Lord Abbett Global Fund NCSR Certified 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)

Brooke A. Fapohunda, 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: 12/31/2014

Item 1:

Report(s) to Shareholders.

2014 LORD ABBETT
ANNUAL REPORT

Lord Abbett

Emerging Markets Corporate Debt Fund

Emerging Markets Currency Fund

Emerging Markets Local Bond Fund

Multi-Asset Global Opportunity Fund

For the fiscal year ended December 31, 2014

Table of Contents


1		A Letter to Shareholders

7		Investment Comparisons

11		Information About Your Fund’s Expenses and Holdings Presented by Sector/Portfolio Allocation

		Schedules of Investments:

16		Emerging Markets Corporate Debt Fund

23		Emerging Markets Currency Fund

47		Emerging Markets Local Bond Fund

55		Multi-Asset Global Opportunity Fund

57		Statements of Assets and Liabilities

61		Statements of Operations

63		Statements of Changes in Net Assets

67		Financial Highlights

94		Notes to Financial Statements

120		Report of Independent Registered Public Accounting Firm

121		Supplemental Information to Shareholders

Lord Abbett Emerging Markets Corporate Debt Fund,
Lord Abbett Emerging Markets Currency Fund,
Lord Abbett Emerging Markets Local Bond Fund, and
Lord Abbett Multi-Asset Global Opportunity Fund
Annual Report

For the fiscal year ended December 31, 2014

Daria L. Foster, Director, President and Chief Executive Officer of the Lord Abbett Funds, and E. Thayer Bigelow, Independent Chairman of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this overview of the performance of the Funds for the fiscal year ended December 31, 2014. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Funds, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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,

Daria L. Foster

Director, President and Chief Executive Officer

Emerging Markets Corporate Debt Fund

For the fiscal year ended December 31, 2014, the Fund returned 6.76%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified,¹which returned 4.96% during the same period.

During the 12-month period, emerging market corporate debt (as represented by the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified¹) outperformed emerging market currencies (as represented by Barclays Global Emerging Markets Strategy Index²) and outperformed emerging market local bonds (as represented by the JP Morgan GBI-EM Global Diversified Index³). Emerging markets corporate debt also

underperformed domestic equity markets (as represented by the S&P 500^® Index⁴) and underperformed fixed-income markets (as represented by the Barclays U.S. Aggregate Bond Index⁵).

The Fund’s overweight to high-yield emerging markets corporate debt during the middle of the 12-month period was likely a contributor to performance relative to the benchmark. Emerging markets high yield outperformed in this period due to an increased demand for higher-yielding emerging-market assets, driven by low interest rates in the U.S. and European developed markets. The Fund’s underweight to Russian debt for most of the fourth quarter likely helped performance, as Russian debt deteriorated in the latter half of the period. Russian debt markets were hurt significantly by falling oil prices and the continued strain of international sanctions; this led to a severe lack of liquidity in the market. The Fund’s overweight exposure to the telecommunication services sector likely benefited performance, as this sector rallied during the period.

The Fund’s overweight position to Brazilian bonds in the fourth quarter was a likely detractor to relative performance. Brazilian bonds came under pressure in the second half of the period, as issuance stalled and Brazil struggled to emerge from a recession that has led to the downgrade of its debt from ratings agencies. The Fund’s underweight to utilities, particularly in the third quarter, likely hurt the overall

performance of the Fund. The utility sector benefited from declining energy prices, which helped reduce costs and improve profit margins. The Fund maintained an underweight position to Philippine bonds throughout most of the period, which likely detracted from overall performance. The Philippines, and its corporate bond market, benefited from higher growth prospects and the nation’s status as a net importer of oil.

Emerging Markets Currency Fund

For the fiscal year ended December 31, 2014, the Fund returned -5.49%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the Barclays Global Emerging Markets Strategy (GEMS) Index,²which returned -7.16% during the same period.

During the 12-month period, emerging market currencies (as represented by Barclays Global Emerging Markets Strategy Index²) underperformed emerging market corporate debt (as represented by the J.P. Morgan CEMBI Broad Diversified Index¹) and emerging market local bonds (as represented by the J.P. Morgan GBI-EM Global Diversified Index³). Emerging market currencies also underperformed domestic equity markets (as represented by the S&P 500^® Index⁴) and underperformed fixed-income markets (as represented by the Barclays U.S. Aggregate Bond Index⁵).

The Fund’s overweight position in the Colombian peso in the first half of the

12-month period, followed by an underweight in the latter half, was a positive contributor to performance relative to the benchmark. The currency rallied early in the period due to a rebalance of the JP Morgan GBI-EM Global Diversified and GBI-EM Global indexes, and the fall in the second half of the period was the result of the slide in oil prices. The Fund benefited from an overweight position in the Malaysian ringgit to start the period, and continued to benefit as the exposure was switched to an underweight in the latter half. The ringgit performed well in the first half of the period, as the Malaysian central bank signaled it may increase its benchmark interest rate, but fell in the latter half as oil prices plummeted. The Fund’s short position in the euro throughout the period benefited, despite hurting the Fund in the early portion of the period, as the euro rallied. Later in the period, the euro fell to two-year lows against the U.S. dollar on fears of European recession, Greek election turmoil, and renewed stimulus measures by the European Central Bank. The Fund maintained a neutral or underweight position to the Polish zloty throughout most of the period, which benefited as the zloty depreciated on fears of deflation, as consumer prices continued to fall through the latter half of the period.

Detracting from relative performance was an underweight to the Indonesian rupiah in the first half of the period. Although the underweight helped in January, the currency rallied on optimism

in regard to the election of the former governor of Jakarta, Joko Widodo, and renewed intervention by the Indonesian central bank, and, ultimately, the short position detracted. The Fund’s overweight to the Mexican peso detracted from performance, as the currency depreciated throughout the period. Despite a positive reform story, the peso suffered due to falling oil prices and weak growth. The Fund’s overweight to the Brazilian real detracted from performance in the second half of the period. The real suffered due to uncertainty in regard to the presidential election as incumbent Dilma Rousseff continued to rally support.

Emerging Markets Local Bond Fund

For the fiscal year ended December 31, 2014, the Fund returned -7.05%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the JP Morgan GBI-EM Global Diversified Index,³which returned -5.72% during the same period.

During the 12-month period, emerging market local debt (as represented by the J.P. Morgan GBI-EM Global Diversified Index³) underperformed emerging market corporate debt (as represented by the J.P. Morgan CEMBI Broad Diversified Index¹) and outperformed emerging market currencies (as represented by Barclays Global Emerging Markets Strategy Index²). Emerging market local bonds also underperformed domestic equity markets

(as represented by the S&P 500^® Index⁴) and underperformed fixed-income markets (as represented by the Barclays U.S. Aggregate Bond Index⁵).

The Fund’s underweight to Turkish bonds likely detracted from performance relative to the benchmark, as Turkey, in particular, maintained an exceptionally high yield in an environment of declining global yields. The Fund’s underweight to South African bonds also likely detracted from performance relative to the benchmark, as issuance fell and bond yields remained high. Poland likely detracted from relative performance, as the Fund remained underweight in the second half of the period, anticipating an end to its rate-hiking cycle. In contrast, Poland extended its rate-hiking schedule through much of the period, and the Fund’s underweight exposure was likely a detriment. The Fund’s exposure to corporate bonds, particularly in Russia, likely detracted from relative performance, as credit spreads relative to sovereign yields widened.

The Fund’s relative performance likely benefited from an overweight position to Romanian bonds. Romania’s performance was driven by the broad fall in European yields, as the European Central Bank was proactive in promoting stimulus measures to spur a faltering European economy, and the Romanian central bank cut its main rate to a record 3%. The Fund’s overweight to Mexico in the latter half of the period likely contributed to relative performance

during the period. Yields in Mexico fell throughout the period, as oil continued its drastic slide and the peso hit a two-year low against the dollar. An overweight position to Colombian bonds throughout most of the period was a likely contributor to relative performance, as demand for the bonds increased. Demand was likely driven, in part, by a rebalance of the J.P. Morgan GBI-EM Global Diversified and GBI-EM Global indexes. The change increased the weighting of Colombia, from 3.2% to 8.0%, and from 1.8% to 5.6% in the GBI-EM Global Diversified Index and GBI-EM Global Index, respectively.

Multi-Asset Global Opportunity Fund

For the fiscal year ended December 31, 2014, the Fund returned 2.15%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the 40% MSCI EAFE Index with Gross Dividends⁶/25% Russell 1000^® Index⁷/20% Barclays U.S. Aggregate Bond Index⁵/15% BofA Merrill Lynch U.S. High Yield Constrained Index⁸, which returned 2.96% over the same period.

