Lord Abbett Global Fund N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-05476

LORD ABBETT GLOBAL FUND, INC.

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

Thomas R. Phillips, Esq., Vice President & Assistant Secretary

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 201-6984

Date of fiscal year end: 12/31

Date of reporting period: 6/30/2012

Item 1: Report(s) to Shareholders.

2 0 1 2

L O R D  A B B E T T

S E M I A N N U A L

R E P O R T

Lord Abbett

Emerging Markets Currency Fund

Global Allocation Fund

For the six-month period ended June 30, 2012

Lord Abbett Global Fund

Lord Abbett Emerging Markets Currency Fund and

Lord Abbett Global Allocation Fund

Semiannual Report

For the six-month period ended June 30, 2012

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Emerging Markets Currency Fund and Lord Abbett Global Allocation Fund for the six-month period ended June 30, 2012. 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,

Robert S. Dow

Chairman

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 (January 1, 2012 through June 30, 2012).

Actual Expenses

          For each class of each Fund, the first line of the 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 1/1/12 – 6/30/12” 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 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

Emerging Markets Currency 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†
	1/1/12			6/30/12			1/1/12 - 6/30/12
Class A
Actual		$	1,000.00		$	1,047.80		$	5.09
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.88		$	5.02
Class B
Actual		$	1,000.00		$	1,043.50		$	9.15
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,015.92		$	9.02
Class C
Actual		$	1,000.00		$	1,042.40		$	8.58
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,016.48		$	8.47
Class F
Actual		$	1,000.00		$	1,046.60		$	4.58
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.38		$	4.52
Class I
Actual		$	1,000.00		$	1,047.20		$	4.05
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.91		$	4.00
Class P
Actual		$	1,000.00		$	1,045.00		$	6.33
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.75		$	6.25
Class R2
Actual		$	1,000.00		$	1,045.70		$	7.14
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.87		$	7.04
Class R3
Actual		$	1,000.00		$	1,044.80		$	6.59
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.46		$	6.50

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.00% for Class A, 1.80% for Class B, 1.69% for Class C, 0.90% for Class F, 0.80% for Class I, 1.25% for Class P, 1.40% for Class R2 and 1.30% for Class R3) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2012

Sector*	%**
Asset-Backed	11.30%
Automotive	0.41%
Banking	7.20%
Basic Industry	3.13%
Capital Goods	0.27%
Consumer Cyclical	3.50%
Consumer Non-Cyclical	1.63%
Energy	7.17%
Financial Services	5.23%
Foreign Government	3.76%
Sector*	%**
Health Care	1.49%
Insurance	0.36%
Media	2.08%
Mortgage-Backed	39.18%
Real Estate	1.94%
Services	1.33%
Technology & Electronics	2.30%
Telecommunications	1.54%
Utility	1.58%
Short-Term Investment	4.60%
Total	100.00%

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

3

Global Allocation 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†#
	1/1/12			6/30/12			1/1/12 - 6/30/12
Class A
Actual		$	1,000.00		$	1,041.00		$	1.52
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,023.37		$	1.51
Class B
Actual		$	1,000.00		$	1,037.40		$	5.30
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.67		$	5.25
Class C
Actual		$	1,000.00		$	1,037.60		$	5.22
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.73		$	5.17
Class F
Actual		$	1,000.00		$	1,042.70		$	0.76
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,024.12		$	0.75
Class I
Actual		$	1,000.00		$	1,043.00		$	0.25
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,024.61		$	0.25
Class R2
Actual		$	1,000.00		$	1,039.60		$	3.30
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.63		$	3.27
Class R3
Actual		$	1,000.00		$	1,039.80		$	2.64
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,022.30		$	2.61

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.30% for Class A, 1.05% for Class B, 1.03% for Class C, 0.15% for Class F, 0.05% for Class I, 0.65% for Class R2 and 0.52% for Class R3) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
#	Does not include expenses of Underlying Funds in which Global Allocation Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

June 30, 2012

Portfolio Allocation	%*
Equity	68.83%
Fixed Income	31.04%
Short-Term Investment	0.13%
Total	100.00%

* Represents percent of total investments.

4

Schedule of Investments (unaudited)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
ASSET-BACKED SECURITIES 11.32%
Automobiles 5.50%
Ally Auto Receivables Trust 2011-2 A2	0.67%		10/15/2013	0.13		$	212	$	212,029
Ally Auto Receivables Trust 2011-3 A2	0.362%	#	1/15/2014	0.03			157		157,019
Ally Auto Receivables Trust 2011-5 A2	0.80%		6/16/2014	0.50			1,056		1,057,370
Ally Auto Receivables Trust 2012-1 A2	0.71%		9/15/2014	0.64			1,200		1,201,682
AmeriCredit Automobile Receivables Trust 2011-2 A2	0.90%		9/8/2014	0.23			336		336,703
AmeriCredit Automobile Receivables Trust 2011-3 A2	0.84%		11/10/2014	0.36			430		430,921
AmeriCredit Automobile Receivables Trust 2011-4 A2	0.92%		3/9/2015	0.54			698		699,767
AmeriCredit Automobile Receivables Trust 2011-5 A2	1.19%		8/8/2015	0.73			691		693,297
AmeriCredit Automobile Receivables Trust 2012-1 A2	0.91%		10/8/2015	0.82			1,000		1,002,368
AmeriCredit Automobile Receivables Trust 2012-3 A2	0.71%		12/8/2015	0.92			595		595,162
Bank of America Auto Trust 2012-1 A2	0.59%		11/17/2014	0.80			1,000		1,000,451
CarMax Auto Owner Trust 2010-3 A2	0.75%		9/16/2013	0.03			44		43,699
CarMax Auto Owner Trust 2011-1 A2	0.72%		11/15/2013	0.05			227		227,068
CarMax Auto Owner Trust 2011-2 A2	0.68%		9/15/2014	0.40			1,055		1,055,898
CarMax Auto Owner Trust 2011-3 A2	0.70%		11/17/2014	0.46			1,210		1,211,516
CarMax Auto Owner Trust 2012-1 A2	0.59%		3/16/2015	0.74			900		900,599
Chrysler Financial Auto Securitization Trust 2010-A A3	0.91%		8/8/2013	0.15			922		922,857
Ford Credit Auto Lease Trust 2010-B A3†	0.91%		7/15/2013	0.08			336		335,726
Ford Credit Auto Lease Trust 2011-A A2	0.74%		9/15/2013	0.34			1,166		1,167,074
Ford Credit Auto Lease Trust 2012-A A2	0.63%		4/15/2014	0.79			775		775,233
Ford Credit Auto Owner Trust 2012-A A2	0.62%		9/15/2014	0.48			290		289,935
Harley-Davidson Motorcycle Trust 2011-2 A2	0.71%		5/15/2015	0.49			725		725,848
Huntington Auto Trust 2012-1 A2	0.54%		11/17/2014	0.81			1,000		1,000,212
Mercedes-Benz Auto Lease Trust 2011-1A A2†	0.79%		4/15/2013	0.03			50		49,805
Mercedes-Benz Auto Lease Trust 2012-A A2	0.66%		4/15/2014	0.72			775		775,300
Nissan Auto Receivables Owner Trust 2012-A A2	0.54%		10/15/2014	0.80			615		615,132

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
Automobiles (continued)
Porsche Financial Auto Securitization Trust 2011-1 A2†	0.56%		12/16/2013	0.07		$	180	$	180,364
Santander Consumer Acquired Receivables Trust 2011-WO A2†	0.91%		11/15/2013	0.03			79		79,369
Santander Drive Auto Receivables Trust 2010-2 A2	0.95%		8/15/2013	0.06			105		104,585
Santander Drive Auto Receivables Trust 2010-A A2†	1.37%		8/15/2013	0.06			144		144,542
Santander Drive Auto Receivables Trust 2010-A A3†	1.83%		11/17/2014	0.71			845		852,509
Santander Drive Auto Receivables Trust 2011-1 A2	0.94%		2/18/2014	0.26			771		771,683
Santander Drive Auto Receivables Trust 2011-2 A2	1.04%		4/15/2014	0.31			615		615,137
Santander Drive Auto Receivables Trust 2011-4 A2	1.37%		3/16/2015	0.60			542		544,351
Santander Drive Auto Receivables Trust 2012-2 A2	0.91%		5/15/2015	0.77			1,500		1,502,995
Santander Drive Auto Receivables Trust 2012-4 A2	0.79%		8/17/2015	—			685		684,957
Total									22,963,163
Credit Cards 3.18%
American Express Credit Account Master Trust 2007-7 A	0.282%	#	2/17/2015	0.03			525		525,007
American Express Issuance Trust 2007-2 A	0.492%	#	7/15/2013	0.03			1,000		1,000,237
Capital One Multi-Asset Execution Trust 2005-A10 A	0.322%	#	9/15/2015	0.03			100		99,979
Capital One Multi-Asset Execution Trust 2006-A5	0.302%	#	1/15/2016	0.03			400		399,841
Chase Issuance Trust 2004-A8	0.362%	#	9/15/2015	0.03			500		500,359
Chase Issuance Trust 2005-A6	0.312%	#	7/15/2014	0.03			1,400		1,400,050
Chase Issuance Trust 2007-A17 A	5.12%		10/15/2014	0.28			500		507,040
Chase Issuance Trust 2008-A4	4.65%		3/15/2015	0.68			1,100		1,132,811
Citibank Credit Card Issuance Trust 2002-A10	0.493%	#	12/17/2014	0.03			300		300,298
Citibank Credit Card Issuance Trust 2007-A7	0.594%	#	8/20/2014	0.04			1,000		1,000,446
Citibank Omni Master Trust 2009-A14A†	2.992%	#	8/15/2018	0.08			975		1,024,357
Discover Card Master Trust 2008-A4	5.65%		12/15/2015	0.92			400		419,850

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
Credit Cards (continued)
Discover Card Master Trust 2009-A2 A	1.542%	#	2/17/2015	0.03		$	1,545	$	1,547,519
Discover Card Master Trust 2010-A1	0.892%	#	9/15/2015	0.03			750		752,938
GE Capital Credit Card Master Note Trust 2009-2 A	3.69%		7/15/2015	0.03			1,900		1,900,000
World Financial Network Credit Card Master Trust 2006-A†	0.372%	#	2/15/2017	0.03			750		748,504
Total									13,259,236
Home Equity 0.01%
Option One Mortgage Loan Trust 2007-FXD2 2A1	5.90%		3/25/2037	0.44			48		47,333
Other 2.63%
Nelnet Student Loan Trust 2010-3A A†	1.246%	#	7/27/2048	0.05			318		317,626
Nelnet Student Loan Trust 2010-4A A†	1.045%	#	4/25/2046	0.08			1,018		1,026,506
SLM Student Loan Trust 2007-2 A2	0.466%	#	7/25/2017	0.05			1,205		1,201,230
SLM Student Loan Trust 2007-7 A2(a)	0.666%	#	1/25/2016	0.06			938		937,428
SLM Student Loan Trust 2008-3 A1	0.966%	#	1/25/2014	0.06			264		263,878
SLM Student Loan Trust 2010-A 2A†	3.492%	#	5/16/2044	0.10			1,010		1,047,690
SLM Student Loan Trust 2010-B A1†	2.162%	#	8/15/2016	0.03			264		264,981
SLM Student Loan Trust 2010-C A1†	1.892%	#	12/15/2017	0.03			830		831,849
SLM Student Loan Trust 2011-1 A1	0.765%	#	3/25/2026	0.06			1,263		1,263,306
SLM Student Loan Trust 2011-A A1†	1.242%	#	10/15/2024	0.03			1,028		1,027,681
SLM Student Loan Trust 2011-B A1†	1.092%	#	12/16/2024	0.03			1,334		1,330,276
SLM Student Loan Trust 2012-A A1†	1.642%	#	8/15/2025	0.04			898		905,650
SLM Student Loan Trust 2012-C A1†	1.339%	#	8/15/2023	0.03			575		575,311
Total									10,993,412
Total Asset-Backed Securities (cost $47,255,294)									47,263,144
CORPORATE BONDS 39.67%
Agency/Government Related 0.35%
Federal Home Loan Mortgage Corp.	1.00%		6/29/2017	4.86			1,470		1,475,368
Auto Loans 0.41%
Ford Motor Credit Co. LLC	8.70%		10/1/2014	2.03			1,500		1,711,419
Banking 8.61%
American Express Bank FSB	5.50%		4/16/2013	0.77			4,000		4,150,084
Bank of Nova Scotia (Canada)†(b)	2.15%		8/3/2016	3.89			890		925,861

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
Banking (continued)
Barclays Bank plc (United Kingdom)†(b)	2.50%		9/21/2015	3.06		$	530	$	541,387
Canadian Imperial Bank of Commerce (Canada)†(b)	2.00%		2/4/2013	0.59			1,000		1,009,375
Caribbean Development Bank†	0.766%	#	7/19/2013	1.06			1,000		1,000,244
Central American Bank for Economic Integration (Honduras)†(b)	6.75%		4/15/2013	0.78			515		538,746
Citigroup, Inc.	5.50%		4/11/2013	0.75			4,000		4,113,884
Citigroup, Inc.	6.00%		12/13/2013	1.38			425		446,809
Commonwealth Bank of Australia (Australia)†(b)	2.70%		11/25/2014	2.33			610		637,843
Compagnie de Financement Foncier (France)†(b)	1.625%		7/23/2012	0.07			2,200		2,200,468
Compagnie de Financement Foncier (France)†(b)	2.125%		4/22/2013	0.80			1,100		1,106,549
Credit Suisse AG (Guernsey)†(b)	1.625%		3/6/2015	2.61			1,225		1,231,728
DnB NOR Boligkreditt AS (Norway)†(b)	2.10%		10/14/2015	3.16			1,280		1,307,327
European Investment Bank (Luxembourg)(b)	1.625%		6/15/2017	4.75			1,080		1,089,204
European Investment Bank (Luxembourg)(b)	4.875%		2/16/2016	3.32			439		496,490
European Investment Bank (Luxembourg)(b)	5.125%		9/13/2016	3.80			432		500,241
Goldman Sachs Group, Inc. (The)	1.466%	#	2/7/2014	0.09			1,000		988,515
HSBC USA, Inc.	2.375%		2/13/2015	2.50			1,250		1,265,045
JPMorgan Chase & Co.	1.211%	#	9/30/2013	0.24			2,000		2,007,876
JPMorgan Chase & Co.	1.218%	#	5/2/2014	0.21			1,000		999,705
JPMorgan Chase & Co.	1.518%	#	3/20/2015	0.21			2,000		1,996,820
Merrill Lynch & Co., Inc.	5.45%		2/5/2013	0.57			500		510,128
Merrill Lynch & Co., Inc.	6.05%		8/15/2012	0.11			200		201,106
Morgan Stanley	2.066%	#	1/24/2014	0.05			750		729,310
Sparebank 1 Boligkreditt AS (Norway)†(b)	2.30%		6/30/2017	4.68			1,280		1,287,346
Swedbank Hypotek AB (Sweden)†(b)	2.95%		3/28/2016	3.52			830		865,135
Toronto-Dominion Bank (The) (Canada)†(b)	1.625%		9/14/2016	4.04			1,460		1,488,597
Westpac Banking Corp. (Australia)†(b)	2.90%		9/10/2014	2.12			1,680		1,758,337
Zions Bancorporation	7.75%		9/23/2014	2.01			500		542,552
Total									35,936,712
Beverages 0.24%
Dr. Pepper Snapple Group, Inc.	2.35%		12/21/2012	0.46			1,000		1,007,873

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
Chemicals 1.43%
Airgas, Inc.	2.85%		10/1/2013	1.21		$	2,500	$	2,554,568
Airgas, Inc.	7.125%		10/1/2018	1.17			500		539,612
Methanex Corp. (Canada)(b)	8.75%		8/15/2012	0.13			2,000		2,007,464
Yara International ASA (Norway)†(b)	5.25%		12/15/2014	2.32			800		857,927
Total									5,959,571
Computer Hardware 0.92%
Hewlett-Packard Co.	0.593%	#	9/13/2012	0.19			1,000		1,000,504
Hewlett-Packard Co.	2.018%	#	9/19/2014	0.21			1,000		1,011,917
Hewlett-Packard Co.	4.50%		3/1/2013	0.64			1,000		1,022,394
Seagate Technology International†	10.00%		5/1/2014	1.68			715		797,225
Total									3,832,040
Consumer/Commercial/Lease Financing 3.84%
General Electric Capital Corp.	0.608%	#	6/20/2014	0.21			1,089		1,077,429
General Electric Capital Corp.	1.166%	#	4/24/2014	0.05			2,000		2,001,082
General Electric Capital Corp.	5.40%		9/20/2013	1.17			9,000		9,480,906
Nordea Eiendomskreditt AS (Norway)†(b)	2.125%		9/22/2016	4.01			940		949,800
SLM Corp.	5.125%		8/27/2012	0.14			1,500		1,505,673
SLM Corp.	5.375%		1/15/2013	0.51			1,000		1,021,234
Total									16,036,124
Consumer Products 0.36%
Avon Products, Inc.	4.80%		3/1/2013	0.64			1,460		1,478,871
Department Stores 0.86%
Macy’s Retail Holdings, Inc.	5.875%		1/15/2013	0.51			3,500		3,585,606
Diversified Capital Goods 0.27%
Ingersoll-Rand Global Holding Co., Ltd.	9.50%		4/15/2014	1.64			1,000		1,137,096
Electric: Integrated 1.58%
KCP&L Greater Missouri Operations Co.	11.875%		7/1/2012	0.01			2,250		2,250,000
MidAmerican Energy Holdings Co.	3.15%		7/15/2012	0.03			1,936		1,937,423
MidAmerican Energy Holdings Co.	5.875%		10/1/2012	0.23			1,889		1,912,860
TAQA Abu Dhabi National Energy Co. (United Arab Emirates)†(b)	5.62%		10/25/2012	0.31			500		508,062
Total									6,608,345

See Notes to Financial Statements. 9

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
Electronics 0.28%
Maxim Integrated Products, Inc.	3.45%		6/14/2013	0.93		$	1,150	$	1,178,773
Energy: Exploration & Production 1.35%
GlobalSantaFe Corp.	5.00%		2/15/2013	0.61			700		715,974
Nabors Industries, Inc.	5.375%		8/15/2012	0.11			1,300		1,305,269
Petrohawk Energy Corp.	10.50%		8/1/2014	0.55			1,500		1,662,687
Ras Laffan Liquefied Natural Gas Co., Ltd. III (Qatar)†(b)	4.50%		9/30/2012	0.25			890		898,900
Woodside Finance Ltd. (Australia)†(b)	5.00%		11/15/2013	1.33			1,000		1,042,938
Total									5,625,768
Environmental 0.25%
Waste Management, Inc.	6.375%		11/15/2012	0.36			1,000		1,019,686
Food & Drug Retailers 0.48%
Safeway, Inc.	1.968%	#	12/12/2013	0.19			2,000		2,006,830
Food: Wholesale 0.62%
Kraft Foods, Inc.	6.00%		2/11/2013	0.58			2,500		2,577,157
Forestry/Paper 0.40%
Georgia-Pacific LLC†	8.25%		5/1/2016	0.80			1,500		1,656,110
Gas Distribution 3.49%
Buckeye Partners LP	4.625%		7/15/2013	0.98			1,500		1,537,035
Energy Transfer Partners LP	6.00%		7/1/2013	0.97			2,800		2,919,991
Enterprise Products Operating LLC	4.60%		8/1/2012	0.07			2,275		2,281,632
Enterprise Products Operating LLC	6.125%		2/1/2013	0.55			1,600		1,644,214
Florida Gas Transmission Co. LLC†	7.00%		7/17/2012	0.03			1,000		1,001,546
Kinder Morgan Energy Partners LP	5.85%		9/15/2012	0.19			1,000		1,009,766
NiSource Finance Corp.	6.15%		3/1/2013	0.64			2,500		2,585,592
Southeast Supply Header LLC†	4.85%		8/15/2014	1.98			1,500		1,579,586
Total									14,559,362
Health Facilities 0.36%
Quest Diagnostics, Inc.	1.318%	#	3/24/2014	0.23			1,500		1,513,085
Health Services 0.22%
Medco Health Solutions, Inc.	6.125%		3/15/2013	0.68			890		922,583

