# EDGAR Filing Document

**Accession Number:** 0000898031
**File Stem:** 0001410368-25-012515
**Filing Date:** 2025-9
**Character Count:** 157995
**Document Hash:** 365399892ef29a0a5dcf905f8e460443
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-012515.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001410368-25-012515

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07538
- **FILM NUMBER:** 251352263

**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 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           |

## Nport-Ex

![](x4_c113419x1x1.jpg)

Lord Abbett<br> Quarterly Portfolio Holdings Report

Lord Abbett<br> Alpha Strategy Fund<br> Focused Growth Fund<br> Focused Large Cap Value Fund<br> Focused Small Cap Value Fund<br> Fundamental Equity Fund<br> Global Equity Fund<br> Growth Leaders Fund<br> Health Care Fund<br> International Equity Fund<br> International Opportunities Fund<br> International Value Fund<br> Micro Cap Growth Fund<br> Value Opportunities Fund

*For the period ended July 31, 2025*

**Schedule of Investments (unaudited)**

ALPHA STRATEGY FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.99%** |  |  |
| **INVESTMENTS IN UNDERLYING FUNDS**<sup>(a)(b)</sup> **99.99%** | **INVESTMENTS IN UNDERLYING FUNDS**<sup>(a)(b)</sup> **99.99%** | **INVESTMENTS IN UNDERLYING FUNDS**<sup>(a)(b)</sup> **99.99%** |
| Lord Abbett Developing Growth Fund, Inc. - Class I<sup>(c)</sup> | 4063367 | $121738472 |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I<sup>(d)</sup> | 2072235 | 59307357 |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I<sup>(d)</sup> | 5257812 | 116197641 |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I<sup>(d)</sup> | 2854022 | 59820307 |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I<sup>(d)</sup> | 5759948 | 117848534 |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I<sup>(d)</sup> | 5940262 | 118211222 |
| *Total Investments in Underlying Funds*<br> (cost $527,611,096) |  | 593123533 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 0.06%** |  |  |
| **Repurchase Agreements 0.06%** |  |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $357,100 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $363,688; proceeds: $356,453<br> (cost $356,413) | $356413 | $356413 |
| *Total Investments in Securities 100.05%*<br> (cost $527,967,509) |  | 593479946 |
| *Other Assets and Liabilities – Net (0.05)%* |  | (285382) |
| *Net Assets 100.00%* |  | $593194564 |

---

<sup>(a)</sup> These investments offer daily redemptions.

<sup>(b)</sup> Affiliated funds.

<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 July 31, 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 | $593123533 | $– | $– | $593123533 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 356413 | – | 356413 |
| Total | $593123533 | $356413 | $– | $593479946 |

---

<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 Schedule of Investments.* 1

**Schedule of Investments (unaudited)**

FOCUSED GROWTH FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 95.80%** |  |  |
| **COMMON STOCKS 95.80%** |  |  |
| **Aerospace & Defense 2.48%** |  |  |
| Axon Enterprise, Inc.\* | 4838 | $3655061 |
| **Biotechnology 1.10%** |  |  |
| Natera, Inc.\* | 12102 | 1617553 |
| **Broadline Retail 8.61%** |  |  |
| Amazon.com, Inc.\* | 36132 | 8458863 |
| MercadoLibre, Inc. (Uruguay)\*<sup>(a)</sup> | 1788 | 4244515 |
| *Total* |  | 12703378 |
| **Capital Markets 1.73%** |  |  |
| Robinhood Markets, Inc. Class A\* | 24761 | 2551621 |
| **Communications Equipment 3.32%** |  |  |
| Arista Networks, Inc.\* | 39747 | 4897625 |
| **Construction & Engineering 4.06%** |  |  |
| Comfort Systems USA, Inc. | 3432 | 2413726 |
| EMCOR Group, Inc. | 5712 | 3584223 |
| *Total* |  | 5997949 |
| **Entertainment 5.51%** |  |  |
| Netflix, Inc.\* | 4581 | 5311211 |
| Spotify Technology SA (Sweden)\*<sup>(a)</sup> | 4500 | 2819430 |
| *Total* |  | 8130641 |
| **Financial Services 3.27%** |  |  |
| Toast, Inc. Class A\* | 63526 | 3102610 |
| Visa, Inc. Class A | 4984 | 1721822 |
| *Total* |  | 4824432 |
| **Ground Transportation 1.62%** |  |  |
| Uber Technologies, Inc.\* | 27220 | 2388555 |
| **Health Care Equipment & Supplies 4.29%** |  |  |
| Boston Scientific Corp.\* | 33509 | 3515764 |
| Intuitive Surgical, Inc.\* | 5848 | 2813415 |
| *Total* |  | 6329179 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Hotels, Restaurants & Leisure 3.19%** |  |  |  |
| DoorDash, Inc. Class A\* | 18823 | $| 4710456 |
| **Information Technology Services 4.41%** |  |  |  |
| Cloudflare, Inc. Class A\* | 16599 |  | 3447280 |
| Shopify, Inc. Class A (Canada)\*<sup>(a)</sup> | 25104 |  | 3067960 |
| *Total* |  |  | 6515240 |
| **Interactive Media & Services 9.51%** |  |  |  |
| Alphabet, Inc. Class A | 19259 |  | 3695802 |
| Meta Platforms, Inc. Class A | 13378 |  | 10347080 |
| *Total* |  |  | 14042882 |
| **Semiconductors & Semiconductor Equipment 16.94%** | **Semiconductors & Semiconductor Equipment 16.94%** | **Semiconductors & Semiconductor Equipment 16.94%** | **Semiconductors & Semiconductor Equipment 16.94%** |
| Astera Labs, Inc.\* | 28050 |  | 3835277 |
| Broadcom, Inc. | 16605 |  | 4876889 |
| NVIDIA Corp. | 91589 |  | 16290935 |
| *Total* |  |  | 25003101 |
| **Software 20.05%** |  |  |  |
| AppLovin Corp. Class A\* | 8096 |  | 3163107 |
| Atlassian Corp. Class A (Australia)\*<sup>(a)</sup> | 9143 |  | 1753445 |
| Crowdstrike Holdings, Inc. Class A\* | 5353 |  | 2433313 |
| Guidewire Software, Inc.\* | 10701 |  | 2420780 |
| Intuit, Inc. | 4532 |  | 3558209 |
| Microsoft Corp. | 17936 |  | 9568856 |
| Palantir Technologies, Inc. Class A\* | 25734 |  | 4074979 |
| ServiceNow, Inc.\* | 2770 |  | 2612443 |
| *Total* |  |  | 29585132 |
| **Specialty Retail 2.98%** |  |  |  |
| Carvana Co.\* | 11278 |  | 4400337 |
| **Technology Hardware, Storage & Peripherals 2.73%** | **Technology Hardware, Storage & Peripherals 2.73%** | **Technology Hardware, Storage & Peripherals 2.73%** | **Technology Hardware, Storage & Peripherals 2.73%** |
| Apple, Inc. | 19404 |  | 4027688 |
| *Total Common Stocks*<br> (cost $99,257,227) |  |  | 141380830 |

---

2 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

FOCUSED GROWTH FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 5.02%** |  |  |
| **Repurchase Agreements 5.02%** |  |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $7,657,800 of U.S. Treasury Note at 2.750% due 4/30/2027; value: $7,553,127; proceeds: $7,405,803<br> (cost $7,404,980) | $7404980 | $7404980 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| *Total Investments in Securities 100.82%*<br> (cost $106,662,207) |  | $148785810 |
| *Other Assets and Liabilities – Net (0.82)%* |  | (1204288) |
| *Net Assets 100.00%* |  | $147581522 |

---

<br> \* Non-income producing security. <br> <sup>(a)</sup> Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of July 31, 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 | $141380830 | $– | $– | $141380830 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 7404980 | – | 7404980 |
| Total | $141380830 | $7404980 | $– | $148785810 |

---

<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 Schedule of Investments.* 3

**Schedule of Investments (unaudited)**

FOCUSED LARGE CAP VALUE FUND *July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.24%** |  |  |  |
| **COMMON STOCKS 98.24%** |  |  |  |
| **Aerospace & Defense 7.62%** |  |  |  |
| Boeing Co.\* | 7110 | $| 1577282 |
| RTX Corp. | 10778 |  | 1698290 |
| *Total* |  |  | 3275572 |
| **Banks 4.07%** |  |  |  |
| JPMorgan Chase & Co. | 5906 |  | 1749593 |
| **Beverages 2.98%** |  |  |  |
| Carlsberg AS Class B<sup>(a)</sup> | 10263 |  | 1279459 |
| **Biotechnology 5.53%** |  |  |  |
| AbbVie, Inc. | 7907 |  | 1494581 |
| Gilead Sciences, Inc. | 7860 |  | 882600 |
| *Total* |  |  | 2377181 |
| **Building Products 4.05%** |  |  |  |
| Allegion PLC (Ireland)<sup>(b)</sup> | 10494 |  | 1741164 |
| **Capital Markets 12.31%** |  |  |  |
| Charles Schwab Corp. | 20449 |  | 1998481 |
| KKR & Co., Inc. | 11019 |  | 1615165 |
| SEI Investments Co. | 19010 |  | 1675161 |
| *Total* |  |  | 5288807 |
| **Construction Materials 3.14%** |  |  |  |
| CRH PLC | 14142 |  | 1349854 |
| **Consumer Staples Distribution & Retail 2.88%** | **Consumer Staples Distribution & Retail 2.88%** | **Consumer Staples Distribution & Retail 2.88%** | **Consumer Staples Distribution & Retail 2.88%** |
| BJ's Wholesale Club Holdings, Inc.\* | 11692 |  | 1238183 |
| **Electronic Equipment, Instruments & Components 2.77%** | **Electronic Equipment, Instruments & Components 2.77%** | **Electronic Equipment, Instruments & Components 2.77%** | **Electronic Equipment, Instruments & Components 2.77%** |
| TD SYNNEX Corp. | 8229 |  | 1188185 |
| **Health Care Providers & Services 3.14%** |  |  |  |
| Labcorp Holdings, Inc. | 5194 |  | 1350856 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Insurance 7.33%** | | | |
| Aon PLC Class A (United Kingdom)<sup>(b)</sup> | 4737 | $| 1684998 |
| RenaissanceRe Holdings Ltd. | 6014 |  | 1465853 |
| *Total* |  |  | 3150851 |
| **Interactive Media & Services 4.23%** |  |  |  |
| Alphabet, Inc. Class A | 9477 |  | 1818636 |
| **Machinery 3.28%** |  |  |  |
| Parker-Hannifin Corp. | 1923 |  | 1407444 |
| **Oil, Gas & Consumable Fuels 7.44%** |  |  |  |
| Expand Energy Corp. | 10447 |  | 1094637 |
| Permian Resources Corp. | 63000 |  | 892080 |
| Shell PLC ADR | 16744 |  | 1209084 |
| *Total* |  |  | 3195801 |
| **Real Estate Management & Development 3.29%** | **Real Estate Management & Development 3.29%** | **Real Estate Management & Development 3.29%** | **Real Estate Management & Development 3.29%** |
| CBRE Group, Inc. Class A\* | 9073 |  | 1413029 |
| **Semiconductors & Semiconductor Equipment 4.14%** | **Semiconductors & Semiconductor Equipment 4.14%** | **Semiconductors & Semiconductor Equipment 4.14%** | **Semiconductors & Semiconductor Equipment 4.14%** |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 7359 |  | 1778082 |
| **Software 4.64%** |  |  |  |
| Microsoft Corp. | 3737 |  | 1993689 |
| **Specialty Retail 9.12%** |  |  |  |
| AutoZone, Inc.\* | 355 |  | 1337775 |
| Dick's Sporting Goods, Inc. | 6190 |  | 1309247 |
| Lowe's Cos., Inc. | 5683 |  | 1270548 |
| *Total* |  |  | 3917570 |
| **Technology Hardware, Storage & Peripherals 3.40%** | **Technology Hardware, Storage & Peripherals 3.40%** | **Technology Hardware, Storage & Peripherals 3.40%** | **Technology Hardware, Storage & Peripherals 3.40%** |
| NetApp, Inc. | 14033 |  | 1461256 |
| **Trading Companies & Distributors 2.88%** | **Trading Companies & Distributors 2.88%** | **Trading Companies & Distributors 2.88%** | **Trading Companies & Distributors 2.88%** |
| AerCap Holdings NV (Ireland)<sup>(b)</sup> | 11526 |  | 1236163 |
| *Total Common Stocks*<br> (cost $31,801,118) |  |  | 42211375 |

---

4 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

FOCUSED LARGE CAP VALUE FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 1.43%** |  |  |
| **Repurchase Agreements 1.43%** |  |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $616,700 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $628,049; proceeds: $615,611<br> (cost $615,543) | $615543 | $615543 |
| *Total Investments in Securities 99.67%*<br> (cost $32,416,661) |  | 42826918 |
| *Other Assets and Liabilities – Net 0.33%* |  | 142272 |
| *Net Assets 100.00%* |  | $42969190 |

---

---

| | |
|:---|:---|
| 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 July 31, 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;Beverages | $– | $1279459 | $– | $1279459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 40931916 |  |  | 40931916 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 615543 | – | 615543 |
| Total | $40931916 | $1895002 | $– | $42826918 |

---

<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 Schedule of Investments.* 5

**Schedule of Investments (unaudited)**

FOCUSED SMALL CAP VALUE FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.24%** | | |
| **COMMON STOCKS 99.24%** | | |
| **Aerospace & Defense 1.09%** | | |
| Leonardo DRS, Inc. | 23772 | $988915 |
| **Automobile Components 2.52%** |  |  |
| LCI Industries | 23971 | 2277245 |
| **Banks 14.96%** |  |  |
| Axos Financial, Inc.\* | 26601 | 2296996 |
| Bancorp, Inc.\* | 37035 | 2339131 |
| First BanCorp | 106397 | 2216249 |
| Prosperity Bancshares, Inc. | 35808 | 2385529 |
| Seacoast Banking Corp. of Florida | 66419 | 1872352 |
| Wintrust Financial Corp. | 18655 | 2387467 |
| *Total* |  | 13497724 |
| **Building Products 2.66%** |  |  |
| Griffon Corp. | 29519 | 2399009 |
| **Capital Markets 3.98%** |  |  |
| Marex Group PLC (United Kingdom)<sup>(a)</sup> | 46853 | 1807589 |
| Moelis & Co. Class A | 25413 | 1782468 |
| *Total* |  | 3590057 |
| **Chemicals 4.21%** |  |  |
| Avient Corp. | 49176 | 1552486 |
| Element Solutions, Inc. | 95130 | 2245068 |
| *Total* |  | 3797554 |
| **Commercial Services & Supplies 2.30%** |  |  |
| Brady Corp. Class A | 29368 | 2072500 |
| **Construction & Engineering 4.35%** |  |  |
| Arcosa, Inc. | 18847 | 1618580 |
| WillScot Holdings Corp. | 78734 | 2310843 |
| *Total* |  | 3929423 |
| **Consumer Finance 2.02%** |  |  |
| FirstCash Holdings, Inc. | 13669 | 1821941 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Consumer Staples Distribution & Retail 1.49%** | **Consumer Staples Distribution & Retail 1.49%** | **Consumer Staples Distribution & Retail 1.49%** |
| PriceSmart, Inc. | 12502 | $1343965 |
| **Electric: Utilities 2.73%** |  |  |
| IDACORP, Inc. | 19660 | 2463988 |
| **Electronic Equipment, Instruments & Components 12.41%** | **Electronic Equipment, Instruments & Components 12.41%** | **Electronic Equipment, Instruments & Components 12.41%** |
| Advanced Energy Industries, Inc. | 15470 | 2149092 |
| Belden, Inc. | 19007 | 2350216 |
| Littelfuse, Inc. | 9873 | 2540619 |
| Mirion Technologies, Inc.\* | 60519 | 1352600 |
| Vishay Precision Group, Inc.\* | 105748 | 2804437 |
| *Total* |  | 11196964 |
| **Food Products 2.16%** |  |  |
| Simply Good Foods Co.\* | 63952 | 1947978 |
| **Ground Transportation 2.28%** |  |  |
| Landstar System, Inc. | 15436 | 2058699 |
| **Health Care Equipment & Supplies 1.97%** |  |  |
| Integer Holdings Corp.\* | 16350 | 1774139 |
| **Health Care Providers & Services 1.81%** | **Health Care Providers & Services 1.81%** |  |
| Addus HomeCare Corp.\* | 15292 | 1632880 |
| **Insurance 6.20%** |  |  |
| Accelerant Holdings Class A (Cayman Islands)\*<sup>(a)</sup> | 11553 | 318170 |
| Kemper Corp. | 44491 | 2740201 |
| White Mountains Insurance Group Ltd. | 1418 | 2535100 |
| *Total* |  | 5593471 |
| **Leisure Products 4.05%** |  |  |
| Acushnet Holdings Corp. | 26041 | 2073384 |
| YETI Holdings, Inc.\* | 43052 | 1581731 |
| *Total* |  | 3655115 |
| **Life Sciences Tools & Services 1.85%** | **Life Sciences Tools & Services 1.85%** |  |
| Azenta, Inc.\* | 51102 | 1671035 |
| **Machinery 2.91%** |  |  |
| Worthington Enterprises, Inc. | 42367 | 2625483 |

