health Care | 4.90% |
| Industrials | 22.87% |
| Information Technology | 9.38% |
| Materials | 7.37% |
| Real Estate | 6.50% |
| Utilities | 0.95% |
| Repurchase Agreements | 2.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8721-R4

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### LINTX

# Lord Abbett International Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $51 | 0.99% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $306623195 |
| # of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $1118529 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 6.10% |
| Consumer Discretionary | 10.56% |
| Consumer Staples | 7.61% |
| Energy | 3.52% |
| Financials | 16.58% |
| Health Care | 4.90% |
| Industrials | 22.87% |
| Information Technology | 9.38% |
| Materials | 7.37% |
| Real Estate | 6.50% |
| Utilities | 0.95% |
| Repurchase Agreements | 2.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8753-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### LINVX

# Lord Abbett International Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $47 | 0.91% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $306623195 |
| # of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $1118529 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 6.10% |
| Consumer Discretionary | 10.56% |
| Consumer Staples | 7.61% |
| Energy | 3.52% |
| Financials | 16.58% |
| Health Care | 4.90% |
| Industrials | 22.87% |
| Information Technology | 9.38% |
| Materials | 7.37% |
| Real Estate | 6.50% |
| Utilities | 0.95% |
| Repurchase Agreements | 2.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8785-R6

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LIDAX

# Lord Abbett International Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $51 | 0.96% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $432872493 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $1004909 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.89% |
| Consumer Discretionary | 4.91% |
| Consumer Staples | 7.94% |
| Energy | 6.10% |
| Financials | 27.05% |
| Health Care | 9.22% |
| Industrials | 15.02% |
| Information Technology | 3.84% |
| Materials | 7.39% |
| Real Estate | 2.08% |
| Utilities | 7.19% |
| Repurchase Agreements | 3.52% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.09% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-2117-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### LIDCX

# Lord Abbett International Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $90 | 1.71% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $432872493 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $1004909 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.89% |
| Consumer Discretionary | 4.91% |
| Consumer Staples | 7.94% |
| Energy | 6.10% |
| Financials | 27.05% |
| Health Care | 9.22% |
| Industrials | 15.02% |
| Information Technology | 3.84% |
| Materials | 7.39% |
| Real Estate | 2.08% |
| Utilities | 7.19% |
| Repurchase Agreements | 3.52% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.09% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-2119-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LIDFX

# Lord Abbett International Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $43 | 0.81% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $432872493 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $1004909 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.89% |
| Consumer Discretionary | 4.91% |
| Consumer Staples | 7.94% |
| Energy | 6.10% |
| Financials | 27.05% |
| Health Care | 9.22% |
| Industrials | 15.02% |
| Information Technology | 3.84% |
| Materials | 7.39% |
| Real Estate | 2.08% |
| Utilities | 7.19% |
| Repurchase Agreements | 3.52% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.09% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-2121-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### LIDOX

# Lord Abbett International Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $33 | 0.63% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $432872493 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $1004909 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.89% |
| Consumer Discretionary | 4.91% |
| Consumer Staples | 7.94% |
| Energy | 6.10% |
| Financials | 27.05% |
| Health Care | 9.22% |
| Industrials | 15.02% |
| Information Technology | 3.84% |
| Materials | 7.39% |
| Real Estate | 2.08% |
| Utilities | 7.19% |
| Repurchase Agreements | 3.52% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.09% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8976-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LAIDX

# Lord Abbett International Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $37 | 0.71% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $432872493 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $1004909 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.89% |
| Consumer Discretionary | 4.91% |
| Consumer Staples | 7.94% |
| Energy | 6.10% |
| Financials | 27.05% |
| Health Care | 9.22% |
| Industrials | 15.02% |
| Information Technology | 3.84% |
| Materials | 7.39% |
| Real Estate | 2.08% |
| Utilities | 7.19% |
| Repurchase Agreements | 3.52% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.09% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-2120-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R2

#### LIDRX

# Lord Abbett International Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $68 | 1.30% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $432872493 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $1004909 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.89% |
| Consumer Discretionary | 4.91% |
| Consumer Staples | 7.94% |
| Energy | 6.10% |
| Financials | 27.05% |
| Health Care | 9.22% |
| Industrials | 15.02% |
| Information Technology | 3.84% |
| Materials | 7.39% |
| Real Estate | 2.08% |
| Utilities | 7.19% |
| Repurchase Agreements | 3.52% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.09% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-2122-R2

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R3

#### LIRRX

# Lord Abbett International Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $64 | 1.21% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $432872493 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $1004909 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.89% |
| Consumer Discretionary | 4.91% |
| Consumer Staples | 7.94% |
| Energy | 6.10% |
| Financials | 27.05% |
| Health Care | 9.22% |
| Industrials | 15.02% |
| Information Technology | 3.84% |
| Materials | 7.39% |
| Real Estate | 2.08% |
| Utilities | 7.19% |
| Repurchase Agreements | 3.52% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.09% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-2123-R3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R4

#### LIRSX

# Lord Abbett International Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $51 | 0.96% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $432872493 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $1004909 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.89% |
| Consumer Discretionary | 4.91% |
| Consumer Staples | 7.94% |
| Energy | 6.10% |
| Financials | 27.05% |
| Health Care | 9.22% |
| Industrials | 15.02% |
| Information Technology | 3.84% |
| Materials | 7.39% |
| Real Estate | 2.08% |
| Utilities | 7.19% |
| Repurchase Agreements | 3.52% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.09% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8725-R4

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### LIRTX

# Lord Abbett International Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $35 | 0.66% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $432872493 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $1004909 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.89% |
| Consumer Discretionary | 4.91% |
| Consumer Staples | 7.94% |
| Energy | 6.10% |
| Financials | 27.05% |
| Health Care | 9.22% |
| Industrials | 15.02% |
| Information Technology | 3.84% |
| Materials | 7.39% |
| Real Estate | 2.08% |
| Utilities | 7.19% |
| Repurchase Agreements | 3.52% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.09% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8757-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### LIRVX

# Lord Abbett International Value Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett International Value Fund for the period of November 1, 2024 to April 30, 2025. 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)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $33 | 0.63% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $432872493 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $1004909 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.89% |
| Consumer Discretionary | 4.91% |
| Consumer Staples | 7.94% |
| Energy | 6.10% |
| Financials | 27.05% |
| Health Care | 9.22% |
| Industrials | 15.02% |
| Information Technology | 3.84% |
| Materials | 7.39% |
| Real Estate | 2.08% |
| Utilities | 7.19% |
| Repurchase Agreements | 3.52% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.09% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**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.

#### TSR-SA-8789-R6

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LAMGX

# Lord Abbett Micro Cap Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $65 | 1.38% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $163468287 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $848692 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 5.82% |
| Consumer Discretionary | 7.21% |
| Consumer Staples | 9.70% |
| Financials | 7.35% |
| Health Care | 30.46% |
| Industrials | 15.78% |
| Information Technology | 20.49% |
| Repurchase Agreements | 1.81% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.24% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-271-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### LCMGX

# Lord Abbett Micro Cap Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $100 | 2.13% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $163468287 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $848692 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 5.82% |
| Consumer Discretionary | 7.21% |
| Consumer Staples | 9.70% |
| Financials | 7.35% |
| Health Care | 30.46% |
| Industrials | 15.78% |
| Information Technology | 20.49% |
| Repurchase Agreements | 1.81% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.24% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-9069-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LFMGX

# Lord Abbett Micro Cap Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $53 | 1.13% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $163468287 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $848692 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 5.82% |
| Consumer Discretionary | 7.21% |
| Consumer Staples | 9.70% |
| Financials | 7.35% |
| Health Care | 30.46% |
| Industrials | 15.78% |
| Information Technology | 20.49% |
| Repurchase Agreements | 1.81% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.24% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-9070-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LMIYX

# Lord Abbett Micro Cap Growth Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### 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, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $53 | 1.13% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $163468287 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $848692 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 5.82% |
| Consumer Discretionary | 7.21% |
| Consumer Staples | 9.70% |
| Financials | 7.35% |
| Health Care | 30.46% |
| Industrials | 15.78% |
| Information Technology | 20.49% |
| Repurchase Agreements | 1.81% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.24% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-700-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class A

#### LVOAX

# Lord Abbett Value Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $55 | 1.17% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1070833592 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4701317 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 8.18% |
| Consumer Staples | 3.73% |
| Energy | 4.79% |
| Financials | 20.11% |
| Health Care | 9.16% |
| Industrials | 23.59% |
| Information Technology | 16.12% |
| Materials | 3.48% |
| Real Estate | 3.91% |
| Utilities | 3.47% |
| Repurchase Agreements | 0.80% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-580-A

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class C

#### LVOCX

# Lord Abbett Value Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $90 | 1.92% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1070833592 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4701317 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 8.18% |
| Consumer Staples | 3.73% |
| Energy | 4.79% |
| Financials | 20.11% |
| Health Care | 9.16% |
| Industrials | 23.59% |
| Information Technology | 16.12% |
| Materials | 3.48% |
| Real Estate | 3.91% |
| Utilities | 3.47% |
| Repurchase Agreements | 0.80% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-586-C

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F

#### LVOFX

# Lord Abbett Value Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $48 | 1.02% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1070833592 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4701317 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 8.18% |
| Consumer Staples | 3.73% |
| Energy | 4.79% |
| Financials | 20.11% |
| Health Care | 9.16% |
| Industrials | 23.59% |
| Information Technology | 16.12% |
| Materials | 3.48% |
| Real Estate | 3.91% |
| Utilities | 3.47% |
| Repurchase Agreements | 0.80% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-1029-F

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class F3

#### LVOOX

# Lord Abbett Value Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $39 | 0.83% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1070833592 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4701317 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 8.18% |
| Consumer Staples | 3.73% |
| Energy | 4.79% |
| Financials | 20.11% |
| Health Care | 9.16% |
| Industrials | 23.59% |
| Information Technology | 16.12% |
| Materials | 3.48% |
| Real Estate | 3.91% |
| Utilities | 3.47% |
| Repurchase Agreements | 0.80% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8983-F3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class I

#### LVOYX

# Lord Abbett Value Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $43 | 0.92% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1070833592 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4701317 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 8.18% |
| Consumer Staples | 3.73% |
| Energy | 4.79% |
| Financials | 20.11% |
| Health Care | 9.16% |
| Industrials | 23.59% |
| Information Technology | 16.12% |
| Materials | 3.48% |
| Real Estate | 3.91% |
| Utilities | 3.47% |
| Repurchase Agreements | 0.80% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-594-I

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class P

#### LVOPX

# Lord Abbett Value Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $65 | 1.37% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1070833592 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4701317 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 8.18% |
| Consumer Staples | 3.73% |
| Energy | 4.79% |
| Financials | 20.11% |
| Health Care | 9.16% |
| Industrials | 23.59% |
| Information Technology | 16.12% |
| Materials | 3.48% |
| Real Estate | 3.91% |
| Utilities | 3.47% |
| Repurchase Agreements | 0.80% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-595-P

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R2

#### LVOQX

# Lord Abbett Value Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $72 | 1.52% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1070833592 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4701317 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 8.18% |
| Consumer Staples | 3.73% |
| Energy | 4.79% |
| Financials | 20.11% |
| Health Care | 9.16% |
| Industrials | 23.59% |
| Information Technology | 16.12% |
| Materials | 3.48% |
| Real Estate | 3.91% |
| Utilities | 3.47% |
| Repurchase Agreements | 0.80% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-2043-R2

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R3

#### LVORX

# Lord Abbett Value Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $67 | 1.42% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1070833592 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4701317 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 8.18% |
| Consumer Staples | 3.73% |
| Energy | 4.79% |
| Financials | 20.11% |
| Health Care | 9.16% |
| Industrials | 23.59% |
| Information Technology | 16.12% |
| Materials | 3.48% |
| Real Estate | 3.91% |
| Utilities | 3.47% |
| Repurchase Agreements | 0.80% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-2073-R3

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R4

#### LVOSX

# Lord Abbett Value Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $55 | 1.17% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1070833592 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4701317 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 8.18% |
| Consumer Staples | 3.73% |
| Energy | 4.79% |
| Financials | 20.11% |
| Health Care | 9.16% |
| Industrials | 23.59% |
| Information Technology | 16.12% |
| Materials | 3.48% |
| Real Estate | 3.91% |
| Utilities | 3.47% |
| Repurchase Agreements | 0.80% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8722-R4

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R5

#### LVOTX

# Lord Abbett Value Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $43 | 0.92% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1070833592 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4701317 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 8.18% |
| Consumer Staples | 3.73% |
| Energy | 4.79% |
| Financials | 20.11% |
| Health Care | 9.16% |
| Industrials | 23.59% |
| Information Technology | 16.12% |
| Materials | 3.48% |
| Real Estate | 3.91% |
| Utilities | 3.47% |
| Repurchase Agreements | 0.80% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8754-R5

#### 06/25
![Image](ic7526f9367651edb409ff8e1.jpg)

#### Class R6

#### LVOVX

# Lord Abbett Value Opportunities Fund

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Value Opportunities Fund for the period of November 1, 2024 to April 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $39 | 0.83% |

---

## **Key Fund Statistics** 
(as of *April 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1070833592 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4701317 |

---

## **What did the Fund invest in?** 
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 8.18% |
| Consumer Staples | 3.73% |
| Energy | 4.79% |
| Financials | 20.11% |
| Health Care | 9.16% |
| Industrials | 23.59% |
| Information Technology | 16.12% |
| Materials | 3.48% |
| Real Estate | 3.91% |
| Utilities | 3.47% |
| Repurchase Agreements | 0.80% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.76% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.08% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

**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.

#### TSR-SA-8786-R6

#### 06/25
Item 1(b): Not applicable.

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.** |
|  | Not applicable. |
| **Item 3:** | **Audit Committee Financial Expert.** |
|  | Not applicable. |
| **Item 4:** | **Principal Accountant Fees and Services.** |
|  | Not applicable. |
| **Item 5:** | **Audit Committee of Listed Registrants.** |
|  | Not applicable. |
| **Item 6:** | **Investments.** |
|  | The 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.** |

---

![](x3_c112557x1x1m4.jpg)

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, 2025*

**Table of Contents**

---

| | |
|:---|:---|
|  | [Schedules of Investments (Item 7)](#xx3xc112557a001xm4) |
| 1 | [Alpha Strategy Fund](#xx3xc112557a002xm4) |
| 2 | [Focused Growth Fund](#xx3xc112557a003xm4) |
| 4 | [Focused Large Cap Value Fund](#xx3xc112557a004xm4) |
| 6 | [Focused Small Cap Value Fund](#xx3xc112557a005xm4) |
| 9 | [Fundamental Equity Fund](#xx3xc112557a006xm4) |
| 12 | [Global Equity Fund](#xx3xc112557a007xm4) |
| 17 | [Growth Leaders Fund](#xx3xc112557a008xm4) |
| 20 | [Health Care Fund](#xx3xc112557a009xm4) |
| 23 | [International Equity Fund](#xx3xc112557a010xm4) |
| 29 | [International Opportunities Fund](#xx3xc112557a011xm4) |
| 35 | [International Value Fund](#xx3xc112557a012xm4) |
| 40 | [Micro Cap Growth Fund](#xx3xc112557a013xm4) |
| 43 | [Value Opportunities Fund](#xx3xc112557a014xm4) |
| 46 | [Statements of Assets and Liabilities (Item 7)](#xx3xc112557a015xm4) |
| 54 | [Statements of Operations (Item 7)](#xx3xc112557a016xm4) |
| 60 | [Statements of Changes in Net Assets (Item 7)](#xx3xc112557a017xm4) |
| 70 | [Financial Highlights (Item 7)](#xx3xc112557a018xm4) |
| 120 | [Notes to Financial Statements (Item 7)](#xx3xc112557a019xm4) |
| 151 | [Changes in and Disagreements with Accountants (Item 8)](#xx3xc112557a020xm4) |
| 151 | [Proxy Disclosures (Item 9)](#xx3xc112557a021xm4) |
| 151 | [Remuneration Paid to Trustees, Officers, and Others (Item 10)](#xx3xc112557a022xm4) |
| 151 | [Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)](#xx3xc112557a023xm4) |

---

**Schedule of Investments (unaudited)**

ALPHA STRATEGY FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair**<br> **Value** |
| **LONG-TERM INVESTMENTS 100.01%** | **LONG-TERM INVESTMENTS 100.01%** |  |
| **INVESTMENTS IN UNDERLYING FUNDS<sup>(a)(b)</sup> 100.01%** | **INVESTMENTS IN UNDERLYING FUNDS<sup>(a)(b)</sup> 100.01%** | **INVESTMENTS IN UNDERLYING FUNDS<sup>(a)(b)</sup> 100.01%** |
| Lord Abbett Developing Growth Fund, Inc. – Class I<sup>(c)</sup> | 4138498 | $104745388 |
| Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I\*<sup>(d)</sup> | 2082211 | 53408715 |
| Lord Abbett Securities Trust – International Opportunities Fund – Class I<sup>(d)</sup> | 5671491 | 115981999 |
| Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I\*<sup>(d)</sup> | 2875374 | 52993139 |
| Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I<sup>(d)</sup> | 5855658 | 106748639 |
| Lord Abbett Securities Trust – Value Opportunities Fund – Class I<sup>(d)</sup> | 5940263 | 108528594 |
| *Total Investments in Underlying Funds*<br> (cost $539,154,050) |  | 542406474 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 0.07%** | **SHORT-TERM INVESTMENTS 0.07%** |  |
| **Repurchase Agreements 0.07%** | **Repurchase Agreements 0.07%** |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $393,600 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $378,868; proceeds: $371,435<br> (cost $371,394) | $371394 | $371394 |
| *Total Investments in Securities 100.08%*<br> (cost $539,525,444) | *Total Investments in Securities 100.08%*<br> (cost $539,525,444) | 542777868 |
| *Other Assets and Liabilities – Net (0.08)%* | *Other Assets and Liabilities – Net (0.08)%* | (423844) |
| *Net Assets 100.00%* |  | $542354024 |

---

\* Non-income producing security.

<sup>(a)</sup> These investments offer daily redemptions.

<sup>(b)</sup> Affiliated issuers (See Note 10).

<sup>(c)</sup> 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.

<sup>(d)</sup> Fund investment objective is long-term capital appreciation.

------

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds | $542406474 | $– | $– | $542406474 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 371394 | – | 371394 |
| Total | $542406474 | $371394 | $– | $542777868 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each investment in Underlying Funds. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

See Notes to Financial Statements. 1

**Schedule of Investments (unaudited)**

FOCUSED GROWTH FUND *April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 96.25%** |  |  |  |
| **COMMON STOCKS 96.25%** |  |  |  |
| **Aerospace & Defense 2.58%** |  |  |  |
| Axon Enterprise, Inc.\* |  | 3560 | $2183348 |
| **Biotechnology 5.86%** |  |  |  |
| Argenx SE ADR\* |  | 3437 | 2217346 |
| Natera, Inc.\* |  | 18114 | 2733946 |
| *Total* |  |  | 4951292 |
| **Broadline Retail 10.04%** |  |  |  |
| Amazon.com, Inc.\* |  | 26584 | 4902621 |
| MercadoLibre, Inc. (Uruguay)\*<sup>(a)</sup> |  | 1535 | 3577855 |
| *Total* |  |  | 8480476 |
| **Communications Equipment 1.39%** |  |  |  |
| Arista Networks, Inc.\* |  | 14265 | 1173582 |
| **Construction & Engineering 1.10%** |  |  |  |
| EMCOR Group, Inc. |  | 2311 | 926018 |
| **Entertainment 10.27%** |  |  |  |
| Netflix, Inc.\* |  | 3751 | 4245081 |
| Spotify Technology SA (Sweden)\*<sup>(a)</sup> |  | 7212 | 4428024 |
| *Total* |  |  | 8673105 |
| **Financial Services 1.56%** |  |  |  |
| Fiserv, Inc.\* |  | 7130 | 1315984 |
| **Health Care Equipment & Supplies 6.22%** | **Health Care Equipment & Supplies 6.22%** | **Health Care Equipment & Supplies 6.22%** |  |
| Boston Scientific Corp.\* |  | 24653 | 2536054 |
| Intuitive Surgical, Inc.\* |  | 5275 | 2720845 |
| *Total* |  |  | 5256899 |
| **Hotels, Restaurants & Leisure 3.42%** | **Hotels, Restaurants & Leisure 3.42%** |  |  |
| DoorDash, Inc. Class A\* |  | 14972 | 2887949 |
| **Information Technology Services 3.54%** | **Information Technology Services 3.54%** | **Information Technology Services 3.54%** |  |
| Cloudflare, Inc. Class A\* |  | 12211 | 1474845 |
| Shopify, Inc. Class A (Canada)\*<sup>(a)</sup> |  | 15911 | 1511545 |
| *Total* |  |  | 2986390 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Interactive Media & Services 12.33%** |  |  |  |
| Alphabet, Inc. Class A | 17591 | $| 2793451 |
| Meta Platforms, Inc. Class A | 10515 |  | 5772735 |
| Reddit, Inc. Class A\* | 15849 |  | 1847518 |
| *Total* |  |  | 10413704 |
| **Semiconductors & Semiconductor Equipment 11.33%** | **Semiconductors & Semiconductor Equipment 11.33%** | **Semiconductors & Semiconductor Equipment 11.33%** | **Semiconductors & Semiconductor Equipment 11.33%** |
| Astera Labs, Inc.\* | 15644 |  | 1021709 |
| Broadcom, Inc. | 11074 |  | 2131413 |
| NVIDIA Corp. | 58900 |  | 6415388 |
| *Total* |  |  | 9568510 |
| **Software 20.44%** |  |  |  |
| AppLovin Corp. Class A\* | 3228 |  | 869333 |
| Atlassian Corp. Class A (Australia)\*<sup>(a)</sup> | 9327 |  | 2129447 |
| Crowdstrike Holdings, Inc. Class A\* | 2992 |  | 1283179 |
| CyberArk Software Ltd. (Israel)\*<sup>(a)</sup> | 6672 |  | 2349612 |
| HubSpot, Inc.\* | 2501 |  | 1529361 |
| Microsoft Corp. | 8853 |  | 3499237 |
| Palantir Technologies, Inc. Class A\* | 30923 |  | 3662520 |
| ServiceNow, Inc.\* | 2038 |  | 1946310 |
| *Total* |  |  | 17268999 |
| **Specialty Retail 1.89%** |  |  |  |
| Carvana Co.\* | 6532 |  | 1596094 |
| **Technology Hardware, Storage & Peripherals 4.28%** | **Technology Hardware, Storage & Peripherals 4.28%** | **Technology Hardware, Storage & Peripherals 4.28%** |  |
| Apple, Inc. | 17005 |  | 3613563 |
| *Total Common Stocks*<br> (cost $61,547,948) |  |  | 81295913 |

---

2 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(concluded)**

FOCUSED GROWTH FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 3.60%** | **SHORT-TERM INVESTMENTS 3.60%** |  |
| **Repurchase Agreements 3.60%** | **Repurchase Agreements 3.60%** |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $3,227,500 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $3,106,513; proceeds: $3,045,936<br> (cost $3,045,597) | $3045597 | $3045597 |
| *Total Investments in Securities 99.85%*<br> (cost $64,593,545) | *Total Investments in Securities 99.85%*<br> (cost $64,593,545) | 84341510 |
| *Other Assets and Liabilities – Net 0.15%* | *Other Assets and Liabilities – Net 0.15%* | 123119 |
| *Net Assets 100.00%* |  | $84464629 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |

---

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $81295913 | $– | $– | $81295913 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 3045597 | – | 3045597 |
| Total | $81295913 | $3045597 | $– | $84341510 |

---

---

| | |
|:---|:---|
| |  |
| <sup>(1)</sup> | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| <sup>(2)</sup> | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |

---

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

See Notes to Financial Statements. 3

**Schedule of Investments (unaudited)**

FOCUSED LARGE CAP VALUE FUND *April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.22%** |  |  |  |
| **COMMON STOCKS 98.22%** |  |  |  |
| **Aerospace & Defense 7.07%** |  |  |  |
| Boeing Co.\* | 6190 | $| 1134256 |
| RTX Corp. | 9508 |  | 1199244 |
| *Total* |  |  | 2333500 |
| **Banks 4.78%** |  |  |  |
| JPMorgan Chase & Co. | 6446 |  | 1576821 |
| **Beverages 3.68%** |  |  |  |
| Carlsberg AS Class B<sup>(a)</sup> | 8913 |  | 1214429 |
| **Biotechnology 7.96%** |  |  |  |
| AbbVie, Inc. | 6887 |  | 1343653 |
| Gilead Sciences, Inc. | 12070 |  | 1285938 |
| *Total* |  |  | 2629591 |
| **Building Products 3.88%** |  |  |  |
| Allegion PLC (Ireland)<sup>(b)</sup> | 9204 |  | 1281197 |
| **Capital Markets 7.56%** |  |  |  |
| Charles Schwab Corp. | 19099 |  | 1554658 |
| KKR & Co., Inc. | 8229 |  | 940328 |
| *Total* |  |  | 2494986 |
| **Construction Materials 3.55%** |  |  |  |
| CRH PLC | 12282 |  | 1171948 |
| **Consumer Staples Distribution & Retail 4.25%** | **Consumer Staples Distribution & Retail 4.25%** |  |  |
| BJ's Wholesale Club Holdings, Inc.\* | 11945 |  | 1404254 |
| **Electronic Equipment, Instruments & Components 3.18%** | **Electronic Equipment, Instruments & Components 3.18%** | **Electronic Equipment, Instruments & Components 3.18%** | **Electronic Equipment, Instruments & Components 3.18%** |
| TD SYNNEX Corp. | 9469 |  | 1049165 |
| **Financial Services 3.38%** |  |  |  |
| Fiserv, Inc.\* | 6052 |  | 1117018 |
| **Health Care Providers & Services 3.78%** | **Health Care Providers & Services 3.78%** |  |  |
| Labcorp Holdings, Inc. | 5174 |  | 1246986 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Insurance 8.28%** |  |  |
| Aon PLC Class A (United Kingdom)<sup>(b)</sup> | 4137 | $1467766 |
| RenaissanceRe Holdings Ltd. | 5234 | 1266262 |
| *Total* |  | 2734028 |
| **Interactive Media & Services 3.97%** |  |  |
| Alphabet, Inc. Class A | 8257 | 1311212 |
| **Machinery 3.49%** |  |  |
| Parker-Hannifin Corp. | 1903 | 1151429 |
| **Oil, Gas & Consumable Fuels 7.36%** |  |  |
| Diamondback Energy, Inc. | 4698 | 620183 |
| Expand Energy Corp. | 8467 | 879721 |
| Shell PLC ADR | 14454 | 931994 |
| *Total* |  | 2431898 |
| **Real Estate Management & Development 2.93%** | **Real Estate Management & Development 2.93%** |  |
| CBRE Group, Inc. Class A\* | 7933 | 969254 |
| **Semiconductors & Semiconductor Equipment 3.24%** | **Semiconductors & Semiconductor Equipment 3.24%** |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6409 | 1068316 |
| **Software 3.91%** |  |  |
| Microsoft Corp. | 3267 | 1291314 |
| **Specialty Retail 5.07%** |  |  |
| AutoZone, Inc.\* | 180 | 677268 |
| Lowe's Cos., Inc. | 4453 | 995513 |
| *Total* |  | 1672781 |
| **Technology Hardware, Storage & Peripherals 3.08%** | **Technology Hardware, Storage & Peripherals 3.08%** |  |
| NetApp, Inc. | 11333 | 1017137 |
| **Trading Companies & Distributors 3.82%** | **Trading Companies & Distributors 3.82%** |  |
| AerCap Holdings NV (Ireland)<sup>(b)</sup> | 11916 | 1263096 |
| *Total Common Stocks*<br> (cost $25,779,328) |  | 32430360 |

---

4 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(concluded)**

FOCUSED LARGE CAP VALUE FUND *April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 1.53%** |  |  |  |
| **Repurchase Agreements 1.53%** |  |  |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $534,800 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $514,841; proceeds: $504,627<br> (cost $504,571) | $| 504571 | $504571 |
| *Total Investments in Securities 99.75%*<br> (cost $26,283,899) | *Total Investments in Securities 99.75%*<br> (cost $26,283,899) | *Total Investments in Securities 99.75%*<br> (cost $26,283,899) | 32934931 |
| *Other Assets and Liabilities – Net 0.25%* | *Other Assets and Liabilities – Net 0.25%* | *Other Assets and Liabilities – Net 0.25%* | 83114 |
| *Net Assets 100.00%* |  |  | $33018045 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |

---

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beverages | $– | $1214429 | $– | $1214429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 31215931 |  |  | 31215931 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 504571 | – | 504571 |
| Total | $31215931 | $1719000 | $– | $32934931 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

See Notes to Financial Statements. 5

**Schedule of Investments (unaudited)**

FOCUSED SMALL CAP VALUE FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.85%** |  |  |
| **COMMON STOCKS 98.85%** |  |  |
| **Aerospace & Defense 1.87%** |  |  |
| Leonardo DRS, Inc. | 41634 | $1538793 |
| **Air Freight & Logistics 2.27%** |  |  |
| Radiant Logistics, Inc.\* | 319052 | 1866454 |
| **Banks 12.42%** |  |  |
| Axos Financial, Inc.\* | 26713 | 1695741 |
| Bancorp, Inc.\* | 41489 | 2004334 |
| First BanCorp | 101275 | 1989041 |
| Prosperity Bancshares, Inc. | 35959 | 2441616 |
| Wintrust Financial Corp. | 18734 | 2082659 |
| *Total* |  | 10213391 |
| **Building Products 2.07%** |  |  |
| Griffon Corp. | 25022 | 1704248 |
| **Capital Markets 3.84%** |  |  |
| Bridge Investment Group Holdings, Inc. Class A | 203213 | 1948813 |
| Moelis & Co. Class A | 22578 | 1209729 |
| *Total* |  | 3158542 |
| **Chemicals 4.37%** |  |  |
| Avient Corp. | 49384 | 1644981 |
| Element Solutions, Inc. | 95532 | 1949808 |
| *Total* |  | 3594789 |
| **Commercial Services & Supplies 2.52%** | **Commercial Services & Supplies 2.52%** |  |
| Brady Corp. Class A | 29492 | 2072993 |
| **Construction & Engineering 1.84%** | **Construction & Engineering 1.84%** |  |
| Arcosa, Inc. | 18927 | 1515485 |
| **Consumer Finance 2.05%** |  |  |
| FirstCash Holdings, Inc. | 12556 | 1682002 |
| **Electric: Utilities 2.83%** |  |  |
| IDACORP, Inc. | 19743 | 2331451 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Electronic Equipment, Instruments & Components 9.84%** | **Electronic Equipment, Instruments & Components 9.84%** | **Electronic Equipment, Instruments & Components 9.84%** |
| Advanced Energy Industries, Inc. | 19547 | $1904073 |
| Belden, Inc. | 21210 | 2186963 |
| Mirion Technologies, Inc.\* | 85744 | 1353041 |
| Vishay Precision Group, Inc.\* | 106195 | 2648503 |
| *Total* |  | 8092580 |
| **Financial Services 2.30%** |  |  |
| Compass Diversified Holdings | 110223 | 1894733 |
| **Food Products 4.68%** |  |  |
| Lancaster Colony Corp. | 9424 | 1534039 |
| Simply Good Foods Co.\* | 64222 | 2319056 |
| *Total* |  | 3853095 |
| **Health Care Equipment & Supplies 4.33%** | **Health Care Equipment & Supplies 4.33%** |  |
| Integer Holdings Corp.\* | 15517 | 1959952 |
| Integra LifeSciences Holdings Corp.\* | 97597 | 1599615 |
| *Total* |  | 3559567 |
| **Health Care Providers & Services 1.49%** | **Health Care Providers & Services 1.49%** |  |
| Addus HomeCare Corp.\* | 11696 | 1222817 |
| **Insurance 5.65%** |  |  |
| Kemper Corp. | 30477 | 1801800 |
| White Mountains Insurance Group Ltd. | 1610 | 2845595 |
| *Total* |  | 4647395 |
| **Leisure Products 6.49%** |  |  |
| Acushnet Holdings Corp.<sup>(a)</sup> | 26151 | 1731719 |
| Brunswick Corp. | 40317 | 1856598 |
| YETI Holdings, Inc.\* | 61262 | 1749030 |
| *Total* |  | 5337347 |
| **Life Sciences Tools & Services 1.64%** | **Life Sciences Tools & Services 1.64%** |  |
| Azenta, Inc.\* | 51318 | 1351716 |

---

6 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

FOCUSED SMALL CAP VALUE FUND *April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Machinery 3.26%** |  |  |  |
| Worthington Enterprises, Inc. | 53006 | $| 2683694 |
| **Media 2.41%** |  |  |  |
| Criteo SA ADR\* | 58159 |  | 1980896 |
| **Oil, Gas & Consumable Fuels 5.81%** |  |  |  |
| Gulfport Energy Corp.\* | 9121 |  | 1573373 |
| MEG Energy Corp.<sup>(b)</sup> | 124009 |  | 1739688 |
| Northern Oil & Gas, Inc. | 60373 |  | 1467064 |
| *Total* |  |  | 4780125 |
| **Professional Services 3.48%** |  |  |  |
| Genpact Ltd. | 56951 |  | 2862357 |
| **Real Estate Management & Development 4.23%** | **Real Estate Management & Development 4.23%** | **Real Estate Management & Development 4.23%** | **Real Estate Management & Development 4.23%** |
| Cushman & Wakefield PLC\* | 236737 |  | 2218226 |
| Marcus & Millichap, Inc. | 41504 |  | 1261721 |
| *Total* |  |  | 3479947 |
| **Semiconductors & Semiconductor Equipment 2.76%** | **Semiconductors & Semiconductor Equipment 2.76%** | **Semiconductors & Semiconductor Equipment 2.76%** | **Semiconductors & Semiconductor Equipment 2.76%** |
| Silicon Motion Technology Corp. ADR | 45901 |  | 2272099 |
| **Trading Companies & Distributors 4.40%** | **Trading Companies & Distributors 4.40%** |  |  |
| GMS, Inc.\* | 19632 |  | 1438240 |
| MRC Global, Inc.\* | 187451 |  | 2183804 |
| *Total* |  |  | 3622044 |
| *Total Common Stocks*<br> (cost $80,169,959) |  |  | 81318560 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 1.57%** | **SHORT-TERM INVESTMENTS 1.57%** |  |
| **Repurchase Agreements 1.30%** | **Repurchase Agreements 1.30%** |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $1,133,000 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $1,090,529; proceeds: $1,069,262<br> (cost $1,069,143) | $1069143 | $1069143 |
| **Time Deposits 0.03%** |  |  |
| CitiBank N.A.<sup>(c)</sup><br> (cost $22,110) | 22110 | 22110 |
|  | **Shares** |  |
| **Money Market Funds 0.24%** |  |  |
| Fidelity Government Portfolio<sup>(c)</sup><br> (cost $198,990) | 198990 | 198990 |
| *Total Short-Term Investments*<br> (cost $1,290,243) | *Total Short-Term Investments*<br> (cost $1,290,243) | 1290243 |
| *Total Investments in Securities 100.42%*<br> (cost $81,460,202) | *Total Investments in Securities 100.42%*<br> (cost $81,460,202) | 82608803 |
| *Other Assets and Liabilities – Net (0.42)%* | *Other Assets and Liabilities – Net (0.42)%* | (344182) |
| *Net Assets 100.00%* |  | $82264621 |

---

---

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

---

See Notes to Financial Statements. 7

**Schedule of Investments (unaudited)(concluded)**

FOCUSED SMALL CAP VALUE FUND *April 30, 2025*

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $81318560 | $– | $– | $81318560 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1069143 |  | 1069143 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 22110 |  | 22110 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 198990 | – | – | 198990 |
| Total | $81517550 | $1091253 | $– | $82608803 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

8 See Notes to Financial Statements.

**Schedule of Investments (unaudited)**

FUNDAMENTAL EQUITY FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.41%** | **LONG-TERM INVESTMENTS 98.41%** |  |
| **COMMON STOCKS 98.41%** |  |  |
| **Aerospace & Defense 4.66%** |  |  |
| Boeing Co.\* | 220397 | $40385546 |
| RTX Corp. | 357760 | 45124269 |
| *Total* |  | 85509815 |
| **Banks 6.52%** |  |  |
| JPMorgan Chase & Co. | 315708 | 77228491 |
| Wells Fargo & Co. | 595907 | 42315356 |
| *Total* |  | 119543847 |
| **Beverages 1.88%** |  |  |
| Carlsberg AS Class B<sup>(a)</sup> | 253512 | 34541933 |
| **Biotechnology 5.53%** |  |  |
| AbbVie, Inc. | 211827 | 41327448 |
| Gilead Sciences, Inc. | 328990 | 35050594 |
| United Therapeutics Corp.\* | 82488 | 25001288 |
| *Total* |  | 101379330 |
| **Building Products 3.23%** |  |  |
| Allegion PLC (Ireland)<sup>(b)</sup> | 273274 | 38039741 |
| Masco Corp. | 348256 | 21107796 |
| *Total* |  | 59147537 |
| **Capital Markets 6.68%** |  |  |
| Charles Schwab Corp. | 606095 | 49336133 |
| KKR & Co., Inc. | 189769 | 21684904 |
| Morgan Stanley | 202915 | 23420449 |
| Nasdaq, Inc. | 368992 | 28120880 |
| *Total* |  | 122562366 |
| **Construction & Engineering 1.61%** | **Construction & Engineering 1.61%** |  |
| EMCOR Group, Inc. | 73515 | 29457461 |
| **Construction Materials 1.66%** |  |  |
| CRH PLC | 318619 | 30402625 |
| **Consumer Finance 0.97%** |  |  |
| American Express Co. | 67066 | 17867053 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Consumer Staples Distribution & Retail 2.02%** | **Consumer Staples Distribution & Retail 2.02%** |  |
| BJ's Wholesale Club Holdings, Inc.\* | 314518 | $36974736 |
| **Electric: Utilities 3.54%** |  |  |
| Entergy Corp. | 313326 | 26059323 |
| FirstEnergy Corp. | 472186 | 20247336 |
| NextEra Energy, Inc. | 277269 | 18543751 |
| *Total* |  | 64850410 |
| **Electronic Equipment, Instruments & Components 4.35%** | **Electronic Equipment, Instruments & Components 4.35%** |  |
| Jabil, Inc. | 192670 | 28237715 |
| Keysight Technologies, Inc.\* | 154420 | 22452668 |
| TD SYNNEX Corp. | 261976 | 29026941 |
| *Total* |  | 79717324 |
| **Energy Equipment & Services 0.81%** |  |  |
| Schlumberger NV | 447044 | 14864213 |
| **Financial Services 1.55%** |  |  |
| Fiserv, Inc.\* | 154388 | 28495393 |
| **Health Care Equipment & Supplies 1.47%** | **Health Care Equipment & Supplies 1.47%** |  |
| Becton Dickinson & Co. | 130185 | 26960012 |
| **Health Care Providers & Services 6.44%** | **Health Care Providers & Services 6.44%** |  |
| Labcorp Holdings, Inc. | 162009 | 39045789 |
| McKesson Corp. | 57167 | 40748066 |
| UnitedHealth Group, Inc. | 93119 | 38312881 |
| *Total* |  | 118106736 |
| **Industrial REITS 1.45%** |  |  |
| Prologis, Inc. | 260926 | 26666637 |
| **Insurance 9.93%** |  |  |
| Allstate Corp. | 156845 | 31116480 |
| Aon PLC Class A (United Kingdom)<sup>(b)</sup> | 106291 | 37710984 |
| Arch Capital Group Ltd. | 389064 | 35280323 |
| Arthur J Gallagher & Co. | 126822 | 40670547 |
| RenaissanceRe Holdings Ltd. | 154488 | 37375282 |
| *Total* |  | 182153616 |

---

See Notes to Financial Statements. 9

**Schedule of Investments (unaudited)(continued)**

FUNDAMENTAL EQUITY FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Interactive Media & Services 3.04%** |  |  |
| Alphabet, Inc. Class A | 350950 | $55730860 |
| **Life Sciences Tools & Services 1.12%** | **Life Sciences Tools & Services 1.12%** |  |
| Thermo Fisher Scientific, Inc. | 47927 | 20560683 |
| **Machinery 3.23%** |  |  |
| AGCO Corp. | 310500 | 26339715 |
| Parker-Hannifin Corp. | 54275 | 32839631 |
| *Total* |  | 59179346 |
| **Metals & Mining 1.73%** |  |  |
| Steel Dynamics, Inc. | 243946 | 31642236 |
| **Multi-Utilities 1.77%** |  |  |
| CMS Energy Corp. | 441680 | 32529732 |
| **Oil, Gas & Consumable Fuels 6.40%** | **Oil, Gas & Consumable Fuels 6.40%** |  |
| Diamondback Energy, Inc. | 204582 | 27006870 |
| Expand Energy Corp. | 305945 | 31787685 |
| Shell PLC ADR | 620927 | 40037373 |
| Williams Cos., Inc. | 316300 | 18525691 |
| *Total* |  | 117357619 |
| **Pharmaceuticals 1.11%** |  |  |
| Teva Pharmaceutical Industries Ltd. ADR\* | 1317610 | 20436131 |
| **Real Estate Management & Development 1.47%** | **Real Estate Management & Development 1.47%** |  |
| CBRE Group, Inc. Class A\* | 221056 | 27008622 |
| **Semiconductors & Semiconductor Equipment 3.01%** | **Semiconductors & Semiconductor Equipment 3.01%** |  |
| KLA Corp. | 33918 | 23833839 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 188485 | 31418565 |
| *Total* |  | 55252404 |
| **Software 2.48%** |  |  |
| Microsoft Corp. | 114963 | 45440275 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Specialty Retail 5.11%** |  |  |
| AutoZone, Inc.\* | 9490 | $35707074 |
| Lowe's Cos., Inc. | 137642 | 30771246 |
| Ross Stores, Inc. | 196600 | 27327400 |
| *Total* |  | 93805720 |
| **Technology Hardware, Storage & Peripherals 1.65%** | **Technology Hardware, Storage & Peripherals 1.65%** | **Technology Hardware, Storage & Peripherals 1.65%** |
| NetApp, Inc. | 338021 | 30337385 |
| **Trading Companies & Distributors 1.99%** | **Trading Companies & Distributors 1.99%** |  |
| AerCap Holdings NV (Ireland)<sup>(b)</sup> | 344017 | 36465802 |
| *Total Common Stocks*<br> (cost $1,273,921,168) | *Total Common Stocks*<br> (cost $1,273,921,168) | 1804947859 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 1.64%** | **SHORT-TERM INVESTMENTS 1.64%** |  |
| **Repurchase Agreements 1.64%** | **Repurchase Agreements 1.64%** |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $31,898,700 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $30,702,922; proceeds: $30,104,241<br> (cost $30,100,897) | $30100897 | 30100897 |
| *Total Investments in Securities 100.05%*<br> (cost $1,304,022,065) | *Total Investments in Securities 100.05%*<br> (cost $1,304,022,065) | 1835048756 |
| *Other Assets and Liabilities – Net (0.05)%* | *Other Assets and Liabilities – Net (0.05)%* | (953851) |
| *Net Assets 100.00%* |  | $1834094905 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| REITS | Real Estate Investment Trusts. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |

---

10 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(concluded)**

FUNDAMENTAL EQUITY FUND *April 30, 2025*

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beverages | $– | $34541933 | $– | $34541933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 1770405926 |  |  | 1770405926 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 30100897 | – | 30100897 |
| Total | $1770405926 | $64642830 | $– | $1835048756 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