10 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
Household & Leisure Products 0.37%
Whirlpool Corp.	5.50%		3/1/2013	0.64		$	1,500	$	1,539,852
Integrated Energy 0.71%
BP Capital Markets plc (United Kingdom)(b)	1.092%	#	12/6/2013	1.45			2,000		2,017,398
SeaRiver Maritime, Inc.	Zero Coupon		9/1/2012	0.07			950		944,551
Total									2,961,949
Leisure 0.26%
Universal City Development Partners Ltd./UCDP Finance, Inc.	8.875%		11/15/2015	0.36			1,000		1,071,618
Media: Cable 0.98%
Cox Communications, Inc.	4.625%		6/1/2013	0.89			3,600		3,727,174
Cox Communications, Inc.	7.125%		10/1/2012	0.24			361		366,436
Total									4,093,610
Media: Diversified 0.77%
Historic TW, Inc.	9.125%		1/15/2013	0.50			3,100		3,229,335
Medical Products 0.54%
Agilent Technologies, Inc.	4.45%		9/14/2012	0.19			250		251,721
CareFusion Corp.	4.125%		8/1/2012	0.07			1,500		1,504,036
Life Technologies Corp.	3.375%		3/1/2013	0.64			500		506,083
Total									2,261,840
Metals/Mining (Excluding Steel) 1.31%
Anglo American Capital plc (United Kingdom)†(b)	9.375%		4/8/2014	1.62			2,000		2,250,098
Glencore Funding LLC†	6.00%		4/15/2014	1.67			500		525,832
Teck Resources Ltd. (Canada)(b)	10.75%		5/15/2019	4.99			1,000		1,204,014
Xstrata Canada Corp. (Canada)(b)	7.25%		7/15/2012	0.04			1,500		1,502,781
Total									5,482,725
Oil Field Equipment & Services 0.50%
Cameron International Corp.	1.397%	#	6/2/2014	0.16			1,300		1,298,834
National Oilwell Varco, Inc.	6.125%		8/15/2015	0.11			250		253,870
Weatherford International Ltd.	5.15%		3/15/2013	0.69			500		513,605
Total									2,066,309

See Notes to Financial Statements. 11

Schedule of Investments (unaudited)(continued)
EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
Oil Refining & Marketing 0.85%
NuStar Logistics LP	6.05%		3/15/2013	0.67		$	500	$	514,202
Phillips 66†	1.95%		3/5/2015	2.58			2,000		2,015,626
Valero Energy Corp.	6.70%		1/15/2013	0.51			1,000		1,029,163
Total									3,558,991
Pharmaceuticals 0.37%
Biogen Idec, Inc.	6.00%		3/1/2013	0.64			500		516,405
Teva Pharmaceutical Finance Co. BV (Israel)(b)	1.366%	#	11/8/2013	0.10			1,000		1,008,136
Total									1,524,541
Property & Casualty 0.36%
Liberty Mutual Group, Inc.†	7.25%		9/1/2012	0.16			1,500		1,513,383
Real Estate Investment Trusts 1.70%
AvalonBay Communities, Inc.	6.125%		11/1/2012	0.32			2,448		2,487,440
DDR Corp.	5.375%		10/15/2012	0.03			2,525		2,528,048
Federal Realty Investment Trust	5.40%		12/1/2013	1.36			500		524,927
Nationwide Health Properties, Inc.	6.25%		2/1/2013	0.55			1,000		1,027,159
UDR, Inc.	6.05%		6/1/2013	0.88			520		538,011
Total									7,105,585
Restaurants 0.41%
Darden Restaurants, Inc.	5.625%		10/15/2012	0.28			710		718,868
Yum! Brands, Inc.	7.70%		7/1/2012	0.01			1,000		1,000,000
Total									1,718,868
Software/Services 1.10%
Computer Sciences Corp.	5.50%		3/15/2013	0.68			1,000		1,027,500
Fidelity National Information Services, Inc.	7.625%		7/15/2017	0.97			500		553,750
Western Union Co. (The)	1.048%	#	3/7/2013	0.18			3,000		3,013,158
Total									4,594,408
Specialty Retail 1.15%
QVC, Inc.†	7.125%		4/15/2017	0.75			2,500		2,656,243
VF Corp.	1.217%	#	8/23/2013	0.14			2,150		2,150,733
Total									4,806,976

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate	Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
Telecommunications: Integrated/Services 0.46%
Qwest Communications International, Inc.	7.125%	4/1/2018	0.71		$	300	$	317,625
Qwest Communications International, Inc.	8.00%	10/1/2015	0.24			1,500		1,583,513
Total								1,901,138
Telecommunications: Wireless 0.25%
American Tower Corp.	4.625%	4/1/2015	2.55			1,000		1,059,180
Tobacco 0.42%
Reynolds American, Inc.	7.25%	6/1/2013	0.88			1,675		1,768,470
Transportation (Excluding Air/Rail) 0.84%
ERAC USA Finance LLC†	2.25%	1/10/2014	1.47			1,000		1,006,376
ERAC USA Finance LLC†	5.80%	10/15/2012	0.28			1,000		1,012,366
Ryder System, Inc.	6.00%	3/1/2013	0.64			1,425		1,466,995
Total								3,485,737
Total Corporate Bonds (cost $165,302,585)								165,572,894
FOREIGN BOND(c) 0.33%
Netherlands
Ziggo Finance BV† (cost $1,339,216)	6.125%	11/15/2017	4.56		EUR	1,000		1,357,248
FOREIGN GOVERNMENT OBLIGATIONS 3.77%
Poland 0.24%
Poland Government Bond(b)	6.25%	7/3/2012	—		$	1,000		1,000,000
Turkey 3.46%
Turkey Government Bond(c)	Zero Coupon	8/8/2012	0.11		TRY	26,300		14,427,990
United Arab Emirates 0.07%
Emirate of Abu Dhabi†(b)	5.50%	8/2/2012	0.08		$	300		301,590
Total Foreign Government Obligations (cost $15,600,213)								15,729,580
GOVERNMENT SPONSORED ENTERPRISES BOND 0.35%
Federal Home Loan Bank(d) (cost $1,447,730)	1.00%	6/21/2017	4.84			1,450		1,452,820

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 3.22%
Federal Home Loan Mortgage Corp.
K005 A1	3.484%		4/25/2019	3.65		$	1,652		$1,797,444
Federal Home Loan Mortgage Corp.
K006 A1	3.398%		7/25/2019	3.84			1,710		1,860,256
Federal Home Loan Mortgage Corp.
K007 A1	3.342%		12/25/2019	3.98			2,120		2,307,214
Federal Home Loan Mortgage Corp.
K008 A1	2.746%		12/25/2019	4.19			752		800,829
Federal Home Loan Mortgage Corp.
K009 A1	2.757%		5/25/2020	3.96			849		904,472
Federal Home Loan Mortgage Corp.
K017 A1	1.891%		12/25/2020	4.56			1,449		1,493,412
Federal Home Loan Mortgage Corp.
K706 A1	1.691%		6/25/2018	3.65			666		681,385
Federal National Mortgage Assoc.
2011-M3 A1	2.072%		7/25/2021	3.83			823		852,995
Federal National Mortgage Assoc.
2011-M8 A1(d)	1.977%		8/25/2021	4.75			1,926		1,988,793
Federal National Mortgage Assoc.
2012-M2 A1	1.824%		2/25/2022	5.02			748		765,925
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $12,868,335)									13,452,725
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 11.94%
Federal Home Loan Mortgage Corp.	2.373%	#	10/1/2035	0.44			1,068		1,123,657
Federal Home Loan Mortgage Corp.	2.465%	#	6/1/2037	0.74			1,578		1,678,284
Federal Home Loan Mortgage Corp.	2.481%	#	6/1/2038	0.95			389		413,040
Federal Home Loan Mortgage Corp.	2.587%	#	12/1/2036	0.67			1,269		1,355,254
Federal Home Loan Mortgage Corp.	2.588%	#	5/1/2035	0.86			1,526		1,631,338
Federal Home Loan Mortgage Corp.	2.591%	#	2/1/2035	0.68			2,648		2,824,648
Federal Home Loan Mortgage Corp.	2.596%	#	5/1/2035	0.69			640		684,415
Federal Home Loan Mortgage Corp.	2.634%	#	4/1/2037	0.75			864		920,900
Federal Home Loan Mortgage Corp.	2.644%	#	12/1/2035	0.81			1,463		1,560,055
Federal Home Loan Mortgage Corp.	2.655%	#	5/1/2036	0.68			683		728,492
Federal Home Loan Mortgage Corp.	2.663%	#	3/1/2036	0.82			893		951,107
Federal Home Loan Mortgage Corp.	2.681%	#	4/1/2037	0.87			413		440,338
Federal Home Loan Mortgage Corp.	2.693%	#	8/1/2038	0.89			280		299,095
Federal Home Loan Mortgage Corp.	2.768%	#	4/1/2038	0.97			1,417		1,510,264
Federal Home Loan Mortgage Corp.	2.779%	#	9/1/2036	0.81			1,073		1,148,768

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)			Fair Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)
Federal Home Loan Mortgage Corp.	2.816%	#	2/1/2037	0.59		$	1,639	$	1,759,725
Federal Home Loan Mortgage Corp.	2.892%	#	3/1/2038	0.66			1,025		1,094,129
Federal Home Loan Mortgage Corp.	2.958%	#	12/1/2041	2.57			866		909,968
Federal Home Loan Mortgage Corp.	3.395%	#	10/1/2039	0.80			339		363,604
Federal Home Loan Mortgage Corp.	3.653%	#	10/1/2038	0.77			730		779,407
Federal Home Loan Mortgage Corp.	5.00%		5/1/2021	2.21			240		258,243
Federal Home Loan Mortgage Corp.	5.069%	#	7/1/2036	1.38			546		586,051
Federal National Mortgage Assoc.	2.235%	#	6/1/2037	0.53			382		405,954
Federal National Mortgage Assoc.	2.291%	#	1/1/2035	0.46			1,014		1,081,865
Federal National Mortgage Assoc.	2.335%	#	2/1/2036	0.82			622		661,701
Federal National Mortgage Assoc.	2.394%	#	11/1/2036	0.72			282		299,608
Federal National Mortgage Assoc.	2.529%	#	1/1/2040	0.77			282		297,769
Federal National Mortgage Assoc.	2.548%	#	8/1/2037	0.58			690		734,729
Federal National Mortgage Assoc.	2.55%	#	9/1/2038	0.65			542		577,683
Federal National Mortgage Assoc.	2.664%	#	10/1/2036	0.46			1,074		1,140,964
Federal National Mortgage Assoc.	2.704%		2/1/2038	0.56			322		342,885
Federal National Mortgage Assoc.	2.712%	#	1/1/2042	3.55			553		576,736
Federal National Mortgage Assoc.	2.726%	#	3/1/2039	0.72			656		697,897
Federal National Mortgage Assoc.	2.95%		3/1/2015	2.61			1,000		1,049,941
Federal National Mortgage Assoc.	3.005%	#	8/1/2037	0.64			379		402,462
Federal National Mortgage Assoc.	3.18%		11/1/2014	2.26			1,156		1,208,961
Federal National Mortgage Assoc.	3.211%	#	11/1/2038	0.65			1,038		1,110,887
Federal National Mortgage Assoc.(e)	4.50%		TBA	2.52			5,500		5,896,172
Federal National Mortgage Assoc.	4.616%	#	11/1/2038	1.16			624		669,592
Federal National Mortgage Assoc.	5.50%		2/1/2034	2.99			2,081		2,287,756
Federal National Mortgage Assoc.	5.50%		11/1/2034	3.00			2,329		2,559,293
Federal National Mortgage Assoc.	5.50%		8/1/2037	3.03			4,380		4,804,929
Total Government Sponsored Enterprises Pass-Throughs (cost $49,478,917)									49,828,566
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 23.66%
7 WTC Depositor LLC Trust 2012-7WTC A†	4.082%		3/13/2031	3.16			200		203,765
Americold LLC Trust 2010-ARTA A1†	3.847%		1/14/2029	4.15			532		570,023
Arkle Master Issuer plc 2010-1A 2A†	1.616%	#	5/17/2060	-0.12			200		200,398
Arkle Master Issuer plc 2010-2A 1A1†	1.866%	#	5/17/2060	-0.12			400		402,006
Arkle Master Issuer plc 2011-1A 2A†	1.716%	#	5/17/2060	1.12			400		401,646
Banc of America Commercial Mortgage, Inc. 2005-2 AAB	4.742%		7/10/2043	0.77			466		471,987

See Notes to Financial Statements. 15

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Banc of America Re-REMIC Trust 2011 STRP A3†	2.415%		11/17/2039	1.20		$	750	$	743,652
Banc of America Re-REMIC Trust 2011 STRP A4†	1.501%		5/17/2046	0.27			727		724,517
Bear Stearns Commercial Mortgage Securities, Inc. 2005-T20 A2	5.127%		10/12/2042	0.04			703		703,184
Bear Stearns Commercial Mortgage Securities, Inc. 2007-PW18 A4	5.70%		6/11/2050	4.47			698		807,755
Citigroup Commercial Mortgage Trust 2005-C3 A2	4.639%		5/15/2043	1.39			798		804,459
Citigroup/Deutsche Bank Commercial Mortgage Trust 2005-CD1 A4	5.394%	#	7/15/2044	2.85			860		959,627
Citigroup/Deutsche Bank Commercial Mortgage Trust 2007-CD4 A4	5.322%		12/11/2049	3.95			1,167		1,301,847
Commercial Mortgage Pass-Through Certificates 2006-C7 A2	5.69%		6/10/2046	0.03			13		12,745
Commercial Mortgage Pass-Through Certificates 2007-FL14 AJ†	0.422%	#	6/15/2022	0.89			941		894,736
Commercial Mortgage Pass-Through Certificates 2010-C1 A1†	3.156%		7/10/2046	2.76			1,764		1,853,154
Commercial Mortgage Pass-Through Certificates 2011-FL1 C†	3.826%	#	7/17/2028	0.97			696		703,905
Commercial Mortgage Pass-Through Certificates 2011-THL B†	4.554%		6/9/2028	3.54			600		611,524
Commercial Mortgage Pass-Through Certificates 2012-9W57 A†	2.365%		2/10/2029	4.32			1,275		1,312,825
Credit Suisse Mortgage Capital Certificates 2006-C1 A3	5.593%	#	2/15/2039	2.16			528		538,648
Credit Suisse Mortgage Capital Certificates 2006-C3 A3	6.008%	#	6/15/2038	3.31			1,900		2,161,837
Credit Suisse Mortgage Capital Certificates 2006-C5 A3	5.311%		12/15/2039	3.69			1,018		1,134,192
Credit Suisse Mortgage Capital Certificates 2007-C1 A3	5.383%		2/15/2040	3.87			500		526,245
CS First Boston Mortgage Securities Corp. 2002-CKS4 A2	5.183%		11/15/2036	0.11			256		255,703
CS First Boston Mortgage Securities Corp. 2002-CP5 A2	4.94%		12/15/2035	0.24			1,328		1,335,670
CS First Boston Mortgage Securities Corp. 2003-C4 A4	5.137%		8/15/2036	0.81			1,482		1,528,242

16 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CS First Boston Mortgage Securities Corp. 2003-CK2 A4	4.801%		3/15/2036	0.44		$	1,549	$	1,570,681
CW Capital Cobalt Ltd. 2006-C1 A4	5.223%		8/15/2048	3.76			1,900		2,107,242
DBUBS Mortgage Trust 2011-LC1A A1†	3.742%		11/10/2046	3.17			2,309		2,481,423
DBUBS Mortgage Trust 2011-LC2A A1†	3.527%		7/10/2044	4.04			1,316		1,419,109
DBUBS Mortgage Trust 2011-LC2A A2†	3.386%		7/10/2044	3.59			1,205		1,290,254
DBUBS Mortgage Trust 2011-LC3A A2	3.642%		8/10/2044	3.62			1,850		2,000,966
DDR Corp. 2009-DDR1 A†	3.807%		10/14/2022	2.12			964		1,014,718
DDR Corp. 2009-DDR1 B†	5.73%		10/14/2022	2.13			500		538,614
Extended Stay America Trust 2010-ESHA B†	4.221%		11/5/2027	3.06			500		506,158
Extended Stay America Trust 2010-ESHA C†	4.86%		11/5/2027	3.02			1,200		1,216,403
Fosse Master Issuer plc 2011-1A A2†	1.866%	#	10/18/2054	0.04			500		502,995
Fosse Master Issuer plc 2012-1A 2A2†	1.727%	#	10/18/2054	0.04			300		300,519
Fosse Master Issuer plc 2012-1A 2B1†	2.277%	#	10/18/2054	0.04			350		350,633
GE Capital Commercial Mortgage Corp. 2002-3A A2	4.996%		12/10/2037	0.21			813		816,563
GE Capital Commercial Mortgage Corp. 2005-C3 A7A	4.974%		7/10/2045	2.75			1,250		1,378,196
GMAC Commercial Mortgage Securities, Inc. 2003-C2 A2	5.457%	#	5/10/2040	0.94			900		936,586
Gracechurch Mortgage Financing plc 2006-1 A6†	0.567%	#	11/20/2056	-0.11			470		469,286
Greenwich Capital Commercial Funding Corp. 2002-C1 A4	4.948%		1/11/2035	0.27			581		584,551
Greenwich Capital Commercial Funding Corp. 2005-GG5 A2	5.117%		4/10/2037	0.03			496		497,879
Greenwich Capital Commercial Funding Corp. 2007-GG11 A4	5.736%		12/10/2049	4.36			950		1,056,781
Greenwich Capital Commercial Funding Corp. 2007-GG9 A2	5.381%		3/10/2039	1.33			758		776,118
Greenwich Capital Commercial Funding Corp. 2007-GG9 A4	5.444%		3/10/2039	3.94			1,500		1,670,056
GS Mortgage Securities Corp. II 2005-GG4 AABA	4.68%		7/10/2039	0.97			325		327,390
GS Mortgage Securities Corp. II 2006-GG6 A4	5.553%		4/10/2038	3.06			640		714,222
GS Mortgage Securities Corp. II 2006-GG8 A4	5.56%		11/10/2039	3.63			1,500		1,712,831