---

6 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

FOCUSED SMALL CAP VALUE FUND *July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Oil, Gas & Consumable Fuels 6.30%** |  |  |  |
| Gulfport Energy Corp.\* | 6447 | $| 1122616 |
| MEG Energy Corp.<sup>(b)</sup> | 123487 |  | 2433913 |
| Northern Oil & Gas, Inc. | 75508 |  | 2126305 |
| *Total* |  |  | 5682834 |
| **Professional Services 2.77%** |  |  |  |
| Genpact Ltd. | 56711 |  | 2498120 |
| **Real Estate Management & Development 4.61%** | **Real Estate Management & Development 4.61%** | **Real Estate Management & Development 4.61%** | **Real Estate Management & Development 4.61%** |
| Cushman & Wakefield PLC\* | 235741 |  | 2873683 |
| Marcus & Millichap, Inc. | 41329 |  | 1287811 |
| *Total* |  |  | 4161494 |
| **Semiconductors & Semiconductor Equipment 3.64%** | **Semiconductors & Semiconductor Equipment 3.64%** | **Semiconductors & Semiconductor Equipment 3.64%** | **Semiconductors & Semiconductor Equipment 3.64%** |
| Silicon Motion Technology Corp. ADR | 42947 |  | 3287163 |
| **Trading Companies & Distributors 3.97%** | **Trading Companies & Distributors 3.97%** |  |  |
| MRC Global, Inc.\* | 132526 |  | 1945482 |
| Rush Enterprises, Inc.Class A | 30267 |  | 1638655 |
| *Total* |  |  | 3584137 |
| *Total Common Stocks*<br> (cost $77,157,681) |  |  | 89551833 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 0.86%** | | |
| **Repurchase Agreements 0.86%** | | |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $772,200 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $786,317; proceeds: $770,928<br> (cost $770,842) | $770842 | $770842 |
| *Total Investments in Securities 100.10%*<br> (cost $77,928,523) |  | 90322675 |
| *Other Assets and Liabilities – Net (0.10)%* |  | (85929) |
| *Net Assets 100.00%* |  | $90236746 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Investment in non-U.S. dollar denominated securities. |

---

The following is a summary of the inputs used as of July 31, 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 | $89551833 | $– | $– | $89551833 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 770842 | – | 770842 |
| Total | $89551833 | $770842 | $– | $90322675 |

---

<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 Schedule of Investments.* 7

**Schedule of Investments (unaudited)**

FUNDAMENTAL EQUITY FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.23%** |  |  |
| **COMMON STOCKS 98.23%** |  |  |
| **Aerospace & Defense 5.30%** |  |  |
| Boeing Co.\* | 222987 | $49467436 |
| RTX Corp. | 361850 | 57016705 |
| *Total* |  | 106484141 |
| **Banks 6.85%** |  |  |
| JPMorgan Chase & Co. | 280618 | 83130276 |
| Wells Fargo & Co. | 675687 | 54480643 |
| *Total* |  | 137610919 |
| **Beverages 1.60%** |  |  |
| Carlsberg AS Class B<sup>(a)</sup> | 258362 | 32209265 |
| **Biotechnology 4.35%** |  |  |
| AbbVie, Inc. | 213917 | 40434591 |
| Gilead Sciences, Inc. | 188760 | 21195860 |
| United Therapeutics Corp.\* | 93938 | 25804769 |
| *Total* |  | 87435220 |
| **Building Products 2.28%** |  |  |
| Allegion PLC (Ireland)<sup>(b)</sup> | 276334 | 45849337 |
| **Capital Markets 9.57%** |  |  |
| Charles Schwab Corp. | 553745 | 54117499 |
| KKR & Co., Inc. | 226509 | 33201689 |
| Morgan Stanley | 205415 | 29263421 |
| Nasdaq, Inc. | 373242 | 35913345 |
| SEI Investments Co. | 450300 | 39680436 |
| *Total* |  | 192176390 |
| **Construction & Engineering 3.70%** |  |  |
| AECOM | 304640 | 34345114 |
| EMCOR Group, Inc. | 63655 | 39942876 |
| *Total* |  | 74287990 |
| **Construction Materials 1.53%** |  |  |
| CRH PLC | 321909 | 30726214 |
| **Consumer Finance 1.01%** |  |  |
| American Express Co. | 68026 | 20360862 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Consumer Staples Distribution & Retail 2.55%** | **Consumer Staples Distribution & Retail 2.55%** |  |  |
| BJ's Wholesale Club Holdings, Inc.\* | 296548 | $| 31404433 |
| Maplebear, Inc.\* | 413740 |  | 19847108 |
| *Total* |  |  | 51251541 |
| **Electric: Utilities 2.62%** |  |  |  |
| Entergy Corp. | 355066 |  | 32108619 |
| FirstEnergy Corp. | 478506 |  | 20436991 |
| *Total* |  |  | 52545610 |
| **Electronic Equipment, Instruments & Components 4.90%** | **Electronic Equipment, Instruments & Components 4.90%** | **Electronic Equipment, Instruments & Components 4.90%** | **Electronic Equipment, Instruments & Components 4.90%** |
| Jabil, Inc. | 195270 |  | 43578406 |
| Keysight Technologies, Inc.\* | 192660 |  | 31578901 |
| TD SYNNEX Corp. | 161886 |  | 23374719 |
| *Total* |  |  | 98532026 |
| **Financial Services 0.90%** |  |  |  |
| Fiserv, Inc.\* | 130308 |  | 18104994 |
| **Health Care Providers & Services 3.56%** | **Health Care Providers & Services 3.56%** |  |  |
| Labcorp Holdings, Inc. | 141679 |  | 36847874 |
| McKesson Corp. | 50127 |  | 34765080 |
| *Total* |  |  | 71612954 |
| **Industrial REITS 1.40%** |  |  |  |
| Prologis, Inc. | 263906 |  | 28179883 |
| **Insurance 8.76%** |  |  |  |
| Aon PLC Class A (United Kingdom)<sup>(b)</sup> | 107391 |  | 38200053 |
| Arch Capital Group Ltd. | 392974 |  | 33819342 |
| Arthur J Gallagher & Co. | 128112 |  | 36800172 |
| Progressive Corp. | 120370 |  | 29134355 |
| RenaissanceRe Holdings Ltd. | 156068 |  | 38040014 |
| *Total* |  |  | 175993936 |
| **Interactive Media & Services 3.39%** | **Interactive Media & Services 3.39%** |  |  |
| Alphabet, Inc. Class A | 354910 |  | 68107229 |
| **Machinery 3.57%** |  |  |  |
| AGCO Corp. | 288410 |  | 34023728 |
| Parker-Hannifin Corp. | 51515 |  | 37703828 |
| *Total* |  |  | 71727556 |

---

8 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

FUNDAMENTAL EQUITY FUND *July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Metals & Mining 1.57%** | | | |
| Steel Dynamics, Inc. | 246536 | $| 31448132 |
| **Multi-Utilities 1.64%** |  |  |  |
| CMS Energy Corp. | 446280 |  | 32935464 |
| **Oil, Gas & Consumable Fuels 6.67%** | **Oil, Gas & Consumable Fuels 6.67%** |  |  |
| Expand Energy Corp. | 309165 |  | 32394309 |
| Permian Resources Corp. | 2237700 |  | 31685832 |
| Shell PLC ADR | 627597 |  | 45318779 |
| Williams Cos., Inc. | 409340 |  | 24539933 |
| *Total* |  |  | 133938853 |
| **Pharmaceuticals 1.26%** |  |  |  |
| Teva Pharmaceutical Industries Ltd. ADR\* | 1638210 |  | 25310345 |
| **Real Estate Management & Development 1.73%** | **Real Estate Management & Development 1.73%** | **Real Estate Management & Development 1.73%** | **Real Estate Management & Development 1.73%** |
| CBRE Group, Inc. Class A\* | 223496 |  | 34807267 |
| **Semiconductors & Semiconductor Equipment 3.45%** | **Semiconductors & Semiconductor Equipment 3.45%** | **Semiconductors & Semiconductor Equipment 3.45%** | **Semiconductors & Semiconductor Equipment 3.45%** |
| KLA Corp. | 26478 |  | 23274956 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 190905 |  | 46126466 |
| *Total* |  |  | 69401422 |
| **Software 3.58%** |  |  |  |
| Microsoft Corp. | 134733 |  | 71880055 |
| **Specialty Retail 7.19%** |  |  |  |
| AutoZone, Inc.\* | 10170 |  | 38324424 |
| Dick's Sporting Goods, Inc. | 176380 |  | 37306134 |
| Lowe's Cos., Inc. | 166972 |  | 37329930 |
| Ross Stores, Inc. | 231020 |  | 31543471 |
| *Total* |  |  | 144503959 |
| **Technology Hardware, Storage & Peripherals 1.76%** | **Technology Hardware, Storage & Peripherals 1.76%** | **Technology Hardware, Storage & Peripherals 1.76%** | **Technology Hardware, Storage & Peripherals 1.76%** |
| NetApp, Inc. | 339941 |  | 35398056 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Trading Companies & Distributors 1.54%** | **Trading Companies & Distributors 1.54%** | **Trading Companies & Distributors 1.54%** |
| AerCap Holdings NV (Ireland)<sup>(b)</sup> | 287537 | $30838343 |
| *Total Common Stocks*<br> (cost $1,278,838,157) |  | 1973657963 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 1.80%** | **SHORT-TERM INVESTMENTS 1.80%** |  |
| **Repurchase Agreements 1.80%** | **Repurchase Agreements 1.80%** |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $36,212,400 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $36,873,156; proceeds: $36,153,971<br> (cost $36,149,955) | $36149955 | 36149955 |
| *Total Investments in Securities 100.03%*<br> (cost $1,314,988,112) |  | 2009807918 |
| *Other Assets and Liabilities – Net (0.03)%* |  | (639598) |
| *Net Assets 100.00%* |  | $2009168320 |

---

---

| | |
|:---|:---|
| 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. |

---

*See Notes to Schedule of Investments.* 9

**Schedule of Investments (unaudited)(concluded)**

FUNDAMENTAL EQUITY FUND *July 31, 2025*

The following is a summary of the inputs used as of July 31, 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;Beverages | $– | $32209265 | $– | $32209265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 1941448698 |  |  | 1941448698 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 36149955 | – | 36149955 |
| Total | $1941448698 | $68359220 | $– | $2009807918 |

---

<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.

10 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)**

GLOBAL EQUITY FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 96.52%** | | |
| **COMMON STOCKS 95.54%** | | |
| **Australia 0.93%** | | |
| *Diversified REITS 0.75%* |  |  |
| Charter Hall Group | 143207 | $1844988 |
| *Health Care Technology 0.18%* |  |  |
| Pro Medicus Ltd. | 2201 | 451985 |
| *Total Australia* |  | 2296973 |
| **Austria 2.21%** |  |  |
| *Banks* |  |  |
| BAWAG Group AG<sup>†</sup> | 43245 | 5457841 |
| **Brazil 1.74%** |  |  |
| *Broadline Retail* |  |  |
| MercadoLibre, Inc.\* | 1813 | 4303863 |
| **Canada 0.52%** |  |  |
| *Consumer Staples Distribution & Retail 0.10%* |  |  |
| Alimentation Couche-Tard, Inc. | 5019 | 260803 |
| *Information Technology Services 0.42%* |  |  |
| Shopify, Inc. Class A\* | 8486 | 1037293 |
| *Total Canada* |  | 1298096 |
| **China 5.54%** |  |  |
| *Beverages 0.76%* |  |  |
| Kweichow Moutai Co. Ltd. Class A | 9481 | 1870502 |
| *Interactive Media & Services 1.58%* |  |  |
| Tencent Holdings Ltd. | 55733 | 3901990 |
| *Marine Transportation 1.74%* |  |  |
| SITC International Holdings Co. Ltd. | 1332113 | 4318761 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **China (continued)** | | |
| *Textiles, Apparel & Luxury Goods 1.46%* |  |  |
| ANTA Sports Products Ltd. | 314200 | $3606414 |
| *Total China* |  | 13697667 |
| **France 4.25%** |  |  |
| *Beverages 0.03%* |  |  |
| Pernod Ricard SA | 645 | 66286 |
| *Building Products 0.96%* |  |  |
| Cie de Saint-Gobain SA | 20675 | 2371776 |
| *Construction & Engineering 1.58%* |  |  |
| Eiffage SA | 29101 | 3906384 |
| *Oil, Gas & Consumable Fuels 1.48%* |  |  |
| Gaztransport Et Technigaz SA | 19510 | 3669545 |
| *Textiles, Apparel & Luxury Goods 0.20%* |  |  |
| LVMH Moet Hennessy Louis Vuitton SE | 941 | 505140 |
| *Total France* |  | 10519131 |
| **India 0.27%** |  |  |
| *Commercial Services & Supplies* |  |  |
| CMS Info Systems Ltd. | 127699 | 666260 |
| **Ireland 0.97%** |  |  |
| *Information Technology Services 0.11%* |  |  |
| Accenture PLC Class A | 1057 | 282324 |
| *Trading Companies & Distributors 0.86%* |  |  |
| AerCap Holdings NV | 19843 | 2128162 |
| *Total Ireland* |  | 2410486 |
| **Italy 1.70%** |  |  |
| *Passenger Airlines* |  |  |
| Ryanair Holdings PLC | 143034 | 4205584 |

---

*See Notes to Schedule of Investments.* 11

**Schedule of Investments (unaudited)(continued)**

GLOBAL EQUITY FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Japan 5.77%** | | |
| *Building Products 0.72%* |  |  |
| Sanwa Holdings Corp. | 65259 | $1780384 |
| *Electrical Equipment 1.03%* |  |  |
| Fuji Electric Co. Ltd. | 51122 | 2541693 |
| *Entertainment 0.62%* |  |  |
| Nintendo Co. Ltd. | 18361 | 1534592 |
| *Health Care Equipment & Supplies 0.18%* |  |  |
| Hoya Corp. | 3600 | 454186 |
| *Information Technology Services 0.57%* |  |  |
| Obic Co. Ltd. | 39500 | 1406302 |
| *Professional Services 1.36%* |  |  |
| TechnoPro Holdings, Inc. | 105979 | 3356374 |
| *Specialty Retail 1.29%* |  |  |
| USS Co. Ltd. | 294700 | 3203061 |
| *Total Japan* |  | 14276592 |
| **Mexico 1.64%** |  |  |
| *Banks* |  |  |
| Grupo Financiero Banorte SAB de CV Class O | 456265 | 4066116 |
| **Peru 1.65%** |  |  |
| *Banks* |  |  |
| Intercorp Financial Services, Inc. | 112950 | 4072977 |
| **Singapore 1.72%** |  |  |
| *Entertainment* |  |  |
| Sea Ltd. ADR\* | 27193 | 4259783 |
| **Spain 1.54%** |  |  |
| *Electric: Utilities* |  |  |
| Iberdrola SA | 217087 | 3815593 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **Sweden 0.73%** | | | |
| *Machinery* |  |  |  |
| Volvo AB Class B | 62588 | $| 1797514 |
| **Switzerland 1.72%** |  |  |  |
| *Building Products 0.65%* |  |  |  |
| Belimo Holding AG Registered Shares | 1378 |  | 1603617 |
| *Capital Markets 0.65%* |  |  |  |
| Partners Group Holding AG | 1191 |  | 1601057 |
| *Health Care Equipment & Supplies 0.42%* | *Health Care Equipment & Supplies 0.42%* | *Health Care Equipment & Supplies 0.42%* | *Health Care Equipment & Supplies 0.42%* |
| Straumann Holding AG Registered Shares | 8647 |  | 1053549 |
| *Total Switzerland* |  |  | 4258223 |
| **Taiwan 5.98%** |  |  |  |
| *Communications Equipment 1.96%* |  |  |  |
| Accton Technology Corp. | 164000 |  | 4843607 |
| *Semiconductors & Semiconductor Equipment 2.97%* | *Semiconductors & Semiconductor Equipment 2.97%* | *Semiconductors & Semiconductor Equipment 2.97%* | *Semiconductors & Semiconductor Equipment 2.97%* |
| Realtek Semiconductor Corp. | 136537 |  | 2610705 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 123036 |  | 4736794 |
|  |  |  | 7347499 |
| *Technology Hardware, Storage & Peripherals 1.05%* | *Technology Hardware, Storage & Peripherals 1.05%* | *Technology Hardware, Storage & Peripherals 1.05%* | *Technology Hardware, Storage & Peripherals 1.05%* |
| Asia Vital Components Co. Ltd. | 86000 |  | 2613906 |
| *Total Taiwan* |  |  | 14805012 |
| **United Kingdom 5.25%** |  |  |  |
| *Broadline Retail 1.00%* |  |  |  |
| Next PLC | 15278 |  | 2479940 |
| *Capital Markets 0.08%* |  |  |  |
| London Stock Exchange Group PLC | 1667 |  | 203199 |