See Notes to Financial Statements. 11

**Schedule of Investments (unaudited)**

GLOBAL EQUITY FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 95.72%** |  |  |
| **COMMON STOCKS 94.76%** |  |  |
| **Australia 0.91%** |  |  |
| *Diversified REITS 0.80%* |  |  |
| Charter Hall Group | 104823 | $1133340 |
| *Health Care Technology 0.11%* |  |  |
| Pro Medicus Ltd. | 1064 | 156015 |
| *Total Australia* |  | 1289355 |
| **Austria 2.53%** |  |  |
| *Banks* |  |  |
| BAWAG Group AG<sup>†</sup> | 32892 | 3605226 |
| **Brazil 1.95%** |  |  |
| *Broadline Retail* |  |  |
| MercadoLibre, Inc.\* | 1193 | 2780704 |
| **Canada 1.40%** |  |  |
| *Consumer Staples Distribution & Retail 0.07%* | *Consumer Staples Distribution & Retail 0.07%* |  |
| Alimentation Couche-Tard, Inc. | 1909 | 99646 |
| *Information Technology Services 0.39%* | *Information Technology Services 0.39%* |  |
| Shopify, Inc. Class A\* | 5800 | 551643 |
| *Insurance 0.94%* |  |  |
| Manulife Financial Corp. | 43693 | 1339061 |
| *Total Canada* |  | 1990350 |
| **China 4.46%** |  |  |
| *Beverages 0.63%* |  |  |
| Kweichow Moutai Co. Ltd. Class A | 4181 | 890763 |
| *Gas Utilities 0.96%* |  |  |
| ENN Energy Holdings Ltd. | 173998 | 1373606 |
| *Interactive Media & Services 1.05%* |  |  |
| Tencent Holdings Ltd. | 24383 | 1493482 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **China (continued)** |  |  |
| *Marine Transportation 1.45%* |  |  |
| SITC International Holdings Co. Ltd. | 746873 | $2065659 |
| *Textiles, Apparel & Luxury Goods 0.37%* | *Textiles, Apparel & Luxury Goods 0.37%* |  |
| ANTA Sports Products Ltd. | 45000 | 531712 |
| *Total China* |  | 6355222 |
| **Denmark 0.03%** |  |  |
| *Pharmaceuticals* |  |  |
| Novo Nordisk AS Class B | 602 | 40251 |
| **France 4.49%** |  |  |
| *Beverages 0.03%* |  |  |
| Pernod Ricard SA | 455 | 49320 |
| *Building Products 1.17%* |  |  |
| Cie de Saint-Gobain SA | 15374 | 1671430 |
| *Construction & Engineering 1.32%* |  |  |
| Eiffage SA | 13784 | 1875627 |
| *Oil, Gas & Consumable Fuels 1.55%* |  |  |
| Gaztransport Et Technigaz SA | 13550 | 2208688 |
| *Textiles, Apparel & Luxury Goods 0.42%* | *Textiles, Apparel & Luxury Goods 0.42%* |  |
| LVMH Moet Hennessy Louis Vuitton SE | 1069 | 592150 |
| *Total France* |  | 6397215 |
| **Germany 0.35%** |  |  |
| *Chemicals* |  |  |
| FUCHS SE | 13113 | 504102 |
| **India 0.36%** |  |  |
| *Commercial Services & Supplies* |  |  |
| CMS Info Systems Ltd. | 98345 | 512545 |

---

12 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

GLOBAL EQUITY FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Ireland 0.87%** |  |  |
| *Information Technology Services 0.09%* | *Information Technology Services 0.09%* |  |
| Accenture PLC Class A | 417 | $124746 |
| *Trading Companies & Distributors 0.78%* | *Trading Companies & Distributors 0.78%* |  |
| AerCap Holdings NV | 10554 | 1118724 |
| *Total Ireland* |  | 1243470 |
| **Japan 7.16%** |  |  |
| *Building Products 1.20%* |  |  |
| Sanwa Holdings Corp. | 51959 | 1705434 |
| *Electrical Equipment 0.50%* |  |  |
| Fuji Electric Co. Ltd. | 16022 | 712446 |
| *Entertainment 0.45%* |  |  |
| Nintendo Co. Ltd. | 7761 | 644318 |
| *Health Care Equipment & Supplies 0.14%* | *Health Care Equipment & Supplies 0.14%* |  |
| Hoya Corp. | 1700 | 200032 |
| *Information Technology Services 0.79%* | *Information Technology Services 0.79%* |  |
| SCSK Corp. | 43272 | 1131797 |
| *Insurance 2.33%* |  |  |
| Sompo Holdings, Inc. | 101069 | 3312142 |
| *Professional Services 1.75%* |  |  |
| TechnoPro Holdings, Inc. | 111579 | 2488168 |
| *Total Japan* |  | 10194337 |
| **Mexico 1.85%** |  |  |
| *Banks* |  |  |
| Grupo Financiero Banorte SAB de CV Class O | 306865 | 2637000 |
| **Peru 1.70%** |  |  |
| *Banks* |  |  |
| Intercorp Financial Services, Inc. | 71661 | 2427158 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Singapore 1.43%** |  |  |
| *Entertainment* |  |  |
| Sea Ltd. ADR\* | 15223 | $2040643 |
| **Spain 2.31%** |  |  |
| *Electric: Utilities* |  |  |
| Iberdrola SA | 182266 | 3285500 |
| **Sweden 0.88%** |  |  |
| *Machinery* |  |  |
| Volvo AB Class B | 45876 | 1247071 |
| **Switzerland 2.06%** |  |  |
| *Building Products 0.43%* |  |  |
| Belimo Holding AG Registered Shares | 723 | 614305 |
| *Capital Markets 1.05%* |  |  |
| Partners Group Holding AG | 1141 | 1495020 |
| *Health Care Equipment & Supplies 0.58%* | *Health Care Equipment & Supplies 0.58%* |  |
| Straumann Holding AG Registered Shares | 6695 | 816367 |
| *Total Switzerland* |  | 2925692 |
| **Taiwan 4.20%** |  |  |
| *Communications Equipment 1.38%* |  |  |
| Accton Technology Corp. | 106000 | 1974390 |
| *Semiconductors & Semiconductor Equipment 2.82%* | *Semiconductors & Semiconductor Equipment 2.82%* |  |
| Realtek Semiconductor Corp. | 59537 | 978732 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 107036 | 3032817 |
|  |  | 4011549 |
| *Total Taiwan* |  | 5985939 |
| **United Kingdom 6.96%** |  |  |
| *Broadline Retail 1.56% Next PLC* | 13458 | 2220254 |

---

See Notes to Financial Statements. 13

**Schedule of Investments (unaudited)(continued)**

GLOBAL EQUITY FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United Kingdom (continued)** |  |  |
| *Capital Markets 0.45%* |  |  |
| London Stock Exchange Group PLC | 4105 | $639196 |
| *Household Durables 0.79%* |  |  |
| Persimmon PLC | 64965 | 1124282 |
| *Personal Care Products 1.35%* |  |  |
| Unilever PLC | 30177 | 1921366 |
| *Tobacco 2.63%* |  |  |
| Imperial Brands PLC | 91572 | 3757479 |
| *Trading Companies & Distributors 0.18%* | *Trading Companies & Distributors 0.18%* |  |
| Ashtead Group PLC | 4769 | 255296 |
| *Total United Kingdom* |  | 9917873 |
| **United States 48.86%** |  |  |
| *Aerospace & Defense 0.20%* |  |  |
| TransDigm Group, Inc. | 200 | 282614 |
| *Banks 3.37%* |  |  |
| East West Bancorp, Inc. | 32565 | 2785936 |
| JPMorgan Chase & Co. | 8216 | 2009798 |
|  |  | 4795734 |
| *Biotechnology 1.47%* |  |  |
| AbbVie, Inc. | 6444 | 1257224 |
| Vertex Pharmaceuticals, Inc.\* | 1647 | 839147 |
|  |  | 2096371 |
| *Broadline Retail 3.97%* |  |  |
| Amazon.com, Inc.\* | 30692 | 5660218 |
| *Building Products 0.10%* |  |  |
| Builders FirstSource, Inc.\* | 1198 | 143317 |
| *Capital Markets 2.73%* |  |  |
| Ameriprise Financial, Inc. | 1238 | 583123 |
| Charles Schwab Corp. | 25861 | 2105085 |
| Moody's Corp. | 2644 | 1198049 |
|  |  | 3886257 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **United States (continued)** |  |  |  |
| *Construction Materials 0.69%* |  |  |  |
| CRH PLC | 10231 | $| 976242 |
| *Consumer Staples Distribution & Retail 0.81%* | *Consumer Staples Distribution & Retail 0.81%* |  |  |
| BJ's Wholesale Club Holdings, Inc.\* | 9809 |  | 1153146 |
| *Distributors 0.19%* |  |  |  |
| Pool Corp. | 942 |  | 276138 |
| *Electronic Equipment, Instruments & Components 0.40%* | *Electronic Equipment, Instruments & Components 0.40%* | *Electronic Equipment, Instruments & Components 0.40%* | *Electronic Equipment, Instruments & Components 0.40%* |
| Amphenol Corp. Class A | 7358 |  | 566198 |
| *Entertainment 2.09%* |  |  |  |
| Netflix, Inc.\* | 2636 |  | 2983214 |
| *Financial Services 2.59%* |  |  |  |
| Fiserv, Inc.\* | 6286 |  | 1160207 |
| Visa, Inc. Class A | 7322 |  | 2529751 |
|  |  |  | 3689958 |
| *Ground Transportation 1.61%* |  |  |  |
| Uber Technologies, Inc.\* | 28301 |  | 2292664 |
| *Health Care Equipment & Supplies 1.76%* | *Health Care Equipment & Supplies 1.76%* |  |  |
| Dexcom, Inc.\* | 20040 |  | 1430455 |
| IDEXX Laboratories, Inc.\* | 2154 |  | 931928 |
| Intuitive Surgical, Inc.\* | 281 |  | 144940 |
|  |  |  | 2507323 |
| *Health Care Providers & Services 3.70%* | *Health Care Providers & Services 3.70%* |  |  |
| Cigna Group | 6229 |  | 2118109 |
| McKesson Corp. | 2655 |  | 1892458 |
| UnitedHealth Group, Inc. | 3051 |  | 1255303 |
|  |  |  | 5265870 |
| *Health Care Technology 0.79%* |  |  |  |
| Veeva Systems, Inc. Class A\* | 4803 |  | 1122413 |
| *Insurance 0.82%* |  |  |  |
| Aon PLC Class A | 3297 |  | 1169742 |

---

14 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

GLOBAL EQUITY FUND *April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **United States (continued)** |  |  |  |
| *Interactive Media & Services 7.49%* | *Interactive Media & Services 7.49%* |  |  |
| Alphabet, Inc. Class A | 36935 | $| 5865278 |
| Meta Platforms, Inc. Class A | 8740 |  | 4798260 |
|  |  |  | 10663538 |
| *Machinery 0.30%* |  |  |  |
| Crane Co. | 2649 |  | 426436 |
| *Media 0.08%* |  |  |  |
| Trade Desk, Inc. Class A\* | 2137 |  | 114607 |
| *Oil, Gas & Consumable Fuels 1.20%* | *Oil, Gas & Consumable Fuels 1.20%* |  |  |
| Cheniere Energy, Inc. | 7370 |  | 1703281 |
| *Professional Services 0.34%* |  |  |  |
| Booz Allen Hamilton Holding Corp. | 3994 |  | 479360 |
| *Semiconductors & Semiconductor Equipment 5.59%* | *Semiconductors & Semiconductor Equipment 5.59%* | *Semiconductors & Semiconductor Equipment 5.59%* | *Semiconductors & Semiconductor Equipment 5.59%* |
| Broadcom, Inc. | 11564 |  | 2225723 |
| KLA Corp. | 167 |  | 117349 |
| NVIDIA Corp. | 51594 |  | 5619619 |
|  |  |  | 7962691 |
| *Software 5.01%* |  |  |  |
| Adobe, Inc.\* | 2936 |  | 1100941 |
| Datadog, Inc. Class A\* | 4455 |  | 455123 |
| Intuit, Inc. | 1333 |  | 836418 |
| Microsoft Corp. | 7885 |  | 3116625 |
| Salesforce, Inc. | 6054 |  | 1626770 |
|  |  |  | 7135877 |
| *Specialty Retail 0.36%* |  |  |  |
| Carvana Co.\* | 1507 |  | 368236 |
| Lowe's Cos., Inc. | 649 |  | 145090 |
|  |  |  | 513326 |
| *Technology Hardware, Storage & Peripherals 0.42%* | *Technology Hardware, Storage & Peripherals 0.42%* | *Technology Hardware, Storage & Peripherals 0.42%* | *Technology Hardware, Storage & Peripherals 0.42%* |
| Apple, Inc. | 2840 |  | 603500 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United States (continued)** |  |  |
| *Trading Companies & Distributors 0.78%* | *Trading Companies & Distributors 0.78%* |  |
| Core & Main, Inc. Class A\* | 21023 | $1107492 |
| *Total United States* |  | 69577527 |
| *Total Common Stocks*<br> (cost $123,419,962) |  | 134957180 |
| **PREFERRED STOCKS 0.96%** |  |  |
| **Germany 0.96%** |  |  |
| *Chemicals 0.96%* |  |  |
| FUCHS SE | 27139 | 1360821 |
| *Total Preferred Stocks*<br> (cost $1,237,897) |  | 1360821 |
| *Total Long-Term Investments*<br> (cost $124,657,859) | *Total Long-Term Investments*<br> (cost $124,657,859) | 136318001 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 3.85%** | **SHORT-TERM INVESTMENTS 3.85%** |  |
| **Repurchase Agreements 3.85%** | **Repurchase Agreements 3.85%** |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $5,812,400 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $5,594,544; proceeds: $5,485,393<br> (cost $5,484,784) | $5484784 | 5484784 |
| *Total Investments in Securities 99.57%*<br> (cost $130,142,643) | *Total Investments in Securities 99.57%*<br> (cost $130,142,643) | 141802785 |
| *Other Assets and Liabilities – Net 0.43%* | *Other Assets and Liabilities – Net 0.43%* | 615509 |
| *Net Assets 100.00%* |  | $142418294 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| REITS | Real Estate Investment Trusts. |
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $3,605,226, which represents 2.53% of net assets. |
| \* | Non-income producing security. |

---

See Notes to Financial Statements. 15

**Schedule of Investments (unaudited)(concluded)**

GLOBAL EQUITY FUND *April 30, 2025*

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | $– | $1289355 | $– | $1289355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 3605226 |  | 3605226 |
| &nbsp;&nbsp;&nbsp;&nbsp;China | 2065659 | 4289563 |  | 6355222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 40251 |  | 40251 |
| &nbsp;&nbsp;&nbsp;&nbsp;France |  | 6397215 |  | 6397215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 504102 |  | 504102 |
| &nbsp;&nbsp;&nbsp;&nbsp;India |  | 512545 |  | 512545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 10194337 |  | 10194337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 3285500 |  | 3285500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1247071 |  | 1247071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 2925692 |  | 2925692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 5985939 |  | 5985939 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 9917873 |  | 9917873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remaining Countries | 82696852 |  |  | 82696852 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  | 1360821 |  | 1360821 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 5484784 | – | 5484784 |
| Total | $84762511 | $57040274 | $– | $141802785 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Countries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

16 See Notes to Financial Statements.

**Schedule of Investments (unaudited)**

GROWTH LEADERS FUND *April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 96.25%** | **LONG-TERM INVESTMENTS 96.25%** |  |  |
| **COMMON STOCKS 96.25%** |  |  |  |
| **Aerospace & Defense 4.62%** |  |  |  |
| Axon Enterprise, Inc.\* | 213299 | $| 130816276 |
| General Electric Co. | 426500 |  | 85956810 |
| TransDigm Group, Inc. | 49812 |  | 70387843 |
| *Total* |  |  | 287160929 |
| **Biotechnology 5.90%** |  |  |  |
| Argenx SE ADR\* | 242964 |  | 156745795 |
| Insmed, Inc.\* | 625975 |  | 45070200 |
| Natera, Inc.\* | 1091096 |  | 164679119 |
| *Total* |  |  | 366495114 |
| **Broadline Retail 8.23%** |  |  |  |
| Amazon.com, Inc.\* | 1922125 |  | 354478293 |
| MercadoLibre, Inc. (Uruguay)\*<sup>(a)</sup> | 67205 |  | 156644774 |
| *Total* |  |  | 511123067 |
| **Capital Markets 1.74%** |  |  |  |
| ARES Management Corp. Class A | 336869 |  | 51382629 |
| Robinhood Markets, Inc. Class A\* | 1152247 |  | 56586850 |
| *Total* |  |  | 107969479 |
| **Communications Equipment 1.32%** | **Communications Equipment 1.32%** |  |  |
| Arista Networks, Inc.\* | 993095 |  | 81701926 |
| **Construction & Engineering 1.08%** | **Construction & Engineering 1.08%** |  |  |
| EMCOR Group, Inc. | 167113 |  | 66962179 |
| **Consumer Staples Distribution & Retail 1.66%** | **Consumer Staples Distribution & Retail 1.66%** | **Consumer Staples Distribution & Retail 1.66%** | **Consumer Staples Distribution & Retail 1.66%** |
| Costco Wholesale Corp. | 103718 |  | 103147551 |
| **Electronic Equipment, Instruments & Components 0.74%** | **Electronic Equipment, Instruments & Components 0.74%** | **Electronic Equipment, Instruments & Components 0.74%** | **Electronic Equipment, Instruments & Components 0.74%** |
| Amphenol Corp. Class A | 599271 |  | 46113903 |
| **Entertainment 10.05%** |  |  |  |
| Netflix, Inc.\* | 263852 |  | 298606585 |
| Sea Ltd. ADR\* | 553369 |  | 74179115 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Entertainment (continued)** |  |  |  |
| Spotify Technology SA (Sweden)\*<sup>(a)</sup> | 409236 | $| 251262719 |
| *Total* |  |  | 624048419 |
| **Financial Services 2.81%** |  |  |  |
| Fiserv, Inc.\* | 403612 |  | 74494667 |
| Toast, Inc. Class A\* | 2814734 |  | 100148236 |
| *Total* |  |  | 174642903 |
| **Health Care Equipment & Supplies 4.54%** | **Health Care Equipment & Supplies 4.54%** |  |  |
| Boston Scientific Corp.\* | 1253028 |  | 128898991 |
| Intuitive Surgical, Inc.\* | 296194 |  | 152776865 |
| *Total* |  |  | 281675856 |
| **Hotels, Restaurants & Leisure 2.07%** | **Hotels, Restaurants & Leisure 2.07%** |  |  |
| DoorDash, Inc. Class A\* | 667406 |  | 128735943 |
| **Information Technology Services 3.76%** | **Information Technology Services 3.76%** |  |  |
| Cloudflare, Inc. Class A\* | 749744 |  | 90554080 |
| Shopify, Inc. Class A (Canada)\*<sup>(a)</sup> | 1034309 |  | 98259355 |
| Wix.com Ltd. (Israel)\*<sup>(a)</sup> | 265076 |  | 44954239 |
| *Total* |  |  | 233767674 |
| **Interactive Media & Services 11.19%** | **Interactive Media & Services 11.19%** |  |  |
| Alphabet, Inc. Class A | 1223803 |  | 194339916 |
| Meta Platforms, Inc. Class A | 734265 |  | 403111485 |
| Reddit, Inc. Class A\* | 836150 |  | 97470006 |
| Total |  |  | 694921407 |
| **Pharmaceuticals 1.28%** |  |  |  |
| Eli Lilly & Co. | 88327 |  | 79401557 |
| **Semiconductors & Semiconductor Equipment 10.17%** | **Semiconductors & Semiconductor Equipment 10.17%** | **Semiconductors & Semiconductor Equipment 10.17%** | **Semiconductors & Semiconductor Equipment 10.17%** |
| Astera Labs, Inc.\* | 612857 |  | 40025691 |
| Broadcom, Inc. | 663401 |  | 127684791 |
| NVIDIA Corp. | 4258507 |  | 463836582 |
| *Total* |  |  | 631547064 |

---

See Notes to Financial Statements. 17

**Schedule of Investments (unaudited)(continued)**

GROWTH LEADERS FUND *April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Software 18.96%** |  |  |  |
| AppLovin Corp. Class A\* | 181265 | $| 48816477 |
| Atlassian Corp. Class A (Australia)\*<sup>(a)</sup> | 394161 |  | 89990898 |
| Crowdstrike Holdings, Inc. Class A\* | 249214 |  | 106880408 |
| CyberArk Software Ltd. (Israel)\*(a) | 503042 |  | 177151271 |
| Guidewire Software, Inc.\* | 447335 |  | 91600788 |
| HubSpot, Inc.\* | 110147 |  | 67354891 |
| Microsoft Corp. | 674404 |  | 266564925 |
| Oracle Corp. | 446588 |  | 62843863 |
| Palantir Technologies, Inc. Class A\* | 1380392 |  | 163493628 |
| ServiceNow, Inc.\* | 108018 |  | 103158270 |
| *Total* |  |  | 1177855419 |
| **Specialty Retail 1.92%** |  |  |  |
| Carvana Co.\* | 489193 |  | 119534309 |
| **Technology Hardware, Storage & Peripherals 4.21%** | **Technology Hardware, Storage & Peripherals 4.21%** | **Technology Hardware, Storage & Peripherals 4.21%** | **Technology Hardware, Storage & Peripherals 4.21%** |
| Apple, Inc. | 1229964 |  | 261367350 |
| *Total Common Stocks*<br> (cost $4,180,162,154) |  |  | 5978172049 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 3.82%** | **SHORT-TERM INVESTMENTS 3.82%** |  |
| **Repurchase Agreements 3.82%** | **Repurchase Agreements 3.82%** |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $251,461,200 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $242,034,800; proceeds: $237,315,217<br> (cost $237,288,852) | $237288852 | $237288852 |
| *Total Investments in Securities 100.07%*<br> (cost $4,417,451,006) | *Total Investments in Securities 100.07%*<br> (cost $4,417,451,006) | 6215460901 |
| *Other Assets and Liabilities – Net (0.07)%* | *Other Assets and Liabilities – Net (0.07)%* | (4323723) |
| *Net Assets 100.00%* |  | $6211137178 |

---

ADR American Depositary Receipt. <br> \* Non-income producing security. <br> <sup>(a)</sup> Foreign security traded in U.S. dollars.

18 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(concluded)**

GROWTH LEADERS FUND *April 30, 2025*

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $5978172049 | $– | $– | $5978172049 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 237288852 | – | 237288852 |
| Total | $5978172049 | $237288852 | $– | $6215460901 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

See Notes to Financial Statements. 19

**Schedule of Investments (unaudited)**

HEALTH CARE FUND April 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 99.01%** |  |  |
| **COMMON STOCKS 99.01%** |  |  |
| **Australia 0.76%** |  |  |
| *Biotechnology* |  |  |
| Telix Pharmaceuticals Ltd.\* | 3307 | $57488 |
| **Belgium 2.19%** |  |  |
| *Pharmaceuticals* |  |  |
| UCB SA | 897 | 164455 |
| **Canada 0.60%** |  |  |
| *Biotechnology* |  |  |
| Xenon Pharmaceuticals, Inc.\* | 1180 | 45076 |
| **Denmark 1.66%** |  |  |
| *Biotechnology 0.83%* |  |  |
| Ascendis Pharma AS ADR\* | 368 | 62722 |
| *Pharmaceuticals 0.83%* |  |  |
| Novo Nordisk AS Class B | 931 | 62248 |
| *Total Denmark* |  | 124970 |
| **France 1.49%** |  |  |
| *Health Care Equipment & Supplies* |  |  |
| BioMerieux | 274 | 36984 |
| EssilorLuxottica SA | 260 | 74920 |
|  |  | 111904 |
| **Israel 0.62%** |  |  |
| *Pharmaceuticals* |  |  |
| Teva Pharmaceutical Industries Ltd. ADR\* | 3005 | 46608 |
| **Japan 1.54%** |  |  |
| *Health Care Equipment & Supplies* |  |  |
| Terumo Corp. | 6037 | 115552 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Netherlands 3.84%** |  |  |
| *Biotechnology* |  |  |
| Argenx SE\* | 399 | $257933 |
| Argenx SE\* | 49 | 30675 |
|  |  | 288608 |
| **Spain 1.63%** |  |  |
| *Biotechnology* |  |  |
| Pharma Mar SA | 1450 | 122832 |
| **Sweden 1.03%** |  |  |
| *Biotechnology* |  |  |
| Swedish Orphan Biovitrum AB\* | 2534 | 77071 |
| **Switzerland 4.30%** |  |  |
| *Health Care Equipment & Supplies 0.70%* |  |  |
| Straumann Holding AG Registered Shares | 430 | 52433 |
| *Life Sciences Tools & Services 2.32%* |  |  |
| Lonza Group AG Registered Shares | 243 | 174598 |
| *Pharmaceuticals 1.28%* |  |  |
| Galderma Group AG | 826 | 95936 |
| *Total Switzerland* |  | 322967 |
| **United Kingdom 4.40%** |  |  |
| *Pharmaceuticals* |  |  |
| AstraZeneca PLC | 1491 | 213611 |
| Verona Pharma PLC ADR\* | 1618 | 116609 |
|  |  | 330220 |
| **United States 74.95%** |  |  |
| *Biotechnology 19.21%* |  |  |
| ADMA Biologics, Inc.\* | 5047 | 120119 |
| Akero Therapeutics, Inc.\* | 945 | 43101 |
| Arcellx, Inc.\* | 1184 | 76901 |

---

20 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HEALTH CARE FUND April 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United States (continued)** |  |  |
| Blueprint Medicines Corp.\* | 1172 | $104894 |
| Bridgebio Pharma, Inc.\* | 2315 | 88803 |
| Gilead Sciences, Inc. | 2591 | 276045 |
| Insmed, Inc.\* | 1123 | 80856 |
| Krystal Biotech, Inc.\* | 214 | 36354 |
| Madrigal Pharmaceuticals, Inc.\* | 243 | 81140 |
| Mirum Pharmaceuticals, Inc.\* | 1678 | 72909 |
| Natera, Inc.\* | 1594 | 240582 |
| Nuvalent, Inc. Class A\* | 528 | 40524 |
| Rhythm Pharmaceuticals, Inc.\* | 1087 | 70862 |
| Summit Therapeutics, Inc.\* | 327 | 7887 |
| TG Therapeutics, Inc.\* | 1456 | 66263 |
| United Therapeutics Corp.\* | 118 | 35765 |
|  |  | 1443005 |
| *Health Care Equipment & Supplies 25.28%* |  |  |
| Abbott Laboratories | 1645 | 215084 |
| Alcon AG | 1456 | 142120 |
| Boston Scientific Corp.\* | 3588 | 369098 |
| Ceribell, Inc.\* | 3779 | 60804 |
| Glaukos Corp.\* | 598 | 56362 |
| Globus Medical, Inc. Class A\* | 1073 | 77009 |
| Insulet Corp.\* | 460 | 116053 |
| Intuitive Surgical, Inc.\* | 711 | 366734 |
| Masimo Corp.\* | 331 | 53278 |
| Penumbra, Inc.\* | 331 | 96930 |
| PROCEPT BioRobotics Corp.\* | 1278 | 68986 |
| Stryker Corp. | 740 | 276701 |
|  |  | 1899159 |
| *Health Care Providers & Services 10.74%* |  |  |
| Cencora, Inc. | 692 | 202528 |
| CVS Health Corp. | 2379 | 158703 |
| Encompass Health Corp. | 983 | 115001 |
| GeneDx Holdings Corp.\* | 610 | 40779 |
| Guardant Health, Inc.\* | 2499 | 118028 |
| UnitedHealth Group, Inc. | 417 | 171570 |
|  |  | 806609 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United States (continued)** |  |  |
| *Health Care Technology 4.14%* |  |  |
| Doximity, Inc. Class A\* | 2177 | $123828 |
| Veeva Systems, Inc. Class A\* | 406 | 94878 |
| Waystar Holding Corp.\* | 2483 | 92293 |
|  |  | 310999 |
| *Life Sciences Tools & Services 0.70%* |  |  |
| Waters Corp.\* | 151 | 52507 |
| *Pharmaceuticals 14.88%* |  |  |
| Eli Lilly & Co. | 977 | 878274 |
| Tarsus Pharmaceuticals, Inc.\* | 4621 | 239876 |
|  |  | 1118150 |
| *Total United States* |  | 5630429 |
| *Total Common Stocks*<br> (cost $5,602,003) |  | 7438180 |
| *Total Investments in Securities 99.01%*<br> (cost $5,602,003) |  | 7438180 |
| *Other Assets and Liabilities – Net 0.99%* |  | 74008 |
| *Net Assets 100.00%* |  | $7512188 |

---

ADR American Depositary Receipt. <br> \* Non-income producing security.

*See Notes to Financial Statements.* 21

**Schedule of Investments (unaudited)(concluded)**

HEALTH CARE FUND April 30, 2025

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $– | $57488 | $– | $57488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 164455 |  | 164455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | 62722 | 62248 |  | 124970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 111904 |  | 111904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 115552 |  | 115552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 288608 |  | 288608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 122832 |  | 122832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 77071 |  | 77071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 322967 |  | 322967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 116609 | 213611 |  | 330220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 5488309 | 142120 |  | 5630429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Countries | 91684 | – | – | 91684 |
| Total | $5759324 | $1678856 | $– | $7438180 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Countries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

22 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

INTERNATIONAL EQUITY FUND April 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 96.30%** |  |  |
| **COMMON STOCKS 96.30%** |  |  |
| **Australia 2.62%** |  |  |
| *Diversified REITS 0.57%* |  |  |
| Charter Hall Group | 193000 | $2086704 |
| *Industrial REITS 0.43%* |  |  |
| Goodman Group | 82000 | 1569794 |
| *Insurance 0.66%* |  |  |
| QBE Insurance Group Ltd. | 175636 | 2427276 |
| *Metals & Mining 0.96%* |  |  |
| BHP Group Ltd. | 146423 | 3489795 |
| *Total Australia* |  | 9573569 |
| **Austria 1.60%** |  |  |
| *Banks* |  |  |
| BAWAG Group AG<sup>†</sup> | 30998 | 3397629 |
| Erste Group Bank AG | 36160 | 2448813 |
|  |  | 5846442 |
| **Brazil 0.80%** |  |  |
| *Broadline Retail* |  |  |
| MercadoLibre, Inc.\* | 1255 | 2925217 |
| **Canada 0.78%** |  |  |
| *Metals & Mining 0.33%* |  |  |
| Teck Resources Ltd. Class B | 36000 | 1223640 |
| *Oil, Gas & Consumable Fuels 0.45%* |  |  |
| Imperial Oil Ltd. | 24400 | 1645841 |
| *Total Canada* |  | 2869481 |
| **China 5.58%** |  |  |
| *Automobiles 0.78%* |  |  |
| BYD Co. Ltd. Class H | 59824 | 2841413 |
| *Broadline Retail 1.51%* |  |  |
| Alibaba Group Holding Ltd. | 371000 | 5539040 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **China (continued)** |  |  |
| *Interactive Media & Services 2.01%* |  |  |
| Tencent Holdings Ltd. | 119747 | $7334617 |
| *Technology Hardware, Storage & Peripherals 0.71%* | *Technology Hardware, Storage & Peripherals 0.71%* |  |
| Xiaomi Corp. Class B<sup>†\*</sup> | 406600 | 2603134 |
| *Textiles, Apparel & Luxury Goods 0.57%* |  |  |
| ANTA Sports Products Ltd. | 176600 | 2086673 |
| *Total China* |  | 20404877 |
| **Denmark 0.98%** |  |  |
| *Beverages* |  |  |
| Carlsberg AS Class B | 26238 | 3575023 |
| **France 12.10%** |  |  |
| *Aerospace & Defense 1.76%* |  |  |
| Safran SA | 12905 | 3434274 |
| Thales SA | 10687 | 2993667 |
|  |  | 6427941 |
| *Banks 0.88%* |  |  |
| Societe Generale SA | 61384 | 3200499 |
| *Building Products 1.80%* |  |  |
| Cie de Saint-Gobain SA | 60639 | 6592550 |
| *Chemicals 1.37%* |  |  |
| Air Liquide SA | 24382 | 5009969 |
| *Food Products 0.93%* |  |  |
| Danone SA | 39407 | 3390831 |
| *Health Care Equipment & Supplies 1.80%* |  |  |
| BioMerieux | 9150 | 1235070 |
| EssilorLuxottica SA | 18617 | 5364544 |
|  |  | 6599614 |
| *Insurance 1.48%* |  |  |
| AXA SA | 114713 | 5425454 |
| *Oil, Gas & Consumable Fuels 0.90%* |  |  |
| TotalEnergies SE | 57696 | 3286087 |

---

*See Notes to Financial Statements.* 23

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL EQUITY FUND April 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **France (continued)** |  |  |
| *Personal Care Products 0.71%* |  |  |
| L'Oreal SA\* | 5895 | $2604798 |
| *Textiles, Apparel & Luxury Goods 0.47%* |  |  |
| LVMH Moet Hennessy Louis Vuitton SE | 3120 | 1728260 |
| *Total France* |  | 44266003 |
| **Germany 15.08%** |  |  |
| *Aerospace & Defense 1.76%* |  |  |
| Rheinmetall AG | 3780 | 6437538 |
| *Banks 1.02%* |  |  |
| Commerzbank AG | 141702 | 3750503 |
| *Construction Materials 1.41%* |  |  |
| Heidelberg Materials AG | 25875 | 5172761 |
| *Diversified Telecommunication Services 1.67%* |  |  |
| Deutsche Telekom AG Registered Shares | 169685 | 6094667 |
| *Electrical Equipment 1.31%* |  |  |
| Siemens Energy AG\* | 61928 | 4779830 |
| *Industrial Conglomerates 1.41%* |  |  |
| Siemens AG | 22410 | 5160158 |
| *Insurance 3.17%* |  |  |
| Allianz SE Registered Shares | 17640 | 7295493 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered Shares\* | 6258 | 4284286 |
|  |  | 11579779 |
| *Software 2.73%* |  |  |
| SAP SE | 34074 | 9969668 |
| *Textiles, Apparel & Luxury Goods 0.60%* |  |  |
| adidas AG | 9528 | 2192312 |
| *Total Germany* |  | 55137216 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Greece 0.65%** |  |  |
| *Banks* |  |  |
| Alpha Services & Holdings SA | 969409 | $2363643 |
| **Hungary 0.67%** |  |  |
| *Banks* |  |  |
| OTP Bank Nyrt | 33021 | 2439195 |
| **India 4.78%** |  |  |
| *Banks 0.98%* |  |  |
| ICICI Bank Ltd. ADR | 106559 | 3576120 |
| *Electric: Utilities 0.67%* |  |  |
| Power Grid Corp. of India Ltd. | 672749 | 2443382 |
| *Health Care Providers & Services 0.66%* |  |  |
| Max Healthcare Institute Ltd. | 185919 | 2412160 |
| *Hotels, Restaurants & Leisure 0.61%* |  |  |
| MakeMyTrip Ltd.\* | 21399 | 2243043 |
| *Oil, Gas & Consumable Fuels 0.49%* |  |  |
| Reliance Industries Ltd. | 108576 | 1802831 |
| *Wireless Telecommunication Services 1.37%* |  |  |
| Bharti Airtel Ltd. | 226414 | 4994293 |
| *Total India* |  | 17471829 |
| **Ireland 0.66%** |  |  |
| *Trading Companies & Distributors* |  |  |
| AerCap Holdings NV | 22933 | 2430898 |
| **Italy 2.67%** |  |  |
| *Banks 1.09%* |  |  |
| UniCredit SpA | 68747 | 3999760 |
| *Beverages 1.06%* |  |  |
| Coca-Cola HBC AG | 74159 | 3861735 |

---

24 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL EQUITY FUND April 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Italy (continued)** |  |  |
| *Textiles, Apparel & Luxury Goods 0.52%* |  |  |
| Brunello Cucinelli SpA | 16750 | $1891069 |
| *Total Italy* |  | 9752564 |
| **Japan 13.45%** |  |  |
| *Banks 1.52%* |  |  |
| Mizuho Financial Group, Inc. | 90500 | 2262736 |
| Sumitomo Mitsui Financial Group, Inc. | 138021 | 3292797 |
|  |  | 5555533 |
| *Building Products 0.74%* |  |  |
| Sanwa Holdings Corp. | 82700 | 2714436 |
| *Entertainment 1.77%* |  |  |
| Nintendo Co. Ltd. | 77900 | 6467257 |
| *Health Care Equipment & Supplies 0.76%* |  |  |
| Terumo Corp. | 145100 | 2777319 |
| *Industrial Conglomerates 2.06%* |  |  |
| Hitachi Ltd. | 305300 | 7545646 |
| *Information Technology Services 1.22%* |  |  |
| Fujitsu Ltd. | 200500 | 4454198 |
| *Insurance 1.11%* |  |  |
| Sompo Holdings, Inc. | 123500 | 4047230 |
| *Machinery 1.68%* |  |  |
| Ebara Corp. | 118800 | 1784588 |
| Mitsubishi Heavy Industries Ltd. | 221800 | 4372308 |
|  |  | 6156896 |
| *Specialty Retail 0.60%* |  |  |
| Fast Retailing Co. Ltd. | 6700 | 2203930 |
| *Textiles, Apparel & Luxury Goods 0.68%* |  |  |
| Asics Corp. | 116000 | 2493309 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Japan (continued)** |  |  |
| *Tobacco 1.31%* |  |  |
| Japan Tobacco, Inc. | 155000 | $4775246 |
| *Total Japan* |  | 49191000 |
| **Mexico 0.63%** |  |  |
| *Banks* |  |  |
| Grupo Financiero Banorte SAB de CV Class O | 269000 | 2311613 |
| **Netherlands 0.59%** |  |  |
| *Chemicals* |  |  |
| Akzo Nobel NV | 33877 | 2138808 |
| **Poland 0.64%** |  |  |
| *Banks* |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA | 121981 | 2345198 |
| **Singapore 0.78%** |  |  |
| *Banks* |  |  |
| DBS Group Holdings Ltd. | 88200 | 2865546 |
| **South Korea 1.86%** |  |  |
| *Aerospace & Defense 1.21%* |  |  |
| Hanwha Aerospace Co. Ltd. | 7850 | 4411728 |
| *Banks 0.37%* |  |  |
| KB Financial Group, Inc. | 21600 | 1365092 |
| *Electrical Equipment 0.28%* |  |  |
| LS Electric Co. Ltd. | 7000 | 1011025 |
| *Total South Korea* |  | 6787845 |
| **Spain 3.10%** |  |  |
| *Banks 0.76%* |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 202738 | 2782384 |
| *Electric: Utilities 1.38%* |  |  |
| Iberdrola SA | 280678 | 5059461 |

---

*See Notes to Financial Statements.* 25

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL EQUITY FUND April 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Spain (continued)** |  |  |
| *Specialty Retail 0.96%* |  |  |
| Industria de Diseno Textil SA<sup>(a)</sup> | 65137 | $3502741 |
| *Total Spain* |  | 11344586 |
| **Sweden 0.59%** |  |  |
| *Machinery* |  |  |
| Atlas Copco AB Class A | 139373 | 2157312 |
| **Switzerland 2.78%** |  |  |
| *Food Products 0.88%* |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 222 | 3235427 |
| *Life Sciences Tools & Services 1.22%* |  |  |
| Lonza Group AG Registered Shares | 6189 | 4446854 |
| *Textiles, Apparel & Luxury Goods 0.68%* |  |  |
| Cie Financiere Richemont SA Class A | 14144 | 2499318 |
| *Total Switzerland* |  | 10181599 |
| **Taiwan 3.55%** |  |  |
| *Semiconductors & Semiconductor Equipment* |  |  |
| MediaTek, Inc. | 42000 | 1784709 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 395714 | 11212378 |
|  |  | 12997087 |
| **United Kingdom 8.58%** |  |  |
| *Banks 0.64%* |  |  |
| NatWest Group PLC | 367000 | 2360650 |
| *Capital Markets 1.58%* |  |  |
| London Stock Exchange Group PLC | 18299 | 2849364 |
| St. James's Place PLC | 231392 | 2916776 |
|  |  | 5766140 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United Kingdom (continued)** |  |  |
| *Electric: Utilities 0.72%* |  |  |
| SSE PLC | 117107 | $2640303 |
| *Personal Care Products 1.69%* |  |  |
| Unilever PLC | 96943 | 6172349 |
| *Pharmaceuticals 1.42%* |  |  |
| AstraZeneca PLC | 36263 | 5195284 |
| *Professional Services 1.22%* |  |  |
| RELX PLC | 81815 | 4465065 |
| *Tobacco 1.31%* |  |  |
| Imperial Brands PLC | 116749 | 4790568 |
| *Total United Kingdom* |  | 31390359 |
| **United States 10.78%** |  |  |
| *Construction Materials 1.22%* |  |  |
| CRH PLC | 47200 | 4476943 |
| *Electrical Equipment 1.86%* |  |  |
| Schneider Electric SE | 29177 | 6817082 |
| *Entertainment 1.11%* |  |  |
| Spotify Technology SA\* | 6590 | 4046128 |
| *Food Products 1.00%* |  |  |
| Nestle SA Registered Shares | 34414 | 3662936 |
| *Health Care Equipment & Supplies 1.02%* |  |  |
| Alcon AG | 38328 | 3723967 |
| *Interactive Media & Services 0.64%* |  |  |
| Meta Platforms, Inc. Class A | 4285 | 2352465 |
| *Oil, Gas & Consumable Fuels 1.53%* |  |  |
| Shell PLC | 173305 | 5592855 |
| *Pharmaceuticals 1.91%* |  |  |
| Eli Lilly & Co. | 2234 | 2008255 |
| Sanofi SA | 45334 | 4959169 |
|  |  | 6967424 |

---

26 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL EQUITY FUND April 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United States (continued)** |  |  |
| *Semiconductors & Semiconductor Equipment 0.49%* | *Semiconductors & Semiconductor Equipment 0.49%* | *Semiconductors & Semiconductor Equipment 0.49%* |
| Broadcom, Inc. | 9202 | $1771109 |
| *Total United States* |  | 39410909 |
| *Total Common Stocks*<br> (cost $263,724,077) |  | 352177819 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 3.52%** | **SHORT-TERM INVESTMENTS 3.52%** |  |
| **Repurchase Agreements 2.68%** |  |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $10,383,900 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $9,994,713; proceeds: $9,799,685 <br> (cost $9,798,596) | $9798596 | 9798596 |
| **Time Deposits 0.08%** |  |  |
| CitiBank N.A.<sup>(b)</sup><br> (cost $308,330) | 308330 | 308330 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Money Market Funds 0.76%** |  |  |
| Fidelity Government Portfolio<sup>(b)</sup> <br> (cost $2,774,970) | 2774970 | $2774970 |
| *Total Short-Term Investments*<br> (cost $12,881,896) |  | 12881896 |
| *Total Investments in Securities 99.82%* <br> (cost $276,605,973) |  | 365059715 |
| *Other Assets and Liabilities – Net 0.18%* |  | 643793 |
| *Net Assets 100.00%* |  | $365703508 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| REITS | Real Estate Investment Trusts. |
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $6,000,763, which represents 1.64% of net assets. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(b)</sup> | 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, 2025