See Notes to Financial Statements. 17

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. II 2007-EOP B†	1.731%	#	3/6/2020	0.59		$	615	$	608,889
GS Mortgage Securities Corp. II 2010-C1 A1†	3.679%		8/10/2043	3.33			1,258		1,351,378
GS Mortgage Securities Corp. II 2010-C2 A1†	3.849%		12/10/2043	3.29			1,724		1,861,640
GS Mortgage Securities Corp. II 2011-ALF B†	3.215%		2/10/2021	1.54			500		506,950
GS Mortgage Securities Corp. II 2011-GC3 A1†	2.331%		3/10/2044	1.78			1,330		1,359,747
GS Mortgage Securities Corp. II 2011-GC3 A2†	3.645%		3/10/2044	3.31			1,600		1,717,910
GS Mortgage Securities Corp. II 2011-GC5 A2	2.999%		8/10/2044	3.72			1,000		1,057,993
Holmes Master Issuer plc 2010-1A A2†	1.867%	#	10/15/2054	-0.20			600		603,142
Holmes Master Issuer plc 2012-1A A2†	2.117%	#	10/15/2054	0.04			500		504,067
JPMorgan Chase Commercial Mortgage Securities Corp. 2002-C1 A3	5.376%		7/12/2037	0.04			221		220,772
JPMorgan Chase Commercial Mortgage Securities Corp. 2002-C2 A2	5.05%		12/12/2034	0.27			688		692,380
JPMorgan Chase Commercial Mortgage Securities Corp. 2002-CIB5 A2	5.161%		10/12/2037	0.22			805		809,555
JPMorgan Chase Commercial Mortgage Securities Corp. 2004-LN2 A1	4.475%		7/15/2041	0.80			713		716,629
JPMorgan Chase Commercial Mortgage Securities Corp. 2006-LDP9 A3	5.336%		5/15/2047	3.89			1,779		1,975,776
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD11 A2	5.994%	#	6/15/2049	1.47			913		914,528
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LDPX A2SF	0.372%	#	1/15/2049	0.65			807		799,468
JPMorgan Chase Commercial Mortgage Securities Corp. 2010-C2 A1†	2.749%		11/15/2043	2.82			1,902		1,971,939
JPMorgan Chase Commercial Mortgage Securities Corp. 2011-PLSD A2†	3.364%		11/13/2044	4.03			2,000		2,143,326
LB-UBS Commercial Mortgage Trust 2007-C1 A2	5.318%		2/15/2040	0.51			244		245,854
Merrill Lynch Floating Trust 2008-LAQA A1†	0.779%	#	7/9/2021	0.01			776		760,688
Merrill Lynch Mortgage Trust 2005-CIP1 A2	4.96%		7/12/2038	1.71			246		249,729

18 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Trust 2005-CKI1 A4FL	0.491%	#	11/12/2037	0.21		$	1,600	$	1,593,646
Merrill Lynch Mortgage Trust 2005-CKI1 A6	5.39%	#	11/12/2037	2.83			240		268,302
Merrill Lynch Mortgage Trust 2005-MCP1 A2	4.556%		6/12/2043	0.73			192		192,013
Merrill Lynch Mortgage Trust 2005-MKB2 A2	4.806%		9/12/2042	0.04			134		134,257
Merrill Lynch Mortgage Trust 2007-C1 A2FL†	0.551%	#	6/12/2050	0.02			251		250,633
Merrill Lynch/Countrywide Commercial Mortgage Trust 2006-1 A2	5.439%		2/12/2039	0.18			66		66,120
Merrill Lynch/Countrywide Commercial Mortgage Trust 2006-4 A3	5.172%		12/12/2049	3.75			1,000		1,112,865
Merrill Lynch/Countrywide Commercial Mortgage Trust 2007-7 A3FL†	0.451%	#	6/12/2050	1.58			217		214,285
Morgan Stanley Capital I 2005-HQ6 A4A	4.989%		8/13/2042	2.62			980		1,075,970
Morgan Stanley Capital I 2005-HQ7 A4	5.369%	#	11/14/2042	2.74			800		890,113
Morgan Stanley Capital I 2006-T21 A2	5.09%		10/12/2052	0.04			296		296,715
Morgan Stanley Capital I 2007-HQ12 A3	5.781%	#	4/12/2049	2.85			955		1,014,253
Morgan Stanley Capital I 2007-XLF9 A2†	0.802%	#	12/15/2020	0.02			491		474,948
Morgan Stanley Capital I 2011-C1 A2†	3.884%		9/15/2047	3.22			1,515		1,635,542
Morgan Stanley Capital I 2011-C2 A2†	3.476%		6/15/2044	3.59			750		803,722
Morgan Stanley Dean Witter Capital I 2001-TOP3 A4	6.39%		7/15/2033	0.04			87		87,295
Morgan Stanley Re-REMIC Trust 2010-C30A A3A†	3.25%		12/17/2043	0.05			122		121,559
Morgan Stanley Re-REMIC Trust 2010-GG10 A4A†	5.979%	#	8/15/2045	4.12			1,500		1,706,492
Permanent Master Issuer plc 2010-1A†	1.617%	#	7/15/2042	0.53			850		852,105
RBSCF Trust 2010-MB1 A2†	3.686%		4/15/2024	2.59			1,580		1,678,334
RBSCF Trust 2010-RR3 CSCA†	5.467%		9/16/2039	3.50			300		330,441
Sequoia Mortgage Trust 2012-3 A2	3.00%	#	7/25/2042	4.39			350		355,469
Silverstone Master Issuer plc 2011-1A†	2.016%	#	1/21/2055	0.06			400		402,793
Silverstone Master Issuer plc 2012-1A†	2.016%	#	1/21/2055	0.07			800		807,140
UBS-Barclays Commercial Mortgage Trust 2012-C2 A2	2.113%		5/10/2063	4.66			2,100		2,141,951
Vornado DP LLC 2010-VNO A1†	2.97%		9/13/2028	4.03			853		899,598
Wachovia Bank Commercial Mortgage Trust 2002-C2 A4	4.98%		11/15/2034	0.23			234		235,555

See Notes to Financial Statements. 19

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate		Maturity Date	Modified Duration	~	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Wachovia Bank Commercial Mortgage Trust 2003-C7 A1†	4.241	%	10/15/2035	0.36		$	427	$	430,412
Wachovia Bank Commercial Mortgage Trust 2005-C18 APB	4.807	%	4/15/2042	1.31			499		519,583
Wachovia Bank Commercial Mortgage Trust 2005-C19 A5	4.661	%	5/15/2044	2.35			315		321,046
Wachovia Bank Commercial Mortgage Trust 2006-C26 A3	6.011	%#	6/15/2045	3.45			1,470		1,683,363
Wachovia Bank Commercial Mortgage Trust 2006-C27 A3	5.765	%	7/15/2045	3.49			1,100		1,244,642
Wachovia Bank Commercial Mortgage Trust 2006-C27 AM	5.795	%	7/15/2045	3.56			645		688,634
Wachovia Bank Commercial Mortgage Trust 2006-C28 A4	5.572	%	10/15/2048	3.69			1,250		1,390,478
Wachovia Bank Commercial Mortgage Trust 2007-C30 A3	5.246	%	12/15/2043	1.60			373		386,214
Wachovia Bank Commercial Mortgage Trust 2007-C30 A5	5.342	%	12/15/2043	3.99			1,650		1,786,788
WF-RBS Commercial Mortgage Trust 2011-C2 A2†	3.791	%	2/15/2044	3.28			1,500		1,615,576
WF-RBS Commercial Mortgage Trust 2012-C7 A1	2.30	%	6/15/2045	4.99			530		537,201
Total Non-Agency Commercial Mortgage-Backed Securities (cost $97,980,374)									98,722,879
Total Long-Term Investments (cost $391,272,664)									393,379,856
SHORT-TERM INVESTMENTS 5.98%
Commercial Paper 1.37%
Consumer Cyclical 0.24%
Newell Rubbermaid, Inc.	1.326	%	9/5/2012				1,000		997,616
Integrated Energy 0.30%
BP Capital Markets plc	0.777	%	2/11/2013				1,250		1,243,672
Telecommunications 0.83%
Vodafone Group plc	0.01	%	2/8/2013				500		496,299
Vodafone Group plc	1.004	%	7/9/2012				3,000		2,999,334
Total									3,495,633
Total Commercial Paper (cost $5,736,921)									5,736,921

20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Repurchase Agreement 4.61%
Repurchase Agreement dated 6/29/2012, 0.09% due 7/2/2012 with Bank of America Corp. collateralized by $14,424,000 of U.S. Treasury Bond at 4.50% due 8/15/2039; value: $19,848,070; proceeds: $19,241,144 (cost $19,241,000)	0.09%	7/2/2012	$	19,241	$	19,241,000
Total Short-Term Investments (cost $24,977,921)						24,977,921
Total Investments in Securities 100.24% (cost $416,250,585)						418,357,777
Liabilities in Excess of Cash, Foreign Cash and Other Assets(f) (0.24%)						(1,021,029	)
Net Assets 100.00%					$	417,336,748

EUR	euro.
TRY	Turkish lira.
~	Modified Duration is the change in the value of a fixed income security that will result from a 1% change in market interest rates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. The sum of these weighted values within a portfolio, including applicable aggregated interest rate exposure, is divided by the sum of the market values (or notional values where appropriate) of all fixed income securities.
#	Variable rate security. The interest rate represents the rate in effect at June 30, 2012.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
(a)	Security has been partially segregated to cover margin requirements for open futures contracts as of June 30, 2012.
(b)	Foreign security traded in U.S. dollars.
(c)	Investment in non-U.S. dollar denominated securities.
(d)	Security has been partially segregated to cover the unrealized appreciation on the forward foreign currency exchange contracts as of June 30, 2012.
(e)	To-be-announced (“TBA”). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.
(f)	Liabilities in Excess of Cash, Foreign Cash and Other Assets include net unrealized appreciation/depreciation on futures contracts, forward foreign currency exchange contracts and swaps as follows:

Open Futures Contracts at June 30, 2012:

Type	Expiration	Contracts	Position	Market Value			Unrealized Appreciation
U.S. 2-Year Treasury Note	September 2012	121	Short	$	(26,642,688	)		$	22,416
U.S. 5-Year Treasury Note	September 2012	704	Short		(87,274,000	)			141,602
Totals				$	(113,916,688	)		$	164,018

See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Open Forward Foreign Currency Exchange Contracts at June 30, 2012:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation (Depreciation)
Argentine peso	Buy	J.P. Morgan	7/5/2012	22,100,000	$	4,556,701	$	4,873,798		$	317,097
Argentine peso	Buy	Deutsche Bank	8/6/2012	1,180,000		254,037		253,355			(682	)
Argentine peso	Buy	Deutsche Bank	8/6/2012	60,385,000		13,127,174		12,965,110			(162,064	)
Argentine peso	Buy	Deutsche Bank	8/6/2012	1,595,000		340,448		342,458			2,010
Argentine peso	Buy	Deutsche Bank	9/10/2012	25,305,000		4,981,299		5,221,888			240,589
Argentine peso	Buy	Credit Suisse	9/10/2012	44,875,000		8,835,401		9,260,313			424,912
Argentine peso	Buy	Barclays Bank plc	10/2/2012	24,630,000		4,887,875		4,920,825			32,950
Brazilian real	Buy	Barclays Bank plc	7/13/2012	4,400,000		2,146,027		2,185,985			39,958
Brazilian real	Buy	Barclays Bank plc	7/13/2012	3,598,000		1,935,762		1,787,540			(148,222	)
Brazilian real	Buy	Barclays Bank plc	7/13/2012	7,535,000		4,084,011		3,743,499			(340,512	)
Brazilian real	Buy	Barclays Bank plc	7/13/2012	325,000		174,225		161,465			(12,760	)
Brazilian real	Buy	Deutsche Bank	8/6/2012	1,445,000		758,132		714,323			(43,809	)
Brazilian real	Buy	Deutsche Bank	8/6/2012	420,000		218,750		207,623			(11,127	)
Brazilian real	Buy	Deutsche Bank	8/6/2012	6,290,000		3,268,381		3,109,407			(158,974	)
Brazilian real	Buy	Goldman Sachs	8/6/2012	8,210,000		4,131,857		4,058,542			(73,315	)
Brazilian real	Buy	UBS AG	9/10/2012	5,110,000		2,495,239		2,511,895			16,656
Brazilian real	Buy	UBS AG	9/10/2012	14,870,000		7,329,456		7,309,565			(19,891	)
Chilean peso	Buy	Goldman Sachs	7/13/2012	2,100,000,000		4,028,391		4,188,899			160,508
Chilean peso	Buy	Goldman Sachs	7/13/2012	137,065,000		280,698		273,405			(7,293	)
Chilean peso	Buy	Deutsche Bank	8/6/2012	4,821,465,000		9,859,847		9,584,465			(275,382	)
Chilean peso	Buy	Credit Suisse	8/6/2012	1,065,025,000		2,183,323		2,117,135			(66,188	)
Chilean peso	Buy	Credit Suisse	9/10/2012	2,140,000,000		4,165,856		4,234,060			68,204
Chilean peso	Buy	UBS AG	9/10/2012	2,395,000,000		4,707,617		4,738,586			30,969
Chilean peso	Buy	UBS AG	9/10/2012	1,060,000,000		2,082,515		2,097,245			14,730
Chilean peso	Buy	UBS AG	9/10/2012	3,004,455,000		5,804,028		5,944,413			140,385
Chinese yuan renminbi	Buy	UBS AG	7/13/2012	830,000		131,319		130,758			(561	)
Chinese yuan renminbi	Buy	UBS AG	7/13/2012	33,842,000		5,356,866		5,331,450			(25,416	)
Chinese yuan renminbi	Buy	UBS AG	7/13/2012	46,525,000		7,359,222		7,329,523			(29,699	)
Chinese yuan renminbi	Buy	Deutsche Bank	8/6/2012	920,000		145,524		145,211			(313	)
Chinese yuan renminbi	Buy	Deutsche Bank	8/6/2012	1,090,000		172,427		172,044			(383	)
Chinese yuan renminbi	Buy	Credit Suisse	9/10/2012	40,275,000		6,339,525		6,339,639			114
Colombian peso	Buy	UBS AG	7/13/2012	460,000,000		249,551		257,562			8,011
Colombian peso	Buy	UBS AG	7/13/2012	11,600,000,000		6,290,672		6,495,052			204,380
Colombian peso	Buy	J.P. Morgan	7/13/2012	6,168,000,000		3,464,195		3,453,576			(10,619	)
Colombian peso	Buy	UBS AG	7/13/2012	2,190,000,000		1,231,029		1,226,221			(4,808	)
Colombian peso	Buy	UBS AG	7/13/2012	3,936,895,000		2,195,091		2,204,339			9,248
Colombian peso	Buy	Deutsche Bank	7/30/2012	10,327,000,000		5,692,630		5,761,709			69,079
Colombian peso	Buy	Goldman Sachs	8/6/2012	19,485,350,000		10,934,540		10,855,499			(79,041	)
Czech koruna	Buy	Deutsche Bank	7/13/2012	80,000,000		4,330,893		3,966,890			(364,003	)
Czech koruna	Buy	Goldman Sachs	8/6/2012	75,080,000		3,982,496		3,722,538			(259,958	)
Czech koruna	Buy	Goldman Sachs	8/6/2012	6,665,000		350,007		330,457			(19,550	)
Hong Kong dollar	Buy	Barclays Bank plc	7/13/2012	19,113,000		2,463,069		2,463,731			662
Hong Kong dollar	Buy	Barclays Bank plc	7/13/2012	80,825,000		10,416,990		10,418,617			1,627
Hong Kong dollar	Buy	Barclays Bank plc	8/6/2012	34,140,000		4,400,556		4,401,107			551
Hungarian forint	Buy	J.P. Morgan	7/13/2012	973,995,000		4,379,474		4,307,304			(72,170	)
Hungarian forint	Buy	UBS AG	8/6/2012	354,615,000		1,557,994		1,563,113			5,119
Hungarian forint	Buy	UBS AG	8/6/2012	1,458,595,000		6,685,589		6,429,364			(256,225	)
Hungarian forint	Buy	Barclays Bank plc	9/10/2012	70,000,000		284,215		308,554			24,339