---

12 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

GLOBAL EQUITY FUND *July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **United Kingdom (continued)** | | | |
| *Household Durables 0.84%* |  |  |  |
| Persimmon PLC | 136605 | $| 2059831 |
| *Personal Care Products 0.93%* |  |  |  |
| Unilever PLC | 39627 |  | 2299176 |
| *Tobacco 1.75%* |  |  |  |
| Imperial Brands PLC | 111162 |  | 4333026 |
| *Trading Companies & Distributors 0.65%* | *Trading Companies & Distributors 0.65%* | *Trading Companies & Distributors 0.65%* | *Trading Companies & Distributors 0.65%* |
| Ashtead Group PLC | 24117 |  | 1611288 |
| *Total United Kingdom* |  |  | 12986460 |
| **United States 51.41%** |  |  |  |
| *Aerospace & Defense 0.69%* |  |  |  |
| TransDigm Group, Inc. | 1057 |  | 1700142 |
| *Banks 3.04%* |  |  |  |
| East West Bancorp, Inc. | 40076 |  | 4017619 |
| JPMorgan Chase & Co. | 11795 |  | 3494151 |
|  |  |  | 7511770 |
| *Biotechnology 1.04%* |  |  |  |
| AbbVie, Inc. | 13579 |  | 2566703 |
| *Broadline Retail 3.65%* |  |  |  |
| Amazon.com, Inc.\* | 38551 |  | 9025175 |
| *Building Products 0.09%* |  |  |  |
| Builders FirstSource, Inc.\* | 1835 |  | 233283 |
| *Capital Markets 2.98%* |  |  |  |
| Ameriprise Financial, Inc. | 2160 |  | 1119290 |
| Charles Schwab Corp. | 42661 |  | 4169260 |
| Moody's Corp. | 4050 |  | 2088706 |
|  |  |  | 7377256 |
| *Construction Materials 0.31%* |  |  |  |
| CRH PLC | 8084 |  | 771618 |
| *Consumer Staples Distribution & Retail 0.55%* |  |  |  |
| BJ's Wholesale Club Holdings, Inc.\* | 12934 |  | 1369711 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **United States (continued)** | | | |
| *Distributors 0.13%* |  |  |  |
| Pool Corp. | 1042 | $| 321082 |
| *Electronic Equipment, Instruments & Components 0.71%* | *Electronic Equipment, Instruments & Components 0.71%* | *Electronic Equipment, Instruments & Components 0.71%* | *Electronic Equipment, Instruments & Components 0.71%* |
| Amphenol Corp. Class A | 16469 |  | 1754113 |
| *Entertainment 1.49%* |  |  |  |
| Netflix, Inc.\* | 3188 |  | 3696167 |
| *Financial Services 1.61%* |  |  |  |
| Fiserv, Inc.\* | 4413 |  | 613142 |
| Visa, Inc. Class A | 9754 |  | 3369715 |
|  |  |  | 3982857 |
| *Ground Transportation 1.58%* |  |  |  |
| Uber Technologies, Inc.\* | 44683 |  | 3920933 |
| *Health Care Equipment & Supplies 2.19%* |  |  |  |
| Dexcom, Inc.\* | 37389 |  | 3019910 |
| IDEXX Laboratories, Inc.\* | 4485 |  | 2396380 |
|  |  |  | 5416290 |
| *Health Care Providers & Services 2.01%* |  |  |  |
| Cigna Group | 8923 |  | 2385832 |
| McKesson Corp. | 3743 |  | 2595920 |
|  |  |  | 4981752 |
| *Health Care Technology 0.75%* |  |  |  |
| Veeva Systems, Inc. Class A\* | 6560 |  | 1864352 |
| *Hotels, Restaurants & Leisure 0.86%* |  |  |  |
| Domino's Pizza, Inc. | 4618 |  | 2139104 |
| *Insurance 0.97%* |  |  |  |
| Aon PLC Class A | 3579 |  | 1273086 |
| Progressive Corp. | 4654 |  | 1126454 |
|  |  |  | 2399540 |
| *Interactive Media & Services 7.30%* |  |  |  |
| Alphabet, Inc. Class A | 54009 |  | 10364327 |
| Meta Platforms, Inc. Class A | 9942 |  | 7689541 |
|  |  |  | 18053868 |

---

*See Notes to Schedule of Investments.* 13

**Schedule of Investments (unaudited)(continued)**

GLOBAL EQUITY FUND *July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **United States (continued)** | | | |
| *Media 0.25%* |  |  |  |
| Trade Desk, Inc. Class A\* | 7093 | $| 616807 |
| *Oil, Gas & Consumable Fuels 0.98%* |  |  |  |
| Cheniere Energy, Inc. | 10243 |  | 2416119 |
| *Professional Services 0.13%* |  |  |  |
| Booz Allen Hamilton Holding Corp. | 2886 |  | 309754 |
| *Semiconductors & Semiconductor Equipment 7.22%* | *Semiconductors & Semiconductor Equipment 7.22%* | *Semiconductors & Semiconductor Equipment 7.22%* | *Semiconductors & Semiconductor Equipment 7.22%* |
| Broadcom, Inc. | 16548 |  | 4860148 |
| KLA Corp. | 751 |  | 660151 |
| NVIDIA Corp. | 69342 |  | 12333862 |
|  |  |  | 17854161 |
| *Software 7.85%* |  |  |  |
| Adobe, Inc.\* | 6035 |  | 2158659 |
| Datadog, Inc. Class A\* | 9482 |  | 1327290 |
| Intuit, Inc. | 2991 |  | 2348324 |
| Microsoft Corp. | 20867 |  | 11132545 |
| Salesforce, Inc. | 9489 |  | 2451293 |
|  |  |  | 19418111 |
| *Specialty Retail 2.33%* |  |  |  |
| Carvana Co.\* | 5160 |  | 2013277 |
| Lowe's Cos., Inc. | 3362 |  | 751642 |
| Ulta Beauty, Inc.\* | 5848 |  | 3011779 |
|  |  |  | 5776698 |
| *Trading Companies & Distributors 0.70%* |  |  |  |
| Core & Main, Inc. Class A\* | 27147 |  | 1727635 |
| *Total United States* |  |  | 127205001 |
| *Total Common Stocks*<br> (cost $204,894,435) |  |  | 236399172 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **PREFERRED STOCKS 0.98%** | | |
| **Germany 0.98%** | | |
| *Chemicals 0.98%* |  |  |
| FUCHS SE | 53123 | $2430923 |
| *Total Preferred Stocks*<br> (cost $2,617,565) |  | 2430923 |
| *Total Long-Term Investments*<br> (cost $207,512,000) |  | 238830095 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 7.09%** | **SHORT-TERM INVESTMENTS 7.09%** |  |
| **Repurchase Agreements 7.09%** | **Repurchase Agreements 7.09%** |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $18,132,200 of U.S. Treasury Note at 2.750% due 4/30/2027; value: $17,884,352; proceeds: $17,535,523<br> (cost $17,533,574) | $17533574 | 17533574 |
| *Total Investments in Securities 103.61%*<br> (cost $225,045,574) |  | 256363669 |
| *Other Assets and Liabilities – Net (3.61)%* |  | (8938897) |
| *Net Assets 100.00%* |  | $247424772 |

---

---

| | |
|:---|:---|
| 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 July 31, 2025, the total value of Rule 144A securities was $5,457,841, which represents 2.21% of net assets. |
| \* | Non-income producing security. |

---

14 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

GLOBAL EQUITY FUND *July 31, 2025*

The following is a summary of the inputs used as of July 31, 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 | $– | $2296973 | $– | $2296973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 5457841 |  | 5457841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 4318761 | 9378906 |  | 13697667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 10519131 |  | 10519131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 666260 |  | 666260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 4205584 |  | 4205584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 14276592 |  | 14276592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 3815593 |  | 3815593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1797514 |  | 1797514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 4258223 |  | 4258223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 14805012 |  | 14805012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 12986460 |  | 12986460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Countries | 147616322 |  |  | 147616322 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  | 2430923 |  | 2430923 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 17533574 | – | 17533574 |
| Total | $151935083 | $104428586 | $– | $256363669 |

---

<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 Schedule of Investments.* 15

**Schedule of Investments (unaudited)**

GROWTH LEADERS FUND *July 31, 2025*

 

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 96.42%** | **LONG-TERM INVESTMENTS 96.42%** |  |  |
| **COMMON STOCKS 96.42%** | **COMMON STOCKS 96.42%** |  |  |
| **Aerospace & Defense 4.69%** | **Aerospace & Defense 4.69%** |  |  |
| Axon Enterprise, Inc.\* | 186379 | $| 140807471 |
| General Electric Co. | 516462 |  | 140002519 |
| TransDigm Group, Inc. | 49812 |  | 80120609 |
| *Total* |  |  | 360930599 |
| **Biotechnology 2.88%** |  |  |  |
| Argenx SE ADR\* | 64220 |  | 43048593 |
| Insmed, Inc.\* | 972013 |  | 104277555 |
| Natera, Inc.\* | 552852 |  | 73894198 |
| *Total* |  |  | 221220346 |
| **Broadline Retail 7.80%** |  |  |  |
| Amazon.com, Inc.\* | 1922125 |  | 449988684 |
| MercadoLibre, Inc. (Uruguay)\*<sup>(a)</sup> | 62926 |  | 149379402 |
| *Total* |  |  | 599368086 |
| **Capital Markets 2.61%** |  |  |  |
| ARES Management Corp. Class A | 336869 |  | 62499306 |
| Robinhood Markets, Inc. Class A\* | 1342827 |  | 138378322 |
| *Total* |  |  | 200877628 |
| **Communications Equipment 2.96%** | **Communications Equipment 2.96%** |  |  |
| Arista Networks, Inc.\* | 1843703 |  | 227181084 |
| **Construction & Engineering 2.40%** | **Construction & Engineering 2.40%** |  |  |
| Comfort Systems USA, Inc. | 66996 |  | 47118287 |
| EMCOR Group, Inc. | 218426 |  | 137060130 |
| *Total* |  |  | 184178417 |
| **Diversified Consumer Services 0.64%** | **Diversified Consumer Services 0.64%** |  |  |
| Duolingo, Inc.\* | 141882 |  | 49169207 |
| **Electronic Equipment, Instruments & Components 1.12%** | **Electronic Equipment, Instruments & Components 1.12%** | **Electronic Equipment, Instruments & Components 1.12%** | **Electronic Equipment, Instruments & Components 1.12%** |
| Amphenol Corp. Class A | 807766 |  | 86035157 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Entertainment 5.93%** | | | |
| Netflix, Inc.\* | 207787 | $| 240908248 |
| Sea Ltd. ADR\* | 553369 |  | 86685254 |
| Spotify Technology SA (Sweden)\*<sup>(a)</sup> | 204942 |  | 128404360 |
| *Total* |  |  | 455997862 |
| **Financial Services 3.74%** |  |  |  |
| Affirm Holdings, Inc.\* | 828313 |  | 56789139 |
| Toast, Inc. Class A\* | 2814734 |  | 137471609 |
| Visa, Inc. Class A | 269859 |  | 93228189 |
| *Total* |  |  | 287488937 |
| **Ground Transportation 1.10%** | **Ground Transportation 1.10%** |  |  |
| Uber Technologies, Inc.\* | 965919 |  | 84759392 |
| **Health Care Equipment & Supplies 3.14%** | **Health Care Equipment & Supplies 3.14%** |  |  |
| Boston Scientific Corp.\* | 1253028 |  | 131467698 |
| Intuitive Surgical, Inc.\* | 228297 |  | 109831403 |
| *Total* |  |  | 241299101 |
| **Hotels, Restaurants & Leisure 2.88%** | **Hotels, Restaurants & Leisure 2.88%** |  |  |
| Booking Holdings, Inc. | 9855 |  | 54242511 |
| DoorDash, Inc. Class A\* | 667406 |  | 167018352 |
| *Total* |  |  | 221260863 |
| **Information Technology Services 4.67%** | **Information Technology Services 4.67%** |  |  |
| Cloudflare, Inc. Class A\* | 749744 |  | 155706834 |
| Shopify, Inc. Class A (Canada)\*<sup>(a)</sup> | 1034309 |  | 126402903 |
| Snowflake, Inc. Class A\* | 345817 |  | 77290099 |
| *Total* |  |  | 359399836 |
| **Interactive Media & Services 10.43%** | **Interactive Media & Services 10.43%** |  |  |
| Alphabet, Inc. Class A | 1032283 |  | 198095108 |
| Meta Platforms, Inc. Class A | 686405 |  | 530893083 |
| Reddit, Inc. Class A\* | 455969 |  | 73224062 |
| *Total* |  |  | 802212253 |
| **Semiconductors & Semiconductor Equipment 16.09%** | **Semiconductors & Semiconductor Equipment 16.09%** | **Semiconductors & Semiconductor Equipment 16.09%** | **Semiconductors & Semiconductor Equipment 16.09%** |
| Astera Labs, Inc.\* | 987104 |  | 134966730 |
| Broadcom, Inc. | 802424 |  | 235671929 |
| NVIDIA Corp. | 4872053 |  | 866592067 |
| *Total* |  |  | 1237230726 |

---

16 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

GROWTH LEADERS FUND *July 31, 2025*

 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Software 17.97%** |  |  |
| AppLovin Corp. Class A\* | 334971 | $130873170 |
| Atlassian Corp. Class A (Australia)\*<sup>(a)</sup> | 194875 | 37373127 |
| Cadence Design Systems, Inc.\* | 155466 | 56678240 |
| Crowdstrike Holdings, Inc. Class A\* | 286968 | 130447044 |
| Figma, Inc. Class A\* | 61863 | 7145177 |
| Guidewire Software, Inc.\* | 447335 | 101196124 |
| Intuit, Inc. | 141524 | 111114738 |
| Microsoft Corp. | 737619 | 393519736 |
| Oracle Corp. | 623324 | 158180931 |
| Palantir Technologies, Inc. Class A\* | 965526 | 152891042 |
| ServiceNow, Inc.\* | 108018 | 101873936 |
| *Total* |  | 1381293265 |
| **Specialty Retail 2.50%** |  |  |
| Carvana Co.\* | 493419 | 192517291 |
| **Technology Hardware, Storage & Peripherals 2.87%** | **Technology Hardware, Storage & Peripherals 2.87%** |  |
| Apple, Inc. | 1063927 | 220839327 |
| *Total Common Stocks*<br> (cost $4,315,798,329) |  | 7413259377 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 1.53%** | **SHORT-TERM INVESTMENTS 1.53%** |  |
| **Repurchase Agreements 1.53%** | **Repurchase Agreements 1.53%** |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $121,576,200 of U.S. Treasury Note at 2.750% due 4/30/2027; value: $119,914,088; proceeds: $117,575,770 <br> (cost $117,562,708) | $117562708 | $117562708 |
| *Total Investments in Securities 97.95%*<br> (cost $4,433,361,037) |  | 7530822085 |
| *Other Assets and Liabilities – Net 2.05%* |  | 157260035 |
| *Net Assets 100.00%* |  | $7688082120 |

---

ADR American Depositary Receipt. <br> \* Non-income producing security. <br> <sup>(a)</sup> Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of July 31, 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 | $7413259377 | $– | $– | $7413259377 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 117562708 | – | 117562708 |
| Total | $7413259377 | $117562708 | $– | $7530822085 |

---

<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 Schedule of Investments.* 17

