UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act File Number: 811-07538

 

LORD ABBETT SECURITIES TRUST

(Exact name of Registrant as specified in charter)

 

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

 

Lawrence B. Stoller

Vice President, Secretary, and Chief Legal Officer

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (888) 522-2388

 

Date of fiscal year end: 10/31

 

Date of reporting period: 4/30/2022

 

Item 1:Report(s) to Shareholders.
 

LORD ABBETT
SEMIANNUAL REPORT

 

Lord Abbett

 

Alpha Strategy Fund

Durable Growth Fund

Focused Growth Fund

Focused Large Cap Value Fund

Focused Small Cap Value Fund

Fundamental Equity Fund

Global Equity Fund

Growth Leaders Fund

Health Care Fund

International Equity Fund

International Opportunities Fund

International Value Fund

Micro Cap Growth Fund

Value Opportunities Fund


 

For the six-month period ended April 30, 2022

 

Table of Contents

 

1   A Letter to Shareholders
     
2   Information About Your Fund’s Expenses and Holdings Presented by Portfolio Allocation/Sector
     
    Schedules of Investments:
     
31   Alpha Strategy Fund
     
32   Durable Growth Fund
     
35   Focused Growth Fund
     
37   Focused Large Cap Value Fund
     
39   Focused Small Cap Value Fund
     
42   Fundamental Equity Fund
     
45   Global Equity Fund
     
50   Growth Leaders Fund
     
53   Health Care Fund
     
56   International Equity Fund
     
62   International Opportunities Fund
     
68   International Value Fund
     
73   Micro Cap Growth Fund
     
77   Value Opportunities Fund
     
80   Statements of Assets and Liabilities
     
92   Statements of Operations
     
98   Statements of Changes in Net Assets
     
112   Financial Highlights
     
172   Notes to Financial Statements
     
213   Supplemental Information to Shareholders
 

 

 

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy Fund, Lord Abbett Durable Growth Fund, Lord Abbett Focused Growth Fund, Lord Abbett Focused Large Cap Value Fund, Lord Abbett Focused Small Cap Value Fund, Lord Abbett Fundamental Equity Fund, Lord Abbett Global Equity Fund, Lord Abbett Growth Leaders Fund, Lord Abbett Health Care Fund, Lord Abbett International Equity Fund, Lord Abbett International Opportunities Fund, Lord Abbett International Value Fund, Lord Abbett Micro Cap Growth Fund, and Lord Abbett Value Opportunities Fund Semiannual Report

For the six-month period ended April 30, 2022

 

 

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Trustee, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Securities Trust for the six-month period ended April 30, 2022. For additional information about the Funds, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

 

Best regards,

 

 

Douglas B. Sieg

Trustee, President, and Chief Executive Officer


 

 

1

 

 

 

Expense Example

 

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 through April 30, 2022).

 

Actual Expenses

For each class of each Fund, the first line of the applicable table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 11/1/21 – 4/30/22” to estimate the expenses you paid on your account during this period.

 

Hypothetical Example for Comparison Purposes

For each class of each Fund, the second line of the applicable table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 

2

 

Alpha Strategy Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period†#
 
   11/1/21  4/30/22  11/1/21 –
4/30/22
 
Class A               
Actual  $1,000.00  $ 800.20    $1.92  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,022.66    $2.16  
Class C               
Actual  $1,000.00  $ 797.20    $5.26  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,018.94    $5.91  
Class F               
Actual  $1,000.00  $ 800.90    $1.25  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,023.41    $1.40  
Class F3               
Actual  $1,000.00  $ 801.50    $0.40  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,024.35    $0.45  
Class I               
Actual  $1,000.00  $ 801.40    $0.80  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,023.90    $0.90  
Class R2               
Actual  $1,000.00  $ 798.90    $3.48  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.93    $3.91  
Class R3               
Actual  $1,000.00  $ 799.40    $3.03  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.42    $3.41  
Class R4               
Actual  $1,000.00  $ 800.20    $1.92  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,022.66    $2.16  
Class R5               
Actual  $1,000.00  $ 801.40    $0.80  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,023.90    $0.90  
Class R6               
Actual  $1,000.00  $ 801.60    $0.40  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,024.35    $0.45  

 

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.43% for Class A, 1.18% for Class C, 0.28% for Class F, 0.09% for Class F3, 0.18% for Class I, 0.78% for Class R2, 0.68% for Class R3, 0.43% for Class R4, 0.18% for Class R5 and 0.09% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
# Does not include expenses of Underlying Funds in which Alpha Strategy Fund invests.

 

3

 

 

 

Portfolio Holdings Presented by Portfolio Allocation

April 30, 2022

 

Underlying Fund Name  %*
Lord Abbett Developing Growth Fund, Inc. – Class I   18.80%
Lord Abbett Securities Trust - Focused Small Cap Value Fund – Class I   10.69%
Lord Abbett Securities Trust - International Opportunities Fund – Class I   20.26%
Lord Abbett Securities Trust - Micro Cap Growth Fund – Class I   8.79%
Lord Abbett Research Fund, Inc. - Small Cap Value Fund – Class I   20.68%
Lord Abbett Securities Trust - Value Opportunities Fund – Class I   20.69%
Repurchase Agreements   0.09%
Total   100.00%

 

* Represents percent of total investments.

 

4

 

Durable Growth Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22  11/1/21 –
4/30/22
 
Class A               
Actual  $1,000.00  $ 776.30    $4.10  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.18    $4.66  
Class C               
Actual  $1,000.00  $ 773.40    $7.39  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,016.46    $8.40  
Class F               
Actual  $1,000.00  $ 777.50    $3.00  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.42    $3.41  
Class F3               
Actual  $1,000.00  $ 777.40    $3.04  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.37    $3.46  
Class I               
Actual  $1,000.00  $ 777.30    $3.00  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.42    $3.41  
Class R3               
Actual  $1,000.00  $ 775.50    $5.11  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,019.04    $5.81  
Class R4               
Actual  $1,000.00  $ 776.20    $4.01  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.28    $4.56  
Class R5               
Actual  $1,000.00  $ 777.20    $2.91  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.52    $3.31  
Class R6               
Actual  $1,000.00  $ 777.40    $3.04  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.37    $3.46  

 

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.93% for Class A, 1.68% for Class C, 0.68% for Class F, 0.69% for Class F3, 0.68% for Class I, 1.16% for Class R3, 0.91% for Class R4, 0.66% for Class R5 and 0.69% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

 

5

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   10.74%
Consumer Discretionary   19.21%
Consumer Staples   5.46%
Financials   1.89%
Health Care   11.00%
Industrials   8.18%
Information Technology   35.87%
Materials   3.80%
Real Estate   2.06%
Repurchase Agreements   1.79%
Total   100.00%

 

*   A sector may comprise several industries.
**   Represents percent of total investments.


