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Lord Abbett Micro-Cap Value Fund
Micro-Cap Growth Fund
Annual Report for the Period Ended October 31, 1999
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<TABLE>
<CAPTION>
Statement of Net Assets
Micro-Cap Value Fund October 31, 1999
Investments Shares Value
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<S> <C> <C> <C>
Common Stocks 91.22%
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Air Transportation .72% Offshore Logistics Inc. * 900 $ 8,325
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Aluminum 1.65% Imco Recycling Inc. 1,300 19,012
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Apparel 3.40% Garan Inc. 400 12,750
North Face Inc. * 1,500 10,406
Phillips-Van Heusen 2,000 16,000
Total 39,156
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Auto Parts:
Original Equipment 2.25% Hawk Corp. - Class A * 1,300 5,525
Jason Inc. * 2,700 20,419
Total 25,944
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Auto Trucks & Parts 1.57% Oshkosh Truck Corp. 600 18,038
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Banks: Regional 3.09% East-West Bancorp Inc. 2,100 25,987
Klamath First Bancorp Inc. 800 9,600
Total 35,587
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Biotechnology 1.78% Gliatech Inc. * 2,500 20,469
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Computer: Software 1.85% Radisys Corp. * 403 21,359
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Containers 2.94% BWAY Corporation * 700 4,550
Ivex Packaging Corp. * 3,100 29,256
Total 33,806
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Electrical Equipment 1.65% Ballantyne of Omaha Inc. * 1,900 9,856
Powell Industries Inc. * 1,200 9,150
Total 19,006
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Electronics 13.54% BEI Technologies Inc. 2,400 27,000
Bel Fuse Inc. - Class A * 900 35,831
Kollmorgen Corp. 1,800 17,100
Rogers Corp. * 1,400 50,750
SBS Technologies Inc. * 900 25,200
Total 155,881
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Electronics:
Semiconductor 2.68% Anadigics Inc. * 800 30,800
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Energy Equipment
& Services 1.03% Transcoastal Marine Services * 3,200 11,800
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Engineer/
Control Services .41% Baker (Michael) Corp. * 800 4,700
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Entertainment .73% Carmike Cinemas Inc. - Class A * 700 8,444
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Financial:
Miscellaneous 6.29% Financial Federal Corp. * 1,600 34,400
Medallion Financial Corp. 900 18,394
MicroFinancial Inc. 1,800 19,687
Total 72,481
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Gaming 1.81% Scientific Games Holdings Inc. * 1,200 20,850
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Health Care Products 3.20% ICU Medical Inc. * 1,100 16,500
Meridian Diagnostics Inc. 2,800 20,300
Total 36,800
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Industrial Products 1.03% Sun Hydraulics Inc. 1,700 11,900
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Leisure .73% Rawlings Sporting Goods Co. * 900 8,438
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Machinery 1.55% CMI Corp. - Class A 2,600 17,875
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1
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Statement of Net Assets
Micro-Cap Value Fund October 31, 1999
Shares or
Investments Principal Amount Value
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Manufacturing 1.65% Koala Corp. * 1,200 $ 18,975
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Media 2.94% VDI MultiMedia * 3,500 33,906
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Metal Fabricating .79% Shaw Group Inc. (The) * 400 9,100
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Milling: Fruits/Grain .64% Midwest Grain Products Inc. * 800 7,400
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Miscellaneous:
Material/Processing 1.58% Carbo Ceramics Inc. 700 18,200
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Office Furniture &
Business Equipment 1.67% Falcon Products Inc. 1,800 15,750
Neutral Posture Ergonomics Inc. * 2,000 3,500
Total 19,250
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Oil: Integrated
Domestic 3.91% Basin Exploration Inc. * 1,200 19,725
Mallon Resources Corp. * 4,000 25,250
Total 44,975
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Plastics 1.37% Summa Industries Inc. * 1,400 15,750
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REITs 1.21% Agree Realty Corp. 900 13,950
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Restaurants 1.70% Buca Inc. * 1,600 19,600
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Retail 6.18% Coldwater Creek Inc. * 1,300 31,362