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $2925217 | $– | $– | $2925217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 2869481 |  |  | 2869481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 5819163 | 11652666 |  | 17471829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 2430898 |  |  | 2430898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 2311613 |  |  | 2311613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 14654900 | 24756009 |  | 39410909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Countries |  | 284757872 |  | 284757872 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 9798596 |  | 9798596 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 308330 |  | 308330 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2774970 | – | – | 2774970 |
| Total | $33786242 | $331273473 | $– | $365059715 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Countries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

28 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

INTERNATIONAL OPPORTUNITIES FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 97.63%** |  |  |
| **COMMON STOCKS 97.63%** |  |  |
| **Australia 2.66%** |  |  |
| *Automobile Components 0.25%* |  |  |
| Amotiv Ltd. | 153173 | $759529 |
| *Diversified REITS 0.63%* |  |  |
| Charter Hall Group | 180000 | 1946149 |
| *Insurance 0.71%* |  |  |
| Steadfast Group Ltd. | 580000 | 2179561 |
| *Professional Services 0.72%* |  |  |
| ALS Ltd. | 200000 | 2202211 |
| *Trading Companies & Distributors 0.35%* | *Trading Companies & Distributors 0.35%* |  |
| Redox Ltd. | 575000 | 1075044 |
| *Total Australia* |  | 8162494 |
| **Austria 2.00%** |  |  |
| *Banks 0.80%* |  |  |
| BAWAG Group AG<sup>†</sup> | 22376 | 2452588 |
| *Construction Materials 1.20%* |  |  |
| Wienerberger AG | 105000 | 3686749 |
| *Total Austria* |  | 6139337 |
| **Belgium 1.02%** |  |  |
| *Health Care REITS* |  |  |
| Aedifica SA | 39000 | 3126481 |
| **Canada 9.78%** |  |  |
| *Capital Markets 1.45%* |  |  |
| TMX Group Ltd. | 110000 | 4457928 |
| *Consumer Staples Distribution & Retail 1.56%* | *Consumer Staples Distribution & Retail 1.56%* |  |
| North West Co., Inc. | 118800 | 4765443 |
| *Gas Utilities 0.96%* |  |  |
| Brookfield Infrastructure Corp. Class A | 78889 | 2955047 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Canada (continued)** |  |  |
| *Metals & Mining 1.98%* |  |  |
| Alamos Gold, Inc. Class A | 160929 | $4600473 |
| Capstone Copper Corp.\* | 306100 | 1474325 |
|  |  | 6074798 |
| *Oil, Gas & Consumable Fuels 2.41%* | *Oil, Gas & Consumable Fuels 2.41%* |  |
| MEG Energy Corp. | 75600 | 1060572 |
| Parkland Corp. | 120000 | 3023067 |
| Topaz Energy Corp. | 75000 | 1252901 |
| Whitecap Resources, Inc.<sup>(a)</sup> | 363000 | 2059089 |
|  |  | 7395629 |
| *Retail REITS 1.08%* |  |  |
| First Capital Real Estate Investment Trust | 267200 | 3310443 |
| *Trading Companies & Distributors 0.34%* |  |  |
| Finning International, Inc. | 36500 | 1030186 |
| *Total Canada* |  | 29989474 |
| **China 0.58%** |  |  |
| *Textiles, Apparel & Luxury Goods* |  |  |
| Xtep International Holdings Ltd. | 2600000 | 1773071 |
| **Denmark 1.19%** |  |  |
| *Beverages 0.84%* |  |  |
| Royal Unibrew AS | 32454 | 2578490 |
| *Biotechnology 0.35%* |  |  |
| Zealand Pharma AS\* | 14959 | 1057991 |
| *Total Denmark* |  | 3636481 |
| **Finland 0.55%** |  |  |
| *Containers & Packaging* |  |  |
| Huhtamaki OYJ | 46000 | 1693614 |
| **France 3.70%** |  |  |
| *Household Durables 0.91%* |  |  |
| Kaufman & Broad SA | 71000 | 2787720 |

---

*See Notes to Financial Statements.* 29

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL OPPORTUNITIES FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **France (continued)** |  |  |
| *Information Technology Services 0.53%* | *Information Technology Services 0.53%* |  |
| Sopra Steria Group | 8000 | $1640311 |
| *Oil, Gas & Consumable Fuels 1.16%* | *Oil, Gas & Consumable Fuels 1.16%* |  |
| Gaztransport Et Technigaz SA | 21749 | 3545148 |
| *Personal Care Products 0.27%* |  |  |
| Interparfums SA | 20644 | 818262 |
| *Software 0.83%* |  |  |
| Planisware SA\* | 93781 | 2544424 |
| *Total France* |  | 11335865 |
| **Germany 10.31%** |  |  |
| *Information Technology Services 0.74%* | *Information Technology Services 0.74%* |  |
| IONOS Group SE\* | 68000 | 2268404 |
| *Interactive Media & Services 1.30%* |  |  |
| Scout24 SE<sup>†</sup> | 33500 | 3992421 |
| *Life Sciences Tools & Services 0.41%* | *Life Sciences Tools & Services 0.41%* |  |
| Gerresheimer AG | 18367 | 1246158 |
| *Machinery 3.47%* |  |  |
| Deutz AG | 360000 | 2795192 |
| RENK Group AG | 130000 | 7831738 |
|  |  | 10626930 |
| *Media 1.14%* |  |  |
| Stroeer SE & Co. KGaA | 58500 | 3493118 |
| *Real Estate Management & Development 1.06%* | *Real Estate Management & Development 1.06%* |  |
| TAG Immobilien AG\* | 200433 | 3263238 |
| *Wireless Telecommunication Services 2.19%* | *Wireless Telecommunication Services 2.19%* |  |
| Freenet AG | 161579 | 6718956 |
| *Total Germany* |  | 31609225 |
| **Greece 1.28%** |  |  |
| *Banks* |  |  |
| Alpha Services & Holdings SA | 1612221 | 3930967 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Hong Kong 0.36%** |  |  |
| *Semiconductors & Semiconductor Equipment* | *Semiconductors & Semiconductor Equipment* |  |
| ASMPT Ltd. | 165200 | $1111379 |
| **India 0.59%** |  |  |
| *Commercial Services & Supplies* |  |  |
| CMS Info Systems Ltd. | 345399 | 1800118 |
| **Indonesia 0.41%** |  |  |
| *Specialty Retail* |  |  |
| Map Aktif Adiperkasa PT | 31786100 | 1243693 |
| **Ireland 1.08%** |  |  |
| *Hotels, Restaurants & Leisure* |  |  |
| Dalata Hotel Group PLC | 577534 | 3310554 |
| **Israel 1.12%** |  |  |
| *Capital Markets* |  |  |
| Tel Aviv Stock Exchange Ltd. | 279657 | 3438460 |
| **Italy 4.81%** |  |  |
| *Automobile Components 0.83%* |  |  |
| Pirelli & C SpA<sup>†</sup> | 410000 | 2534824 |
| *Health Care Equipment & Supplies 0.89%* | *Health Care Equipment & Supplies 0.89%* |  |
| DiaSorin SpA | 24000 | 2742641 |
| *Hotels, Restaurants & Leisure 1.72%* | *Hotels, Restaurants & Leisure 1.72%* |  |
| Lottomatica Group SpA | 230833 | 5261565 |
| *Textiles, Apparel & Luxury Goods 1.37%* | *Textiles, Apparel & Luxury Goods 1.37%* |  |
| Brunello Cucinelli SpA | 37366 | 4218609 |
| *Total Italy* |  | 14757639 |
| **Japan 20.97%** |  |  |
| Banks 1.61% |  |  |
| Mebuki Financial Group, Inc. | 1010000 | 4934987 |

---

30 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL OPPORTUNITIES FUND *April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **Japan (continued)** |  |  |  |
| *Beverages 1.67%* |  |  |  |
| Coca-Cola Bottlers Japan Holdings, Inc. | 271900 | $| 5108132 |
| *Building Products 1.47%* |  |  |  |
| Sanwa Holdings Corp. | 137700 |  | 4519683 |
| *Chemicals 1.39%* |  |  |  |
| Aica Kogyo Co. Ltd. | 99400 |  | 2304520 |
| Kansai Paint Co. Ltd. | 129000 |  | 1944455 |
|  |  |  | 4248975 |
| *Commercial Services & Supplies 0.74%* | *Commercial Services & Supplies 0.74%* |  |  |
| Japan Elevator Service Holdings Co. Ltd. | 105000 |  | 2270012 |
| *Construction & Engineering 0.64%* |  |  |  |
| SHO-BOND Holdings Co. Ltd. | 54600 |  | 1959943 |
| *Electronic Equipment, Instruments & Components 1.38%* | *Electronic Equipment, Instruments & Components 1.38%* | *Electronic Equipment, Instruments & Components 1.38%* | *Electronic Equipment, Instruments & Components 1.38%* |
| Azbil Corp. | 492400 |  | 4240199 |
| *Information Technology Services 1.82%* | *Information Technology Services 1.82%* |  |  |
| NS Solutions Corp. | 90476 |  | 2146524 |
| Simplex Holdings, Inc. | 162100 |  | 3430934 |
|  |  |  | 5577458 |
| *Machinery 3.88%* |  |  |  |
| DMG Mori Co. Ltd. | 145400 |  | 2527301 |
| Fujitec Co. Ltd. | 102800 |  | 4027525 |
| Kawasaki Heavy Industries Ltd. | 34000 |  | 2028156 |
| Miura Co. Ltd. | 75000 |  | 1597533 |
| Organo Corp. | 36000 |  | 1723280 |
|  |  |  | 11903795 |
| *Media 0.51%* |  |  |  |
| Kadokawa Corp. | 58800 |  | 1581300 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Japan (continued)** |  |  |
| *Real Estate Management & Development 0.77%* | *Real Estate Management & Development 0.77%* |  |
| Tokyu Fudosan Holdings Corp. | 337800 | $2365888 |
| *Software 2.11%* |  |  |
| Money Forward, Inc.\* | 91400 | 2737850 |
| OBIC Business Consultants Co. Ltd. | 77600 | 3730354 |
|  |  | 6468204 |
| *Specialty Retail 1.94%* |  |  |
| JINS Holdings, Inc. | 94700 | 5938955 |
| *Wireless Telecommunication Services 1.04%* | *Wireless Telecommunication Services 1.04%* |  |
| Okinawa Cellular Telephone Co. | 107200 | 3178678 |
| *Total Japan* |  | 64296209 |
| **Jordan 1.25%** |  |  |
| *Pharmaceuticals* |  |  |
| Hikma Pharmaceuticals PLC | 144264 | 3822932 |
| **Mexico 0.80%** |  |  |
| *Consumer Finance* |  |  |
| Gentera SAB de CV | 1402820 | 2449329 |
| **Netherlands 1.78%** |  |  |
| *Insurance 1.34%* |  |  |
| ASR Nederland NV | 65000 | 4101424 |
| *Semiconductors & Semiconductor Equipment 0.44%* | *Semiconductors & Semiconductor Equipment 0.44%* |  |
| BE Semiconductor Industries NV | 12583 | 1362785 |
| *Total Netherlands* |  | 5464209 |
| **New Zealand 0.50%** |  |  |
| *Transportation Infrastructure* |  |  |
| Port of Tauranga Ltd. | 415000 | 1518600 |

---

*See Notes to Financial Statements.* 31

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL OPPORTUNITIES FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Peru 1.37%** |  |  |
| *Banks* |  |  |
| Intercorp Financial Services, Inc. | 124356 | $4211938 |
| **Poland 0.57%** |  |  |
| *Banks* |  |  |
| Alior Bank SA | 65000 | 1761360 |
| **South Korea 0.25%** |  |  |
| *Banks* |  |  |
| BNK Financial Group, Inc. | 105000 | 765348 |
| **Spain 3.07%** |  |  |
| *Air Freight & Logistics 1.26%* |  |  |
| Logista Integral SA | 113000 | 3863278 |
| *Banks 0.87%* |  |  |
| Unicaja Banco SA<sup>†(a)</sup> | 1400000 | 2668471 |
| *Containers & Packaging 0.94%* |  |  |
| Vidrala SA | 26421 | 2879835 |
| *Total Spain* |  | 9411584 |
| **Sweden 2.85%** |  |  |
| *Commercial Services & Supplies 1.95%* | *Commercial Services & Supplies 1.95%* |  |
| Loomis AB | 143468 | 5971342 |
| *Consumer Staples Distribution & Retail 0.45%* | *Consumer Staples Distribution & Retail 0.45%* |  |
| Axfood AB | 50000 | 1397818 |
| *Leisure Products 0.45%* |  |  |
| Thule Group AB<sup>†</sup> | 60000 | 1367635 |
| *Total Sweden* |  | 8736795 |
| **Switzerland 5.36%** |  |  |
| *Building Products 2.58%* |  |  |
| Belimo Holding AG Registered Shares | 4950 | 4205824 |
| dormakaba Holding AG | 4400 | 3711651 |
|  |  | 7917475 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **Switzerland (continued)** |  |  |  |
| *Capital Markets 0.84%* |  |  |  |
| EFG International AG | 170000 | $| 2571815 |
| *Health Care Equipment & Supplies 0.61%* | *Health Care Equipment & Supplies 0.61%* |  |  |
| Medacta Group SA<sup>†</sup> | 11500 |  | 1866895 |
| *Life Sciences Tools & Services 0.33%* |  |  |  |
| Siegfried Holding AG | 8470 |  | 1008409 |
| *Machinery 1.00%* |  |  |  |
| Sulzer AG Registered Shares | 18156 |  | 3073088 |
| *Total Switzerland* |  |  | 16437682 |
| **Taiwan 1.28%** |  |  |  |
| *Electronic Equipment, Instruments & Components 0.36%* | *Electronic Equipment, Instruments & Components 0.36%* | *Electronic Equipment, Instruments & Components 0.36%* | *Electronic Equipment, Instruments & Components 0.36%* |
| Chroma ATE, Inc. | 122000 |  | 1115231 |
| *Semiconductors & Semiconductor Equipment 0.92%* | *Semiconductors & Semiconductor Equipment 0.92%* | *Semiconductors & Semiconductor Equipment 0.92%* |  |
| Realtek Semiconductor Corp. | 85000 |  | 1397320 |
| Visual Photonics Epitaxy Co. Ltd. | 450000 |  | 1404986 |
|  |  |  | 2802306 |
| *Total Taiwan* |  |  | 3917537 |
| **United Kingdom 16.14%** |  |  |  |
| *Aerospace & Defense 0.78%* |  |  |  |
| Chemring Group PLC | 446488 |  | 2384849 |
| *Capital Markets 3.04%* |  |  |  |
| Man Group PLC | 632677 |  | 1380918 |
| Marex Group PLC | 76846 |  | 3408120 |
| St. James's Place PLC | 360000 |  | 4537924 |
|  |  |  | 9326962 |
| *Chemicals 0.31%* |  |  |  |
| Victrex PLC | 85000 |  | 943498 |
| *Construction & Engineering 0.50%* |  |  |  |
| Renew Holdings PLC | 150000 |  | 1518323 |

---

32 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL OPPORTUNITIES FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United Kingdom (continued)** |  |  |
| *Construction Materials 1.10%* |  |  |
| Breedon Group PLC | 589923 | $3385338 |
| *Food Products 2.92%* |  |  |
| Cranswick PLC | 57000 | 3945018 |
| Premier Foods PLC | 1151913 | 3058029 |
| Tate & Lyle PLC | 263578 | 1964451 |
|  |  | 8967498 |
| *Health Care Equipment & Supplies 1.13%* | *Health Care Equipment & Supplies 1.13%* |  |
| ConvaTec Group PLC<sup>†</sup> | 1000000 | 3476659 |
| *Household Durables 1.18%* |  |  |
| Persimmon PLC | 208907 | 3615338 |
| *Insurance 0.74%* |  |  |
| Lancashire Holdings Ltd. | 299653 | 2255518 |
| *Machinery 1.21%* |  |  |
| Rotork PLC | 910000 | 3705309 |
| *Residential REITS 1.34%* |  |  |
| UNITE Group PLC | 357729 | 4109958 |
| *Specialized REITS 0.68%* |  |  |
| Big Yellow Group PLC | 155247 | 2090071 |
| *Trading Companies & Distributors 1.21%* | *Trading Companies & Distributors 1.21%* |  |
| Ashtead Technology Holdings PLC | 250000 | 1667170 |
| Howden Joinery Group PLC | 200000 | 2056699 |
|  |  | 3723869 |
| *Total United Kingdom* |  | 49503190 |
| *Total Common Stocks*<br> (cost $249,461,833) |  | 299355565 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **U.S. $ Fair Value** |
| **SHORT-TERM INVESTMENTS 3.71%** | **SHORT-TERM INVESTMENTS 3.71%** |  |
| **Repurchase Agreements 2.49%** |  |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $8,100,700 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $7,797,123; proceeds: $7,644,906<br> (cost $7,644,057) | $7644057 | $7644057 |
| **Time Deposits 0.12%** |  |  |
| CitiBank N.A.<sup>(b)</sup> (cost $372,536) | 372536 | 372536 |
|  | **Shares** |  |
| **Money Market Funds 1.10%** |  |  |
| Fidelity Government Portfolio<sup>(b)</sup> (cost $3,352,822) | 3352822 | 3352822 |
| *Total Short-Term Investments*<br> (cost $11,369,415) |  | 11369415 |
| Total Investments in *Securities 101.34%*<br> (cost $260,831,248) |  | 310724980 |
| *Other Assets and Liabilities – Net (1.34)%* |  | (4101785) |
| *Net Assets 100.00%* |  | $306623195 |

---

---

| | |
|:---|:---|
| REITS | Real Estate Investment Trusts. |
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $18,359,493, which represents 5.99% of net assets. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(b)</sup> | 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, 2025*

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | $2202211 | $5960283 | $– | $8162494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 29989474 |  |  | 29989474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark | 2578490 | 1057991 |  | 3636481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland | 3310554 |  |  | 3310554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 2449329 |  |  | 2449329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru | 4211938 |  |  | 4211938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 1008409 | 15429273 |  | 16437682 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 9851487 | 39651703 |  | 49503190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remaining Countries |  | 181654423 |  | 181654423 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 7644057 |  | 7644057 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 372536 |  | 372536 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 3352822 | – | – | 3352822 |
| Total | $58954714 | $251770266 | $– | $310724980 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Countries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

34 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

INTERNATIONAL VALUE FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 95.42%** |  |  |
| **COMMON STOCKS 95.42%** |  |  |
| **Australia 3.44%** |  |  |
| *Insurance 1.47%* |  |  |
| QBE Insurance Group Ltd. | 459429 | $6349273 |
| *Metals & Mining 1.97%* |  |  |
| BHP Group Ltd. | 358650 | 8547939 |
| *Total Australia* |  | 14897212 |
| **Austria 3.46%** |  |  |
| *Banks 2.43%* |  |  |
| BAWAG Group AG<sup>†</sup> | 54375 | 5959935 |
| Erste Group Bank AG | 67682 | 4583534 |
|  |  | 10543469 |
| *Construction Materials 1.03%* |  |  |
| Wienerberger AG | 126790 | 4451837 |
| *Total Austria* |  | 14995306 |
| **Canada 3.85%** |  |  |
| *Insurance 0.94%* |  |  |
| Manulife Financial Corp. | 133067 | 4078109 |
| *Metals & Mining 0.79%* |  |  |
| Teck Resources Ltd. Class B | 99996 | 3398239 |
| *Oil, Gas & Consumable Fuels 2.12%* |  |  |
| Parkland Corp. | 135200 | 3405989 |
| Pembina Pipeline Corp. | 151107 | 5776395 |
|  |  | 9182384 |
| *Total Canada* |  | 16658732 |
| **China 0.69%** |  |  |
| *Marine Transportation* |  |  |
| SITC International Holdings Co. Ltd. | 1086000 | 3003597 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **France 13.62%** |  |  |
| *Aerospace & Defense 1.33%* |  |  |
| Thales SA | 20543 | $5754553 |
| *Banks 1.53%* |  |  |
| Societe Generale SA | 127254 | 6634892 |
| *Building Products 1.79%* |  |  |
| Cie de Saint-Gobain SA | 71073 | 7726914 |
| *Capital Markets 0.35%* |  |  |
| Amundi SA<sup>†</sup> | 19412 | 1533377 |
| *Diversified Telecommunication Services 1.55%* |  |  |
| Orange SA | 463659 | 6726785 |
| *Gas Utilities 1.18%* |  |  |
| Rubis SCA | 156365 | 5089800 |
| *Hotels, Restaurants & Leisure 1.16%* |  |  |
| Sodexo SA | 78854 | 5005400 |
| *Information Technology Services 0.82%* |  |  |
| Capgemini SE | 22097 | 3527838 |
| *Insurance 2.66%* |  |  |
| AXA SA | 243756 | 11528658 |
| *Media 1.25%* |  |  |
| Publicis Groupe SA | 53329 | 5426065 |
| *Total France* |  | 58954282 |
| **Germany 6.20%** |  |  |
| *Automobiles 0.38%* |  |  |
| Bayerische Motoren Werke AG | 19556 | 1658691 |
| *Chemicals 1.01%* |  |  |
| FUCHS SE | 113347 | 4357385 |
| *Health Care Providers & Services 2.26%* |  |  |
| Fresenius SE & Co. KGaA\* | 205996 | 9784174 |

---

*See Notes to Financial Statements.* 35

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL VALUE FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Germany (continued)** |  |  |
| *Industrial Conglomerates 1.68%* |  |  |
| Siemens AG | 31548 | $7264287 |
| *Real Estate Management & Development 0.87%* |  |  |
| Vonovia SE | 113451 | 3763181 |
| *Total Germany* |  | 26827718 |
| **Indonesia 0.49%** |  |  |
| *Banks* |  |  |
| Bank Negara Indonesia Persero Tbk. PT | 8491287 | 2139797 |
| **Ireland 1.31%** |  |  |
| *Trading Companies & Distributors* |  |  |
| AerCap Holdings NV | 53349 | 5654994 |
| **Italy 4.51%** |  |  |
| *Beverages 1.36%* |  |  |
| Coca-Cola HBC AG | 113429 | 5906670 |
| *Electric: Utilities 2.15%* |  |  |
| Enel SpA | 1071701 | 9290547 |
| *Passenger Airlines 1.00%* |  |  |
| Ryanair Holdings PLC | 182421 | 4342441 |
| *Total Italy* |  | 19539658 |
| **Japan 13.64%** |  |  |
| *Automobiles 1.35%* |  |  |
| Toyota Motor Corp. | 305500 | 5834870 |
| *Banks 2.90%* |  |  |
| Mizuho Financial Group, Inc. | 252900 | 6323160 |
| Sumitomo Mitsui Financial Group, Inc. | 260789 | 6221699 |
|  |  | 12544859 |
| *Building Products 0.82%* |  |  |
| Sanwa Holdings Corp. | 108600 | 3564543 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Japan (continued)** |  |  |
| *Electrical Equipment 1.00%* |  |  |
| Fuji Electric Co. Ltd. | 97201 | $4322210 |
| *Electronic Equipment, Instruments & Components 0.73%* | *Electronic Equipment, Instruments & Components 0.73%* |  |
| Murata Manufacturing Co. Ltd. | 221051 | 3149216 |
| *Entertainment 1.09%* |  |  |
| Nintendo Co. Ltd. | 56600 | 4698932 |
| *Industrial Conglomerates 1.07%* |  |  |
| Hitachi Ltd. | 186950 | 4620565 |
| *Insurance 1.81%* |  |  |
| Sompo Holdings, Inc. | 239481 | 7848055 |
| *Machinery 0.73%* |  |  |
| Kawasaki Heavy Industries Ltd. | 53200 | 3173468 |
| *Trading Companies & Distributors 1.16%* |  |  |
| ITOCHU Corp. | 97975 | 5010729 |
| *Wireless Telecommunication Services 0.98%* |  |  |
| KDDI Corp. | 240000 | 4253666 |
| *Total Japan* |  | 59021113 |
| **Mexico 1.06%** |  |  |
| *Banks* |  |  |
| Grupo Financiero Banorte SAB de CV Class O | 535668 | 4603186 |
| **Netherlands 3.75%** |  |  |
| *Chemicals 1.50%* |  |  |
| Akzo Nobel NV | 102852 | 6493513 |
| *Insurance 2.25%* |  |  |
| NN Group NV | 158868 | 9741848 |
| *Total Netherlands* |  | 16235361 |

---

36 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL VALUE FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Poland 1.26%** |  |  |
| *Banks* |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA | 282553 | $5432343 |
| **Singapore 0.89%** |  |  |
| *Banks* |  |  |
| United Overseas Bank Ltd. | 145008 | 3851244 |
| **South Korea 0.82%** |  |  |
| *Technology Hardware, Storage & Peripherals* |  |  |
| Samsung Electronics Co. Ltd. | 90403 | 3527302 |
| **Spain 4.32%** |  |  |
| *Banks 1.36%* |  |  |
| CaixaBank SA<sup>(a)</sup> | 768531 | 5890180 |
| *Electric: Utilities 2.25%* |  |  |
| Iberdrola SA | 539077 | 9717323 |
| *Information Technology Services 0.71%* |  |  |
| Indra Sistemas SA | 96942 | 3090888 |
| *Total Spain* |  | 18698391 |
| **Sweden 2.41%** |  |  |
| *Commercial Services & Supplies 1.29%* |  |  |
| Loomis AB | 133610 | 5561039 |
| *Machinery 1.12%* |  |  |
| Volvo AB Class B | 178938 | 4864165 |
| *Total Sweden* |  | 10425204 |
| **Taiwan 0.76%** |  |  |
| *Semiconductors & Semiconductor Equipment* |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 116514 | 3301372 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United Kingdom 16.81%** |  |  |
| *Banks 4.29%* |  |  |
| HSBC Holdings PLC | 668435 | $7451298 |
| Lloyds Banking Group PLC | 11309909 | 11111733 |
|  |  | 18563031 |
| *Broadline Retail 1.22%* |  |  |
| Next PLC | 31953 | 5271494 |
| *Capital Markets 1.28%* |  |  |
| St. James's Place PLC | 441453 | 5564667 |
| *Electric: Utilities 1.61%* |  |  |
| SSE PLC | 308927 | 6965090 |
| *Health Care Equipment & Supplies 1.28%* |  |  |
| Smith & Nephew PLC | 395535 | 5566199 |
| *Household Durables 0.80%* |  |  |
| Persimmon PLC | 199338 | 3449737 |
| *Personal Care Products 2.40%* |  |  |
| Unilever PLC | 163097 | 10384367 |
| *Residential REITS 1.21%* |  |  |
| UNITE Group PLC | 454734 | 5224450 |
| *Tobacco 2.72%* |  |  |
| Imperial Brands PLC | 286765 | 11766844 |
| *Total United Kingdom* |  | 72755879 |
| **United States 12.13%** |  |  |
| *Construction Materials 1.08%* |  |  |
| CRH PLC | 49264 | 4672714 |
| *Food Products 1.44%* |  |  |
| Nestle SA Registered Shares | 58568 | 6233825 |
| *Oil, Gas & Consumable Fuels 3.96%* |  |  |
| BP PLC | 966064 | 4460695 |
| Shell PLC ADR | 196643 | 12679541 |
|  |  | 17140236 |

---

*See Notes to Financial Statements.* 37

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL VALUE FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United States (continued)** |  |  |
| *Pharmaceuticals 5.65%* |  |  |
| Novartis AG Registered Shares | 68510 | $7814059 |
| Roche Holding AG | 22574 | 7381390 |
| Sanofi SA | 84830 | 9279709 |
|  |  | 24475158 |
| *Total United States* |  | 52521933 |
| *Total Common Stocks* <br> (cost $352,369,850) |  | 413044624 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 4.36%** |  |  |
| **Repurchase Agreements 3.51%** |  |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $16,117,700 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $15,513,537; proceeds: $15,210,964 <br> (cost $15,209,274) | $15209274 | 15209274 |
| **Time Deposits 0.09%** |  |  |
| CitiBank N.A.<sup>(b)</sup> <br> (cost $364,895) | 364895 | 364895 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Money Market Funds 0.76%** |  |  |
| Fidelity Government Portfolio<sup>(b)</sup> <br> (cost $3,284,055) | 3284055 | $3284055 |
| *Total Short-Term Investments* <br> (cost $18,858,224) |  | 18858224 |
| *Total Investments in Securities 99.78%* <br> (cost $371,228,074) |  | 431902848 |
| *Other Assets and Liabilities – Net 0.22%* |  | 969645 |
| *Net Assets 100.00%* |  | $432872493 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| REITS | Real Estate Investment Trusts. |
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $7,493,312, which represents 1.73% of net assets. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(b)</sup> | 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, 2025*

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | $16658732 | $– | $– | $16658732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 3003597 |  |  | 3003597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 5654994 |  |  | 5654994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 4603186 |  |  | 4603186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 17352255 | 35169678 |  | 52521933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Countries |  | 330602182 |  | 330602182 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 15209274 |  | 15209274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Deposits |  | 364895 |  | 364895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 3284055 | – | – | 3284055 |
| Total | $50556819 | $381346029 | $– | $431902848 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Countries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Financial Statements.* 39

**Schedule of Investments (unaudited)**

MICRO CAP GROWTH FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.63%** |  |  |
| **COMMON STOCKS 98.63%** |  |  |
| **Aerospace & Defense 1.98%** |  |  |
| Kratos Defense & Security Solutions, Inc.\* | 95683 | $3232650 |
| **Beverages 1.97%** |  |  |
| Vita Coco Co., Inc.\* | 97468 | 3221317 |
| **Biotechnology 15.07%** |  |  |
| Arcellx, Inc.\* | 37180 | 2414841 |
| CareDx, Inc.\* | 115618 | 1951632 |
| Janux Therapeutics, Inc.\* | 27953 | 928040 |
| Mirum Pharmaceuticals, Inc.\* | 84552 | 3673784 |
| Rhythm Pharmaceuticals, Inc.\* | 43358 | 2826508 |
| Scholar Rock Holding Corp.\* | 111656 | 3674599 |
| Soleno Therapeutics, Inc.\* | 17911 | 1340817 |
| Travere Therapeutics, Inc.\* | 128317 | 2670277 |
| Twist Bioscience Corp.\* | 21383 | 819397 |
| Vera Therapeutics, Inc.\* | 33077 | 773009 |
| Veracyte, Inc.\* | 53532 | 1632726 |
| Vericel Corp.\* | 26592 | 1011028 |
| Xenon Pharmaceuticals, Inc. (Canada)\*<sup>(a)</sup> | 24156 | 922759 |
| *Total* |  | 24639417 |
| **Capital Markets 2.83%** |  |  |
| Marex Group PLC (United Kingdom)<sup>(a)</sup> | 61326 | 2719808 |
| Piper Sandler Cos. | 7872 | 1898097 |
| *Total* |  | 4617905 |
| **Commercial Services & Supplies 1.36%** |  |  |
| VSE Corp. | 19365 | 2217680 |
| **Communications Equipment 1.03%** |  |  |
| Calix, Inc.\* | 40946 | 1675101 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Construction & Engineering 6.96%** |  |  |  |
| Argan, Inc. | 26151 | $| 4004502 |
| Limbach Holdings, Inc.\* | 33838 |  | 3239650 |
| Primoris Services Corp. | 26612 |  | 1595922 |
| Sterling Infrastructure, Inc.\* | 17009 |  | 2541655 |
| *Total* |  |  | 11381729 |
| **Consumer Staples Distribution & Retail 4.77%** | **Consumer Staples Distribution & Retail 4.77%** | **Consumer Staples Distribution & Retail 4.77%** | **Consumer Staples Distribution & Retail 4.77%** |
| Chefs' Warehouse, Inc.\* | 58789 |  | 3349209 |
| Natural Grocers by Vitamin Cottage, Inc. | 88641 |  | 4446233 |
| *Total* |  |  | 7795442 |
| **Diversified Consumer Services 6.63%** | **Diversified Consumer Services 6.63%** |  |  |
| OneSpaWorld Holdings Ltd. (Bahamas)<sup>(a)</sup> | 92615 |  | 1546671 |
| Stride, Inc.\* | 24735 |  | 3518554 |
| Universal Technical Institute, Inc.\* | 205624 |  | 5769809 |
| *Total* |  |  | 10835034 |
| **Electrical Equipment 1.46%** |  |  |  |
| Powell Industries, Inc. | 13067 |  | 2392698 |
| **Electronic Equipment, Instruments & Components 5.56%** | **Electronic Equipment, Instruments & Components 5.56%** | **Electronic Equipment, Instruments & Components 5.56%** | **Electronic Equipment, Instruments & Components 5.56%** |
| OSI Systems, Inc.\* | 20904 |  | 4279885 |
| PAR Technology Corp.\* | 46507 |  | 2716009 |
| Powerfleet, Inc. NJ\* | 415171 |  | 2092462 |
| *Total* |  |  | 9088356 |
| **Entertainment 1.56%** |  |  |  |
| IMAX Corp. (Canada)\*<sup>(a)</sup> | 104649 |  | 2546110 |
| **Financial Services 3.95%** |  |  |  |
| Paymentus Holdings, Inc. Class A\* | 133156 |  | 4322244 |
| Payoneer Global, Inc.\* | 302498 |  | 2126561 |
| *Total* |  |  | 6448805 |
| **Food Products 1.44%** |  |  |  |
| Vital Farms, Inc.\* | 68750 |  | 2354000 |

---

40 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

MICRO CAP GROWTH FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Health Care Equipment & Supplies 6.29%** | **Health Care Equipment & Supplies 6.29%** | **Health Care Equipment & Supplies 6.29%** |
| Artivion, Inc.\* | 90764 | $2150199 |
| Beta Bionics, Inc.\*<sup>(b)</sup> | 52083 | 575517 |
| Butterfly Network, Inc.\* | 321467 | 752233 |
| Ceribell, Inc.\* | 70023 | 1126670 |
| Kestra Medical Technologies Ltd.\* | 47369 | 1139698 |
| NeuroPace, Inc.\* | 105682 | 1235423 |
| PROCEPT BioRobotics Corp.\* | 37445 | 2021281 |
| UFP Technologies, Inc.\* | 6144 | 1281270 |
| *Total* |  | 10282291 |
| **Health Care Providers & Services 1.27%** |  |  |
| GeneDx Holdings Corp.\* | 31069 | 2076963 |
| **Health Care Technology 1.15%** |  |  |
| Phreesia, Inc.\* | 75561 | 1886003 |
| **Hotels, Restaurants & Leisure 0.71%** |  |  |
| Sweetgreen, Inc. Class A\* | 59884 | 1166540 |
| **Information Technology Services 2.10%** |  |  |
| Grid Dynamics Holdings, Inc.\* | 242560 | 3434650 |
| **Insurance 0.72%** |  |  |
| TWFG, Inc.\* | 37265 | 1180555 |
| **Interactive Media & Services 4.38%** |  |  |
| Grindr, Inc.\* | 232659 | 5111518 |
| QuinStreet, Inc.\* | 116573 | 2042359 |
| *Total* |  | 7153877 |
| **Life Sciences Tools & Services 1.31%** |  |  |
| Adaptive Biotechnologies Corp.\* | 291538 | 2145720 |
| **Personal Care Products 1.69%** |  |  |
| Oddity Tech Ltd. Class A (Israel)\*<sup>(a)(b)</sup> | 45034 | 2766889 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Pharmaceuticals 5.93%** |  |  |  |
| Enliven Therapeutics, Inc.\* | 44855 | $| 849554 |
| Evolus, Inc.\* | 117520 |  | 1339728 |
| LENZ Therapeutics, Inc.\*<sup>(b)</sup> | 32078 |  | 914704 |
| Tarsus Pharmaceuticals, Inc.\* | 126982 |  | 6591635 |
| *Total* |  |  | 9695621 |
| **Professional Services 4.32%** |  |  |  |
| CRA International, Inc. | 23634 |  | 3833435 |
| Huron Consulting Group, Inc.\* | 7696 |  | 1037344 |
| Willdan Group, Inc.\* | 55841 |  | 2188967 |
| *Total* |  |  | 7059746 |
| **Semiconductors & Semiconductor Equipment 1.77%** | **Semiconductors & Semiconductor Equipment 1.77%** | **Semiconductors & Semiconductor Equipment 1.77%** | **Semiconductors & Semiconductor Equipment 1.77%** |
| Ambarella, Inc.\* | 34421 |  | 1651864 |
| Credo Technology Group Holding Ltd.\* | 28815 |  | 1240485 |
| *Total* |  |  | 2892349 |
| **Software 10.42%** |  |  |  |
| Agilysys, Inc.\* | 11970 |  | 889970 |
| Alkami Technology, Inc.\* | 112147 |  | 2993203 |
| Cellebrite DI Ltd. (Israel)\*<sup>(a)</sup> | 143803 |  | 2845861 |
| Core Scientific, Inc.\* | 176666 |  | 1430995 |
| Life360, Inc.\* | 72001 |  | 3088843 |
| Opera Ltd. ADR | 116846 |  | 1994561 |
| Viant Technology, Inc. Class A\* | 69270 |  | 991254 |
| Weave Communications, Inc.\* | 263974 |  | 2798124 |
| *Total* |  |  | 17032811 |
| *Total Common Stocks*<br> (cost $135,967,403) |  |  | 161220259 |

---

*See Notes to Financial Statements.* 41

**Schedule of Investments (unaudited)(concluded)**

MICRO CAP GROWTH FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 3.25%** |  |  |
| **Repurchase Agreements 1.85%** |  |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $3,198,600 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $3,078,751; proceeds: $3,018,609<br> (cost $3,018,273) | $3018273 | $3018273 |
| **Time Deposits 0.14%** |  |  |
| CitiBank N.A.<sup>(c)</sup><br> (cost $229,838) | 229838 | 229838 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Money Market Funds 1.26%** |  |  |
| Fidelity Government Portfolio<sup>(c)</sup><br> (cost $2,068,544) | 2068544 | $2068544 |
| *Total Short-Term Investments*<br> (cost $5,316,655) |  | 5316655 |
| *Total Investments in Securities 101.88%*<br> (cost $141,284,058) |  | 166536914 |
| *Other Assets and Liabilities – Net (1.88)%* |  | (3068627) |
| *Net Assets 100.00%* |  | $163468287 |

---

---

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

---

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $161220259 | $– | $– | $161220259 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3018273 |  | 3018273 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 229838 |  | 229838 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2068544 | – | – | 2068544 |
| Total | $163288803 | $3248111 | $– | $166536914 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

42 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

VALUE OPPORTUNITIES FUND *April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.36%** |  |  |  |
| **COMMON STOCKS 99.36%** |  |  |  |
| **Aerospace & Defense 1.89%** |  |  |  |
| Curtiss-Wright Corp. | 58839 | $| 20292983 |
| **Banks 4.84%** |  |  |  |
| East West Bancorp, Inc. | 215132 |  | 18404543 |
| First BanCorp | 899378 |  | 17663784 |
| Wintrust Financial Corp. | 141674 |  | 15749898 |
| *Total* |  |  | 51818225 |
| **Beverages 1.51%** |  |  |  |
| Coca-Cola Consolidated, Inc. | 11923 |  | 16165323 |
| **Biotechnology 1.29%** |  |  |  |
| United Therapeutics Corp.\* | 45513 |  | 13794535 |
| **Building Products 2.55%** |  |  |  |
| Allegion PLC (Ireland)<sup>(a)</sup> | 196287 |  | 27323150 |
| **Capital Markets 6.59%** |  |  |  |
| Cboe Global Markets, Inc. | 106656 |  | 23656301 |
| Moelis & Co. Class A | 212928 |  | 11408682 |
| SEI Investments Co. | 224618 |  | 17585343 |
| TPG, Inc. | 386485 |  | 17952229 |
| *Total* |  |  | 70602555 |
| **Chemicals 1.29%** |  |  |  |
| Avient Corp. | 415919 |  | 13854262 |
| **Commercial Services & Supplies 2.08%** |  |  |  |
| Brady Corp. Class A | 317463 |  | 22314474 |
| **Construction & Engineering 1.51%** |  |  |  |
| EMCOR Group, Inc. | 40358 |  | 16171451 |
| **Construction Materials 1.11%** |  |  |  |
| Eagle Materials, Inc. | 52591 |  | 11906076 |
| **Consumer Staples Distribution & Retail 2.26%** | **Consumer Staples Distribution & Retail 2.26%** | **Consumer Staples Distribution & Retail 2.26%** | **Consumer Staples Distribution & Retail 2.26%** |
| BJ's Wholesale Club Holdings, Inc.\* | 205557 |  | 24165281 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Electric: Utilities 1.81%** |  |  |  |
| IDACORP, Inc. | 164525 | $| 19428757 |
| **Electronic Equipment, Instruments & Components 8.57%** | **Electronic Equipment, Instruments & Components 8.57%** | **Electronic Equipment, Instruments & Components 8.57%** | **Electronic Equipment, Instruments & Components 8.57%** |
| Advanced Energy Industries, Inc. | 203274 |  | 19800920 |
| Belden, Inc. | 219167 |  | 22598309 |
| Jabil, Inc. | 117621 |  | 17238534 |
| Littelfuse, Inc. | 78686 |  | 14345245 |
| TD SYNNEX Corp. | 160647 |  | 17799688 |
| *Total* |  |  | 91782696 |
| **Energy Equipment & Services 1.70%** |  |  |  |
| TechnipFMC PLC (United Kingdom)<sup>(a)</sup> | 645159 |  | 18174129 |
| **Financial Services 1.36%** |  |  |  |
| Compass Diversified Holdings | 847669 |  | 14571430 |
| **Ground Transportation 2.41%** |  |  |  |
| Landstar System, Inc. | 115864 |  | 15543156 |
| Saia, Inc.\* | 42149 |  | 10284356 |
| *Total* |  |  | 25827512 |
| **Health Care Equipment & Supplies 4.69%** |  |  |  |
| Cooper Cos., Inc.\* | 140622 |  | 11484599 |
| Globus Medical, Inc. Class A\* | 260529 |  | 18698166 |
| Integer Holdings Corp.\* | 159065 |  | 20091500 |
| *Total* |  |  | 50274265 |
| **Health Care Providers & Services 1.32%** |  |  |  |
| Labcorp Holdings, Inc. | 58591 |  | 14121017 |
| **Hotels, Restaurants & Leisure 3.46%** |  |  |  |
| Choice Hotels International, Inc.<sup>(b)</sup> | 144771 |  | 18257071 |
| Texas Roadhouse, Inc. | 112936 |  | 18742858 |
| *Total* |  |  | 36999929 |
| **Industrial REITS 1.49%** |  |  |  |
| First Industrial Realty Trust, Inc. | 335256 |  | 15951480 |