**Schedule of Investments (unaudited)**

HEALTH CARE FUND *July 31, 2025*

 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 96.95%** | **LONG-TERM INVESTMENTS 96.95%** |  |
| **COMMON STOCKS 96.95%** |  |  |
| **Australia 0.61%** |  |  |
| *Biotechnology* |  |  |
| Telix Pharmaceuticals Ltd.\* | 3254 | $43594 |
| **Belgium 2.64%** |  |  |
| *Pharmaceuticals* |  |  |
| UCB SA | 883 | 189717 |
| **Denmark 2.09%** |  |  |
| *Biotechnology 1.50%* |  |  |
| Ascendis Pharma AS ADR\* | 621 | 107743 |
| *Pharmaceuticals 0.59%* |  |  |
| Novo Nordisk AS Class B | 917 | 42648 |
| *Total Denmark* |  | 150391 |
| **France 3.21%** |  |  |
| *Biotechnology 0.52%* |  |  |
| Abivax SA ADR\* | 521 | 37392 |
| *Health Care Equipment & Supplies 2.69%* | *Health Care Equipment & Supplies 2.69%* |  |
| BioMerieux | 395 | 56518 |
| EssilorLuxottica SA | 460 | 136783 |
|  |  | 193301 |
| *Total France* |  | 230693 |
| **Israel 0.64%** |  |  |
| *Pharmaceuticals* |  |  |
| Teva Pharmaceutical Industries Ltd. ADR\* | 2957 | 45686 |
| **Japan 1.02%** |  |  |
| *Health Care Equipment & Supplies* |  |  |
| Terumo Corp. | 4336 | 73527 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Netherlands 4.88%** |  |  |
| *Biotechnology* |  |  |
| Argenx SE\* | 406 | $272728 |
| Merus NV\* | 1169 | 77435 |
|  |  | 350163 |
| **Spain 1.81%** |  |  |
| *Biotechnology* |  |  |
| Pharma Mar SA\* | 1427 | 130074 |
| **Sweden 0.96%** |  |  |
| *Biotechnology* |  |  |
| Swedish Orphan Biovitrum AB\* | 2494 | 68576 |
| **Switzerland 4.06%** |  |  |
| *Life Sciences Tools & Services 2.32%* | *Life Sciences Tools & Services 2.32%* |  |
| Lonza Group AG Registered Shares | 239 | 166576 |
| *Pharmaceuticals 1.74%* |  |  |
| Galderma Group AG | 813 | 125298 |
| *Total Switzerland* |  | 291874 |
| **United Kingdom 2.98%** |  |  |
| *Pharmaceuticals* |  |  |
| AstraZeneca PLC | 1468 | 214169 |
| **United States 72.05%** |  |  |
| *Biotechnology 24.81%* |  |  |
| AbbVie, Inc. | 192 | 36292 |
| ADMA Biologics, Inc.\* | 4968 | 92901 |
| Akero Therapeutics, Inc.\* | 1274 | 62235 |
| Alnylam Pharmaceuticals, Inc.\* | 225 | 88254 |
| Arcellx, Inc.\* | 1165 | 83169 |
| Bridgebio Pharma, Inc.\* | 2278 | 107681 |
| Celcuity, Inc.\* | 1382 | 54126 |
| Gilead Sciences, Inc. | 2551 | 286452 |
| Insmed, Inc.\* | 1597 | 171326 |

---

18 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HEALTH CARE FUND *July 31, 2025*

 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United States (continued)** |  |  |
| Madrigal Pharmaceuticals, Inc.\* | 239 | $72300 |
| Mirum Pharmaceuticals, Inc.\* | 1651 | 85324 |
| Natera, Inc.\* | 1151 | 153843 |
| Neurocrine Biosciences, Inc.\* | 589 | 75527 |
| Nuvalent, Inc. Class A\* | 520 | 40742 |
| PTC Therapeutics, Inc.\* | 1125 | 58624 |
| Rhythm Pharmaceuticals, Inc.\* | 1461 | 124521 |
| Soleno Therapeutics, Inc.\* | 1229 | 106272 |
| TG Therapeutics, Inc.\* | 1432 | 50836 |
| United Therapeutics Corp.\* | 116 | 31865 |
|  |  | 1782290 |
| *Health Care Equipment & Supplies 24.69%* | *Health Care Equipment & Supplies 24.69%* |  |
| Abbott Laboratories | 1619 | 204302 |
| Alcon AG | 1057 | 92540 |
| Boston Scientific Corp.\* | 3532 | 370577 |
| Ceribell, Inc.\* | 3719 | 53554 |
| IDEXX Laboratories, Inc.\* | 67 | 35799 |
| Insulet Corp.\* | 453 | 130645 |
| Intuitive Surgical, Inc.\* | 700 | 336763 |
| iRhythm Technologies, Inc.\* | 497 | 69669 |
| Masimo Corp.\* | 326 | 50136 |
| Penumbra, Inc.\* | 326 | 82240 |
| PROCEPT BioRobotics Corp.\* | 1257 | 60977 |
| Stryker Corp. | 729 | 286300 |
|  |  | 1773502 |
| *Health Care Providers & Services 9.37%* | *Health Care Providers & Services 9.37%* |  |
| Cencora, Inc. | 681 | 194821 |
| CVS Health Corp. | 1759 | 109234 |
| Encompass Health Corp. | 968 | 106586 |
| GeneDx Holdings Corp.\* | 601 | 61272 |
| Guardant Health, Inc.\* | 2459 | 100770 |
| HealthEquity, Inc.\* | 348 | 33756 |
| Hinge Health, Inc. Class A\* | 1480 | 66526 |
|  |  | 672965 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United States (continued)** |  |  |
| *Health Care Technology 3.69%* |  |  |
| Doximity, Inc. Class A\* | 1043 | $61276 |
| Veeva Systems, Inc. Class A\* | 400 | 113680 |
| Waystar Holding Corp.\* | 2443 | 90342 |
|  |  | 265298 |
| *Pharmaceuticals 9.49%* |  |  |
| Eli Lilly & Co. | 682 | 504728 |
| Tarsus Pharmaceuticals, Inc.\* | 4548 | 176553 |
|  |  | 681281 |
| *Total United States* |  | 5175336 |
| *Total Common Stocks*<br> (cost $5,325,358) |  | 6963800 |
|  | **Principal**<br> **Amount** |  |
| **SHORT-TERM INVESTMENTS 2.48%** |  |  |
| **Repurchase Agreements 2.48%** |  |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $178,700 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $182,036; proceeds: $178,338<br> (cost $178,318) | $178318 | 178318 |
| *Total Investments in Securities 99.43%*<br> (cost $5,503,676) |  | 7142118 |
| *Other Assets and Liabilities – Net 0.57%* |  | 41192 |
| *Net Assets 100.00%* |  | $7183310 |

---

ADR American Depositary Receipt. <br> \* Non-income producing security.

 

*See Notes to Schedule of Investments.* 19

**Schedule of Investments (unaudited)(concluded)**

HEALTH CARE FUND *July 31, 2025*

 

The following is a summary of the inputs used as of July 31, 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 | $– | $43594 | $– | $43594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 189717 |  | 189717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | 107743 | 42648 |  | 150391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 37392 | 193301 |  | 230693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 73527 |  | 73527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 77435 | 272728 |  | 350163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 130074 |  | 130074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 68576 |  | 68576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 291874 |  | 291874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 214169 |  | 214169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Countries | 5221022 |  |  | 5221022 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 178318 | – | 178318 |
| Total | $5443592 | $1698526 | $– | $7142118 |

---

<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.

20 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)**

INTERNATIONAL EQUITY FUND *July 31, 2025*

 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 97.66%** | **LONG-TERM INVESTMENTS 97.66%** |  |
| **COMMON STOCKS 97.66%** |  |  |
| **Australia 1.40%** |  |  |
| *Diversified REITS 0.63%* |  |  |
| Charter Hall Group | 210055 | $2706215 |
| *Insurance 0.77%* |  |  |
| QBE Insurance Group Ltd. | 221868 | 3291238 |
| *Total Australia* |  | 5997453 |
| **Austria 2.14%** |  |  |
| *Banks* |  |  |
| BAWAG Group AG<sup>†</sup> | 33159 | 4184913 |
| Erste Group Bank AG | 54474 | 4981313 |
|  |  | 9166226 |
| **Brazil 1.29%** |  |  |
| *Broadline Retail 0.75%* |  |  |
| MercadoLibre, Inc.\* | 1354 | 3214247 |
| *Capital Markets 0.54%* |  |  |
| B3 SA – Brasil Bolsa Balcao | 1033300 | 2321421 |
| *Total Brazil* |  | 5535668 |
| **Canada 1.51%** |  |  |
| *Broadline Retail 0.57%* |  |  |
| Dollarama, Inc. | 17810 | 2434222 |
| *Electronic Equipment, Instruments & Components 0.25%* | *Electronic Equipment, Instruments & Components 0.25%* |  |
| Celestica, Inc.\* | 5343 | 1067852 |
| *Oil, Gas & Consumable Fuels 0.69%* |  |  |
| Imperial Oil Ltd. | 35426 | 2953786 |
| *Total Canada* |  | 6455860 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **China 5.47%** |  |  |
| *Automobiles 0.59%* |  |  |
| BYD Co. Ltd. Class H | 173472 | $2532838 |
| *Broadline Retail 1.50%* |  |  |
| Alibaba Group Holding Ltd. | 428000 | 6434880 |
| *Interactive Media & Services 2.13%* |  |  |
| Tencent Holdings Ltd. | 130247 | 9118879 |
| *Technology Hardware, Storage & Peripherals 0.64%* | *Technology Hardware, Storage & Peripherals 0.64%* |  |
| Xiaomi Corp. Class B<sup>†\*</sup> | 408400 | 2747695 |
| *Textiles, Apparel & Luxury Goods 0.61%* | *Textiles, Apparel & Luxury Goods 0.61%* |  |
| ANTA Sports Products Ltd. | 225400 | 2587160 |
| *Total China* |  | 23421452 |
| **Denmark 1.39%** |  |  |
| *Air Freight & Logistics 0.76%* |  |  |
| DSV AS | 14463 | 3240940 |
| *Beverages 0.63%* |  |  |
| Carlsberg AS Class B | 21866 | 2725973 |
| *Total Denmark* |  | 5966913 |
| **France 10.98%** |  |  |
| *Aerospace & Defense 0.75%* |  |  |
| Safran SA | 9766 | 3220350 |
| *Banks 1.19%* |  |  |
| Societe Generale SA | 80016 | 5107302 |
| *Beverages 0.53%* |  |  |
| Pernod Ricard SA | 22000 | 2260911 |
| *Building Products 1.88%* |  |  |
| Cie de Saint-Gobain SA | 70180 | 8050846 |
| *Chemicals 1.17%* |  |  |
| Air Liquide SA | 25521 | 5020911 |

---

*See Notes to Schedule of Investments.* 21

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL EQUITY FUND *July 31, 2025*

 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **France (continued)** |  |  |
| *Health Care Equipment & Supplies 1.78%* | *Health Care Equipment & Supplies 1.78%* |  |
| BioMerieux | 15511 | $2219380 |
| EssilorLuxottica SA | 18115 | 5386574 |
|  |  | 7605954 |
| *Insurance 1.31%* |  |  |
| AXA SA | 115210 | 5595650 |
| *Media 0.60%* |  |  |
| Publicis Groupe SA | 27920 | 2551377 |
| *Oil, Gas & Consumable Fuels 0.87%* |  |  |
| TotalEnergies SE | 62798 | 3734312 |
| *Personal Care Products 0.90%* |  |  |
| L'Oreal SA | 8720 | 3858451 |
| *Total France* |  | 47006064 |
| **Germany 12.35%** |  |  |
| *Aerospace & Defense 1.32%* |  |  |
| Rheinmetall AG | 2850 | 5641564 |
| *Automobiles 0.33%* |  |  |
| Bayerische Motoren Werke AG | 15025 | 1429649 |
| *Banks 1.10%* |  |  |
| Commerzbank AG | 128600 | 4689504 |
| *Construction Materials 1.35%* |  |  |
| Heidelberg Materials AG | 25090 | 5788125 |
| *Diversified Telecommunication Services 1.00%* | *Diversified Telecommunication Services 1.00%* |  |
| Deutsche Telekom AG Registered Shares | 119107 | 4271879 |
| *Electrical Equipment 1.67%* |  |  |
| Siemens Energy AG\* | 61800 | 7155121 |
| *Industrial Conglomerates 1.39%* |  |  |
| Siemens AG | 23386 | 5956487 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Germany (continued)** |  |  |
| *Insurance 1.40%* |  |  |
| Allianz SE Registered Shares | 15171 | $5995240 |
| *Semiconductors & Semiconductor Equipment 0.86%* | *Semiconductors & Semiconductor Equipment 0.86%* |  |
| Infineon Technologies AG | 94138 | 3698034 |
| *Software 1.93%* |  |  |
| SAP SE | 28874 | 8256680 |
| *Total Germany* |  | 52882283 |
| **Greece 1.23%** |  |  |
| *Banks* |  |  |
| Alpha Bank SA | 1407299 | 5267701 |
| **Hungary 0.82%** |  |  |
| *Banks* |  |  |
| OTP Bank Nyrt | 43090 | 3496576 |
| **India 4.22%** |  |  |
| *Banks 0.98%* |  |  |
| ICICI Bank Ltd. ADR | 124576 | 4198211 |
| *Electric: Utilities 0.57%* |  |  |
| Power Grid Corp. of India Ltd. | 732218 | 2420543 |
| *Health Care Providers & Services 0.66%* | *Health Care Providers & Services 0.66%* |  |
| Max Healthcare Institute Ltd. | 199984 | 2837288 |
| *Hotels, Restaurants & Leisure 0.56%* |  |  |
| Indian Hotels Co. Ltd. | 286447 | 2409325 |
| *Oil, Gas & Consumable Fuels 0.46%* |  |  |
| Reliance Industries Ltd. | 124597 | 1967696 |
| *Wireless Telecommunication Services 0.99%* | *Wireless Telecommunication Services 0.99%* |  |
| Bharti Airtel Ltd. | 195200 | 4249335 |
| *Total India* |  | 18082398 |

---

22 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL EQUITY FUND *July 31, 2025*

 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Ireland 1.62%** | | |
| *Banks 1.00%* |  |  |
| AIB Group PLC | 540596 | $4264572 |
| *Trading Companies & Distributors 0.62%* | *Trading Companies & Distributors 0.62%* |  |
| AerCap Holdings NV | 24959 | 2676853 |
| *Total Ireland* |  | 6941425 |
| **Italy 2.98%** |  |  |
| *Banks 1.55%* |  |  |
| UniCredit SpA | 90151 | 6632749 |
| *Beverages 0.70%* |  |  |
| Coca-Cola HBC AG | 57417 | 2984087 |
| *Textiles, Apparel & Luxury Goods 0.73%* | *Textiles, Apparel & Luxury Goods 0.73%* |  |
| Brunello Cucinelli SpA | 28088 | 3149864 |
| *Total Italy* |  | 12766700 |
| **Japan 12.69%** |  |  |
| *Automobiles 0.65%* |  |  |
| Toyota Motor Corp. | 156200 | 2778423 |
| *Banks 1.73%* |  |  |
| Mizuho Financial Group, Inc. | 116000 | 3402472 |
| Sumitomo Mitsui Financial Group, Inc. | 159121 | 4014083 |
|  |  | 7416555 |
| *Building Products 0.57%* |  |  |
| Sanwa Holdings Corp. | 89400 | 2438995 |
| *Entertainment 1.70%* |  |  |
| Nintendo Co. Ltd. | 87100 | 7279721 |
| *Health Care Equipment & Supplies 0.69%* | *Health Care Equipment & Supplies 0.69%* |  |
| Terumo Corp. | 173300 | 2938694 |
| *Industrial Conglomerates 2.19%* |  |  |
| Hitachi Ltd. | 306600 | 9382157 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **Japan (continued)** |  |  |  |
| *Information Technology Services 1.10%* | *Information Technology Services 1.10%* |  |  |
| Fujitsu Ltd. | 216100 | $| 4707504 |
| *Insurance 0.77%* |  |  |  |
| Sompo Holdings, Inc. | 111800 |  | 3296650 |
| *Machinery 1.06%* |  |  |  |
| Mitsubishi Heavy Industries Ltd. | 189700 |  | 4529353 |
| *Semiconductors & Semiconductor Equipment 0.63%* | *Semiconductors & Semiconductor Equipment 0.63%* | *Semiconductors & Semiconductor Equipment 0.63%* | *Semiconductors & Semiconductor Equipment 0.63%* |
| Tokyo Electron Ltd. | 17000 |  | 2702638 |
| *Textiles, Apparel & Luxury Goods 0.63%* | *Textiles, Apparel & Luxury Goods 0.63%* |  |  |
| Asics Corp. | 114300 |  | 2687111 |
| *Tobacco 0.97%* |  |  |  |
| Japan Tobacco, Inc. | 146200 |  | 4175416 |
| *Total Japan* |  |  | 54333217 |
| **Mexico 0.79%** |  |  |  |
| *Banks* |  |  |  |
| Grupo Financiero Banorte SAB de CV Class O | 378100 |  | 3369529 |
| **Netherlands 1.84%** |  |  |  |
| *Chemicals 0.48%* |  |  |  |
| Akzo Nobel NV | 33085 |  | 2077784 |
| *Insurance 1.36%* |  |  |  |
| NN Group NV | 86488 |  | 5823721 |
| *Total Netherlands* |  |  | 7901505 |
| **Peru 0.83%** |  |  |  |
| *Banks* |  |  |  |
| Credicorp Ltd. | 15030 |  | 3562110 |
| **Singapore 0.93%** |  |  |  |
| *Banks* |  |  |  |
| DBS Group Holdings Ltd. | 108900 |  | 3997117 |