During the 12-month period, domestic equity markets (as represented by the S&P 500^® Index⁴) outperformed fixed-income markets (as represented by the Barclays U.S. Aggregate Bond Index⁵). Domestic equity markets also outperformed foreign equity markets (as represented by the MSCI EAFE Index with Gross Dividends⁶) and emerging market currencies (as

represented by Barclays Global Emerging Markets Strategy Index²).

Detracting from relative performance was the Fund’s allocation to emerging market currencies. Although the Fund reduced its holdings in this asset class by the end of the period, a strengthening U.S. dollar caused emerging market currencies to underperform the blended benchmark. In addition, the Fund’s exposure to short-duration corporate credit detracted from performance, as this segment of the fixed-income market underperformed the broad fixed-income market (as represented by the Barclay’s U.S. Aggregate Bond Index³).

The Fund’s position in equities contributed to relative performance, as stocks outpaced bonds during the period. In addition, the Fund’s overweight position to mid-cap stocks likely contributed to performance, as this segment of the equity market outperformed the blended benchmark during the period.

Each Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

¹ The J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) is a market capitalization-weighted index that tracks total returns of U.S. dollar-denominated debt instruments issued by corporate entities in emerging markets countries. The index limits the current face amount allocations of the bonds in the CEMBI Broad by constraining the total face amount outstanding for countries with larger debt stocks.

² The Barclays Global Emerging Markets Strategy (GEMS) Index is based on investing in one-month synthetic money market deposits across 15 diversified Emerging Market currencies.

³ The JP Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index is a comprehensive global emerging markets index that consists of regularly traded, liquid fixed-rate and domestic currency government bonds.

⁴ The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

⁵ The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/

depreciation and income as a percentage of the original investment.

⁶ The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The MSCI EAFE Index with Gross Dividends approximates the maximum possible dividend reinvestment. The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

⁷ The Russell 1000^®Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

⁸ The BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all U.S. dollar-denominated below investment-grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have a below investment-grade rating (based on an average of Moody’s, Standard & Poor’s, and Fitch), at least 18 months to final maturity at the time of issuance, at

least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule, and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information

Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in a Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. Each Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see each Fund’s prospectus.

During certain periods shown, expense waivers and reimbursements were in place. Without such waivers and expense reimbursements, the Funds’ returns would have been lower.

The annual commentary above discusses the views of the Funds’ management and various portfolio holdings of the Funds as of December 31, 2014. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds’ portfolios are actively managed and may change significantly, the Funds may no longer own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds’ portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see each Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

Emerging Markets Corporate Debt Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Period Ended December 31, 2014

	1 Year
Class A³	4.39%
Class C⁴	4.91%
Class F⁵	6.86%
Class I⁵	6.97%
Class R2⁵	6.97%
Class R3⁵	6.97%

¹ Reflects the deduction of the maximum initial sales charge of 2.25%.

² Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.

³ Class A shares commenced operations on December 6, 2013 and performance for the Class began on December 31, 2013. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all

dividends and distributions reinvested for the period shown ended December 31, 2014, is calculated using the SEC-required uniform method to compare such return.

⁴ Class C shares commenced operations on December 6, 2013 and performance for the Class began on December 31, 2013. The 1% CDSC for Class C normally applies before the first anniversary of the purchase date.

⁵ Commenced operations on December 6, 2013 and performance for the Class began on December 31, 2013. Performance is at net asset value.

Emerging Markets Currency Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Barclays Global Emerging Markets Strategy (GEMS) Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended December 31, 2014

	1 Year	5 Years	10 Years	Life of Class
Class A³	-7.56%	-0.27%	1.16%	–
Class B⁴	-10.81%	-0.93%	0.84%	–
Class C⁵	-7.11%	-0.49%	0.75%	–
Class F⁶	-5.40%	0.33%	–	1.60%
Class I⁷	-5.32%	0.40%	1.70%	–
Class P⁷	-5.68%	0.01%	1.32%	–
Class R2⁶	-5.85%	-0.19%	–	1.16%
Class R3⁶	-5.77%	-0.11%	–	1.23%

¹ Reflects the deduction of the maximum initial sales charge of 2.25%.

² Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.

³ Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ending December 31, 2014, is calculated using the SEC-required uniform method to compute such return.

⁴ Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for 5 years and 0% for 10 years. Class B shares

automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.

⁵ The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁶ Commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.

⁷ Performance is at net asset value.

Emerging Markets Local Bond Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the JP Morgan GBI-EM Global Diversified Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended December 31, 2014

	1 Year	Life of Class
Class A³	-9.13%	-7.29%
Class C⁴	-8.59%	-6.62%
Class F⁵	-6.88%	-5.78%
Class I⁵	-6.79%	-5.69%
Class R2⁵	-6.79%	-5.88%
Class R3⁵	- 6.79%	-5.85%

¹ Reflects the deduction of the maximum initial sales charge of 2.25%.

² Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.

³ Class A shares commenced operations on June 21, 2013 and performance for the Class began on June 28, 2013. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the period shown ended

December 31, 2014, is calculated using the SEC-required uniform method to compare such return.

⁴ Class C shares commenced operations on June 21, 2013 and performance for the Class began on June 28, 2013. The 1% CDSC for Class C normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Commenced operations on June 21, 2013 and performance for the Class began on June 28, 2013. Performance is at net asset value.

Multi-Asset Global Opportunity Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the 40% MSCI EAFE Index with Gross Dividends/25% Russell 1000^® Index/20% Barclays U.S. Aggregate Bond Index/15% BofA Merrill Lynch U.S. High Yield Constrained Index and Morningstar World Allocation Category Average, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett and reimbursed by the Underlying Funds; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended December 31, 2014

	1 Year	5 Years	10 Years	Life of Class
Class A³	-0.16%	6.43%	5.36%	–
Class B⁴	-3.31%	5.83%	5.04%	–
Class C⁵	0.51%	6.16%	4.90%	–
Class F⁶	2.39%	7.10%	–	2.60%
Class I⁷	2.47%	7.20%	5.94%	–
Class R2⁸	1.86%	6.78%	–	4.79%
Class R3⁸	2.01%	6.70%	–	4.73%

¹ Reflects the deduction of the maximum initial sales charge of 2.25%.

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

³ Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all distributions reinvested for the periods shown ending December 31, 2014, is calculated using the SEC-required uniform method to compute such return.

⁴ Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for 5 years and 0% for 10 years. Class B shares

⁵ The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁶ Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.

⁷ Performance is at net asset value.

⁸ Commenced operations on June 23, 2008 and performance for the Class began on June 30, 2008. Performance is at net asset value.

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 (July 1, 2014 through December 31, 2014).

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 entitled “Expenses Paid During Period 7/1/14 – 12/31/14” 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.

Emerging Markets Corporate Debt 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		Ending		Expenses
	Account		Account		Paid During
	Value		Value		Period^†
					7/1/14 -
	7/1/14		12/31/14		12/31/14
Class A
Actual	$	1,000.00	$	991.80	$5.27
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.91	$5.35
Class C
Actual	$	1,000.00	$	987.70	$9.27
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.88	$9.40
Class F
Actual	$	1,000.00	$	992.20	$4.77
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.42	$4.84
Class I
Actual	$	1,000.00	$	992.80	$4.27
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.92	$4.33
Class R2
Actual	$	1,000.00	$	992.80	$4.27
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.92	$4.33
Class R3
Actual	$	1,000.00	$	992.80	$4.27
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.92	$4.33

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.85% for Class C, 0.95% for Class F, 0.85% for Classes I, R2 and R3) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2014

Sector*	%**
Auto		1.61	%
Basic Industry		1.17	%
Consumer Cyclicals		3.88	%
Consumer Discretionary		1.71	%
Consumer Non-Cyclical		0.21	%
Consumer Services		3.68	%
Consumer Staples		5.15	%
Energy		11.76	%
Financial Services		27.43	%
Foreign Government		2.05	%

Sector*	%**
Health Care		0.82	%
Integrated Oils		1.27	%
Materials and Processing		8.20	%
Producer Durables		3.07	%
Technology		2.88	%
Telecommunications		9.51	%
Transportation		5.07	%
U.S. Government		0.96	%
Utilities		6.45	%
Repurchase Agreement		3.12	%
Total		100.00	%