---

*See Notes to Financial Statements.* 43

**Schedule of Investments (unaudited)(continued)**

VALUE OPPORTUNITIES FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Insurance 7.53%** |  |  |
| American Financial Group, Inc. | 174496 | $22101663 |
| RenaissanceRe Holdings Ltd. | 87402 | 21145166 |
| Ryan Specialty Holdings, Inc. | 270026 | 17689403 |
| White Mountains Insurance Group Ltd. | 11124 | 19661114 |
| *Total* |  | 80597346 |
| **Leisure Products 2.29%** |  |  |
| Acushnet Holdings Corp. | 228525 | 15132925 |
| YETI Holdings, Inc.\* | 329401 | 9404399 |
| *Total* |  | 24537324 |
| **Life Sciences Tools & Services 1.96%** |  |  |
| Azenta, Inc.\* | 394706 | 10396556 |
| Bio-Techne Corp. | 209416 | 10544096 |
| *Total* |  | 20940652 |
| **Machinery 2.91%** |  |  |
| AGCO Corp. | 161711 | 13717944 |
| Crane Co. | 108077 | 17398236 |
| *Total* |  | 31116180 |
| **Media 1.84%** |  |  |
| Criteo SA ADR\* | 579474 | 19736884 |
| **Metals & Mining 1.11%** |  |  |
| Reliance, Inc. | 41093 | 11844235 |
| **Multi-Utilities 1.69%** |  |  |
| CMS Energy Corp. | 245864 | 18107884 |
| **Oil, Gas & Consumable Fuels 3.14%** |  |  |
| Expand Energy Corp. | 174630 | 18144057 |
| Permian Resources Corp. | 1314389 | 15509790 |
| *Total* |  | 33653847 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Professional Services 5.22%** |  |  |  |
| CACI International, Inc. Class A\* | 39691 | $| 18173318 |
| Genpact Ltd. | 414329 |  | 20824176 |
| Paylocity Holding Corp.\* | 87750 |  | 16856775 |
| *Total* |  |  | 55854269 |
| **Real Estate Management & Development 1.27%** | **Real Estate Management & Development 1.27%** | **Real Estate Management & Development 1.27%** | **Real Estate Management & Development 1.27%** |
| Marcus & Millichap, Inc. | 446519 |  | 13574178 |
| **Residential REITS 1.19%** |  |  |  |
| American Homes 4 Rent Class A | 340868 |  | 12745055 |
| **Semiconductors & Semiconductor Equipment 1.71%** | **Semiconductors & Semiconductor Equipment 1.71%** | **Semiconductors & Semiconductor Equipment 1.71%** | **Semiconductors & Semiconductor Equipment 1.71%** |
| Silicon Motion Technology Corp. ADR | 369135 |  | 18272182 |
| **Software 6.00%** |  |  |  |
| Commvault Systems, Inc.\* | 142386 |  | 23796972 |
| Descartes Systems Group, Inc. (Canada)\*<sup>(a)</sup> | 237563 |  | 25036765 |
| Dolby Laboratories, Inc. Class A | 201365 |  | 15462818 |
| *Total* |  |  | 64296555 |
| **Specialty Retail 1.44%** |  |  |  |
| Dick's Sporting Goods, Inc. | 82335 |  | 15457573 |
| **Textiles, Apparel & Luxury Goods 1.07%** | **Textiles, Apparel & Luxury Goods 1.07%** | **Textiles, Apparel & Luxury Goods 1.07%** | **Textiles, Apparel & Luxury Goods 1.07%** |
| Ralph Lauren Corp. | 50964 |  | 11464352 |
| **Trading Companies & Distributors 5.26%** | **Trading Companies & Distributors 5.26%** | **Trading Companies & Distributors 5.26%** | **Trading Companies & Distributors 5.26%** |
| AerCap Holdings NV (Ireland)<sup>(a)</sup> | 232296 |  | 24623376 |
| Core & Main, Inc. Class A\* | 383387 |  | 20196827 |
| MRC Global, Inc.\* | 985552 |  | 11481681 |
| *Total* |  |  | 56301884 |
| *Total Common Stocks*<br> (cost $884,338,156) |  |  | 1064039930 |

---

44 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(concluded)**

VALUE OPPORTUNITIES FUND *April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 1.66%** |  |  |
| **Repurchase Agreements 0.81%** |  |  |
| Repurchase Agreement dated 4/30/2025, 4.000% due 5/1/2025 with Fixed Income Clearing Corp. collateralized by $9,137,500 of U.S. Treasury Note at 0.625% due 7/31/2026; value: $8,795,002; proceeds: $8,623,434<br> (cost $8,622,476) | $8622476 | $8622476 |
| **Time Deposits 0.08%** |  |  |
| CitiBank N.A.<sup>(c)</sup><br> (cost $911,389) | 911389 | 911389 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Money Market Funds 0.77%** |  |  |
| Fidelity Government Portfolio<sup>(c)</sup><br> (cost $8,202,501) | 8202501 | $8202501 |
| *Total Short-Term Investments*<br> (cost $17,736,366) |  | 17736366 |
| *Total Investments in Securities 101.02%*<br> (cost $902,074,522) |  | 1081776296 |
| *Other Assets and Liabilities – Net (1.02)%* |  | (10942704) |
| *Net Assets 100.00%* |  | $1070833592 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| REITS | Real Estate Investment Trusts. |
| <sup>\*</sup> | Non-income producing security. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(c)</sup> | Security was purchased with the cash collateral from loaned securities. |

---

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1064039930 | $– | $– | $1064039930 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 8622476 |  | 8622476 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 911389 |  | 911389 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 8202501 | – | – | 8202501 |
| Total | $1072242431 | $9533865 | $– | $1081776296 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Financial Statements.* 45

**Statements of Assets and Liabilities (unaudited)**

*April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Alpha<br> Strategy Fund** | **Focused<br> Growth Fund** | **Focused<br> Large Cap<br> Value Fund** |
| ASSETS: |  |  |  |
| Investments in securities, at cost | $371394 | $64593545 | $26283899 |
| Investments in Underlying Funds, at cost | 539154050 | – | – |
| Investments in securities, at fair value including $0, $0, $0, $218,526, $0, $0 and $0, respectively, of securities loaned | $371394 | $84341510 | $32934931 |
| Investments in Underlying Funds, at value | 542406474 |  |  |
| Cash | 7 |  |  |
| Foreign cash, at value (cost $0, $0, $43,797, $50, $325, $41,266 and $0, respectively) |  |  | 43785 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds sold | 173232 |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 94001 | 164951 | 19106 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 41 | 339 | 70195 |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  |  |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) |  | 15001 | 14016 |
| &nbsp;&nbsp;&nbsp;Securities lending income |  |  |  |
| Prepaid expenses and other assets | 44288 | 78213 | 24977 |
| Total assets | 543089437 | 84600014 | 33107010 |
| LIABILITIES: |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 374332 | 36527 |  |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 100143 | 6007 | 15461 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 62517 | 10244 | 4254 |
| &nbsp;&nbsp;&nbsp;Fund administration | 17124 | 2526 | 1070 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fee |  | 41042 | 15780 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending |  |  |  |
| Accrued expenses | 181297 | 39039 | 52400 |
| Total liabilities | 735413 | 135385 | 88965 |
| Commitments and contingent liabilities |  |  |  |
| NET ASSETS | $542354024 | $84464629 | $33018045 |
| COMPOSITION OF NET ASSETS: |  |  |  |
| Paid-in capital | $546186602 | $71346318 | $26846727 |
| Total distributable earnings (loss) | (3832578) | 13118311 | 6171318 |
| Net Assets | $542354024 | $84464629 | $33018045 |

---

46 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **Focused<br> Small Cap<br> Value Fund** | **Fundamental<br> Equity Fund** | **Global<br> Equity Fund** | **Growth<br> Leaders Fund** |
| $81460202 | $1304022065 | $130142643 | $4417451006 |
| – | – | – | – |
| $82608803 | $1835048756 | $141802785 | $6215460901 |
|  | 50 | 1 | 6 |
| 50 | 339 | 41459 |  |
| 101098 | 433612 | 811284 | 3532156 |
| 119 | 1447627 | 179453 | 109315 |
|  |  | 350340 |  |
| 5949 |  | 12828 | 19810 |
|  |  | 5331 |  |
| 13351 | 72683 | 122982 | 64839 |
| 82729370 | 1837003067 | 143326463 | 6219187027 |
| 99301 | 765324 | 30731 | 3205314 |
| 14812 | 374228 | 1420 | 454963 |
| 3936 | 224247 | 3812 | 791840 |
| 2623 | 58764 | 4444 | 190820 |
|  |  | 757229 |  |
| 52450 | 812637 | 49994 | 2467438 |
| 221100 |  |  |  |
| 70527 | 672962 | 60539 | 939474 |
| 464749 | 2908162 | 908169 | 8049849 |
| $82264621 | $1834094905 | $142418294 | $6211137178 |
| $77372263 | $1211255199 | $137172433 | $4648829799 |
| 4892358 | 622839706 | 5245861 | 1562307379 |
| $82264621 | $1834094905 | $142418294 | $6211137178 |

---

See Notes to Financial Statements. 47

**Statements of Assets and Liabilities (unaudited)(continued)**

*April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Alpha<br> Strategy Fund** | **Focused<br> Growth Fund** | **Focused<br> Large Cap<br> Value Fund** |
| **Net Assets by class:** |  |  |  |
| Class A Shares | $349893545 | $34667559 | $12234036 |
| Class C Shares | $8543083 | $4360534 | $2012512 |
| Class F Shares | $7232899 | $4461348 | $178404 |
| Class F3 Shares | $50532562 | $19839 | $12075 |
| Class I Shares | $103832725 | $30797051 | $16174703 |
| Class P Shares | $– | $– | $– |
| Class R2 Shares | $809270 | $– | $– |
| Class R3 Shares | $14185111 | $206960 | $161240 |
| Class R4 Shares | $3229968 | $22128 | $8642 |
| Class R5 Shares | $343062 | $39025 | $8692 |
| Class R6 Shares | $3751799 | $9890185 | $2227741 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |  |
| Class A Shares | 14739753 | 1044867 | 950456 |
| Class C Shares | 491410 | 138272 | 158029 |
| Class F Shares | 300330 | 132147 | 13529 |
| Class F3 Shares | 2026815 | 584 | 931 |
| Class I Shares | 4195170 | 911875 | 1203186 |
| Class P Shares |  |  |  |
| Class R2 Shares | 36298 |  |  |
| Class R3 Shares | 628623 | 6342 | 12568 |
| Class R4 Shares | 136476 | 667 | 670 |
| Class R5 Shares | 13856 | 1156 | 671 |
| Class R6 Shares | 150431 | 291098 | 171537 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):** |  |  |  |
| Class A Shares-Net asset value | $23.74 | $33.18 | $12.87 |
| 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) | $25.19 | $35.20 | $13.66 |
| Class C Shares-Net asset value | $17.38 | $31.54 | $12.74 |
| Class F Shares-Net asset value | $24.08 | $33.76 | $13.19 |
| Class F3 Shares-Net asset value | $24.93 | $33.97 | $12.97 |
| Class I Shares-Net asset value | $24.75 | $33.77 | $13.44 |
| Class P Shares-Net asset value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Class R2 Shares-Net asset value | $22.30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Class R3 Shares-Net asset value | $22.57 | $32.63 | $12.83 |
| Class R4 Shares-Net asset value\* | $23.67 | $33.19 | $12.90 |
| Class R5 Shares-Net asset value\* | $24.76 | $33.76 | $12.96 |
| Class R6 Shares-Net asset value | $24.94 | $33.98 | $12.99 |

---

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

48 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **Focused<br> Small Cap<br> Value Fund** | **Fundamental<br> Equity Fund** | **Global<br> Equity Fund** | **Growth<br> Leaders Fund** |
| $10222303 | $1206495211 | $15052667 | $2122289024 |
| $2152046 | $19627140 | $678132 | $455542641 |
| $1840630 | $22273751 | $9019045 | $264185421 |
| $11047 | $26121173 | $17675506 | $472240586 |
| $63553087 | $480317346 | $94028549 | $2713833701 |
| $– | $2821193 | $– | $– |
| $– | $808604 | $– | $1914437 |
| $– | $59661300 | $917395 | $20560666 |
| $– | $3957853 | $19124 | $15723305 |
| $13533 | $1175329 | $19038 | $9315389 |
| $4471975 | $10836005 | $5008838 | $135532008 |
| 439198 | 82405826 | 897226 | 49719916 |
| 88190 | 1590227 | 41043 | 12571128 |
| 71336 | 1545671 | 536316 | 5933649 |
| 429 | 1748911 | 1048272 | 10409865 |
| 2478081 | 32514001 | 5594568 | 60406614 |
|  | 198205 |  |  |
|  | 57006 |  | 46930 |
|  | 4184711 | 55105 | 502656 |
|  | 272221 | 1131 | 368196 |
| 528 | 79487 | 1132 | 207237 |
| 173730 | 724968 | 297014 | 2987685 |
| $23.27 | $14.64 | $16.78 | $42.68 |
| $24.69 | $15.53 | $17.80 | $45.28 |
| $24.40 | $12.34 | $16.52 | $36.24 |
| $25.80 | $14.41 | $16.82 | $44.52 |
| $25.74 | $14.94 | $16.86 | $45.36 |
| $25.65 | $14.77 | $16.81 | $44.93 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $14.23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $14.18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $40.79 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $14.26 | $16.65 | $40.90 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $14.54 | $16.91 | $42.70 |
| $25.65 | $14.79 | $16.82 | $44.95 |
| $25.74 | $14.95 | $16.86 | $45.36 |

---

See Notes to Financial Statements. 49

**Statements of Assets and Liabilities (unaudited)(continued)**

*April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Health Care<br> Fund** | **International<br> Equity Fund** | **International<br> Opportunities<br> Fund** |
| ASSETS: |  |  |  |
| Investments in securities, at cost | $5602003 | $276605973 | $260831248 |
| Investments in securities, at fair value including $0, $2,957,624, $3,410,495, $3,349,258, $2,614,479 and $8,865,911, respectively, of securities loaned | $7438180 | $365059715 | $310724980 |
| Cash | 81360 | 50 | 115 |
| Foreign cash, at value (cost $1,080, $2,256,405, $0, $1,596,238, $0 and $0, respectively) | 1071 | 2291716 |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 15095 |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 5402 | 984420 | 1957454 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 381 | 740909 | 39249 |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 1916929 | 1994268 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 126 | 1461 | 1621 |
| Prepaid expenses | 25402 | 53978 | 48771 |
| Total assets | 7567017 | 371049178 | 314766458 |
| LIABILITIES: |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fee | 3668 | 127738 | 180822 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 2474 | 68382 | 55337 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 1768 | 35411 | 14878 |
| &nbsp;&nbsp;&nbsp;Fund administration | 237 | 11354 | 9644 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired |  | 139797 | 458282 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 1488284 | 3108577 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending |  | 3083300 | 3725358 |
| Foreign capital gains taxes deferred |  | 252114 | 60514 |
| Foreign currency overdraft (cost $0, $0, $404,768, $0, $0 and $0, respectively) |  |  | 400431 |
| Accrued expenses | 46682 | 139290 | 129420 |
| Total liabilities | 54829 | 5345670 | 8143263 |
| Commitments and contingent liabilities |  |  |  |
| NET ASSETS | $7512188 | $365703508 | $306623195 |
| COMPOSITION OF NET ASSETS: |  |  |  |
| Paid-in capital | $7017146 | $277374543 | $309409159 |
| Total distributable earnings (loss) | 495042 | 88328965 | (2785964) |
| Net Assets | $7512188 | $365703508 | $306623195 |

---

50 See Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **International<br> Value Fund** | **Micro Cap<br> Growth Fund** | **Value<br> Opportunities<br> Fund** |
| $371228074 | $141284058 | $902074522 |
| $431902848 | $166536914 | $1081776296 |
| 101 |  | 15 |
| 1626736 |  |  |
|  | 371 |  |
| 3492894 | 335 | 30765 |
| 151170 | 63062 | 210219 |
| 2156779 |  |  |
| 5777 | 2798 | 1259 |
| 17998 | 3648 | 108536 |
| 439354303 | 166607128 | 1082127090 |
| 168234 | 115061 | 652200 |
| 99773 | 19734 | 238149 |
| 44786 | 8118 | 73237 |
| 13459 | 5114 | 34920 |
| 153322 | 290273 | 679856 |
| 2180921 | 306513 |  |
| 3648950 | 2298382 | 9113890 |
| 172365 | 95646 | 501246 |
| 6481810 | 3138841 | 11293498 |
| $432872493 | $163468287 | $1070833592 |
| $752645171 | $193120057 | $855574174 |
| (319772678) | (29651770) | 215259418 |
| $432872493 | $163468287 | $1070833592 |

---

See Notes to Financial Statements. 51

**Statements of Assets and Liabilities (unaudited)(concluded)**

*April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Health Care<br> Fund** | **International<br> Equity Fund** | **International<br> Opportunities<br> Fund** |
| **Net Assets by class:** |  |  |  |
| Class A Shares | $4011419 | $159355596 | $91621590 |
| Class C Shares | $1165925 | $1355613 | $2664184 |
| Class F Shares | $176474 | $4508955 | $2382657 |
| Class F3 Shares | $34058 | $36052503 | $31012127 |
| Class I Shares | $47638 | $150406803 | $150098474 |
| Class P Shares | $– | $13211 | $29557 |
| Class R2 Shares | $– | $254089 | $1581849 |
| Class R3 Shares | $112453 | $6072814 | $4961369 |
| Class R4 Shares | $12252 | $2018628 | $2856750 |
| Class R5 Shares | $12389 | $176358 | $2115882 |
| Class R6 Shares | $1939580 | $5488938 | $17298756 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |  |
| Class A Shares | 218204 | 9952503 | 4636216 |
| Class C Shares | 66217 | 84144 | 146471 |
| Class F Shares | 9471 | 282736 | 121609 |
| Class F3 Shares | 1826 | 2212544 | 1503643 |
| Class I Shares | 2564 | 9268800 | 7340153 |
| Class P Shares |  | 822 | 1445 |
| Class R2 Shares |  | 15842 | 81647 |
| Class R3 Shares | 6213 | 385930 | 256585 |
| Class R4 Shares | 667 | 126906 | 145410 |
| Class R5 Shares | 667 | 10953 | 103516 |
| Class R6 Shares | 103922 | 337080 | 838689 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):** |  |  |  |
| Class A Shares-Net asset value\* | $18.38 | $16.01 | $19.76 |
| 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) | $19.50 | $16.99 | $20.97 |
| Class C Shares-Net asset value\* | $17.61 | $16.11 | $18.19 |
| Class F Shares-Net asset value\* | $18.63 | $15.95 | $19.59 |
| Class F3 Shares-Net asset value\* | $18.65 | $16.29 | $20.62 |
| Class I Shares-Net asset value\* | $18.58 | $16.23 | $20.45 |
| Class P Shares-Net asset value\* | $&nbsp;&nbsp;&nbsp;&nbsp; – | $16.07 | $20.45 |
| Class R2 Shares-Net asset value\* | $&nbsp;&nbsp;&nbsp;&nbsp; – | $16.04 | $19.37 |
| Class R3 Shares-Net asset value\* | $18.10 | $15.74 | $19.34 |
| Class R4 Shares-Net asset value\* | $18.38 | $15.91 | $19.65 |
| Class R5 Shares-Net asset value\* | $18.58 | $16.10 | $20.44 |
| Class R6 Shares-Net asset value\* | $18.66 | $16.28 | $20.63 |

---

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

52 See Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **International<br> Value Fund** | **Micro Cap<br> Growth Fund** | **Value<br> Opportunities<br> Fund** |
| $225448800 | $22232230 | $528540476 |
| $1839416 | $4298329 | $13423818 |
| $5029641 | $4578837 | $22341660 |
| $39892170 | $– | $167128375 |
| $153439752 | $132358891 | $260772571 |
| $– | $– | $9010352 |
| $67239 | $– | $3076758 |
| $5239060 | $– | $23533743 |
| $184802 | $– | $24415962 |
| $13695 | $– | $1133466 |
| $1717918 | $– | $17456411 |
| 25176414 | 1494663 | 30938641 |
| 206712 | 244459 | 1017200 |
| 556651 | 248469 | 1259900 |
| 4404714 |  | 9017532 |
| 16966645 | 7182838 | 14274236 |
|  |  | 548770 |
| 7308 |  | 196249 |
| 577751 |  | 1463408 |
| 20693 |  | 1431760 |
| 1521 |  | 61979 |
| 189670 |  | 942809 |
| $8.95 | $14.87 | $17.08 |
| $9.50 | $15.78 | $18.12 |
| $8.90 | $17.58 | $13.20 |
| $9.04 | $18.43 | $17.73 |
| $9.06 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $18.53 |
| $9.04 | $18.43 | $18.27 |
| $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $16.42 |
| $9.20 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $15.68 |
| $9.07 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $16.08 |
| $8.93 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $17.05 |
| $9.00 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $18.29 |
| $9.06 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $18.52 |

---

See Notes to Financial Statements. 53

**Statements of Operations (unaudited)**

*For the Six Months Ended April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Alpha<br> Strategy Fund** | **Focused<br> Growth Fund** | **Focused<br> Large Cap<br> Value Fund** |
| **Investment income:** |  |  |  |
| Dividends (net of foreign withholding taxes of $0, $0, $11,757, $6,706, $203,378, $56,573 and $103,773, respectively) | $– | $53845 | $282083 |
| Dividends received from Underlying Funds | 3150325 |  |  |
| Securities lending net income |  | 37 |  |
| Interest and other | 4160 | 33594 | 5509 |
| **Total investment income** | **3154485** | **87476** | **287592** |
| **Expenses:** |  |  |  |
| Management fee | 298233 | 261530 | 97463 |
| 12b-1 distribution plan–Class A | 482663 | 43518 | 15499 |
| 12b-1 distribution plan–Class C | 50937 | 19966 | 9987 |
| 12b-1 distribution plan–Class F | 4174 | 2367 | 91 |
| 12b-1 distribution plan–Class P |  |  |  |
| 12b-1 distribution plan–Class R2 | 2612 |  |  |
| 12b-1 distribution plan–Class R3 | 40504 | 624 | 400 |
| 12b-1 distribution plan–Class R4 | 4387 | 29 | 11 |
| Shareholder servicing | 277815 | 27812 | 14793 |
| Fund administration | 119293 | 16094 | 6608 |
| Registration | 66599 | 64547 | 58687 |
| Reports to shareholders | 28544 | 3295 | 1478 |
| Professional | 19653 | 20651 | 20090 |
| Trustees' fees | 13905 | 1477 | 699 |
| Custody | 4820 | 3636 | 1580 |
| Other | 12521 | 9932 | 6595 |
| Gross expenses | 1426660 | 475478 | 233981 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (303053) | (96100) | (91174) |
| Net expenses | 1123607 | 379378 | 142807 |
| Net investment income (loss) | 2030878 | (291902) | 144785 |
| **Net realized and unrealized gain/(loss):** |  |  |  |
| Capital gain distributions received from Underlying Funds | 21069166 |  |  |
| Net realized gain/(loss) on Investment in Underlying Funds | 6204536 |  |  |
| Net realized gain/(loss) on investments | 231 | 3163755 | (488942) |
| Net realized gain/(loss) on foreign capital gains taxes |  |  |  |
| Net realized gain/(loss) on foreign currency related transactions |  |  | 1038 |
| Net change in unrealized appreciation/(depreciation) in Underlying Funds | (73588220) |  |  |

---

54 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Focused<br> Small Cap<br> Value Fund** | **Fundamental<br> Equity Fund** | **Global<br> Equity Fund** | **Growth<br> Leaders Fund** |
| $606117 | $16947349 | $1005905 | $5941901 |
| 63 |  | 6903 | 1425 |
| 8345 | 264423 | 57368 | 1994573 |
| **614525** | **17211772** | **1070176** | **7937899** |
| 386632 | 5269849 | 249366 | 17521329 |
| 15384 | 1595495 | 13004 | 2866566 |
| 12457 | 109510 | 2827 | 2552221 |
| 1050 | 12541 | 811 | 159915 |
|  | 6854 |  |  |
|  | 3876 |  | 6414 |
|  | 159015 | 2153 | 59298 |
|  | 5376 | 23 | 19855 |
| 19921 | 775969 | 29576 | 2103820 |
| 19332 | 383900 | 22166 | 1362035 |
| 46861 | 73955 | 80139 | 106905 |
| 13915 | 49262 | 1059 | 175052 |
| 21792 | 35868 | 26449 | 60380 |
| 2251 | 43676 | 1517 | 145095 |
| 2416 | 16304 | 24916 | 38199 |
| 12477 | 68615 | 10515 | 99491 |
| 554488 | 8610065 | 464521 | 27276575 |
| (30093) | (16304) | (93265) | (198114) |
| 524395 | 8593761 | 371256 | 27078461 |
| 90130 | 8618011 | 698920 | (19140562) |
| 4072146 | 94507218 | (5686605) | 543586676 |
|  |  | (4) |  |
| (10216) | (13768) | 8672 |  |

---

*See Notes to Financial Statements.* 55

**Statements of Operations (unaudited)(continued)**

*For the Six Months Ended April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Alpha<br> Strategy Fund** | **Focused<br> Growth Fund** | **Focused<br> Large Cap<br> Value Fund** |
| **Net realized and unrealized gain/(loss):** |  |  |  |
| Net change in unrealized appreciation/ (depreciation) on investments |  | (2076928) | (289481) |
| Net change in unrealized appreciation/(depreciation) on deferred foreign capital gains taxes |  |  |  |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | – | – | 2406 |
| **Net realized and unrealized gain/(loss)** | **(46314287)** | **1086827** | **(774979)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(44283409)** | $**794925** | $**(630194)** |

---

56 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Focused<br> Small Cap<br> Value Fund** | **Fundamental<br> Equity Fund** | **Global<br> Equity Fund** | **Growth<br> Leaders Fund** |
| (14039763) | (137921718) | 4101180 | (513776304) |
|  |  | 4 |  |
| 4601 | 12367 | 5651 | – |
| **(9973232)** | **(43415901)** | **(1571102)** | **29810372** |
| $**(9883102)** | $**(34797890)** | $**(872182)** | $**10669810** |

---

*See Notes to Financial Statements.* 57

**Statements of Operations (unaudited)(concluded)**

*For the Six Months Ended April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Health Care<br> Fund** | **International<br> Equity Fund** | **International<br> Opportunities<br> Fund** |
| **Investment income:** |  |  |  |
| Dividends (net of foreign withholding taxes of $996, $231,187, $369,938, $487,415, $0 and $32,671, respectively) | $17503 | $3018747 | $3901310 |
| Securities lending net income | 682 | 2098 | 4333 |
| Interest and other | 1881 | 366073 | 645514 |
| Total investment income | 20066 | 3386918 | 4551157 |
| **Expenses:** |  |  |  |
| Management fee | 25226 | 762042 | 1118529 |
| 12b-1 distribution plan–Class A | 5417 | 190140 | 109293 |
| 12b-1 distribution plan–Class C | 5993 | 5963 | 14657 |
| 12b-1 distribution plan–Class F | 92 | 2245 | 1183 |
| 12b-1 distribution plan–Class P |  | 28 | 61 |
| 12b-1 distribution plan–Class R2 |  | 690 | 4451 |
| 12b-1 distribution plan–Class R3 | 220 | 14336 | 11599 |
| 12b-1 distribution plan–Class R4 | 16 | 2552 | 3317 |
| Registration | 58519 | 73001 | 69524 |
| Professional | 25465 | 30775 | 35066 |
| Shareholder servicing | 4491 | 130503 | 125129 |
| Custody | 3016 | 38157 | 27513 |
| Fund administration | 1627 | 67737 | 59655 |
| Reports to shareholders | 677 | 11882 | 16111 |
| Trustees' fees | 265 | 7450 | 6981 |
| Other | 6037 | 30390 | 31320 |
| Gross expenses | 137061 | 1367891 | 1634389 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (95467) | (38157) | (27513) |
| Net expenses | 41594 | 1329734 | 1606876 |
| Net investment income (loss) | (21528) | 2057184 | 2944281 |
| **Net realized and unrealized gain/(loss):** |  |  |  |
| Net realized gain/(loss) on investments | (58206) | 1675910 | (5104448) |
| Net realized gain/(loss) on foreign capital gains taxes |  | (187640) | (206640) |
| Net realized gain/(loss) on foreign currency related transactions | 294 | (98066) | 75748 |
| Net change in unrealized appreciation/(depreciation) on investments | (482327) | 23182357 | 19923823 |
| Net change in unrealized appreciation/(depreciation) on deferred foreign capital gains taxes |  | 164987 | 352843 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 128 | 113050 | 108243 |
| Net realized and unrealized gain/(loss) | (540111) | 24850598 | 15149569 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $(561639) | $26907782 | $18093850 |

---

58 *See Notes to Financial Statements.*

---

| | | |
|:---|:---|:---|
| **International<br> Value Fund** | **Micro Cap<br> Growth Fund** | **Value<br> Opportunities<br> Fund** |
| $7311287 | $184362 | $9135602 |
| 32243 | 16927 | 45992 |
| 654713 | 49784 | 110522 |
| 7998243 | 251073 | 9292116 |
| 1004909 | 848692 | 4701317 |
| 261241 | 32133 | 744297 |
| 8580 | 25590 | 93550 |
| 2421 | 3068 | 13486 |
|  |  | 22809 |
| 182 |  | 10675 |
| 12536 |  | 68400 |
| 214 |  | 34306 |
| 67742 | 29835 | 74119 |
| 32703 | 24728 | 31832 |
| 158788 | 97416 | 514217 |
| 42402 | 4807 | 9890 |
| 80393 | 37719 | 254478 |
| 21389 | 8757 | 59657 |
| 9007 | 4292 | 29182 |
| 33727 | 16371 | 66719 |
| 1736234 | 1133408 | 6728934 |
| (42402) | (7875) | (9890) |
| 1693832 | 1125533 | 6719044 |
| 6304411 | (874460) | 2573072 |
| 27188899 | 8084983 | 37867147 |
| (57113) |  |  |
| 13987857 | (25078009) | (164573355) |
| 191317 | – | – |
| 41310960 | (16993026) | (126706208) |
| $47615371 | $(17867486) | $(124133136) |

---

*See Notes to Financial Statements.* 59

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Alpha Strategy Fund** | **Alpha Strategy Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| **Operations:** |  |  |
| Net investment income (loss) | $2030878 | $618900 |
| Net realized gain/(loss) | 27273933 | 5248498 |
| Net change in unrealized appreciation/(depreciation) | (73588220) | 163579665 |
| **Net increase (decrease) in net assets resulting from operations** | (44283409) | 169447063 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3187702) | (1840813) |
| &nbsp;&nbsp;&nbsp;Class C | (104263) | (80666) |
| &nbsp;&nbsp;&nbsp;Class F | (81994) | (55096) |
| &nbsp;&nbsp;&nbsp;Class F3 | (558404) | (377183) |
| &nbsp;&nbsp;&nbsp;Class I | (1176137) | (763095) |
| &nbsp;&nbsp;&nbsp;Class R2 | (6609) | (3691) |
| &nbsp;&nbsp;&nbsp;Class R3 | (123862) | (72161) |
| &nbsp;&nbsp;&nbsp;Class R4 | (28564) | (15592) |
| &nbsp;&nbsp;&nbsp;Class R5 | (3711) | (4359) |
| &nbsp;&nbsp;&nbsp;Class R6 | (44159) | (28035) |
| **Total distribution to shareholders** | (5315405) | (3240691) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 20830936 | 48578958 |
| Reinvestment of distributions | 4721996 | 2735361 |
| Cost of shares reacquired | (60322111) | (122453875) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (34769179) | (71139556) |
| **Net increase (decrease) in net assets** | (84367993) | 95066816 |
| **NET ASSETS:** |  |  |
| Beginning of period | $626722017 | $531655201 |
| **End of period** | $542354024 | $626722017 |

---

60 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **Focused Growth Fund** | **Focused Growth Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** |
| **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** | **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| $(291902) | $(340633) | $144785 | $197799 |
| 3163755 | 2810723 | (487904) | 1631961 |
| (2076928) | 17342530 | (287075) | 6051301 |
| 794925 | 19812620 | (630194) | 7881061 |
|  |  | (244257) |  |
|  |  | (27214) |  |
|  |  | (3812) |  |
|  |  | (281) |  |
|  |  | (345713) |  |
|  |  | (2676) |  |
|  |  | (180) |  |
|  |  | (203) |  |
| – | – | (51587) | – |
| – | – | (675923) | – |
| 47653235 | 39672890 | 6397001 | 10998942 |
|  |  | 627009 |  |
| (28563133) | (25926250) | (4584751) | (5998096) |
| 19090102 | 13746640 | 2439259 | 5000846 |
| 19885027 | 33559260 | 1133142 | 12881907 |
| $64579602 | $31020342 | $31884903 | $19002996 |
| $84464629 | $64579602 | $33018045 | $31884903 |

---

See Notes to Financial Statements. 61

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Focused Small Cap Value Fund** | **Focused Small Cap Value Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| **Operations:** | | |
| Net investment income | $90130 | $199822 |
| Net realized gain/(loss) | 4061930 | 8079065 |
| Net change in unrealized appreciation/(depreciation) | (14035162) | 17302459 |
| **Net increase (decrease) in net assets resulting from operations** | (9883102) | 25581346 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (902662) | (1939) |
| &nbsp;&nbsp;&nbsp;Class C | (171335) |  |
| &nbsp;&nbsp;&nbsp;Class F | (136938) |  |
| &nbsp;&nbsp;&nbsp;Class F3 | (853) | (31) |
| &nbsp;&nbsp;&nbsp;Class I | (5039462) | (206076) |
| &nbsp;&nbsp;&nbsp;Class P |  |  |
| &nbsp;&nbsp;&nbsp;Class R2 |  |  |
| &nbsp;&nbsp;&nbsp;Class R3 |  |  |
| &nbsp;&nbsp;&nbsp;Class R4 |  |  |
| &nbsp;&nbsp;&nbsp;Class R5 | (1037) | (500) |
| &nbsp;&nbsp;&nbsp;Class R6 | (352265) | (29814) |
| **Total distribution to shareholders** | (6604552) | (238360) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 1885352 | 6014350 |
| Reinvestment of distributions | 6107199 | 220828 |
| Cost of shares reacquired | (9518327) | (31428471) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (1525776) | (25193293) |
| **Net increase (decrease) in net assets** | (18013430) | 149693 |
| **NET ASSETS:** |  |  |
| Beginning of period | $100278051 | $100128358 |
| **End of period** | $82264621 | $100278051 |

---

62 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **Fundamental Equity Fund** | **Fundamental Equity Fund** | **Global Equity Fund** | **Global Equity Fund** |
| **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** | **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| $8618011 | $16523537 | $698920 | $335444 |
| 94493450 | 125405891 | (5677937) | (521247) |
| (137909351) | 408224898 | 4106835 | 6389129 |
| (34797890) | 550154326 | (872182) | 6203326 |
| (85350971) | (9823704) | (32766) | (50993) |
| (1561809) | (36508) |  | (882) |
| (1738414) | (255312) | (7704) | (11456) |
| (1490781) | (209753) | (3267) | (171) |
| (33577759) | (6431967) | (411525) | (62390) |
| (201904) | (23325) |  |  |
| (133317) | (11293) |  |  |
| (4238697) | (386546) | (1335) | (4163) |
| (282392) | (23347) | (76) |  |
| (77636) | (9302) | (122) | (167) |
| (723146) | (89912) | (35282) | (44649) |
| (129376826) | (17300969) | (492077) | (174871) |
| 110529296 | 253668636 | 129833204 | 42737083 |
| 125201281 | 16789821 | 467028 | 139314 |
| (198962109) | (594464113) | (44359610) | (4968725) |
| 36768468 | (324005656) | 85940622 | 37907672 |
| (127406248) | 208847701 | 84576363 | 43936127 |
| $1961501153 | $1752653452 | $57841931 | $13905804 |
| $1834094905 | $1961501153 | $142418294 | $57841931 |

---

See Notes to Financial Statements. 63

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Growth Leaders Fund** | **Growth Leaders Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| **Operations:** |  |  |
| Net investment income (loss) | $(19140562) | $(25201203) |
| Net realized gain/(loss) | 543586676 | 882176861 |
| Net change in unrealized appreciation/(depreciation) | (513776304) | 1628892512 |
| **Net increase (decrease) in net assets resulting from operations** | 10669810 | 2485868170 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |
| &nbsp;&nbsp;&nbsp;Class F3 |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  |  |
| &nbsp;&nbsp;&nbsp;Class P |  |  |
| &nbsp;&nbsp;&nbsp;Class R2 |  |  |
| &nbsp;&nbsp;&nbsp;Class R3 |  |  |
| &nbsp;&nbsp;&nbsp;Class R4 |  |  |
| &nbsp;&nbsp;&nbsp;Class R5 |  |  |
| &nbsp;&nbsp;&nbsp;Class R6 | – | – |
| **Total distribution to shareholders** | – | – |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 757035034 | 1079912969 |
| Reinvestment of distributions |  |  |
| Cost of shares reacquired | (1063002045) | (1876321339) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (305967011) | (796408370) |
| **Net increase (decrease) in net assets** | (295297201) | 1689459800 |
| **NET ASSETS:** |  |  |
| Beginning of period | $6506434379 | $4816974579 |
| **End of period** | $6211137178 | $6506434379 |

---

64 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **Health Care Fund** | **Health Care Fund** | **International Equity Fund** | **International Equity Fund** |
| **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** | **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| $(21528) | $(43255) | $2057184 | $5028590 |
| (57912) | 4134 | 1390204 | 24521225 |
| (482199) | 2003022 | 23460394 | 47785458 |
| (561639) | 1963901 | 26907782 | 77335273 |
| (13824) |  | (6121014) | (2537347) |
|  |  | (38412) | (7268) |
| (839) |  | (179949) | (78590) |
| (200) |  | (887081) | (250220) |
| (238) |  | (5933310) | (2859273) |
|  |  | (480) | (174) |
|  |  | (8310) | (2720) |
| (196) |  | (218383) | (72590) |
| (41) |  | (90407) | (25256) |
| (73) |  | (7976) | (306) |
| (13574) | – | (190397) | (72278) |
| (28985) | – | (13675719) | (5906022) |
| 444814 | 1071301 | 44759173 | 25011795 |
| 14968 |  | 13402132 | 5799439 |
| (922023) | (1433908) | (41128019) | (62231727) |
| (462241) | (362607) | 17033286 | (31420493) |
| (1052865) | 1601294 | 30265349 | 40008758 |
| $8565053 | $6963759 | $335438159 | $295429401 |
| $7512188 | $8565053 | $365703508 | $335438159 |

---

See Notes to Financial Statements. 65

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **International Opportunities Fund** | **International Opportunities Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| **Operations:** | | |
| Net investment income (loss) | $2944281 | $6074888 |
| Net realized gain/(loss) | (5235340) | 3434337 |
| Net change in unrealized appreciation/(depreciation) | 20384909 | 50408463 |
| **Net increase (decrease) in net assets resulting from operations** | 18093850 | 59917688 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1626078) | (1442866) |
| &nbsp;&nbsp;&nbsp;Class C | (31694) | (35902) |
| &nbsp;&nbsp;&nbsp;Class F | (50811) | (64775) |
| &nbsp;&nbsp;&nbsp;Class F3 | (596220) | (531450) |
| &nbsp;&nbsp;&nbsp;Class I | (3037357) | (2686582) |
| &nbsp;&nbsp;&nbsp;Class P | (424) | (164) |
| &nbsp;&nbsp;&nbsp;Class R2 | (23031) | (15677) |
| &nbsp;&nbsp;&nbsp;Class R3 | (74379) | (69218) |
| &nbsp;&nbsp;&nbsp;Class R4 | (49304) | (40234) |
| &nbsp;&nbsp;&nbsp;Class R5 | (41670) | (38823) |
| &nbsp;&nbsp;&nbsp;Class R6 | (338365) | (310118) |
| **Total distribution to shareholders** | (5869333) | (5235809) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 12060492 | 28896541 |
| Reinvestment of distributions | 5703198 | 5076474 |
| Cost of shares reacquired | (34779047) | (68132041) |
| **Net decrease in net assets resulting from capital share transactions** | (17015357) | (34159026) |
| **Net increase (decrease) in net assets** | (4790840) | 20522853 |
| **NET ASSETS:** |  |  |
| Beginning of period | $311414035 | $290891182 |
| **End of period** | $306623195 | $311414035 |

---

66 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **International Value Fund** | **International Value Fund** | **Micro Cap Growth Fund** | **Micro Cap Growth Fund** |
| **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** | **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| $6304411 | $14203023 | $(874460) | $(1889078) |
| 27131786 | 20289330 | 8084983 | 39116393 |
| 14179174 | 47013638 | (25078009) | 36891375 |
| 47615371 | 81505991 | (17867486) | 74118690 |
| (1829760) | (7618996) |  |  |
| (8265) | (71591) |  |  |
| (44960) | (193266) |  |  |
| (349516) | (1244211) |  |  |
| (1420225) | (5698275) |  |  |
| (411) | (1964) |  |  |
| (37031) | (186846) |  |  |
| (1502) | (5448) |  |  |
| (125) | (458) |  |  |
| (16313) | (65095) | – | – |
| (3708108) | (15086150) | – | – |
| 21710144 | 44376872 | 9133308 | 12309291 |
| 3655206 | 14846799 |  |  |
| (42878675) | (80043317) | (22486410) | (54668778) |
| (17513325) | (20819646) | (13353102) | (42359487) |
| 26393938 | 45600195 | (31220588) | 31759203 |
| $406478555 | $360878360 | $194688875 | $162929672 |
| $432872493 | $406478555 | $163468287 | $194688875 |

---

See Notes to Financial Statements. 67

**Statements of Changes in Net Assets (concluded)**

---

| | | |
|:---|:---|:---|
|  | **Value Opportunities Fund** | **Value Opportunities Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> April 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| **Operations:** | | |
| Net investment income | $2573072 | $2256288 |
| Net realized gain/(loss) | 37867147 | 91149189 |
| Net change in unrealized appreciation/(depreciation) | (164573355) | 237637064 |
| **Net increase (decrease) in net assets resulting from operations** | (124133136) | 331042541 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (40165917) | (8879757) |
| &nbsp;&nbsp;&nbsp;Class C | (1786104) | (536071) |
| &nbsp;&nbsp;&nbsp;Class F | (1816615) | (458691) |
| &nbsp;&nbsp;&nbsp;Class F3 | (11928386) | (3105092) |
| &nbsp;&nbsp;&nbsp;Class I | (23910114) | (4090287) |
| &nbsp;&nbsp;&nbsp;Class P | (723745) | (167817) |
| &nbsp;&nbsp;&nbsp;Class R2 | (257567) | (63290) |
| &nbsp;&nbsp;&nbsp;Class R3 | (1995262) | (417247) |
| &nbsp;&nbsp;&nbsp;Class R4 | (1844696) | (433579) |
| &nbsp;&nbsp;&nbsp;Class R5 | (84583) | (18196) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1526294) | (501099) |
| **Total distribution to shareholders** | (86039283) | (18671126) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 41744781 | 207160067 |
| Reinvestment of distributions | 84449904 | 18281241 |
| Cost of shares reacquired | (206754698) | (270070419) |
| **Net decrease in net assets resulting from capital share transactions** | (80560013) | (44629111) |
| **Net increase (decrease) in net assets** | (290732432) | 267742304 |
| **NET ASSETS:** |  |  |
| Beginning of period | $1361566024 | $1093823720 |
| **End of period** | $1070833592 | $1361566024 |

---

68 See Notes to Financial Statements.

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**Financial Highlights (unaudited)**