22 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation (Depreciation)
Hungarian forint	Buy	Barclays Bank plc	9/10/2012	1,843,595,000	$	7,492,766	$	8,126,412		$	633,646
Indian rupee	Buy	Barclays Bank plc	7/13/2012	165,301,000		3,182,538		2,962,752			(219,786	)
Indian rupee	Buy	Barclays Bank plc	7/13/2012	58,265,000		1,134,002		1,044,305			(89,697	)
Indian rupee	Buy	Barclays Bank plc	7/13/2012	9,000,000		173,277		161,310			(11,967	)
Indian rupee	Buy	UBS AG	8/6/2012	90,450,000		1,708,861		1,622,585			(86,276	)
Indian rupee	Buy	UBS AG	8/6/2012	352,240,000		6,554,156		6,318,844			(235,312	)
Indian rupee	Buy	Goldman Sachs	9/10/2012	17,000,000		294,878		302,527			7,649
Indian rupee	Buy	Goldman Sachs	9/10/2012	155,000,000		2,736,099		2,758,337			22,238
Indian rupee	Buy	Goldman Sachs	9/10/2012	420,087,547		7,406,339		7,475,762			69,423
Indonesian rupiah	Buy	UBS AG	7/13/2012	13,928,819,000		1,506,633		1,481,955			(24,678	)
Indonesian rupiah	Buy	UBS AG	7/13/2012	45,876,015,000		4,962,251		4,880,972			(81,279	)
Indonesian rupiah	Buy	Barclays Bank plc	8/6/2012	4,825,570,000		521,401		512,536			(8,865	)
Indonesian rupiah	Buy	Barclays Bank plc	8/6/2012	70,645,415,000		7,638,168		7,503,434			(134,734	)
Indonesian rupiah	Buy	UBS AG	9/10/2012	19,750,000,000		2,045,572		2,088,842			43,270
Indonesian rupiah	Buy	UBS AG	9/10/2012	44,730,000,000		4,637,636		4,730,830			93,194
Indonesian rupiah	Buy	UBS AG	9/10/2012	25,521,000,000		2,602,856		2,699,207			96,351
Indonesian rupiah	Buy	UBS AG	9/10/2012	3,750,000,000		381,679		396,616			14,937
Israeli new shekel	Buy	Barclays Bank plc	7/13/2012	8,360,000		2,222,813		2,137,054			(85,759	)
Malaysian ringgit	Buy	Barclays Bank plc	7/13/2012	2,710,000		880,900		854,842			(26,058	)
Malaysian ringgit	Buy	Barclays Bank plc	7/13/2012	405,000		130,772		127,753			(3,019	)
Malaysian ringgit	Buy	Barclays Bank plc	7/13/2012	5,750,000		1,874,246		1,813,779			(60,467	)
Malaysian ringgit	Buy	Barclays Bank plc	8/6/2012	11,830,000		3,839,039		3,744,278			(94,761	)
Malaysian ringgit	Buy	Barclays Bank plc	8/6/2012	530,000		171,855		167,749			(4,106	)
Malaysian ringgit	Buy	UBS AG	9/10/2012	17,385,000		5,494,627		5,492,807			(1,820	)
Mexican peso	Buy	J.P. Morgan	7/13/2012	2,235,000		175,205		167,381			(7,824	)
Mexican peso	Buy	J.P. Morgan	7/13/2012	43,345,000		3,380,122		3,246,144			(133,978	)
Mexican peso	Buy	J.P. Morgan	7/13/2012	1,660,000		129,841		124,319			(5,522	)
Mexican peso	Buy	UBS AG	8/6/2012	2,305,000		172,807		172,221			(586	)
Mexican peso	Buy	UBS AG	8/6/2012	237,890,000		17,965,759		17,774,212			(191,547	)
Mexican peso	Buy	Deutsche Bank	9/10/2012	2,955,000		204,152		220,058			15,906
Mexican peso	Buy	UBS AG	9/10/2012	14,560,000		1,042,427		1,084,281			41,854
Mexican peso	Buy	Deutsche Bank	9/10/2012	173,500,000		12,219,170		12,920,520			701,350
Peruvian Nuevo sol	Buy	Credit Suisse	7/13/2012	5,775,000		2,158,879		2,164,804			5,925
Peruvian Nuevo sol	Buy	Credit Suisse	7/13/2012	345,000		129,675		129,326			(349	)
Peruvian Nuevo sol	Buy	Credit Suisse	9/10/2012	26,035,000		9,615,882		9,715,552			99,670
Philippine peso	Buy	Goldman Sachs	7/13/2012	69,130,000		1,600,973		1,642,817			41,844
Philippine peso	Buy	Goldman Sachs	7/13/2012	90,390,000		2,107,484		2,148,043			40,559
Philippine peso	Buy	Barclays Bank plc	8/6/2012	619,355,000		14,647,156		14,756,704			109,548
Philippine peso	Buy	Barclays Bank plc	8/6/2012	11,120,000		262,611		264,944			2,333
Philippine peso	Buy	Barclays Bank plc	9/10/2012	18,200,000		415,810		432,917			17,107
Philippine peso	Buy	Barclays Bank plc	9/10/2012	330,000,000		7,603,687		7,849,603			245,916
Philippine peso	Buy	Barclays Bank plc	9/10/2012	104,525,000		2,401,769		2,486,302			84,533
Philippine peso	Buy	Barclays Bank plc	9/10/2012	239,895,000		5,471,433		5,706,304			234,871
Polish zloty	Buy	Goldman Sachs	7/13/2012	550,000		175,079		164,880			(10,199	)
Polish zloty	Buy	Goldman Sachs	7/13/2012	71,750,000		22,675,558		21,509,385			(1,166,173	)
Polish zloty	Buy	Barclays Bank plc	8/6/2012	555,000		172,381		165,891			(6,490	)
Polish zloty	Buy	Barclays Bank plc	8/6/2012	2,110,000		658,305		630,686			(27,619	)
Polish zloty	Buy	Barclays Bank plc	8/6/2012	1,170,000		341,190		349,717			8,527
Polish zloty	Buy	UBS AG	9/10/2012	1,100,000		307,620		327,444			19,824
Polish zloty	Buy	UBS AG	9/10/2012	2,200,000		626,704		654,888			28,184

See Notes to Financial Statements. 23

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation (Depreciation)
Polish zloty	Buy	UBS AG	9/10/2012	36,100,000	$	10,067,488	$	10,746,113		$	678,625
Romanian new leu	Buy	Goldman Sachs	8/6/2012	5,235,000		1,571,600		1,482,461			(89,139	)
Russian ruble	Buy	Barclays Bank plc	7/13/2012	56,806,000		1,902,093		1,751,543			(150,550	)
Russian ruble	Buy	Barclays Bank plc	7/13/2012	232,710,000		7,836,541		7,175,326			(661,215	)
Russian ruble	Buy	J.P. Morgan	8/6/2012	11,650,000		388,722		357,910			(30,812	)
Russian ruble	Buy	J.P. Morgan	8/6/2012	195,720,000		6,563,380		6,012,885			(550,495	)
Russian ruble	Buy	Barclays Bank plc	9/10/2012	96,000,000		2,914,832		2,927,110			12,278
Russian ruble	Buy	Barclays Bank plc	9/10/2012	154,610,000		4,685,293		4,714,172			28,879
Russian ruble	Buy	J.P. Morgan	9/10/2012	61,050,000		1,852,807		1,861,459			8,652
Russian ruble	Buy	Barclays Bank plc	9/10/2012	219,710,000		6,714,648		6,699,118			(15,530	)
Singapore dollar	Buy	J.P. Morgan	7/13/2012	165,000		130,560		130,254			(306	)
Singapore dollar	Buy	J.P. Morgan	7/13/2012	10,990,000		8,703,572		8,675,723			(27,849	)
Singapore dollar	Buy	Morgan Stanley	8/6/2012	270,000		215,952		213,143			(2,809	)
Singapore dollar	Buy	Morgan Stanley	8/6/2012	6,225,000		4,991,340		4,914,130			(77,210	)
Singapore dollar	Buy	J.P. Morgan	9/10/2012	375,000		291,469		296,050			4,581
Singapore dollar	Buy	J.P. Morgan	9/10/2012	4,830,000		3,750,524		3,813,121			62,597
South African rand	Buy	J.P. Morgan	7/13/2012	16,640,000		2,149,038		2,032,429			(116,609	)
South African rand	Buy	Barclays Bank plc	8/6/2012	15,575,000		1,966,032		1,895,536			(70,496	)
South African rand	Buy	J.P. Morgan	9/10/2012	2,150,000		247,930		260,344			12,414
South African rand	Buy	UBS AG	9/10/2012	2,400,000		281,138		290,616			9,478
South African rand	Buy	J.P. Morgan	9/10/2012	162,695,000		18,862,751		19,700,737			837,986
South Korean won	Buy	UBS AG	8/6/2012	14,895,250,000		13,108,554		12,982,767			(125,787	)
South Korean won	Buy	UBS AG	8/6/2012	298,470,000		262,541		260,148			(2,393	)
South Korean won	Buy	J.P. Morgan	8/6/2012	5,000,000,000		4,229,224		4,358,022			128,798
South Korean won	Buy	J.P. Morgan	9/10/2012	5,000,000,000		4,207,869		4,345,672			137,803
South Korean won	Buy	Barclays Bank plc	9/10/2012	4,860,000,000		4,198,486		4,223,993			25,507
Taiwan dollar	Buy	Barclays Bank plc	8/6/2012	53,225,000		1,810,990		1,786,383			(24,607	)
Thai baht	Buy	Deutsche Bank	7/13/2012	50,815,000		1,640,252		1,598,865			(41,387	)
Thai baht	Buy	Deutsche Bank	7/13/2012	12,450,000		402,678		391,732			(10,946	)
Thai baht	Buy	UBS AG	8/6/2012	121,090,000		3,898,583		3,803,831			(94,752	)
Thai baht	Buy	UBS AG	8/6/2012	243,140,000		7,874,572		7,637,819			(236,753	)
Thai baht	Buy	UBS AG	8/6/2012	8,170,000		262,811		256,647			(6,164	)
Thai baht	Buy	Barclays Bank plc	9/10/2012	370,000,000		11,555,278		11,599,264			43,986
Turkish lira	Buy	J.P. Morgan	7/13/2012	400,000		218,794		220,630			1,836
Turkish lira	Buy	J.P. Morgan	7/13/2012	14,600,000		7,836,402		8,053,001			216,599
Turkish lira	Buy	J.P. Morgan	7/13/2012	1,815,000		990,342		1,001,110			10,768
Turkish lira	Buy	Barclays Bank plc	8/6/2012	315,000		171,959		172,831			872
Turkish lira	Buy	Barclays Bank plc	8/6/2012	680,000		371,151		373,095			1,944
Turkish lira	Buy	Goldman Sachs	9/10/2012	600,000		314,432		326,946			12,514
Turkish lira	Buy	Goldman Sachs	9/10/2012	26,045,000		13,762,219		14,192,157			429,938
Argentine peso	Sell	Barclays Bank plc	7/5/2012	22,100,000		4,890,462		4,873,798			16,664
Brazilian real	Sell	Barclays Bank plc	7/13/2012	1,115,000		546,890		553,948			(7,058	)
Chinese yuan renminbi	Sell	UBS AG	7/13/2012	56,400,000		8,863,744		8,885,225			(21,481	)
Chinese yuan renminbi	Sell	Credit Suisse	7/13/2012	24,797,000		3,903,810		3,906,506			(2,696	)
Chinese yuan renminbi	Sell	Credit Suisse	8/6/2012	2,010,000		315,864		317,255			(1,391	)
Chinese yuan renminbi	Sell	Credit Suisse	9/10/2012	40,275,000		6,316,161		6,339,639			(23,478	)
Czech koruna	Sell	Goldman Sachs	7/13/2012	80,000,000		3,851,301		3,966,890			(115,589	)
Czech koruna	Sell	Goldman Sachs	8/6/2012	81,745,000		3,935,251		4,052,995			(117,744	)
euro	Sell	UBS AG	9/10/2012	3,355,000		4,187,443		4,248,503			(61,060	)
euro	Sell	J.P. Morgan	9/20/2012	1,072,000		1,345,521		1,357,639			(12,118	)

24 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation (Depreciation)
Hong Kong dollar	Sell	Barclays Bank plc	7/13/2012	65,845,000	$	8,488,571	$	8,487,644		$	927
Hong Kong dollar	Sell	Barclays Bank plc	7/13/2012	34,093,000		4,393,219		4,394,703			(1,484	)
Hong Kong dollar	Sell	Barclays Bank plc	8/6/2012	34,140,000		4,399,499		4,401,107			(1,608	)
Hungarian forint	Sell	J.P. Morgan	7/13/2012	70,000,000		286,690		309,561			(22,871	)
Hungarian forint	Sell	J.P. Morgan	7/13/2012	535,000,000		2,360,051		2,365,934			(5,883	)
Indian rupee	Sell	Barclays Bank plc	7/13/2012	14,000,000		247,180		250,927			(3,747	)
Indonesian rupiah	Sell	J.P. Morgan	7/13/2012	2,700,000,000		283,762		287,266			(3,504	)
Israeli new shekel	Sell	Morgan Stanley	7/13/2012	8,360,000		2,205,979		2,137,054			68,925
Malaysian ringgit	Sell	Barclays Bank plc	7/13/2012	6,830,000		2,140,596		2,154,454			(13,858	)
Malaysian ringgit	Sell	Barclays Bank plc	8/6/2012	11,900,000		3,699,099		3,766,434			(67,335	)
Mexican peso	Sell	J.P. Morgan	7/13/2012	3,545,000		248,313		265,488			(17,175	)
Mexican peso	Sell	J.P. Morgan	7/13/2012	30,730,000		2,181,134		2,301,396			(120,262	)
Mexican peso	Sell	J.P. Morgan	7/13/2012	5,780,000		420,773		432,869			(12,096	)
Mexican peso	Sell	J.P. Morgan	7/13/2012	4,565,000		333,540		341,877			(8,337	)
Peruvian Nuevo sol	Sell	Credit Suisse	7/13/2012	6,120,000		2,278,905		2,294,130			(15,225	)
Peruvian Nuevo sol	Sell	Credit Suisse	9/10/2012	7,800,000		2,858,190		2,910,747			(52,557	)
Peruvian Nuevo sol	Sell	Credit Suisse	9/10/2012	5,035,000		1,871,747		1,878,925			(7,178	)
Peruvian Nuevo sol	Sell	Credit Suisse	9/10/2012	1,900,000		705,271		709,028			(3,757	)
Philippine peso	Sell	Barclays Bank plc	7/13/2012	159,520,000		3,766,706		3,790,860			(24,154	)
Philippine peso	Sell	Barclays Bank plc	8/6/2012	18,000,000		424,628		428,867			(4,239	)
Philippine peso	Sell	J.P. Morgan	8/6/2012	12,355,000		291,529		294,369			(2,840	)
Polish zloty	Sell	Barclays Bank plc	7/13/2012	2,855,000		838,154		855,879			(17,725	)
Polish zloty	Sell	Barclays Bank plc	7/13/2012	1,570,000		458,179		470,658			(12,479	)
Polish zloty	Sell	Barclays Bank plc	7/13/2012	1,270,000		379,938		380,724			(786	)
Romanian new leu	Sell	UBS AG	8/6/2012	5,235,000		1,548,382		1,482,461			65,921
Singapore dollar	Sell	J.P. Morgan	7/13/2012	5,920,000		4,641,863		4,673,365			(31,502	)
Singapore dollar	Sell	J.P. Morgan	7/13/2012	2,800,000		2,162,914		2,210,376			(47,462	)
Singapore dollar	Sell	Morgan Stanley	7/13/2012	2,435,000		1,894,293		1,922,237			(27,944	)
Singapore dollar	Sell	Morgan Stanley	8/6/2012	6,495,000		5,052,902		5,127,273			(74,371	)
South African rand	Sell	Goldman Sachs	7/13/2012	3,495,000		419,422		426,883			(7,461	)
South African rand	Sell	J.P. Morgan	7/13/2012	3,470,000		421,283		423,830			(2,547	)
South African rand	Sell	UBS AG	7/13/2012	9,675,000		1,144,199		1,181,715			(37,516	)
South African rand	Sell	UBS AG	8/6/2012	15,575,000		1,835,441		1,895,536			(60,095	)
Taiwan dollar	Sell	Barclays Bank plc	8/6/2012	53,225,000		1,836,611		1,786,383			50,228
Thai baht	Sell	Deutsche Bank	7/13/2012	14,625,000		463,000		460,167			2,833
Turkish lira	Sell	J.P. Morgan	7/13/2012	770,000		418,724		424,713			(5,989	)
Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(1,211,937	)

See Notes to Financial Statements. 25

Schedule of Investments (unaudited)(concluded)

EMERGING MARKETS CURRENCY FUND June 30, 2012

Credit Default Swaps on Indexes - Sell Protection at June 30, 2012*:

Swap Counterparty	Fund Receives	Referenced Index	Termination Date	Notional Amount	Market Value	Upfront Payments Received**			Unrealized Appreciation			Credit Default Swap Agreements Payable at Fair Value***
J.P. Morgan	.10%	Markit CMBX. NA.AAA.1	10/12/2052	1,350,000	1,302,750		$	50,817		$	3,567		$	47,250
Morgan Stanley	.10%	Markit CMBX. NA.AAA.1	10/12/2052	1,000,000	965,000			36,135			1,135			35,000
UBS AG	.07%	Markit CMBX. NA.AAA.2	3/15/2049	1,300,000	1,235,000			72,834			7,834			65,000
Totals on Credit Default Swaps							$	159,786		$	12,536		$	147,250

*	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
**	Upfront payments received are presented net of amortization (See Note 2(m)).
***	Includes upfront payments received.

Interest Rate Swap at June 30, 2012:

Swap Counterparty	Payments Made By The Fund at Termination Date	Payments Received By The Fund at Termination Date	Termination Date	Notional Amount	Market Value	Unrealized Depreciation
Barclays Bank plc	0.555%	3-Month LIBOR Index	3/9/2014	$12,000,000	$11,998,920	$(1,080	)

26 See Notes to Financial Statements.

Schedule of Investments (unaudited)

GLOBAL ALLOCATION FUND June 30, 2012

Investments	Shares		Value (000)
INVESTMENTS IN UNDERLYING FUNDS(a) 100.18%
Lord Abbett Affiliated Fund, Inc.-Class I(b)		523,954	$	5,900
Lord Abbett Equity Trust- Calibrated Large Cap Value Fund-Class I*(c)		48,908		827
Lord Abbett Equity Trust- Calibrated Mid Cap Value Fund-Class I*(c)		55,831		907
Lord Abbett Global Fund, Inc.-Emerging Markets Currency Fund-Class I(d)		4,704,412		29,826
Lord Abbett Research Fund, Inc.-Growth Opportunities Fund-Class I*(e)		509,111		10,141
Lord Abbett Investment Trust-High Yield Fund- Class I(f)		2,682,470		20,575
Lord Abbett Securities Trust-International Dividend Income Fund-Class I(g)		8,969,402		66,194
Lord Abbett Mid Cap Stock Fund, Inc. (formerly, Mid-Cap Value Fund, Inc.)- Class I(h)		1,820,409		29,563
Lord Abbett Investment Trust-Short Duration Income Fund-Class I(i)		173,695		797
Total Investments in Underlying Funds (cost $172,915,327)				164,730
Investments	Principal Amount (000)		Value (000)
SHORT-TERM INVESTMENTS 0.14%
Repurchase Agreement Repurchase Agreement dated 6/29/2012, 0.01% due 7/2/2012 with Fixed Income Clearing Corp. collateralized by $230,000 of a U.S. Treasury Bill at Zero Coupon due 6/27/2013; value: $229,540; proceeds: $224,326 (cost $224,326)		$224	$	224
Total Investments in Securities 100.32% (cost $173,139,653)				164,954
Liabilities in Excess of Other Assets (0.32)%				(523	)
Net Assets 100.00%			$	164,431

*	Non-income producing security.
(a)	Affiliated issuer (See Note 9).
(b)	Fund investment objective is long-term growth of capital and income without excessive fluctuations in market value.
(c)	Fund investment objective is total return.
(d)	Fund investment objective is to seek high total return.
(e)	Fund investment objective is capital appreciation.
(f)	Fund investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.
(g)	Fund investment objective is to seek a high level of total return.
(h)	Fund investment objective is to seek capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace.
(i)	Fund investment objective is to seek a high level of income consistent with preservation of capital.