Catherines Stores Corp. * 3,000 39,750
Total 71,112
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Services 2.42% Analysts International Corp. 1,700 19,869
Mac-Gray Corp. * 1,700 7,969
Total 27,838
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Steel 2.48% Material Sciences Corp. * 2,300 28,606
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Telecommunications 5.28% NYFIX Inc. * 700 24,938
Vari-L Company Inc. * 3,500 35,875
Total 60,813
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Transportation:
Miscellaneous 2.20% Airnet System Inc. * 1,800 10,125
HUB Group Inc. - Class A * 800 15,200
Total 25,325
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Truckers .87% Smithway Motor Express Corp. - Class A * 2,100 9,975
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Wholesale .43% Pentacon Inc. * 1,900 4,988
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Total Common Stocks 91.22% (Cost $1,030,865) 1,050,434
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Short-term Investment 10.59% FNMA Disc. Note 5.16% due 11/1/1999 (Cost $122,000) $122,000 122,000
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Total Investments 101.81% (Cost $1,152,865) 1,172,434
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Cash and Receivables, Net of Liabilitites (1.81)% (20,881)
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Net Assets 100.00% $1,151,553
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Class Y shares - Net asset value ($1,151,553 / 107,076 shares outstanding) $10.75
* Non-income producing security.
REIT Real Estate Investment Trust.
See Notes to Financial Statements.
2
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Statement of Net Assets
Micro-Cap Growth Fund October 31, 1999
Investments Shares Value
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Common Stocks 91.33%
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Air Transportation 1.00% Mesa Air Group Inc. * 2,500 $ 14,063
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Apparel 10.23% Aris Industries Inc. * 10,700 27,419
Happy Kids Inc. * 2,600 27,625
McNaughton Apparel Group Inc. * 3,800 30,162
Saucony Inc. - Class B * 2,500 42,813
Tag-It Pacific Inc. * 3,100 15,500
Total 143,519
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Biotechnology 4.78% Cryolife Inc. * 2,000 23,250
Hyseq Inc. * 3,400 19,338
Interpore International * 4,000 24,500
Total 67,088
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Business Services 6.91% A Consulting Team Inc. * 2,400 9,900
Acsys Inc. * 3,000 5,625
Hall Kinion & Associates Inc. * 3,000 42,750
MDC Corporation Inc. - Class A * 2,000 20,500
Remedytemp Inc. * 1,700 18,275
Total 97,050
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Capital Goods 1.22% Flow International Corp. * 1,500 17,062
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Computer Services 1.07% 4front Technologies Inc. * 1,100 14,988
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Computer: Software 10.00% Infonow Corporation * 3,100 18,600
Landmark Systems Corp. * 2,000 17,500
Made2Manage System Inc. * 800 4,700
Mapinfo Corp. * 700 12,994
Mobius Management Systems Inc. * 800 3,200
Net Perceptions Inc. * 1,500 24,000
Segue Software Inc. * 2,600 33,312
Spss Inc. * 600 10,650
Template Software Inc. * 2,400 15,450
Total 140,406
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Consumer Products 6.20% Cuisine Solutions Inc. * 15,000 26,250
Educational Development Corp. 8,300 36,312
Garden Fresh Restaurant Corp. * 600 8,738
Horizon Organic Holding Corp. * 1,400 10,325
Planet Entertainment Corp. * 3,300 5,465
Total 87,090
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Electronics 4.36% American Xtal Technology Inc. * 1,000 12,937
Comptek Research Inc. * 1,200 12,300
Measurement Specialties Inc. * 900 17,888
Signal Technology Corp. * 3,800 18,050
Total 61,175
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Environmental
Services 4.17% Capital Environmental Resource Inc. * 3,600 18,450
U.S. Liquids Inc. * 6,000 40,125
Total 58,575
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3
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Statement of Net Assets
Micro-Cap Growth Fund October 31, 1999
Shares or
Investments Principal Amount Value
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Health Care Products 8.19% ATS Medical Inc. * 1,800 $ 16,650
Biosite Diagnostics Inc. * 2,000 22,625
Boston Biomedica Inc. * 5,700 22,087
Eclipse Surgical Technologies Inc. * 2,600 24,212
Endocardial Solutions Inc. * 1,500 14,109
Microvision Inc. * 1,000 15,313
Total 114,996
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Health Care Services 6.26% AHT Corporation * 4,000 14,500
Health Risk Management Inc. * 3,000 24,750
Healthworld Corp. * 1,200 20,250
Matria Healthcare Inc. * 5,200 20,962