ALPHA STRATEGY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income** <br> **(loss)**<sup>(b)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(d)</sup> | $25.90 | $0.08 | $(2.03) | $(1.95) | $(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) |
| 10/31/2020 | 24.04 | 0.03 | 1.82 | 1.85 |  | (3.29) | (3.29) |
| **Class C** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(d)</sup> | 19.07 | (0.01) | (1.50) | (1.51) |  | (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) |
| 10/31/2020 | 19.73 | (0.09) | 1.47 | 1.38 |  | (3.29) | (3.29) |
| **Class F** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(d)</sup> | 26.30 | 0.10 | (2.07) | (1.97) | (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) |
| 10/31/2020 | 24.22 | 0.08 | 1.81 | 1.89 |  | (3.29) | (3.29) |
| **Class F3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(d)</sup> | 27.22 | 0.13 | (2.15) | (2.02) | (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) |
| 10/31/2020 | 24.78 | 0.10 | 1.88 | 1.98 |  | (3.29) | (3.29) |
| **Class I** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(d)</sup> | 27.03 | 0.11 | (2.12) | (2.01) | (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) |
| 10/31/2020 | 24.72 | 0.11 | 1.85 | 1.96 |  | (3.29) | (3.29) |
| **Class R2** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(d)</sup> | 24.36 | 0.03 | (1.91) | (1.88) |  | (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) | – <sup>(g)</sup> | (1.34) | (1.34) |
| 10/31/2022 | 28.80 | (0.02) | (6.73) | (6.75) | (0.27) | (1.12) | (1.39) |
| 10/31/2021 | 21.52 | (0.09) | 9.40 | 9.31 | (0.30) | (1.73) | (2.03) |
| 10/31/2020 | 23.11 | (0.04) | 1.74 | 1.70 |  | (3.29) | (3.29) |

---

70 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(c)</sup> <br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $23.74 | (7.60)<sup>(e)</sup> | 0.44 <sup>(f)</sup> | 0.54 <sup>(f)</sup> | 0.62 <sup>(f)</sup> | $349894 | 4 <sup>(e)</sup> |
| 25.90 | 32.90 | 0.44 | 0.54 | 0.04 | 407896 | 1 |
| 19.58 | (3.99) | 0.43 | 0.54 | 0.29 | 342756 | 4 |
| 21.82 | (24.25) | 0.44 | 0.54 | 0.25 | 420589 | 8 |
| 30.39 | 45.31 | 0.41 | 0.52 | (0.06) | 542197 | 7 |
| 22.60 | 7.72 | 0.43 | 0.53 | 0.16 | 400088 | 16 |
| 17.38 | (7.99)<sup>(e)</sup> | 1.19 <sup>(f)</sup> | 1.29 <sup>(f)</sup> | (0.09)<sup>(f)</sup> | 8543 | 4 <sup>(e)</sup> |
| 19.07 | 31.93 | 1.19 | 1.29 | (0.62) | 11170 | 1 |
| 14.53 | (4.70) | 1.18 | 1.29 | (0.25) | 13823 | 4 |
| 16.60 | (24.81) | 1.19 | 1.29 | (0.40) | 30206 | 8 |
| 23.47 | 44.16 | 1.16 | 1.26 | (0.77) | 56365 | 7 |
| 17.82 | 6.98 | 1.18 | 1.28 | (0.52) | 54247 | 16 |
| 24.08 | (7.58)<sup>(e)</sup> | 0.29 <sup>(f)</sup> | 0.39 <sup>(f)</sup> | 0.79 <sup>(f)</sup> | 7233 | 4 <sup>(e)</sup> |
| 26.30 | 33.08 | 0.29 | 0.39 | 0.24 | 8846 | 1 |
| 19.87 | (3.85) | 0.28 | 0.39 | 0.75 | 9142 | 4 |
| 22.09 | (24.10) | 0.28 | 0.39 | 0.76 | 27275 | 8 |
| 30.73 | 45.53 | 0.26 | 0.37 | 0.09 | 144742 | 7 |
| 22.82 | 7.89 | 0.28 | 0.38 | 0.37 | 120797 | 16 |
| 24.93 | (7.48)<sup>(e)</sup> | 0.10 <sup>(f)</sup> | 0.20 <sup>(f)</sup> | 0.94 <sup>(f)</sup> | 50533 | 4 <sup>(e)</sup> |
| 27.22 | 33.32 | 0.10 | 0.20 | 0.38 | 56478 | 1 |
| 20.56 | (3.65) | 0.09 | 0.20 | 0.57 | 46724 | 4 |
| 22.83 | (23.98) | 0.09 | 0.19 | 0.57 | 50046 | 8 |
| 31.70 | 45.81 | 0.08 | 0.18 | 0.25 | 56369 | 7 |
| 23.47 | 8.10 | 0.09 | 0.19 | 0.44 | 33179 | 16 |
| 24.75 | (7.50)<sup>(e)</sup> | 0.19 <sup>(f)</sup> | 0.29 <sup>(f)</sup> | 0.87 <sup>(f)</sup> | 103833 | 4 <sup>(e)</sup> |
| 27.03 | 33.21 | 0.19 | 0.29 | 0.30 | 116058 | 1 |
| 20.43 | (3.74) | 0.18 | 0.29 | 0.47 | 95792 | 4 |
| 22.71 | (24.04) | 0.19 | 0.29 | 0.18 | 101366 | 8 |
| 31.56 | 45.64 | 0.16 | 0.27 | 0.18 | 43112 | 7 |
| 23.39 | 8.02 | 0.18 | 0.28 | 0.51 | 28481 | 16 |
| 22.30 | (7.77)<sup>(e)</sup> | 0.79 <sup>(f)</sup> | 0.89 <sup>(f)</sup> | 0.25 <sup>(f)</sup> | 809 | 4 <sup>(e)</sup> |
| 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) | 1433 | 7 |
| 21.52 | 7.39 | 0.78 | 0.88 | (0.19) | 1430 | 16 |

---

See Notes to Financial Statements. 71

**Financial Highlights (unaudited)(concluded)**

ALPHA STRATEGY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income** <br> **(loss)**<sup>(b)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R3** | | | | | | | |
| 4/30/2025<sup>(d)</sup> | $24.64 | $0.05 | $(1.94) | $(1.89) | $– | $(0.18) | $(0.18) |
| 10/31/2024 | 18.66 | (0.04) | 6.11 | 6.07 |  | (0.09) | (0.09) |
| 10/31/2023 | 20.85 | – <sup>(g)</sup> | (0.84) | (0.84) | (0.01) | (1.34) | (1.35) |
| 10/31/2022 | 29.09 | 0.01 | (6.80) | (6.79) | (0.33) | (1.12) | (1.45) |
| 10/31/2021 | 21.70 | (0.08) | 9.50 | 9.42 | (0.30) | (1.73) | (2.03) |
| 10/31/2020 | 23.26 | (0.01) | 1.74 | 1.73 |  | (3.29) | (3.29) |
| **Class R4** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(d)</sup> | 25.82 | 0.08 | (2.03) | (1.95) | (0.02) | (0.18) | (0.20) |
| 10/31/2024 | 19.52 | – <sup>(g)</sup> | 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) |
| 10/31/2020 | 23.98 | 0.02 | 1.83 | 1.85 |  | (3.29) | (3.29) |
| **Class R5** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(d)</sup> | 27.04 | 0.11 | (2.12) | (2.01) | (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) |
| 10/31/2020 | 24.73 | 0.03 | 1.93 | 1.96 |  | (3.29) | (3.29) |
| **Class R6** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(d)</sup> | 27.23 | 0.13 | (2.15) | (2.02) | (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) |
| 10/31/2020 | 24.78 | 0.10 | 1.89 | 1.99 |  | (3.29) | (3.29) |

---

<sup>(a)</sup> Does not include expenses of the Underlying Funds in which the Fund invests.

<sup>(b)</sup> Calculated using average shares outstanding during the period.

<sup>(c)</sup> 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.

<sup>(d)</sup> Unaudited.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount is less than $0.01.

72 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(c)</sup> <br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $22.57 | (7.72)<sup>(e)</sup> | 0.69 <sup>(f)</sup> | 0.79 <sup>(f)</sup> | 0.37 <sup>(f)</sup> | $14185 | 4 <sup>(e)</sup> |
| 24.64 | 32.58 | 0.69 | 0.79 | (0.18) | 16802 | 1 |
| 18.66 | (4.24) | 0.68 | 0.79 | (0.02) | 15526 | 4 |
| 20.85 | (24.41) | 0.69 | 0.79 | 0.04 | 17366 | 8 |
| 29.09 | 44.95 | 0.66 | 0.76 | (0.30) | 25883 | 7 |
| 21.70 | 7.47 | 0.68 | 0.78 | (0.07) | 20860 | 16 |
| 23.67 | (7.59)<sup>(e)</sup> | 0.44 <sup>(f)</sup> | 0.54 <sup>(f)</sup> | 0.61 <sup>(f)</sup> | 3230 | 4 <sup>(e)</sup> |
| 25.82 | 32.87 | 0.44 | 0.54 | 0.02 | 3874 | 1 |
| 19.52 | (3.98) | 0.43 | 0.54 | 0.28 | 3150 | 4 |
| 21.76 | (24.23) | 0.44 | 0.54 | 0.21 | 3859 | 8 |
| 30.30 | 45.25 | 0.41 | 0.52 | (0.04) | 4621 | 7 |
| 22.54 | 7.79 | 0.43 | 0.53 | 0.09 | 3715 | 16 |
| 24.76 | (7.50)<sup>(e)</sup> | 0.19 <sup>(f)</sup> | 0.29 <sup>(f)</sup> | 0.85 <sup>(f)</sup> | 343 | 4 <sup>(e)</sup> |
| 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 |
| 23.40 | 8.02 | 0.18 | 0.28 | 0.14 | 623 | 16 |
| 24.94 | (7.48)<sup>(e)</sup> | 0.10 <sup>(f)</sup> | 0.20 <sup>(f)</sup> | 0.98 <sup>(f)</sup> | 3752 | 4 <sup>(e)</sup> |
| 27.23 | 33.37 | 0.10 | 0.20 | 0.36 | 4370 | 1 |
| 20.56 | (3.69) | 0.09 | 0.20 | 0.61 | 3380 | 4 |
| 22.84 | (23.97) | 0.09 | 0.19 | 0.62 | 3762 | 8 |
| 31.71 | 45.79 | 0.08 | 0.18 | 0.28 | 5386 | 7 |
| 23.48 | 8.14 | 0.09 | 0.19 | 0.46 | 4143 | 16 |

---

See Notes to Financial Statements. 73

**Financial Highlights (unaudited)**

FOCUSED GROWTH FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br>investment<br>income (loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> realized<br> gain** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $31.88 | $(0.15) | $1.45 | $1.30 | $– | $33.18 |
| 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 |
| 10/31/2020 | 15.88 | (0.17) | 11.19 | 11.02 |  | 26.90 |
| **Class C** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 30.42 | (0.26) | 1.38 | 1.12 |  | 31.54 |
| 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 |
| 10/31/2020 | 15.80 | (0.37) | 11.13 | 10.76 |  | 26.56 |
| **Class F** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 32.40 | (0.10) | 1.46 | 1.36 |  | 33.76 |
| 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 |
| 10/31/2020 | 15.91 | (0.13) | 11.25 | 11.12 |  | 27.03 |
| **Class F3** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 32.59 | (0.08) | 1.46 | 1.38 |  | 33.97 |
| 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 |
| 10/31/2020 | 15.92 | (0.09) | 11.23 | 11.14 |  | 27.06 |
| **Class I** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 32.41 | (0.10) | 1.46 | 1.36 |  | 33.77 |
| 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 |
| 10/31/2020 | 15.92 | (0.11) | 11.22 | 11.11 |  | 27.03 |
| **Class R3** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 31.40 | (0.19) | 1.42 | 1.23 |  | 32.63 |
| 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 |
| 10/31/2020 | 15.86 | (0.21) | 11.14 | 10.93 |  | 26.79 |

---

74 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 4.08 <sup>(d)</sup> | 1.05 <sup>(e)</sup> | 1.27 <sup>(e)</sup> | (0.83)<sup>(e)</sup> | $34668 | 50 <sup>(d)</sup> |
| 55.66 | 1.05 | 1.45 | (0.75) | 26783 | 122 |
| 3.75 | 1.05 | 1.70 | (0.71) | 15986 | 169 |
| (36.92) | 1.05 | 1.54 | (0.71) | 14420 | 169 |
| 43.48 | 1.05 | 1.49 | (0.87) | 18332 | 166 |
| 69.40 | 1.05 | 2.25 | (0.79) | 12485 | 126 |
| 3.68 <sup>(d)</sup> | 1.80 <sup>(e)</sup> | 2.02 <sup>(e)</sup> | (1.58)<sup>(e)</sup> | 4361 | 50 <sup>(d)</sup> |
| 54.57 | 1.80 | 2.20 | (1.50) | 3368 | 122 |
| 2.93 | 1.80 | 2.45 | (1.46) | 2214 | 169 |
| (37.40) | 1.80 | 2.30 | (1.46) | 2289 | 169 |
| 42.43 | 1.80 | 2.24 | (1.62) | 2701 | 166 |
| 68.10 | 1.78 | 2.87 | (1.61) | 1849 | 126 |
| 4.20 <sup>(d)</sup> | 0.80 <sup>(e)</sup> | 1.12 <sup>(e)</sup> | (0.58)<sup>(e)</sup> | 4461 | 50 <sup>(d)</sup> |
| 56.07 | 0.80 | 1.31 | (0.50) | 4225 | 122 |
| 4.01 | 0.80 | 1.55 | (0.43) | 3536 | 169 |
| (36.79) | 0.80 | 1.37 | (0.47) | 7021 | 169 |
| 43.85 | 0.80 | 1.34 | (0.63) | 18621 | 166 |
| 69.89 | 0.80 | 2.03 | (0.58) | 5821 | 126 |
| 4.23 <sup>(d)</sup> | 0.67 <sup>(e)</sup> | 0.97 <sup>(e)</sup> | (0.46)<sup>(e)</sup> | 20 | 50 <sup>(d)</sup> |
| 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) | 1217 | 166 |
| 69.97 | 0.72 | 2.01 | (0.44) | 902 | 126 |
| 4.20 <sup>(d)</sup> | 0.80 <sup>(e)</sup> | 1.02 <sup>(e)</sup> | (0.59)<sup>(e)</sup> | 30797 | 50 <sup>(d)</sup> |
| 56.04 | 0.80 | 1.16 | (0.49) | 21488 | 122 |
| 4.06 | 0.80 | 1.44 | (0.47) | 4122 | 169 |
| (36.79) | 0.80 | 1.30 | (0.47) | 4595 | 169 |
| 43.90 | 0.80 | 1.24 | (0.62) | 4587 | 166 |
| 69.72 | 0.80 | 2.04 | (0.52) | 2712 | 126 |
| 3.92 <sup>(d)</sup> | 1.30 <sup>(e)</sup> | 1.52 <sup>(e)</sup> | (1.08)<sup>(e)</sup> | 207 | 50 <sup>(d)</sup> |
| 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 |
| 68.92 | 1.30 | 2.52 | (1.01) | 18 | 126 |

---

See Notes to Financial Statements. 75

**Financial Highlights (unaudited)(concluded)**

FOCUSED GROWTH FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br>investment<br>income (loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> realized<br> gain** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class R4** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $31.90 | $(0.14) | $1.43 | $1.29 | $– | $33.19 |
| 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 |
| 10/31/2020 | 15.89 | (0.16) | 11.18 | 11.02 |  | 26.91 |
| **Class R5** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 32.41 | (0.10) | 1.45 | 1.35 |  | 33.76 |
| 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 |
| 10/31/2020 | 15.91 | (0.10) | 11.21 | 11.11 |  | 27.02 |
| **Class R6** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 32.59 | (0.08) | 1.47 | 1.39 |  | 33.98 |
| 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 |
| 10/31/2020 | 15.92 | (0.10) | 11.24 | 11.14 |  | 27.06 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

76 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 4.04 <sup>(d)</sup> | 1.05 <sup>(e)</sup> | 1.28 <sup>(e)</sup> | (0.82)<sup>(e)</sup> | $22 | 50 <sup>(d)</sup> |
| 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 |
| 69.35 | 1.05 | 2.27 | (0.75) | 18 | 126 |
| 4.20 <sup>(d)</sup> | 0.80 <sup>(e)</sup> | 1.03 <sup>(e)</sup> | (0.59)<sup>(e)</sup> | 39 | 50 <sup>(d)</sup> |
| 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 |
| 69.83 | 0.80 | 2.02 | (0.49) | 18 | 126 |
| 4.27 <sup>(d)</sup> | 0.66 <sup>(e)</sup> | 0.96 <sup>(e)</sup> | (0.45)<sup>(e)</sup> | 9890 | 50 <sup>(d)</sup> |
| 56.31 | 0.65 | 1.11 | (0.36) | 8385 | 122 |
| 4.15 | 0.68 | 1.30 | (0.34) | 4481 | 169 |
| (36.74) | 0.73 | 1.16 | (0.39) | 4740 | 169 |
| 43.95 | 0.75 | 1.16 | (0.57) | 6788 | 166 |
| 69.97 | 0.72 | 1.99 | (0.45) | 4400 | 126 |

---

See Notes to Financial Statements. 77

**Financial Highlights (unaudited)**

FOCUSED LARGE CAP VALUE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment**<br> **income** <br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Return<br> of<br> capital** |
| **Class A** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $13.35 | $0.05 | $(0.26) | $(0.21) | $(0.09) | $(0.18) | $– |
| 10/31/2024 | 9.58 | 0.09 | 3.68 | 3.77 |  |  |  |
| 10/31/2023 | 13.58 | 0.08 | 0.17 <sup>(f)</sup> | 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) |  |
| 10/31/2020 | 14.75 | 0.27 | (1.99) | (1.72) | (0.08) |  |  |
| **Class C** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 13.17 | – <sup>(g)</sup> | (0.25) | (0.25) |  | (0.18) |  |
| 10/31/2024 | 9.52 | 0.01 | 3.64 | 3.65 |  |  |  |
| 10/31/2023 | 13.49 | 0.02 | 0.15 <sup>(f)</sup> | 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) |  |
| 10/31/2020 | 14.72 | 0.17 | (1.98) | (1.81) | (0.04) |  |  |
| **Class F** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 13.67 | 0.07 | (0.26) | (0.19) | (0.11) | (0.18) |  |
| 10/31/2024 | 9.78 | 0.13 | 3.76 | 3.89 |  |  |  |
| 10/31/2023 | 13.77 | 0.14 | 0.14 <sup>(f)</sup> | 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) |  |
| 10/31/2020 | 14.76 | 0.31 | (2.00) | (1.69) | (0.09) |  |  |
| **Class F3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 13.46 | 0.07 | (0.26) | (0.19) | (0.12) | (0.18) |  |
| 10/31/2024 | 9.63 | 0.12 | 3.71 | 3.83 |  |  |  |
| 10/31/2023 | 13.64 | 0.11 | 0.16 <sup>(f)</sup> | 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) |  |
| 10/31/2020 | 14.76 | 0.32 | (2.00) | (1.68) | (0.10) |  |  |
| **Class I** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 13.94 | 0.07 | (0.27) | (0.20) | (0.12) | (0.18) |  |
| 10/31/2024 | 9.98 | 0.12 | 3.84 | 3.96 |  |  |  |
| 10/31/2023 | 13.63 | 0.09 | 0.18 <sup>(f)</sup> | 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) |  |
| 10/31/2020 | 14.76 | 0.30 | (1.97) | (1.67) | (0.10) |  |  |
| **Class R3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 13.28 | 0.03 | (0.25) | (0.22) | (0.05) | (0.18) |  |
| 10/31/2024 | 9.56 | 0.06 | 3.66 | 3.72 |  |  |  |
| 10/31/2023 | 13.56 | 0.05 | 0.18 <sup>(f)</sup> | 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) |  |
| 10/31/2020 | 14.74 | 0.23 | (1.99) | (1.76) | (0.06) |  |  |

---

78 See Notes to Financial Statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental Data: | Supplemental Data: |
|<br>**Total**<br> **distri-**<br> **butions** |<br>**Net**<br> **asset**<br> **value,**<br> **end of**<br> **period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(%)** | **Total**<br> **expenses**<br> **(%)** | **Net**<br> **invest-**<br> **ment**<br> **income**<br> **(loss)**<br> **(%)** | **Net**<br> **assets,** <br> **end of** <br> **period**<br> **(000)** | **Portfolio**<br> **turnover**<br> **rate**<br> **(%)** |
| $(0.27) | $12.87 | (1.71)<sup>(d)</sup> | 0.96 <sup>(e)</sup> | 1.51 <sup>(e)</sup> | 0.79 <sup>(e)</sup> | $12234 | 23 <sup>(d)</sup> |
|  | 13.35 | 39.35 | 0.96 | 1.64 | 0.76 | 12028 | 58 |
| (4.25) | 9.58 | 0.59 | 0.96 | 1.92 | 0.84 | 9821 | 61 |
| (4.28) | 13.58 | (8.69) | 0.96 | 1.04 | 1.12 | 11466 | 100 |
| (0.97) | 19.04 | 56.50 | 0.93 | 0.93 | 2.08 | 7714 | 99 |
| (0.08) | 12.95 | (11.74) | 0.96 | 1.09 | 2.08 | 541 | 128 |
| (0.18) | 12.74 | (1.99)<sup>(d)</sup> | 1.71 <sup>(e)</sup> | 2.27 <sup>(e)</sup> | 0.02 <sup>(e)</sup> | 2013 | 23 <sup>(d)</sup> |
|  | 13.17 | 38.34 | 1.71 | 2.39 | 0.04 | 1961 | 58 |
| (4.14) | 9.52 | (0.21) | 1.71 | 2.71 | 0.20 | 2618 | 61 |
| (4.19) | 13.49 | (9.37) | 1.71 | 1.77 | 0.40 | 4637 | 100 |
| (0.81) | 18.97 | 55.29 | 1.67 | 1.67 | 1.36 | 3601 | 99 |
| (0.04) | 12.87 | (12.35) | 1.71 | 1.83 | 1.32 | 77 | 128 |
| (0.29) | 13.19 | (1.55)<sup>(d)</sup> | 0.71 <sup>(e)</sup> | 1.36 <sup>(e)</sup> | 1.02 <sup>(e)</sup> | 178 | 23 <sup>(d)</sup> |
|  | 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 | 1405 | 100 |
| (0.89) | 19.22 | 56.78 | 0.68 | 0.78 | 2.60 | 2394 | 99 |
| (0.09) | 12.98 | (11.54) | 0.71 | 0.98 | 2.33 | 40 | 128 |
| (0.30) | 12.97 | (1.55)<sup>(d)</sup> | 0.67 <sup>(e)</sup> | 1.18 <sup>(e)</sup> | 1.06 <sup>(e)</sup> | 12 | 23 <sup>(d)</sup> |
|  | 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 |
| (0.10) | 12.98 | (11.50) | 0.63 | 0.84 | 2.40 | 12 | 128 |
| (0.30) | 13.44 | (1.57)<sup>(d)</sup> | 0.71 <sup>(e)</sup> | 1.26 <sup>(e)</sup> | 1.03 <sup>(e)</sup> | 16175 | 23 <sup>(d)</sup> |
|  | 13.94 | 39.68 | 0.71 | 1.37 | 0.93 | 15230 | 58 |
| (3.92) | 9.98 | 0.89 | 0.71 | 1.56 | 0.92 | 4982 | 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 | 656899 | 99 |
| (0.10) | 12.99 | (11.43) | 0.71 | 0.75 | 2.34 | 428070 | 128 |
| (0.23) | 12.83 | (1.79)<sup>(d)</sup> | 1.21 <sup>(e)</sup> | 1.76 <sup>(e)</sup> | 0.52 <sup>(e)</sup> | 161 | 23 <sup>(d)</sup> |
|  | 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 |
| (0.06) | 12.92 | (11.98) | 1.21 | 1.34 | 1.75 | 9 | 128 |

---

See Notes to Financial Statements. 79

**Financial Highlights (unaudited)(concluded)**

FOCUSED LARGE CAP VALUE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment**<br> **income** <br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Return<br> of<br> capital** |
| **Class R4** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $13.37 | $0.05 | $(0.25) | $(0.20) | $(0.09) | $(0.18) | $– |
| 10/31/2024 | 9.60 | 0.09 | 3.68 | 3.77 |  |  |  |
| 10/31/2023 | 13.59 | 0.09 | 0.17 <sup>(f)</sup> | 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) |  |
| 10/31/2020 | 14.75 | 0.27 | (1.99) | (1.72) | (0.08) |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 13.45 | 0.07 | (0.26) | (0.19) | (0.12) | (0.18) |  |
| 10/31/2024 | 9.63 | 0.12 | 3.70 | 3.82 |  |  |  |
| 10/31/2023 | 13.63 | 0.12 | 0.16 <sup>(f)</sup> | 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) |  |
| 10/31/2020 | 14.76 | 0.30 | (1.98) | (1.68) | (0.10) |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 13.48 | 0.07 | (0.26) | (0.19) | (0.12) | (0.18) |  |
| 10/31/2024 | 9.64 | 0.12 | 3.72 | 3.84 |  |  |  |
| 10/31/2023 | 13.65 | 0.11 | 0.16 <sup>(f)</sup> | 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) |  |
| 10/31/2020 | 14.76 | 0.32 | (1.99) | (1.67) | (0.10) |  |  |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> 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.

<sup>(g)</sup> Amount is less than $0.01.

80 See Notes to Financial Statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> distri-<br> butions** |<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $(0.27) | $12.90 | (1.63)<sup>(d)</sup> | 0.96 <sup>(e)</sup> | 1.49 <sup>(e)</sup> | 0.79 <sup>(e)</sup> | $9 | 23 <sup>(d)</sup> |
|  | 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 |
| (0.08) | 12.95 | (11.74) | 0.96 | 1.08 | 2.00 | 9 | 128 |
| (0.30) | 12.96 | (1.55)<sup>(d)</sup> | 0.71 <sup>(e)</sup> | 1.23 <sup>(e)</sup> | 1.05 <sup>(e)</sup> | 9 | 23 <sup>(d)</sup> |
|  | 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 |
| (0.10) | 12.98 | (11.51) | 0.71 | 0.84 | 2.2 | 49 | 128 |
| (0.30) | 12.99 | (1.54)<sup>(d)</sup> | 0.68 <sup>(e)</sup> | 1.19 <sup>(e)</sup> | 1.05 <sup>(e)</sup> | 2228 | 23 <sup>(d)</sup> |
|  | 13.48 | 39.83 | 0.67 | 1.36 | 1.02 | 2299 | 58 |
| (4.28) | 9.64 | 0.82 | 0.71 | 1.62 | 1.07 | 1223 | 61 |
| (4.31) | 13.65 | (8.48) | 0.70 | 0.77 | 1.36 | 1347 | 100 |
| (1.00) | 19.11 | 56.86 | 0.68 | 0.68 | 2.17 | 1539 | 99 |
| (0.10) | 12.99 | (11.43) | 0.63 | 0.81 | 2.38 | 366 | 128 |

---

*See Notes to Financial Statements.* 81

**Financial Highlights (unaudited)**

FOCUSED SMALL CAP VALUE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $27.88 | $– <sup>(d)</sup> | $(2.62) | $(2.62) | $– <sup>(d)</sup> | $(1.99) | $(1.99) |
| 10/31/2024 | 21.93 | – <sup>(d)</sup> | 5.95 | 5.95 | – <sup>(d)</sup> |  | – <sup>(d)</sup> |
| 10/31/2023 | 23.97 | 0.07 | (1.17) | (1.10) | (0.10) | (0.84) | (0.94) |
| 10/31/2022 | 30.62 | 0.05 | (3.54) | (3.49) |  | (3.16) | (3.16) |
| 10/31/2021 | 18.77 | 0.01 | 12.00 | 12.01 | (0.16) |  | (0.16) |
| 10/31/2020 | 25.14 | 0.14 | (2.40) | (2.26) |  | (4.11) | (4.11) |
| **Class C** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 29.25 | (0.10) | (2.76) | (2.86) |  | (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) |
| 10/31/2020 | 26.71 | (0.08) | (2.53) | (2.61) |  | (4.11) | (4.11) |
| **Class F** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 30.68 | 0.03 | (2.92) | (2.89) |  | (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) |
| 10/31/2020 | 26.80 | 0.09 | (2.48) | (2.39) |  | (4.11) | (4.11) |
| **Class F3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 30.60 | 0.04 | (2.91) | (2.87) |  | (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) |
| 10/31/2020 | 26.80 | 0.19 | (2.56) | (2.37) |  | (4.11) | (4.11) |
| **Class I** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 30.50 | 0.04 | (2.90) | (2.86) |  | (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) |
| 10/31/2020 | 26.80 | 0.19 | (2.58) | (2.39) |  | (4.11) | (4.11) |
| **Class R5** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 30.51 | 0.04 | (2.91) | (2.87) |  | (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) |
| 10/31/2020 | 26.80 | 0.17 | (2.57) | (2.40) |  | (4.11) | (4.11) |

---

82 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br>**return**<sup>(b)</sup><br>**(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $23.27 | (10.82)<sup>(e)</sup> | 1.28 <sup>(f)</sup> | 1.34 <sup>(f)</sup> | (0.01)<sup>(f)</sup> | $10222 | 33 <sup>(e)</sup> |
| 27.88 | 27.15 | 1.28 | 1.35 | (0.02) | 12718 | 57 |
| 21.93 | (4.90) | 1.28 | 1.33 | 0.30 | 11487 | 54 |
| 23.97 | (12.99) | 1.28 | 1.29 | 0.20 | 16026 | 63 |
| 30.62 | 64.27 | 1.22 | 1.22 | 0.03 | 19525 | 116 |
| 18.77 | (11.21) | 1.28 | 1.40 | 0.72 | 3253 | 77 |
| 24.40 | (11.15)<sup>(e)</sup> | 2.03 <sup>(f)</sup> | 2.09 <sup>(f)</sup> | (0.76)<sup>(f)</sup> | 2152 | 33 <sup>(e)</sup> |
| 29.25 | 26.24 | 2.03 | 2.10 | (0.77) | 2489 | 57 |
| 23.17 | (5.64) | 2.03 | 2.08 | (0.45) | 2499 | 54 |
| 25.36 | (13.61) | 2.03 | 2.04 | (0.56) | 3624 | 63 |
| 32.44 | 63.10 | 1.96 | 1.96 | (0.95) | 5028 | 116 |
| 19.99 | (12.01) | 2.03 | 2.20 | (0.42) | 102 | 77 |
| 25.80 | (10.71)<sup>(e)</sup> | 1.03 <sup>(f)</sup> | 1.19 <sup>(f)</sup> | 0.24 <sup>(f)</sup> | 1841 | 33 <sup>(e)</sup> |
| 30.68 | 27.51 | 1.03 | 1.20 | 0.24 | 2130 | 57 |
| 24.06 | (4.68) | 1.03 | 1.18 | 0.69 | 4246 | 54 |
| 26.17 | (12.77) | 1.03 | 1.13 | 0.41 | 21683 | 63 |
| 33.11 | 64.73 | 0.97 | 1.07 | 0.04 | 66993 | 116 |
| 20.30 | (11.00) | 1.03 | 1.30 | 0.43 | 784 | 77 |
| 25.74 | (10.67)<sup>(e)</sup> | 0.98 <sup>(f)</sup> | 1.01 <sup>(f)</sup> | 0.31 <sup>(f)</sup> | 11 | 33 <sup>(e)</sup> |
| 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 |
| 20.32 | (10.88) | 0.95 | 1.14 | 0.92 | 9 | 77 |
| 25.65 | (10.67)<sup>(e)</sup> | 1.03 <sup>(f)</sup> | 1.09 <sup>(f)</sup> | 0.24 <sup>(f)</sup> | 63553 | 33 <sup>(e)</sup> |
| 30.50 | 27.48 | 1.03 | 1.10 | 0.24 | 77474 | 57 |
| 23.99 | (4.66) | 1.03 | 1.08 | 0.52 | 71703 | 54 |
| 26.14 | (12.76) | 1.03 | 1.03 | 0.41 | 82062 | 63 |
| 33.10 | 64.71 | 0.95 | 0.96 | 0.35 | 118351 | 116 |
| 20.30 | (11.00) | 1.03 | 1.18 | 0.92 | 69689 | 77 |
| 25.65 | (10.70)<sup>(e)</sup> | 1.03 <sup>(f)</sup> | 1.08 <sup>(f)</sup> | 0.25 <sup>(f)</sup> | 14 | 33 <sup>(e)</sup> |
| 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 |
| 20.29 | (11.00) | 1.03 | 1.16 | 0.83 | 9 | 77 |

---

*See Notes to Financial Statements.* 83

**Financial Highlights (unaudited)(concluded)**

FOCUSED SMALL CAP VALUE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br>(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R6** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $30.60 | $0.04 | $(2.91) | $(2.87) | $– | $(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) |
| 10/31/2020 | 26.81 | 0.18 | (2.55) | (2.37) |  | (4.11) | (4.11) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Amount is less than $0.01.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

84 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $25.74 | (10.67)<sup>(e)</sup> | 0.98 <sup>(f)</sup> | 1.06 <sup>(f)</sup> | 0.29 <sup>(f)</sup> | $4472 | 33 <sup>(e)</sup> |
| 30.60 | 27.54 | 0.98 | 1.05 | 0.31 | 5437 | 57 |
| 24.06 | (4.60) | 0.97 | 1.03 | 0.56 | 9998 | 54 |
| 26.20 | (12.73) | 0.98 | 0.98 | 0.50 | 10472 | 63 |
| 33.16 | 64.69 | 0.94 | 0.95 | 0.22 | 11274 | 116 |
| 20.33 | (10.87) | 0.95 | 1.16 | 0.90 | 1717 | 77 |

---

*See Notes to Financial Statements.* 85

**Financial Highlights (unaudited)**

FUNDAMENTAL EQUITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $15.94 | $0.06 | $(0.31) | $(0.25) | $(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) |
| 10/31/2020 | 12.53 | 0.19 | (0.88) | (0.69) | (0.19) | (1.09) | (1.28) |
| **Class C** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 13.54 | 0.01 | (0.26) | (0.25) | (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) |
| 10/31/2020 | 11.04 | 0.10 | (0.77) | (0.67) | (0.09) | (1.09) | (1.18) |
| **Class F** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.72 | 0.08 | (0.31) | (0.23) | (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) |
| 10/31/2020 | 12.40 | 0.21 | (0.87) | (0.66) | (0.21) | (1.09) | (1.30) |
| **Class F3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 16.25 | 0.09 | (0.31) | (0.22) | (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) |
| 10/31/2020 | 12.69 | 0.23 | (0.90) | (0.67) | (0.22) | (1.09) | (1.31) |
| **Class I** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 16.09 | 0.08 | (0.31) | (0.23) | (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) |
| 10/31/2020 | 12.63 | 0.22 | (0.89) | (0.67) | (0.22) | (1.09) | (1.31) |
| **Class P** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.51 | 0.05 | (0.31) | (0.26) | (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) |
| 10/31/2020 | 12.28 | 0.17 | (0.86) | (0.69) | (0.17) | (1.09) | (1.26) |
| **Class R2** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.46 | 0.05 | (0.33) | (0.28) | (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) |
| 10/31/2020 | 12.24 | 0.15 | (0.86) | (0.71) | (0.14) | (1.09) | (1.23) |

---

86 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br>return**<sup>(b)</sup><br>**(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $14.64 | (2.03)<sup>(d)</sup> | 0.95 <sup>(e)</sup> | 0.95 <sup>(e)</sup> | 0.84 <sup>(e)</sup> | $1206495 | 22 <sup>(d)</sup> |
| 15.94 | 34.90 | 0.95 | 0.95 | 0.82 | 1295860 | 39 |
| 11.92 | 0.92 | 0.94 | 0.94 | 0.98 | 1068294 | 26 |
| 12.44 | (6.81) | 0.96 | 0.96 | 1.19 | 1186259 | 50 |
| 15.04 | 44.87 | 0.96 | 0.96 | 1.06 | 1382625 | 73 |
| 10.56 | (6.39) | 0.94 | 0.94 | 1.79 | 1067309 | 59 |
| 12.34 | (2.40)<sup>(d)</sup> | 1.70 <sup>(e)</sup> | 1.70 <sup>(e)</sup> | 0.10 <sup>(e)</sup> | 19627 | 22 <sup>(d)</sup> |
| 13.54 | 33.86 | 1.70 | 1.70 | 0.08 | 22735 | 39 |
| 10.13 | 0.15 | 1.69 | 1.69 | 0.26 | 23316 | 26 |
| 10.66 | (7.50) | 1.71 | 1.71 | 0.43 | 38197 | 50 |
| 13.10 | 43.75 | 1.71 | 1.71 | 0.32 | 55600 | 73 |
| 9.19 | (7.07) | 1.69 | 1.69 | 1.05 | 60191 | 59 |
| 14.41 | (1.99)<sup>(d)</sup> | 0.80 <sup>(e)</sup> | 0.80 <sup>(e)</sup> | 1.00 <sup>(e)</sup> | 22274 | 22 <sup>(d)</sup> |
| 15.72 | 35.14 | 0.80 | 0.80 | 0.98 | 25434 | 39 |
| 11.75 | 1.14 | 0.79 | 0.79 | 1.19 | 24745 | 26 |
| 12.26 | (6.75) | 0.81 | 0.81 | 1.32 | 69775 | 50 |
| 14.85 | 45.02 | 0.81 | 0.81 | 1.21 | 146249 | 73 |
| 10.44 | (6.22) | 0.79 | 0.79 | 1.93 | 116340 | 59 |
| 14.94 | (1.82)<sup>(d)</sup> | 0.63 <sup>(e)</sup> | 0.63 <sup>(e)</sup> | 1.16 <sup>(e)</sup> | 26121 | 22 <sup>(d)</sup> |
| 16.25 | 35.37 | 0.63 | 0.63 | 1.14 | 22135 | 39 |
| 12.14 | 1.26 | 0.63 | 0.63 | 1.28 | 17642 | 26 |
| 12.65 | (6.58) | 0.63 | 0.63 | 1.53 | 18159 | 50 |
| 15.26 | 45.36 | 0.63 | 0.63 | 1.39 | 19916 | 73 |
| 10.71 | (6.11) | 0.63 | 0.63 | 2.10 | 15378 | 59 |
| 14.77 | (1.91)<sup>(d)</sup> | 0.70 <sup>(e)</sup> | 0.70 <sup>(e)</sup> | 1.10 <sup>(e)</sup> | 480317 | 22 <sup>(d)</sup> |
| 16.09 | 35.26 | 0.70 | 0.70 | 1.07 | 509041 | 39 |
| 12.03 | 1.18 | 0.69 | 0.69 | 1.22 | 545537 | 26 |
| 12.55 | (6.65) | 0.71 | 0.71 | 1.48 | 561349 | 50 |
| 15.16 | 45.21 | 0.71 | 0.71 | 1.32 | 281392 | 73 |
| 10.65 | (6.16) | 0.69 | 0.69 | 2.06 | 262216 | 59 |
| 14.23 | (2.16)<sup>(d)</sup> | 1.15 <sup>(e)</sup> | 1.15 <sup>(e)</sup> | 0.64 <sup>(e)</sup> | 2821 | 22 <sup>(d)</sup> |
| 15.51 | 34.74 | 1.15 | 1.15 | 0.63 | 3045 | 39 |
| 11.59 | 0.65 | 1.14 | 1.14 | 0.80 | 3237 | 26 |
| 12.12 | (7.03) | 1.16 | 1.16 | 0.99 | 4074 | 50 |
| 14.69 | 44.55 | 1.16 | 1.16 | 0.84 | 4881 | 73 |
| 10.33 | (6.54) | 1.14 | 1.14 | 1.58 | 3614 | 59 |
| 14.18 | (2.26)<sup>(d)</sup> | 1.30 <sup>(e)</sup> | 1.30 <sup>(e)</sup> | 0.63 <sup>(e)</sup> | 809 | 22 <sup>(d)</sup> |
| 15.46 | 34.47 | 1.30 | 1.30 | 0.47 | 2044 | 39 |
| 11.56 | 0.59 | 1.29 | 1.29 | 0.62 | 1964 | 26 |
| 12.08 | (7.17) | 1.31 | 1.31 | 0.82 | 2114 | 50 |
| 14.64 | 44.28 | 1.31 | 1.31 | 0.72 | 3271 | 73 |
| 10.30 | (6.68) | 1.29 | 1.29 | 1.44 | 3082 | 59 |

---

*See Notes to Financial Statements.* 87

**Financial Highlights (unaudited)(concluded)**

FUNDAMENTAL EQUITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br>(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $15.53 | $0.04 | $(0.30) | $(0.26) | $(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) |
| 10/31/2020 | 12.28 | 0.16 | (0.86) | (0.70) | (0.16) | (1.09) | (1.25) |
| **Class R4** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.84 | 0.06 | (0.30) | (0.24) | (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) |
| 10/31/2020 | 12.46 | 0.19 | (0.87) | (0.68) | (0.19) | (1.09) | (1.28) |
| **Class R5** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 16.11 | 0.08 | (0.31) | (0.23) | (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) |
| 10/31/2020 | 12.63 | 0.22 | (0.88) | (0.66) | (0.22) | (1.09) | (1.31) |
| **Class R6** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 16.27 | 0.09 | (0.32) | (0.23) | (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) |
| 10/31/2020 | 12.69 | 0.23 | (0.89) | (0.66) | (0.22) | (1.09) | (1.31) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

88 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br>**(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $14.26 | (2.13)<sup>(d)</sup> | 1.20 <sup>(e)</sup> | 1.20 <sup>(e)</sup> | 0.60 <sup>(e)</sup> | $59661 | 22 <sup>(d)</sup> |
| 15.53 | 34.63 | 1.20 | 1.20 | 0.57 | 65416 | 39 |
| 11.61 | 0.66 | 1.19 | 1.19 | 0.73 | 57037 | 26 |
| 12.13 | (7.10) | 1.21 | 1.21 | 0.93 | 63110 | 50 |
| 14.70 | 44.54 | 1.21 | 1.21 | 0.81 | 86249 | 73 |
| 10.33 | (6.62) | 1.19 | 1.19 | 1.54 | 76817 | 59 |
| 14.54 | (2.01)<sup>(d)</sup> | 0.95 <sup>(e)</sup> | 0.95 <sup>(e)</sup> | 0.83 <sup>(e)</sup> | 3958 | 22 <sup>(d)</sup> |
| 15.84 | 34.96 | 0.96 | 0.96 | 0.81 | 4276 | 39 |
| 11.84 | 0.86 | 0.94 | 0.94 | 0.99 | 2523 | 26 |
| 12.37 | (6.80) | 0.96 | 0.96 | 1.20 | 2969 | 50 |
| 14.96 | 44.80 | 0.96 | 0.96 | 1.04 | 2988 | 73 |
| 10.50 | (6.35) | 0.94 | 0.94 | 1.79 | 2228 | 59 |
| 14.79 | (1.90)<sup>(d)</sup> | 0.70 <sup>(e)</sup> | 0.70 <sup>(e)</sup> | 1.08 <sup>(e)</sup> | 1175 | 22 <sup>(d)</sup> |
| 16.11 | 35.31 | 0.70 | 0.70 | 1.06 | 1137 | 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 |
| 10.66 | (6.08) | 0.69 | 0.69 | 2.07 | 901 | 59 |
| 14.95 | (1.88)<sup>(d)</sup> | 0.63 <sup>(e)</sup> | 0.63 <sup>(e)</sup> | 1.15 <sup>(e)</sup> | 10836 | 22 <sup>(d)</sup> |
| 16.27 | 35.42 | 0.63 | 0.63 | 1.14 | 10378 | 39 |
| 12.15 | 1.26 | 0.63 | 0.63 | 1.29 | 7577 | 26 |
| 12.66 | (6.57) | 0.63 | 0.63 | 1.44 | 8039 | 50 |
| 15.27 | 45.31 | 0.63 | 0.63 | 1.39 | 16209 | 73 |
| 10.72 | (6.03) | 0.63 | 0.63 | 2.10 | 11403 | 59 |

---

*See Notes to Financial Statements.* 89

**Financial Highlights (unaudited)**

GLOBAL EQUITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $16.57 | $0.09 | $0.19 | $0.28 | $(0.07)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $(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) |
| 10/31/2020 | 11.52 | 0.11 | 1.09 | 1.20 | (0.13) |  | (0.13) |
| **Class C** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 16.32 | 0.02 | 0.18 | 0.20 |  |  |  |
| 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 | – <sup>(f)</sup> | (3.00) | (3.00) | (0.01) | (2.18) | (2.19) |
| 10/31/2021 | 12.46 | 0.02 | 4.53 | 4.55 | (0.09) | (0.51) | (0.60) |
| 10/31/2020 | 11.40 | 0.02 | 1.08 | 1.10 | (0.04) |  | (0.04) |
| **Class F** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 16.62 | 0.08 | 0.21 | 0.29 | (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) |
| 10/31/2020 | 11.54 | 0.12 | 1.11 | 1.23 | (0.15) |  | (0.15) |
| **Class F3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 16.66 | 0.15 | 0.16 | 0.31 | (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) |
| 10/31/2020 | 11.56 | 0.14 | 1.10 | 1.24 | (0.17) |  | (0.17) |
| **Class I** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 16.62 | 0.10 | 0.20 | 0.30 | (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) |
| 10/31/2020 | 11.55 | 0.14 | 1.09 | 1.23 | (0.16) |  | (0.16) |
| **Class R3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 16.43 | 0.06 | 0.19 | 0.25 | (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) |
| 10/31/2020 | 11.45 | 0.08 | 1.09 | 1.17 | (0.11) |  | (0.11) |

---

90 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $16.78 | 1.62 <sup>(d)</sup> | 0.90 <sup>(e)</sup> | 1.06 <sup>(e)</sup> | 1.08 <sup>(e)</sup> | $15053 | 41 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; |
| 16.57 | 34.62 | 0.90 | 1.72 | 0.98 | 7468 | 41 |
| 12.42 | 9.98 | 0.90 | 2.55 | 1.08 | 5163 | 55 |
| 11.37 | (20.30) | 0.90 | 3.43 | 0.79 | 4236 | 70 |
| 16.61 | 38.37 | 0.90 | 3.53 | 0.88 | 5016 | 87 |
| 12.59 | 10.52 | 0.90 | 4.32 | 0.92 | 2622 | 141 |
| 16.52 | 1.23 <sup>(d)</sup> | 1.65 <sup>(e)</sup> | 1.82 <sup>(e)</sup> | 0.23 <sup>(e)</sup> | 678 | 41 <sup>(d)</sup> |
| 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 |
| 12.46 | 9.75 | 1.65 | 5.12 | 0.17 | 537 | 141 |
| 16.82 | 1.68 <sup>(d)</sup> | 0.75 <sup>(e)</sup> | 0.91 <sup>(e)</sup> | 0.98 <sup>(e)</sup> | 9019 | 41 <sup>(d)</sup> |
| 16.62 | 34.83 | 0.75 | 1.59 | 1.13 | 1358 | 41 |
| 12.45 | 10.16 | 0.75 | 2.42 | 1.25 | 1099 | 55 |
| 11.39 | (20.26) | 0.75 | 3.21 | 0.86 | 1277 | 70 |
| 16.65 | 38.59 | 0.75 | 3.40 | 1.07 | 2146 | 87 |
| 12.62 | 10.73 | 0.75 | 4.23 | 1.06 | 1445 | 141 |
| 16.86 | 1.85 <sup>(d)</sup> | 0.50 <sup>(e)</sup> | 0.73 <sup>(e)</sup> | 1.82 <sup>(e)</sup> | 17676 | 41 <sup>(d)</sup> |
| 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 |
| 12.63 | 10.78 | 0.62 | 4.09 | 1.19 | 14 | 141 |
| 16.81 | 1.72 <sup>(d)</sup> | 0.65 <sup>(e)</sup> | 0.80 <sup>(e)</sup> | 1.25 <sup>(e)</sup> | 94029 | 41 <sup>(d)</sup> |
| 16.62 | 35.00 | 0.65 | 1.25 | 1.07 | 42139 | 41 |
| 12.45 | 10.26 | 0.65 | 2.29 | 1.32 | 3245 | 55 |
| 11.40 | (20.17) | 0.65 | 3.12 | 0.93 | 1085 | 70 |
| 16.66 | 38.78 | 0.65 | 3.30 | 1.16 | 1837 | 87 |
| 12.62 | 10.75 | 0.65 | 4.16 | 1.18 | 1400 | 141 |
| 16.65 | 1.50 <sup>(d)</sup> | 1.15 <sup>(e)</sup> | 1.32 <sup>(e)</sup> | 0.73 <sup>(e)</sup> | 917 | 41 <sup>(d)</sup> |
| 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 |
| 12.51 | 10.25 | 1.15 | 4.67 | 0.68 | 241 | 141 |

---

*See Notes to Financial Statements.* 91

**Financial Highlights (unaudited)(concluded)**

GLOBAL EQUITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R4** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $16.70 | $0.08 | $0.20 | $0.28 | $(0.07)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $(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) |
| 10/31/2020 | 11.53 | 0.11 | 1.10 | 1.21 | (0.14) |  | (0.14) |
| **Class R5** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 16.63 | 0.10 | 0.20 | 0.30 | (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) |
| 10/31/2020 | 11.55 | 0.14 | 1.09 | 1.23 | (0.16) |  | (0.16) |
| **Class R6** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 16.66 | 0.11 | 0.20 | 0.31 | (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) |
| 10/31/2020 | 11.56 | 0.14 | 1.10 | 1.24 | (0.17) |  | (0.17) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Amount is less than $0.01.