---

*See Notes to Schedule of Investments.* 23

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL EQUITY FUND *July 31, 2025*

 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **South Korea 2.40%** |  |  |
| *Aerospace & Defense 1.10%* |  |  |
| Hanwha Aerospace Co. Ltd. | 6600 | $4708784 |
| *Banks 0.75%* |  |  |
| KB Financial Group, Inc. | 40305 | 3202158 |
| *Electrical Equipment 0.55%* |  |  |
| LS Electric Co. Ltd. | 10818 | 2387670 |
| *Total South Korea* |  | 10298612 |
| **Spain 2.93%** |  |  |
| *Banks 1.16%* |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 298296 | 4975057 |
| *Electric: Utilities 1.29%* |  |  |
| Iberdrola SA | 313028 | 5501886 |
| *Information Technology Services 0.48%* | *Information Technology Services 0.48%* |  |
| Indra Sistemas SA<sup>(a)</sup> | 49767 | 2061548 |
| *Total Spain* |  | 12538491 |
| **Sweden 0.52%** |  |  |
| *Machinery* |  |  |
| Volvo AB Class B | 77995 | 2240000 |
| **Switzerland 4.45%** |  |  |
| *Building Products 0.73%* |  |  |
| Belimo Holding AG Registered Shares | 2703 | 3145556 |
| *Chemicals 0.68%* |  |  |
| Givaudan SA | 695 | 2905341 |
| *Electrical Equipment 0.84%* |  |  |
| ABB Ltd. Registered Shares | 55000 | 3591395 |
| *Food Products 0.57%* |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 165 | 2427244 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Switzerland (continued)** |  |  |
| *Life Sciences Tools & Services 1.00%* |  |  |
| Lonza Group AG Registered Shares | 6153 | $4288450 |
| *Textiles, Apparel & Luxury Goods 0.63%* | *Textiles, Apparel & Luxury Goods 0.63%* |  |
| Cie Financiere Richemont SA Class A | 16424 | 2681648 |
| *Total Switzerland* |  | 19039634 |
| **Taiwan 4.79%** |  |  |
| *Semiconductors & Semiconductor Equipment 4.43%* | *Semiconductors & Semiconductor Equipment 4.43%* |  |
| MediaTek, Inc. | 32000 | 1449106 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 454714 | 17506149 |
|  |  | 18955255 |
| *Technology Hardware, Storage & Peripherals 0.36%* | *Technology Hardware, Storage & Peripherals 0.36%* |  |
| Asia Vital Components Co. Ltd. | 51000 | 1550107 |
| *Total Taiwan* |  | 20505362 |
| **United Kingdom 8.09%** |  |  |
| *Banks 1.01%* |  |  |
| NatWest Group PLC | 625216 | 4339984 |
| *Capital Markets 1.05%* |  |  |
| St. James's Place PLC | 261937 | 4508164 |
| *Electric: Utilities 0.67%* |  |  |
| SSE PLC | 115973 | 2842757 |
| *Personal Care Products 1.13%* |  |  |
| Unilever PLC | 83541 | 4847086 |
| *Pharmaceuticals 1.81%* |  |  |
| AstraZeneca PLC | 39474 | 5758926 |
| Hikma Pharmaceuticals PLC | 76305 | 1972274 |
|  |  | 7731200 |

---

24 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL EQUITY FUND *July 31, 2025*

 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United Kingdom (continued)** |  |  |
| *Professional Services 1.08%* |  |  |
| RELX PLC | 88912 | $4619963 |
| *Tobacco 1.34%* |  |  |
| Imperial Brands PLC | 147401 | 5745600 |
| *Total United Kingdom* |  | 34634754 |
| **United States 10.00%** |  |  |
| *Construction Materials 2.12%* |  |  |
| CRH PLC | 35719 | 3385137 |
| Holcim AG | 71263 | 5683219 |
|  |  | 9068356 |
| *Electrical Equipment 1.75%* |  |  |
| Schneider Electric SE | 29007 | 7506815 |
| *Entertainment 0.87%* |  |  |
| Spotify Technology SA\* | 5978 | 3745456 |
| *Health Care Equipment & Supplies 0.73%* | *Health Care Equipment & Supplies 0.73%* |  |
| Alcon AG | 35612 | 3122032 |
| *Interactive Media & Services 0.99%* |  |  |
| Meta Platforms, Inc. Class A | 5498 | 4252373 |
| *Oil, Gas & Consumable Fuels 1.58%* |  |  |
| Shell PLC | 188633 | 6778169 |
| *Pharmaceuticals 1.21%* |  |  |
| Novartis AG Registered Shares | 45476 | 5179127 |
| *Semiconductors & Semiconductor Equipment 0.75%* | *Semiconductors & Semiconductor Equipment 0.75%* |  |
| Broadcom, Inc. | 10886 | 3197218 |
| *Total United States* |  | 42849546 |
| *Total Common Stocks*<br> (cost $317,557,328) |  | 418256596 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **U.S. $ Fair Value** |
| **SHORT-TERM INVESTMENTS 2.17%** | **SHORT-TERM INVESTMENTS 2.17%** |  |
| **Repurchase Agreements 1.68%** | **Repurchase Agreements 1.68%** |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $7,203,600 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $7,335,026; proceeds: $7,191,993<br> (cost $7,191,194) | $7191194 | $7191194 |
| **Time Deposits 0.05%** |  |  |
| CitiBank N.A.<sup>(b)</sup><br> (cost $211,200) | 211200 | 211200 |
|  | **Shares** |  |
| **Money Market Funds 0.44%** |  |  |
| Fidelity Government Portfolio<sup>(b)</sup><br> (cost $1,900,800) | 1900800 | 1900800 |
| *Total Short-Term Investments*<br> (cost $9,303,194) |  | 9303194 |
| *Total Investments in Securities 99.83%*<br> (cost $326,860,522) |  | 427559790 |
| *Other Assets and Liabilities – Net 0.17%* |  | 717723 |
| *Net Assets 100.00%* |  | $428277513 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| REITS | Real Estate Investment Trusts. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At July 31, 2025, the total value of Rule 144A securities was $6,932,608, which represents 1.62% 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 Schedule of Investments.* 25

**Schedule of Investments (unaudited)(concluded)**

INTERNATIONAL EQUITY FUND *July 31, 2025*

 

The following is a summary of the inputs used as of July 31, 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 | $5535668 | $– | $– | $5535668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 6455860 |  |  | 6455860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 4198211 | 13884187 |  | 18082398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 2676853 | 4264572 |  | 6941425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 3369529 |  |  | 3369529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 3562110 |  |  | 3562110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 11195047 | 31654499 |  | 42849546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Countries |  | 331460060 |  | 331460060 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 7191194 |  | 7191194 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 211200 |  | 211200 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1900800 | – | – | 1900800 |
| Total | $38894078 | $388665712 | $– | $427559790 |

---

<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.

26 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)**

INTERNATIONAL OPPORTUNITIES FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 97.60%** |  |  |
| **COMMON STOCKS 97.60%** |  |  |
| **Australia 2.90%** |  |  |
| *Diversified REITS 1.09%* |  |  |
| Charter Hall Group | 265000 | $3414091 |
| *Insurance 0.89%* |  |  |
| Steadfast Group Ltd. | 735000 | 2797321 |
| *Professional Services 0.92%* |  |  |
| ALS Ltd. | 250000 | 2906369 |
| *Total Australia* |  | 9117781 |
| **Austria 1.55%** |  |  |
| *Banks 0.70%* |  |  |
| BAWAG Group AG<sup>†</sup> | 17376 | 2192980 |
| *Construction Materials 0.85%* |  |  |
| Wienerberger AG | 80000 | 2681792 |
| *Total Austria* |  | 4874772 |
| **Belgium 0.91%** |  |  |
| *Health Care REITS* |  |  |
| Aedifica SA | 39000 | 2869930 |
| **Canada 10.06%** |  |  |
| *Capital Markets 1.20%* |  |  |
| TMX Group Ltd. | 93000 | 3781481 |
| *Consumer Staples Distribution & Retail 1.07%* | *Consumer Staples Distribution & Retail 1.07%* |  |
| North West Co., Inc. | 97800 | 3356934 |
| *Gas Utilities 0.98%* |  |  |
| Brookfield Infrastructure Corp. Class A | 79489 | 3103031 |
| *Metals & Mining 1.46%* |  |  |
| Alamos Gold, Inc. Class A | 106929 | 2598369 |
| Capstone Copper Corp.\* | 356100 | 1996894 |
|  |  | 4595263 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **U.S. $ Fair Value** |
| **Canada (continued)** |  |  |  |
| *Oil, Gas & Consumable Fuels 3.08%* | *Oil, Gas & Consumable Fuels 3.08%* |  |  |
| MEG Energy Corp. |  | 185600 | $3658153 |
| Parkland Corp. |  | 134000 | 3782289 |
| Topaz Energy Corp. |  | 122000 | 2267249 |
|  |  |  | 9707691 |
| *Retail REITS 1.20%* |  |  |  |
| First Capital Real Estate Investment Trust |  | 282200 | 3786156 |
| *Trading Companies & Distributors 1.07%* | *Trading Companies & Distributors 1.07%* | *Trading Companies & Distributors 1.07%* |  |
| Finning International, Inc. |  | 77000 | 3355413 |
| *Total Canada* |  |  | 31685969 |
| **China 0.66%** |  |  |  |
| *Textiles, Apparel & Luxury Goods* |  |  |  |
| Xtep International Holdings Ltd. |  | 2900000 | 2076284 |
| **Denmark 0.40%** |  |  |  |
| *Beverages* |  |  |  |
| Royal Unibrew AS |  | 16954 | 1270627 |
| **Finland 1.39%** |  |  |  |
| *Containers & Packaging 0.38%* |  |  |  |
| Huhtamaki OYJ |  | 35000 | 1204678 |
| *Machinery 1.01%* |  |  |  |
| Hiab OYJ |  | 46500 | 3173359 |
| *Total Finland* |  |  | 4378037 |
| **France 7.91%** |  |  |  |
| *Aerospace & Defense 0.60%* |  |  |  |
| LISI SA |  | 35000 | 1891745 |
| *Beverages 0.47%* |  |  |  |
| Remy Cointreau SA |  | 25000 | 1484215 |
| *Biotechnology 0.67%* |  |  |  |
| Abivax SA ADR\* |  | 29500 | 2117215 |

---

*See Notes to Schedule of Investments.* 27

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL OPPORTUNITIES FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **France (continued)** |  |  |  |  |
| *Commercial Services & Supplies 0.96%* | *Commercial Services & Supplies 0.96%* |  |  |  |
| Elis SA |  | 110000 | $| 3032707 |
| *Electronic Equipment, Instruments & Components 0.41%* | *Electronic Equipment, Instruments & Components 0.41%* | *Electronic Equipment, Instruments & Components 0.41%* | *Electronic Equipment, Instruments & Components 0.41%* | *Electronic Equipment, Instruments & Components 0.41%* |
| VusionGroup |  | 5000 |  | 1285269 |
| *Energy Equipment & Services 0.74%* |  |  |  |  |
| Technip Energies NV |  | 54000 |  | 2331792 |
| *Hotels, Restaurants & Leisure 0.58%* |  |  |  |  |
| Cie des Alpes |  | 70000 |  | 1837315 |
| *Household Durables 0.90%* |  |  |  |  |
| Kaufman & Broad SA |  | 79000 |  | 2814645 |
| *Information Technology Services 1.36%* | *Information Technology Services 1.36%* | *Information Technology Services 1.36%* |  |  |
| Sopra Steria Group |  | 19900 |  | 4287795 |
| *Oil, Gas & Consumable Fuels 0.80%* |  |  |  |  |
| Gaztransport Et Technigaz SA |  | 13349 |  | 2510751 |
| *Software 0.42%* |  |  |  |  |
| Planisware SA |  | 53781 |  | 1302890 |
| *Total France* |  |  |  | 24896339 |
| **Germany 9.19%** |  |  |  |  |
| *Chemicals 0.78%* |  |  |  |  |
| AlzChem Group AG |  | 14500 |  | 2454449 |
| *Information Technology Services 1.04%* |  |  |  |  |
| IONOS Group SE\* |  | 69000 |  | 3272429 |
| *Interactive Media & Services 1.29%* |  |  |  |  |
| Scout24 SE<sup>†</sup> |  | 30500 |  | 4076069 |
| *Machinery 2.70%* |  |  |  |  |
| Deutz AG |  | 360000 |  | 3157000 |
| RENK Group AG |  | 69000 |  | 5356292 |
|  |  |  |  | 8513292 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Germany (continued)** |  |  |
| *Media 0.66%* |  |  |
| Stroeer SE & Co. KGaA | 38500 | $2068694 |
| *Real Estate Management & Development 1.09%* | *Real Estate Management & Development 1.09%* |  |
| TAG Immobilien AG | 212433 | 3415508 |
| *Software 0.72%* |  |  |
| Innoscripta SE\* | 18500 | 2259004 |
| *Wireless Telecommunication Services 0.91%* | *Wireless Telecommunication Services 0.91%* |  |
| Freenet AG | 88579 | 2872869 |
| *Total Germany* |  | 28932314 |
| **Greece 1.92%** |  |  |
| *Banks* |  |  |
| Alpha Bank SA | 1612221 | 6034750 |
| **Hong Kong 0.44%** |  |  |
| *Semiconductors & Semiconductor Equipment* | *Semiconductors & Semiconductor Equipment* |  |
| ASMPT Ltd. | 165200 | 1397545 |
| **Ireland 1.45%** |  |  |
| *Hotels, Restaurants & Leisure* |  |  |
| Dalata Hotel Group PLC | 627534 | 4568983 |
| **Israel 1.47%** |  |  |
| *Capital Markets* |  |  |
| Tel Aviv Stock |  |  |
| Exchange Ltd. | 244657 | 4618662 |
| **Italy 3.54%** |  |  |
| *Automobile Components 0.96%* |  |  |
| Pirelli & C SpA<sup>†</sup> | 450000 | 3033616 |
| *Health Care Equipment & Supplies 0.47%* | *Health Care Equipment & Supplies 0.47%* |  |
| DiaSorin SpA | 15000 | 1466475 |
| *Hotels, Restaurants & Leisure 0.99%* |  |  |
| Lottomatica Group SpA | 115833 | 3124937 |

---

28 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL OPPORTUNITIES FUND *July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **Italy (continued)** |  |  |  |
| *Textiles, Apparel & Luxury Goods 1.12%* | *Textiles, Apparel & Luxury Goods 1.12%* |  |  |
| Brunello Cucinelli SpA | 31366 | $| 3517468 |
| *Total Italy* |  |  | 11142496 |
| **Japan 19.54%** |  |  |  |
| *Banks 1.72%* |  |  |  |
| Mebuki Financial Group, Inc. | 1000000 |  | 5422060 |
| *Building Products 0.59%* |  |  |  |
| Sanwa Holdings Corp. | 67700 |  | 1846979 |
| *Chemicals 1.48%* |  |  |  |
| Aica Kogyo Co. Ltd. | 149100 |  | 3671258 |
| Kansai Paint Co. Ltd. | 69000 |  | 977033 |
|  |  |  | 4648291 |
| *Commercial Services & Supplies 1.73%* | *Commercial Services & Supplies 1.73%* |  |  |
| Daiei Kankyo Co. Ltd. | 155000 |  | 3193837 |
| Japan Elevator Service Holdings Co. Ltd. | 85000 |  | 2269119 |
|  |  |  | 5462956 |
| *Electronic Equipment, Instruments & Components 1.46%* | *Electronic Equipment, Instruments & Components 1.46%* | *Electronic Equipment, Instruments & Components 1.46%* | *Electronic Equipment, Instruments & Components 1.46%* |
| Azbil Corp. | 492400 |  | 4601183 |
| *Food Products 1.44%* |  |  |  |
| Kewpie Corp. | 166000 |  | 4536435 |
| *Information Technology Services 1.47%* | *Information Technology Services 1.47%* |  |  |
| NS Solutions Corp. | 90476 |  | 2122060 |
| Simplex Holdings, Inc. | 92100 |  | 2500217 |
|  |  |  | 4622277 |
| *Machinery 4.02%* |  |  |  |
| DMG Mori Co. Ltd. | 132400 |  | 3059396 |
| Fujitec Co. Ltd. | 94800 |  | 3509077 |
| Kawasaki Heavy Industries Ltd. | 27000 |  | 1971892 |
| Organo Corp. | 67000 |  | 4128236 |
|  |  |  | 12668601 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Japan (continued)** |  |  |
| *Real Estate Management & Development 0.76%* | *Real Estate Management & Development 0.76%* |  |
| Tokyu Fudosan Holdings Corp. | 337800 | $2382049 |
| *Software 1.42%* |  |  |
| Money Forward, Inc.\* | 48400 | 1914093 |
| OBIC Business Consultants Co. Ltd. | 44600 | 2572302 |
|  |  | 4486395 |
| *Specialty Retail 2.29%* |  |  |
| JINS Holdings, Inc. | 94700 | 5021139 |
| USS Co. Ltd. | 200000 | 2173777 |
|  |  | 7194916 |
| *Wireless Telecommunication Services 1.16%* | *Wireless Telecommunication Services 1.16%* |  |
| Okinawa Cellular Telephone Co. | 107200 | 3639668 |
| *Total Japan* |  | 61511810 |
| **Mexico 1.86%** |  |  |
| *Capital Markets 0.85%* |  |  |
| Bolsa Mexicana de Valores SAB de CV | 1250000 | 2680890 |
| *Consumer Finance 1.01%* |  |  |
| Gentera SAB de CV | 1402820 | 3170009 |
| *Total Mexico* |  | 5850899 |
| **Netherlands 1.75%** |  |  |
| *Insurance 1.27%* |  |  |
| ASR Nederland NV | 60000 | 3985435 |
| *Semiconductors & Semiconductor Equipment 0.48%* | *Semiconductors & Semiconductor Equipment 0.48%* |  |
| BE Semiconductor Industries NV | 11183 | 1510954 |
| *Total Netherlands* |  | 5496389 |