Promedco Management Company * 3,500 7,438
Total 87,900
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Manufacturing 1.42% GP Stratergies Corp. * 1,700 19,975
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Retail 9.74% Bradlees Inc. * 2,600 29,250
DEB Shops Inc. 2,000 42,000
Gadzooks Inc. * 4,000 32,000
United Retail Group Inc. * 1,100 11,000
Vans Inc. * 2,000 22,500
Total 136,750
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Retail: Specialty 2.56% Greg Manning Auctions Inc. * 1,400 16,625
Shop at Home Inc. * 1,800 19,238
Total 35,863
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Security Services 4.16% Armor Holdings Inc. * 2,400 23,250
Cornell Corrections Inc. * 2,000 25,875
Ramsay Youth Services Inc. * 4,000 9,250
Total 58,375
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Technology .87% Javelin Systems Inc. * 800 6,600
Savoir Technolgy Group Inc. * 1,200 5,550
Total 12,150
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Telecommunications 6.25% Gentner Communications Corp. * 4,600 50,025
Medialink Worldwide Inc. * 1,100 8,525
Viasat Inc. * 1,100 29,150
Total 87,700
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Truckers 1.94% Motor Cargo Industries Inc. * 2,000 12,125
Old Dominion Freight Line * 1,200 15,075
Total 27,200
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Total Common Stocks 91.33% (Cost $1,256,451) 1,281,925
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Short-term Investment 8.55% FNMA Disc. Note 5.16% due 11/1/1999 (Cost $120,000) $120,000 120,000
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Total Investments 99.88% (Cost $1,376,451) 1,401,925
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Cash and Receivables, Net of Liabilitites .12% 1,654
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Net Assets 100.00% $1,403,579
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Class Y shares - Net asset value ($1, 403,579 / 111,635 shares outstanding) $12.57
*Non-income producing security.
See Notes to Financial Statements.
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4
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Statements of Operations
<TABLE>
<CAPTION>
12/15/98* 12/15/98*
to 10/31/99 to 10/31/99
Micro-Cap Micro-Cap
Investment Income Value Fund Growth Fund
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<S> <C> <C>
Income Dividends $ 4,424 $ 296
Interest 4,453 1,595
Total income 8,877 1,891
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Expenses Management fee 10,786 13,059
Management fee waived (10,786) (13,059)
Other 4,000 4,000
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Total expenses before reimbursement 4,000 4,000
Expenses reimbursed by Lord Abbett (4,000) (4,000)
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Net expenses - -
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Net investment income 8,877 1,891
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Realized and Unrealized Gain on Investments
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Net realized gain from investment transactions 7,981 131,087
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Net unrealized appreciation of investments 19,569 25,474
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Net realized and unrealized gain on investments 27,550 156,561
Net Increase in Net Assets Resulting from Operations $36,427 $158,452
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*Commencement of operations.
See Notes to Financial Statements.
5
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Statements of Changes in Net Assets
<TABLE>
<CAPTION>
12/15/98* 12/15/98*
to 10/31/99 to 10/31/99
Micro-Cap Micro-Cap
Increase in Net Assets Value Fund Growth Fund
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<S> <C> <C>
Operations Net investment income $ 8,877 $ 1,891
Net realized gain from investment transactions 7,981 131,087
Net unrealized appreciation of investments 19,569 2,5474
Net increase in net assets resulting from operations 36,427 158,452
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Capital share transactions:
Net proceeds from sales of 107,076 and 111,635 shares, respectively 1,115,126 1,245,127
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Increase in net assets derived from capital share transactions 1,115,126 1,245,127
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Increase in net assets 1,151,553 1,403,579
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Net Assets Beginning of period -- --
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End of period (including undistributed net investment income
of $8,877 and $1,891, respectively) $1,151,553 $1,403,579
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</TABLE>
*Commencement of operations.