See Notes to Financial Statements. 27

Statements of Assets and Liabilities (unaudited)

June 30, 2012

	Emerging Markets Currency Fund			Global Allocation Fund
ASSETS:
Investments in securities, at cost	$	416,250,585		$	173,139,653
Investments in securities, at fair value	$	418,357,777		$	164,954,200
Cash		7,305,121			—
Foreign cash, at value (cost $24,998 and $0, respectively)		23,399			—
Receivables:
Interest and dividends		3,373,553			1,670,305
Investment securities sold		3,471,526			—
Capital shares sold		1,668,908			2,093,688
From affiliates (See Note 3)		—			33,893
Variation margin		153,960			—
Unrealized appreciation on forward foreign currency exchange contracts		7,362,310			—
Prepaid expenses and other assets		57,798			45,173
Total assets		441,774,352			168,797,259
LIABILITIES:
Payables:
Investment securities purchased		13,535,559			1,786,413
Capital shares reacquired		816,858			508,832
Management fee		168,394			6,559
12b-1 distribution fees		49,117			54,583
Directors’ fees		45,530			28,725
Fund administration		13,472			—
Variation margin		129			—
To affiliates (See Note 3)		27,469			—
Unrealized depreciation on forward foreign currency exchange contracts		8,574,247			—
Unrealized depreciation on interest rate swaps		1,080			—
Credit default swap agreements payable, at fair value (including upfront payments received $159,786 and $0, respectively)		147,250			—
Distributions payable		921,076			1,904,449
Accrued expenses and other liabilities		137,423			76,802
Total liabilities		24,437,604			4,366,363
NET ASSETS	$	417,336,748		$	164,430,896
COMPOSITION OF NET ASSETS:
Paid-in capital	$	441,022,116		$	178,066,814
Distributions in excess of net investment income		(2,984,453	)		(12,319	)
Accumulated net realized loss on investments, futures contracts, swaps and foreign currency related transactions		(21,774,905	)		(5,437,714	)
Net unrealized appreciation (depreciation) on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		1,073,990			(8,185,885	)
Net Assets	$	417,336,748		$	164,430,896

28 See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

June 30, 2012

	Emerging Markets Currency Fund		Global Allocation Fund
Net assets by class:
Class A Shares	$	78,546,022	$	109,090,815
Class B Shares	$	1,418,903	$	7,318,592
Class C Shares	$	33,014,638	$	26,955,657
Class F Shares	$	73,175,120	$	2,267,236
Class I Shares	$	230,433,478	$	14,512,761
Class P Shares	$	9,518		—
Class R2 Shares	$	273,403	$	98,505
Class R3 Shares	$	465,666	$	4,187,330
Outstanding shares by class:
Class A Shares (415 million and 430 million shares of common stock authorized, $0.001 par value)		12,353,350		10,366,793
Class B Shares (30 million and 15 million shares of common stock authorized, $0.001 par value)		222,137		753,489
Class C Shares (100 million and 20 million shares of common stock authorized, $0.001 par value)		5,162,464		2,770,898
Class F Shares (100 million and 20 million shares of common stock authorized, $0.001 par value)		11,517,033		215,409
Class I Shares (100 million and 15 million shares of common stock authorized, $0.001 par value)		36,318,120		1,371,890
Class P Shares (20 million and 20 million shares of common stock authorized, $0.001 par value)		1,498		—
Class R2 Shares (20 million and 20 million shares of common stock authorized, $0.001 par value)		42,933		9,208
Class R3 Shares (20 million and 20 million shares of common stock authorized, $0.001 par value)		73,467		395,970
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$6.36		$10.52
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25% and 5.75%, respectively)		$6.51		$11.16
Class B Shares-Net asset value		$6.39		$9.71
Class C Shares-Net asset value		$6.40		$9.73
Class F Shares-Net asset value		$6.35		$10.53
Class I Shares-Net asset value		$6.34		$10.58
Class P Shares-Net asset value		$6.35		—
Class R2 Shares-Net asset value		$6.37		$10.70
Class R3 Shares-Net asset value		$6.34		$10.57

See Notes to Financial Statements. 29

Statements of Operations (unaudited)

For the Six Months Ended June 30, 2012

	Emerging Markets Currency Fund			Global Allocation Fund
Investment income:
Dividends	$	—		$	3,340,889
Interest and other		4,190,834			4
Total investment income		4,190,834			3,340,893
Expenses:
Management fee		982,263			211,414
12b-1 distribution plan-Class A		81,606			139,650
12b-1 distribution plan-Class B		7,713			40,065
12b-1 distribution plan-Class C		155,492			133,553
12b-1 distribution plan-Class F		36,684			1,547
12b-1 distribution plan-Class P		21			—
12b-1 distribution plan-Class R2		974			287
12b-1 distribution plan-Class R3		1,092			9,120
Shareholder servicing		167,384			175,781
Professional		33,994			17,952
Reports to shareholders		30,504			16,144
Fund administration		78,581			—
Custody		44,488			2,658
Directors’ fees		5,358			2,579
Registration		58,207			42,749
Subsidy (See Note 3)		159,724			—
Other		9,939			3,868
Gross expenses		1,854,024			797,367
Expense reductions (See Note 7)		(73	)		(54	)
Expenses assumed by Underlying Funds (See Note 3)		—			(261,677	)
Management fee waived (See Note 3)		—			(169,131	)
Net expenses		1,853,951			366,505
Net investment income		2,336,883			2,974,388
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions		(2,000,426	)		82,414
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		13,280,726			3,559,203
Net realized and unrealized gain		11,280,300			3,641,617
Net Increase in Net Assets Resulting From Operations	$	13,617,183		$	6,616,005

30 See Notes to Financial Statements.

Statements of Changes in Net Assets

	Emerging Markets Currency Fund
INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2012 (unaudited)			For the Year Ended December 31, 2011
Operations:
Net investment income	$	2,336,883		$	3,805,399
Net realized loss on investments, futures contracts, swaps and foreign currency related transactions		(2,000,426	)		(15,808,061	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		13,280,726			(11,943,156	)
Net increase (decrease) in net assets resulting from operations		13,617,183			(23,945,818	)
Distributions to shareholders from:
Net investment income
Class A		(1,078,525	)		(2,718,531	)
Class B		(14,432	)		(40,038	)
Class C		(347,091	)		(780,752	)
Class F		(1,004,770	)		(2,383,764	)
Class I		(2,853,332	)		(2,505,265	)
Class P		(115	)		(721	)
Class R2		(3,638	)		(5,230	)
Class R3		(5,332	)		(8,516	)
Net realized gain
Class A		—			(566,339	)
Class B		—			(10,197	)
Class C		—			(216,782	)
Class F		—			(514,300	)
Class I		—			(470,622	)
Class P		—			(150	)
Class R2		—			(1,502	)
Class R3		—			(1,571	)
Total distributions to shareholders		(5,307,235	)		(10,224,280	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		152,370,313			248,487,758
Reinvestment of distributions		4,713,410			7,936,574
Cost of shares reacquired		(63,078,585	)		(183,015,119	)
Net increase in net assets resulting from capital share transactions		94,005,138			73,409,213
Net increase in net assets		102,315,086			39,239,115
NET ASSETS:
Beginning of period	$	315,021,662		$	275,782,547
End of period	$	417,336,748		$	315,021,662
Distributions in excess of net investment income	$	(2,984,453	)	$	(14,101	)

See Notes to Financial Statements. 31

Statements of Changes in Net Assets (concluded)

	Global Allocation Fund
INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2012 (unaudited)			For the Year Ended December 31, 2011
Operations:
Net investment income	$	2,974,388		$	5,025,344
Capital gains distributions received from Underlying Funds		—			1,533,247
Net realized gain (loss) on investments and foreign currency related transactions		82,414			(450,756	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		3,559,203			(19,608,555	)
Net increase (decrease) in net assets resulting from operations		6,616,005			(13,500,720	)
Distributions to shareholders from:
Net investment income
Class A		(2,015,436	)		(3,589,090	)
Class B		(121,558	)		(256,468	)
Class C		(439,711	)		(759,643	)
Class F		(50,097	)		(99,816	)
Class I		(283,183	)		(391,082	)
Class R2		(1,579	)		(993	)
Class R3		(70,655	)		(94,353	)
Total distributions to shareholders		(2,982,219	)		(5,191,445	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		15,219,563			60,938,657
Reinvestment of distributions		2,797,983			4,812,956
Cost of shares reacquired		(20,649,789	)		(41,052,164	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,632,243	)		24,699,449
Net increase in net assets		1,001,543			6,007,284
NET ASSETS:
Beginning of period	$	163,429,353		$	157,422,069
End of period	$	164,430,896		$	163,429,353
Distributions in excess of net investment income	$	(12,319	)	$	(4,488	)

32 See Notes to Financial Statements.

Financial Highlights

EMERGING MARKETS CURRENCY FUND

	Class A Shares
	Six Months Ended 6/30/2012 (unaudited)
				Year Ended 12/31
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$6.15			$6.74			$6.70			$5.72			$6.73			$6.84
Investment operations:
Net investment income(a)		.04			.08			.11			.17			.24			.22
Net realized and unrealized gain (loss)		.25			(.46	)		.27			.99			(1.01	)		.31
Total from investment operations		.29			(.38	)		.38			1.16			(.77	)		.53
Distributions to shareholders from:
Net investment income		(.08	)		(.18	)		(.20	)		(.18	)		(.14	)		(.64	)
Net realized gain		—			(.03	)		(.14	)		—			—			—
Return of capital		—			—			—			—			(.10	)		—
Total distributions		(.08	)		(.21	)		(.34	)		(.18	)		(.24	)		(.64	)
Net asset value, end of period		$6.36			$6.15			$6.74			$6.70			$5.72			$6.73
Total Return(b)		4.78	%(c)		(5.87	)%		5.79	%		20.53	%		(11.90	)%		7.98	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.50	%(c)		1.02	%		1.17	%		1.27	%		1.23	%		1.14	%
Expenses, including expense reductions and expenses reimbursed		.50	%(c)		1.02	%		1.17	%		1.27	%		1.22	%		1.14	%
Expenses, excluding expense reductions and expenses reimbursed		.50	%(c)		1.02	%		1.17	%		1.27	%		1.27	%		1.83	%
Net investment income		.56	%(c)		1.18	%		1.68	%		2.69	%		3.59	%		3.25	%
Supplemental Data:
Net assets, end of period (000)		$78,546			$80,034			$98,279			$109,152			$83,426			$44,148
Portfolio turnover rate		84.72	%(c)		130.30	%		113.50	%		90.72	%		83.70	%		301.30	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 33

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class B Shares
	Six Months Ended 6/30/2012 (unaudited)
				Year Ended 12/31
					2011		2010		2009		2008		2007
Per Share Operating Performance
Net asset value, beginning of period		$6.18			$6.77		$6.73		$5.74		$6.74		$6.85
Investment operations:
Net investment income(a)		.01			.03		.07		.13		.19		.18
Net realized and unrealized gain (loss)		.26			(.46	)	.26		.99		(1.00	)	.28
Total from investment operations		.27			(.43	)	.33		1.12		(.81	)	.46
Distributions to shareholders from:
Net investment income		(.06	)		(.13	)	(.15	)	(.13	)	(.11	)	(.57	)
Net realized gain		—			(.03	)	(.14	)	—		—		—
Return of capital		—			—		—		—		(.08	)	—
Total distributions		(.06	)		(.16	)	(.29	)	(.13	)	(.19	)	(.57	)
Net asset value, end of period		$6.39			$6.18		$6.77		$6.73		$5.74		$6.74
Total Return(b)		4.35	%(c)		(6.55	)%	5.10	%	19.68	%	(12.37	)%	7.26	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.89	%(c)		1.80	%	1.83	%	1.93	%	1.88	%	1.79	%
Expenses, including expense reductions and expenses reimbursed		.89	%(c)		1.80	%	1.83	%	1.93	%	1.88	%	1.79	%
Expenses, excluding expense reductions and expenses reimbursed		.89	%(c)		1.80	%	1.83	%	1.93	%	1.95	%	2.46	%
Net investment income		.17	%(c)		.44	%	1.05	%	2.11	%	2.93	%	2.58	%
Supplemental Data:
Net assets, end of period (000)		$1,419			$1,674		$2,693		$3,884		$4,105		$3,303
Portfolio turnover rate		84.72	%(c)		130.30	%	113.50	%	90.72	%	83.70	%	301.30	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

34 See Notes to Financial Statements.

Financial Highlights (continued)
EMERGING MARKETS CURRENCY FUND

	Class C Shares
	Six Months Ended 6/30/2012 (unaudited)
					Year Ended 12/31
					2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period			$6.19				$6.78			$6.74			$5.74			$6.75			$6.86
Investment operations:
Net investment income(a)			.01				.03			.07			.13			.19			.18
Net realized and unrealized gain (loss)			.26				(.46	)		.26			1.00			(1.01	)		.30
Total from investment operations			.27				(.43	)		.33			1.13			(.82	)		.48
Distributions to shareholders from:
Net investment income			(.06	)			(.13	)		(.15	)		(.13	)		(.11	)		(.59	)
Net realized gain			—				(.03	)		(.14	)		—			—			—
Return of capital			—				—			—			—			(.08	)		—
Total distributions			(.06	)			(.16	)		(.29	)		(.13	)		(.19	)		(.59	)
Net asset value, end of period			$6.40				$6.19			$6.78			$6.74			$5.74			$6.75
Total Return(b)			4.24	%(c)			(6.44	)%		5.09	%		19.85	%		(12.50	)%		7.27	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed			.84	%(c)			1.69	%		1.82	%		1.91	%		1.87	%		1.79	%
Expenses, including expense reductions and expenses reimbursed			.84	%(c)			1.69	%		1.82	%		1.91	%		1.87	%		1.79	%
Expenses, excluding expense reductions and expenses reimbursed			.84	%(c)			1.69	%		1.82	%		1.91	%		1.91	%		2.47	%
Net investment income			.23	%(c)			.51	%		1.02	%		2.03	%		2.95	%		2.60	%
Supplemental Data:
Net assets, end of period (000)		$	33,015			$	36,551		$	34,232		$	27,512		$	18,407		$	5,952
Portfolio turnover rate			84.72	%(c)			130.30	%		113.50	%		90.72	%		83.70	%		301.30	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 35

Financial Highlights (continued)
EMERGING MARKETS CURRENCY FUND

	Class F Shares
	Six Months Ended 6/30/2012 (unaudited)
					Year Ended 12/31											9/28/2007(a)to12/31/2007
					2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period			$6.15				$6.74			$6.69			$5.71		$6.73		$6.92
Investment operations:
Net investment income(b)			.04				.09			.13			.18		.25		.07
Net realized and unrealized gain (loss)			.25				(.47	)		.27			.99		(1.01	)	.17
Total from investment operations			.29				(.38	)		.40			1.17		(.76	)	.24
Distributions to shareholders from:
Net investment income			(.09	)			(.18	)		(.21	)		(.19	)	(.15	)	(.43	)
Net realized gain			—				(.03	)		(.14	)		—		—		—
Return of capital			—				—			—			—		(.11	)	—
Total distributions			(.09	)			(.21	)		(.35	)		(.19	)	(.26	)	(.43	)
Net asset value, end of period			$6.35				$6.15			$6.74			$6.69		$5.71		$6.73
Total Return(c)			4.66	%(d)			(5.77	)%		6.20	%		20.82	%	(11.76	)%	3.56	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed			.45	%(d)			.91	%		.92	%		.98	%	.96	%	.16	%(d)
Expenses, including expense reductions and expenses reimbursed			.45	%(d)			.91	%		.92	%		.98	%	.96	%	.16	%(d)
Expenses, excluding expense reductions and expenses reimbursed			.45	%(d)			.91	%		.92	%		.98	%	.98	%	.17	%(d)
Net investment income			.61	%(d)			1.27	%		1.88	%		2.72	%	3.94	%	1.02	%(d)
Supplemental Data:
Net assets, end of period (000)		$	73,175			$	76,795		$	61,059		$	24,463		$710		$10
Portfolio turnover rate			84.72	%(d)			130.30	%		113.50	%		90.72	%	83.70	%	301.30	%

(a)	Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.

36 See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class I Shares
	Six Months Ended 6/30/2012 (unaudited)
					Year Ended 12/31
					2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$6.14			$6.73			$6.69			$5.72			$6.73			$6.85
Investment operations:
Net investment income(a)			.04			.09			.13			.19			.26			.25
Net realized and unrealized gain (loss)			.25			(.46	)		.27			.98			(1.00	)		.29
Total from investment operations			.29			(.37	)		.40			1.17			(.74	)		.54
Distributions to shareholders from:
Net investment income			(.09	)		(.19	)		(.22	)		(.20	)		(.15	)		(.66	)
Net realized gain			—			(.03	)		(.14	)		—			—			—
Return of capital			—			—			—			—			(.12	)		—
Total distributions			(.09	)		(.22	)		(.36	)		(.20	)		(.27	)		(.66	)
Net asset value, end of period		$6.34			$6.14			$6.73			$6.69			$5.72			$6.73
Total Return(b)			4.72	%(c)		(5.68	)%		6.17	%		20.89	%		(11.47	)%		8.20	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed			.39	%(c)		.81	%		.83	%		.92	%		.88	%		.77	%
Expenses, including expense reductions and expenses reimbursed			.39	%(c)		.81	%		.83	%		.92	%		.87	%		.77	%
Expenses, excluding expense reductions and expenses reimbursed			.39	%(c)		.81	%		.83	%		.92	%		.90	%		1.45	%
Net investment income			.66	%(c)		1.40	%		2.00	%		3.06	%		3.96	%		3.64	%
Supplemental Data:
Net assets, end of period (000)		$230,433			$119,329			$79,092			$27,176			$19,830			$888
Portfolio turnover rate			84.72	%(c)		130.30	%		113.50	%		90.72	%		83.70	%		301.30	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 37

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class P Shares
	Six Months Ended 6/30/2012 (unaudited)
					Year Ended 12/31
					2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$6.14			$6.74			$6.69			$5.71			$6.71			$6.82
Investment operations:
Net investment income(a)			.03			.07			.11			.16			.24			.22
Net realized and unrealized gain (loss)			.26			(.48	)		.27			.99			(1.01	)		.30
Total from investment operations			.29			(.41	)		.38			1.15			(.77	)		.52
Distributions to shareholders from:
Net investment income			(.08	)		(.16	)		(.19	)		(.17	)		(.13	)		(.63	)
Net realized gain			—			(.03	)		(.14	)		—			—			—
Return of capital			—			—			—			—			(.10	)		—
Total distributions			(.08	)		(.19	)		(.33	)		(.17	)		(.23	)		(.63	)
Net asset value, end of period		$6.35			$6.14			$6.74			$6.69			$5.71			$6.71
Total Return(b)			4.50	%(c)		(6.07	)%		5.87	%		20.43	%		(11.91	)%		7.96	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed			.61	%(c)		1.25	%		1.27	%		1.32	%		1.30	%		1.17	%
Expenses, including expense reductions and expenses reimbursed			.61	%(c)		1.25	%		1.27	%		1.32	%		1.30	%		1.17	%
Expenses, excluding expense reductions and expenses reimbursed			.61	%(c)		1.25	%		1.27	%		1.32	%		1.37	%		1.93	%
Net investment income			.46	%(c)		.98	%		1.61	%		2.50	%		3.52	%		3.30	%
Supplemental Data:
Net assets, end of period (000)		$10			$9			$32			$16			$4			$9
Portfolio turnover rate			84.72	%(c)		130.30	%		113.50	%		90.72	%		83.70	%		301.30	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

38 See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class R2 Shares
	Six Months Ended 6/30/2012 (unaudited)			Year Ended 12/31												9/28/2007(a) to 12/31/2007
				2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$6.16			$6.75			$6.71			$5.72			$6.73			$6.92
Investment operations:
Net investment income(b)		.02			.05			.09			.15			.25			.06
Net realized and unrealized gain (loss)		.26			(.46	)		.27			1.00			(1.01	)		.17
Total from investment operations		.28			(.41	)		.36			1.15			(.76	)		.23
Distributions to shareholders from:
Net investment income		(.07	)		(.15	)		(.18	)		(.16	)		(.14	)		(.42	)
Net realized gain		—			(.03	)		(.14	)		—			—			—
Return of capital		—			—			—			—			(.11	)		—
Total distributions		(.07	)		(.18	)		(.32	)		(.16	)		(.25	)		(.42	)
Net asset value, end of period		$6.37			$6.16			$6.75			$6.71			$5.72			$6.73
Total Return(c)		4.57	%(d)		(6.22	)%		5.54	%		20.12	%		(11.63	)%		3.45	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.70	%(d)		1.41	%		1.42	%		1.50	%		1.08	%		.27	%(d)
Expenses, including expense reductions and expenses reimbursed		.70	%(d)		1.41	%		1.42	%		1.50	%		1.07	%		.27	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.70	%(d)		1.41	%		1.42	%		1.50	%		1.15	%		.28	%(d)
Net investment income		.37	%(d)		.76	%		1.39	%		2.44	%		3.74	%		.92	%(d)
Supplemental Data:
Net assets, end of period (000)		$273			$218			$70			$23			$12			$10
Portfolio turnover rate		84.72	%(d)		130.30	%		113.50	%		90.72	%		83.70	%		301.30	%

(a)	Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.