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

Emerging Markets Currency Fund

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		Period^†
					7/1/14 -
	7/1/14		12/31/14		12/31/14
Class A
Actual	$	1,000.00	$	913.80	$4.78
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.21	$5.04
Class B
Actual	$	1,000.00	$	910.60	$8.62
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.18	$9.10
Class C
Actual	$	1,000.00	$	910.00	$7.80
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.04	$8.24
Class F
Actual	$	1,000.00	$	915.70	$4.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.72	$4.53
Class I
Actual	$	1,000.00	$	914.60	$3.81
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.22	$4.02
Class P
Actual	$	1,000.00	$	914.40	$5.65
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.31	$5.96
Class R2
Actual	$	1,000.00	$	912.10	$6.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.20	$7.07
Class R3
Actual	$	1,000.00	$	913.70	$6.17
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.75	$6.51

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.99% for Class A, 1.79% for Class B, 1.62% for Class C, 0.89% for Class F, 0.79% for Class I, 1.17% for Class P, 1.39% for Class R2 and 1.28% for Class R3) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2014

Sector*	%**
Asset-Backed		20.69	%
Automotive		1.47	%
Banking		6.83	%
Basic Industry		3.13	%
Capital Goods		1.17	%
Consumer Goods		0.61	%
Energy		8.34	%
Financial Services		3.33	%
Foreign Government		0.06	%
Health Care		4.50	%
Insurance		1.17	%

Sector*	%**
Leisure		3.11	%
Media		2.49	%
Mortgage-Backed		29.03	%
Municipal		0.21	%
Real Estate		3.41	%
Retail		2.84	%
Services		1.27	%
Technology & Electronics		2.04	%
Telecommunications		0.94	%
Transportation		1.07	%
Utility		2.29	%
Total		100.00	%

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

Emerging Markets Local Bond Fund

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		Period^†
					7/1/14 -
	7/1/14		12/31/14		12/31/14
Class A
Actual	$	1,000.00	$	880.30	$4.98
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.91	$5.35
Class C
Actual	$	1,000.00	$	877.40	$8.57
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.08	$9.20
Class F
Actual	$	1,000.00	$	881.40	$4.51
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.42	$4.84
Class I
Actual	$	1,000.00	$	881.80	$4.03
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.92	$4.33
Class R2
Actual	$	1,000.00	$	881.80	$4.03
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.92	$4.33
Class R3
Actual	$	1,000.00	$	881.80	$4.03
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.92	$4.33

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.81% for Class C, 0.95% for Class F, 0.85% for Classes I, R2, and R3) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2014

Sector*	%**
Consumer Services		0.93	%
Financial Services		6.66	%
Foreign Government		86.24	%
Integrated Oils		1.95	%
Telecommunications		0.90	%
Transportation		0.79	%
Utilities		2.53	%
Total		100.00	%

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

Multi-Asset Global Opportunity Fund

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		Period^†#
					7/1/14 -
	7/1/14		12/31/14		12/31/14
Class A
Actual	$	1,000.00	$	953.70	$1.72
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.44	$1.79
Class B
Actual	$	1,000.00	$	950.70	$5.36
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.71	$5.55
Class C
Actual	$	1,000.00	$	951.00	$5.36
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.71	$5.55
Class F
Actual	$	1,000.00	$	955.20	$0.99
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.20	$1.02
Class I
Actual	$	1,000.00	$	955.20	$0.49
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.70	$0.51
Class R2
Actual	$	1,000.00	$	952.10	$3.40
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.73	$3.52
Class R3
Actual	$	1,000.00	$	952.90	$2.81
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.33	$2.91

^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.35% for Class A, 1.09% for Classes B and C, 0.20% for Class F, 0.10% for Class I, 0.69% for Class R2 and 0.57% for Class R3) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).
^#	Does not include expenses of Underlying Funds in which Multi-Asset Global Opportunity Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

December 31, 2014

Underlying Fund Name	%*
Lord Abbett Affiliated Fund, Inc.-Class I		1.18	%
Lord Abbett Equity Trust-Calibrated Large Cap Value Fund-Class I		0.00%	**
Lord Abbett Equity Trust-Calibrated Mid Cap Value Fund-Class I		12.57	%
Lord Abbett Global Fund, Inc.-Emerging Markets Currency Fund-Class I		15.58	%
Lord Abbett Research Fund, Inc.-Growth Opportunities Fund-Class I		1.95	%
Lord Abbett Investment Trust-High Yield Fund-Class I		18.92	%
Lord Abbett Securities Trust-International Dividend Income Fund-Class I		37.27	%
Lord Abbett Mid Cap Stock Fund, Inc.-Class I		12.53	%
		100.00	%

*	Represents percent of total investments.
**	Amount is less than .01%.

Schedule of Investments

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2014

			Shares		Fair
Investments			(000)		Value
LONG-TERM INVESTMENTS 94.78%

COMMON STOCK 0.05%

Oil
Geopark Ltd. (Chile)*^(a) (cost $12,008)				1	$	6,413

			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)

CONVERTIBLE BOND 0.09%

Technology							��
Vipshop Holdings Ltd. (China)^(a) (cost $11,163)	1.50%	3/15/2019	$	10		11,950

CORPORATE BONDS 90.68%

Air Transportation 3.26%
Air Canada (Canada)^†(a)	7.75%	4/15/2021		200		208,750
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd. (Panama)^†(a)	8.375%	5/10/2020		200		207,000
Total						415,750

Auto Parts: Original Equipment 1.58%
Nexteer Automotive Group Ltd.^†	5.875%	11/15/2021		200		201,000

Banks: Money Center 3.23%
Banco de Bogota SA (Colombia)^†(a)	5.00%	1/15/2017		200		208,500
BBVA Banco Continental SA (Peru)^†(a)	5.25%	9/22/2029		200		203,400
Total						411,900

Banks: Regional 13.02%
Banco de Galicia y Buenos Aires SA (Argentina)^†(a)	8.75%	5/4/2018		150		150,375
Banco Mercantil del Norte SA (Mexico)^(a)	4.375%	7/19/2015		48		48,720
Bangkok Bank PCL (Hong Kong)^†(a)	5.00%	10/3/2023		200		223,159
Bank of China Ltd. (China)^†(a)	5.00%	11/13/2024		200		206,312
Corpbanca SA (Chile)^(a)	3.125%	1/15/2018		200		199,177
ICICI Bank Ltd. (Hong Kong)^†(a)	5.75%	11/16/2020		200		222,503
Itau Unibanco Holding SA^†	5.50%	8/6/2022		200		202,000
Korea Development Bank (The) (South Korea)^(a)	3.00%	3/17/2019		200		206,503
QNB Finance Ltd.	2.875%	4/29/2020		200		199,000
Total						1,657,749


16	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2014

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Beverages 1.45%
Anadolu Efes Biracilik ve Malt Sanayii AS (Turkey)^†(a)	3.375%	11/1/2022	$	200	$	184,500

Broadcasting 0.36%
iHeartCommunications, Inc.	6.875%	6/15/2018		50		45,688

Business Services 1.78%
DP World Ltd. (United Arab Emirates)^†(a)	6.85%	7/2/2037		200		226,556

Chemicals 5.00%
Braskem America Finance Co.^†	7.125%	7/22/2041		200		199,000
Hexion U.S. Finance Corp./Hexion Nova
Scotia Finance ULC	9.00%	11/15/2020		20		14,500
Mexichem SAB de CV (Mexico)^†(a)	4.875%	9/19/2022		200		207,000
OCP SA (Morocco)^†(a)	6.875%	4/25/2044		200		216,020
Total						636,520

Computer Software 0.14%		��
First Data Corp.	11.75%	8/15/2021		16		18,440

Containers 0.95%
PaperWorks Industries, Inc.^†	9.50%	8/15/2019		120		120,450

Diversified 3.08%
San Miguel Corp. (Philippines)^(a)	4.875%	4/26/2023		200		186,750
TML Holdings Pte Ltd. (Singapore)^(a)	5.75%	5/7/2021		200		206,021
Total						392,771

Drugs 0.81%
Teva Pharmaceutical Finance Co. BV (Curacao)^(a)	3.65%	11/10/2021		100		102,627

Electric: Power 6.31%
AES El Salvador Trust II (Panama)^†(a)	6.75%	3/28/2023		200		189,200
E.CL SA (Chile)^†(a)	4.50%	1/29/2025		200		201,183
Korea Western Power Co., Ltd. (South Korea)^†(a)	2.875%	10/10/2018		200		204,281
Perusahaan Listrik Negara PT (Indonesia)^†(a)	5.50%	11/22/2021		200		209,500
Total						804,164

Engineering & Contracting Services 1.57%
China Railway Resources Huitung Ltd. (Hong Kong)^(a)	3.85%	2/5/2023		200		199,655


	See Notes to Financial Statements.	17

Schedule of Investments (continued)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2014