See Notes to Financial Statements.
6
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Financial Highlights
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<CAPTION>
Micro-Cap Micro-Cap
Value Fund Growth Fund
Class Y Shares Class Y Shares
12/15/98* 12/15/98*
Per Share Operating Performance to 10/31/99 to 10/31/99
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<S> <C> <C>
Net asset value, beginning of period $ 10.00 $ 10.00
Income from investment operations
Net investment income (b) 0.12 0.02
Net realized and unrealized gain on investments 0.63 2.55
Total from investment operations 0.75 2.57
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Net asset value, end of period $ 10.75 $ 12.57
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Total Return (a) 7.60% 25.70%
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Ratios to Average Net Assets (a):
Expenses including waiver 0.00% 0.00%
Expenses excluding waiver 1.80% 1.71%
Net investment income 1.08% 0.19%
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Supplemental Data:
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Net assets, end of period (000) $1,152 $1,404
Portfolio turnover rate 30.38% 41.18%
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</TABLE>
*Commencement of operations.
(a)Not annualized.
(b)Calculated using average shares outstanding during the period.
See Notes to Financial Statements.Operations.
7
<PAGE>
Notes to Financial Statements
1. SIGNIFICANT ACCOUNTING POLICIES
Lord Abbett Securities Trust (the "Trust") is an open-end management invest ment
company, organized as a Delaware business trust. The Trust currently consists of
seven separate portfolios. This report covers two of the portfolios
("Funds")--Micro-Cap Value Fund and Micro-Cap Growth Fund. The Funds are
diversified as defined under the Investment Company Act of 1940. The financial
statements have been prepared in conformity with generally accepted accounting
principles which permit management to make certain estimates and assumptions at
the date of the financial statements. The following summarizes the significant
accounting policies of the Funds: (a) Security valuation is determined as
follows: Portfolio securities listed or admitted to trading privileges on any
national securities exchange are valued at the last sales price on the principal
securities exchange on which such securities are traded, or, if there is no
sale, at the mean between the last bid and ask prices on such exchange.
Securities traded in the over-the-counter market are valued at the mean between
the last bid and ask prices in such market, except that securities admitted to
trading on the NASDAQ National Market System are valued at the last sales price
if it is determined that such price more accurately reflects the value of such
securities. Short-term sec urities maturing in 60 days or less are valued at
amortized cost which approximates market value. Securities for which market
quotations are not available are valued at fair value under procedures approved
by the Board of Trustees. (b) It is the policy of the Funds to meet the
requirements of the Internal Revenue Code applicable to regu lated investment
companies and to distribute all of its taxable income. Therefore, no federal
income tax provision is required. (c) Security transactions are recorded on the
date that the securities are purchased or sold (trade date). Realized gains and
losses from investment transactions are calculated on the identified cost basis.
Dividend income and distributions to shareholders are recorded on the
ex-dividend date. Interest income is recorded on the accrual basis.
2. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Funds have management agreements with Lord, Abbett & Co. ("Lord Abbett")
pursuant to which Lord Abbett supplies the Funds with investment management
services and executive and other personnel, pays the remuneration of officers,
provides office space and pays for ordinary and necessary office and clerical
expenses relating to research and statistical work and super vision of the
Funds' investment portfolios. The management fee is based on average daily net
assets at the rate of 1.50% per annum. Lord Abbett voluntarily waived its fees
for the period ended October 31, 1999.
3. DISTRIBUTIONS
Dividends from net investment income and distributions from net realized gain
from investment transactions, if any, are declared and paid annually. At October
31, 1999, the accumulated net realized gain for financial reporting purposes,
aggregated $7,981 and $131,087 for Micro-Cap Value Fund and Micro-Cap Growth
Fund, respectively.