See Notes to Financial Statements. 39

Financial Highlights (concluded)

EMERGING MARKETS CURRENCY FUND

	Class R3 Shares
	Six Months Ended 6/30/2012 (unaudited)			Year Ended 12/31												9/28/2007(a) to 12/31/2007
				2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$6.14			$6.73			$6.70			$5.72			$6.73			$6.92
Investment operations:
Net investment income(b)		.03			.06			.10			.16			.23			.07
Net realized and unrealized gain (loss)		.25			(.46	)		.26			.99			(.99	)		.17
Total from investment operations		.28			(.40	)		.36			1.15			(.76	)		.24
Distributions to shareholders from:
Net investment income		(.08	)		(.16	)		(.19	)		(.17	)		(.14	)		(.43	)
Net realized gain		—			(.03	)		(.14	)		—			—			—
Return of capital		—			—			—			—			(.11	)		—
Total distributions		(.08	)		(.19	)		(.33	)		(.17	)		(.25	)		(.43	)
Net asset value, end of period		$6.34			$6.14			$6.73			$6.70			$5.72			$6.73
Total Return(c)		4.48	%(d)		(6.14	)%		5.49	%		20.33	%		(11.76	)%		3.48	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.64	%(d)		1.31	%		1.33	%		1.41	%		1.26	%		.25	%(d)
Expenses, including expense reductions and expenses reimbursed		.64	%(d)		1.31	%		1.33	%		1.41	%		1.26	%		.25	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.64	%(d)		1.31	%		1.33	%		1.41	%		1.30	%		.25	%(d)
Net investment income		.43	%(d)		.92	%		1.48	%		2.52	%		3.50	%		.95	%(d)
Supplemental Data:
Net assets, end of period (000)		$466			$411			$326			$103			$57			$10
Portfolio turnover rate		84.72	%(d)		130.30	%		113.50	%		90.72	%		83.70	%		301.30	%

(a)	Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.

40 See Notes to Financial Statements.

Financial Highlights

GLOBAL ALLOCATION FUND

	Class A Shares
	Six Months Ended 6/30/2012 (unaudited)			Year Ended 12/31
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$10.29			$11.41			$10.56			$7.95			$13.15			$13.17
Investment operations:
Net investment income(a)		.20			.35			.33			.28			.26			.06
Net realized and unrealized gain (loss)		.23			(1.12	)		.84			2.66			(5.10	)		1.48
Total from investment operations		.43			(.77	)		1.17			2.94			(4.84	)		1.54
Distributions to shareholders from:
Net investment income		(.20	)		(.35	)		(.32	)		(.33	)		(.17	)		(.03	)
Net realized gain		—			—			—			—			(.19	)		(1.53	)
Total distributions		(.20	)		(.35	)		(.32	)		(.33	)		(.36	)		(1.56	)
Net asset value, end of period		$10.52			$10.29			$11.41			$10.56			$7.95			$13.15
Total Return(b)		4.10	%(c)		(6.89	)%		11.36	%		37.83	%		(37.33	)%		11.82	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.15	%(c)(d)		.28	%(d)		.35	%(d)		.35	%(d)		1.07	%(d)		1.60	%
Expenses, including expense reductions, expenses assumed and management fee waived		.15	%(c)(d)		.28	%(d)		.35	%(d)		.35	%(d)		1.06	%(d)		1.60	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.40	%(c)(d)		.84	%(d)		.94	%(d)		1.17	%(d)		1.60	%(d)		1.71	%
Net investment income		1.82	%(c)(d)		3.11	%(d)		3.07	%(d)		3.15	%(d)		2.40	%(d)		.45	%
Supplemental Data:
Net assets, end of period (000)		$109,091			$108,217			$107,234			$83,625			$53,568			$94,321
Portfolio turnover rate		20.15	%(c)		27.66	%		9.48	%		6.81	%		147.44	%		87.01	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Does not include expenses of the Underlying Funds in which the Fund invests.

See Notes to Financial Statements. 41

Financial Highlights (continued)

GLOBAL ALLOCATION FUND

	Class B Shares
	Six Months Ended 6/30/2012 (unaudited)			Year Ended 12/31
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$9.51			$10.57			$9.81			$7.38			$12.25			$12.42
Investment operations:
Net investment income (loss)(a)		.14			.24			.23			.21			.18			(.03	)
Net realized and unrealized gain (loss)		.22			(1.03	)		.79			2.48			(4.74	)		1.39
Total from investment operations		.36			(.79	)		1.02			2.69			(4.56	)		1.36
Distributions to shareholders from:
Net investment income		(.16	)		(.27	)		(.26	)		(.26	)		(.12	)		—
Net realized gain		—			—			—			—			(.19	)		(1.53	)
Total distributions		(.16	)		(.27	)		(.26	)		(.26	)		(.31	)		(1.53	)
Net asset value, end of period		$9.71			$9.51			$10.57			$9.81			$7.38			$12.25
Total Return(b)		3.74	%(c)		(7.56	)%		10.60	%		37.10	%		(37.74	)%		11.08	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.52	%(c)(d)		.99	%(d)		1.00	%(d)		1.00	%(d)		1.72	%(d)		2.25	%
Expenses, including expense reductions, expenses assumed and management fee waived		.52	%(c)(d)		.99	%(d)		1.00	%(d)		1.00	%(d)		1.72	%(d)		2.25	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.77	%(c)(d)		1.55	%(d)		1.59	%(d)		1.82	%(d)		2.26	%(d)		2.36	%
Net investment income (loss)		1.39	%(c)(d)		2.29	%(d)		2.35	%(d)		2.49	%(d)		1.74	%(d)		(.20	)%
Supplemental Data:
Net assets, end of period (000)		$7,319			$8,276			$11,389			$10,668			$7,194			$12,653
Portfolio turnover rate		20.15	%(c)		27.66	%		9.48	%		6.81	%		147.44	%		87.01	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Does not include expenses of the Underlying Funds in which the Fund invests.

42 See Notes to Financial Statements.

Financial Highlights (continued)

GLOBAL ALLOCATION FUND

	Class C Shares
	Six Months Ended 6/30/2012 (unaudited)
				Year Ended 12/31
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$9.53			$10.59			$9.83			$7.40			$12.28			$12.44
Investment operations:
Net investment income (loss)(a)		.15			.25			.24			.22			.18			(.03	)
Net realized and unrealized gain (loss)		.21			(1.03	)		.78			2.47			(4.75	)		1.40
Total from investment operations		.36			(.78	)		1.02			2.69			(4.57	)		1.37
Distributions to shareholders from:
Net investment income		(.16	)		(.28	)		(.26	)		(.26	)		(.12	)		—
Net realized gain		—			—			—			—			(.19	)		(1.53	)
Total distributions		(.16	)		(.28	)		(.26	)		(.26	)		(.31	)		(1.53	)
Net asset value, end of period		$9.73			$9.53			$10.59			$9.83			$7.40			$12.28
Total Return(b)		3.76	%(c)		(7.48	)%		10.58	%		37.00	%		(37.73	)%		11.14	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.51	%(c)(d)		.97	%(d)		1.00	%(d)		1.00	%(d)		1.71	%(d)		2.25	%
Expenses, including expense reductions, expenses assumed and management fee waived		.51	%(c)(d)		.97	%(d)		1.00	%(d)		1.00	%(d)		1.71	%(d)		2.25	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.77	%(c)(d)		1.53	%(d)		1.59	%(d)		1.80	%(d)		2.25	%(d)		2.36	%
Net investment income (loss)		1.47	%(c)(d)		2.42	%(d)		2.46	%(d)		2.55	%(d)		1.76	%(d)		(.20	)%
Supplemental Data:
Net assets, end of period (000)		$26,956			$26,322			$25,893			$17,741			$9,428			$16,104
Portfolio turnover rate		20.15	%(c)		27.66	%		9.48	%		6.81	%		147.44	%		87.01	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Does not include expenses of the Underlying Funds in which the Fund invests.

See Notes to Financial Statements. 43

Financial Highlights (continued)

GLOBAL ALLOCATION FUND

	Class F Shares
	Six Months Ended 6/30/2012 (unaudited)															9/28/2007(a) to 12/31/2007
				Year Ended 12/31
				2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$10.29			$11.41			$10.56			$7.95			$13.12			$14.71
Investment operations:
Net investment income(b)		.18			.37			.39			.35			.32			.01
Net realized and unrealized gain (loss)		.26			(1.12	)		.80			2.61			(5.11	)		(.26	)
Total from investment operations		.44			(.75	)		1.19			2.96			(4.79	)		(.25	)
Distributions to shareholders from:
Net investment income		(.20	)		(.37	)		(.34	)		(.35	)		(.19	)		(.07	)
Net realized gain		—			—			—			—			(.19	)		(1.27	)
Total distributions		(.20	)		(.37	)		(.34	)		(.35	)		(.38	)		(1.34	)
Net asset value, end of period		$10.53			$10.29			$11.41			$10.56			$7.95			$13.12
Total Return(c)		4.27	%(d)		(6.72	)%		11.57	%		38.16	%		(37.09	)%		(1.67	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.07	%(d)(e)		.10	%(e)		.10	%(e)		.10	%(e)		.62	%(e)		.30	%(d)
Expenses, including expense reductions, expenses assumed and management fee waived		.07	%(d)(e)		.10	%(e)		.10	%(e)		.10	%(e)		.61	%(e)		.30	%(d)
Expenses, excluding expense reductions, expenses assumed and management fee waived		.33	%(d)(e)		.66	%(e)		.69	%(e)		.83	%(e)		1.26	%(e)		.39	%(d)
Net investment income		1.70	%(d)(e)		3.36	%(e)		3.63	%(e)		3.66	%(e)		3.02	%(e)		.04	%(d)
Supplemental Data:
Net assets, end of period (000)		$2,267			$3,156			$2,256			$641			$9			$10
Portfolio turnover rate		20.15	%(d)		27.66	%		9.48	%		6.81	%		147.44	%		87.01	%

(a)	Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Does not include expenses of the Underlying Funds in which the Fund invests.

44 See Notes to Financial Statements.

Financial Highlights (continued)

GLOBAL ALLOCATION FUND

	Class I Shares
	Six Months Ended 6/30/2012 (unaudited)
				Year Ended 12/31
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$10.34			$11.47			$10.61			$7.98			$13.18			$13.19
Investment operations:
Net investment income(a)		.21			.38			.37			.32			.31			.11
Net realized and unrealized gain (loss)		.24			(1.13	)		.84			2.67			(5.13	)		1.49
Total from investment operations		.45			(.75	)		1.21			2.99			(4.82	)		1.60
Distributions to shareholders from:
Net investment income		(.21	)		(.38	)		(.35	)		(.36	)		(.19	)		(.08	)
Net realized gain		—			—			—			—			(.19	)		(1.53	)
Total distributions		(.21	)		(.38	)		(.35	)		(.36	)		(.38	)		(1.61	)
Net asset value, end of period		$10.58			$10.34			$11.47			$10.61			$7.98			$13.18
Total Return(b)		4.30	%(c)		(6.69	)%		11.69	%		38.39	%		(37.10	)%		12.25	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.02	%(c)(d)		.00	%(d)		.00	%(d)		.00	%(d)		.69	%(d)		1.25	%
Expenses, including expense reductions, expenses assumed and management fee waived		.02	%(c)(d)		.00	%(d)		.00	%(d)		.00	%(d)		.69	%(d)		1.25	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.28	%(c)(d)		.57	%(d)		.60	%(d)		.80	%(d)		1.25	%(d)		1.36	%
Net investment income		1.95	%(c)(d)		3.38	%(d)		3.40	%(d)		3.55	%(d)		2.85	%(d)		.78	%
Supplemental Data:
Net assets, end of period (000)		$14,513			$14,086			$8,460			$1,055			$557			$804
Portfolio turnover rate		20.15	%(c)		27.66	%		9.48	%		6.81	%		147.44	%		87.01	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Does not include expenses of the Underlying Funds in which the Fund invests.

See Notes to Financial Statements. 45

Financial Highlights (continued)

GLOBAL ALLOCATION FUND

	Class R2 Shares
	Six Months Ended 6/30/2012 (unaudited)												6/23/2008(a) to 12/31/2008
				Year Ended 12/31
				2011			2010			2009
Per Share Operating Performance
Net asset value, beginning of period		$10.46			$11.55			$10.64			$7.96			$11.83
Investment operations:
Net investment income(b)		.19			.49			.36			.31			.18
Net realized and unrealized gain (loss)		.23			(1.26	)		.85			2.68			(3.70	)
Total from investment operations		.42			(.77	)		1.21			2.99			(3.52	)
Distributions to shareholders from:
Net investment income		(.18	)		(.32	)		(.30	)		(.31	)		(.16	)
Net realized gain		—			—			—			—			(.19	)
Total distributions		(.18	)		(.32	)		(.30	)		(.31	)		(.35	)
Net asset value, end of period		$10.70			$10.46			$11.55			$10.64			$7.96
Total Return(c)		3.96	%(d)		(6.77	)%		11.63	%		38.36	%		(30.36	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.32	%(d)(e)		.34	%(e)		.05	%(e)		.00	%(e)		.32	%(d)(e)
Expenses, including expense reductions, expenses assumed and management fee waived		.32	%(d)(e)		.34	%(e)		.05	%(e)		.00	%(e)		.32	%(d)(e)
Expenses, excluding expense reductions, expenses assumed and management fee waived		.58	%(d)(e)		.93	%(e)		.65	%(e)		.81	%(e)		.87	%(d)(e)
Net investment income		1.68	%(d)(e)		4.44	%(e)		3.38	%(e)		3.46	%(e)		1.88	%(d)(e)
Supplemental Data:
Net assets, end of period (000)		$99			$88			$11			$10			$7
Portfolio turnover rate		20.15	%(d)		27.66	%		9.48	%		6.81	%		147.44	%

(a)	Commencement of operations was 6/23/2008, SEC effective date was 9/14/2007 and date shares first became available to the public was 7/1/2008.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Does not include expenses of the Underlying Funds in which the Fund invests.

46 See Notes to Financial Statements.

Financial Highlights (concluded)

GLOBAL ALLOCATION FUND

	Class R3 Shares
	Six Months Ended 6/30/2012 (unaudited)												6/23/2008(a) to 12/31/2008
				Year Ended 12/31
				2011			2010			2009
Per Share Operating Performance
Net asset value, beginning of period		$10.34			$11.47			$10.62			$7.95			$11.83
Investment operations:
Net investment income(b)		.20			.34			.34			.37			.18
Net realized and unrealized gain (loss)		.22			(1.14	)		.82			2.62			(3.70	)
Total from investment operations		.42			(.80	)		1.16			2.99			(3.52	)
Distributions to shareholders from:
Net investment income		(.19	)		(.33	)		(.31	)		(.32	)		(.17	)
Net realized gain		—			—			—			—			(.19	)
Total distributions		(.19	)		(.33	)		(.31	)		(.32	)		(.36	)
Net asset value, end of period		$10.57			$10.34			$11.47			$10.62			$7.95
Total Return(c)		3.98	%(d)		(7.10	)%		11.17	%		38.40	%		(30.40	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.26	%(d)(e)		.47	%(e)		.50	%(e)		.26	%(e)		.27	%(d)(e)
Expenses, including expense reductions, expenses assumed and management fee waived		.26	%(d)(e)		.47	%(e)		.50	%(e)		.26	%(e)		.26	%(d)(e)
Expenses, excluding expense reductions, expenses assumed and management fee waived		.51	%(d)(e)		1.04	%(e)		1.10	%(e)		.92	%(e)		.82	%(d)(e)
Net investment income		1.80	%(d)(e)		3.03	%(e)		3.20	%(e)		3.79	%(e)		1.93	%(d)(e)
Supplemental Data:
Net assets, end of period (000)		$4,187			$3,285			$2,179			$51			$7
Portfolio turnover rate		20.15	%(d)		27.66	%		9.48	%		6.81	%		147.44	%

(a)	Commencement of operations was 6/23/2008, SEC effective date was 9/14/2007 and date shares first became available to the public was 7/1/2008.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Does not include expenses of the Underlying Funds in which the Fund invests.

See Notes to Financial Statements. 47

Notes to Financial Statements (unaudited)

1. ORGANIZATION

Lord Abbett Global Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law on February 23, 1988. The Company consists of the following two portfolios (each, a “Fund” and collectively, the “Funds”) and their respective classes: Lord Abbett Emerging Markets Currency Fund (“Emerging Markets Currency Fund”), Class A, B, C, F, I, P, R2 and R3 shares; and Lord Abbett Global Allocation Fund (“Global Allocation Fund”), Class A, B, C, F, I, P, R2 and R3 shares. Global Allocation Fund is diversified as defined in the Act and Emerging Markets Currency Fund is non-diversified as defined in the Act.

Emerging Markets Currency Fund’s investment objective is to seek high total return. Global Allocation Fund’s investment objective is total return. Global Allocation Fund invests in other mutual funds (“Underlying Funds”) managed by Lord, Abbett & Co. LLC (“Lord Abbett”).

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class B, C, F, I, P, R2 and R3 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will automatically convert to Class A shares on the 25^th day of the month (or, if the 25^th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. The Funds no longer issue Class B shares for purchase. Emerging Markets Currency Fund’s Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Funds’ prospectus. As of the date of this report, Global Allocation Fund has not issued Class P shares.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. SIGNIFICANT ACCOUNTING POLICIES

(a)

Investment Valuation–Under procedures approved by the Funds’ Board of Directors (the “Board”), Lord Abbett, each Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock

48

Notes to Financial Statements (unaudited)(continued)

	Exchange LLC (“NYSE”). Each Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued at the mean between the bid and asked prices on the basis of prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange-traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps are valued daily using independent pricing services or quotations from broker/dealer to the extent available.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee and approved in good faith by the Board. The Pricing Committee considers a number of factors, including unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as reviewing of any related market activity, reviewing inputs and assumptions, and transactional back-testing comparison analysis.
	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.
	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds’ filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2008 through December 31, 2011. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

49

Notes to Financial Statements (unaudited)(continued)

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A, B, C, F, P, R2 and R3 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.
(f)	Foreign Transactions–The books and records of Emerging Markets Currency Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
(g)	Forward Foreign Currency Exchange Contracts–Emerging Markets Currency Fund may enter into forward foreign currency exchange contracts in order to reduce its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or gain or reduce exposure to foreign currency for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions on the Fund’s Statement of Operations.
(h)	Futures Contracts–Emerging Markets Currency Fund may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position for holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by the Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

50

Notes to Financial Statements (unaudited)(continued)

(i)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–Emerging Markets Currency Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.
(j)	Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a Fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.
(k)	Mortgage Dollar Rolls–Emerging Markets Currency Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.
(l)	Interest Rate Swaps–Emerging Markets Currency Fund may invest in interest rate swaps in order to enhance returns or hedge against interest rate risk. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. The interest rate swap agreement will normally be entered into on a zero coupon basis, meaning that the floating rate will be based on the cumulative of the variable rate, and the fixed rate will compound until the swap’s maturity date, at which point the payments would be netted. The swaps are valued daily and any unrealized gain (loss) is included in the Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. A liquidation payment received or made at the termination or maturity of the swap is recorded in realized gain (loss) and is included in Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions on the Fund’s Statement of Operations.