92 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $16.91 | 1.65 <sup>(d)</sup> | 0.90 <sup>(e)</sup> | 1.04 <sup>(e)</sup> | 1.00 <sup>(e)</sup> | $19 | 41 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; |
| 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 |
| 12.60 | 10.51 | 0.90 | 4.41 | 0.92 | 14 | 141 |
| 16.82 | 1.72 <sup>(d)</sup> | 0.65 <sup>(e)</sup> | 0.82 <sup>(e)</sup> | 1.22 <sup>(e)</sup> | 19 | 41 <sup>(d)</sup> |
| 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 |
| 12.62 | 10.75 | 0.65 | 4.15 | 1.17 | 14 | 141 |
| 16.86 | 1.77 <sup>(d)</sup> | 0.51 <sup>(e)</sup> | 0.77 <sup>(e)</sup> | 1.31 <sup>(e)</sup> | 5009 | 41 <sup>(d)</sup> |
| 16.66 | 35.15 | 0.53 | 1.35 | 1.34 | 5454 | 41 |
| 12.47 | 10.38 | 0.57 | 1.99 | 1.39 | 3414 | 55 |
| 11.41 | (20.10) | 0.59 | 3.02 | 1.06 | 919 | 70 |
| 16.67 | 38.82 | 0.61 | 3.21 | 1.21 | 1215 | 87 |
| 12.63 | 10.87 | 0.62 | 4.09 | 1.21 | 635 | 141 |

---

*See Notes to Financial Statements.* 93

**Financial Highlights (unaudited)**

GROWTH LEADERS FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> realized<br> gain** |<br>**Net**<br>**asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $42.72 | $(0.15) | $0.11 | $(0.04) | $– | $42.68 |
| 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 |
| 10/31/2020 | 28.61 | (0.19) | 16.17 | 15.98 | (2.34) | 42.25 |
| **Class C** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 36.41 | (0.27) | 0.10 | (0.17) |  | 36.24 |
| 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 |
| 10/31/2020 | 26.47 | (0.39) | 14.79 | 14.40 | (2.34) | 38.53 |
| **Class F** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 44.51 | (0.10) | 0.11 | 0.01 |  | 44.52 |
| 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 |
| 10/31/2020 | 29.14 | (0.11) | 16.51 | 16.40 | (2.34) | 43.20 |
| **Class F3** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 45.34 | (0.08) | 0.10 | 0.02 |  | 45.36 |
| 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 |
| 10/31/2020 | 29.43 | (0.10) | 16.71 | 16.61 | (2.34) | 43.70 |
| **Class I** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 44.91 | (0.10) | 0.12 | 0.02 |  | 44.93 |
| 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 |
| 10/31/2020 | 29.32 | (0.11) | 16.62 | 16.51 | (2.34) | 43.49 |
| **Class R2** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 40.90 | (0.22) | 0.11 | (0.11) |  | 40.79 |
| 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 |
| 10/31/2020 | 28.15 | (0.27) | 15.84 | 15.57 | (2.34) | 41.38 |
| **Class R3** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 40.99 | (0.20) | 0.11 | (0.09) |  | 40.90 |
| 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 |
| 10/31/2020 | 28.09 | (0.26) | 15.82 | 15.56 | (2.34) | 41.31 |

---

94 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (0.09)<sup>(d)</sup> | 0.89 <sup>(e)</sup> | 0.89 <sup>(e)</sup> | (0.66)<sup>(e)</sup> | $2122289 | 43 <sup>(d)</sup> |
| 54.39 | 0.90 | 0.90 | (0.51) | 2178145 | 94 |
| 4.61 | 0.91 | 0.91 | (0.55) | 1491196 | 120 |
| (38.05) | 0.91 | 0.91 | (0.49) | 1569330 | 146 |
| 37.77 | 0.89 | 0.89 | (0.61) | 2713887 | 140 |
| 60.35 | 0.90 | 0.90 | (0.56) | 1920930 | 93 |
| (0.47)<sup>(d)</sup> | 1.64 <sup>(e)</sup> | 1.64 <sup>(e)</sup> | (1.41)<sup>(e)</sup> | 455543 | 43 <sup>(d)</sup> |
| 53.24 | 1.65 | 1.65 | (1.26) | 493628 | 94 |
| 3.85 | 1.66 | 1.66 | (1.29) | 425713 | 120 |
| (38.52) | 1.66 | 1.66 | (1.24) | 543043 | 146 |
| 36.75 | 1.64 | 1.64 | (1.36) | 1142002 | 140 |
| 59.17 | 1.65 | 1.65 | (1.29) | 906259 | 93 |
| 0.02 <sup>(d)</sup> | 0.64 <sup>(e)</sup> | 0.74 <sup>(e)</sup> | (0.41)<sup>(e)</sup> | 264185 | 43 <sup>(d)</sup> |
| 54.76 | 0.65 | 0.75 | (0.26) | 261387 | 94 |
| 4.89 | 0.66 | 0.76 | (0.25) | 244364 | 120 |
| (37.89) | 0.66 | 0.76 | (0.23) | 775269 | 146 |
| 38.13 | 0.64 | 0.74 | (0.36) | 4331228 | 140 |
| 60.72 | 0.65 | 0.75 | (0.31) | 2708762 | 93 |
| 0.07 <sup>(d)</sup> | 0.58 <sup>(e)</sup> | 0.58 <sup>(e)</sup> | (0.34)<sup>(e)</sup> | 472241 | 43 <sup>(d)</sup> |
| 54.87 | 0.58 | 0.58 | (0.19) | 464143 | 94 |
| 4.95 | 0.59 | 0.59 | (0.23) | 382432 | 120 |
| (37.85) | 0.59 | 0.59 | (0.17) | 430492 | 146 |
| 38.23 | 0.58 | 0.58 | (0.30) | 697858 | 140 |
| 60.84 | 0.59 | 0.59 | (0.29) | 265851 | 93 |
| 0.04 <sup>(d)</sup> | 0.64 <sup>(e)</sup> | 0.64 <sup>(e)</sup> | (0.41)<sup>(e)</sup> | 2713834 | 43 <sup>(d)</sup> |
| 54.76 | 0.65 | 0.65 | (0.26) | 2918040 | 94 |
| 4.88 | 0.66 | 0.66 | (0.30) | 2124007 | 120 |
| (37.89) | 0.66 | 0.66 | (0.25) | 2087818 | 146 |
| 38.13 | 0.64 | 0.64 | (0.36) | 1282161 | 140 |
| 60.72 | 0.65 | 0.65 | (0.31) | 1037283 | 93 |
| (0.27)<sup>(d)</sup> | 1.24 <sup>(e)</sup> | 1.24 <sup>(e)</sup> | (1.01)<sup>(e)</sup> | 1914 | 43 <sup>(d)</sup> |
| 53.82 | 1.25 | 1.25 | (0.86) | 2021 | 94 |
| 4.27 | 1.26 | 1.26 | (0.89) | 1452 | 120 |
| (38.28) | 1.26 | 1.26 | (0.84) | 2155 | 146 |
| 37.32 | 1.24 | 1.24 | (0.96) | 3275 | 140 |
| 59.75 | 1.25 | 1.25 | (0.84) | 1551 | 93 |
| (0.22)<sup>(d)</sup> | 1.14 <sup>(e)</sup> | 1.14 <sup>(e)</sup> | (0.91)<sup>(e)</sup> | 20561 | 43 <sup>(d)</sup> |
| 53.98 | 1.15 | 1.15 | (0.76) | 21895 | 94 |
| 4.35 | 1.16 | 1.16 | (0.81) | 15019 | 120 |
| (38.20) | 1.16 | 1.16 | (0.74) | 13621 | 146 |
| 37.44 | 1.14 | 1.14 | (0.86) | 21928 | 140 |
| 59.94 | 1.15 | 1.15 | (0.79) | 18790 | 93 |

---

*See Notes to Financial Statements.* 95

**Financial Highlights (unaudited)(concluded)**

GROWTH LEADERS FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> realized<br> gain** |<br>**Net**<br>**asset<br> value,<br> end of<br> period** |
| **Class R4** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $42.74 | $(0.15) | $0.11 | $(0.04) | $– | $42.70 |
| 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 |
| 10/31/2020 | 28.62 | (0.18) | 16.16 | 15.98 | (2.34) | 42.26 |
| **Class R5** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 44.94 | (0.10) | 0.11 | 0.01 |  | 44.95 |
| 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 |
| 10/31/2020 | 29.33 | (0.10) | 16.62 | 16.52 | (2.34) | 43.51 |
| **Class R6** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 45.33 | (0.08) | 0.11 | 0.03 |  | 45.36 |
| 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 |
| 10/31/2020 | 29.43 | (0.08) | 16.69 | 16.61 | (2.34) | 43.70 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

96 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (0.09)<sup>(d)</sup> | 0.89 <sup>(e)</sup> | 0.89 <sup>(e)</sup> | (0.65)<sup>(e)</sup> | $15723 | 43 <sup>(d)</sup> |
| 54.35 | 0.90 | 0.90 | (0.51) | 14316 | 94 |
| 4.65 | 0.91 | 0.91 | (0.54) | 9595 | 120 |
| (38.06) | 0.91 | 0.91 | (0.49) | 10901 | 146 |
| 37.79 | 0.89 | 0.89 | (0.61) | 18549 | 140 |
| 60.33 | 0.90 | 0.90 | (0.55) | 12667 | 93 |
| 0.02 <sup>(d)</sup> | 0.64 <sup>(e)</sup> | 0.64 <sup>(e)</sup> | (0.40)<sup>(e)</sup> | 9315 | 43 <sup>(d)</sup> |
| 54.81 | 0.65 | 0.65 | (0.26) | 11478 | 94 |
| 4.88 | 0.66 | 0.66 | (0.30) | 9206 | 120 |
| (37.91) | 0.66 | 0.66 | (0.24) | 9706 | 146 |
| 38.13 | 0.64 | 0.64 | (0.36) | 19722 | 140 |
| 60.74 | 0.65 | 0.65 | (0.29) | 14216 | 93 |
| 0.07 <sup>(d)</sup> | 0.58 <sup>(e)</sup> | 0.58 <sup>(e)</sup> | (0.34)<sup>(e)</sup> | 135532 | 43 <sup>(d)</sup> |
| 54.87 | 0.58 | 0.58 | (0.19) | 141383 | 94 |
| 4.95 | 0.59 | 0.59 | (0.23) | 113990 | 120 |
| (37.85) | 0.59 | 0.59 | (0.17) | 124498 | 146 |
| 38.23 | 0.58 | 0.58 | (0.30) | 181524 | 140 |
| 60.84 | 0.60 | 0.60 | (0.24) | 65478 | 93 |

---

*See Notes to Financial Statements.* 97

**Financial Highlights (unaudited)**

HEALTH CARE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset <br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $19.79 | $(0.05) | $(1.30) | $(1.35) | $(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) |
| 10/31/2020 | 14.48 | (0.06) | 4.85 | 4.79 |  |  |  |
| **Class C** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 18.96 | (0.12) | (1.23) | (1.35) |  |  |  |
| 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) |
| 10/31/2020 | 14.45 | (0.19) | 4.83 | 4.64 |  |  |  |
| **Class F** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 20.05 | (0.03) | (1.30) | (1.33) | (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 | – <sup>(f)</sup> | (3.39) | (3.39) |  | (1.47) | (1.47) |
| 10/31/2021 | 19.32 | (0.05) | 5.12 | 5.07 |  | (2.31) | (2.31) |
| 10/31/2020 | 14.49 | – <sup>(f)</sup> | 4.83 | 4.83 | – <sup>(f)</sup> |  |  |
| **Class F3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 20.08 | (0.01) | (1.31) | (1.32) | (0.11) |  | (0.11) |
| 10/31/2024 | 15.56 | (0.02) | 4.54 | 4.52 |  |  |  |
| 10/31/2023 | 17.23 | – <sup>(f)</sup> | (1.62) | (1.62) | (0.05) |  | (0.05) |
| 10/31/2022 | 22.07 | 0.02 | (3.39) | (3.37) |  | (1.47) | (1.47) |
| 10/31/2021 | 19.33 | (0.04) | 5.11 | 5.07 | (0.02) | (2.31) | (2.33) |
| 10/31/2020 | 14.49 | 0.02 | 4.83 | 4.85 | (0.01) |  | (0.01) |
| **Class I** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 20.02 | (0.02) | (1.31) | (1.33) | (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 | – <sup>(f)</sup> | (3.39) | (3.39) |  | (1.47) | (1.47) |
| 10/31/2021 | 19.32 | (0.05) | 5.11 | 5.06 |  | (2.31) | (2.31) |
| 10/31/2020 | 14.49 | – <sup>(f)</sup> | 4.84 | 4.84 | (0.01) |  | (0.01) |
| **Class R3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 19.51 | (0.07) | (1.28) | (1.35) | (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) |
| 10/31/2020 | 14.47 | (0.10) | 4.84 | 4.74 |  |  |  |

---

98 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $18.38 | (6.85)<sup>(d)</sup> | 1.03 <sup>(e)</sup> | 3.35 <sup>(e)</sup> | (0.53)<sup>(e)</sup> | $4011 | 49 <sup>(d)</sup> |
| 19.79 | 28.51 | 1.03 | 3.34 | (0.55) | 4526 | 88 |
| 15.39 | (9.78) | 1.03 | 3.53 | (0.42) | 3853 | 74 |
| 17.07 | (16.29) | 1.03 | 4.11 | (0.26) | 3177 | 49 |
| 21.96 | 28.56 | 1.03 | 3.90 | (0.50) | 3507 | 59 |
| 19.27 | 33.08 | 1.03 | 6.30 | (0.34) | 2022 | 114 |
| 17.61 | (7.12)<sup>(d)</sup> | 1.78 <sup>(e)</sup> | 4.11 <sup>(e)</sup> | (1.28)<sup>(e)</sup> | 1166 | 49 <sup>(d)</sup> |
| 18.96 | 27.51 | 1.78 | 4.09 | (1.30) | 1227 | 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 |
| 19.09 | 32.11 | 1.78 | 7.05 | (1.11) | 328 | 114 |
| 18.63 | (6.73)<sup>(d)</sup> | 0.78 <sup>(e)</sup> | 3.20 <sup>(e)</sup> | (0.28)<sup>(e)</sup> | 176 | 49 <sup>(d)</sup> |
| 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 |
| 19.32 | 33.34 | 0.78 | 5.73 | – <sup>(g)</sup> | 109 | 114 |
| 18.65 | (6.63)<sup>(d)</sup> | 0.63 <sup>(e)</sup> | 3.04 <sup>(e)</sup> | (0.13)<sup>(e)</sup> | 34 | 49 <sup>(d)</sup> |
| 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 |
| 19.33 | 33.49 | 0.70 | 5.37 | 0.11 | 35 | 114 |
| 18.58 | (6.70)<sup>(d)</sup> | 0.78 <sup>(e)</sup> | 3.12 <sup>(e)</sup> | (0.23)<sup>(e)</sup> | 48 | 49 <sup>(d)</sup> |
| 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 |
| 19.32 | 33.40 | 0.78 | 5.53 | 0.02 | 17 | 114 |
| 18.10 | (6.93)<sup>(d)</sup> | 1.28 <sup>(e)</sup> | 3.63 <sup>(e)</sup> | (0.73)<sup>(e)</sup> | 112 | 49 <sup>(d)</sup> |
| 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 |
| 19.21 | 32.76 | 1.28 | 6.53 | (0.57) | 13 | 114 |

---

See Notes to Financial Statements. 99

**Financial Highlights (unaudited)(concluded)**

HEALTH CARE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset <br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income** <br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R4** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $19.78 | $(0.05) | $(1.29) | $(1.34) | $(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) |
| 10/31/2020 | 14.48 | (0.05) | 4.84 | 4.79 |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 20.01 | (0.03) | (1.29) | (1.32) | (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 | – <sup>(f)</sup> | (3.39) | (3.39) |  | (1.47) | (1.47) |
| 10/31/2021 | 19.32 | (0.05) | 5.12 | 5.07 | (0.01) | (2.31) | (2.32) |
| 10/31/2020 | 14.49 | (0.01) | 4.85 | 4.84 | (0.01) |  | (0.01) |
| **Class R6** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 20.09 | (0.01) | (1.31) | (1.32) | (0.11) |  | (0.11) |
| 10/31/2024 | 15.56 | (0.02) | 4.55 | 4.53 |  |  |  |
| 10/31/2023 | 17.24 | – <sup>(f)</sup> | (1.63) | (1.63) | (0.05) |  | (0.05) |
| 10/31/2022 | 22.08 | 0.01 | (3.38) | (3.37) |  | (1.47) | (1.47) |
| 10/31/2021 | 19.34 | (0.04) | 5.11 | 5.07 | (0.02) | (2.31) | (2.33) |
| 10/31/2020 | 14.49 | 0.01 | 4.85 | 4.86 | (0.01) |  | (0.01) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Amount is less than $0.01.

<sup>(g)</sup> Amount is less than 0.01%.

100 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return**<sup>(b)</sup>**<br> (%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $18.38 | (6.80)<sup>(d)</sup> | 1.03 <sup>(e)</sup> | 3.36 <sup>(e)</sup> | (0.53)<sup>(e)</sup> | $12 | 49 <sup>(d)</sup> |
| 19.78 | 28.53 | 1.03 | 3.31 | (0.53) | 13 | 88 |
| 15.39 | (9.84)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 1.03 | 3.53 | (0.41) | 10 | 74 |
| 17.07 | (16.25) | 1.03 | 4.10 | (0.26) | 11 | 49 |
| 21.95 | 28.50 | 1.03 | 3.92 | (0.50) | 15 | 59 |
| 19.27 | 33.08 | 1.03 | 6.27 | (0.31) | 13 | 114 |
| 18.58 | (6.70)<sup>(d)</sup> | 0.78 <sup>(e)</sup> | 3.10 <sup>(e)</sup> | (0.29)<sup>(e)</sup> | 12 | 49 <sup>(d)</sup> |
| 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 |
| 19.32 | 33.39 | 0.78 | 6.02 | (0.06) | 13 | 114 |
| 18.66 | (6.63)<sup>(d)</sup> | 0.62 <sup>(e)</sup> | 3.03 <sup>(e)</sup> | (0.14)<sup>(e)</sup> | 1940 | 49 <sup>(d)</sup> |
| 20.09 | 29.03 | 0.60 | 3.03 | (0.11) | 2485 | 88 |
| 15.56 | (9.44) | 0.62 | 3.11 | (0.01) | 1885 | 74 |
| 17.24 | (15.95) | 0.68 | 3.68 | 0.08 | 2198 | 49 |
| 22.08 | 28.89 | 0.70 | 3.48 | (0.17) | 2851 | 59 |
| 19.34 | 33.56 | 0.70 | 5.83 | 0.07 | 1188 | 114 |

---

<br> *See Notes to Financial Statements.* 101

**Financial Highlights (unaudited)**

INTERNATIONAL EQUITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment <br> income** | **Net<br> realized <br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $15.44 | $0.08 | $1.11 | $1.19 | $(0.21)&nbsp;&nbsp;&nbsp;&nbsp; | $(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) |
| 10/31/2020 | 13.19 | 0.12 | 0.30 | 0.42 | (0.20) |  | (0.20) |
| **Class C** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.45 | 0.03 | 1.12 | 1.15 | (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) |
| 10/31/2020 | 13.08 | 0.02 | 0.30 | 0.32 | (0.09) |  | (0.09) |
| **Class F** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.39 | 0.09 | 1.12 | 1.21 | (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) |
| 10/31/2020 | 13.13 | 0.10 | 0.35 | 0.45 | (0.22) |  | (0.22) |
| **Class F3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.72 | 0.12 | 1.11 | 1.23 | (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) |
| 10/31/2020 | 13.36 | 0.16 | 0.30 | 0.46 | (0.23) |  | (0.23) |
| **Class I** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.66 | 0.10 | 1.13 | 1.23 | (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) |
| 10/31/2020 | 13.33 | 0.16 | 0.30 | 0.46 | (0.23) |  | (0.23) |
| **Class P** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.48 | 0.07 | 1.11 | 1.18 | (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) |
| 10/31/2020 | 13.20 | 0.09 | 0.30 | 0.39 | (0.17) |  | (0.17) |
| **Class R2** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.44 | 0.06 | 1.11 | 1.17 | (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) |
| 10/31/2020 | 13.17 | 0.06 | 0.32 | 0.38 | (0.16) |  | (0.16) |

---

<br> 102 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return**<sup>(b)</sup>**<br> (%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $16.01 | 8.04 <sup>(d)</sup> | 0.91 <sup>(e)</sup> | 0.94 <sup>(e)</sup> | 1.07 <sup>(e)</sup> | $159356 | 51 <sup>(d)</sup> |
| 15.44 | 27.03 | 0.94 | 0.97 | 1.38 | 153922 | 89 |
| 12.37 | 8.72 | 0.95 | 0.99 | 1.65 | 132735 | 106 |
| 11.61 | (25.75) | 1.17 | 1.22 | 1.89 | 131097 | 87 |
| 17.67 | 33.15 | 1.17 | 1.19 | 1.04 | 193680 | 58 |
| 13.41 | 3.23 | 1.17 | 1.21 | 0.90 | 154161 | 77 |
| 16.11 | 7.66 <sup>(d)</sup> | 1.66 <sup>(e)</sup> | 1.69 <sup>(e)</sup> | 0.34 <sup>(e)</sup> | 1356 | 51 <sup>(d)</sup> |
| 15.45 | 26.10 | 1.69 | 1.72 | 0.61 | 1222 | 89 |
| 12.31 | 7.82 | 1.72 | 1.76 | 0.63 | 1414 | 106 |
| 11.53 | (26.26) | 1.92 | 1.97 | 1.09 | 4161 | 87 |
| 17.54 | 32.20 | 1.92 | 1.94 | 0.28 | 7622 | 58 |
| 13.31 | 2.27 | 1.92 | 2.00 | 0.17 | 6676 | 77 |
| 15.95 | 8.17 <sup>(d)</sup> | 0.76 <sup>(e)</sup> | 0.79 <sup>(e)</sup> | 1.21 <sup>(e)</sup> | 4509 | 51 <sup>(d)</sup> |
| 15.39 | 27.19 | 0.79 | 0.82 | 1.53 | 4256 | 89 |
| 12.33 | 8.89 | 0.80 | 0.84 | 1.68 | 3894 | 106 |
| 11.57 | (25.57) | 0.96 | 1.06 | 1.76 | 7986 | 87 |
| 17.61 | 33.43 | 0.96 | 1.04 | 1.30 | 24909 | 58 |
| 13.36 | 3.39 | 0.96 | 1.03 | 0.77 | 10435 | 77 |
| 16.29 | 8.17 <sup>(d)</sup> | 0.59 <sup>(e)</sup> | 0.61 <sup>(e)</sup> | 1.57 <sup>(e)</sup> | 36053 | 51 <sup>(d)</sup> |
| 15.72 | 27.48 | 0.61 | 0.64 | 1.68 | 15859 | 89 |
| 12.58 | 9.07 | 0.61 | 0.65 | 2.08 | 11841 | 106 |
| 11.80 | (25.50) | 0.84 | 0.89 | 2.39 | 5987 | 87 |
| 17.92 | 33.57 | 0.84 | 0.86 | 1.38 | 5928 | 58 |
| 13.59 | 3.53 | 0.84 | 0.86 | 1.23 | 4489 | 77 |
| 16.23 | 8.20 <sup>(d)</sup> | 0.66 <sup>(e)</sup> | 0.69 <sup>(e)</sup> | 1.33 <sup>(e)</sup> | 150407 | 51 <sup>(d)</sup> |
| 15.66 | 27.38 | 0.69 | 0.72 | 1.63 | 147149 | 89 |
| 12.54 | 8.98 | 0.69 | 0.73 | 1.94 | 136201 | 106 |
| 11.77 | (25.51) | 0.86 | 0.97 | 2.23 | 121926 | 87 |
| 17.88 | 33.55 | 0.86 | 0.94 | 1.24 | 170044 | 58 |
| 13.56 | 3.52 | 0.86 | 0.94 | 1.20 | 179796 | 77 |
| 16.07 | 7.94 <sup>(d)</sup> | 1.08 <sup>(e)</sup> | 1.11 <sup>(e)</sup> | 0.92 <sup>(e)</sup> | 13 | 51 <sup>(d)</sup> |
| 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 |
| 13.42 | 2.96 | 1.37 | 1.40 | 0.72 | 38 | 77 |
| 16.04 | 7.87 <sup>(d)</sup> | 1.26 <sup>(e)</sup> | 1.29 <sup>(e)</sup> | 0.73 <sup>(e)</sup> | 254 | 51 <sup>(d)</sup> |
| 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 |
| 13.39 | 2.86 | 1.52 | 1.54 | 0.46 | 137 | 77 |

---

<br> *See Notes to Financial Statements.* 103

**Financial Highlights (unaudited)(concluded)**

INTERNATIONAL EQUITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset<br>value,<br>beginning<br>of period** | **Net<br>invest-<br>ment<br>income<br>(loss)**<sup>(a)</sup> | **Net<br>realized<br>and<br>unrealized<br>gain/(loss)** | **Total<br>from<br>invest-<br>ment<br>opera-<br>tions** | **Net<br>investment<br>income** | **Net<br>realized<br>gain** | **Total<br>distri-<br>butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $15.16 | $0.06 | $1.10 | $1.16 | $(0.17)&nbsp;&nbsp;&nbsp;&nbsp; | $(0.41)&nbsp;&nbsp;&nbsp;&nbsp; | $(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) |
| 10/31/2020 | 12.98 | 0.08 | 0.30 | 0.38 | (0.16) |  | (0.16) |
| **Class R4** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.35 | 0.08 | 1.11 | 1.19 | (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) |
| 10/31/2020 | 13.14 | 0.11 | 0.30 | 0.41 | (0.20) |  | (0.20) |
| **Class R5** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.54 | 0.10 | 1.12 | 1.22 | (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) |
| 10/31/2020 | 13.27 | 0.15 | 0.31 | 0.46 | (0.23) |  | (0.23) |
| **Class R6** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.71 | 0.11 | 1.12 | 1.23 | (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) |
| 10/31/2020 | 13.35 | 0.16 | 0.30 | 0.46 | (0.23) |  | (0.23) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<br> 104 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return**<sup>(b)</sup>**<br> (%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $15.74 | 7.96 <sup>(d)</sup> | 1.16 <sup>(e)</sup> | 1.19 <sup>(e)</sup> | 0.82 <sup>(e)</sup> | $6073 | 51 <sup>(d)</sup> |
| 15.16 | 26.68 | 1.19 | 1.22 | 1.19 | 5714 | 89 |
| 12.15 | 8.42 | 1.19 | 1.23 | 1.44 | 4530 | 106 |
| 11.40 | (25.88) | 1.42 | 1.47 | 1.63 | 4203 | 87 |
| 17.38 | 32.81 | 1.42 | 1.44 | 0.80 | 6114 | 58 |
| 13.20 | 2.92 | 1.42 | 1.46 | 0.67 | 5354 | 77 |
| 15.91 | 8.07 <sup>(d)</sup> | 0.91 <sup>(e)</sup> | 0.94 <sup>(e)</sup> | 1.01 <sup>(e)</sup> | 2019 | 51 <sup>(d)</sup> |
| 15.35 | 27.01 | 0.94 | 0.97 | 1.36 | 2220 | 89 |
| 12.30 | 8.70 | 0.95 | 0.99 | 1.68 | 1359 | 106 |
| 11.55 | (25.71) | 1.17 | 1.23 | 1.93 | 1306 | 87 |
| 17.58 | 33.11 | 1.17 | 1.19 | 1.06 | 1685 | 58 |
| 13.35 | 3.17 | 1.17 | 1.20 | 0.90 | 1165 | 77 |
| 16.10 | 8.20 <sup>(d)</sup> | 0.66 <sup>(e)</sup> | 0.69 <sup>(e)</sup> | 1.27 <sup>(e)</sup> | 176 | 51 <sup>(d)</sup> |
| 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 |
| 13.50 | 3.39 | 0.92 | 0.94 | 1.18 | 64 | 77 |
| 16.28 | 8.18 <sup>(d)</sup> | 0.59 <sup>(e)</sup> | 0.61 <sup>(e)</sup> | 1.46 <sup>(e)</sup> | 5489 | 51 <sup>(d)</sup> |
| 15.71 | 27.50 | 0.61 | 0.64 | 1.71 | 4616 | 89 |
| 12.57 | 9.08 | 0.62 | 0.66 | 1.99 | 3263 | 106 |
| 11.79 | (25.51) | 0.84 | 0.88 | 2.21 | 2639 | 87 |
| 17.91 | 33.60 | 0.84 | 0.86 | 1.36 | 4180 | 58 |
| 13.58 | 3.53 | 0.84 | 0.86 | 1.23 | 2143 | 77 |

---

<br> *See Notes to Financial Statements.* 105

**Financial Highlights (unaudited)**

INTERNATIONAL OPPORTUNITIES FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | | |
|  |<br>**Net asset <br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment <br> income** | <br>**Net<br> asset<br> value,<br> end of <br> period** |<br>**Total<br> return**<sup>(b)</sup> **<br> (%)** |
| **Class A** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $18.96 | $0.17 | $0.97 | $1.14 | $(0.34) | $19.76 | 6.16 <sup>(d)</sup> |
| 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 |
| 10/31/2020 | 16.02 | 0.06 | (0.18) | (0.12) | (0.21) | 15.69 | (0.84) |
| **Class C** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 17.37 | 0.08 | 0.91 | 0.99 | (0.17) | 18.19 | 5.78 <sup>(d)</sup> |
| 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 |
| 10/31/2020 | 14.78 | (0.05) | (0.19) | (0.24) | (0.07) | 14.47 | (1.63) |
| **Class F** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 18.81 | 0.17 | 0.98 | 1.15 | (0.37) | 19.59 | 6.26 <sup>(d)</sup> |
| 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 |
| 10/31/2020 | 15.86 | 0.07 | (0.17) | (0.10) | (0.23) | 15.53 | (0.72) |
| **Class F3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 19.79 | 0.21 | 1.01 | 1.22 | (0.39) | 20.62 | 6.33 <sup>(d)</sup> |
| 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 |
| 10/31/2020 | 16.59 | 0.12 | (0.20) | (0.08) | (0.25) | 16.26 | (0.54) |
| **Class I** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 19.63 | 0.19 | 1.02 | 1.21 | (0.39) | 20.45 | 6.33 <sup>(d)</sup> |
| 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 |
| 10/31/2020 | 16.51 | 0.10 | (0.19) | (0.09) | (0.25) | 16.17 | (0.62) |
| **Class P** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 19.59 | 0.16 | 1.00 | 1.16 | (0.30) | 20.45 | 6.07 <sup>(d)</sup> |
| 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 |
| 10/31/2020 | 16.43 | 0.05 | (0.22) | (0.17) | (0.16) | 16.10 | (1.08) |
| **Class R2** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 18.56 | 0.13 | 0.95 | 1.08 | (0.27) | 19.37 | 5.95 <sup>(d)</sup> |
| 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 |
| 10/31/2020 | 15.72 | 0.01 | (0.20) | (0.19) | (0.14) | 15.39 | (1.24) |

---

<br> 106 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
| **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 1.24 <sup>(e)</sup> | 1.26 <sup>(e)</sup> | 1.81 <sup>(e)</sup> | $91622 | 46 <sup>(d)</sup> |
| 1.24 | 1.25 | 1.71 | 92403 | 50 |
| 1.22 | 1.25 | 1.38 | 85371 | 39 |
| 1.22 | 1.26 | 1.10 | 84505 | 70 |
| 1.19 | 1.21 | 1.00 | 130088 | 74 |
| 1.21 | 1.24 | 0.41 | 96338 | 55 |
| 1.99 <sup>(e)</sup> | 2.01 <sup>(e)</sup> | 0.96 <sup>(e)</sup> | 2664 | 46 <sup>(d)</sup> |
| 1.99 | 2.00 | 0.96 | 3397 | 50 |
| 1.98 | 2.01 | 0.56 | 4729 | 39 |
| 1.97 | 2.00 | 0.30 | 7226 | 70 |
| 1.95 | 1.96 | 0.22 | 14488 | 74 |
| 1.97 | 1.99 | (0.38) | 12840 | 55 |
| 1.09 <sup>(e)</sup> | 1.11 <sup>(e)</sup> | 1.89 <sup>(e)</sup> | 2383 | 46 <sup>(d)</sup> |
| 1.09 | 1.10 | 1.89 | 2545 | 50 |
| 1.08 | 1.11 | 1.16 | 3683 | 39 |
| 1.07 | 1.10 | 1.22 | 13570 | 70 |
| 1.05 | 1.06 | 1.13 | 54601 | 74 |
| 1.07 | 1.09 | 0.44 | 43222 | 55 |
| 0.91 <sup>(e)</sup> | 0.93 <sup>(e)</sup> | 2.16 <sup>(e)</sup> | 31012 | 46 <sup>(d)</sup> |
| 0.91 | 0.92 | 2.04 | 30426 | 50 |
| 0.89 | 0.92 | 1.68 | 27245 | 39 |
| 0.89 | 0.93 | 1.47 | 25732 | 70 |
| 0.86 | 0.88 | 1.36 | 30504 | 74 |
| 0.89 | 0.91 | 0.75 | 17579 | 55 |
| 0.99 <sup>(e)</sup> | 1.01 <sup>(e)</sup> | 2.05 <sup>(e)</sup> | 150098 | 46 <sup>(d)</sup> |
| 0.99 | 1.00 | 1.96 | 154096 | 50 |
| 0.97 | 1.00 | 1.64 | 143466 | 39 |
| 0.97 | 1.01 | 1.34 | 153655 | 70 |
| 0.95 | 0.96 | 1.24 | 193183 | 74 |
| 0.97 | 0.99 | 0.66 | 146416 | 55 |
| 1.44 <sup>(e)</sup> | 1.46 <sup>(e)</sup> | 1.66 <sup>(e)</sup> | 30 | 46 <sup>(d)</sup> |
| 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 |
| 1.41 | 1.43 | 0.30 | 119 | 55 |
| 1.59 <sup>(e)</sup> | 1.61 <sup>(e)</sup> | 1.48 <sup>(e)</sup> | 1582 | 46 <sup>(d)</sup> |
| 1.59 | 1.60 | 1.34 | 1571 | 50 |
| 1.57 | 1.60 | 0.93 | 1402 | 39 |
| 1.57 | 1.61 | 0.72 | 1913 | 70 |
| 1.55 | 1.56 | 0.63 | 2771 | 74 |
| 1.57 | 1.59 | 0.06 | 2522 | 55 |

---

<br> *See Notes to Financial Statements.* 107

**Financial Highlights (unaudited)(concluded)**

INTERNATIONAL OPPORTUNITIES FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | | |
|  |<br>**Net asset <br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment <br> income** |<br>**Net<br> asset<br> value,<br> end of <br> period** |<br>**Total<br> return**<sup>(b)</sup> **<br> (%)** |
| **Class R3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $18.53 | $0.14 | $0.96 | $1.10 | $(0.29)&nbsp;&nbsp;&nbsp;&nbsp; | $19.34 | 6.08 <sup>(d)</sup> |
| 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 |
| 10/31/2020 | 15.64 | 0.02 | (0.19) | (0.17) | (0.15) | 15.32 | (1.17) |
| **Class R4** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 18.85 | 0.17 | 0.97 | 1.14 | (0.34) | 19.65 | 6.22 <sup>(d)</sup> |
| 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 |
| 10/31/2020 | 15.95 | 0.07 | (0.19) | (0.12) | (0.22) | 15.61 | (0.90) |
| **Class R5** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 19.62 | 0.20 | 1.01 | 1.21 | (0.39) | 20.44 | 6.33 <sup>(d)</sup> |
| 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 |
| 10/31/2020 | 16.50 | 0.08 | (0.16) | (0.08) | (0.25) | 16.17 | (0.56) |
| **Class R6** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 19.79 | 0.21 | 1.02 | 1.23 | (0.39) | 20.63 | 6.38 <sup>(d)</sup> |
| 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 |
| 10/31/2020 | 16.59 | 0.11 | (0.19) | (0.08) | (0.25) | 16.26 | (0.54) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<br> 108 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
| **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 1.49 <sup>(e)</sup> | 1.51 <sup>(e)</sup> | 1.59 <sup>(e)</sup> | $4961 | 46 <sup>(d)</sup> |
| 1.49 | 1.50 | 1.49 | 4706 | 50 |
| 1.47 | 1.50 | 1.16 | 4508 | 39 |
| 1.47 | 1.51 | 0.84 | 4129 | 70 |
| 1.45 | 1.47 | 0.51 | 6838 | 74 |
| 1.46 | 1.49 | 0.10 | 15313 | 55 |
| 1.24 <sup>(e)</sup> | 1.26 <sup>(e)</sup> | 1.84 <sup>(e)</sup> | 2857 | 46 <sup>(d)</sup> |
| 1.24 | 1.25 | 1.72 | 2683 | 50 |
| 1.22 | 1.25 | 1.39 | 2278 | 39 |
| 1.22 | 1.26 | 1.10 | 1935 | 70 |
| 1.20 | 1.22 | 0.91 | 2869 | 74 |
| 1.21 | 1.24 | 0.44 | 4889 | 55 |
| 0.99 <sup>(e)</sup> | 1.01 <sup>(e)</sup> | 2.08 <sup>(e)</sup> | 2116 | 46 <sup>(d)</sup> |
| 0.99 | 1.00 | 1.98 | 2105 | 50 |
| 0.97 | 1.00 | 1.62 | 2009 | 39 |
| 0.97 | 1.00 | 1.33 | 1877 | 70 |
| 0.95 | 0.97 | 0.70 | 3283 | 74 |
| 0.96 | 0.99 | 0.47 | 15842 | 55 |
| 0.91 <sup>(e)</sup> | 0.93 <sup>(e)</sup> | 2.16 <sup>(e)</sup> | 17299 | 46 <sup>(d)</sup> |
| 0.91 | 0.92 | 2.05 | 17454 | 50 |
| 0.89 | 0.92 | 1.70 | 16179 | 39 |
| 0.89 | 0.93 | 1.42 | 15946 | 70 |
| 0.87 | 0.89 | 1.14 | 25184 | 74 |
| 0.89 | 0.91 | 0.72 | 31986 | 55 |