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Entertainment 0.18%
Shingle Springs Tribal Gaming Authority^†	9.75%	9/1/2021	$	20	$	22,500

Financial Services 0.79%
SUAM Finance BV (Curacao)^†(a)	4.875%	4/17/2024		100		100,250

Financial: Miscellaneous 0.09%
First Cash Financial Services, Inc.	6.75%	4/1/2021		11		11,495

Food 3.79%
Diamond Foods, Inc.^†	7.00%	3/15/2019		25		25,687
FAGE Dairy Industry SA/FAGE USA Dairy Industry, Inc. (Greece)^†(a)	9.875%	2/1/2020		20		21,000
Gruma SAB de CV (Mexico)^†(a)	4.875%	12/1/2024		200		207,500
Tingyi Cayman Islands Holding Corp. (China)^(a)	3.875%	6/20/2017		200		207,658
WhiteWave Foods Co. (The)	5.375%	10/1/2022		20		20,650
Total						482,495

Gaming 0.16%
Mohegan Tribal Gaming Authority	9.75%	9/1/2021		20		20,500

Industrial Products 1.52%
KOC Holding AS (Turkey)^†(a)	3.50%	4/24/2020		200		194,300

Jewelry, Watches & Gemstones 1.49%
ALROSA Finance SA (Luxembourg)^†(a)	7.75%	11/3/2020		200		190,000

Machinery: Agricultural 1.48%
Comfeed Finance BV (Netherlands)^†(a)	6.00%	5/2/2018		200		188,000

Media 3.24%
Columbus International, Inc. (Barbados)^†(a)	7.375%	3/30/2021		200		208,750
VTR Finance BV (Netherlands)^†(a)	6.875%	1/15/2024		200		204,500
Total						413,250

Metals & Minerals: Miscellaneous 1.46%
MMC Norilsk Nickel OJSC via MMC Finance Ltd. (Ireland)^(a)	4.375%	4/30/2018		200		186,000

Natural Gas 3.13%
Fermaca Enterprises S de RL de CV (Mexico)^†(a)	6.375%	3/30/2038		200		204,500
Transportadora de Gas del Peru SA (Peru)^†(a)	4.25%	4/30/2028		200		194,000
Total						398,500


18	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2014

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Oil 6.86%
Dolphin Energy Ltd. (United Arab Emirates)^†(a)	5.50%	12/15/2021	$	200	$	225,600
Genel Energy Finance plc (United Kingdom)^(a)	7.50%	5/14/2019		200		171,000
GeoPark Latin America Ltd. Agencia en Chile (Chile)^†(a)	7.50%	2/11/2020		200		177,000
Kosmos Energy Ltd.^†	7.875%	8/1/2021		200		171,000
Petroleos de Venezuela SA (Venezuela)^†(a)	6.00%	11/15/2026		50		18,500
Petronas Capital Ltd. (Malaysia)^†(a)	5.25%	8/12/2019		100		110,999
Total						874,099

Oil: Integrated International 1.24%
Petrobras Global Finance BV (Netherlands)^(a)	4.375%	5/20/2023		65		56,068
Petroleos Mexicanos (Mexico)^(a)	5.50%	6/27/2044		100		102,500
Total						158,568

Paper & Forest Products 0.20%
Mercer International, Inc. (Canada)^†(a)	7.75%	12/1/2022		25		25,375

Real Estate Investment Trusts 6.31%
China Overseas Finance Cayman V Ltd.	3.95%	11/15/2022		200		194,399
China South City Holdings Ltd. (Hong Kong)^(a)	8.25%	1/29/2019		200		199,505
Fibra Uno Trust (Mexico)^†(a)	5.25%	12/15/2024		200		206,520
Shimao Property Holdings Ltd. (Hong Kong)^(a)	8.125%	1/22/2021		200		202,812
Total						803,236

Retail 3.64%
Hot Topic, Inc.^†	9.25%	6/15/2021		20		21,500
Lotte Shopping Co., Ltd. (South Korea)^†(a)	3.375%	5/9/2017		200		206,012
Pacific Emerald Pte Ltd. (Singapore)^(a)	9.75%	7/25/2018		200		210,500
PF Chang’s China Bistro, Inc.^†	10.25%	6/30/2020		25		25,062
Total						463,074

Technology 1.56%
Alibaba Group Holding Ltd. (China)^†(a)	3.60%	11/28/2024		200		198,779

Telecommunications 9.31%
Altice SA (Luxembourg)^†(a)	7.75%	5/15/2022		200		200,875
Bharti Airtel International Netherlands BV (Netherlands)^†(a)	5.125%	3/11/2023		200		214,456
Digicel Group Ltd. (Jamaica)^†(a)	7.125%	4/1/2022		200		186,500
Ooredoo International Finance Ltd.^†	3.25%	2/21/2023		200		193,250
SingTel Group Treasury Pte Ltd. (Singapore)^(a)	4.50%	9/8/2021		200		221,889


	See Notes to Financial Statements.	19

Schedule of Investments (continued)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2014

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Telecommunications (continued)
Vimpel Communications via VIP Finance Ireland Ltd. OJSC (Ireland)^†(a)	7.748%	2/2/2021	$	200	$	168,200
Total						1,185,170

Transportation: Miscellaneous 1.69%
Mersin Uluslararasi Liman Isletmeciligi AS (Turkey)^†(a)	5.875%	8/12/2020		200		215,300
Total Corporate Bonds (cost $11,561,550)						11,548,661

FOREIGN BOND^(b)1.02%

Netherlands
United Group BV^† (cost $142,230)	7.875%	11/15/2020	EUR	100		129,354

FOREIGN GOVERNMENT OBLIGATION 2.00%

Philippines
Republic of Philippines^(a) (cost $253,833)	8.375%	6/17/2019	$	200		255,100

U.S. TREASURY OBLIGATION 0.94%
U.S. Treasury Note (cost $119,653)	1.625%	12/31/2019		120		119,831
Total Long-Term Investments (cost $12,100,437)						12,071,309

SHORT-TERM INVESTMENT 3.06%

REPURCHASE AGREEMENT
Repurchase Agreement dated 12/31/2014, Zero Coupon due 1/2/2015 with Fixed Income Clearing Corp. collateralized by $405,000 of U.S. Treasury Note at 0.75% due 3/31/2018; value: $399,345; proceeds: $389,116 (cost $389,116)				389		389,116
Total Investments in Securities 97.84% (cost $12,489,553)						12,460,425
Cash and Other Assets in Excess Liabilities^(c)2.16%						274,688
Net Assets 100.00%					$	12,735,113


20	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2014

EUR		euro.
*		Non-income producing security.
^†		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)		Foreign security traded in U.S. dollars.
^(b)		Investment in non-U.S. dollar denominated securities.
^(c)		Cash and Other Assets in Excess Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows:

Open Forward Foreign Currency Exchange Contracts at December 31, 2014:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Colombian peso	Buy	Morgan Stanley	3/4/2015	300,500,000	$	123,303	$	126,098	$	2,795
Brazilian real	Sell	Goldman Sachs	1/9/2015	280,000		111,129		105,220		5,909
Brazilian real	Sell	Goldman Sachs	1/9/2015	516,200		199,496		193,982		5,514
Colombian peso	Sell	Goldman Sachs	3/4/2015	300,500,000		130,228		126,099		4,129
euro	Sell	Morgan Stanley	2/13/2015	211,300		262,911		255,784		7,127
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts									$	25,474

Forward

Foreign

U.S. $

Currency

Cost on

U.S. $

Exchange

Transaction

Expiration

Foreign

Origination

Current

Unrealized

Contracts

Type

Counterparty

Date

Currency

Date

Value

Depreciation

Brazilian real

Buy

Goldman Sachs

1/9/2015

516,200

201,008

193,981

(7,027

)

Brazilian real

Buy

Morgan Stanley

1/9/2015

280,000

111,429

105,220

(6,209

)

euro

Buy

Goldman Sachs

2/13/2015

106,800

132,696

129,284

(3,412

)

Unrealized Depreciation on Forward Foreign Currency Exchange Contracts

(16,648

)

Open Futures Contracts at December 31, 2014:

Unrealized

Type

Expiration

Contracts

Position

Fair Value

Depreciation

U.S. 10-Year Treasury Note

March 2015

Short

$(633,984

)

$(3,680

)


	See Notes to Financial Statements.	21

Schedule of Investments (concluded)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2014

The following is a summary of the inputs used as of December 31, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1			Level 2			Level 3		Total
Common Stock	$	6,413		$	–		$	–	$	6,413
Convertible Bond		–			11,950			–		11,950
Corporate Bonds		–			11,548,661			–		11,548,661
Foreign Bond		–			129,354			–		129,354
Foreign Government Obligation		–			255,100			–		255,100
U.S. Treasury Obligation		–			119,831			–		119,831
Repurchase Agreement		–			389,116			–		389,116
Total	$	6,413		$	12,454,012		$	–	$	12,460,425

Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–		$	25,474		$	–	$	25,474
Liabilities		–			(16,648	)		–		(16,648	)
Futures Contracts
Assets		–			–			–		–
Liabilities		(3,680	)		–			–		(3,680	)
Total	$	(3,680	)	$	8,826		$	–	$	5,146


⁽¹⁾	Refer to Note 2(p) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
⁽³⁾	There were no level transfers during the fiscal year ended December 31, 2014.