51

Notes to Financial Statements (unaudited)(continued)

(m)	Credit Default Swaps–Emerging Markets Currency Fund may enter into credit default swap contracts in order to hedge credit risk or for speculation purposes. As a seller of a credit default swap contract (“seller of protection”), the Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract.
	As a purchaser of a credit default swap contract (“buyer of protection”), the Fund would receive the notional amount or other agreed upon value of a referenced debt obligation from the counterparty in the event of default by or other credit event involving the referenced issuer, obligation or index. In return, the Fund would make periodic payments to the counterparty over the term of the contracts, provided no event of default has occurred.
	These credit default swaps may have as a reference obligation corporate or sovereign issuers or credit indices. These credit indices are comprised of a basket of securities representing a particular sector of the market. During the period, Emerging Markets Currency Fund entered into credit default swaps based on CMBX indices, which are comprised of commercial mortgage-backed securities.
	Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation. For a credit default swap sold by the Fund, payment of the agreed-upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by the Fund, the agreed-upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.
	Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit rating of each credit default swap where the Fund is the seller of protection, are both measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.
(n)	Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing

52

Notes to Financial Statements (unaudited)(continued)

the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:
•	Level 1 –	unadjusted quoted prices in active markets for identical investments;
•	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
•	Level 3 –	significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of June 30, 2012 in valuing each Fund’s investments carried at fair value:

	Emerging Markets Currency Fund
Investment Type*	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	47,263,144	$	—	$	47,263,144
Corporate Bonds		—		165,572,894		—		165,572,894
Foreign Bond		—		1,357,248		—		1,357,248
Foreign Government Obligations		—		15,729,580		—		15,729,580
Government Sponsored Enterprises Bond		—		1,452,820		—		1,452,820
Government Sponsored Enterprises Collateralized Mortgage Obligations		—		13,452,725		—		13,452,725
Government Sponsored Enterprises Pass- Throughs		—		49,828,566		—		49,828,566
Non-Agency Commercial Mortgage- Backed Securities		—		98,722,879		—		98,722,879
Commercial Paper		—		5,736,921		—		5,736,921
Repurchase Agreement		—		19,241,000		—		19,241,000
Total	$	—	$	418,357,777	$	—	$	418,357,777

53

Notes to Financial Statements (unaudited)(continued)

	Emerging Markets Currency Fund
Investment Type*	Level 1		Level 2			Level 3		Total
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Asset	$	—	$	7,362,310		$	—	$	7,362,310
Liabilities		—		(8,574,247	)		—		(8,574,247	)
Futures Contracts
Asset		164,018		—			—		164,018
Liabilities		—		—			—		—
Credit Default Swaps
Assets		—		12,536			—		12,536
Liabilities		—		—			—		—
Interest Rate Swap
Assets		—		—			—		—
Liabilities		—		(1,080	)		—		(1,080	)
Total	$	164,018	$	(1,200,481	)	$	—	$	(1,036,463	)

* See Schedule of Investments for fair values in each industry.

	Global Allocation Fund
Investment Type	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Investment in Underlying Funds	$	164,730	$	—	$	—	$	164,730
Repurchase Agreement		—		224		—		224
Total	$	164,730	$	224	$	—	$	164,594

(o)

Disclosures about Derivative Instruments and Hedging Activities–Emerging Markets Currency Fund entered into forward foreign currency exchange contracts during the six months ended June 30, 2012 (as described in note 2(g)). A forward foreign currency exchange contract reduces the Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. The Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and the Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on foreign currency exchange contracts and deposits as collateral.

Emerging Markets Currency Fund entered into U.S. Treasury futures contracts during the six months ended June 30, 2012 (as described in note 2(h)) to hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

54

Notes to Financial Statements (unaudited)(continued)

Emerging Markets Currency Fund entered into credit default swaps during the six months ended June 30, 2012 (as described in note 2(m)) to hedge credit risk or for speculative purposes. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statements of Operations. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract.

Emerging Markets Currency Fund entered into interest rate swaps during the six months ended June 30, 2012 (as described in note 2(l)) to hedge against interest rate risk. The Fund’s use of interest rate swaps involves the risk that Lord Abbett will not accurately predict expectations of interest rates, and the Fund’s returns could be reduced as a result. The Fund’s risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the life of the contract, to the extent that amount is positive.

As of June 30, 2012, Emerging Markets Currency Fund had the following derivatives, grouped into appropriate risk categories that illustrate how and why the Fund uses derivative instruments:

Asset Derivatives	Interest Rate Contracts		Forward Foreign Currency Exchange Contracts		Credit Contracts		Fair Value
Futures Contracts(1)	$	164,018	$	—	$	���	$	164,018
Forward Foreign Currency Exchange Contracts(2)		—		7,362,310		—		7,362,310
Credit Default Swaps(3)		—		—		12,536		12,536
Total	$	164,018	$	7,362,310	$	12,536	$	7,538,864
Liability Derivatives
Forward Foreign Currency Exchange Contracts(4)	$	—	$	8,574,247	$	—	$	8,574,247
Interest Rate Swap(5)		1,080		—		—		1,080
Total	$	1,080	$	8,574,247	$	—	$	8,575,327

(1)	Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
(2)	Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
(3)	Statements of Assets and Liabilities location: Includes unrealized appreciation/depreciation of credit default swaps as reported in the Schedule of Investments. Unrealized appreciation/depreciation comprised of the upfront payment less the swap agreements payable at fair value.
(4)	Statements of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.
(5)	Statements of Assets and Liabilities location: Unrealized depreciation on swaps.

55

Notes to Financial Statements (unaudited)(continued)

Transactions in derivative instruments during the six months ended June 30, 2012, were as follows:

	Interest Rate Contracts			Forward Foreign Currency Exchange Contracts		Credit Contracts		Total
Net Realized Gain (Loss)(1)
Futures Contracts	$	(1,134,457	)	$	—	$	—	$	(1,134,457	)
Forward Foreign Currency Exchange Contracts		—			304,042		—		304,042
Credit Default Swaps		—			—		1,130		1,130
Interest Rate Swaps		45,117			—		—		45,117
Net Change in Unrealized Appreciation/Depreciation(2)
Futures Contracts	$	416,749		$	—	$	—	$	416,749
Forward Foreign Currency Exchange Contracts					6,586,185				6,586,185
Credit Default Swaps		—			—		12,536		12,536
Interest Rate Swaps		(1,080	)		—		—		(1,080	)
Average Number of Contracts/ Notional Amounts*
Futures Contracts(3)		679			—		—		679
Forward Foreign Currency Exchange Contracts(4)	$	—		$	549,380,297	$	—	$	549,380,297
Credit Default Swaps(4)		—			—		2,038,362		2,038,362
Interest Rate Swaps(4)		33,444,045			—		—		33,444,045

*	Calculated based on the number of contracts or notional amounts for the six months ended June 30, 2012.
(1)	Statement of Operations location: Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions.
(2)	Statement of Operations location: Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies.
(3)	Amount represents number of contracts.
(4)	Amount represents notional amount in U.S. dollars.

3.  MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio.

The management fee is based on each Fund’s average daily net assets at the following annual rates:

Emerging Markets Currency Fund

First $1 billion	.50%
Over $1 billion	.45%
Global Allocation Fund	.25%(1)

⁽¹⁾ For the period ended June 30, 2012 and continuing through April 30, 2013 Lord Abbett has contractually agreed to waive .20% of its management fee for Global Allocation Fund. This agreement may be terminated only upon approval of the Board.

56

Notes to Financial Statements (unaudited)(continued)

For the six months ended June 30, 2012, the effective management fee, net of waivers, paid to Lord Abbett was at an annualized rate of .50% and .05% of average daily net assets for Emerging Markets Currency Fund and Global Allocation Fund, respectively.

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of Emerging Markets Currency Fund’s average daily net assets. Global Allocation Fund does not pay such a fee.

Global Allocation Fund has entered into a Servicing Arrangement with the Underlying Funds in which it invests (Lord Abbett Affiliated Fund, Inc.; Lord Abbett Equity Trust – Lord Abbett Calibrated Large Cap Value Fund and Lord Abbett Calibrated Mid Cap Value Fund; Lord Abbett Emerging Markets Currency Fund; Lord Abbett Investment Trust – Lord Abbett High Yield Fund and Lord Abbett Short Duration Income Fund; Lord Abbett Mid Cap Stock Fund, Inc.; Lord Abbett Research Fund, Inc. – Lord Abbett Growth Opportunities Fund; and Lord Abbett Securities Trust – Lord Abbett International Dividend Income Fund) pursuant to which each Underlying Fund will pay a portion of the expenses (excluding management fees and distribution and service fees) of Global Allocation Fund in proportion to the average daily value of total Underlying Fund shares owned by Global Allocation Fund. The expenses assumed by the Underlying Funds are reflected in Expenses assumed by Underlying Funds in Global Allocation Fund’s Statement of Operations and Receivables from affiliates on Global Allocation Fund’s Statement of Assets and Liabilities. Amounts paid pursuant to the Servicing Arrangement are included in Subsidy expense on Emerging Markets Currency Fund’s Statement of Operations and Payable to affiliates on Emerging Markets Currency Fund’s Statement of Assets and Liabilities.

As of June 30, 2012, the percentages of Emerging Markets Currency Fund’s outstanding shares owned by Lord Abbett Balanced Strategy Fund, Lord Abbett Diversified Income Strategy Fund and Global Allocation Fund were 32.19%, 12.51% and 7.16%, respectively.

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, B, C, F, P, R2 and R3 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The fees are accrued daily at annual rates based upon each Fund’s average daily net assets as follows:

Emerging Markets Currency Fund
Fees*	Class A		Class B	Class C(1)	Class F	Class P	Class R2	Class R3
Service		.15%	.25%	.25%	—	.25%	.25%	.25%
Distribution		.05%	.75%	.75%	.10%	.20%	.35%	.25%
Global Allocation Fund
Fees*	Class A		Class B	Class C(1)	Class F	Class P	Class R2	Class R3
Service		.25%	.25%	.25%	—	.25%	.25%	.25%
Distribution		—	.75%	.75%	.10%	.20%	.35%	.25%

*	The Fund may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. (“FINRA”) sales charge limitations.
(1)	The Class C 12b-1 fee is a blended rate calculated based on 1.00% of the Fund’s average daily net assets attributable to Class C shares held for less than one year and .80% (.05% service, .75% distribution) of the Fund’s average daily net assets attributable to Class C shares held for one year or more. All Class C shareholders of the Fund will bear Rule 12b-1 fees at the same rate.

Class I shares do not have a distribution plan.

57

Notes to Financial Statements (unaudited)(continued)

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended June 30, 2012:

	Distributor Commissions	Dealers’ Concessions
Emerging Markets Currency Fund	$2,850	$17,585
Global Allocation Fund	36,640	209,758

Distributor received the following amount of CDSCs for the six months ended June 30, 2012:

	Class A	Class C
Emerging Markets Currency Fund	$3,101	$5,209
Global Allocation Fund	965	2,055

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared daily and paid monthly for Emerging Markets Currency Fund and declared and paid quarterly for Global Allocation Fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended June 30, 2012 and the fiscal year ended December 31, 2011 was as follows:

	Emerging Markets Currency Fund				Global Allocation Fund
	Six Months Ended 6/30/2012 (unaudited)		Year Ended 12/31/2011		Six Months Ended 6/30/2012 (unaudited)		Year Ended 12/31/2011
Distributions paid from:
Ordinary income	$	5,307,235	$	10,224,280	$	2,982,219	$	5,191,445
Total distributions paid	$	5,307,235	$	10,224,280	$	2,982,219	$	5,191,445

As of December 31, 2011, the capital loss carryforwards, along with the related expiration dates were as follows:

	2016		2017		2018		Indefinite		Total
Emerging Markets Currency Fund	$	—	$	—	$	—	$	13,872,572	$	13,872,572
Global Allocation Fund		2,394,085		1,738,042		8,248		—		4,140,375

58

Notes to Financial Statements (unaudited)(continued)

In accordance with the Regulated Investment Company Modernization Act of 2010, the Funds will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) indefinitely. Post-enactment losses will retain their character as either short-term or long-term and be utilized before any pre-enactment losses.

As of June 30, 2012, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Emerging Markets Currency Fund			Global Allocation Fund
Tax cost	$	418,396,357		$	174,504,440
Gross unrealized gain		552,971			2,082,031
Gross unrealized loss		(591,551	)		(11,632,271	)
Net unrealized security loss	$	(38,580	)	$	(9,550,240	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain distributions received, wash sales and amortization of premium.

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2012 were as follows:

	U.S. Government Purchases*		Non-U.S. Government Purchases		U.S. Government Sales*		Non-U.S. Government Sales
Emerging Markets Currency Fund	$	162,561,908	$	281,894,340	$	137,084,387	$	174,995,100
Global Allocation Fund		—		34,194,183		—		36,553,185

* Includes U.S. Government sponsored enterprises securities.

6. DIRECTORS’ REMUNERATION

The Company’s officers and the two Directors who are associated with Lord Abbett do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statements of Operations and in Directors’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

7. EXPENSE REDUCTIONS

The Company has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.

8. CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“SSB”) is the Company’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

59

Notes to Financial Statements (unaudited)(continued)

9. TRANSACTIONS WITH AFFILIATED ISSUERS

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Global Allocation Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) during the six months ended June 30, 2012:

Affiliated Issuer	Balance of Shares Held at 12/31/2011		Gross Additions		Gross Sales			Balance of Shares Held at 6/30/21012		Value at6/30/2012		Net Realized Gain (Loss) 1/1/2012 to 6/30/2012			Dividend Income 1/1/2012 to 6/30/2012
Lord Abbett Affiliated Fund, Inc. – Class I		879,534		16,958		(372,538	)		523,954	$	5,899,718	$	(253,694	)	$	70,418
Lord Abbett Equity Trust – Calibrated Large Cap Value Fund - Class I		—		48,908		—			48,908		826,551		—			—
Lord Abbett Equity Trust – Calibrated Mid Cap Value Fund – Class I		—		55,831		—			55,831		906,700		—			—
Lord Abbett Research Fund, Inc. – Classic Stock Fund – Class I		280,095		—		(280,095	)		—		—		683,997			—
Lord Abbett Global Fund, Inc. – Emerging Markets Currency Fund – Class I		4,259,290		681,867		(236,745	)		4,704,412		29,825,973		(202,623	)		416,659
Lord Abbett Research Fund, Inc. – Growth Opportunities Fund – Class I		424,166		238,983		(154,038	)		509,111		10,141,488		345,718			—
Lord Abbett Investment Trust – High Yield Fund – Class I		3,221,977		159,647		(699,154	)		2,682,470		20,574,547		330,635			854,374
Lord Abbett Securities Trust – International Core Equity Fund – Class I		275,056		—		(275,056	)		—		—		(333,505	)		—
Lord Abbett Securities Trust – International Dividend Income Fund – Class I		7,778,351		1,776,810		(585,759	)		8,969,402		66,194,190		(1,001,312	)		1,998,983
Lord Abbett Securities Trust – International Opportunities Fund – Class I		519,861		—		(519,861	)		—		—		536,803			—
Lord Abbett Mid Cap Stock Fund (formerly, Mid-Cap Value Fund) Inc. – Class I		1,394,088		437,885		(11,564	)		1,820,409		29,563,448		(23,205	)		—
Lord Abbett Investment Trust – Short Duration Income Fund – Class I		—		173,695		—			173,695		797,259		—			455
Total										$	164,729,874	$	82,814		$	3,340,889

60

Notes to Financial Statements (unaudited)(continued)

10. INVESTMENT RISKS

Each Fund is subject to the risks of investing in securities that are issued by non-U.S. entities, the risks of investing in derivatives, liquidity risk, and the risks from leverage.

Foreign securities may pose greater risks than domestic securities, including greater price fluctuations, less government regulation, and higher transaction costs. These risks generally are greater for emerging markets securities. Foreign investments also may be affected by changes in currency rates or currency controls.

Derivatives are subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate, or index. Whether a Fund’s use of derivatives is successful will depend on, among other things, the Fund’s ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If a Fund incorrectly forecasts these and other factors, its performance could suffer. The Fund’s use of derivatives could result in a loss exceeding the amount of the Fund’s investment in these instruments.

Emerging Markets Currency Fund may invest in swap contracts. Swap contracts are bilateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other. In addition, swap contracts may involve a small investment of cash compared to the risk assumed, with the result that small changes may produce disproportionate and substantial gains or losses to the Fund.

Emerging Markets Currency Fund may invest in credit default swap contracts. Such contracts are subject to the risk that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, and that Lord Abbett does not correctly predict the creditworthiness of the issuers of the reference obligation on which the credit default swap is based.

Illiquid securities may lower a Fund’s returns since the Fund may be unable to sell these securities at its desired time or price.

Leverage, including borrowing, may increase volatility in a Fund by magnifying the effect of changes in the value of the Fund’s holdings. The use of leverage may cause investors in a Fund to lose more money in adverse environments than would be the case in the absence of leverage.

Emerging Markets Currency Fund is subject to the general risks and considerations associated with investing in debt securities, including interest rate risk. When interest rates rise, the prices of debt securities and an investment in Emerging Markets Currency Fund are likely to decline. In times of economic uncertainty, high-yield debt securities (or “junk bonds”) may decline in price, even when interest rates are falling. There is also the risk that an issuer of a debt security will fail to make timely payments of principal or interest to Emerging Markets Currency Fund, a risk that is greater with junk bonds.

The mortgage-related securities in which a Fund may invest may be particularly sensitive to changes in prevailing interest rates, economic conditions, including delinquencies and/or defaults. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive a Fund of income payments

61

Notes to Financial Statements (unaudited)(continued)

above current market rates. Alternatively, rising interest rates may cause payments to occur at a slower-than-expected rate, extending the duration of a security and typically reducing its value. The payment rate will thus affect the price and volatility of a mortgage-related security.

Foreign currency exchange rates may fluctuate significantly over short periods of time. Emerging Markets Currency Fund’s use of currency-related transactions involves the risk that Lord Abbett will not accurately predict currency movements, and the Fund’s returns could be reduced as a result. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by Emerging Markets Currency Fund that are denominated in those currencies.