Distributions declared on November 17, 1999 and paid on November 26, 1999 to
shareholders of record as of November 17, 1999 were as follows:
Rate Per Share Amount
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Micro-Cap Value Fund - Net Investment Income - Class Y $0.091 $ 10,566
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Micro-Cap Value Fund - Capital Gains - Class Y $0.069 $ 8,011
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Micro-Cap Growth Fund - Net Investment Income - Class Y $0.019 $ 2,266
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Micro-Cap Growth Fund - Capital Gains - Class Y $1.106 $131,886
- --------------------------------------------------------------------------------
Income and capital gain distributions are determined in accordance with income
tax regulations which may differ from methods used to determine the
corresponding income and capital gain amounts in accordance with generally
accepted accounting principles.
4. CAPITAL
As of October 31, 1999, paid in capital amounted to $1,115,126 and $1,245,127
for Micro-Cap Value Fund and Micro-Cap Growth Fund, respectively.
5. PURCHASES AND SALES OF SECURITIEs
Purchases and sales of investment securities (other than U.S. Government
obligations and short-term investments) were as follows:
Fund Purchases Sales
- --------------------------------------------------------------------------------
Micro-Cap Value $1,249,165 $226,281
- --------------------------------------------------------------------------------
Micro-Cap Growth $1,522,633 $397,269
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As of October 31, 1999, net unrealized appreciation, unrealized appreciation and
unrealized depreciation of investments based on cost for federal income tax
purposes were as follows:
Net Unrealized Unrealized Unrealized
Fund Appreciation Appreciation Depreciation
- --------------------------------------------------------------------------------
Micro-Cap Value $19,569 $153,066 $(133,497)
- --------------------------------------------------------------------------------
Micro-Cap Growth $25,474 $217,176 $(191,702)
- --------------------------------------------------------------------------------
The cost of investments for federal income tax purposes is the same as that used
for financial reporting purposes.
6. TRUSTEES' REMUNERATION
The Trustees of the Trust associated with Lord Abbett and all officers of the
Trust receive no compensation from the Trust for acting as such. Outside
Trustees' fees and retirement costs are allocated among all funds in the Lord
Abbett group based on the net assets of each fund.
8
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To the Board of Trustees and Shareholders,
Lord Abbett Securities Trust:
We have audited the accompanying statements of net assets of Lord Abbett
Securities Trust - Micro-Cap Value Fund and Micro-Cap Growth Fund as of October
31, 1999, the related statements of operations and of changes in net assets and
the financial highlights for the period December 15, 1998 (commencement of
operations) to October 31, 1999. These financial statements and the financial
highlights are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at October
31, 1999 by correspondence with the custodian and brokers; where replies were
not received from brokers, we performed other auditing procedures. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Lord Abbett
Securities Trust - Micro-Cap Value Fund and Micro-Cap Growth Fund at October 31,
1999, the results of their operations, the changes in their net assets and their
financial highlights for the period December 15, 1998 (commencement of
operations) to October 31, 1999, in conformity with generally accepted
accounting principles.
[GRAPHIC OMITTED]
Deloitte & Touche LLP
New York, New York
December 23, 1999
Copyright(C)1999 by Lord Abbett Securities Trust, 767 Fifth Avenue, New York, NY
10153-0203
This publication, when not used for the general information of shareholders of
Lord Abbett Securities Trust, is to be distributed only if preceded or
accompanied by a current prospectus which includes information concerning each
Fund investment objective and policies, sales charges and other matters. There
is no guarantee that the forecasts contained within this publication will come
to pass. All rights reserved. Printed in the U.S.A.
Numbers to Keep Handy
For Shareholder Account or Statement
Inquiries: 800-821-5129
For Literature Only: 800-874-3733
24-Hour Automated Shareholder
Service Line: 800-865-7582
Visit Our Web Site: www.lordabbett.com
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