22	See Notes to Financial Statements.

Schedule of Investments

EMERGING MARKETS CURRENCY FUND December 31, 2014

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
LONG-TERM INVESTMENTS 89.79%

ASSET-BACKED SECURITIES 20.86%

Automobiles 9.24%
Ally Auto Receivables Trust 2014-2 A3	1.25%	4/15/2019	$	1,550	$	1,548,369
AmeriCredit Automobile Receivables Trust 2012-4 A3	0.67%	6/8/2017		350		350,415
AmeriCredit Automobile Receivables Trust 2012-5 A3	0.62%	6/8/2017		1,180		1,180,081
AmeriCredit Automobile Receivables Trust 2013-1 A3	0.61%	10/10/2017		230		230,256
AmeriCredit Automobile Receivables Trust 2013-1 B	1.07%	3/8/2018		257		257,386
AmeriCredit Automobile Receivables Trust 2013-3 B	1.58%	9/10/2018		250		251,128
AmeriCredit Automobile Receivables Trust 2013-4 A2	0.74%	11/8/2016		419		418,725
AmeriCredit Automobile Receivables Trust 2013-5 A2A	0.65%	3/8/2017		203		202,780
AmeriCredit Automobile Receivables Trust 2013-5 A3	0.90%	9/10/2018		586		585,856
BMW Vehicle Lease Trust 2013-1 A4	0.66%	6/20/2016		500		500,281
BMW Vehicle Lease Trust 2014-1 A3	0.73%	2/21/2017		1,870		1,868,781
California Republic Auto Receivables Trust 2013-1 A2^†	1.41%	9/17/2018		951		956,013
California Republic Auto Receivables Trust 2013-2 A2	1.23%	3/15/2019		541		543,238
California Republic Auto Receivables Trust 2014-1 A3	0.85%	5/15/2018		170		169,897
California Republic Auto Receivables Trust 2014-3 A3	1.09%	11/15/2018		550		549,451
Capital Auto Receivables Asset Trust 2013-1 A2	0.62%	7/20/2016		321		321,069
Capital Auto Receivables Asset Trust 2013-2 A2	0.92%	9/20/2016		1,182		1,183,208
Capital Auto Receivables Asset Trust 2014-1 A2	0.96%	4/20/2017		1,905		1,907,600
CarFinance Capital Auto Trust 2014-1A A^†	1.46%	12/17/2018		165		165,226
CarMax Auto Owner Trust 2013-3 A3	0.97%	4/16/2018		1,027		1,029,414
CarMax Auto Owner Trust 2013-4 A3	0.80%	7/16/2018		790		789,318
CarMax Auto Owner Trust 2014-2 A3	0.98%	1/15/2019		1,240		1,236,733
Chrysler Capital Auto Receivables Trust 2013-AA A3^†	0.91%	4/16/2018		1,255		1,257,837
Fifth Third Auto Trust 2014-2 A3	0.89%	11/15/2018		1,010		1,008,011

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Automobiles (continued)
Fifth Third Auto Trust 2014-3 A3	0.96%		3/15/2019	$	835	$	831,956
Ford Credit Auto Owner Trust 2014-B A3	0.90%		10/15/2018		715		714,705
GM Financial Automobile Leasing Trust 2014-2A A3^†	1.22%		1/22/2018		800		800,474
Honda Auto Receivables Owner Trust 2013-4 A3	0.69%		9/18/2017		1,100		1,099,432
Hyundai Auto Receivables Trust 2014-B A3	0.90%		12/17/2018		1,060		1,057,556
Mercedes-Benz Auto Lease Trust 2013-A A3	0.59%		2/15/2016		805		804,497
Mercedes-Benz Auto Lease Trust 2014-A A3	0.68%		12/15/2016		685		685,108
Mercedes-Benz Auto Receivables Trust 2014-1 A3	0.87%		10/15/2018		625		623,593
Nissan Auto Lease Trust 2013-A A3	0.61%		4/15/2016		1,558		1,557,536
Nissan Auto Lease Trust 2014-A A3	0.80%		2/15/2017		590		589,778
Porsche Innovative Lease Owner Trust 2013-1 A3^†	0.70%		8/22/2016		571		571,581
Porsche Innovative Lease Owner Trust 2014-1 A3^†	1.03%		11/20/2017		1,945		1,942,962
Santander Drive Auto Receivables Trust 2013-1 A3	0.62%		6/15/2017		621		620,525
Santander Drive Auto Receivables Trust 2013-3 B	1.19%		5/15/2018		420		420,289
Santander Drive Auto Receivables Trust 2013-4 A3	1.11%		12/15/2017		1,956		1,959,503
Volkswagen Auto Loan Enhanced Trust 2013-2 A3	0.70%		4/20/2018		1,865		1,859,982
World Omni Automobile Lease Securitization Trust 2014-A A3	1.16%		9/15/2017		475		476,211
Total							35,126,761

Credit Cards 3.65%
American Express Credit Account Master Trust 2014-3 A	1.49%		4/15/2020		800		801,201
Capital One Multi-Asset Execution Trust 2014-A2	1.26%		1/15/2020		880		879,357
Chase Issuance Trust 2012-A3	0.79%		6/15/2017		2,000		2,002,837
Chase Issuance Trust 2012-A8	0.54%		10/16/2017		2,475		2,474,183
Chase Issuance Trust 2013-A8	1.01%		10/15/2018		540		540,201
Citibank Credit Card Issuance Trust 2012-A1	0.55%		10/10/2017		1,459		1,458,816
Citibank Credit Card Issuance Trust 2013-A6	1.32%		9/7/2018		850		855,026
Discover Card Execution Note Trust 2011-A4	0.511%	^#	5/15/2019		550		552,066
Discover Card Execution Note Trust 2012-B3	0.611%	^#	5/15/2018		1,285		1,283,952
World Financial Network Credit Card Master Trust 2013-B A	0.91%		3/16/2020		1,050		1,048,812
World Financial Network Credit Card Master Trust 2014-A	0.541%	^#	12/15/2019		2,000		2,001,297
Total							13,897,748

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Other 7.97%
AMAC CDO Funding I 2006-1A A1^†	0.439%	^#	11/23/2050	$	301	$	297,836
Avenue CLO VI Ltd. 2007-6A A2^†	0.578%	^#	7/17/2019		500		495,720
Avery Point IV CLO Ltd. 2014-1A A^†	1.754%	^#	4/25/2026		1,000		1,001,765
BlueMountain CLO Ltd. 2014-3A A1^†	1.48%	^#	10/15/2026		500		497,073
CIFC Funding II Ltd. 2014-2A A1L^†	1.713%	^#	5/24/2026		500		499,998
Divcore CLO 2013	4.051%		11/27/2032		1,000		966,461
Dryden XXIII Senior Loan Fund 2012-23RA A1R^†	1.481%	^#	7/17/2023		2,000		1,984,449
Fairway Loan Funding Co. 2006-1A A3L^†	0.888%	^#	10/17/2018		600		596,942
Fortress Credit BSL II Ltd. 2013-2A A1F^†	1.731%	^#	10/19/2025		525		523,163
Fortress Credit BSL Ltd. 2013-1A A^†	1.411%	^#	1/19/2025		1,000		986,914
Fraser Sullivan CLO II Ltd. 2006-2A A2^†	0.547%	^#	12/20/2020		500		497,621
Galaxy XVIII CLO Ltd. 2014-18A A^†	1.704%	^#	10/15/2026		500		496,876
Gleneagles CLO Ltd. 2005-1A B^†	0.782%	^#	11/1/2017		500		494,150
HLSS Servicer Advance Receivables Backed Notes 2013-T2 A2^†	1.147%		5/16/2044		500		499,514
HLSS Servicer Advance Receivables Backed Notes 2013-T3 A3^†	1.793%		5/15/2046		500		493,988
HLSS Servicer Advance Receivables Backed Notes 2013-T3 B3^†	2.14%		5/15/2046		750		741,732
HLSS Servicer Advance Receivables Backed Notes 2013-T7 AT7^†	1.981%		11/15/2046		1,650		1,634,059
HLSS Servicer Advance Receivables Trust 2012-T2 A2^†	1.99%		10/15/2045		750		753,060
HLSS Servicer Advance Receivables Trust 2013-T1 A2^†	1.495%		1/16/2046		1,660		1,659,049
HLSS Servicer Advance Receivables Trust 2014-T1 AT1^†	1.244%		1/17/2045		490		490,002
JFIN CLO Ltd. 2007-1A A2^†	0.471%	^#	7/20/2021		374		370,683
JFIN Revolver CLO Ltd. 2013-1A A^†	1.481%	^#	1/20/2021		750		748,646
KKR Financial CLO Ltd. 2006-1A C^†	1.183%	^#	8/25/2018		750		736,137
KKR Financial CLO Ltd. 2007-1A B^†	0.982%	^#	5/15/2021		750		730,165
New Residential Advance Receivables Trust
Advance Receivables Backed 2014-T2 AT2^†	2.377%		3/15/2047		400		400,543
Oaktree CLO Ltd. 2014-2A A1A^†	1.762%	^#	10/20/2026		525		525,000
Octagon Investment Partners XIX Ltd. 2014-1A A^†	1.751%	^#	4/15/2026		500		500,887
OZLM VII Ltd. 2014-7A A1B^†	1.745%	^#	7/17/2026		750		750,378
Red River CLO Ltd. 1A A^†	0.502%	^#	7/27/2018		275		274,021
SLM Private Education Loan Trust 2010-A 2A^†	3.411%	^#	5/16/2044		1,502		1,589,836
SLM Private Education Loan Trust 2011-B A1^†	1.011%	^#	12/16/2024		1,433		1,437,783