---

<br> *See Notes to Financial Statements.* 109

**Financial Highlights (unaudited)**

INTERNATIONAL VALUE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> income<br>(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $8.05 | $0.12 | $0.85 | $0.97 | $(0.07) | $8.95 |
| 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 |
| 10/31/2020 | 6.98 | 0.12 | (0.94) | (0.82) | (0.13) | 6.03 |
| **Class C** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 8.00 | 0.09 | 0.85 | 0.94 | (0.04) | 8.90 |
| 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 |
| 10/31/2020 | 6.92 | 0.07 | (0.94) | (0.87) | (0.07) | 5.98 |
| **Class F** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 8.12 | 0.13 | 0.87 | 1.00 | (0.08) | 9.04 |
| 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 |
| 10/31/2020 | 7.01 | 0.13 | (0.94) | (0.81) | (0.14) | 6.06 |
| **Class F3** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 8.14 | 0.14 | 0.86 | 1.00 | (0.08) | 9.06 |
| 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 |
| 10/31/2020 | 7.02 | 0.14 | (0.95) | (0.81) | (0.14) | 6.07 |
| **Class I** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 8.13 | 0.14 | 0.85 | 0.99 | (0.08) | 9.04 |
| 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 |
| 10/31/2020 | 7.03 | 0.15 | (0.97) | (0.82) | (0.14) | 6.07 |
| **Class R2** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 8.27 | 0.11 | 0.88 | 0.99 | (0.06) | 9.20 |
| 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 |
| 10/31/2020 | 7.14 | 0.07 | (0.96) | (0.89) | (0.07) | 6.18 |
| **Class R3** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 8.15 | 0.11 | 0.87 | 0.98 | (0.06) | 9.07 |
| 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 |
| 10/31/2020 | 7.05 | 0.11 | (0.95) | (0.84) | (0.11) | 6.10 |

---

110 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return**<sup>(b)</sup><br>(%) | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br>investment<br>income<br> (loss)<br> (%)** | **Net assets,<br>end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 12.27 <sup>(d)</sup> | 0.96 <sup>(e)</sup> | 0.98 <sup>(e)</sup> | 3.02 <sup>(e)</sup> | $225449 | 33 <sup>(d)</sup> |
| 22.53 | 0.97 | 0.99 | 3.35 | 209747 | 54 |
| 14.09 | 0.98 | 1.02 | 2.72 | 190585 | 46 |
| (19.56) | 1.12 | 1.18 | 3.66 | 181412 | 67 |
| 36.44 | 1.12 | 1.14 | 2.73 | 242422 | 61 |
| (11.89) | 1.12 | 1.18 | 1.91 | 186426 | 71 |
| 11.78 <sup>(d)</sup> | 1.71 <sup>(e)</sup> | 1.73 <sup>(e)</sup> | 2.29 <sup>(e)</sup> | 1839 | 33 <sup>(d)</sup> |
| 21.74 | 1.72 | 1.74 | 2.62 | 1787 | 54 |
| 13.22 | 1.74 | 1.78 | 1.91 | 2733 | 46 |
| (20.19) | 1.87 | 1.93 | 3.00 | 5037 | 67 |
| 35.37 | 1.87 | 1.89 | 1.88 | 10707 | 61 |
| (12.58) | 1.87 | 1.93 | 1.09 | 13027 | 71 |
| 12.37 <sup>(d)</sup> | 0.81 <sup>(e)</sup> | 0.83 <sup>(e)</sup> | 3.17 <sup>(e)</sup> | 5030 | 33 <sup>(d)</sup> |
| 22.65 | 0.82 | 0.84 | 3.49 | 4933 | 54 |
| 14.33 | 0.83 | 0.89 | 2.71 | 4786 | 46 |
| (19.45) | 0.92 | 1.02 | 4.11 | 9803 | 67 |
| 36.78 | 0.92 | 0.99 | 2.93 | 29094 | 61 |
| (11.69) | 0.92 | 1.03 | 2.06 | 23560 | 71 |
| 12.40 <sup>(d)</sup> | 0.63 <sup>(e)</sup> | 0.65 <sup>(e)</sup> | 3.38 <sup>(e)</sup> | 39892 | 33 <sup>(d)</sup> |
| 23.07 | 0.64 | 0.66 | 3.65 | 34183 | 54 |
| 14.42 | 0.65 | 0.69 | 3.07 | 28831 | 46 |
| (19.32) | 0.80 | 0.87 | 3.92 | 22938 | 67 |
| 36.87 | 0.79 | 0.83 | 3.06 | 25103 | 61 |
| (11.57) | 0.80 | 0.85 | 2.24 | 18311 | 71 |
| 12.29 <sup>(d)</sup> | 0.71 <sup>(e)</sup> | 0.73 <sup>(e)</sup> | 3.27 <sup>(e)</sup> | 153440 | 33 <sup>(d)</sup> |
| 22.92 | 0.72 | 0.74 | 3.60 | 148827 | 54 |
| 14.42 | 0.73 | 0.77 | 3.00 | 125953 | 46 |
| (19.33) | 0.82 | 0.91 | 4.23 | 117542 | 67 |
| 36.86 | 0.82 | 0.89 | 3.14 | 334988 | 61 |
| (11.71) | 0.82 | 0.93 | 2.26 | 197616 | 71 |
| 12.00 <sup>(d)</sup> | 1.30 <sup>(e)</sup> | 1.32 <sup>(e)</sup> | 2.71 <sup>(e)</sup> | 67 | 33 <sup>(d)</sup> |
| 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 |
| (12.47) | 1.47 | 1.55 | 0.99 | 20 | 71 |
| 12.10 <sup>(d)</sup> | 1.21 <sup>(e)</sup> | 1.23 <sup>(e)</sup> | 2.75 <sup>(e)</sup> | 5239 | 33 <sup>(d)</sup> |
| 22.23 | 1.22 | 1.24 | 2.99 | 5052 | 54 |
| 13.76 | 1.23 | 1.27 | 2.47 | 6211 | 46 |
| (19.67) | 1.37 | 1.43 | 3.36 | 6003 | 67 |
| 36.00 | 1.37 | 1.39 | 2.50 | 6840 | 61 |
| (12.00) | 1.37 | 1.43 | 1.69 | 5394 | 71 |

---

See Notes to Financial Statements. 111

**Financial Highlights (unaudited)(concluded)**

INTERNATIONAL VALUE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br>investment<br> income<br>(loss)**<sup>(a)</sup> | **Net<br> realized and <br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class R4** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $8.03 | $0.12 | $0.85 | $0.97 | $(0.07) | $8.93 |
| 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 |
| 10/31/2020 | 6.97 | 0.13 | (0.96) | (0.83) | (0.13) | 6.01 |
| **Class R5** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 8.09 | 0.14 | 0.85 | 0.99 | (0.08) | 9.00 |
| 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 |
| 10/31/2020 | 7.01 | 0.14 | (0.96) | (0.82) | (0.14) | 6.05 |
| **Class R6** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 8.14 | 0.14 | 0.86 | 1.00 | (0.08) | 9.06 |
| 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 |
| 10/31/2020 | 7.02 | 0.14 | (0.95) | (0.81) | (0.14) | 6.07 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

112 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<sup>(b)</sup><br> (%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment income<br> (loss)<br> (%)** | **Net assets,<br>end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 12.18 <sup>(d)</sup> | 0.96 <sup>(e)</sup> | 0.98 <sup>(e)</sup> | 3.01 <sup>(e)</sup> | $185 | 33 <sup>(d)</sup> |
| 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 |
| (11.90) | 1.12 | 1.17 | 2.05 | 36 | 71 |
| 12.35 <sup>(d)</sup> | 0.66 <sup>(e)</sup> | 0.68 <sup>(e)</sup> | 3.36 <sup>(e)</sup> | 14 | 33 <sup>(d)</sup> |
| 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 |
| (11.74) | 0.87 | 0.91 | 2.20 | 9 | 71 |
| 12.40 <sup>(d)</sup> | 0.63 <sup>(e)</sup> | 0.65 <sup>(e)</sup> | 3.34 <sup>(e)</sup> | 1718 | 33 <sup>(d)</sup> |
| 23.07 | 0.64 | 0.66 | 3.69 | 1714 | 54 |
| 14.43 | 0.65 | 0.69 | 3.01 | 1608 | 46 |
| (19.32) | 0.80 | 0.87 | 3.97 | 1374 | 67 |
| 36.87 | 0.79 | 0.83 | 3.06 | 1375 | 61 |
| (11.57) | 0.80 | 0.85 | 2.17 | 952 | 71 |

---

See Notes to Financial Statements. 113

**Financial Highlights (unaudited)**

MICRO CAP GROWTH FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized and <br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> realized<br> gain** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $16.51 | $(0.09) | $(1.55) | $(1.64) | $– | $14.87 |
| 10/31/2024 | 11.05 | (0.17) | 5.63 | 5.46 |  | 16.51 |
| 10/31/2023 | 13.86 | (0.16) | (2.65) | (2.81) |  | 11.05 |
| 10/31/2022 | 19.36 | (0.13) | (5.37) | (5.50) |  | 13.86 |
| 10/31/2021 | 17.51 | (0.25) | 7.18 | 6.93 | (5.08) | 19.36 |
| 10/31/2020 | 13.83 | (0.18) | 6.23 | 6.05 | (2.37) | 17.51 |
| **Class C** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 19.59 | (0.18) | (1.83) | (2.01) |  | 17.58 |
| 10/31/2024 | 13.21 | (0.33) | 6.71 | 6.38 |  | 19.59 |
| 10/31/2023 | 16.70 | (0.31) | (3.18) | (3.49) |  | 13.21 |
| 10/31/2022 | 23.49 | (0.30) | (6.49) | (6.79) |  | 16.70 |
| 10/31/2021 | 20.44 | (0.49) | 8.62 | 8.13 | (5.08) | 23.49 |
| 10/31/2020<sup>(f)</sup> | 20.16 | (0.07) | 0.35 | 0.28 |  | 20.44 |
| **Class F** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 20.43 | (0.09) | (1.91) | (2.00) |  | 18.43 |
| 10/31/2024 | 13.64 | (0.16) | 6.95 | 6.79 |  | 20.43 |
| 10/31/2023 | 17.07 | (0.15) | (3.28) | (3.43) |  | 13.64 |
| 10/31/2022 | 23.77 | (0.12) | (6.58) | (6.70) |  | 17.07 |
| 10/31/2021 | 20.47 | (0.25) | 8.63 | 8.38 | (5.08) | 23.77 |
| 10/31/2020<sup>(f)</sup> | 20.16 | (0.04) | 0.35 | 0.31 |  | 20.47 |
| **Class I** |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 20.43 | (0.09) | (1.91) | (2.00) |  | 18.43 |
| 10/31/2024 | 13.64 | (0.17) | 6.96 | 6.79 |  | 20.43 |
| 10/31/2023 | 17.07 | (0.15) | (3.28) | (3.43) |  | 13.64 |
| 10/31/2022 | 23.77 | (0.12) | (6.58) | (6.70) |  | 17.07 |
| 10/31/2021 | 20.47 | (0.24) | 8.62 | 8.38 | (5.08) | 23.77 |
| 10/31/2020 | 15.77 | (0.19) | 7.26 | 7.07 | (2.37) | 20.47 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Commenced on August 28, 2020.

114 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<sup>(b)</sup><br> (%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment <br> income<br> (loss)<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (9.93)<sup>(d)</sup> | 1.38 <sup>(e)</sup> | 1.39 <sup>(e)</sup> | (1.12)<sup>(e)</sup> | $22232 | 42 <sup>(d)</sup> |
| 49.41 | 1.37 | 1.38 | (1.19) | 26848 | 122 |
| (20.27) | 1.36 | 1.37 | (1.16) | 24056 | 121 |
| (28.41) | 1.40 | 1.41 | (0.91) | 36107 | 87 |
| 47.12 | 1.36 | 1.37 | (1.29) | 61063 | 102 |
| 51.19 | 1.56 | 1.56 | (1.32) | 11747 | 115 |
| (10.26)<sup>(d)</sup> | 2.13 <sup>(e)</sup> | 2.14 <sup>(e)</sup> | (1.87)<sup>(e)</sup> | 4298 | 42 <sup>(d)</sup> |
| 48.30 | 2.12 | 2.13 | (1.94) | 5353 | 122 |
| (20.90) | 2.12 | 2.13 | (1.91) | 4641 | 121 |
| (28.91) | 2.15 | 2.16 | (1.66) | 6827 | 87 |
| 46.03 | 2.12 | 2.13 | (2.05) | 13532 | 102 |
| 1.29 <sup>(d)</sup> | 2.03 <sup>(e)</sup> | 2.05 <sup>(e)</sup> | (1.91)<sup>(e)</sup> | 849 | 115 <sup>(d)</sup> |
| (9.79)<sup>(d)</sup> | 1.13 <sup>(e)</sup> | 1.24 <sup>(e)</sup> | (0.87)<sup>(e)</sup> | 4579 | 42 <sup>(d)</sup> |
| 49.78 | 1.12 | 1.23 | (0.93) | 7057 | 122 |
| (20.09) | 1.12 | 1.23 | (0.90) | 11019 | 121 |
| (28.19) | 1.15 | 1.25 | (0.63) | 41545 | 87 |
| 47.39 | 1.12 | 1.22 | (1.05) | 167300 | 102 |
| 1.49 <sup>(d)</sup> | 1.10 <sup>(e)</sup> | 1.20 <sup>(e)</sup> | (0.97)<sup>(e)</sup> | 12089 | 115 <sup>(d)</sup> |
| (9.79)<sup>(d)</sup> | 1.13 <sup>(e)</sup> | 1.14 <sup>(e)</sup> | (0.87)<sup>(e)</sup> | 132359 | 42 <sup>(d)</sup> |
| 49.78 | 1.12 | 1.13 | (0.94) | 155430 | 122 |
| (20.09) | 1.11 | 1.12 | (0.91) | 123214 | 121 |
| (28.19) | 1.15 | 1.16 | (0.68) | 149122 | 87 |
| 47.39 | 1.11 | 1.12 | (1.03) | 155420 | 102 |
| 51.47 | 1.44 | 1.45 | (1.19) | 90725 | 115 |

---

See Notes to Financial Statements. 115

**Financial Highlights (unaudited)**

VALUE OPPORTUNITIES FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset <br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized<br> and<br> unrealized <br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $20.13 | $0.03 | $(1.78) | $(1.75) | $– | $(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) |
| 10/31/2020 | 18.62 | 0.05 | 0.39 | 0.44 | (0.07) | (2.01) | (2.08) |
| **Class C** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 15.88 | (0.03) | (1.35) | (1.38) |  | (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) | – <sup>(f)</sup> | (0.05) |  | (1.34) | (1.34) |
| 10/31/2022 | 19.92 | (0.03) | (3.26) | (3.29) |  | (2.88) | (2.88) |
| 10/31/2021 | 14.47 | (0.13) | 6.58 | 6.45 |  | (1.00) | (1.00) |
| 10/31/2020 | 16.22 | (0.06) | 0.32 | 0.26 |  | (2.01) | (2.01) |
| **Class F** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 20.85 | 0.04 | (1.84) | (1.80) | (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)<sup>(g)</sup> | 0.08 | (0.13) | (1.34) | (1.47) |
| 10/31/2022 | 24.37 | 0.14 | (4.15) | (4.01) | (0.03) | (2.88) | (2.91) |
| 10/31/2021 | 17.42 | 0.04 | 7.98 | 8.02 | (0.07) | (1.00) | (1.07) |
| 10/31/2020 | 19.06 | 0.07 | 0.39 | 0.46 | (0.09) | (2.01) | (2.10) |
| **Class F3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 21.74 | 0.06 | (1.93) | (1.87) | (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 | – <sup>(f)</sup> | 0.11 | (0.16) | (1.34) | (1.50) |
| 10/31/2022 | 25.16 | 0.18 | (4.29) | (4.11) | (0.06) | (2.88) | (2.94) |
| 10/31/2021 | 17.95 | 0.09 | 8.21 | 8.30 | (0.09) | (1.00) | (1.09) |
| 10/31/2020 | 19.56 | 0.11 | 0.41 | 0.52 | (0.12) | (2.01) | (2.13) |
| **Class I** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 21.46 | 0.06 | (1.91) | (1.85) | (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 | – <sup>(f)</sup> | 0.10 | (0.16) | (1.34) | (1.50) |
| 10/31/2022 | 24.95 | 0.15 | (4.24) | (4.09) | (0.05) | (2.88) | (2.93) |
| 10/31/2021 | 17.82 | 0.06 | 8.16 | 8.22 | (0.09) | (1.00) | (1.09) |
| 10/31/2020 | 19.45 | 0.09 | 0.41 | 0.50 | (0.12) | (2.01) | (2.13) |
| **Class P** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 19.41 | 0.01 | (1.70) | (1.69) |  | (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)<sup>(g)</sup> | 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 | (–)<sup>(f)</sup> | (1.00) | (1.00) |
| 10/31/2020 | 18.20 | 0.02 | 0.37 | 0.39 | (0.03) | (2.01) | (2.04) |
| **Class R2** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 18.60 | (0.01) | (1.61) | (1.62) |  | (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) |
| 10/31/2020 | 17.75 | (0.01) | 0.37 | 0.36 | (0.01) | (2.01) | (2.02) |

---

116 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<sup>(b)</sup><br> (%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $17.08 | (9.77)<sup>(d)</sup> | 1.17 <sup>(e)</sup> | 1.17 <sup>(e)</sup> | 0.29 <sup>(e)</sup> | $528540 | 20 <sup>(d)</sup> |
| 20.13 | 31.76 | 1.18 | 1.19 | 0.09 | 629155 | 33 |
| 15.52 | 0.12 | 1.18 | 1.18 | 0.31 | 540438 | 19 |
| 16.91 | (19.11) | 1.16 | 1.16 | 0.53 | 633570 | 40 |
| 23.70 | 47.52 | 1.15 | 1.15 | 0.04 | 851298 | 56 |
| 16.98 | 2.35 | 1.18 | 1.18 | 0.29 | 625448 | 36 |
| 13.20 | (10.08)<sup>(d)</sup> | 1.92 <sup>(e)</sup> | 1.92 <sup>(e)</sup> | (0.43)<sup>(e)</sup> | 13424 | 20 <sup>(d)</sup> |
| 15.88 | 30.84 | 1.93 | 1.94 | (0.64) | 22728 | 33 |
| 12.36 | (0.70) | 1.93 | 1.93 | (0.40) | 28372 | 19 |
| 13.75 | (19.70) | 1.91 | 1.91 | (0.22) | 45211 | 40 |
| 19.92 | 46.42 | 1.90 | 1.90 | (0.70) | 76310 | 56 |
| 14.47 | 1.57 | 1.93 | 1.93 | (0.45) | 63709 | 36 |
| 17.73 | (9.68)<sup>(d)</sup> | 1.02 <sup>(e)</sup> | 1.02 <sup>(e)</sup> | 0.45 <sup>(e)</sup> | 22342 | 20 <sup>(d)</sup> |
| 20.85 | 31.96 | 1.03 | 1.04 | 0.24 | 28952 | 33 |
| 16.06 | 0.23 | 1.02 | 1.02 | 0.53 | 26978 | 19 |
| 17.45 | (19.01) | 1.01 | 1.01 | 0.71 | 76594 | 40 |
| 24.37 | 47.76 | 1.00 | 1.00 | 0.19 | 189251 | 56 |
| 17.42 | 2.50 | 1.03 | 1.03 | 0.44 | 138870 | 36 |
| 18.53 | (9.61)<sup>(d)</sup> | 0.83 <sup>(e)</sup> | 0.83 <sup>(e)</sup> | 0.63 <sup>(e)</sup> | 167128 | 20 <sup>(d)</sup> |
| 21.74 | 32.28 | 0.83 | 0.83 | 0.44 | 195578 | 33 |
| 16.72 | 0.40 | 0.83 | 0.83 | 0.65 | 172839 | 19 |
| 18.11 | (18.83) | 0.82 | 0.82 | 0.87 | 194437 | 40 |
| 25.16 | 48.05 | 0.81 | 0.81 | 0.38 | 255539 | 56 |
| 17.95 | 2.69 | 0.83 | 0.83 | 0.64 | 200055 | 36 |
| 18.27 | (9.64)<sup>(d)</sup> | 0.92 <sup>(e)</sup> | 0.92 <sup>(e)</sup> | 0.56 <sup>(e)</sup> | 260773 | 20 <sup>(d)</sup> |
| 21.46 | 32.08 | 0.93 | 0.94 | 0.31 | 386553 | 33 |
| 16.53 | 0.33 | 0.93 | 0.93 | 0.56 | 228083 | 19 |
| 17.93 | (18.88) | 0.91 | 0.91 | 0.75 | 246040 | 40 |
| 24.95 | 47.93 | 0.89 | 0.89 | 0.28 | 412964 | 56 |
| 17.82 | 2.58 | 0.93 | 0.93 | 0.54 | 218137 | 36 |
| 16.42 | (9.83)<sup>(d)</sup> | 1.37 <sup>(e)</sup> | 1.37 <sup>(e)</sup> | 0.10 <sup>(e)</sup> | 9010 | 20 <sup>(d)</sup> |
| 19.41 | 31.53 | 1.38 | 1.39 | (0.10) | 10950 | 33 |
| 14.98 | (0.16) | 1.38 | 1.38 | 0.11 | 10682 | 19 |
| 16.38 | (19.25) | 1.36 | 1.36 | 0.33 | 12663 | 40 |
| 23.08 | 47.19 | 1.35 | 1.35 | (0.16) | 17141 | 56 |
| 16.55 | 2.18 | 1.38 | 1.38 | 0.10 | 16560 | 36 |
| 15.68 | (9.88)<sup>(d)</sup> | 1.52 <sup>(e)</sup> | 1.52 <sup>(e)</sup> | (0.06)<sup>(e)</sup> | 3077 | 20 <sup>(d)</sup> |
| 18.60 | 31.29 | 1.53 | 1.54 | (0.25) | 3829 | 33 |
| 14.39 | (0.26) | 1.53 | 1.53 | (0.04) | 3849 | 19 |
| 15.78 | (19.38) | 1.51 | 1.51 | 0.19 | 4433 | 40 |
| 22.37 | 47.03 | 1.50 | 1.50 | (0.30) | 5845 | 56 |
| 16.09 | 1.96 | 1.53 | 1.53 | (0.06) | 4879 | 36 |

---

See Notes to Financial Statements. 117

**Financial Highlights (unaudited)(concluded)**

VALUE OPPORTUNITIES FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset <br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized<br> and<br> unrealized <br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | $19.04 | $– <sup>(f)</sup> | $(1.66) | $(1.66) | $– | $(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) |
| 10/31/2020 | 17.97 | 0.01 | 0.37 | 0.38 | (0.01) | (2.01) | (2.02) |
| **Class R4** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 20.09 | 0.03 | (1.77) | (1.74) |  | (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 | – <sup>(f)</sup> | 0.05 | (0.11) | (1.34) | (1.45) |
| 10/31/2022 | 23.67 | 0.10 | (4.00) | (3.90) |  | (2.88) | (2.88) |
| 10/31/2021 | 16.95 | 0.01 | 7.75 | 7.76 | (0.04) | (1.00) | (1.04) |
| 10/31/2020 | 18.60 | 0.05 | 0.37 | 0.42 | (0.06) | (2.01) | (2.07) |
| **Class R5** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 21.48 | 0.05 | (1.90) | (1.85) | (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 | – <sup>(f)</sup> | 0.10 | (0.16) | (1.34) | (1.50) |
| 10/31/2022 | 24.97 | 0.16 | (4.26) | (4.10) | (0.05) | (2.88) | (2.93) |
| 10/31/2021 | 17.83 | 0.06 | 8.17 | 8.23 | (0.09) | (1.00) | (1.09) |
| 10/31/2020 | 19.46 | 0.09 | 0.41 | 0.50 | (0.12) | (2.01) | (2.13) |
| **Class R6** |  |  |  |  |  |  |  |
| 4/30/2025<sup>(c)</sup> | 21.72 | 0.07 | (1.93) | (1.86) | (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 | – <sup>(f)</sup> | 0.11 | (0.16) | (1.34) | (1.50) |
| 10/31/2022 | 25.14 | 0.18 | (4.28) | (4.10) | (0.06) | (2.88) | (2.94) |
| 10/31/2021 | 17.93 | 0.09 | 8.21 | 8.30 | (0.09) | (1.00) | (1.09) |
| 10/31/2020 | 19.55 | 0.11 | 0.40 | 0.51 | (0.12) | (2.01) | (2.13) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Amount is less than $0.01.

<sup>(g)</sup> 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:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<sup>(b)</sup><br> (%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $16.08 | (9.86)<sup>(d)</sup> | 1.42 <sup>(e)</sup> | 1.42 <sup>(e)</sup> | 0.05 <sup>(e)</sup> | $23534 | 20 <sup>(d)</sup> |
| 19.04 | 31.42 | 1.43 | 1.44 | (0.16) | 29584 | 33 |
| 14.71 | (0.15) | 1.43 | 1.43 | 0.07 | 26523 | 19 |
| 16.10 | (19.31) | 1.41 | 1.41 | 0.28 | 31104 | 40 |
| 22.75 | 47.20 | 1.40 | 1.40 | (0.20) | 42047 | 56 |
| 16.33 | 2.09 | 1.43 | 1.43 | 0.05 | 41390 | 36 |
| 17.05 | (9.74)<sup>(d)</sup> | 1.17 <sup>(e)</sup> | 1.17 <sup>(e)</sup> | 0.29 <sup>(e)</sup> | 24416 | 20 <sup>(d)</sup> |
| 20.09 | 31.77 | 1.18 | 1.19 | 0.09 | 28587 | 33 |
| 15.49 | 0.05 | 1.18 | 1.18 | 0.30 | 26011 | 19 |
| 16.89 | (19.09) | 1.16 | 1.16 | 0.53 | 29341 | 40 |
| 23.67 | 47.50 | 1.15 | 1.15 | 0.04 | 42666 | 56 |
| 16.95 | 2.34 | 1.18 | 1.18 | 0.29 | 34990 | 36 |
| 18.29 | (9.63)<sup>(d)</sup> | 0.92 <sup>(e)</sup> | 0.92 <sup>(e)</sup> | 0.55 <sup>(e)</sup> | 1133 | 20 <sup>(d)</sup> |
| 21.48 | 32.13 | 0.93 | 0.94 | 0.33 | 1384 | 33 |
| 16.54 | 0.32 | 0.93 | 0.93 | 0.55 | 999 | 19 |
| 17.94 | (18.91) | 0.91 | 0.91 | 0.77 | 1247 | 40 |
| 24.97 | 47.87 | 0.90 | 0.90 | 0.28 | 2066 | 56 |
| 17.83 | 2.58 | 0.93 | 0.93 | 0.55 | 1971 | 36 |
| 18.52 | (9.57)<sup>(d)</sup> | 0.83 <sup>(e)</sup> | 0.83 <sup>(e)</sup> | 0.64 <sup>(e)</sup> | 17456 | 20 <sup>(d)</sup> |
| 21.72 | 32.24 | 0.83 | 0.83 | 0.44 | 24267 | 33 |
| 16.71 | 0.40 | 0.83 | 0.83 | 0.64 | 29050 | 19 |
| 18.10 | (18.80) | 0.82 | 0.82 | 0.88 | 32138 | 40 |
| 25.14 | 48.02 | 0.81 | 0.81 | 0.39 | 44123 | 56 |
| 17.93 | 2.69 | 0.83 | 0.83 | 0.64 | 29402 | 36 |

---

See Notes to Financial Statements. 119

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** ORGANIZATION

Lord Abbett Securities Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993.

All funds are diversified except Lord Abbett Focused Growth Fund. Effective February 7, 2025, the Focused Large Cap Value Fund's classification changed from non-diversified to diversified. This report covers the following thirteen funds (separately, a "Fund" and collectively, the "Funds") and their respective active share classes:

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| | |
|:---|:---|
| **Funds** | **Classes** |
| Lord Abbett Alpha Strategy Fund ("Alpha Strategy Fund") | A, C, F, F3, I, R2, R3, R4, R5 and R6 |
| Lord Abbett Focused Growth Fund ("Focused Growth Fund") | A, C, F, F3, I, R3, R4, R5 and R6 |
| Lord Abbett Focused Large Cap Value Fund ("Focused Large Cap Value Fund") | A, C, F, F3, I, R3, R4, R5 and R6 |
| Lord Abbett Focused Small Cap Value Fund ("Focused Small Cap Value Fund") | A, C, F, F3, I, R5 and R6 |
| Lord Abbett Fundamental Equity Fund ("Fundamental Equity Fund") | A, C, F, F3 I, P, R2, R3, R4, R5 and R6 |
| Lord Abbett Global Equity Fund ("Global Equity Fund") | A, C, F, F3, I, R3, R4, R5 and R6 |
| Lord Abbett Growth Leaders Fund ("Growth Leaders Fund") | A, C, F, F3, I, R2, R3, R4, R5 and R6 |
| Lord Abbett Health Care Fund ("Health Care Fund") | A, C, F, F3, I, R3, R4, R5 and R6 |
| Lord Abbett International Equity Fund ("International Equity Fund") | A, C, F, F3, I, P, R2, R3, R4, R5 and R6 |
| Lord Abbett International Opportunities Fund ("International Opportunities Fund") | A, C, F, F3, I, P, R2, R3, R4, R5 and R6 |
| Lord Abbett International Value Fund ("International Value Fund") | A, C, F, F3, I, R2, R3, R4, R5 and R6 |
| Lord Abbett Micro-Cap Growth Fund ("Micro Cap Growth Fund") | A,C,F and I |
| Lord Abbett Value Opportunities Fund ("Value Opportunities Fund") | A, C, F, F3, I, P, R2, R3, R4, R5 and R6 |

---

The Funds' Class P shares are closed to substantially all investors, with certain exceptions as set forth in the Funds' prospectus.

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

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was

**Notes to Financial Statements (unaudited)(continued)**

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.

**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 accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Segment Reporting**

The Funds adopted FASB Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard resulted in new financial statement disclosures and did not affect the Funds' financial position or their results of operations. An operating segment is defined in Topic 280 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 Lord Abbett through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. 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' Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** SIGNIFICANT ACCOUNTING POLICIES

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| | |
|:---|:---|
| (a) | Investment Valuation**–**Under procedures approved by the Funds' Board of Trustees (the "Board"), the Board has designated the determination of fair value of the Funds' portfolio investments to Lord Abbett, as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of 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 |

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**Notes to Financial Statements (unaudited)(continued)**

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| | |
|:---|:---|
|  | their fair value as of the close of regular trading on the New York Stock Exchange ("NYSE"). When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Investments in the Underlying Funds are valued at their NAV each business day at the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time. |
|  | Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
|  | Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. |
| (b) | 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: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

**Notes to Financial Statements (unaudited)(continued)**

determining the fair value of investments).

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing each Fund's investments as of April 30, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in each Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (c) | 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. |
| (d) | 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, 2025, 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. |
| (e) | 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. |

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**Notes to Financial Statements (unaudited)(continued)**

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| | |
|:---|:---|
| (f) | Income Taxes**–**It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed each Fund's tax positions for all open tax years and has determined that as of April 30, 2025, 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. The 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 the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (g) | Investment Income**–**Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statements of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country's tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (h) | Repurchase Agreements**–**Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities. |
|  | The Funds' repurchase agreements are not subject to master netting arrangements. |
| (i) | 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. |
| (j) | When-Issued or Forward Transactions**–**Each Fund may purchase portfolio securities on a when-issued or forward basis. When-issued or forward transactions involve a commitment by a Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund's custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in 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. |

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**Notes to Financial Statements (unaudited)(continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund's investment portfolio. The management fee is accrued daily and payable monthly.

The management fee is based on each Fund's average daily net assets at the following annual rates:

---

| | |
|:---|:---|
| Alpha Strategy Fund\* | .10% |

---

\* Lord Abbett is voluntarily waiving the entire management fee of .10%. Lord Abbett may discontinue the voluntary waiver at any time without notice.

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| | |
|:---|:---|
| **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% |

---

**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, 2025, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund's average daily net assets:

---

| | |
|:---|:---|
| | **Net Effective<br> Management Fee** |
| Alpha Strategy Fund | .00% |
| Focused Growth Fund | .43% |
| Focused Large Cap Value Fund | .05% |
| Focused Small Cap Value Fund | .75% |
| Fundamental Equity Fund | .55% |
| Global Equity Fund | .33% |
| 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 | .74% |

---

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 the following fund administration fees during the six months ended April 30, 2025.

---

| | |
|:---|:---|
| **Fund** | **Fund<br> Administration Fee** |
| Alpha Strategy Fund | $4820 |
| Focused Growth Fund | 3636 |
| Focused Large Cap Value Fund | 1580 |
| Focused Small Cap Value Fund | 2416 |
| Fundamental Equity Fund | 16304 |
| Global Equity Fund | 24916 |
| Growth Leaders Fund | 38199 |
| Health Care Fund | 3016 |
| International Equity Fund | 38157 |
| International Opportunities Fund | 27513 |
| International Value Fund | 42402 |
| Micro Cap Growth Fund | 4807 |
| Value Opportunities Fund | 9890 |

---

**Notes to Financial Statements (unaudited)(continued)**

For the six months ended April 30, 2025 and continuing through February 28, 2026, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding certain of the Funds' expenses to the following annual rates:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Effective March 1, 2025** | **Effective March 1, 2025** | **Prior to March 1, 2025** | **Prior to March 1, 2025** |
| | **Classes** | **Classes** | **Classes** | **Classes** |
| **Fund** | **A, C, F, I, R2, R3,<br> R4 and R5** | **F3 and R6** | **A, C, F, I, R2, R3,<br> R4 and R5** | **F3 and R6** |
| Focused Growth Fund | .80%&nbsp;&nbsp;&nbsp;&nbsp; | .70% | .80%&nbsp;&nbsp;&nbsp;&nbsp; | .65%&nbsp;&nbsp;&nbsp;&nbsp; |
| Focused Large Cap Value Fund | .71% | .69% | .71% | .67% |
| Focused Small Cap Value Fund | 1.03% | .99% | 1.03% | .98% |
| Global Equity Fund | .65% | .52% | .65% | .51% |
| Health Care Fund | .78% | .68% | .78% | .60% |

---

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 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:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees\*** | **Class A** | **Class C** | **Class F** | <sup>(1)(2)</sup> | **Class P**<sup>(3)</sup> | **Class R2** | **Class R3** | **Class R4** |
| Service | .25% | .25% |  |  | .25% | .25% | .25% | .25% |
| Distribution |  | .75% | .10% |  | .20% | .35% | .25% |  |

---

\* The Funds may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.

<sup>(1)</sup> The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in each Fund's prospectus.

<sup>(2)</sup> For the six months ended April 30, 2025 and continuing through February 28, 2026, 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.

<sup>(3)</sup> 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.

**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, 2025:

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| | | |
|:---|:---|:---|
| | **Distributor<br> Commissions** | **Dealers'<br> Concessions** |
| Alpha Strategy Fund | $11323 | $65062 |
| Focused Growth Fund | 12523 | 69436 |
| Focused Large Cap Value Fund | 3783 | 24682 |
| Focused Small Cap Value Fund | 782 | 4806 |
| Fundamental Equity Fund | 28816 | 215392 |
| Global Equity Fund | 6840 | 65470 |
| Growth Leaders Fund | 207374 | 1350532 |
| Health Care Fund | 603 | 3956 |
| International Equity Fund | 4586 | 33472 |
| International Opportunities Fund | 2757 | 17278 |
| International Value Fund | 12789 | 73922 |
| Micro Cap Growth Fund | 466 | 3245 |
| Value Opportunities Fund | 18025 | 99098 |

---

The Distributor received the following amounts of CDSCs for the six months ended April 30, 2025.

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| | | |
|:---|:---|:---|
| | **Class A** | **Class C** |
| Alpha Strategy Fund | $5525 | $477 |
| Focused Growth Fund |  | 54 |
| Focused Large Cap Value Fund |  | 15 |
| Foucused Small Cap Value Fund |  | 146 |
| Fundamental Equity Fund | 9 | 343 |
| Global Equity Fund | 577 | 90 |
| Growth Leaders Fund | 18303 | 13119 |
| Health Care Fund |  |  |
| International Equity Fund | 593 | 13 |
| International Opportunities Fund | 52 | 99 |
| International Value Fund | 941 | 2 |
| Micro Cap Growth Fund |  | 3 |
| Value Opportunities Fund | 8 | 371 |

---

One Trustee and certain of the Trust's officers have an interest in Lord Abbett.

**Other Related Parties**

As of April 30, 2025, the percentage of Focused Small Cap Value Fund's, Fundamental Equity Fund's, Growth Leaders Fund's, International Equity Fund's, International Opportunities Fund's, International Value Fund's, Micro Cap Growth Fund's and Value Opportunities Fund's outstanding shares owned by each fund of funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund of Funds | Focused<br> Small<br> Cap<br> Value<br> Fund | Funda-<br> mental<br> Equity<br> Fund | Growth<br> Leaders<br> Fund | Inter-<br> national<br> Equity<br> Fund | Inter-<br> national<br> Oppor-<br> tunities<br> Fund | Inter-<br> national<br> Value<br> Fund | Micro<br> Cap<br> Growth<br> Fund | Value<br> Oppor-<br> tunities<br> Fund |
| Alpha Strategy Fund | 64.04% |  |  |  | 37.37% |  | 31.35% | 9.71% |
| Lord Abbett Multi-Asset Balanced Opportunity Fund |  | 12.17% | 2.83% | 22.36% |  | 16.89% |  | 4.12% |
| Lord Abbett Multi-Asset Income Fund |  | 2.86% | 0.66% | 10.07% |  | 6.86% |  |  |

---

**Notes to Financial Statements (unaudited)(continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**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, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Alpha Strategy Fund | $1036715 | $4278690 | $– $| 5315405 |
| Focused Growth Fund |  |  | – |  |
| Focused Large Cap Value Fund | 467385 | 208538 | – | 675923 |
| Focused Small Cap Value Fund |  | 6604552 | – | 6604552 |
| Fundamental Equity Fund | 36019342 | 93357484 | – | 129376826 |
| Global Equity Fund | 492077 |  | – | 492077 |
| Growth Leaders Fund |  |  | – |  |
| Health Care Fund | 28985 |  | – | 28985 |
| International Equity Fund | 4976901 | 8698818 | – | 13675719 |
| International Opportunities Fund | 5869333 |  | – | 5869333 |
| International Value Fund | 3708108 |  | – | 3708108 |
| Micro Cap Growth Fund |  |  | – |  |
| Value Opportunities Fund | 1247991 | 84791292 | – | 86039283 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Alpha Strategy Fund | $624620 | $2616071 | $– $| 3240691 |
| Focused Growth Fund |  |  | – |  |
| Focused Large Cap Value Fund |  |  | – |  |
| Focused Small Cap Value Fund | 238360 |  | – | 238360 |
| Fundamental Equity Fund | 17300969 |  | – | 17300969 |
| Global Equity Fund | 174871 |  | – | 174871 |
| Growth Leaders Fund |  |  | – |  |
| Health Care Fund |  |  | – |  |
| International Equity Fund | 5906022 |  | – | 5906022 |
| International Opportunities Fund | 5235809 |  | – | 5235809 |
| International Value Fund | 15086150 |  | – | 15086150 |
| Micro Cap Growth Fund |  |  | – |  |
| Value Opportunities Fund | 4691638 | 13979488 | – | 18671126 |

---

**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<br> Losses** | **Long-Term<br> Losses** | **Net Capital<br> Losses** |
| Alpha Strategy Fund | $– | $– | $– |
| Focused Growth Fund | (8732643) |  | (8732643) |
| Focused Large Cap Value Fund |  |  |  |
| Focused Small Cap Value Fund |  |  |  |
| Fundamental Equity Fund |  |  |  |
| Global Equity Fund | (587962) |  | (587962) |
| Growth Leaders Fund | (730741477) |  | (730741477) |
| Health Care Fund | (1220452) |  | (1220452) |
| International Equity Fund |  |  |  |
| International Opportunities Fund | (23916037) | (24230284) | (48146321) |
| International Value Fund | (211749837) | (190691429) | (402441266) |
| Micro Cap Growth Fund | (59725487) |  | (59725487) |
| Value Opportunities Fund |  |  |  |

---

As of April 30, 2025, 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<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Alpha Strategy Fund | $573043982 | $25567088 | $(55833202) | $(30266114) |
| Focused Growth Fund | 65053916 | 21209470 | (1921876) | 19287594 |
| Focused Large Cap Value Fund | 26358519 | 7169556 | (593144) | 6576412 |
| Focused Small Cap Value Fund | 81802066 | 9614194 | (8807457) | 806737 |
| Fundamental Equity Fund | 1310468971 | 557150901 | (32571116) | 524579785 |
| Global Equity Fund | 130864177 | 14513159 | (3574551) | 10938608 |
| Growth Leaders Fund | 4422598928 | 1918565753 | (125703780) | 1792861973 |
| Health Care Fund | 5640559 | 1959165 | (161544) | 1797621 |
| International Equity Fund | 279409778 | 87287227 | (1637290) | 85649937 |
| International Opportunities Fund | 262153360 | 59244130 | (10672510) | 48571620 |
| International Value Fund | 379591299 | 66194411 | (13882862) | 52311549 |
| Micro Cap Growth Fund | 142533529 | 34467443 | (10464058) | 24003385 |
| Value Opportunities Fund | 905108928 | 233435238 | (56767870) | 176667368 |

---

**Notes to Financial Statements (unaudited)(continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| Alpha Strategy Fund | $24708899 | $41706977 |
| Focused Growth Fund | 57761921 | 38733757 |
| Focused Large Cap Value Fund | 9215334 | 7566569 |
| Focused Small Cap Value Fund | 31562611 | 40102690 |
| Fundamental Equity Fund | 414875638 | 515171620 |
| Global Equity Fund | 125177421 | 44018025 |
| Growth Leaders Fund | 2818378057 | 3085160098 |
| Health Care Fund | 3957384 | 4217934 |
| International Equity Fund | 171731970 | 167293045 |
| International Opportunities Fund | 135738023 | 146338908 |
| International Value Fund | 131639378 | 151558145 |
| Micro Cap Growth Fund | 78048363 | 93473892 |
| Value Opportunities Fund | 249223159 | 409732615 |

---

There were no purchases or sales of U.S. Government securities during the six months ended April 30, 2025.

Each Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended April 30, 2025, the following Fund engaged in cross-trades:

---

| | | |
|:---|:---|:---|
| **Fund** | **Sales** | **Gain/(Loss)** |
| Micro Cap Growth Fund | $90936 | $35518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** LINE OF CREDIT

For the period ended April 30, 2025, the Funds (except Alpha Strategy Fund), and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

**Notes to Financial Statements (unaudited)(continued)**

Effective June 6, 2025, the Participating Funds (except Alpha Strategy Fund) renewed the Syndicated Facility for $1.675 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, $300 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, 2025, the Participating Funds (except Alpha Strategy Fund), were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of 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 6, 2025, 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.