 

6

 

Focused Growth Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22   11/1/21 –
4/30/22
 
Class A               
Actual  $1,000.00  $ 708.70    $4.45  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,019.59    $5.26  
Class C               
Actual  $1,000.00  $ 705.90    $7.61  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,015.87    $9.00  
Class F               
Actual  $1,000.00  $ 709.40    $3.39  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.83    $4.01  
Class F3*               
Actual  $1,000.00  $ 709.40    $3.18  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.08    $3.76  
Class I               
Actual  $1,000.00  $ 709.40    $3.39  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.83    $4.01  
Class R3               
Actual  $1,000.00  $ 707.50    $5.50  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,018.35    $6.51  
Class R4               
Actual  $1,000.00  $ 708.60    $4.45  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,019.59    $5.26  
Class R5               
Actual  $1,000.00  $ 709.40    $3.39  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.83    $4.01  
Class R6*               
Actual  $1,000.00  $ 709.70    $3.18  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.08    $3.76  

 

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.80% for Class C, 0.80% for Class F, 0.75% for Class F3, 0.80% for Class I, 1.30% for Class R3, 1.05% for Class R4, 0.80% for Class R5 and 0.75% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
* The annualized expenses have been updated to 0.71% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

 

    Actual   Hypothetical
(5% Return
Before Expenses)
 
Class F3   $3.01   $3.56  
Class R6   $3.01   $3.56  

 

7

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   10.88%
Consumer Discretionary   16.65%
Consumer Staples   3.00%
Energy   4.02%
Financials   3.12%
Health Care   11.66%
Industrials   2.67%
Information Technology   43.76%
Repurchase Agreements   4.24%
Total   100.00%

 

*   A sector may comprise several industries.
**   Represents percent of total investments.


 

8

 

Focused Large Cap Value Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22   11/1/21 –
4/30/22
 
Class A               
Actual  $1,000.00  $ 935.30    $4.46  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.18    $4.66  
Class C               
Actual  $1,000.00  $ 931.80    $8.00  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,016.51    $8.35  
Class F               
Actual  $1,000.00  $ 936.50    $3.26  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.42    $3.41  
Class F3               
Actual  $1,000.00  $ 936.60    $3.17  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.52    $3.31  
Class I               
Actual  $1,000.00  $ 936.00    $3.26  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.42    $3.41  
Class R3               
Actual  $1,000.00  $ 934.00    $5.56  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,019.04    $5.81  
Class R4               
Actual  $1,000.00  $ 935.50    $4.37  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.28    $4.56  
Class R5               
Actual  $1,000.00  $ 936.60    $3.12  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.57    $3.26  
Class R6               
Actual  $1,000.00  $ 936.70    $3.27  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.42    $3.41  

 

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.93% for Class A, 1.67% for Class C, 0.68% for Class F, 0.66% for Class F3, 0.68% for Class I, 1.16% for Class R3, 0.91% for Class R4, 0.65% for Class R5 and 0.68% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

 

9

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   7.69%
Consumer Discretionary   5.08%
Consumer Staples   5.58%
Energy   8.51%
Financials   20.96%
Health Care   18.95%
Industrials   12.33%
Information Technology   7.43%
Materials   8.85%
Utilities   3.11%
Repurchase Agreements   1.51%
Total   100.00%

 

*   A sector may comprise several industries.
**   Represents percent of total investments.


 

10

 

Focused Small Cap Value Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22   11/1/21 –
4/30/22
 
Class A                   
Actual  $1,000.00  $ 894.10        $ 5.92        
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,018.55    $ 6.31    
Class C                   
Actual  $1,000.00  $ 890.80    $ 9.47    
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,014.78    $ 10.09    
Class F                   
Actual  $1,000.00  $ 895.30    $ 4.75    
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,019.79    $ 5.06    
Class F3                   
Actual  $1,000.00  $ 895.30    $ 4.37    
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.18    $ 4.66    
Class I                   
Actual  $1,000.00  $ 895.40    $ 4.75    
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,019.79    $ 5.06    
Class R5                   
Actual  $1,000.00  $ 895.40    $ 4.84    
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,019.69    $ 5.16    
Class R6                   
Actual  $1,000.00  $ 895.30    $ 4.51    
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.03    $ 4.81    

 

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.26% for Class A, 2.02% for Class C, 1.01% for Class F, 0.93% for Class F3, 1.01% for Class I, 1.03% for Class R5 and 0.96% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

 

11

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   4.55%
Consumer Discretionary   6.20%
Consumer Staples   3.73%
Energy   11.62%
Financials   27.10%
Health Care   6.51%
Industrials   18.06%
Information Technology   7.19%
Materials   6.41%
Real Estate   6.34%
Repurchase Agreements   1.49%
Money Market Funds(a)   0.72%
Time Deposits(a)   0.08%
Total   100.00%

 

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


 

12

 

Fundamental Equity Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22   11/1/21 –
4/30/22
 
Class A               
Actual  $1,000.00  $ 943.20    $4.63  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.03    $4.81  
Class C               
Actual  $1,000.00  $ 939.80    $8.22  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,016.31    $8.55  
Class F               
Actual  $1,000.00  $ 943.90    $3.90  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.78    $4.06  
Class F3               
Actual  $1,000.00  $ 944.50    $3.04  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.67    $3.16  
Class I               
Actual  $1,000.00  $ 944.70    $3.42  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.27    $3.56  
Class P               
Actual  $1,000.00  $ 942.00    $5.59  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,019.04    $5.81  
Class R2               
Actual  $1,000.00  $ 941.40    $6.31  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,018.30    $6.56  
Class R3               
Actual  $1,000.00  $ 942.00    $5.83  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,018.79    $6.06  
Class R4               
Actual  $1,000.00  $ 943.30    $4.63  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,020.03    $4.81  
Class R5               
Actual  $1,000.00  $ 944.00    $3.42  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.27    $3.56  
Class R6               
Actual  $1,000.00  $ 944.60    $3.04  
Hypothetical (5% Return Before Expenses)  $1,000.00  $ 1,021.67    $3.16  

 

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.96% for Class A, 1.71% for Class C, 0.81% for Class F, 0.63% for Class F3, 0.71% for Class I, 1.16% for Class P, 1.31% for Class R2, 1.21% for Class R3, 0.96% for Class R4, 0.71% for Class R5 and 0.63% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

 

13

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   4.42%
Consumer Discretionary   7.04%
Consumer Staples   6.28%
Energy   8.88%
Financials   19.97%
Health Care   15.07%
Industrials   11.91%
Information Technology   11.44%
Materials   6.44%
Real Estate   4.66%
Utilities   2.41%
Repurchase Agreements   1.48%
Total   100.00%

 

*   A sector may comprise several industries.
**   Represents percent of total investments.


 

14

 

Global Equity Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22  11/1/21 –
4/30/22
 
Class A                       
Actual    $1,000.00     $861.50     $4.15   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.33     $4.51   
Class C                       
Actual    $1,000.00     $858.30     $7.60   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,016.61     $8.25   
Class F                       
Actual    $1,000.00     $861.80     $3.46   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.08     $3.76   
Class F3*                       
Actual    $1,000.00     $862.20     $2.82   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.77     $3.06   
Class I                       
Actual    $1,000.00     $862.00     $3.00   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.57     $3.26   
Class R3                       
Actual    $1,000.00     $860.20     $5.30   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.09     $5.76   
Class R4                       
Actual    $1,000.00     $860.70     $4.15   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.33     $4.51   
Class R5                       
Actual    $1,000.00     $862.00     $3.00   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.57     $3.26   
Class R6*                       
Actual    $1,000.00     $862.70     $2.82   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.77     $3.06   
     
  For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.90% for Class A, 1.65% for Class C, 0.75% for Class F, 0.61% for Class F3, 0.65% for Class I, 1.15% for Class R3, 0.90% for Class R4, 0.65% for Class R5 and 0.61% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
*   The annualized expenses have been updated to 0.58% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

 

   Actual  Hypothetical
(5% Return
Before Expenses)
 
Class F3  $2.68  $2.91  
Class R6  $2.68  $2.91  

 

15

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   5.94%
Consumer Discretionary   8.07%
Consumer Staples   7.29%
Energy   5.68%
Financials   14.90%
Health Care   11.67%
Industrials   9.96%
Information Technology   20.46%
Materials   4.97%
Real Estate   3.49%
Utilities   3.38%
Repurchase Agreements   4.19%
Total   100.00%
     
*   A sector may comprise several industries.
**   Represents percent of total investments.