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Other (continued)
SLM Private Education Loan Trust 2012-A A1^†	1.561%	^#	8/15/2025	$	483	$	488,599
SLM Private Education Loan Trust 2012-C A1^†	1.261%	^#	8/15/2023		540		542,780
SLM Private Education Loan Trust 2012-E A1^†	0.911%	^#	10/16/2023		231		232,036
SLM Private Education Loan Trust 2013-B A1^†	0.811%	^#	7/15/2022		590		591,479
SLM Student Loan Trust 2011-1 A1	0.69%	^#	3/25/2026		792		794,880
Stone Tower CLO V Ltd. 2006-5A A2B^†	0.559%	^#	7/16/2020		1,500		1,473,869
Stone Tower CLO VI Ltd. 2007-6A A2B^†	0.548%	^#	4/17/2021		600		583,911
Venture XVII CLO Ltd. 2014-17A A^†	1.711%	^#	7/15/2026		850		845,307
Venture XVIII CLO Ltd. 2014-18A A^†	1.737%	^#	10/15/2026		500		496,373
Westchester CLO Ltd. 2007-1A A1A†	0.457%	^#	8/1/2022		579		574,625
Total							30,298,310
Total Asset-Backed Securities (cost $79,320,848)							79,322,819

CORPORATE BONDS 30.95%

Aerospace/Defense 0.54%
Exelis, Inc.	4.25%		10/1/2016		2,000		2,069,286

Auto Loans 0.21%
Ford Motor Credit Co. LLC	4.25%		2/3/2017		500		525,296
Ford Motor Credit Co. LLC	6.625%		8/15/2017		250		278,858
Total							804,154

Auto Parts & Equipment 1.12%
Continental Rubber of America Corp.^†	4.50%		9/15/2019		2,500		2,602,310
Delphi Corp.	6.125%		5/15/2021		1,500		1,638,750
Total							4,241,060

Banking 4.96%
Bank of America Corp.	5.25%		12/1/2015		250		259,043
Bank of America Corp.	5.70%		5/2/2017		808		873,931
Bank of America Corp.	6.05%		5/16/2016		250		264,819
Bank of America Corp.	7.80%		9/15/2016		123		135,488
Bank of America Corp.	10.20%		7/15/2015		3,000		3,148,944
Citigroup, Inc.	5.50%		2/15/2017		500		537,761
Goldman Sachs Group, Inc. (The)	2.233%	^#	8/24/2016		250		254,326
Goldman Sachs Group, Inc. (The)	5.625%		1/15/2017		2,000		2,145,814
Korea Development Bank (The) (South Korea)^(a)	0.857%	^#	1/22/2017		1,000		1,002,634
Lloyds Bank plc (United Kingdom)^(a)	9.875%		12/16/2021		1,000		1,150,000
Morgan Stanley	5.95%		12/28/2017		3,000		3,335,751
PNC Funding Corp.	5.625%		2/1/2017		695		750,439

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Banking (continued)
Regions Bank	7.50%		5/15/2018	$	750	$	871,988
Royal Bank of Scotland plc (The) (United Kingdom)^(a)	4.375%		3/16/2016		500		517,082
Santander Holdings USA, Inc.	3.00%		9/24/2015		1,800		1,821,897
Shinhan Bank (South Korea)^†(a)	0.883%	^#	4/8/2017		1,800		1,805,431
Total							18,875,348

Brokerage 0.27%
Jefferies Group LLC	3.875%		11/9/2015		500		510,672
Jefferies Group LLC	5.50%		3/15/2016		500		519,281
Total							1,029,953

Building Materials 0.21%
Martin Marietta Materials, Inc.	1.357%	^#	6/30/2017		500		505,788
Martin Marietta Materials, Inc.	6.60%		4/15/2018		250		283,622
Owens Corning	6.50%		12/1/2016		15		16,350
Total							805,760

Cable & Satellite Television 0.48%
Cox Communications, Inc.	5.50%		10/1/2015		150		155,105
Ono Finance II plc (Ireland)^†(a)	10.875%		7/15/2019		1,000		1,061,250
Time Warner Cable, Inc.	8.75%		2/14/2019		500		619,478
Total							1,835,833

Chemicals 0.21%
Incitec Pivot Ltd. (Australia)^†(a)	4.00%		12/7/2015		250		255,789
PetroLogistics LP/PetroLogistics Finance Corp.	6.25%		4/1/2020		500		541,250
Total							797,039

Consumer/Commercial/Lease Financing 0.97%
Air Lease Corp.	5.625%		4/1/2017		1,000		1,080,000
Aviation Capital Group Corp.^†	3.875%		9/27/2016		2,000		2,051,210
International Lease Finance Corp.^†	7.125%		9/1/2018		500		561,250
Total							3,692,460

Electric: Distribution/Transportation 0.06%
SteelRiver Transmission Co. LLC^†	4.71%		6/30/2017		230		239,792

Electronics 0.33%
Jabil Circuit, Inc.	7.75%		7/15/2016		500		538,125
KLA-Tencor Corp.	2.375%		11/1/2017		700		704,165
Total							1,242,290

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Energy: Exploration & Production 1.30%
Continental Resources, Inc.	7.125%		4/1/2021	$	1,775	$	1,910,344
Continental Resources, Inc.	7.375%		10/1/2020		1,900		1,995,000
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc.	6.50%		11/15/2020		750		813,727
Hrvatska Elektroprivreda (Croatia)^†(a)	6.00%		11/9/2017		200		209,600
Total							4,928,671


Food & Drug Retailers 0.14%
Tesco plc (United Kingdom)^†(a)	5.50%		11/15/2017		500		525,063

Gas Distribution 3.45%
Colorado Interstate Gas Co. LLC	6.80%		11/15/2015		1,000		1,046,229
Copano Energy LLC/Copano Energy Finance Corp.	7.125%		4/1/2021		1,646		1,788,264
El Paso Pipeline Partners Operating Co. LLC	4.10%		11/15/2015		2,500		2,558,495
EnLink Midstream Partners LP/EnLink Midstream Finance Corp.	7.125%		6/1/2022		2,894		3,310,504
Kinder Morgan Finance Co. LLC	5.70%		1/5/2016		500		519,187
Kinder Morgan, Inc.	7.00%		6/15/2017		250		276,875
Laclede Group, Inc. (The)	0.982%	^#	8/15/2017		3,600		3,600,349
Total							13,099,903

Health Facilities 0.92%
Omega Healthcare Investors, Inc.	6.75%		10/15/2022		500		532,500
Omega Healthcare Investors, Inc.	7.50%		2/15/2020		2,807		2,947,350
Total							3,479,850

Hotels 1.12%
Host Hotels & Resorts LP	5.875%		6/15/2019		1,500		1,575,721
Host Hotels & Resorts LP	6.00%		11/1/2020		2,500		2,666,320
Total							4,242,041