---

*See Notes to Schedule of Investments.* 29

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL OPPORTUNITIES FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **New Zealand 0.85%** |  |  |
| *Transportation Infrastructure* |  |  |
| Port of Tauranga Ltd.<sup>(a)</sup> | 655000 | $2684568 |
| **Peru 1.42%** |  |  |
| *Banks* |  |  |
| Intercorp Financial Services, Inc. | 124356 | 4484277 |
| **South Korea 0.55%** |  |  |
| *Banks* |  |  |
| BNK Financial Group, Inc. | 165000 | 1728041 |
| **Spain 3.02%** |  |  |
| *Air Freight & Logistics 0.73%* |  |  |
| Logista Integral SA | 73000 | 2310488 |
| *Banks 1.41%* |  |  |
| Unicaja Banco SA<sup>†</sup> | 1685000 | 4427165 |
| *Containers & Packaging 0.88%* |  |  |
| Vidrala SA | 25821 | 2779541 |
| *Total Spain* |  | 9517194 |
| **Sweden 2.66%** |  |  |
| *Commercial Services & Supplies 1.55%* | *Commercial Services & Supplies 1.55%* |  |
| Loomis AB | 123468 | 4881838 |
| *Consumer Staples Distribution & Retail 0.57%* | *Consumer Staples Distribution & Retail 0.57%* |  |
| Axfood AB | 60000 | 1787898 |
| *Leisure Products 0.54%* |  |  |
| Thule Group AB<sup>†</sup> | 60000 | 1696905 |
| *Total Sweden* |  | 8366641 |
| **Switzerland 5.56%** |  |  |
| *Building Products 3.18%* |  |  |
| Belimo Holding AG Registered Shares | 4950 | 5760453 |
| dormakaba Holding AG | 4400 | 4247428 |
|  |  | 10007881 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** | **U.S. $ Fair Value** |
| **Switzerland (continued)** |  |  |  |
| *Capital Markets 1.16%* |  |  |  |
| EFG International AG | 185000 | $| 3666825 |
| *Health Care Equipment & Supplies 0.66%* | *Health Care Equipment & Supplies 0.66%* |  |  |
| Medacta Group SA<sup>†</sup> | 11500 |  | 2085863 |
| *Machinery 0.56%* |  |  |  |
| Sulzer AG Registered Shares | 9156 |  | 1761714 |
| *Total Switzerland* |  |  | 17522283 |
| **Taiwan 1.68%** |  |  |  |
| *Electronic Equipment, Instruments & Components 0.56%* | *Electronic Equipment, Instruments & Components 0.56%* | *Electronic Equipment, Instruments & Components 0.56%* | *Electronic Equipment, Instruments & Components 0.56%* |
| Chroma ATE, Inc. | 122000 |  | 1746953 |
| *Semiconductors & Semiconductor Equipment 1.12%* | *Semiconductors & Semiconductor Equipment 1.12%* | *Semiconductors & Semiconductor Equipment 1.12%* |  |
| Realtek Semiconductor Corp. | 55000 |  | 1051647 |
| Visual Photonics Epitaxy Co. Ltd. | 520000 |  | 2487921 |
|  |  |  | 3539568 |
| *Total Taiwan* |  |  | 5286521 |
| **United Kingdom 14.92%** |  |  |  |
| *Aerospace & Defense 1.52%* |  |  |  |
| Chemring Group PLC | 661488 |  | 4790559 |
| *Capital Markets 2.74%* |  |  |  |
| Marex Group PLC | 62846 |  | 2424599 |
| St. James's Place PLC | 360000 |  | 6195913 |
|  |  |  | 8620512 |
| *Construction & Engineering 0.64%* |  |  |  |
| Renew Holdings PLC | 180000 |  | 2010044 |
| *Construction Materials 0.78%* |  |  |  |
| Breedon Group PLC | 514923 |  | 2465799 |
| *Food Products 2.89%* |  |  |  |
| Cranswick PLC | 61500 |  | 4307031 |
| Premier Foods PLC | 1051913 |  | 2678394 |
| Tate & Lyle PLC | 298578 |  | 2108183 |
|  |  |  | 9093608 |

---

30 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL OPPORTUNITIES FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United Kingdom (continued)** |  |  |
| *Household Durables 0.76%* |  |  |
| Persimmon PLC | 158907 | $2396117 |
| *Insurance 0.79%* |  |  |
| Lancashire Holdings Ltd. | 299653 | 2477312 |
| *Machinery 1.00%* |  |  |
| Rotork PLC | 735000 | 3152568 |
| *Pharmaceuticals 0.73%* |  |  |
| Hikma Pharmaceuticals PLC | 89264 | 2307229 |
| *Residential REITS 0.71%* |  |  |
| UNITE Group PLC | 227729 | 2245269 |
| *Specialized REITS 0.76%* |  |  |
| Big Yellow Group PLC | 195247 | 2407322 |
| *Trading Companies & Distributors 1.60%* | *Trading Companies & Distributors 1.60%* |  |
| Ashtead Technology Holdings PLC | 160000 | 707223 |
| Diploma PLC | 36500 | 2583832 |
| Howden Joinery Group PLC | 150000 | 1736485 |
|  |  | 5027540 |
| *Total United Kingdom* |  | 46993879 |
| *Total Common Stocks* <br> (cost $244,059,032) |  | 307306991 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS 2.50%** |  |  |
| **Repurchase Agreements 2.47%** |  |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $7,872,900 of U.S. Treasury Note at 3.875% due 5/31/2027; value: $7,911,161; proceeds: $7,756,855 <br> (cost $7,755,993) | $7755993 | 7755993 |
| **Time Deposits 0.00%** |  |  |
| CitiBank N.A.<sup>(b)</sup> <br> (cost $10,308) | 10308 | 10308 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **U.S. $ Fair Value** |
| **Money Market Funds 0.03%** |  |  |  |
| Fidelity Government Portfolio<sup>(b)</sup> <br> (cost $92,776) |  | 92776 | $92776 |
| *Total Short-Term Investments* <br> (cost $7,859,077) |  |  | 7859077 |
| *Total Investments in Securities 100.10%* <br> (cost $251,918,109) | *Total Investments in Securities 100.10%* <br> (cost $251,918,109) |  | 315166068 |
| *Other Assets and Liabilities – Net (0.10)%* | *Other Assets and Liabilities – Net (0.10)%* | *Other Assets and Liabilities – Net (0.10)%* | (310692) |
| *Net Assets 100.00%* |  |  | $314855376 |

---

---

| | |
|:---|:---|
| 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 July 31, 2025, the total value of Rule 144A securities was $17,512,598, which represents 5.56% 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 Schedule of Investments.* 31

**Schedule of Investments (unaudited)(concluded)**

INTERNATIONAL OPPORTUNITIES FUND *July 31, 2025*

The following is a summary of the inputs used as of July 31, 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 | $31685969 | $– | $– | $31685969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | 1270627 |  |  | 1270627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 2117215 | 22779124 |  | 24896339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 4568983 |  |  | 4568983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 3124937 | 8017559 |  | 11142496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 5850899 |  |  | 5850899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 4484277 |  |  | 4484277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 10046104 | 36947775 |  | 46993879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Countries |  | 176413522 |  | 176413522 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 7755993 |  | 7755993 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 10308 |  | 10308 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 92776 | – | – | 92776 |
| Total | $63241787 | $251924281 | $– | $315166068 |

---

<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.

32 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)**

INTERNATIONAL VALUE FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 97.53%** |  |  |
| **COMMON STOCKS 97.53%** |  |  |
| **Australia 3.50%** |  |  |
| *Insurance 1.32%* |  |  |
| QBE Insurance Group Ltd. | 396691 | $5884600 |
| *Metals & Mining 2.18%* |  |  |
| BHP Group Ltd. | 382901 | 9670247 |
| *Total Australia* |  | 15554847 |
| **Austria 3.70%** |  |  |
| *Banks 2.82%* |  |  |
| BAWAG Group AG<sup>†</sup> | 38431 | 4850278 |
| Erste Group Bank AG | 84153 | 7695276 |
|  |  | 12545554 |
| *Construction Materials 0.88%* |  |  |
| Wienerberger AG | 116545 | 3906867 |
| *Total Austria* |  | 16452421 |
| **Canada 3.68%** |  |  |
| *Insurance 0.77%* |  |  |
| Manulife Financial Corp. | 110229 | 3410448 |
| *Metals & Mining 0.59%* |  |  |
| Teck Resources Ltd. Class B | 81622 | 2646706 |
| *Oil, Gas & Consumable Fuels 2.32%* |  |  |
| Parkland Corp. | 161500 | 4558506 |
| Pembina Pipeline Corp. | 155007 | 5761302 |
|  |  | 10319808 |
| *Total Canada* |  | 16376962 |
| **China 0.94%** |  |  |
| *Marine Transportation* |  |  |
| SITC International Holdings Co. Ltd. | 1294000 | 4195197 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **France 11.71%** |  |  |
| *Banks 1.67%* |  |  |
| Societe Generale SA | 116308 | $7423766 |
| *Building Products 1.74%* |  |  |
| Cie de Saint-Gobain SA | 67554 | 7749599 |
| *Construction & Engineering 1.16%* |  |  |
| Eiffage SA | 38326 | 5144706 |
| *Diversified Telecommunication Services 1.10%* | *Diversified Telecommunication Services 1.10%* |  |
| Orange SA | 320321 | 4872422 |
| *Gas Utilities 1.08%* |  |  |
| Rubis SCA | 151373 | 4793359 |
| *Hotels, Restaurants & Leisure 0.74%* |  |  |
| Sodexo SA | 55478 | 3299468 |
| *Information Technology Services 0.85%* | *Information Technology Services 0.85%* |  |
| Capgemini SE | 25474 | 3792475 |
| *Insurance 2.34%* |  |  |
| AXA SA | 214301 | 10408415 |
| *Media 1.03%* |  |  |
| Publicis Groupe SA | 49964 | 4565795 |
| *Total France* |  | 52050005 |
| **Germany 5.97%** |  |  |
| *Automobiles 1.21%* |  |  |
| Bayerische Motoren Werke AG | 56644 | 5389755 |
| *Chemicals 0.88%* |  |  |
| FUCHS SE | 110806 | 3897201 |
| *Health Care Providers & Services 1.98%* | *Health Care Providers & Services 1.98%* |  |
| Fresenius SE & Co. KGaA | 185001 | 8830214 |
| *Industrial Conglomerates 1.90%* |  |  |
| Siemens AG | 33115 | 8434494 |
| *Total Germany* |  | 26551664 |

---

*See Notes to Schedule of Investments.* 33

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL VALUE FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Hong Kong 1.44%** |  |  |
| *Insurance* |  |  |
| Prudential PLC | 504616 | $6401648 |
| **Ireland 2.73%** |  |  |
| *Banks 1.52%* |  |  |
| AIB Group PLC | 855276 | 6746973 |
| *Trading Companies & Distributors 1.21%* | *Trading Companies & Distributors 1.21%* |  |
| AerCap Holdings NV | 50364 | 5401539 |
| *Total Ireland* |  | 12148512 |
| **Italy 4.49%** |  |  |
| *Beverages 1.24%* |  |  |
| Coca-Cola HBC AG | 106566 | 5538468 |
| *Electric: Utilities 1.85%* |  |  |
| Enel SpA | 933343 | 8230484 |
| *Passenger Airlines 1.40%* |  |  |
| Ryanair Holdings PLC | 211421 | 6216346 |
| *Total Italy* |  | 19985298 |
| **Japan 13.92%** |  |  |
| *Automobiles 1.80%* |  |  |
| Toyota Motor Corp. | 450300 | 8009757 |
| *Banks 3.17%* |  |  |
| Mizuho Financial Group, Inc. | 292500 | 8579510 |
| Sumitomo Mitsui Financial Group, Inc. | 218189 | 5504168 |
|  |  | 14083678 |
| *Building Products 0.58%* |  |  |
| Sanwa Holdings Corp. | 93900 | 2561763 |
| *Electrical Equipment 1.41%* |  |  |
| Fuji Electric Co. Ltd. | 125801 | 6254597 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Japan (continued)** |  |  |
| *Electronic Equipment, Instruments & Components 0.88%* | *Electronic Equipment, Instruments & Components 0.88%* | *Electronic Equipment, Instruments & Components 0.88%* |
| Murata Manufacturing Co. Ltd. | 262151 | $3901876 |
| *Entertainment 0.66%* |  |  |
| Nintendo Co. Ltd. | 35400 | 2958692 |
| *Industrial Conglomerates 1.34%* |  |  |
| Hitachi Ltd. | 194950 | 5965596 |
| *Insurance 1.21%* |  |  |
| Sompo Holdings, Inc. | 182481 | 5380822 |
| *Machinery 0.43%* |  |  |
| Kawasaki Heavy Industries Ltd. | 26400 | 1928072 |
| *Trading Companies & Distributors 1.18%* | *Trading Companies & Distributors 1.18%* |  |
| ITOCHU Corp. | 99975 | 5243948 |
| *Wireless Telecommunication Services 1.26%* | *Wireless Telecommunication Services 1.26%* |  |
| KDDI Corp. | 341400 | 5602921 |
| *Total Japan* |  | 61891722 |
| **Mexico 1.26%** |  |  |
| *Banks* |  |  |
| Grupo Financiero Banorte SAB de CV Class O | 630068 | 5615003 |
| **Netherlands 5.59%** |  |  |
| *Banks 1.87%* |  |  |
| ING Groep NV | 355699 | 8289717 |
| *Chemicals 1.30%* |  |  |
| Akzo Nobel NV | 92111 | 5784699 |
| *Insurance 2.42%* |  |  |
| NN Group NV | 160035 | 10776052 |
| *Total Netherlands* |  | 24850468 |

---

34 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL VALUE FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Singapore 0.97%** |  |  |
| *Banks* |  |  |
| United Overseas Bank Ltd. | 155008 | $4306546 |
| **South Korea 2.25%** |  |  |
| *Banks 1.05%* |  |  |
| KB Financial Group, Inc. | 58807 | 4672108 |
| *Technology Hardware, Storage & Peripherals 1.20%* | *Technology Hardware, Storage & Peripherals 1.20%* |  |
| Samsung Electronics Co. Ltd. | 104799 | 5340970 |
| *Total South Korea* |  | 10013078 |
| **Spain 4.01%** |  |  |
| *Banks 1.40%* |  |  |
| CaixaBank SA | 664115 | 6248197 |
| *Electric: Utilities 1.81%* |  |  |
| Iberdrola SA | 459093 | 8069164 |
| *Information Technology Services 0.80%* | *Information Technology Services 0.80%* |  |
| Indra Sistemas SA<sup>(a)</sup> | 85360 | 3535952 |
| *Total Spain* |  | 17853313 |
| **Sweden 2.09%** |  |  |
| *Commercial Services & Supplies 1.11%* | *Commercial Services & Supplies 1.11%* |  |
| Loomis AB | 124239 | 4912323 |
| *Machinery 0.98%* |  |  |
| Volvo AB Class B | 151995 | 4365264 |
| *Total Sweden* |  | 9277587 |
| **Taiwan 1.02%** |  |  |
| *Semiconductors & Semiconductor Equipment* | *Semiconductors & Semiconductor Equipment* |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 117514 | 4524201 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United Kingdom 17.54%** |  |  |
| *Banks 4.39%* |  |  |
| HSBC Holdings PLC | 662656 | $8073119 |
| Lloyds Banking Group PLC | 11172304 | 11456612 |
|  |  | 19529731 |
| *Broadline Retail 1.06%* |  |  |
| Next PLC | 28918 | 4693998 |
| *Capital Markets 1.51%* |  |  |
| St. James's Place PLC | 391124 | 6731585 |
| *Electric: Utilities 1.63%* |  |  |
| SSE PLC | 296273 | 7262312 |
| *Health Care Equipment & Supplies 1.36%* | *Health Care Equipment & Supplies 1.36%* |  |
| Smith & Nephew PLC | 395535 | 6044940 |
| *Hotels, Restaurants & Leisure 0.92%* | *Hotels, Restaurants & Leisure 0.92%* |  |
| Entain PLC | 304652 | 4091086 |
| *Household Durables 0.80%* |  |  |
| Persimmon PLC | 234647 | 3538180 |
| *Personal Care Products 1.73%* |  |  |
| Unilever PLC | 132797 | 7704941 |
| *Pharmaceuticals 1.06%* |  |  |
| Hikma Pharmaceuticals PLC | 182294 | 4711798 |
| *Residential REITS 0.83%* |  |  |
| UNITE Group PLC | 374030 | 3687708 |
| *Tobacco 2.25%* |  |  |
| Imperial Brands PLC | 256465 | 9996847 |
| *Total United Kingdom* |  | 77993126 |
| **United States 10.72%** |  |  |
| *Construction Materials 2.19%* |  |  |
| CRH PLC | 50771 | 4811635 |
| Holcim AG | 61515 | 4905816 |
|  |  | 9717451 |