 

16

 

Growth Leaders Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22  11/1/21 –
4/30/22
 
Class A                       
Actual    $1,000.00     $705.40     $3.85   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.28     $4.56   
Class C                       
Actual    $1,000.00     $702.70     $7.01   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,016.56     $8.30   
Class F                       
Actual    $1,000.00     $706.20     $2.75   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.57     $3.26   
Class F3                       
Actual    $1,000.00     $706.60     $2.45   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.92     $2.91   
Class I                       
Actual    $1,000.00     $706.40     $2.79   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.52     $3.31   
Class R2                       
Actual    $1,000.00     $704.10     $5.32   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,018.55     $6.31   
Class R3                       
Actual    $1,000.00     $704.50     $4.90   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.04     $5.81   
Class R4                       
Actual    $1,000.00     $705.30     $3.85   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.28     $4.56   
Class R5                       
Actual    $1,000.00     $706.20     $2.79   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.52     $3.31   
Class R6                       
Actual    $1,000.00     $706.60     $2.45   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.92     $2.91   
     
  For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.91% for Class A, 1.66% for Class C, 0.65% for Class F, 0.58% for Class F3, 0.66% for Class I, 1.26% for Class R2, 1.16% for Class R3, 0.91% for Class R4, 0.66% for Class R5 and 0.58% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

 

17

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   8.76%
Consumer Discretionary   15.55%
Consumer Staples   2.22%
Energy   2.50%
Financials   4.13%
Health Care   13.66%
Industrials   2.12%
Information Technology   47.49%
Real Estate   0.48%
Repurchase Agreements   3.09%
Total   100.00%
     
*   A sector may comprise several industries.
**   Represents percent of total investments.

 

18

 

Health Care Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22  11/1/21 –
4/30/22
 
Class A                       
Actual    $1,000.00     $825.40     $4.66   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.69     $5.16   
Class C                       
Actual    $1,000.00     $822.40     $8.04   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,015.97     $8.90   
Class F                       
Actual    $1,000.00     $826.30     $3.53   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.93     $3.91   
Class F3*                       
Actual    $1,000.00     $826.70     $3.13   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.37     $3.46   
Class I                       
Actual    $1,000.00     $826.30     $3.53   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.93     $3.91   
Class R3                       
Actual    $1,000.00     $824.10     $5.79   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,018.45     $6.41   
Class R4                       
Actual    $1,000.00     $825.20     $4.66   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.69     $5.16   
Class R5                       
Actual    $1,000.00     $826.30     $3.53   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.93     $3.91   
Class R6*                       
Actual    $1,000.00     $826.80     $3.13   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,021.37     $3.46   
     
  For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.03% for Class A, 1.78% for Class C, 0.78% for Class F, 0.69% for Class F3, 0.78% for Class I, 1.28% for Class R3, 1.03% for Class R4, 0.78% for Class R5 and 0.69% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
*   The annualized expenses have been updated to 0.66% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:
     
   Actual  Hypothetical
(5% Return
Before Expenses)
Class F3  $2.99  $3.31
Class R6  $2.99  $3.31

 

19

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Health Care   95.48%
Repurchase Agreements   4.52%
Total   100.00%
     
*   A sector may comprise several industries.
**   Represents percent of total investments.

 

20

 

International Equity Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22  11/1/21 –
4/30/22
 
Class A                       
Actual    $1,000.00     $845.50     $5.35   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,018.99     $5.86   
Class C                       
Actual    $1,000.00     $842.80     $8.77   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,015.27     $9.59   
Class F                       
Actual    $1,000.00     $846.60     $4.40   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.03     $4.81   
Class F3                       
Actual    $1,000.00     $847.30     $3.85   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.63     $4.21   
Class I                       
Actual    $1,000.00     $846.80     $3.94   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.53     $4.31   
Class P                       
Actual    $1,000.00     $844.90     $6.13   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,018.15     $6.71   
Class R2                       
Actual    $1,000.00     $844.00     $6.95   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,017.26     $7.60   
Class R3                       
Actual    $1,000.00     $845.20     $6.50   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,017.75     $7.10   
Class R4                       
Actual    $1,000.00     $845.90     $5.35   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,018.99     $5.86   
Class R5                       
Actual    $1,000.00     $847.00     $4.21   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.23     $4.61   
Class R6                       
Actual    $1,000.00     $847.20     $3.85   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.63     $4.21   
     
  For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.17% for Class A, 1.92% for Class C, 0.96% for Class F, 0.84% for Class F3, 0.86% for Class I, 1.34% for Class P, 1.52% for Class R2, 1.42% for Class R3, 1.17% for Class R4, 0.92% for Class R5 and 0.84% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

 

21

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   4.86%
Consumer Discretionary   10.77%
Consumer Staples   9.02%
Energy   6.95%
Financials   19.58%
Health Care   10.78%
Industrials   13.11%
Information Technology   7.58%
Materials   8.62%
Real Estate   0.59%
Utilities   3.03%
Repurchase Agreements   4.27%
Money Market Funds(a)   0.76%
Time Deposits(a)   0.08%
Total   100.00%
     
*   A sector may comprise several industries.
**   Represents percent of total investments.
(a)   Securities were purchased with the cash collateral from loaned securities.

 

22

 

International Opportunities Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22  11/1/21 –
4/30/22
 
Class A                       
Actual    $1,000.00     $832.00     $5.50   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,018.79     $6.06   
Class C                       
Actual    $1,000.00     $828.50     $8.89   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,015.08     $9.79   
Class F                       
Actual    $1,000.00     $832.80     $4.82   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.54     $5.31   
Class F3                       
Actual    $1,000.00     $833.10     $4.00   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.43     $4.41   
Class I                       
Actual    $1,000.00     $832.80     $4.36   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.03     $4.81   
Class P                       
Actual    $1,000.00     $830.80     $6.40   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,017.80     $7.05   
Class R2                       
Actual    $1,000.00     $830.20     $7.08   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,017.06     $7.80   
Class R3                       
Actual    $1,000.00     $830.80     $6.63   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,017.55     $7.30   
Class R4                       
Actual    $1,000.00     $831.70     $5.50   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,018.79     $6.06   
Class R5                       
Actual    $1,000.00     $833.00     $4.36   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.03     $4.81   
Class R6                       
Actual    $1,000.00     $833.10     $4.00   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.43     $4.41   
     
  For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.21% for Class A, 1.96% for Class C, 1.06% for Class F, 0.88% for Class F3, 0.96% for Class I, 1.41% for Class P, 1.56% for Class R2, 1.46% for Class R3, 1.21% for Class R4, 0.96% for Class R5 and 0.88% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

 

23

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   4.16%
Consumer Discretionary   9.50%
Consumer Staples   7.13%
Energy   1.24%
Financials   11.14%
Health Care   5.52%
Industrials   21.00%
Information Technology   10.57%
Materials   9.82%
Real Estate   9.50%
Utilities   3.94%
Repurchase Agreements   4.04%
Money Market Funds(a)   2.20%
Time Deposits(a)   0.24%
Total   100.00%
     
*   A sector may comprise several industries.
**   Represents percent of total investments.
(a)   Securities were purchased with the cash collateral from loaned securities.