Insurance Brokerage 0.28%
Willis Group Holdings plc (United Kingdom)^(a)	4.125%		3/15/2016		500		515,477
Willis North America, Inc.	6.20%		3/28/2017		500		541,115
Total							1,056,592

Integrated Energy 1.78%
CNPC General Capital Ltd. (China)^†(a)	1.133%	^#	5/14/2017		2,000		2,004,342
Petrobras Global Finance BV (Netherlands)^(a)	2.603%	^#	3/17/2017		3,000		2,776,800
Sinopec Group Overseas Development 2014 Ltd.^†	1.009%	^#	4/10/2017		2,000		2,003,796
Total							6,784,938

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Investments & Miscellaneous Financial Services 0.53%
Kayne Anderson MLP Investment Co.	1.495%	^#	8/19/2016	$	2,000	$	2,003,992

Life Insurance 0.23%
Symetra Financial Corp.^†	6.125%		4/1/2016		825		865,793

Medical Products 0.13%
Life Technologies Corp.	3.50%		1/15/2016		500		506,179

Metals/Mining (Excluding Steel) 1.99%
Anglo American Capital plc (United Kingdom)^†(a)	1.181%	^#	4/15/2016		500		500,662
Barrick Gold Corp. (Canada)^(a)	2.90%		5/30/2016		500		507,462
Glencore Canada Corp. (Canada)^(a)	5.50%		6/15/2017		500		537,698
Glencore Finance Canada Ltd. (Canada)^†(a)	3.60%		1/15/2017		750		773,758
Glencore Funding LLC^†	1.396%	^#	5/27/2016		3,200		3,217,059
Glencore Funding LLC^†	1.591%	^#	1/15/2019		500		508,940
Kinross Gold Corp. (Canada)^(a)	3.625%		9/1/2016		1,500		1,509,939
Total							7,555,518

Multi-Line Insurance 0.62%
Kemper Corp.	6.00%		11/30/2015		2,250		2,346,019

Oil Field Equipment & Services 1.04%
National Oilwell Varco, Inc.	6.125%		8/15/2015		750		750,370
Noble Holding International Ltd.	3.45%		8/1/2015		2,000		2,026,594
Transocean, Inc.	6.50%		11/15/2020		1,265		1,194,272
Total							3,971,236

Personal & Household Products 0.39%
Avon Products, Inc.	2.375%		3/15/2016		1,500		1,492,500

Pharmaceuticals 1.18%
Forest Laboratories, Inc.^†	4.375%		2/1/2019		1,000		1,057,355
Mylan, Inc.^†	7.875%		7/15/2020		2,754		2,933,927
Zoetis, Inc.	1.15%		2/1/2016		500		499,686
Total							4,490,968

Real Estate Investment Trusts 2.65%
ARC Properties Operating Partnership LP	2.00%		2/6/2017		1,000		954,025
DDR Corp.	7.50%		7/15/2018		500		584,903
Duke Realty LP	5.50%		3/1/2016		465		487,654
HCP, Inc.	3.75%		2/1/2016		775		796,711
Health Care REIT, Inc.	4.125%		4/1/2019		400		425,754

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Real Estate Investment Trusts (continued)
Healthcare Realty Trust, Inc.	6.50%	1/17/2017	$	1,640	$	1,791,764
Hospitality Properties Trust	6.30%	6/15/2016		500		522,469
Hospitality Properties Trust	6.70%	1/15/2018		987		1,091,217
Mid-America Apartments LP	6.05%	9/1/2016		575		618,794
Reckson Operating Partnership LP	6.00%	3/31/2016		1,500		1,581,672
Regency Centers LP	5.25%	8/1/2015		500		512,448
SL Green Realty Corp.	5.00%	8/15/2018		500		536,713
UDR, Inc.	5.25%	1/15/2016		175		182,045
Total						10,086,169

Restaurants 0.52%
Darden Restaurants, Inc.	6.45%	10/15/2017		1,500		1,650,572
Yum! Brands, Inc.	6.25%	4/15/2016		314		333,298
Total						1,983,870

Software/Services 0.40%
Dun & Bradstreet Corp. (The)	2.875%	11/15/2015		1,500		1,511,202

Specialty Retail 1.10%
QVC, Inc.^†	7.375%	10/15/2020		4,000		4,200,000

Technology Hardware & Equipment 0.55%
Brocade Communications Systems, Inc.	6.875%	1/15/2020		2,000		2,072,500

Telecommunications: Wireline Integrated & Services 0.24%
Embarq Corp.	7.082%	6/1/2016		250		269,495
Qwest Corp.	7.625%	6/15/2015		625		641,903
Total						911,398

Transportation: Infrastructure/Services 0.73%
Asciano Finance Ltd. (Australia)^†(a)	3.125%	9/23/2015		2,750		2,782,618

Trucking & Delivery 0.30%
Con-way, Inc.	7.25%	1/15/2018		991		1,126,970
Total Corporate Bonds (cost $118,287,166)						117,656,965

FLOATING RATE LOANS^(b)8.98%

Advertising 0.51%
Nielsen Finance LLC Term Loan A	2.158%	4/30/2019		1,950		1,948,791

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Aerospace/Defense 0.97%
Alliant Techsystems, Inc. Term Loan B	3.50%	11/1/2020	$	1,701	$	1,697,472
Delos Finance S.A.R.L. Term Loan (Luxembourg)^(a)	3.50%	3/6/2021		2,000		1,988,330
Total						3,685,802

Cable & Satellite Television 0.75%
Charter Communications Operating LLC Term Loan E	3.00%	7/1/2020		1,733		1,703,435
CSC Holdings LLC Term Loan B	2.669%	4/17/2020		1,173		1,150,627
Total						2,854,062

Electronics 0.70%
Avago Technologies Cayman Ltd. Term Loan	3.75%	5/6/2021		2,662		2,657,753

Food: Wholesale 0.13%
Aramark Corp. Term Loan E	3.25%	9/7/2019		485		478,787

Gaming 1.26%
Las Vegas Sands LLC Term Loan B	3.25%	12/19/2020		2,228		2,218,840
Seminole Tribe of Florida Initial Term Loan	3.00%	4/29/2020		2,561		2,554,135
Total						4,772,975

Media: Content 0.65%
AMC Networks, Inc. Term Loan A	1.907%	12/16/2019		2,500		2,483,125

Medical Products 0.59%
Fresenius US Finance I, Inc. Tranche B Term Loan (Germany)^(a)	2.17%	8/7/2019		1,600		1,597,006
Thermo Fisher Scientific, Inc. Committed
Term Loan	1.633%	1/31/2017		638		637,902
Total						2,234,908

Pharmaceuticals 1.32%
Actavis, Inc. Term Loan A	1.669%	10/1/2016		274		273,987
Amgen Inc. Term Loan	1.255%	9/18/2018		4,730		4,725,307
Total						4,999,294

Specialty Retail 0.20%
PVH Corp. Tranche B Term Loan	3.25%	2/13/2020		752		753,797

Support: Services 0.81%
Activision Blizzard, Inc. Term Loan	3.25%	10/12/2020		3,092		3,091,662

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Telecommunications: Wireless 0.66%
American Tower Corp. Term Loan A	1.419%		1/3/2019	$	1,625	$	1,618,224
DigitalGlobe, Inc. Term Loan	3.75%		1/31/2020		910		904,957
Total							2,523,181

Theaters & Entertainment 0.43%
Kasima LLC Term Loan	3.25%		5/17/2021		1,678		1,648,288
Total Floating Rate Loans (cost $34,326,621)							34,132,425