---

*See Notes to Schedule of Investments.* 35

**Schedule of Investments (unaudited)(continued)**

INTERNATIONAL VALUE FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United States (continued)** |  |  |
| *Food Products 0.54%* |  |  |
| Nestle SA Registered Shares | 27492 | $2402170 |
| *Oil, Gas & Consumable Fuels 4.51%* | *Oil, Gas & Consumable Fuels 4.51%* |  |
| BP PLC | 951063 | 5097964 |
| Shell PLC ADR | 207217 | 14963140 |
|  |  | 20061104 |
| *Pharmaceuticals 3.48%* |  |  |
| Novartis AG Registered Shares | 78482 | 8938083 |
| Roche Holding AG | 13757 | 4293189 |
| Sanofi SA | 25102 | 2253422 |
|  |  | 15484694 |
| *Total United States* |  | 47665419 |
| *Total Common Stocks* <br> (cost $373,023,204) |  | 433707017 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS 2.15%** |  |  |
| **Repurchase Agreements 1.39%** |  |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $6,175,100 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $6,287,831; proceeds: $6,165,082 <br> (cost $6,164,397) | $6164397 | 6164397 |
| **Time Deposits 0.08%** |  |  |
| CitiBank N.A.<sup>(b)</sup> <br> (cost $338,800) | 338800 | 338800 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Money Market Funds 0.68%** |  |  |
| Fidelity Government Portfolio<sup>(b)</sup> <br> (cost $3,049,200) | 3049200 | $3049200 |
| *Total Short-Term Investments* <br> (cost $9,552,397) |  | 9552397 |
| *Total Investments in Securities 99.68%* <br> (cost $382,575,601) | *Total Investments in Securities 99.68%* <br> (cost $382,575,601) | 443259414 |
| *Other Assets and Liabilities – Net 0.32%* | *Other Assets and Liabilities – Net 0.32%* | 1402599 |
| *Net Assets 100.00%* |  | $444662013 |

---

---

| | |
|:---|:---|
| 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 July 31, 2025, the total value of Rule 144A securities was $4,850,278, which represents 1.09% of net assets. |
| <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. |

---

36 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

INTERNATIONAL VALUE FUND *July 31, 2025*

The following is a summary of the inputs used as of July 31, 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 | $16376962 | $– | $– | $16376962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 4195197 |  |  | 4195197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 5401539 | 6746973 |  | 12148512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 5615003 |  |  | 5615003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 14963140 | 32702279 |  | 47665419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Countries |  | 347705924 |  | 347705924 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 6164397 |  | 6164397 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 338800 |  | 338800 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 3049200 | – | – | 3049200 |
| Total | $49601041 | $393658373 | $– | $443259414 |

---

<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 Schedule of Investments.* 37

**Schedule of Investments (unaudited)**

MICRO CAP GROWTH FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.16%** |  |  |
| **COMMON STOCKS 99.16%** |  |  |
| **Aerospace & Defense 6.18%** |  |  |
| Kratos Defense & Security Solutions, Inc.\* | 82272 | $4829366 |
| Mercury Systems, Inc.\* | 43396 | 2282196 |
| TAT Technologies Ltd. (Israel)\*<sup>(a)</sup> | 77977 | 2687477 |
| Voyager Technologies, Inc. Class A\* | 32050 | 1282641 |
| *Total* |  | 11081680 |
| **Beverages 1.93%** |  |  |
| Vita Coco Co., Inc.\* | 98203 | 3462638 |
| **Biotechnology 11.08%** |  |  |
| Arcellx, Inc.\* | 15749 | 1124321 |
| BioCryst Pharmaceuticals, Inc.\* | 129336 | 1052795 |
| Celcuity, Inc.\* | 33293 | 1303921 |
| Mirum Pharmaceuticals, Inc.\* | 85190 | 4402619 |
| Rhythm Pharmaceuticals, Inc.\* | 48066 | 4096665 |
| Scholar Rock Holding Corp.\* | 112500 | 4168125 |
| Soleno Therapeutics, Inc.\* | 32502 | 2810448 |
| Travere Therapeutics, Inc.\* | 58167 | 898680 |
| *Total* |  | 19857574 |
| **Capital Markets 2.85%** |  |  |
| Marex Group PLC (United Kingdom)<sup>(a)</sup> | 51745 | 1996322 |
| Piper Sandler Cos. | 9868 | 3111578 |
| *Total* |  | 5107900 |
| **Chemicals 1.26%** |  |  |
| Hawkins, Inc. | 13867 | 2264204 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **Commercial Services & Supplies 2.14%** | **Commercial Services & Supplies 2.14%** | **Commercial Services & Supplies 2.14%** |
| CECO Environmental Corp.\* | 15095 | $678520 |
| VSE Corp. | 20217 | 3164769 |
| *Total* |  | 3843289 |
| **Communications Equipment 2.00%** |  |  |
| Calix, Inc.\* | 63374 | 3592672 |
| **Construction & Engineering 9.83%** |  |  |
| Argan, Inc. | 20912 | 5123022 |
| Limbach Holdings, Inc.\* | 25464 | 3488568 |
| Primoris Services Corp. | 48252 | 4543891 |
| Sterling Infrastructure, Inc.\* | 16684 | 4464471 |
| *Total* |  | 17619952 |
| **Consumer Finance 1.45%** |  |  |
| Dave, Inc.\* | 11015 | 2597337 |
| **Consumer Staples Distribution & Retail 3.73%** | **Consumer Staples Distribution & Retail 3.73%** | **Consumer Staples Distribution & Retail 3.73%** |
| Chefs' Warehouse, Inc.\* | 48193 | 3304112 |
| Natural Grocers by Vitamin Cottage, Inc. | 89310 | 3383956 |
| *Total* |  | 6688068 |
| **Diversified Consumer Services 5.88%** | **Diversified Consumer Services 5.88%** | **Diversified Consumer Services 5.88%** |
| American Public Education, Inc.\* | 45750 | 1350540 |
| Lincoln Educational Services Corp.\* | 62964 | 1439987 |
| OneSpaWorld Holdings Ltd. (Bahamas)<sup>(a)</sup> | 95057 | 2102661 |
| Stride, Inc.\* | 10996 | 1410017 |
| Universal Technical Institute, Inc.\* | 131604 | 4240281 |
| *Total* |  | 10543486 |
| **Electrical Equipment 1.32%** |  |  |
| Powell Industries, Inc. | 9995 | 2369815 |
| **Electronic Equipment, Instruments & Components 4.70%** | **Electronic Equipment, Instruments & Components 4.70%** | **Electronic Equipment, Instruments & Components 4.70%** |
| Bel Fuse, Inc. Class B | 17592 | 2287664 |
| OSI Systems, Inc.\* | 14862 | 3284651 |
| PAR Technology Corp.\* | 46858 | 2848029 |
| *Total* |  | 8420344 |

---

38 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

MICRO CAP GROWTH FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **Entertainment 1.48%** |  |  |
| IMAX Corp. (Canada)\*<sup>(a)</sup> | 102645 | $2647215 |
| **Financial Services 2.90%** |  |  |
| Paymentus Holdings, Inc. Class A\* | 130606 | 3641295 |
| Sezzle, Inc.\* | 10024 | 1552116 |
| *Total* |  | 5193411 |
| **Food Products 1.44%** |  |  |
| Vital Farms, Inc.\* | 69270 | 2576844 |
| **Health Care Equipment & Supplies 5.53%** | **Health Care Equipment & Supplies 5.53%** |  |
| Artivion, Inc.\* | 79290 | 2450854 |
| Beta Bionics, Inc.\*<sup>(b)</sup> | 102505 | 1721059 |
| Ceribell, Inc.\* | 71520 | 1029888 |
| Kestra Medical Technologies Ltd.\*<sup>(b)</sup> | 73747 | 1216825 |
| NeuroPace, Inc.\* | 98878 | 841452 |
| PROCEPT BioRobotics Corp.\* | 15966 | 774511 |
| TransMedics Group, Inc.\* | 6981 | 830529 |
| UFP Technologies, Inc.\* | 4595 | 1040262 |
| *Total* |  | 9905380 |
| **Health Care Providers & Services 2.25%** |  |  |
| GeneDx Holdings Corp.\* | 27802 | 2834414 |
| Omada Health, Inc.\* | 68729 | 1204132 |
| *Total* |  | 4038546 |
| **Health Care Technology 1.15%** |  |  |
| Phreesia, Inc.\* | 76130 | 2052465 |
| **Information Technology Services 0.71%** |  |  |
| Grid Dynamics Holdings, Inc.\* | 133174 | 1263821 |
| **Insurance 0.69%** |  |  |
| TWFG, Inc.\* | 40143 | 1239214 |
| **Interactive Media & Services 1.92%** |  |  |
| Grindr, Inc.\* | 196842 | 3440798 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** | **Fair <br> Value** |
| **Life Sciences Tools & Services 1.68%** | **Life Sciences Tools & Services 1.68%** |  |  |
| Adaptive Biotechnologies Corp.\* | 293739 | $| 3007887 |
| **Media 1.60%** |  |  |  |
| MNTN, Inc. Class A\*<sup>(b)</sup> | 101738 |  | 2864942 |
| **Oil, Gas & Consumable Fuels 1.20%** |  |  |  |
| Centrus Energy Corp. Class A\* | 9996 |  | 2153138 |
| **Personal Care Products 1.98%** |  |  |  |
| Oddity Tech Ltd. Class A (Israel)\*<sup>(a)</sup> | 50703 |  | 3552759 |
| **Pharmaceuticals 2.47%** |  |  |  |
| LENZ Therapeutics, Inc.\*<sup>(b)</sup> | 32319 |  | 962137 |
| Tarsus Pharmaceuticals, Inc.\* | 79964 |  | 3104202 |
| Zevra Therapeutics, Inc.\* | 33200 |  | 368852 |
| *Total* |  |  | 4435191 |
| **Professional Services 5.31%** |  |  |  |
| BlackSky Technology, Inc.\* | 16390 |  | 315343 |
| CRA International, Inc. | 18207 |  | 3216449 |
| Huron Consulting Group, Inc.\* | 15023 |  | 1984238 |
| Willdan Group, Inc.\* | 46917 |  | 4002020 |
| *Total* |  |  | 9518050 |
| **Semiconductors & Semiconductor Equipment 2.38%** | **Semiconductors & Semiconductor Equipment 2.38%** | **Semiconductors & Semiconductor Equipment 2.38%** | **Semiconductors & Semiconductor Equipment 2.38%** |
| Ambarella, Inc.\* | 16979 |  | 1122142 |
| Credo Technology Group Holding Ltd.\* | 28263 |  | 3152738 |
| *Total* |  |  | 4274880 |
| **Software 9.49%** |  |  |  |
| Agilysys, Inc.\* | 22493 |  | 2566001 |
| Alkami Technology, Inc.\* | 81231 |  | 1810639 |
| Amplitude, Inc. Class A\* | 109680 |  | 1341386 |
| D-Wave Quantum, Inc. (Canada)\*<sup>(a)</sup> | 49542 |  | 851627 |
| Life360, Inc.\* | 58928 |  | 4513296 |

---

*See Notes to Schedule of Investments.* 39

**Schedule of Investments (unaudited)(continued)**

MICRO CAP GROWTH FUND *July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Software (continued)** |  |  |  |
| Opera Ltd. ADR | 170793 | $| 2830040 |
| Red Violet, Inc. | 28672 |  | 1271030 |
| Viant Technology, Inc. Class A\* | 69793 |  | 1011999 |
| Weave Communications, Inc.\* | 111660 |  | 815118 |
| *Total* |  |  | 17011136 |
| **Specialty Retail 0.63%** |  |  |  |
| Warby Parker, Inc. Class A\* | 47127 |  | 1128692 |
| *Total Common Stocks*<br> (cost $129,369,834) |  |  | 177753328 |
|  | **Principal<br> Amount** |  |  |
| **SHORT-TERM INVESTMENTS 1.83%** | **SHORT-TERM INVESTMENTS 1.83%** | **SHORT-TERM INVESTMENTS 1.83%** | **SHORT-TERM INVESTMENTS 1.83%** |
| **Repurchase Agreements 0.35%** |  |  |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $625,100 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $636,562; proceeds: $624,036 <br> (cost $623,967) | $623967 |  | 623967 |
| **Time Deposits 0.15%** |  |  |  |
| CitiBank N.A.<sup>(c)</sup> <br> (cost $265,720) | 265720 |  | 265720 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Money Market Funds 1.33%** |  |  |
| Fidelity Government Portfolio<sup>(c)</sup><br> (cost $2,391,476) | 2391476 | $2391476 |
| *Total Short-Term Investments*<br> (cost $3,281,163) |  | 3281163 |
| *Total Investments in Securities 100.99%*<br> (cost $132,650,997) |  | 181034491 |
| *Other Assets and Liabilities – Net (0.99)%* |  | (1775231) |
| *Net Assets 100.00%* |  | $179259260 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| \* | 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. |

---

40 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

MICRO CAP GROWTH FUND *July 31, 2025*

The following is a summary of the inputs used as of July 31, 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 | $177753328 | $– | $– | $177753328 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 623967 |  | 623967 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 265720 |  | 265720 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2391476 | – | – | 2391476 |
| Total | $180144804 | $889687 | $– | $181034491 |

---

<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 Schedule of Investments.* 41

**Schedule of Investments (unaudited)**

VALUE OPPORTUNITIES FUND *July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.14%** |  |  |  |
| **COMMON STOCKS 99.14%** |  |  |  |
| **Aerospace & Defense 2.02%** |  |  |  |
| Curtiss-Wright Corp. | 46469 | $| 22780033 |
| **Banks 5.12%** |  |  |  |
| East West Bancorp, Inc. | 212295 |  | 21282573 |
| First BanCorp | 887513 |  | 18486896 |
| Wintrust Financial Corp. | 139805 |  | 17892244 |
| *Total* |  |  | 57661713 |
| **Beverages 1.25%** |  |  |  |
| Coca-Cola Consolidated, Inc. | 126136 |  | 14095698 |
| **Biotechnology 1.10%** |  |  |  |
| United Therapeutics Corp.\* | 44914 |  | 12337876 |
| **Building Products 3.22%** |  |  |  |
| A.O. Smith Corp. | 239695 |  | 16968009 |
| Allegion PLC (Ireland)<sup>(a)</sup> | 116128 |  | 19267958 |
| *Total* |  |  | 36235967 |
| **Capital Markets 7.52%** |  |  |  |
| Cboe Global Markets, Inc. | 83267 |  | 20070678 |
| Moelis & Co. Class A | 282369 |  | 19805362 |
| SEI Investments Co. | 262019 |  | 23089114 |
| TPG, Inc. | 381385 |  | 21765642 |
| *Total* |  |  | 84730796 |
| **Chemicals 1.15%** |  |  |  |
| Avient Corp. | 410431 |  | 12957307 |
| **Commercial Services & Supplies 1.51%** | **Commercial Services & Supplies 1.51%** | **Commercial Services & Supplies 1.51%** | **Commercial Services & Supplies 1.51%** |
| Brady Corp. Class A | 241394 |  | 17035175 |
| **Construction & Engineering 3.46%** |  |  |  |
| AECOM | 146138 |  | 16475598 |
| EMCOR Group, Inc. | 35892 |  | 22521871 |
| *Total* |  |  | 38997469 |
| **Construction Materials 1.03%** |  |  |  |
| Eagle Materials, Inc. | 51898 |  | 11640202 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Consumer Staples Distribution & Retail 3.06%** | **Consumer Staples Distribution & Retail 3.06%** | **Consumer Staples Distribution & Retail 3.06%** |
| BJ's Wholesale Club Holdings, Inc.\* | 167966 | $17787600 |
| Maplebear, Inc.\* | 347088 | 16649811 |
| *Total* |  | 34437411 |
| **Electric: Utilities 1.81%** |  |  |
| IDACORP, Inc. | 162355 | 20347952 |
| **Electronic Equipment, Instruments & Components 9.09%** | **Electronic Equipment, Instruments & Components 9.09%** | **Electronic Equipment, Instruments & Components 9.09%** |
| Advanced Energy Industries, Inc. | 139410 | 19366837 |
| Belden, Inc. | 198885 | 24592130 |
| Jabil, Inc. | 102561 | 22888539 |
| Littelfuse, Inc. | 77649 | 19981417 |
| TD SYNNEX Corp. | 108477 | 15662994 |
| *Total* |  | 102491917 |
| **Energy Equipment & Services 2.05%** | **Energy Equipment & Services 2.05%** | **Energy Equipment & Services 2.05%** |
| TechnipFMC PLC (United Kingdom)<sup>(a)</sup> | 636648 | 23154888 |
| **Ground Transportation 1.35%** |  |  |
| Landstar System, Inc. | 114336 | 15248992 |
| **Health Care Equipment & Supplies 2.71%** | **Health Care Equipment & Supplies 2.71%** | **Health Care Equipment & Supplies 2.71%** |
| Globus Medical, Inc. Class A\* | 257091 | 13530699 |
| Integer Holdings Corp.\* | 156968 | 17032598 |
| *Total* |  | 30563297 |
| **Health Care Providers & Services 1.33%** | **Health Care Providers & Services 1.33%** | **Health Care Providers & Services 1.33%** |
| Labcorp Holdings, Inc. | 57818 | 15037305 |
| **Hotels, Restaurants & Leisure 3.00%** | **Hotels, Restaurants & Leisure 3.00%** | **Hotels, Restaurants & Leisure 3.00%** |
| Choice Hotels International, Inc.<sup>(b)</sup> | 103073 | 13163453 |
| Texas Roadhouse, Inc. | 111446 | 20631998 |
| *Total* |  | 33795451 |
| **Industrial REITS 1.43%** |  |  |
| First Industrial Realty Trust, Inc. | 330833 | 16118184 |