 

24

 

International Value Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22  11/1/21 –
4/30/22
 
Class A                       
Actual    $1,000.00     $930.50     $5.36   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.24     $5.61   
Class C                       
Actual    $1,000.00     $927.30     $8.94   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,015.52     $9.35   
Class F                       
Actual    $1,000.00     $930.30     $4.40   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.23     $4.61   
Class F3*                       
Actual    $1,000.00     $932.20     $3.78   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.88     $3.96   
Class I                       
Actual    $1,000.00     $932.10     $3.93   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.73     $4.11   
Class R2                       
Actual    $1,000.00     $928.60     $7.03   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,017.50     $7.35   
Class R3                       
Actual    $1,000.00     $930.20     $6.56   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,018.00     $6.85   
Class R4                       
Actual    $1,000.00     $930.30     $5.36   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.24     $5.61   
Class R5                       
Actual    $1,000.00     $931.90     $4.02   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.63     $4.21   
Class R6*                       
Actual    $1,000.00     $932.20     $3.78   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.88     $3.96   
     
  For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.87% for Class C, 0.92% for Class F, 0.79% for Class F3, 0.82% for Class I, 1.47% for Class R2, 1.37% for Class R3, 1.12% for Class R4, 0.84% for Class R5 and 0.79% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
*   The annualized expenses have been updated to 0.81% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:
     
   Actual  Hypothetical
(5% Return
Before Expenses)
Class F3  $3.88  $4.06
Class R6  $3.88  $4.06

 

25

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   2.22%
Consumer Discretionary   6.50%
Consumer Staples   10.19%
Energy   8.55%
Financials   25.08%
Health Care   11.55%
Industrials   14.04%
Information Technology   2.91%
Materials   5.77%
Real Estate   3.42%
Utilities   4.44%
Repurchase Agreements   3.71%
Money Market Funds(a)   1.46%
Time Deposits(a)   0.16%
Total   100.00%
     
*   A sector may comprise several industries.
**   Represents percent of total investments.
(a)   Securities were purchased with the cash collateral from loaned securities.

 

26

 

Micro Cap Growth Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22  11/1/21 –
4/30/22
 
Class A                       
Actual    $1,000.00     $683.90     $5.80   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,017.90     $6.95   
Class C                       
Actual    $1,000.00     $681.60     $8.96   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,014.13     $10.74   
Class F                       
Actual    $1,000.00     $684.90     $4.76   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.14     $5.71   
Class I                       
Actual    $1,000.00     $684.90     $4.76   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.14     $5.71   
     
  For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.39% for Class A, 2.15% for Class C, 1.14% for Class F and 1.14% for Class I multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

 

27

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   6.34%
Consumer Discretionary   15.43%
Consumer Staples   3.80%
Financials   5.80%
Health Care   24.06%
Industrials   15.37%
Information Technology   21.74%
Repurchase Agreements   2.04%
Money Market Funds(a)   4.88%
Time Deposits(a)   0.54%
Total   100.00%
     
*   A sector may comprise several industries.
**   Represents percent of total investments.
(a)   Securities were purchased with the cash collateral from loaned securities.

 

28

 

Value Opportunities Fund

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

   Beginning
Account
Value
  Ending
Account
Value
  Expenses
Paid During
Period
 
   11/1/21  4/30/22  11/1/21 –
4/30/22
 
Class A                       
Actual    $1,000.00     $858.60     $5.30   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.09     $5.76   
Class C                       
Actual    $1,000.00     $855.60     $8.74   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,015.37     $9.49   
Class F                       
Actual    $1,000.00     $859.10     $4.61   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.84     $5.01   
Class F3                       
Actual    $1,000.00     $860.10     $3.74   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.78     $4.06   
Class I                       
Actual    $1,000.00     $859.60     $4.15   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.33     $4.51   
Class P                       
Actual    $1,000.00     $857.80     $6.22   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,018.10     $6.76   
Class R2                       
Actual    $1,000.00     $857.30     $6.91   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,017.36     $7.50   
Class R3                       
Actual    $1,000.00     $857.50     $6.45   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,017.85     $7.00   
Class R4                       
Actual    $1,000.00     $858.90     $5.30   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,019.09     $5.76   
Class R5                       
Actual    $1,000.00     $859.70     $4.15   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.33     $4.51   
Class R6                       
Actual    $1,000.00     $860.00     $3.74   
Hypothetical (5% Return Before Expenses)    $1,000.00     $1,020.78     $4.06   
     
  For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.15% for Class A, 1.90% for Class C, 1.00% for Class F, 0.81% for Class F3, 0.90% for Class I, 1.35% for Class P, 1.50% for Class R2, 1.40% for Class R3, 1.15% for Class R4, 0.90% for Class R5 and 0.81% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

 

29

 

 

 

Portfolio Holdings Presented by Sector

April 30, 2022

 

Sector*  %**
Communication Services   0.90%
Consumer Discretionary   8.72%
Consumer Staples   2.22%
Energy   5.75%
Financials   13.86%
Health Care   13.95%
Industrials   17.20%
Information Technology   14.91%
Materials   10.29%
Real Estate   8.39%
Utilities   2.64%
Repurchase Agreements   0.26%
Money Market Funds(a)   0.82%
Time Deposits(a)   0.09%
Total   100.00%
     
*   A sector may comprise several industries.
**   Represents percent of total investments.
(a)   Securities were purchased with the cash collateral from loaned securities.

 

30

 

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND April 30, 2022

 

Investments  Shares   Fair
Value
 
LONG-TERM INVESTMENTS 99.95% 
           
INVESTMENTS IN UNDERLYING FUNDS(a)(b) 99.95% 
Lord Abbett Developing Growth Fund, Inc. – Class I*(c)   5,464,375   $133,057,540 
Lord Abbett Securities Trust-Focused Small Cap Value Fund – Class I*(d)    2,818,823    75,629,024 
Lord Abbett Securities Trust – International Opportunities Fund – Class I(d)   8,001,744    143,391,253 
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I*(d)   3,822,966    62,237,880 
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I(d)   8,163,093    146,364,268 
Lord Abbett Securities Trust – Value Opportunities Fund – Class I(d)   7,706,271    146,419,151 
Total Investments in Underlying Funds
(cost 740,073,110)
        707,099,116 
Investments  Principal
Amount
   Fair
Value
 
SHORT-TERM INVESTMENTS 0.09% 
           
REPURCHASE AGREEMENTS 0.09% 
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $695,700 of U.S. Treasury Note at 2.375% due 5/15/2029; value: $681,273; proceeds:
$667,865 (cost $667,865)
  $667,865   $667,865 
Total Investments in Securities 100.04%
(cost $740,740,975)
        707,766,981 
Other Assets and Liabilities – Net (0.04)%        (299,236)
Net Assets 100.00%       $707,467,745 

 

*   Non-income producing security.
(a)   Affiliated issuer (see Note 13).
(b)   These investments offer daily redemptions.
(c)   Fund investment objective is long-term growth of capital through a diversified and actively managed portfolio consisting of developing growth companies, many of which are traded over the counter.
(d)   Fund investment objective is long-term capital appreciation.