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, 2025, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

For the six months ended April 30, 2025, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 under common ownership or control. Alpha Strategy Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) during the during the six months ended April 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated funds** | **Value at<br> 10/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from<br> Sales** | **Net<br> Realized<br> Gain/(Loss)** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 4/30/2025** | **Shares<br> as of<br> 4/30/2025** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| Lord Abbett Developing Growth Fund, Inc. – Class I | $125631946 | $418572 | $(6171253) | $1748991 | $(16882868) | $104745388 | 4138498 | $260643 | $– |
| Lord Abbett Securities Trust – Focused Small Cap Value Fund - Class I | 62738156 | 4086825 | (3122851) | (81323) | (10212091) | 53408715 | 2082211 |  | 4086826 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated funds** | **Value at<br> 10/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from<br> Sales** | **Net <br> Realized<br> Gain/(Loss)** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 4/30/2025** | **Shares<br> as of<br> 4/30/2025** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| Lord Abbett Securities Trust – International Opportunities Fund – Class I | $120425318 | $2534129 | $(11631649) | $2100145 | $2554056 | $115981999 | 5671491 | $2382740 | $– |
| Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I | 64645294 | 180090 | (6669022) | 2546850 | (7710073) | 52993139 | 2875374 |  |  |
| Lord Abbett Research Fund, Inc. – Small – Cap Value Fund – Class I | 126277568 | 9548506 | (7058446) | (320247) | (21698742) | 106748639 | 5855658 | 247791 | 9300714 |
| Lord Abbett Securities Trust – Value Opportunities Fund – Class I | 127069955 | 7940776 | (7053756) | 210120 | (19638502) | 108528594 | 5940263 | 259151 | 7681626 |
| Total | $626788237 | $24708898 | $(41706977) | $6204536 | $(73588220) | $542406474 |  | $3150325 | $21069166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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 in each Fund's Statement of Operations.

The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of April 30, 2025, the market value of securities loaned and collateral received were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value of<br> Securities Loaned** | **Collateral Received** |
| Focused Small Cap Value Fund | $218526 | $221100 |
| International Equity Fund | 2957624 | 3083300 |
| International Opportunities Fund | 3410495 | 3725358 |
| International Value Fund | 3349258 | 3648950 |
| Micro Cap Growth Fund | 2614479 | 2298382 |
| Value Opportunities Fund | 8865911 | 9113890 |

---

**Notes to Financial Statements (unaudited)(continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**12.** INVESTMENT RISKS

Each Fund is subject to the general risks and considerations associated with equity investing. The value of the Funds' investments will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies in which the Funds invest. If a Fund's assessment of a company's value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

Large company stocks, in which Focused Growth Fund, Focused Large Cap Value Fund, Fundamental Equity Fund, Global Equity Fund, Growth Leaders Fund, International Equity Fund and International Value Fund invest, may perform differently than the market as a whole and other types of stocks, such as small company stocks. Small and mid-sized company stocks, in which Alpha Strategy Fund, Focused Small Cap Value Fund, Focused Growth Fund, Fundamental Equity Fund, Growth Leaders Fund, International Equity Fund, International Opportunities Fund and Value Opportunities Fund invest, 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 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

**Notes to Financial Statements (unaudited)(continued)**

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 the Underlying Funds and, as a result, the Fund's performance is directly related to the investment performance of the Underlying Funds in which it invests. In addition, the Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. The Fund's shareholders will indirectly bear their proportionate share of the underlying 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 and Focused Large Cap Value Fund are non-diversified mutual funds under the Act. The value of each Fund's investments may be more adversely affected by a single economic, political or regulatory event than the value of the investments of a diversified mutual fund.

A Fund's gross expense ratio may fluctuate during its initial operating period because of the Fund's relatively smaller asset size and, until the Fund achieves sufficient scale, a Fund shareholder may experience proportionally higher Fund expenses than would be experienced by shareholders of a fund with a larger asset base.

Geopolitical and other events, 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 the Funds and their investments.

**Notes to Financial Statements (unaudited)(continued)**

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 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 Funds and their 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.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alpha Strategy Fund** | **Six Months Ended**<br> **April 30, 2025**<br> **(unaudited)** | **Six Months Ended**<br> **April 30, 2025**<br> **(unaudited)** | **Year Ended**<br> **October 31, 2024** | **Year Ended**<br> **October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 324686 | $8233796 | 986002 | $23269098 |
| Reinvestment of distributions | 113050 | 2931379 | 72478 | 1661203 |
| Shares reacquired | (1444106) | (37415099) | (2814610) | (67421019) |
| Decrease | (1006370) | $(26249924) | (1756130) | $(42490718) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 18996 | $349544 | 52741 | $904067 |
| Reinvestment of distributions | 5196 | 98929 | 4403 | 74756 |
| Shares reacquired | (118535) | (2212317) | (422538) | (7459712) |
| Decrease | (94343) | $(1763844) | (365394) | $(6480889) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 5732 | $146437 | 6223 | $143286 |
| Reinvestment of distributions | 2891 | 75992 | 2192 | 50936 |
| Shares reacquired | (44690) | (1123175) | (132210) | (3174100) |
| Decrease | (36067) | $(900746) | (123795) | $(2979878) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 240434 | $6354594 | 403149 | $10178226 |
| Reinvestment of distributions | 20537 | 558404 | 15709 | 377166 |
| Shares reacquired | (309238) | (8284774) | (616863) | (15518589) |
| Decrease | (48267) | $(1371776) | (198005) | $(4963197) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 173292 | $4527743 | 455306 | $11205434 |
| Reinvestment of distributions | 32556 | 879351 | 19436 | 463939 |
| Shares reacquired | (303906) | (8042355) | (870281) | (21522282) |
| Decrease | (98058) | $(2635261) | (395539) | $(9852909) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alpha Strategy Fund** | **Six Months Ended**<br> **April 30, 2025**<br> **(unaudited)** | **Six Months Ended**<br> **April 30, 2025**<br> **(unaudited)** | **Year Ended**<br> **October 31, 2024** | **Year Ended**<br> **October 31, 2024** |
| **Class R2 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1547 | $38244 | 2244 | $49057 |
| Reinvestment of distributions | 268 | 6526 | 169 | 3651 |
| Shares reacquired | (958) | (20146) | (10939) | (239055) |
| Increase (decrease) | 857 | $24624 | (8526) | $(186347) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 31091 | $746932 | 74643 | $1680959 |
| Reinvestment of distributions | 5021 | 123862 | 3302 | 72161 |
| Shares reacquired | (89452) | (2117522) | (228014) | (5208104) |
| Decrease | (53340) | $(1246728) | (150069) | $(3454984) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 8793 | $224075 | 28162 | $674310 |
| Reinvestment of distributions | 928 | 23995 | 606 | 13851 |
| Shares reacquired | (23248) | (608842) | (40148) | (939103) |
| Decrease | (13527) | $(360772) | (11380) | $(250942) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 285 | $7465 | 1114 | $28242 |
| Reinvestment of distributions | 137 | 3711 | 183 | 4359 |
| Shares reacquired | (27) | (657) | (14796) | (388218) |
| Increase (decrease) | 395 | $10519 | (13499) | $(355617) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 7832 | $202106 | 18665 | $446279 |
| Reinvestment of distributions | 730 | 19847 | 555 | 13339 |
| Shares reacquired | (18651) | (497224) | (23082) | (583693) |
| Decrease | (10089) | $(275271) | (3862) | $(124075) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Focused Growth Fund** | **Six Months Ended**<br> **April 30, 2025**<br> **(unaudited)** | **Six Months Ended**<br> **April 30, 2025**<br> **(unaudited)** | **Year Ended**<br> **October 31, 2024** | **Year Ended**<br> **October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 438088 | $15846148 | 243241 | $6545579 |
| Shares reacquired | (233221) | (8226660) | (183833) | (4988829) |
| Increase | 204867 | $7619488 | 59408 | $1556750 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 35271 | $1200740 | 30957 | $821574 |
| Shares reacquired | (7729) | (251489) | (32691) | (832538) |
| Increase (decrease) | 27542 | $949251 | (1734) | $(10964) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 11013 | $394790 | 3622 | $102720 |
| Shares reacquired | (9265) | (322829) | (43514) | (1068229) |
| Increase (decrease) | 1748 | $71961 | (39892) | $(965509) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Focused Growth Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired | – | $– | (23372) | $(584954) |
| Decrease | – | $– | (23372) | $(584954) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 808783 | $28604256 | 1100803 | $30634514 |
| Shares reacquired | (559859) | (19328583) | (636331) | (18067488) |
| Increase | 248924 | $9275673 | 464472 | $12567026 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 1991 | $70595 | 2836 | $76249 |
| Shares reacquired | (3886) | (144871) | (2265) | (65295) |
| Increase (decrease) | (1895) | $(74276) | 571 | $10954 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 188 | $6701 | 303 | $8903 |
| Shares reacquired | (1) | (15) | (1) | (23) |
| Increase | 187 | $6686 | 302 | $8880 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 42032 | $1530005 | 53694 | $1483351 |
| Shares reacquired | (8241) | (288686) | (11319) | (318894) |
| Increase | 33791 | $1241319 | 42375 | $1164457 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Focused Large Cap Value Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 263746 | $3542505 | 165291 | $1987025 |
| Reinvestment of distributions | 17641 | 243978 |  |  |
| Shares reacquired | (231921) | (3052338) | (289400) | (3206122) |
| Increase (decrease) | 49466 | $734145 | (124109) | $(1219097) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 24546 | $322590 | 15527 | $191957 |
| Reinvestment of distributions | 1976 | 27123 |  |  |
| Shares reacquired | (17402) | (230564) | (141465) | (1808127) |
| Increase (decrease) | 9120 | $119149 | (125938) | $(1616170) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 44 | $600 | 100 | $1200 |
| Reinvestment of distributions | 269 | 3811 |  |  |
| Shares reacquired | (23) | (319) | (6644) | (74629) |
| Increase (decrease) | 290 | $4092 | (6544) | $(73429) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 159411 | $2249441 | 651663 | $8198656 |
| Reinvestment of distributions | 23958 | 345713 |  |  |
| Shares reacquired | (72619) | (1021688) | (58380) | (740095) |
| Increase | 110750 | $1573466 | 593283 | $7458561 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Focused Large Cap Value Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class R3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 759 | $10056 | 2335 | $27178 |
| Reinvestment of distributions | 194 | 2677 |  |  |
| Shares reacquired | (14) | (185) | (5715) | (72316) |
| Increase (decrease) | 939 | $12548 | (3380) | $(45138) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 20713 | $271809 | 51066 | $592926 |
| Reinvestment of distributions | 266 | 3707 |  |  |
| Shares reacquired | (20073) | (279657) | (7288) | (96807) |
| Increase (decrease) | 906 | $(4141) | 43778 | $496119 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Focused Small Cap Value Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 15498 | $414004 | 40150 | $1030684 |
| Reinvestment of distributions | 30891 | 896443 | 82 | 1918 |
| Shares reacquired | (63331) | (1581368) | (107922) | (2834077) |
| Decrease | (16942) | $(270921) | (67690) | $(1801475) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 3510 | $103272 | 4821 | $133642 |
| Reinvestment of distributions | 5493 | 167661 |  |  |
| Shares reacquired | (5920) | (151893) | (27565) | (762688) |
| Increase (decrease) | 3083 | $119040 | (22744) | $(629046) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 6603 | $200687 | 7258 | $217250 |
| Reinvestment of distributions | 4261 | 136938 |  |  |
| Shares reacquired | (8972) | (270170) | (114265) | (3101424) |
| Increase (decrease) | 1892 | $67455 | (107007) | $(2884174) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 21998 | $656058 | 57922 | $1567643 |
| Reinvestment of distributions | 153148 | 4891538 | 7851 | 200592 |
| Shares reacquired | (236917) | (6915132) | (514490) | (14426177) |
| Decrease | (61771) | $(1367536) | (448717) | $(12657942) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold |  | $– | 478 | $13491 |
| Reinvestment of distributions | 6 | 184 | 18 | 470 |
| Shares reacquired | – | – | (7688) | (230485) |
| Increase (decrease) | 6 | $184 | (7192) | $(216524) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 16426 | $511331 | 107822 | $3051640 |
| Reinvestment of distributions | 450 | 14435 | 697 | 17848 |
| Shares reacquired | (20824) | (599764) | (346363) | (10073620) |
| Decrease | (3948) | $(73998) | (237844) | $(7004132) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fundamental Equity Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1745016 | $26999733 | 2032053 | $29106533 |
| Reinvestment of distributions | 5143495 | 81575837 | 745895 | 9368436 |
| Shares reacquired | (5773834) | (89340966) | (11133186) | (159290622) |
| Increase (decrease) | 1114677 | $19234604 | (8355238) | $(120815653) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 160486 | $2071450 | 176811 | $2134692 |
| Reinvestment of distributions | 116149 | 1557563 | 3390 | 36415 |
| Shares reacquired | (365147) | (4749168) | (803886) | (9769376) |
| Decrease | (88512) | $(1120155) | (623685) | $(7598269) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 55755 | $853995 | 53635 | $760669 |
| Reinvestment of distributions | 105494 | 1645699 | 19571 | 241895 |
| Shares reacquired | (233803) | (3445785) | (561535) | (7724527) |
| Decrease | (72554) | $(946091) | (488329) | $(6721963) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 559517 | $8759081 | 227193 | $3335464 |
| Reinvestment of distributions | 92251 | 1490780 | 16438 | 209753 |
| Shares reacquired | (264669) | (4091319) | (334873) | (4906005) |
| Increase (decrease) | 387099 | $6158542 | (91242) | $(1360788) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 4264701 | $64764632 | 14323755 | $207032894 |
| Reinvestment of distributions | 2098716 | 33537477 | 508007 | 6426288 |
| Shares reacquired | (5479162) | (85074611) | (28544127) | (390744797) |
| Increase (decrease) | 884255 | $13227498 | (13712365) | $(177285615) |
| **Class P Shares** |  |  |  |  |
| Shares sold | 15448 | $236286 | 25652 | $361580 |
| Reinvestment of distributions | 13085 | 201903 | 1905 | 23325 |
| Shares reacquired | (26624) | (404943) | (110447) | (1526627) |
| Increase (decrease) | 1909 | $33246 | (82890) | $(1141722) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 2864 | $42201 | 20179 | $301588 |
| Reinvestment of distributions | 8663 | 133317 | 924 | 11293 |
| Shares reacquired | (86736) | (1291441) | (58840) | (806608) |
| Decrease | (75209) | $(1115923) | (37737) | $(493727) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 214773 | $3242764 | 438351 | $6143532 |
| Reinvestment of distributions | 274172 | 4238697 | 31529 | 386546 |
| Shares reacquired | (516146) | (7804563) | (1169578) | (16237240) |
| Decrease | (27201) | $(323102) | (699698) | $(9707162) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 38448 | $590151 | 105834 | $1556951 |
| Reinvestment of distributions | 17930 | 282392 | 1871 | 23347 |
| Shares reacquired | (54024) | (839318) | (50886) | (733531) |
| Increase | 2354 | $33225 | 56819 | $846767 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fundamental Equity Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class R5 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 7316 | $113566 | 12999 | $184535 |
| Reinvestment of distributions | 4852 | 77636 | 735 | 9302 |
| Shares reacquired | (3288) | (52211) | (7967) | (114124) |
| Increase | 8880 | $138991 | 5767 | $79713 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 178998 | $2855437 | 185173 | $2750198 |
| Reinvestment of distributions | 28446 | 459980 | 4168 | 53221 |
| Shares reacquired | (120495) | (1867784) | (174988) | (2610656) |
| Increase | 86949 | $1447633 | 14353 | $192763 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Equity Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 473795 | $7979138 | 108951 | $1648220 |
| Reinvestment of distributions | 1915 | 32700 | 3607 | 50900 |
| Shares reacquired | (29027) | (478601) | (77749) | (1209537) |
| Increase | 446683 | $7533237 | 34809 | $489583 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 12729 | $206508 | 15107 | $223600 |
| Reinvestment of distributions |  |  | 62 | 864 |
| Shares reacquired | (4985) | (83045) | (10046) | (155006) |
| Increase | 7744 | $123463 | 5123 | $69458 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 528705 | $8392581 | 9246 | $146522 |
| Reinvestment of distributions | 92 | 1573 | 88 | 1246 |
| Shares reacquired | (74189) | (1239094) | (15899) | (247553) |
| Increase (decrease) | 454608 | $7155060 | (6565) | $(99785) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 1082355 | $18154789 |  | $– |
| Reinvestment of distributions | 184 | 3147 |  |  |
| Shares reacquired | (35369) | (578630) | – | – |
| Increase | 1047170 | $17579306 | – | $– |
| **Class I Shares** |  |  |  |  |
| Shares sold | 5609112 | $94486956 | 2458603 | $39599414 |
| Reinvestment of distributions | 23641 | 404033 | 3521 | 49721 |
| Shares reacquired | (2573692) | (40920458) | (187244) | (3054230) |
| Increase | 3059061 | $53970531 | 2274880 | $36594905 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 6468 | $108551 | 2943 | $45960 |
| Reinvestment of distributions | 78 | 1317 | 293 | 4105 |
| Shares reacquired | (1579) | (26514) | (1676) | (26718) |
| Increase | 4967 | $83354 | 1560 | $23347 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Equity Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class R4 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 7 | $126 |  | $– |
| Shares reacquired | – | (1) | – | – |
| Increase | 7 | $125 | – | $– |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 30833 | $504555 | 68762 | $1073367 |
| Reinvestment of distributions | 1415 | 24258 | 2297 | 32478 |
| Shares reacquired | (62537) | (1033267) | (17449) | (275681) |
| Increase (decrease) | (30289) | $(504454) | 53610 | $830164 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Leaders Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3189898 | $145057513 | 6790407 | $248546608 |
| Shares reacquired | (4453164) | (203134559) | (9691320) | (358441681) |
| Decrease | (1263266) | $(58077046) | (2900913) | $(109895073) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 786537 | $30278398 | 1322670 | $41677148 |
| Shares reacquired | (1774560) | (68528294) | (5681288) | (177851760) |
| Decrease | (988023) | $(38249896) | (4358618) | $(136174612) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 2604513 | $130133746 | 621224 | $23538744 |
| Shares reacquired | (2543534) | (114263592) | (3245336) | (123887770) |
| Increase (decrease) | 60979 | $15870154 | (2624112) | $(100349026) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 1858857 | $91281193 | 1788800 | $71111211 |
| Shares reacquired | (1687053) | (81468702) | (4614792) | (179150801) |
| Increase (decrease) | 171804 | $9812491 | (2825992) | $(108039590) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 6937065 | $331090106 | 17087546 | $660415269 |
| Shares reacquired | (11504213) | (557883128) | (25306909) | (966551090) |
| Decrease | (4567148) | $(226793022) | (8219363) | $(306135821) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 3737 | $155938 | 17817 | $626851 |
| Shares reacquired | (6207) | (253207) | (23027) | (800826) |
| Decrease | (2470) | $(97269) | (5210) | $(173975) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 72722 | $3165435 | 189221 | $6718893 |
| Shares reacquired | (104187) | (4333391) | (219328) | (7768971) |
| Decrease | (31465) | $(1167956) | (30107) | $(1050078) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 82132 | $3666140 | 70256 | $2699082 |
| Shares reacquired | (48868) | (2132809) | (81872) | (2932651) |
| Increase (decrease) | 33264 | $1533331 | (11616) | $(233569) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Leaders Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class R5 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 22322 | $1065523 | 80645 | $3195452 |
| Shares reacquired | (70527) | (3460445) | (142281) | (5753990) |
| Decrease | (48205) | $(2394922) | (61636) | $(2558538) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 425497 | $21141042 | 551881 | $21383711 |
| Shares reacquired | (556530) | (27543918) | (1327188) | (53181799) |
| Decrease | (131033) | $(6402876) | (775307) | $(31798088) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Health Care Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 11710 | $222774 | 24814 | $468028 |
| Reinvestment of distributions | 662 | 13568 |  |  |
| Shares reacquired | (22915) | (427189) | (46389) | (854397) |
| Decrease | (10543) | $(190847) | (21575) | $(386369) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 3467 | $66244 | 8882 | $158820 |
| Shares reacquired | (1926) | (36418) | (6762) | (113247) |
| Increase | 1541 | $29826 | 2120 | $45573 |
| **Class F Shares** |  |  |  |  |
| Reinvestment of distributions | 40 | $839 |  | $– |
| Shares reacquired | (86) | (1646) | (1631) | (32110) |
| Decrease | (46) | $(807) | (1631) | $(32110) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 928 | $18602 | 65 | $1250 |
| Reinvestment of distributions | 11 | 238 |  |  |
| Shares reacquired | (533) | (10764) | (1039) | (17518) |
| Increase (decrease) | 406 | $8076 | (974) | $(16268) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 4652 | $90450 | 890 | $17053 |
| Reinvestment of distributions | 8 | 152 |  |  |
| Shares reacquired | (8) | (147) | (927) | (17750) |
| Increase (decrease) | 4652 | $90455 | (37) | $(697) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 2332 | $46744 | 23576 | $426150 |
| Reinvestment of distributions | 8 | 171 |  |  |
| Shares reacquired | (22094) | (445859) | (21038) | (398886) |
| Increase (decrease) | (19754) | $(398944) | 2538 | $27264 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 356677 | $5484767 | 464420 | $6801271 |
| Reinvestment of distributions | 404179 | 5961635 | 183193 | 2478595 |
| Shares reacquired | (777034) | (11857899) | (1409548) | (20688662) |
| Decrease | (16178) | $(411497) | (761935) | $(11408796) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 19817 | $299541 | 7796 | $111238 |
| Reinvestment of distributions | 2581 | 38412 | 533 | 7262 |
| Shares reacquired | (17333) | (264997) | (44051) | (651847) |
| Increase (decrease) | 5065 | $72956 | (35722) | $(533347) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 86510 | $1317051 | 8121 | $116322 |
| Reinvestment of distributions | 11070 | 162511 | 5319 | 71695 |
| Shares reacquired | (91348) | (1446951) | (52811) | (745843) |
| Increase (decrease) | 6232 | $32611 | (39371) | $(557826) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 1396499 | $21749406 | 361526 | $5615698 |
| Reinvestment of distributions | 59178 | 887081 | 18211 | 250220 |
| Shares reacquired | (252119) | (3819991) | (312016) | (4636975) |
| Increase | 1203558 | $18816496 | 67721 | $1228943 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 907828 | $14303992 | 538123 | $8000414 |
| Reinvestment of distributions | 397407 | 5933289 | 208705 | 2859264 |
| Shares reacquired | (1432576) | (22197646) | (2209443) | (32246378) |
| Decrease | (127341) | $(1960365) | (1462615) | $(21386700) |
| **Class P Shares** |  |  |  |  |
| Shares sold |  | $3 |  | $5 |
| Reinvestment of distributions | 32 | 480 | 13 | 174 |
| Shares reacquired | (25) | (376) | (10) | (138) |
| Increase | 7 | $107 | 3 | $41 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 935 | $14189 | 1733 | $26051 |
| Reinvestment of distributions | 562 | 8310 | 200 | 2720 |
| Shares reacquired | (249) | (3892) | (964) | (14886) |
| Increase | 1248 | $18607 | 969 | $13885 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 15384 | $229697 | 115904 | $1612080 |
| Reinvestment of distributions | 15051 | 218383 | 5450 | 72590 |
| Shares reacquired | (21402) | (323591) | (117351) | (1719615) |
| Increase (decrease) | 9033 | $124489 | 4003 | $(34945) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 14356 | $216433 | 50584 | $750819 |
| Reinvestment of distributions | 6171 | 90407 | 1876 | 25256 |
| Shares reacquired | (38218) | (570007) | (18365) | (255102) |
| Increase (decrease) | (17691) | $(263167) | 34095 | $520973 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class R5 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 177 | $2698 | 15058 | $232145 |
| Reinvestment of distributions | 538 | 7976 | 22 | 306 |
| Shares reacquired | (5311) | (80931) | (633) | (9719) |
| Increase (decrease) | (4596) | $(70257) | 14447 | $222732 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 73262 | $1141396 | 113278 | $1745752 |
| Reinvestment of distributions | 6252 | 93648 | 2284 | 31357 |
| Shares reacquired | (36314) | (561738) | (81239) | (1262562) |
| Increase | 43200 | $673306 | 34323 | $514547 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Opportunities Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 134608 | $2501918 | 337786 | $6228851 |
| Reinvestment of distributions | 88272 | 1605664 | 79306 | 1418777 |
| Shares reacquired | (460711) | (8511693) | (898099) | (16586736) |
| Decrease | (237831) | $(4404111) | (481007) | $(8939108) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 1512 | $25653 | 13331 | $225371 |
| Reinvestment of distributions | 1855 | 31139 | 2091 | 34511 |
| Shares reacquired | (52525) | (894853) | (143806) | (2444330) |
| Decrease | (49158) | $(838061) | (128384) | $(2184448) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 13962 | $258692 | 52875 | $952095 |
| Reinvestment of distributions | 2698 | 48611 | 3553 | 62998 |
| Shares reacquired | (30356) | (556331) | (154061) | (2783392) |
| Decrease | (13696) | $(249028) | (97633) | $(1768299) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 144002 | $2756728 | 331732 | $6345593 |
| Reinvestment of distributions | 31441 | 596122 | 28542 | 531450 |
| Shares reacquired | (209386) | (4032595) | (462156) | (8927912) |
| Decrease | (33943) | $(679745) | (101882) | $(2050869) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 186731 | $3602541 | 506560 | $9783283 |
| Reinvestment of distributions | 159663 | 3003253 | 143054 | 2643636 |
| Shares reacquired | (856199) | (16567959) | (1495895) | (28750458) |
| Decrease | (509805) | $(9962165) | (846281) | $(16323539) |
| **Class P Shares** |  |  |  |  |
| Shares sold | 42 | $806 | 106 | $2042 |
| Reinvestment of distributions | 22 | 424 | 9 | 164 |
| Shares reacquired | (6) | (121) | (1) | (22) |
| Increase | 58 | $1109 | 114 | $2184 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Opportunities Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class R2 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 8770 | $158060 | 25823 | $459970 |
| Reinvestment of distributions | 1289 | 23031 | 893 | 15677 |
| Shares reacquired | (13092) | (233930) | (31939) | (575716) |
| Decrease | (3033) | $(52839) | (5223) | $(100069) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 16066 | $290891 | 35323 | $634054 |
| Reinvestment of distributions | 4176 | 74379 | 3951 | 69218 |
| Shares reacquired | (17609) | (323588) | (74467) | (1349416) |
| Increase (decrease) | 2633 | $41682 | (35193) | $(646144) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 10218 | $188813 | 21391 | $398112 |
| Reinvestment of distributions | 1539 | 27818 | 1308 | 23276 |
| Shares reacquired | (8683) | (161188) | (23992) | (444218) |
| Increase (decrease) | 3074 | $55443 | (1293) | $(22830) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 8791 | $170896 | 7943 | $151450 |
| Reinvestment of distributions | 2216 | 41670 | 2101 | 38823 |
| Shares reacquired | (14754) | (280296) | (24630) | (479413) |
| Decrease | (3747) | $(67730) | (14586) | $(289140) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 109151 | $2105494 | 193693 | $3715720 |
| Reinvestment of distributions | 13243 | 251087 | 12779 | 237944 |
| Shares reacquired | (165730) | (3216493) | (297937) | (5790428) |
| Decrease | (43336) | $(859912) | (91465) | $(1836764) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Value Fund** | **Six Months Ended**<br> **April 30, 2025**<br> **(unaudited)** | **Six Months Ended**<br> **April 30, 2025**<br> **(unaudited)** | **Year Ended**<br> **October 31, 2024** | **Year Ended**<br> **October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1049237 | $8821182 | 1444606 | $11337300 |
| Reinvestment of distributions | 218400 | 1805864 | 953280 | 7514310 |
| Shares reacquired | (2146016) | (17703047) | (4338506) | (34078473) |
| Decrease | (878379) | $(7076001) | (1940620) | $(15226863) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 23220 | $198253 | 28853 | $235311 |
| Reinvestment of distributions | 1005 | 8265 | 9131 | 71194 |
| Shares reacquired | (40951) | (336135) | (218628) | (1732779) |
| Decrease | (16726) | $(129617) | (180644) | $(1426274) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 42249 | $358222 | 24567 | $190799 |
| Reinvestment of distributions | 5170 | 43141 | 23345 | 185553 |
| Shares reacquired | (98161) | (846258) | (137656) | (1085492) |
| Decrease | (50742) | $(444895) | (89744) | $(709140) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Value Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 626040 | $5287329 | 946414 | $7583162 |
| Reinvestment of distributions | 41750 | 349516 | 156150 | 1244211 |
| Shares reacquired | (463627) | (3880837) | (1096721) | (8730519) |
| Increase | 204163 | $1756008 | 5843 | $96854 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 804387 | $6784098 | 3182806 | $24214477 |
| Reinvestment of distributions | 168037 | 1404202 | 705092 | 5613354 |
| Shares reacquired | (2313856) | (19290691) | (3908956) | (31018018) |
| Decrease | (1341432) | $(11102391) | (21058) | $(1190187) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 294 | $2500 | 795 | $6410 |
| Reinvestment of distributions | 48 | 411 | 243 | 1964 |
| Shares reacquired | (119) | (1035) | (1668) | (13952) |
| Increase (decrease) | 223 | $1876 | (630) | $(5578) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 25464 | $216121 | 68685 | $538912 |
| Reinvestment of distributions | 4426 | 37031 | 23495 | 186846 |
| Shares reacquired | (71919) | (598812) | (373943) | (2933143) |
| Decrease | (42029) | $(345660) | (281763) | $(2207385) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 1058 | $8565 | 5465 | $41334 |
| Reinvestment of distributions | 182 | 1502 | 692 | 5448 |
| Shares reacquired | (1030) | (9033) | (1397) | (10369) |
| Increase | 210 | $1034 | 4760 | $36413 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 9 | $76 | 17 | $132 |
| Reinvestment of distributions |  | 2 |  | 2 |
| Shares reacquired | – | (1) | (4) | (31) |
| Increase | 9 | $77 | 13 | $103 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 4011 | $33798 | 29318 | $229035 |
| Reinvestment of distributions | 630 | 5272 | 3014 | 23917 |
| Shares reacquired | (25577) | (212826) | (55666) | (440541) |
| Decrease | (20936) | $(173756) | (23334) | $(187589) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Micro Cap Growth Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 57287 | $929640 | 132734 | $1863186 |
| Shares reacquired | (188803) | (3100427) | (682763) | (9574546) |
| Decrease | (131516) | $(2170787) | (550029) | $(7711360) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Micro Cap Growth Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class C Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 6811 | $139717 | 9782 | $168474 |
| Shares reacquired | (35635) | (703820) | (87706) | (1520608) |
| Decrease | (28824) | $(564103) | (77924) | $(1352134) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 7716 | $155184 | 20421 | $362778 |
| Shares reacquired | (104687) | (2101439) | (482558) | (8537841) |
| Decrease | (96971) | $(1946255) | (462137) | $(8175063) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 376416 | $7908767 | 565952 | $9914853 |
| Shares reacquired | (802119) | (16580724) | (1988609) | (35035783) |
| Decrease | (425703) | $(8671957) | (1422657) | $(25120930) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Value Opportunities Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 909003 | $17196058 | 1805504 | $33174912 |
| Reinvestment of distributions | 1909819 | 39093998 | 531708 | 8618986 |
| Shares reacquired | (3137511) | (59043095) | (5909709) | (108782214) |
| Decrease | (318689) | $(2753039) | (3572497) | $(66988316) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 31950 | $465111 | 82392 | $1203747 |
| Reinvestment of distributions | 112220 | 1780931 | 41498 | 534075 |
| Shares reacquired | (558473) | (8212028) | (987531) | (14515632) |
| Decrease | (414303) | $(5965986) | (863641) | $(12777810) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 11531 | $233331 | 42649 | $824591 |
| Reinvestment of distributions | 80786 | 1715896 | 25962 | 435384 |
| Shares reacquired | (220763) | (4146488) | (359943) | (6863306) |
| Decrease | (128446) | $(2197261) | (291332) | $(5603331) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 564697 | $11188451 | 758554 | $15108044 |
| Reinvestment of distributions | 537627 | 11924571 | 177934 | 3104946 |
| Shares reacquired | (1080814) | (22015768) | (2275065) | (45380190) |
| Increase (decrease) | 21510 | $1097254 | (1338577) | $(27167200) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 305249 | $5999040 | 6751884 | $144290734 |
| Reinvestment of distributions | 1092860 | 23900843 | 237110 | 4087773 |
| Shares reacquired | (5138742) | (95705820) | (2776255) | (54338289) |
| Increase (decrease) | (3740633) | $(65805937) | 4212739 | $94040218 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 37035 | $675381 | 67337 | $1227711 |
| Reinvestment of distributions | 36742 | 723442 | 10713 | 167762 |
| Shares reacquired | (89151) | (1638430) | (226916) | (4082708) |
| Decrease | (15374) | $(239607) | (148866) | $(2687235) |

---

**Notes to Financial Statements (unaudited)(concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Value Opportunities Fund** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Six Months Ended<br> April 30, 2025<br> (unaudited)** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class R2 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 16420 | $266295 | 25636 | $436048 |
| Reinvestment of distributions | 13404 | 252260 | 4145 | 62296 |
| Shares reacquired | (39423) | (662975) | (91437) | (1533421) |
| Decrease | (9599) | $(144420) | (61656) | $(1035077) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 95980 | $1675591 | 161024 | $2833992 |
| Reinvestment of distributions | 103435 | 1995262 | 27147 | 417247 |
| Shares reacquired | (289746) | (5141292) | (437773) | (7684105) |
| Decrease | (90331) | $(1470439) | (249602) | $(4432866) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 112283 | $2100874 | 171577 | $3192315 |
| Reinvestment of distributions | 88929 | 1817713 | 26401 | 427171 |
| Shares reacquired | (192099) | (3566275) | (454328) | (8472911) |
| Increase (decrease) | 9113 | $352312 | (256350) | $(4853425) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 3302 | $65716 | 12267 | $238895 |
| Reinvestment of distributions | 3547 | 77653 | 966 | 16672 |
| Shares reacquired | (9320) | (194454) | (9187) | (184558) |
| Increase (decrease) | (2471) | $(51085) | 4046 | $71009 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 88679 | $1878933 | 227022 | $4629078 |
| Reinvestment of distributions | 52678 | 1167335 | 23461 | 408929 |
| Shares reacquired | (315795) | (6428073) | (872026) | (18233085) |
| Decrease | (174438) | $(3381805) | (621543) | $(13195078) |

---

**Investments in Underlying Funds (unaudited)**

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2025, Alpha Strategy Fund's long-term investments were allocated among the Underlying Funds as follows:

---

| | |
|:---|:---|
| **Underlying Fund Name** | **%** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | 19.31% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.68% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 9.85% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 21.38% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 9.77% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 20.01% |
| Total | 100.00% |

---

Each Underlying Fund's annual and semiannual reports, which are sent to shareholders and filed with the SEC, contain information about the Underlying Fund's portfolio holdings, including a complete schedule of holdings. A complete schedule of holdings for each Underlying Fund is also filed with the SEC on Form N-PORT as of the end of each respective Underlying Fund's first and third quarters. In addition, on or about the first day of the second month following each calendar quarter-end, each Fund makes publicly available a complete schedule of its portfolio holdings as of the last day of each such quarter. The information for the most recently ended calendar quarter may be viewed at www.lordabbett.com or requested at no charge by calling Lord Abbett at 888-522-2388.

**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 Trustees, Officers, and Others**

Remuneration paid to trustees, officers, and others is included in "Trustees' 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 Micro-Cap Growth Fund and Lord Abbett Value Opportunities Fund)

**Approval of Advisory Contract**

The Board, including all of the Trustees who are not "interested persons" of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the "Agreement"). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund's investment performance compared to the performance of an appropriate benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Broadridge Financial Solutions ("Broadridge") regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund's Morningstar category (the "performance peer group"), and the investment performance of one or more appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the "expense peer group"); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett's financial condition; (7) an analysis of the relative profitability to

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

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 and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent 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 market places. 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, 2024. 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-year period, but below the median of the performance peer group for the three-, 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 Focused Growth 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. With respect to Focused Large Cap Value Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one- and three-year periods. As to Focused Small Cap Value Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the ten-year period and equal to the median of the performance peer group for the five-year period, but below the median of the performance peer group for the one- and three-year periods. As to Global Equity Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one-, three- and five-year periods. As to Growth Leaders Fund, the Board observed

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

that the Fund's investment performance was above the median of the performance peer group for the one-, five- and ten-year periods, but below the median of the performance peer group for the three-year period. With respect to Health Care Fund, the Board observed that the Fund's investment performance was below the median of the performance peer group for the one- and three-year periods. As to International Equity Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one- and five-year periods 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 ten-year period. As to International Opportunities Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the three-year period, but below the median of the performance peer group for the one-, 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 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- and ten-year periods. As to Value Opportunities Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one- and five-year periods, but below the median of the performance peer group for the three- 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 five- and ten-year periods, but below the median of the performance peer group for the one- and three-year periods. With respect to International Opportunities Fund and Micro-Cap Growth Fund, the Board took into account changes to the Fund's portfolio management team. 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 discipline, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett's staff, 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 supervision of third-party service providers, including each Fund's transfer agent and custodian.

**Expenses.** The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders.

As to Alpha Strategy Fund, the Board observed that while the net total expense ratio was above the median of the expense peer group, the Fund's actual management fee (excluding underlying fund fees) was below the median of the expense peer group. As to Micro-Cap Growth Fund, the Board

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

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 Fund, Health Care Fund, International Equity Fund, International Opportunities Fund and International Value Fund, the Board observed that the net total expense ratio and the actual management fee were both below the median of the expense peer group. As to Value Opportunities Fund, the Board observed that the net total expense ratio and the actual management fee were each one basis point above 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 a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund's operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett's profit margins excluding Lord Abbett's marketing and distribution expenses. The Board also considered Lord Abbett's profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett's ability to recruit and retain personnel. The Board recognized that Lord Abbett's overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett's profitability with respect to each Fund was not excessive.

**Economies of Scale.** As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund's shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered each Fund's existing management fee schedule, noting one or more contractual breakpoints in the level of management fee for each Fund other than Alpha Strategy Fund, Focused Small Cap Value Fund and Micro-Cap Growth Fund, and, with respect to each of Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Global Equity Fund, and Health Care Fund, the Fund's expense limitation agreement. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of each Fund.

**Other Benefits to Lord Abbett.** As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund's shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as

**Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)**

to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

**Alternative Arrangements.** As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

---

| | | |
|:---|:---|:---|
| ![](x3_c112557x161x1m4.jpg) |  |  |
| ![](x3_c112557x161x2m4.jpg)<br>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.<br>Lord Abbett mutual fund shares are distributed by<br>LORD ABBETT DISTRIBUTOR LLC. | Lord Abbett Securities Trust<br>Lord Abbett Alpha Strategy Fund<br> Lord Abbett Focused Growth Fund<br> Lord Abbett Focused Large Cap Value Fund<br> Lord Abbett Focused Small Cap Value Fund<br> Lord Abbett Fundamental Equity Fund<br> Lord Abbett Global Equity Fund<br> Lord Abbett Growth Leaders Fund<br> Lord Abbett Health Care Fund<br> Lord Abbett International Equity Fund<br> Lord Abbett International Opportunities Fund<br> Lord Abbett International Value Fund<br> Lord Abbett Micro-Cap Growth Fund<br> Lord Abbett Value Opportunities Fund | LST-3<br> (06/25) |

---

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies**. |
|  | Not applicable. |
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | Not applicable. |
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.** <br> Not applicable. |
| **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. |
|  | Not applicable. |
| Item 18: | Recovery of Erroneously Awarded Compensation. |
|  | Not applicable. |
| Item 19: | Exhibits. |
| (a)(1) | Code of Ethics. Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.](c112557_ex99-cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| &nbsp;&nbsp;(b) | [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is provided as a part of EX-99.906CERT.](c112557_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**LORD ABBETT SECURITIES TRUST**

---

| | |
|:---|:---|
| By: | /s/Douglas B. Sieg |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

Date: June 27, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/Douglas B. Sieg |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

Date: June 27, 2025

---

| | |
|:---|:---|
| By: | /s/Michael J. Hebert |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

Date: June 27, 2025

## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report
 on Form N-CSR of Lord Abbett Securities Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this
 report does not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under which
 such statements were made, not misleading with respect to the period covered by this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the
 financial statements, and other financial information included in this report, fairly
 present in all material respects the financial condition, results of operations, changes
 in net assets, and cash flows (if the financial statements are required to include a
 statement of cash flows) of the Registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other
 certifying officer and I are responsible for establishing and maintaining disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such
 disclosure controls and procedures to be designed under our supervision, to ensure that
 material information relating to the Registrant, including its consolidated subsidiaries,
 is made known to us by others within those entities, particularly during the period in
 which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused
 such internal control over financial reporting to be designed under our supervision,
 to provide reasonable assurance regarding the reliability of financial reporting and
 the preparation of financial statements for external purposes in accordance with generally
 accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure
 controls and procedures and presented in this report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of a date within 90 days prior to the filing
 date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's
 internal control over financial reporting that occurred during the period covered by
 this report that has materially affected, or is reasonably likely to materially affect,
 the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other
 certifying officer and I have disclosed to the Registrant's auditors and the audit
 committee of the Registrant's board of directors (or persons performing the equivalent
 functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design
 or operation of internal control over financial reporting which are reasonably likely
 to adversely affect the Registrant's ability to record, process, summarize, and
 report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management
 or other employees who have a significant role in the Registrant's internal control
 over financial reporting.

Date: June 27, 2025

<u>/s/Douglas B. Sieg</u><br> Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer)

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report
 on Form N-CSR of Lord Abbett Securities Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this
 report does not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under which
 such statements were made, not misleading with respect to the period covered by this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the
 financial statements, and other financial information included in this report, fairly
 present in all material respects the financial condition, results of operations, changes
 in net assets, and cash flows (if the financial statements are required to include a
 statement of cash flows) of the Registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other
 certifying officer and I are responsible for establishing and maintaining disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such
 disclosure controls and procedures to be designed under our supervision, to ensure that
 material information relating to the Registrant, including its consolidated subsidiaries,
 is made known to us by others within those entities, particularly during the period in
 which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused
 such internal control over financial reporting to be designed under our supervision,
 to provide reasonable assurance regarding the reliability of financial reporting and
 the preparation of financial statements for external purposes in accordance with generally
 accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure
 controls and procedures and presented in this report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of a date within 90 days prior to the filing
 date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's
 internal control over financial reporting that occurred during the period covered by
 this report that has materially affected, or is reasonably likely to materially affect,
 the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other
 certifying officer and I have disclosed to the Registrant's auditors and the audit
 committee of the Registrant's board of directors (or persons performing the equivalent
 functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design
 or operation of internal control over financial reporting which are reasonably likely
 to adversely affect the Registrant's ability to record, process, summarize, and
 report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management
 or other employees who have a significant role in the Registrant's internal control
 over financial reporting.

Date: June 27, 2025

<u>/s/Michael J. Hebert</u><br> Michael J. Hebert<br> Chief Financial Officer and Treasurer<br> (Principal Financial Officer)

## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Securities Trust (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: June 27, 2025

---

| |
|:---|
| By: <u>/s/ Douglas B. Sieg</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

---

| |
|:---|
| By: <u>/s/ Michael J. Hebert</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael J. Hebert<br> Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.