The securities markets of developing or emerging countries tend to be less liquid, are especially subject to greater price volatility, have a smaller market capitalization, have less government regulation and may not be subject to as extensive and frequent accounting, financial, and other reporting requirements as securities issued in more developed countries.

Emerging Markets Currency Fund believes that its investment strategies with respect to foreign currencies will generate qualifying income under current U.S. federal income tax law. However, there can be no assurance that the U.S. Treasury Department will not issue regulations in the future (possibly with retroactive effect) that would treat some or all of the Fund’s foreign currency gains as nonqualifying income.

The value of Global Allocation Fund’s investments will fluctuate in response to various factors related to domestic and foreign equity and fixed income markets, as well as the financial condition and prospects of issuers in which the Fund invests through its Underlying Funds. Because equity and fixed income investments can move in different directions or to different degrees, fixed income investments may counteract some of the volatility experienced by equity holdings, but the diminished risk that may accompany this investment approach also may result in lower returns.

These factors can affect each Fund’s performance.

11. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

Emerging Markets Currency Fund	Six Months Ended June 30, 2012 (unaudited)						Year Ended December 31, 2011
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,213,345		$	14,237,234			8,042,498		$	54,934,85
Converted from Class B*		13,273			85,144			49,173			329,946
Reinvestment of distributions		146,722			942,761			406,470			2,743,393
Shares reacquired		(3,033,733	)		(19,423,644	)		(10,063,478	)		(66,321,610	)
Decrease		(660,393	)	$	(4,158,505	)		(1,565,337	)	$	(8,313,396	)
Class B Shares
Shares sold		5,025		$	31,834			54,439		$	374,013
Reinvestment of distributions		1,986			12,831			6,305			42,818
Shares reacquired		(42,602	)		(269,722	)		(138,481	)		(944,167	)
Converted to Class A*		(13,215	)		(85,144	)		(48,945	)		(329,946	)
Decrease		(48,806	)	$	(310,201	)		(126,682	)	$	(857,282	)

62

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended June 30, 2012 (unaudited)						Year Ended December 31, 2011
Class C Shares
Shares sold		433,979		$	2,800,786			2,997,946		$	20,772,720
Reinvestment of distributions		32,644			211,089			89,235			605,405
Shares reacquired		(1,213,043	)		(7,787,328	)		(2,227,080	)		(14,750,988	)
Increase (decrease)		(746,420	)	$	(4,775,453	)		860,101		$	6,627,137
Class F Shares
Shares sold		2,672,585		$	17,071,905			15,480,091		$	105,393,750
Reinvestment of distributions		108,896			698,921			238,973			1,605,297
Shares reacquired		(3,760,869	)		(23,794,168	)		(12,288,261	)		(80,218,894	)
Increase (decrease)		(979,388	)	$	(6,023,342	)		3,430,803		$	26,780,153
Class I Shares
Shares sold		18,239,938		$	117,806,286			10,250,596		$	66,097,561
Reinvestment of distributions		444,148			2,842,267			436,631			2,928,856
Shares reacquired		(1,809,984	)		(11,454,113	)		(3,000,823	)		(20,128,580	)
Increase		16,874,102		$	109,194,440			7,686,404		$	48,897,837
Class P Shares
Reinvestment of distributions		17		$	114			128		$	863
Shares reacquired		—	(a)		(1	)		(3,359	)		(20,941	)
Increase (decrease)		17		$	113			(3,231	)	$	(20,078	)
Class R2 Shares
Shares sold		33,197		$	206,137			48,682		$	333,963
Reinvestment of distributions		27			173			47			320
Shares reacquired		(25,747	)		(167,967	)		(23,632	)		(156,078	)
Increase		7,477		$	38,343			25,097		$	178,205
Class R3 Shares
Shares sold		33,676		$	216,131			85,804		$	580,876
Reinvestment of distributions		820			5,254			1,436			9,622
Shares reacquired		(28,037	)		(181,642	)		(68,613	)		(473,861	)
Increase		6,459		$	39,743			18,627		$	116,637

*	Automatic conversion of Class B shares occurs on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted.
(a)	Value is less than 1 share.

63

Notes to Financial Statements (unaudited)(concluded)

Global Allocation Fund	Six Months Ended June 30, 2012 (unaudited)						Year Ended December 31, 2011
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		884,850		$	9,660,518			3,141,147		$	35,841,205
Converted from Class B*		61,967			686,191			100,996			1,123,609
Reinvestment of distributions		177,780			1,914,510			309,788			3,371,367
Shares reacquired		(1,275,748	)		(13,836,002	)		(2,432,427	)		(27,168,071	)
Increase (decrease)		(151,151	)	$	(1,574,783	)		1,119,504		$	13,168,110
Class B Shares
Shares sold		25,236		$	255,069			95,196		$	997,594
Reinvestment of distributions		11,849			117,682			23,867			241,953
Shares reacquired		(86,599	)		(863,353	)		(217,119	)		(2,269,523	)
Converted to Class A*		(67,114	)		(686,191	)		(109,212	)		(1,123,609	)
Decrease		(116,628	)	$	(1,176,793	)		(207,268	)	$	(2,153,585	)
Class C Shares
Shares sold		351,287		$	3,530,243			996,301		$	10,477,099
Reinvestment of distributions		39,504			392,631			66,860			675,333
Shares reacquired		(382,722	)		(3,814,306	)		(744,587	)		(7,698,624	)
Increase		8,069		$	108,568			318,574		$	3,453,808
Class F Shares
Shares sold		44,176		$	486,022			244,564		$	2,732,678
Reinvestment of distributions		3,532			38,320			6,415			69,102
Shares reacquired		(139,049	)		(1,477,122	)		(141,974	)		(1,526,669	)
Increase (decrease)		(91,341	)	$	(952,780	)		109,005		$	1,275,111
Class I Shares
Shares sold		11,235		$	123,613			728,207		$	8,677,626
Reinvestment of distributions		24,261			262,810			33,621			359,884
Shares reacquired		(25,665	)		(283,557	)		(137,434	)		(1,625,116	)
Increase		9,831		$	102,866			624,394		$	7,412,394
Class R2 Shares
Shares sold		771		$	8,647			7,432		$	77,958
Reinvestment of distributions		144			1,579			94			993
Shares reacquired		(165	)		(1,761	)		(1	)		(6	)
Increase		750		$	8,465			7,525		$	78,945
Class R3 Shares
Shares sold		106,127		$	1,155,451			186,035		$	2,134,497
Reinvestment of distributions		6,523			70,451			8,651			94,324
Shares reacquired		(34,353	)		(373,688	)		(67,026	)		(764,155	)
Increase		78,297		$	852,214			127,660		$	1,464,666

* Automatic conversion of Class B shares occurs on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted.

64

Investments in Underlying Funds (unaudited)

Global Allocation Fund invests in Underlying Funds managed by Lord Abbett. As of June 30, 2012 Global Allocation Fund’s long-term investments were allocated among the Underlying Funds as follows:

Underlying Fund Name	% of Investments
Lord Abbett Affiliated Fund, Inc. - Class I		3.58%
Lord Abbett Equity Trust - Calibrated Large Cap Value Fund - Class I		0.50%
Lord Abbett Equity Trust - Calibrated Mid Cap Value Fund - Class I		0.55%
Lord Abbett Global Fund, Inc. - Emerging Markets Currency Fund - Class I		18.11%
Lord Abbett Research Fund, Inc. - Growth Opportunities Fund - Class I		6.16%
Lord Abbett Investment Trust - High Yield Fund - Class I		12.49%
Lord Abbett Securities Trust - International Dividend Income Fund - Class I		40.18%
Lord Abbett Mid Cap Stock Fund, Inc. (formerly, Mid-Cap Value Fund, Inc.) - Class I		17.95%
Lord Abbett Investment Trust - Short Duration Income Fund - Class I		0.48%

The Ten Largest Holdings and the Holdings by Sector, as of June 30, 2012, for each Underlying Fund are presented below. Each Underlying Fund’s portfolio holdings as of the end of the month are available at www.lordabbett.com.

Lord Abbett Affiliated Fund, Inc.
Ten Largest Holdings	% of Investments
Wells Fargo & Co.		3.82%
Pfizer, Inc.		3.30%
Exxon Mobil Corp.		3.26%
JPMorgan Chase & Co.		3.03%
Chevron Corp.		2.86%
AT&T, Inc.		2.78%
General Electric Co.		2.38%
Johnson & Johnson		1.87%
Goldman Sachs Group, Inc. (The)		1.78%
Capital One Financial Corp.		1.77%

65

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Consumer Discretionary		9.71%
Consumer Staples		7.80%
Energy		15.04%
Financials		23.63%
Health Care		13.66%
Industrials		7.97%
Information Technology		7.12%
Materials		5.19%
Telecommunication Services		4.78%
Utilities		3.01%
Short-Term Investment		2.09%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Equity Trust - Calibrated Large Cap Value Fund
Ten Largest Holdings	% of Investments
Exxon Mobil Corp.		5.85%
Merck & Co., Inc.		3.30%
AT&T, Inc.		2.91%
ConocoPhillips		2.42%
JPMorgan Chase & Co.		2.34%
Wells Fargo & Co.		2.13%
Time Warner, Inc.		2.03%
Chevron Corp.		2.02%
Bank of America Corp.		1.89%
FirstEnergy Corp.		1.76%
Holdings by Sector*	% of Investments
Consumer Discretionary		8.04%
Consumer Staples		7.61%
Energy		15.86%
Financials		26.02%
Health Care		12.13%
Industrials		8.67%
Information Technology		7.26%
Materials		3.79%
Telecommunication Services		3.59%
Utilities		6.80%
Short-Term Investment		0.23%
Total		100.00%

* A sector may comprise several industries.

66

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Equity Trust - Calibrated Mid Cap Value Fund
Ten Largest Holdings	% of Investments
PPL Corp.		2.22%
Noble Energy, Inc.		2.08%
International Paper Co.		2.05%
SunTrust Banks, Inc.		1.96%
Entergy Corp.		1.95%
AES Corp. (The)		1.93%
Macy’s, Inc.		1.93%
Eaton Corp.		1.87%
Dover Corp.		1.83%
Comerica, Inc.		1.77%
Holdings by Sector*	% of Investments
Consumer Discretionary		9.27%
Consumer Staples		4.96%
Energy		8.03%
Financials		30.95%
Health Care		7.77%
Industrials		10.45%
Information Technology		10.31%
Materials		5.49%
Telecommunication Services		0.26%
Utilities		12.20%
Short-Term Investment		0.31%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Global Fund, Inc. - Emerging Markets Currency Fund
Ten Largest Holdings	% of Investments
Turkey Government Bond, Zero Coupon, 8/8/2012		3.45%
General Electric Capital Corp., 5.40%, 9/20/2013		2.27%
Federal National Mortgage Assoc., 4.50%, TBA		1.41%
Federal National Mortgage Assoc., 5.50%, 8/1/2037		1.15%
American Express Bank FSB, 5.50%, 4/16/2013		0.99%
Citigroup, Inc., 5.50%, 4/11/2013		0.98%
Cox Communications, Inc., 4.625%, 6/1/2013		0.89%
Macy’s Retail Holdings, Inc., 5.875%, 1/15/2013		0.86%
Historic TW, Inc., 9.125%, 1/15/2013		0.77%
Western Union Co. (The), 1.048%, 3/7/2013		0.72%

67

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Asset-Backed		11.30%
Automotive		0.41%
Banking		7.20%
Basic Industry		3.13%
Capital Goods		0.27%
Consumer Cyclical		3.50%
Consumer Non-Cyclical		1.63%
Energy		7.17%
Financial Services		5.23%
Foreign Government		3.76%
Health Care		1.49%
Insurance		0.36%
Media		2.08%
Mortgage-Backed		39.18%
Real Estate		1.94%
Services		1.33%
Technology & Electronics		2.30%
Telecommunications		1.54%
Utility		1.58%
Short-Term Investment		4.60%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Research Fund, Inc. - Growth Opportunities Fund

Ten Largest Holdings	% of Investments
SXC Health Solutions Corp.		2.54%
Dollar General Corp.		2.35%
Discovery Communications, Inc. Class A		2.09%
DaVita, Inc.		1.98%
Whole Foods Market, Inc.		1.95%
Agilent Technologies, Inc.		1.94%
Citrix Systems, Inc.		1.93%
Watson Pharmaceuticals, Inc.		1.83%
IDEXX Laboratories, Inc.		1.67%
Teradata Corp.		1.66%
Holdings by Sector*	% of Investments
Consumer Discretionary		22.78%
Consumer Staples		8.67%
Energy		3.94%
Financials		6.54%
Health Care		17.41%
Industrials		12.11%
Information Technology		21.49%
Materials		6.46%
Utilities		0.31%
Short-Term Investment		0.29%
Total		100.00%

* A sector may comprise several industries.

68

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Investment Trust - High Yield Fund

Ten Largest Holdings	% of Investments
Intelsat Bermuda Ltd., 11.50%, 2/4/2017		0.99%
Alliance Data Systems Corp., 6.375%, 4/1/2020		0.81%
Sprint Nextel Corp., 9.00%, 11/15/2018		0.69%
AMC Networks, Inc., 7.75%, 7/15/2021		0.68%
First Niagara Financial Group, Inc., 7.25%, 12/15/2021		0.66%
Liberty Mutual Group, Inc., 10.75%, 6/15/2058		0.65%
HCA, Inc., 6.50%, 2/15/2020		0.62%
Lions Gate Entertainment, Inc., 10.25%, 11/1/2016		0.59%
Oasis Petroleum, Inc.,7.25%, 2/1/2019		0.59%
Air Lease Corp., 5.625%, 4/1/2017		0.58%
Holdings by Sector*	% of Investments
Agency		0.00%	**
Automotive		3.55%
Banking		3.95%
Basic Industry		9.63%
Capital Goods		5.43%
Consumer Cyclical		5.66%
Consumer Non-Cyclical		4.63%
Energy		12.77%
Financial Services		6.85%
Foreign Government		0.98%
Healthcare		4.28%
Insurance		0.65%
Media		7.45%
Real Estate		0.54%
Services		13.85%
Technology & Electronics		5.96%
Telecommunications		7.20%
Transportation		0.17%
Utility		3.63%
Short-Term Investment		2.82%
Total		100.00%

*	A sector may comprise several industries.
**	Amount is less than .01%.

Lord Abbett Securities Trust - International Dividend Income Fund

Ten Largest Holdings	% of Investments
Admiral Group plc		2.10%
ProSiebenSat.1 Media AG		1.90%
Telstra Corp., Ltd.		1.86%
Telenor ASA		1.74%
Spark Infrastructure Group		1.72%
E. On AG		1.65%
SembCorp Marine Ltd.		1.64%
CSM		1.63%
Seadrill Ltd.		1.61%
SSE plc		1.61%

69

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Consumer Discretionary		11.37%
Consumer Staples		11.08%
Energy		5.21%
Financials		21.79%
Health Care		3.20%
Industrials		10.99%
Information Technology		4.20%
Materials		4.67%
Telecommunication Services		13.58%
Utilities		11.14%
Short-Term Investment		2.77%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Mid Cap Stock Fund, Inc. (formerly, Lord Abbett Mid-Cap Value Fund, Inc.)

Ten Largest Holdings	% of Investments
Interpublic Group of Cos., Inc. (The)		2.64%
Fiserv, Inc.		2.07%
Watson Pharmaceuticals, Inc.		1.95%
Omnicom Group, Inc.		1.91%
Ashland, Inc.		1.87%
Bunge Ltd.		1.86%
PartnerRe Ltd.		1.80%
Mylan, Inc.		1.71%
Everest Re Group Ltd.		1.61%
URS Corp.		1.45%
Holdings by Sector*	% of Investments
Consumer Discretionary		11.63%
Consumer Staples		3.95%
Energy		6.49%
Financials		24.54%
Health Care		12.08%
Industrials		13.10%
Information Technology		9.79%
Materials		8.22%
Telecommunication Services		1.20%
Utilities		4.95%
Short-Term Investment		4.05%
Total		100.00%

* A sector may comprise several industries.

70

Investments in Underlying Funds (unaudited)(concluded)

Lord Abbett Investment Trust - Short Duration Income Fund

Ten Largest Holdings	% of Investments
Georgia-Pacific LLC, 8.25%, 5/1/2016		1.08%
UBS-Barclays Commercial Mortgage Trust 2012-C2 A2, 2.113%, 7/10/2017		0.80%
JPMorgan Chase & Co., 3.45%, 3/1/2016		0.72%
Federal Home Loan Mortgage Corp., 2.604%, 2/1/2035		0.66%
Anglo American Capital plc, 9.375%, 4/8/2019		0.53%
DBUBS Mortgage Trust 2011-LC1A A1, 3.742%, 11/10/2046		0.49%
Wachovia Bank Commercial Mortgage Trust 2006-C27 A3, 5.765%, 7/15/2045		0.48%
Petrohawk Energy Corp., 10.50%, 8/1/2014		0.47%
Wachovia Bank Commercial Mortgage Trust 2007-C31 A4, 5.509%, 4/15/2047		0.47%
Teck Resources Ltd., 10.75%, 5/15/2019		0.46%
Holdings by Sector*	% of Investments
Auto		0.45%
Basic Industry		2.42%
Consumer Cyclical		2.23%
Consumer Discretionary		2.65%
Consumer Non-Cyclical		0.09%
Consumer Services		0.58%
Consumer Staples		1.30%
Energy		5.05%
Financial Services		51.37%
Foreign Government		0.87%
Health Care		1.16%
Integrated Oils		1.94%
Materials & Processing		3.78%
Municipal		0.31%
Other		0.02%
Producer Durables		0.69%
Technology		2.54%
Telecommunications		2.58%
Transportation		0.86%
U.S. Government		12.16%
Utilities		2.67%
Short-Term Investments		4.28%
Total		100.00%

* A sector may comprise several industries.

71

Householding

The Company has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

Proxy Voting Policies, Procedures and Records

A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

72

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.	Lord Abbett Global Fund, Inc.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Emerging Markets Currency Fund Lord Abbett Global Allocation Fund	LAGF-3-0612 (08/12)

Item 2:	Code of Ethics.
	Not applicable.
Item 3:	Audit Committee Financial Expert.
	Not applicable.
Item 4:	Principal Accountant Fees and Services.
	Not applicable.
Item 5:	Audit Committee of Listed Registrants.
	Not applicable.
Item 6:	Investments.
	Not applicable.
Item 7:	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Not applicable.
Item 8:	Portfolio Managers of Closed-End Management Investment Companies.
	Not applicable.
Item 9:	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Not applicable.
Item 10:	Submission of Matters to a Vote of Security Holders.
	Not applicable.
Item 11:	Controls and Procedures.

(a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Exhibits.

(a)(1)	Amendments to Code of Ethics – Not applicable.
(a)(2)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.
(a)(3)	Not applicable.
(b)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LORD ABBETT GLOBAL FUND, INC.
By:	/s/ Robert S. Dow
	Robert S. Dow
	Chief Executive Officer and Chairman

Date: August 21, 2012

By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President

Date: August 21, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Robert S. Dow
	Robert S. Dow
	Chief Executive Officer and Chairman

Date: August 21, 2012

By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President

Date: August 21, 2012