 

 

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value(1):

 

Investment Type(2)  Level 1   Level 2   Level 3   Total 
Long-Term Investments                    
Investments in Underlying Funds  $707,099,116   $   $   $707,099,116 
Short-Term Investments                    
Repurchase Agreements       667,865        667,865 
Total  $707,099,116   $667,865   $   $707,766,981 

 

(1)   Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)   See Schedule of Investments for fair values in each investment in Underlying Funds. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

 

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

 

  See Notes to Financial Statements. 31
 

Schedule of Investments (unaudited)

DURABLE GROWTH FUND April 30, 2022

 

Investments  Shares   Fair
Value
 
LONG-TERM INVESTMENTS 98.90%          
           
COMMON STOCKS 98.90%          
           
Aerospace & Defense 2.81%          
Airbus SE(a)  EUR 5,686   $622,457 
CAE, Inc. (Canada)*(b)   46,204    1,098,731 
Northrop Grumman Corp.   3,711    1,630,614 
TransDigm Group, Inc.*   3,194    1,899,823 
Total        5,251,625 
           
Air Freight & Logistics 0.77%          
GXO Logistics, Inc.*   24,279    1,437,074 
           
Automobiles 4.09%          
Tesla, Inc.*   8,772    7,638,307 
           
Banks 1.03%          
First Republic Bank   12,912    1,926,729 
           
Beverages 2.53%          
Brown-Forman Corp. Class B   14,061    948,274 
Coca-Cola Co. (The)   58,314    3,767,667 
Total        4,715,941 
           
Biotechnology 1.84%          
BioNTech SE ADR   3,600    499,608 
Genmab A/S ADR*   35,453    1,247,237 
Natera, Inc.*   15,521    545,097 
Seagen, Inc.*   8,690    1,138,477 
Total        3,430,419 
           
Capital Markets 0.87%          
Moody’s Corp.   5,116    1,619,112 
           
Chemicals 0.96%          
Air Products & Chemicals, Inc.   7,647    1,789,933 
           
Construction Materials 1.29%          
Vulcan Materials Co.   13,965    2,406,030 
           
Containers & Packaging 1.58%          
Avery Dennison Corp.   6,895    1,245,237 
Ball Corp.   20,968    1,701,763 
Total        2,947,000 
Investments  Shares   Fair
Value
 
Entertainment 0.82%          
Roku, Inc.*   6,296  $584,898 
Walt Disney Co. (The)*   8,444    942,604 
Total        1,527,502 
           
Equity Real Estate Investment Trusts 2.07%          
SBA Communications Corp.   11,125    3,861,599 
           
Food & Staples Retailing 1.82%          
Sysco Corp.   18,754    1,603,092 
Walmart, Inc.   11,664    1,784,475 
Total        3,387,567 
           
Health Care Equipment & Supplies 3.31%          
Align Technology, Inc.*   2,095    607,361 
DexCom, Inc.*   4,376    1,787,946 
Edwards Lifesciences Corp.*   21,488    2,273,001 
Intuitive Surgical, Inc.*   6,325    1,513,573 
Total        6,181,881 
           
Hotels, Restaurants & Leisure 2.52%          
Airbnb, Inc. Class A*   6,348    972,577 
Chipotle Mexican Grill, Inc.*   1,416    2,061,144 
Hilton Worldwide Holdings, Inc.*   10,730    1,666,262 
Total        4,699,983 
           
Industrial Conglomerates 1.67%          
Honeywell International, Inc.   7,930    1,534,534 
Roper Technologies, Inc.   3,375    1,585,980 
Total        3,120,514 
           
Information Technology Services 6.09%          
Accenture plc Class A (Ireland)(b)   4,092    1,229,073 
Fidelity National Information Services, Inc.   9,368    928,837 
Genpact Ltd.   37,396    1,505,937 
Mastercard, Inc. Class A   16,966    6,165,105 
PayPal Holdings, Inc.*   9,524    837,445 
Twilio, Inc. Class A*   6,240    697,757 
Total        11,364,154 


 

32 See Notes to Financial Statements.
 

Schedule of Investments (unaudited)(continued)

DURABLE GROWTH FUND April 30, 2022

 

Investments  Shares   Fair
Value
 
Interactive Media & Services 10.00% 
Alphabet, Inc. Class A*   6,034   $13,770,735 
Match Group, Inc.*   15,206    1,203,555 
Meta Platforms, Inc. Class A*   18,341    3,676,820 
Total        18,651,110 
           
Internet & Direct Marketing Retail 6.85% 
Amazon.com, Inc.*   5,143    12,783,595 
           
Life Sciences Tools & Services 2.69% 
10X Genomics, Inc. Class A*   8,501    406,008 
Danaher Corp.   6,939    1,742,591 
Repligen Corp.*   8,424    1,324,589 
West Pharmaceutical Services, Inc.   4,913    1,547,890 
Total        5,021,078 
           
Machinery 1.24%          
Parker-Hannifin Corp.   4,445    1,203,795 
Stanley Black & Decker, Inc.   9,250    1,111,387 
Total        2,315,182 
           
Personal Products 1.16%          
Estee Lauder Cos., Inc. (The) Class A   8,163    2,155,522 
           
Pharmaceuticals 3.23%          
Eli Lilly & Co.   12,964    3,787,173 
Zoetis, Inc.   12,648    2,241,858 
Total        6,029,031 
           
Road & Rail 1.74%          
Norfolk Southern Corp.   7,289    1,879,687 
Old Dominion Freight Line, Inc.   4,901    1,372,868 
Total        3,252,555 
Investments  Shares   Fair
Value
 
Semiconductors & Semiconductor Equipment 8.04% 
Advanced Micro Devices, Inc.*   9,446   $807,822 
Analog Devices, Inc.   14,410    2,224,616 
Lam Research Corp.   3,835    1,786,190 
NVIDIA Corp.   35,415    6,568,420 
NXP Semiconductors NV (Netherlands)(b)   7,948    1,358,313 
QUALCOMM, Inc.   16,153    2,256,412 
Total        15,001,773 
           
Software 16.03%          
Cadence Design Systems, Inc.*    17,610    2,656,468 
Datadog, Inc. Class A*   3,324    401,473 
Microsoft Corp.   73,469    20,389,117 
Palo Alto Networks, Inc.*   1,078    605,060 
Salesforce, Inc.*   16,251    2,859,201 
ServiceNow, Inc.*   6,269    2,997,209 
Total        29,908,528 
           
Specialty Retail 3.97%          
Burlington Stores, Inc.*   9,683    1,971,072 
Five Below, Inc.*   7,038    1,105,670 
Home Depot, Inc. (The)   14,426    4,333,570 
Total        7,410,312 
           
Technology Hardware, Storage & Peripherals 5.97% 
Apple, Inc.   70,611    11,131,824 
           
Textiles, Apparel & Luxury Goods 1.91% 
Lululemon Athletica, Inc. (Canada)*(b)   1,434    508,539 
NIKE, Inc. Class B   24,515    3,057,021 
Total        3,565,560 
Total Common Stocks
(cost $210,229,779)
        184,531,440 


 

  See Notes to Financial Statements. 33
 

Schedule of Investments (unaudited)(concluded)

DURABLE GROWTH FUND April 30, 2022

 

Investments  Principal
Amount
   Fair
Value
 
SHORT-TERM INVESTMENTS 1.80%          
           
Repurchase Agreements 1.80%          
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $2,830,700 of U.S. Treasury Inflation Indexed Note at 0.875% due 01/15/2029; value: $3,435,263; proceeds: $3,367,805
(cost $3,367,805)
  $3,367,805   $3,367,805 
Total Investments in Securities 100.70%
(cost $213,597,584)
        187,899,245 
Other Assets and Liabilities – Net (0.70)%        (1,310,624)
Net Assets 100.00%       $186,588,621 
     
     
ADR   American Depositary Receipt.
EUR   Euro.
*   Non-income producing security.
(a)   Investment in non-U.S. dollar denominated securities.
(b)   Foreign security traded in U.S. dollars.