---

42 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

VALUE OPPORTUNITIES FUND *July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Insurance 6.96%** |  |  |  |
| American Financial Group, Inc. | 172194 | $| 21507031 |
| RenaissanceRe Holdings Ltd. | 86249 |  | 21022331 |
| Ryan Specialty Holdings, Inc. | 266464 |  | 16304932 |
| White Mountains Insurance Group Ltd. | 10978 |  | 19626468 |
| *Total* |  |  | 78460762 |
| **Leisure Products 2.65%** |  |  |  |
| Acushnet Holdings Corp. | 225510 |  | 17955106 |
| YETI Holdings, Inc.\* | 325054 |  | 11942484 |
| *Total* |  |  | 29897590 |
| **Life Sciences Tools & Services 2.13%** | **Life Sciences Tools & Services 2.13%** | **Life Sciences Tools & Services 2.13%** | **Life Sciences Tools & Services 2.13%** |
| Azenta, Inc.\* | 389498 |  | 12736585 |
| Bio-Techne Corp. | 206652 |  | 11310064 |
| *Total* |  |  | 24046649 |
| **Machinery 5.73%** |  |  |  |
| AGCO Corp. | 159578 |  | 18825417 |
| Crane Co. | 106652 |  | 20879262 |
| Lincoln Electric Holdings, Inc. | 102313 |  | 24913215 |
| *Total* |  |  | 64617894 |
| **Metals & Mining 1.04%** |  |  |  |
| Reliance, Inc. | 40551 |  | 11765062 |
| **Multi-Utilities 1.59%** |  |  |  |
| CMS Energy Corp. | 242620 |  | 17905356 |
| **Oil, Gas & Consumable Fuels 3.23%** | **Oil, Gas & Consumable Fuels 3.23%** | **Oil, Gas & Consumable Fuels 3.23%** | **Oil, Gas & Consumable Fuels 3.23%** |
| Expand Energy Corp. | 172327 |  | 18056423 |
| Permian Resources Corp. | 1297049 |  | 18366214 |
| *Total* |  |  | 36422637 |
| **Personal Care Products 1.08%** |  |  |  |
| Interparfums, Inc. | 100900 |  | 12168540 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Professional Services 4.62%** |  |  |
| CACI International, Inc. Class A\* | 39167 | 18039145 |
| Genpact Ltd. | 408861 | 18010327 |
| Paylocity Holding Corp.\* | 86593 | 16009314 |
| *Total* |  | 52058786 |
| **Real Estate Management & Development 1.04%** | **Real Estate Management & Development 1.04%** | **Real Estate Management & Development 1.04%** |
| Marcus & Millichap, Inc. | 377549 | 11764427 |
| **Residential REITS 0.89%** |  |  |
| American Homes 4 Rent Class A | 288660 | 10013615 |
| **Semiconductors & Semiconductor Equipment 3.66%** | **Semiconductors & Semiconductor Equipment 3.66%** | **Semiconductors & Semiconductor Equipment 3.66%** |
| Nova Ltd. (Israel)\*<sup>(a)</sup> | 50797 | 13338784 |
| Silicon Motion Technology Corp. ADR | 364264 | 27880767 |
| *Total* |  | 41219551 |
| **Software 6.47%** |  |  |
| Commvault Systems, Inc.\* | 120083 | 22809766 |
| Descartes Systems Group, Inc. (Canada)\*<sup>(a)</sup> | 203545 | 21526919 |
| Docusign, Inc.\* | 179696 | 13592205 |
| Dolby Laboratories, Inc. Class A | 198709 | 14970736 |
| *Total* |  | 72899626 |
| **Specialty Retail 1.82%** |  |  |
| Dick's Sporting Goods, Inc. | 97060 | 20529161 |
| **Textiles, Apparel & Luxury Goods 1.33%** | **Textiles, Apparel & Luxury Goods 1.33%** | **Textiles, Apparel & Luxury Goods 1.33%** |
| Ralph Lauren Corp. | 50292 | 15024735 |
| **Trading Companies & Distributors 1.69%** | **Trading Companies & Distributors 1.69%** | **Trading Companies & Distributors 1.69%** |
| AerCap Holdings NV (Ireland)<sup>(a)</sup> | 177328 | 19018428 |
| *Total Common Stocks*<br> (cost $862,575,155) |  | 1117480452 |

---

*See Notes to Schedule of Investments.* 43

**Schedule of Investments (unaudited)(concluded)**

VALUE OPPORTUNITIES FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 1.21%** | **SHORT-TERM INVESTMENTS 1.21%** | **SHORT-TERM INVESTMENTS 1.21%** |
| **Repurchase Agreements 1.05%** |  |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $11,832,800 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $12,048,721; proceeds: $11,813,696<br> (cost $11,812,384) | $11812384 | $11812384 |
| **Time Deposits 0.01%** |  |  |
| CitiBank N.A.<sup>(c)</sup><br> (cost $185,046) | 185046 | 185046 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Money Market Funds 0.15%** |  |  |
| Fidelity Government Portfolio<sup>(c)</sup><br> (cost $1,665,413) | 1665413 | $1665413 |
| *Total Short-Term Investments*<br> (cost $13,662,843) |  | 13662843 |
| *Total Investments in Securities 100.35%*<br> (cost $876,237,998) |  | 1131143295 |
| *Other Assets and Liabilities – Net (0.35)%* |  | (3903026) |
| *Net Assets 100.00%* |  | $1127240269 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| REITS | Real Estate Investment Trusts. |
| \* | 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 July 31, 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 | $1117480452 | $– | $– | $1117480452 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 11812384 |  | 11812384 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 185046 |  | 185046 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1665413 | – | – | 1665413 |
| Total | $1119145865 | $11997430 | $– | $1131143295 |

---

<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.

44 *See Notes to Schedule of Investments.*

**Notes to Schedule of Investments (unaudited)**

**1.** **ORGANIZATION** 

Lord Abbett Securities Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993. The Trust consists of the following thirteen funds (separately, a "Fund" and collectively, the "Funds"): Lord Abbett Alpha Strategy Fund ("Alpha Strategy Fund"), Lord Abbett Focused Growth Fund ("Focused Growth Fund"), Lord Abbett Focused Large Cap Value Fund ("Focused Large Cap Value Fund"), Lord Abbett Focused Small Cap Value ("Focused Small Cap Value Fund"), Lord Abbett Fundamental Equity Fund ("Fundamental Equity Fund"), Lord Abbett Global Equity Fund ("Global Equity Fund"), Lord Abbett Growth Leaders Fund ("Growth Leaders Fund"), Lord Abbett Health Care Fund ("Health Care Fund"), Lord Abbett International Equity Fund ("International Equity Fund"), Lord Abbett International Opportunities Fund ("International Opportunities Fund"), Lord Abbett International Value Fund ("International Value Fund"), Lord Abbett Micro-Cap Growth Fund ("Micro Cap Growth Fund") and Lord Abbett Value Opportunities Fund ("Value Opportunities Fund"). All funds are diversified except Focused Growth Fund. Effective February 7, 2025, the Focused Large Cap Value Fund's classification changed from non-diversified to diversified.

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.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

---

| | |
|:---|:---|
| (a) | **Investment Valuation**–Under procedures approved by the Funds' Board of Trustees (the "Board"), the Board has designated the determination of fair value of the Funds' portfolio investments to Lord Abbett, as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee") that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|  | Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. 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 |

---

**Notes to Schedule of Investments (unaudited)(continued)**

---

| | |
|:---|:---|
|  | 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 net asset value ("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: |

---

● Level 1 - unadjusted quoted prices in active markets for identical investments;

● Level 2 - other significant observable inputs (including quoted prices for similar investments,
 interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 - significant unobservable inputs (including each Fund's own assumptions in
 determining the fair value of investments).

A summary of inputs used in valuing each Fund's investments as of July 31, 2025 and, if applicable, Level 3 rollforwards for the period then ended is included in each Fund's Schedule of Investments.

**Notes to Schedule of Investments (unaudited)(continued)**

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

**3.** **FEDERAL TAX INFORMATION** 

It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's filed U.S. federal tax returns remains open generally three years after the filing of the tax return. The statute of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

**4.** **SECURITIES LENDING AGREEMENT** 

The Funds have established a securities lending agreement with Citibank, N.A. 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.

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 July 31, 2025, the market value of securities loaned and collateral received were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value of**<br> **Securities Loaned** | **Collateral Received** |
| International Equity Fund | $1988352 | $2112000 |
| International Opportunities Fund | 97575 | 103084 |
| International Value Fund | 3189648 | 3388000 |
| Micro Cap Growth Fund | 2565438 | 2657196 |
| Value Opportunities Fund | 1770316 | 1850459 |

---

**Notes to Schedule of Investments (unaudited)(concluded)**

**5.** **TRANSACTIONS WITH AFFILIATED FUNDS** 

An affiliated fund is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying fund 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 funds during the period ended July 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated funds** | **Value at<br> 10/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Net <br> Realized<br> Gain/(Loss)** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 7/31/2025** | **Shares<br> as of<br> 7/31/2025** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Lord Abbett Developing Growth Fund, Inc. - Class I | $125631946 | $418573 | $8356903 | $2231415 | $1813441 | $121738472 | 4063367 | $260643 | $– |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 62738156 | 4086825 | 3413661 | (101677) | (4002286) | 59307357 | 2072235 |  | 4086825 |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 120425318 | 2534129 | 20557775 | 4095981 | 9699988 | 116197641 | 5257812 | 2382740 |  |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 64645294 | 180090 | 7100497 | 2684742 | (589322) | 59820307 | 2854022 |  |  |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 126277568 | 9548504 | 9036658 | (646725) | (8294155) | 117848534 | 5759948 | 247791 | 9300714 |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 127069955 | 7940777 | 7053757 | 210120 | (9955873) | 118211222 | 5940262 | 259151 | 7681626 |
| Total | $626788237 | $24708898 | $55519251 | $8473856 | $(11328207) | $593123533 |  | $3150325 | $21069165 |

---

**Investments in Underlying Funds (unaudited)**

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of July 31, 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 | 20.52% |
| Lord Abbett Research Fund, Inc. - Small Cap Value Fund - Class I | 19.87% |
| Lord Abbett Securities Trust - Focused Small Cap Value Fund - Class I | 10.00% |
| Lord Abbett Securities Trust - International Opportunities Fund - Class I | 19.59% |
| Lord Abbett Securities Trust - Micro Cap Growth Fund - Class I | 10.09% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 19.93% |
| 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.

QPHR-SET-3Q<br> (09/25)

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** LORD ABBETT SECURITIES TRUST

- **b. Investment Company Act file number:** 811-07538

- **c. CIK number of Registrant:** 0000898031

- **d. LEI of Registrant:** 5493002HV0D15KTWO412

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 30 HUDSON STREET

  - **City:** JERSEY CITY

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07302

  - **Telephone number:** 201-827-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Lord Abbett Focused Large Cap Value Fund

- **b. EDGAR series identifier (if any):** S000064833

- **c. LEI of Series:** 54930061Q1OC2FW1JM80

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $43008737.60

**Total Liabilities:** $68752.08

**Net Assets:** $42939985.52

**Cash Not Reported:** $44107.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000209876 | 5.38%                | 3.67%                | 2.85%                |
| Class ID C000209879 | 5.44%                | 3.61%                | 2.84%                |
| Class ID C000209883 | 5.39%                | 3.65%                | 2.89%                |
| Class ID C000209878 | 5.43%                | 3.67%                | 2.86%                |
| Class ID C000209881 | 5.35%                | 3.68%                | 2.77%                |
| Class ID C000209875 | 5.26%                | 3.58%                | 2.81%                |
| Class ID C000209882 | 5.40%                | 3.66%                | 2.82%                |
| Class ID C000209877 | 5.40%                | 3.73%                | 2.82%                |
| Class ID C000209880 | 5.38%                | 3.62%                | 2.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $480067.21               | $1279161.36                                |
| Month 2  | $-73343.42               | $1403864.94                                |
| Month 3  | $30069.59                | $1076199.15                                |

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Shell PLC                                 | Shell PLC                                 | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     16744 | NS      | $1209084.24   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                | NetApp Inc                                | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     14033 | NS      | $1461256.29   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                | AbbVie Inc                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      7907 | NS      | $1494581.14   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                    | Permian Resources Corp                    | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     63000 | NS      | $892080.00    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                              | Allegion plc                              | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |     10494 | NS      | $1741164.48   | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                            | TD SYNNEX Corp                            | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      8229 | NS      | $1188185.31   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                              | Alphabet Inc                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      9477 | NS      | $1818636.30   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                            | CBRE Group Inc                            | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      9073 | NS      | $1413029.02   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings Inc          | BJ's Wholesale Club Holdings Inc          | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     11692 | NS      | $1238182.80   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                | FIXED INC CLEARING CORP.REPO              | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |    615543 | PA      | $615542.55    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Lowe's Cos Inc                            | Lowe's Cos Inc                            | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      5683 | NS      | $1270548.31   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                            | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      3737 | NS      | $1993689.50   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                 | Dick's Sporting Goods Inc                 | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |      6190 | NS      | $1309246.90   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                      | Labcorp Holdings Inc                      | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5194 | NS      | $1350855.52   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp                      | Parker-Hannifin Corp                      | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      1923 | NS      | $1407443.70   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlsberg AS                              | Carlsberg AS                              | CUSIP: 000000000<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |     10263 | NS      | $1279459.38   | 2.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The                   | Charles Schwab Corp/The                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     20449 | NS      | $1998480.77   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                        | AerCap Holdings NV                        | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | NL        |     11526 | NS      | $1236163.50   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                                  | RTX Corp                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     10778 | NS      | $1698289.46   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                              | KKR & Co Inc                              | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     11019 | NS      | $1615165.02   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                             | Boeing Co/The                             | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      7110 | NS      | $1577282.40   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                   | Aon PLC                                   | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      4737 | NS      | $1684998.27   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                              | AutoZone Inc                              | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       355 | NS      | $1337774.90   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      7359 | NS      | $1778081.58   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                        | Expand Energy Corp                        | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     10447 | NS      | $1094636.66   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                   | CRH PLC                                   | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     14142 | NS      | $1349853.90   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                       | JPMorgan Chase & Co                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      5906 | NS      | $1749593.44   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd                | RenaissanceRe Holdings Ltd                | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |      6014 | NS      | $1465852.36   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                       | Gilead Sciences Inc                       | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      7860 | NS      | $882599.40    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                        | SEI Investments Co                        | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     19010 | NS      | $1675161.20   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** LORD ABBETT SECURITIES TRUST

**Signature:** Michael Hebert

**Name of Signer:** Michael Hebert

**Title:** Chief Financial Officer