 

 

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value(1):

 

Investment Type(2)  Level 1   Level 2   Level 3   Total 
Long-Term Investments                    
Common Stocks                    
Aerospace & Defense  $4,629,168   $622,457   $   $5,251,625 
Remaining Industries   179,279,815            179,279,815 
Short-Term Investments                    
Repurchase Agreements       3,367,805        3,367,805 
Total  $183,908,983   $3,990,262   $   $187,899,245 

 

(1)   Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)   See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

 

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

 

34 See Notes to Financial Statements.
 

Schedule of Investments (unaudited)

FOCUSED GROWTH FUND April 30, 2022

 

Investments  Shares   Fair
Value
 
LONG-TERM INVESTMENTS 96.88%        
         
COMMON STOCKS 96.88%        
         
Automobiles 7.05%        
Tesla, Inc.*   3,191   $2,778,595 
           
Banks 0.91%          
Signature Bank   1,474    357,076 
           
Biotechnology 3.87%          
Cytokinetics, Inc.*   15,159    604,389 
Vertex Pharmaceuticals, Inc.*    3,366    919,659 
Total        1,524,048 
           
Communications Equipment 3.42%          
Arista Networks, Inc.*   11,671    1,348,817 
           
Consumer Finance 2.25%          
American Express Co.   5,079    887,352 
           
Entertainment 2.96%          
Live Nation          
Entertainment, Inc.*   11,139    1,168,258 
           
Food & Staples Retailing 3.03%          
Costco Wholesale Corp.   2,248    1,195,307 
           
Health Care Equipment & Supplies 2.41%          
Edwards Lifesciences Corp.*   8,979    949,799 
           
Health Care Providers & Services 3.24%          
UnitedHealth Group, Inc.   2,509    1,275,952 
           
Hotels, Restaurants & Leisure 4.65%          
Airbnb, Inc. Class A*   6,636    1,016,702 
Hilton Worldwide Holdings, Inc.*   5,266    817,757 
Total        1,834,459 
           
Information Technology Services 6.17%          
Mastercard, Inc. Class A   4,359    1,583,973 
Visa, Inc. Class A   3,973    846,766 
Total        2,430,739 
Investments  Shares   Fair
Value
 
Interactive Media & Services 8.04%        
Alphabet, Inc. Class A*   1,389   $3,169,962 
           
Internet & Direct Marketing Retail 3.64%          
Amazon.com, Inc.*   577    1,434,208 
           
Machinery 2.70%          
Deere & Co.   2,821    1,065,069 
           
Oil, Gas & Consumable Fuels 4.07%          
Cheniere Energy, Inc.   11,796    1,602,015 
           
Pharmaceuticals 2.28%          
Novo Nordisk A/S ADR   7,879    898,206 
           
Semiconductors & Semiconductor Equipment 4.92%    
Advanced Micro Devices, Inc.*    8,469    724,269 
NVIDIA Corp.   6,542    1,213,345 
Total        1,937,614 
           
Software 20.31%          
Atlassian Corp. plc Class A (Australia)*(a)   2,500    562,075 
Crowdstrike Holdings, Inc. Class A*   1,834    364,526 
Datadog, Inc. Class A*   4,797    579,382 
Intuit, Inc.   1,590    665,813 
Microsoft Corp.   14,606    4,053,457 
Palo Alto Networks, Inc.*   1,555    872,790 
Qualtrics International, Inc. Class A*   25,586    474,364 
Trade Desk, Inc. (The) Class A*   7,307    430,528 
Total        8,002,935 
           
Technology Hardware, Storage & Peripherals 9.46%    
Apple, Inc.   23,659    3,729,841 
           
Textiles, Apparel & Luxury Goods 1.50%      
Lululemon Athletica, Inc. (Canada)*(a)   1,670    592,232 
Total Common Stocks
(cost $40,023,578)
        38,182,484 


 

  See Notes to Financial Statements. 35
 

Schedule of Investments (unaudited)(concluded)

FOCUSED GROWTH FUND April 30, 2022

 

Investments  Principal
Amount
   Fair
Value
 
SHORT-TERM INVESTMENTS 4.28%          
           
Repurchase Agreements 4.28%          
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $1,891,300 of U.S. Treasury Note at 1.625% due 5/15/2031; value: $1,722,681; proceeds: $1,688,846
(cost $1,688,846)
  $1,688,846   $1,688,846 
Total Investments in Securities 101.16%
(cost $41,712,424)
        39,871,330 
Other Assets and Liabilities – Net (1.16)%        (457,591)
Net Assets 100.00%       $39,413,739 
     
ADR   American Depositary Receipt.
*   Non-income producing security.
(a)   Foreign security traded in U.S. dollars.


 

 

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value(1):

 

Investment Type(2)  Level 1   Level 2   Level 3   Total 
Long-Term Investments                    
Common Stocks  $38,182,484   $   $   $38,182,484 
Short-Term Investments                    
Repurchase Agreements       1,688,846        1,688,846 
Total  $38,182,484   $1,688,846   $   $39,871,330 

 

(1)   Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)   See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.

 

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

 

36 See Notes to Financial Statements.
 

Schedule of Investments (unaudited)

FOCUSED LARGE CAP VALUE FUND April 30, 2022

 

Investments  Shares   Fair
Value
 
LONG-TERM INVESTMENTS 98.41%          
           
COMMON STOCKS 98.41%          
           
Aerospace & Defense 7.65%          
Lockheed Martin Corp.   53,230   $23,001,748 
Raytheon Technologies Corp.   284,140    26,967,727 
Total        49,969,475 
           
Automobiles 2.31%          
General Motors Co.*   397,200    15,057,852 
           
Banks 6.42%          
Popular, Inc.   236,130    18,415,779 
Wells Fargo & Co.   539,170    23,523,987 
Total        41,939,766 
           
Biotechnology 3.83%          
AbbVie, Inc.   170,350    25,021,008 
           
Building Products 2.45%          
Masco Corp.   303,400    15,986,146 
           
Capital Markets 7.34%          
Ameriprise Financial, Inc.   92,760    24,626,853 
KKR & Co., Inc.   457,120    23,299,406 
Total        47,926,259 
           
Chemicals 5.31%          
Dow, Inc.   279,720    18,601,380 
Valvoline, Inc.   531,800    16,076,314 
Total        34,677,694 
           
Communications Equipment 2.28%          
Cisco Systems, Inc.   304,090    14,894,328 
           
Construction Materials 2.12%          
Eagle Materials, Inc.   112,400    13,861,168 
           
Electric: Utilities 3.11%          
NRG Energy, Inc.   565,230    20,291,757 
           
Energy Equipment & Services 2.19%          
Schlumberger NV   365,860    14,272,199 
Investments  Shares   Fair
Value
 
Food & Staples Retailing 3.24% 
BJ’s Wholesale Club        
Holdings, Inc.*   328,680   $21,150,558 
           
Health Care Providers & Services 6.47%  
Centene Corp.*   236,730    19,068,602 
CVS Health Corp.   240,810    23,149,065 
Total        42,217,667 
           
Hotels, Restaurants & Leisure 2.77%          
Caesars Entertainment, Inc.*   273,000    18,094,440 
           
Household Products 2.33%          
Spectrum Brands Holdings, Inc.   179,000    15,227,530 
           
Information Technology Services 3.00%  
Euronet Worldwide, Inc.*   160,700    19,549,155 
           
Insurance 7.18%          
Allstate Corp. (The)   216,600    27,408,564 
Fidelity National Financial, Inc.   488,940    19,469,591 
Total        46,878,155 
           
Interactive Media & Services 2.75%          
Alphabet, Inc. Class A*   7,870    17,960,835 
           
Media 2.41%          
Comcast Corp. Class A   395,500    15,725,080 
           
Metals & Mining 1.41%          
Alcoa Corp.   135,820    9,208,596 
           
Oil, Gas & Consumable Fuels 6.32%          
Chesapeake Energy Corp.   164,640    13,503,773 
Pioneer Natural Resources Co.   73,600    17,109,792 
Shell plc ADR   199,280    10,647,530 
Total        41,261,095 


 

  See Notes to Financial Statements. 37
 

Schedule of Investments (unaudited)(concluded)

FOCUSED LARGE CAP VALUE FUND April 30, 2022

 

Investments  Shares   Fair
Value
 
Pharmaceuticals 8.63%          
Bayer AG(a)  EUR 169,870   $11,189,514 
Organon & Co.   730,200    23,607,366 
Pfizer, Inc.   439,620    21,572,153 
Total        56,369,033 
           
Semiconductors & Semiconductor Equipment 2.15% 
Micron Technology, Inc.    206,050    14,050,549 
           
Trading Companies & Distributors 2.22%  
AerCap Holdings NV (Ireland)*(b)   310,000    14,480,100 
           
Wireless Telecommunication Services 2.52% 
T-Mobile US, Inc.*   133,600    16,451,504 
Total Common Stocks
(cost $646,004,391)
        642,521,949 
Investments  Principal
Amount
   Fair
Value
 
SHORT-TERM INVESTMENTS 1.52%          
           
Repurchase Agreements 1.52%          
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $11,064,300 of U.S. Treasury Note at 1.625% due 5/15/2031; value: $10,077,860; proceeds: $9,880,235
(cost $9,880,235)
  $9,880,235   $9,880,235 
Total Investments in Securities 99.93%
(cost $655,884,626)
        652,402,184 
Other Assets and Liabilities – Net 0.07%        479,802 
Net Assets 100.00%       $652,881,986 

 

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


 

 

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value(1):

 

Investment Type(2)  Level 1   Level 2   Level 3   Total 
Long-Term Investments                    
Common Stocks                    
Pharmaceuticals  $45,179,519   $11,189,514   $   $56,369,033 
Remaining Industries   586,152,916            586,152,916 
Short-Term Investments                    
Repurchase Agreements       9,880,235        9,880,235 
Total  $631,332,435   $21,069,749   $   $652,402,184 

 

(1)   Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)   See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.

 

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.

 

38 See Notes to Financial Statements.

 

Schedule of Investments (unaudited)

FOCUSED SMALL CAP VALUE FUND April 30, 2022

 

Investments  Shares   Fair
Value
 
LONG-TERM INVESTMENTS 98.13%
           
COMMON STOCKS 98.13%          
           
Auto Components 1.67%          
American Axle & Manufacturing Holdings, Inc.*   419,759   $2,778,805 
           
Banks 14.52%          
Bancorp, Inc. (The)*   129,087    2,928,984 
Customers Bancorp, Inc.*   73,592    3,096,016 
Eastern Bankshares, Inc.   190,652    3,652,892 
First BanCorp   325,455    4,429,443 
Metropolitan Bank Holding Corp.*   52,727    4,695,339 
Western Alliance Bancorp   28,073    2,136,636 
Wintrust Financial Corp.   36,929    3,224,640 
Total        24,163,950 
           
Building Products 2.37%          
Masonite International Corp.*   50,844    3,941,427 
           
Capital Markets 3.98%          
Bridge Investment Group Holdings, Inc. Class A   213,178    4,003,483 
CI Financial Corp.(a)   CAD200,700    2,616,841 
Total        6,620,324 
           
Commercial Services & Supplies 2.71%
SP Plus Corp.*   158,318    4,512,063 
           
Construction & Engineering 2.45%
EMCOR Group, Inc.   38,214    4,069,027 
           
Construction Materials 3.17%
Eagle Materials, Inc.   42,841    5,283,152 
           
Containers & Packaging 2.28%
Pactiv Evergreen, Inc.   384,800    3,794,128 
           
Electrical Equipment 2.38%          
GrafTech International Ltd.   436,836    3,966,471 
Investments  Shares   Fair
Value
 
Energy Equipment & Services 2.95%
NOV, Inc.   271,164   $4,916,203 
           
Entertainment 2.43%          
Marcus Corp. (The)*(b)   257,369    4,048,414 
           
Equity Real Estate Investment Trusts 5.41%
Outfront Media, Inc.   138,267    3,539,635 
Sunstone Hotel Investors, Inc.*   445,572    5,458,257 
Total        8,997,892 
           
Health Care Providers & Services 2.87%
Tenet Healthcare Corp.*   65,982    4,784,355 
           
Hotels, Restaurants & Leisure 1.61%
Dave & Buster’s Entertainment, Inc.*   58,800    2,675,400 
           
Household Products 2.16%          
Spectrum Brands Holdings, Inc.   42,162    3,586,721 
           
Information Technology Services 3.65%
International Money Express, Inc.*   305,277    6,065,854 
           
Insurance 8.72%          
American Equity Investment Life Holding Co.   100,673    3,797,386 
Kemper Corp.   74,009    3,416,255 
Selective Insurance Group, Inc.   49,442    4,072,043 
Stewart Information Services Corp.   62,594    3,229,850 
Total        14,515,534 
           
Interactive Media & Services 2.14%
Cars.com, Inc.*   319,657    3,554,586 
           
Machinery 2.22%          
Columbus McKinnon Corp.   104,266    3,696,230 
           
Metals & Mining 0.99%          
Century Aluminum Co.*   97,219    1,640,084 


 

  See Notes to Financial Statements. 39
 

Schedule of Investments (unaudited)(continued)

FOCUSED SMALL CAP VALUE FUND April 30, 2022

 

Investments  Shares   Fair
Value
 
Oil, Gas & Consumable Fuels 8.72%
Chesapeake Energy Corp.   85,279   $6,994,583 
MEG Energy Corp.*(a)   CAD 500,000    7,511,774 
Total        14,506,357 
           
Pharmaceuticals 3.66%
Organon & Co.   188,517    6,094,755 
           
Professional Services 3.36%          
TrueBlue, Inc.*   219,000    5,599,830 
           
Real Estate Management & Development 0.96%
Realogy Holdings Corp.*   145,875    1,598,790 
           
Semiconductors & Semiconductor Equipment 3.57%
Silicon Motion Technology Corp. ADR   78,302    5,945,471 
           
Specialty Retail 2.95%          
JOANN, Inc.(b)   163,530    1,707,253 
Sally Beauty Holdings, Inc.*   211,969    3,204,971 
Total        4,912,224 
           
Tobacco 1.59%          
Turning Point Brands, Inc.   84,471    2,651,545 
           
Trading Companies & Distributors 2.64%
MRC Global, Inc.*   366,105    4,389,599 
Total Common Stocks
(cost $157,678,030)
        163,309,191 
Investments  Principal
Amount
   Fair
Value
 
SHORT-TERM INVESTMENTS 2.30%      
           
Repurchase Agreements 1.50%       
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $2,094,400 of U.S. Treasury Inflation Indexed Note at 0.875% due 1/15/2029; value: $2,541,708; proceeds: $2,491,844
(cost $2,491,844)
  $2,491,844   $2,491,844 
           
   Shares      
           
Money Market Funds 0.72%          
Fidelity Government Portfolio(c)
(cost $1,202,139)
   1,202,139    1,202,139 
           
Time Deposits 0.08%          
CitiBank N.A.(c)
(cost $133,571)
   133,571    133,571 
Total Short-Term Investments
(cost $3,827,554)
        3,827,554 
Total Investments in Securities 100.43%
(cost $161,505,584)
        167,136,745 
Other Assets and Liabilities – Net (0.43)%        (722,821)
Net Assets 100.00%       $166,413,924 
           
ADR   American Depositary Receipt.
CAD   Canadian Dollar.
*   Non-income producing security.
(a)   Investment in non-U.S. dollar denominated securities.
(b)   All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
(c)   Security was purchased with the cash collateral from loaned securities.


 

40 See Notes to Financial Statements.
 

Schedule of Investments (unaudited)(concluded)

FOCUSED SMALL CAP VALUE FUND April 30, 2022

 

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s investments carried at fair value(1):

 

Investment Type(2)  Level 1   Level 2   Level 3   Total 
Long-Term Investments                    
Common Stocks  $163,309,191   $   $   $163,309,191 
Short-Term Investments                    
Repurchase Agreements       2,491,844        2,491,844 
Money Market Funds   1,202,139            1,202,139 
Time Deposits       133,571        133,571 
Total  $164,511,330   $2,625,415   $   $167,136,745 
                     
(1)   Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)   See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

 

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

 

  See Notes to Financial Statements. 41
 

Schedule of Investments (unaudited)

FUNDAMENTAL EQUITY FUND April 30, 2022

 

Investments  Shares   Fair
Value
 
LONG-TERM INVESTMENTS 98.26%     
           
COMMON STOCKS 98.26%          
           
Aerospace & Defense 4.72%          
Lockheed Martin Corp.   94,180   $40,697,062 
Raytheon Technologies Corp.   449,360    42,648,757 
Total        83,345,819 
           
Automobiles 1.49%          
General Motors Co.*   694,110    26,313,710 
           
Banks 4.41%          
East West Bancorp, Inc.   397,540    28,344,602 
Signature Bank   63,730    15,438,593 
Wells Fargo & Co.   780,410    34,049,288 
Total        77,832,483 
           
Beverages 1.05%          
PepsiCo, Inc.   107,720    18,496,601 
           
Biotechnology 1.94%          
AbbVie, Inc.   233,250    34,259,760 
           
Building Products 1.33%          
Masco Corp.   444,040    23,396,468 
           
Capital Markets 4.79%          
Ameriprise Financial, Inc.    120,880    32,092,431 
Blackstone Group, Inc. (The)   258,500    26,255,845 
Morgan Stanley   323,650    26,082,954 
Total        84,431,230 
           
Chemicals 3.15%          
Dow, Inc.   296,920    19,745,180 
Nutrien Ltd. (Canada)(a)   89,080    8,752,110 
Valvoline, Inc.   895,390    27,067,640 
Total        55,564,930 
           
Communications Equipment 1.56%     
Cisco Systems, Inc.   561,430    27,498,841 
Investments  Shares   Fair
Value
 
Construction & Engineering 1.16%     
EMCOR Group, Inc.   192,400   $20,486,752 
           
Consumer Finance 1.60%          
American Express Co.   161,790    28,266,331 
           
Containers & Packaging 1.06%          
Avery Dennison Corp.   103,250    18,646,950 
           
Diversified Financial Services 1.47%     
Equitable Holdings, Inc.   898,000    25,889,340 
           
Electric: Utilities 2.40%          
NextEra Energy, Inc.   298,150    21,174,613 
NRG Energy, Inc.   591,600    21,238,440 
Total        42,413,053 
           
Electronic Equipment, Instruments & Components 1.13%
Teledyne Technologies, Inc.*   46,380    20,015,289 
           
Energy Equipment & Services 1.52%     
Schlumberger NV   687,200    26,807,672 
           
Equity Real Estate Investment Trusts 4.65%    
Alexandria Real Estate Equities, Inc.   91,800    16,722,288 
American Homes 4 Rent   464,890    18,414,293 
Life Storage, Inc.   170,270    22,559,072 
Prologis, Inc.   152,050    24,372,095 
Total        82,067,748 
           
Food & Staples Retailing 2.22%          
BJ’s Wholesale Club Holdings, Inc.*   609,280    39,207,168 
           
Health Care Providers & Services 5.76%     
McKesson Corp.   74,790    23,155,732 
UnitedHealth Group, Inc.   154,200    78,418,410 
Total        101,574,142 


 

42 See Notes to Financial Statements.
 

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND April 30, 2022

 

Investments  Shares   Fair
Value
 
Hotels, Restaurants & Leisure 2.48%    
Caesars Entertainment, Inc.*   367,490   $24,357,237 
Hilton Worldwide Holdings, Inc.*   125,230    19,446,967 
Total        43,804,204 
           
Household Products 2.99%          
Procter & Gamble Co. (The)   328,750    52,780,812 
           
Insurance 7.65%          
Allstate Corp. (The)   260,580    32,973,793 
American International Group, Inc.   396,100    23,175,811 
Arch Capital Group Ltd.*   499,300    22,803,031 
Arthur J Gallagher & Co.   194,940    32,845,440 
Fidelity National Financial, Inc.   582,180    23,182,408 
Total        134,980,483 
           
Interactive Media & Services 2.43%    
Alphabet, Inc. Class A*   18,800    42,905,172 
           
Life Sciences Tools & Services 1.47%    
Thermo Fisher Scientific, Inc.   46,860    25,909,831 
           
Machinery 1.83%          
AGCO Corp.   97,450    12,415,130 
Parker-Hannifin Corp.   73,670    19,951,309 
Total        32,366,439 
           
Media 1.98%          
Comcast Corp. Class A   877,980    34,908,485 
           
Metals & Mining 2.22%          
Alcoa Corp.   256,417    17,385,073 
Reliance Steel & Aluminum Co.   109,780    21,763,885 
Total        39,148,958 
Investments  Shares   Fair
Value
 
Multi-Line Retail 1.45%          
Target Corp.   111,700   $25,540,205 
           
Oil, Gas & Consumable Fuels 7.34%    
Chesapeake Energy Corp.   441,340    36,198,707 
Marathon Petroleum Corp.   210,630    18,379,574 
Pioneer Natural Resources Co.   163,300    37,962,351 
Shell plc ADR   691,470    36,945,242 
Total        129,485,874 
           
Pharmaceuticals 5.86%          
Eli Lilly & Co.   61,870    18,074,083 
Organon & Co.   1,165,330    37,675,119 
Pfizer, Inc.   971,440    47,668,561 
Total