FOREIGN GOVERNMENT OBLIGATION^(a)0.06%

Brazil
Federal Republic of Brazil (cost $215,457)	8.00%		1/15/2018		194		213,111

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.13%
Federal Home Loan Mortgage Corp. 2012-K705 C^†	4.162%	^#	9/25/2044		500		512,941
Federal Home Loan Mortgage Corp. 2012-K706 B^†	4.027%	^#	11/25/2044		100		104,251
Federal Home Loan Mortgage Corp. 2012-K707 B^†	3.883%	^#	1/25/2047		17		17,630
Federal Home Loan Mortgage Corp. 2012-K708 C^†	3.759%	^#	2/25/2045		100		102,085
Federal Home Loan Mortgage Corp. 2012-K710 B^†	3.819%	^#	6/25/2047		200		206,715
Federal Home Loan Mortgage Corp. 2012-K711 B^†	3.562%	^#	8/25/2045		303		310,394
Federal Home Loan Mortgage Corp. 2012-K711 C^†	3.562%	^#	8/25/2045		200		199,579
Federal Home Loan Mortgage Corp. 2013-K712 B^†	3.368%	^#	5/25/2045		100		100,619
Federal Home Loan Mortgage Corp. 2013-K713 B^†	3.165%	^#	4/25/2046		400		397,992
Federal Home Loan Mortgage Corp. 2014-K503 B^†	3.009%	^#	10/25/2047		415		415,972
Government National Mortgage Assoc. 2013-171 IO	1.141%	^#	6/16/2054		19,653		1,731,444
Government National Mortgage Assoc. 2013-193 IO	1.124%	^#	1/16/2055		2,033		174,946
Government National Mortgage Assoc. 2014-15 IO	1.059%	^#	8/16/2054		19,765		1,557,638
Government National Mortgage Assoc. 2014-70 A	2.50%		3/16/2049		149		150,166
Government National Mortgage Assoc. 2014-78 A	2.20%		4/16/2047		241		241,814
Government National Mortgage Assoc. 2014-78 IO	1.001%	^#	3/16/2056		1,334		102,034
Government National Mortgage Assoc. 2014-112 A	3.00%		1/16/2048		1,739		1,791,645
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $8,025,907)							8,117,865

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.62%
Federal Home Loan Mortgage Corp.	2.267%	^#	12/1/2037		407		433,882
Federal Home Loan Mortgage Corp.	2.272%	^#	2/1/2038		711		760,909
Federal Home Loan Mortgage Corp.	2.312%	^#	12/1/2036		748		801,108
Federal Home Loan Mortgage Corp.	2.313%	^#	4/1/2037		510		542,586
Federal Home Loan Mortgage Corp.	2.339%	^#	10/1/2038		349		372,754


32	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)
Federal Home Loan Mortgage Corp.	2.359%	^#	6/1/2038	$	224	$	239,461
Federal Home Loan Mortgage Corp.	2.368%	^#	3/1/2038		598		638,143
Federal Home Loan Mortgage Corp.	2.369%	^#	10/1/2039		532		566,397
Federal Home Loan Mortgage Corp.	2.37%		10/1/2035		592		630,454
Federal Home Loan Mortgage Corp.	2.392%	^#	5/1/2036		443		473,327
Federal Home Loan Mortgage Corp.	2.499%	^#	9/1/2036		695		747,909
Federal Home Loan Mortgage Corp.	2.631%	^#	12/1/2035		650		697,913
Federal Home Loan Mortgage Corp.	3.215%	^#	6/1/2044		1,128		1,176,765
Federal Home Loan Mortgage Corp.^(c)	5.00%		5/1/2021		98		104,928
Federal National Mortgage Assoc.	2.025%	^#	12/1/2035		638		673,046
Federal National Mortgage Assoc.	2.066%	^#	2/1/2036		427		452,857
Federal National Mortgage Assoc.	2.11%	^#	3/1/2039		394		418,456
Federal National Mortgage Assoc.^(c)	2.127%	^#	11/1/2036		1,696		1,815,878
Federal National Mortgage Assoc.	2.166%	^#	8/1/2037		466		496,692
Federal National Mortgage Assoc.	2.212%	^#	9/1/2038		324		345,678
Federal National Mortgage Assoc.	2.23%	^#	1/1/2038		439		470,733
Federal National Mortgage Assoc.	2.235%	^#	8/1/2038		247		263,618
Federal National Mortgage Assoc.	2.331%	^#	1/1/2038		386		414,590
Federal National Mortgage Assoc.	2.361%	^#	3/1/2038		248		268,724
Federal National Mortgage Assoc.	2.389%	^#	11/1/2038		579		617,999
Federal National Mortgage Assoc.	2.471%	^#	12/1/2038		203		218,453
Federal National Mortgage Assoc.	2.95%		3/1/2015		1,000		1,000,619
Federal National Mortgage Assoc.	5.50%		11/1/2034		885		995,224
Federal National Mortgage Assoc.	5.50%		2/1/2034		809		911,602
Total Government Sponsored Enterprises Pass-Throughs (cost $17,365,967)							17,550,705

MUNICIPAL BOND 0.20%

Nursing Home
New Jersey Econ Dev Auth (cost $754,221)	2.421%		6/15/2018		750		755,707

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 21.99%
Americold LLC Trust 2010-ARTA A1^†	3.847%		1/14/2029		400		417,899
BAMLL Commercial Mortgage Securities Trust 2014-IP B^†	2.717%	^#	6/15/2028		200		202,846
BAMLL Commercial Mortgage Securities Trust 2014-IP C^†	2.717%	^#	6/15/2028		340		342,448
BAMLL-DB Trust 2012-OSI A2FX^†	3.352%		4/13/2029		100		102,709


	See Notes to Financial Statements.	33

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Banc of America Commercial Mortgage Trust 2007-3 AMF	5.317%		6/10/2049	$	700	$	749,104
Banc of America Re-REMIC Trust 2009-UB2 A4B2^†	5.541%	^#	6/24/2049		1,759		1,901,935
Bear Stearns Commercial Mortgage Securities Trust 2007-PW16 AM	5.707%	^#	6/11/2040		1,000		1,090,916
Bear Stearns Commercial Mortgage Securities Trust 2007-PW17 AM	5.896%	^#	6/11/2050		1,000		1,095,399
Bear Stearns Deutsche Bank Trust 2005-AFR1 A2^†	5.008%		9/15/2027		90		97,177
Boca Hotel Portfolio Trust 2013-BOCA D^†	3.211%	^#	8/15/2026		360		359,990
CG-CCRE Commercial Mortgage Trust 2014-FL1 A^†	1.111%	^#	6/15/2031		250		249,814
CG-CCRE Commercial Mortgage Trust 2014-FL1 XCP IO^†	1.466%	^#	6/15/2031		4,500		62,970
Citigroup Commercial Mortgage Trust 2007-C6 AM	5.71%	^#	12/10/2049		750		801,868
Citigroup Commercial Mortgage Trust 2007-FL3A E^†	0.461%	^#	4/15/2022		100		99,384
Citigroup Commercial Mortgage Trust 2013-SMP C^†	2.738%		1/12/2030		250		252,702
Citigroup Commercial Mortgage Trust 2013-SMP D^†	2.911%	^#	1/12/2030		750		753,300
Citigroup Commercial Mortgage Trust 2014-GC21 XA IO	1.331%	^#	5/10/2047		4,466		403,397
Citigroup Commercial Mortgage Trust 2014-GC23 XB IO	0.227%	^#	7/10/2047		3,784		79,263
COBALT CMBS Commercial Mortgage Trust 2007-C2 AMFX	5.526%		4/15/2047		925		994,461
Commercial Mortgage Pass-Through Certificates 2001-J2A F^†	7.142%	^#	7/16/2034		839		921,179
Commercial Mortgage Pass-Through Certificates 2001-J2A G^†	7.142%	^#	7/16/2034		100		108,814
Commercial Mortgage Pass-Through Certificates 2004-LB2A E	5.357%		3/10/2039		750		841,469
Commercial Mortgage Pass-Through Certificates 2007-FL14 C^†	0.461%	^#	6/15/2022		454		452,300
Commercial Mortgage Pass-Through Certificates 2010-C1 C^†	5.769%	^#	7/10/2046		100		114,586
Commercial Mortgage Pass-Through Certificates 2012-9W57 X IO^†	1.399%	^#	2/10/2029		8,000		213,412
Commercial Mortgage Pass-Through Certificates 2012-CR1 A1	1.116%		5/15/2045		65		64,976
Commercial Mortgage Pass-Through Certificates 2012-LTRT A1^†	2.15%		10/5/2030		410		404,598


34	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates 2012-MVP B^†	1.761%	^#	11/17/2026	$	30	$	30,053
Commercial Mortgage Pass-Through Certificates 2013-SFS A1^†	1.873%		4/12/2035		427		416,155
Commercial Mortgage Pass-Through Certificates 2013-THL B^†	1.758%	^#	6/8/2030		225		225,072
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	1.319%	^#	8/10/2047		1,734		139,609
Commercial Mortgage Pass-Through Certificates 2014-FL4 C^†	2.111%	^#	7/13/2031		750		753,333
Commercial Mortgage Pass-Through Certificates 2014-FL4 XCP IO^†	0.472%	^#	9/13/2015		1,566		1,913
Commercial Mortgage Pass-Through Certificates 2014-KYO A^†	1.059%	^#	6/11/2027		230		229,790
Commercial Mortgage Pass-Through Certificates 2014-LC17 XB IO^†	0.042%	^#	10/10/2047		58,568		390,297
Commercial Mortgage Pass-Through Certificates 2014-SAVA A^†	1.311%	^#	6/15/2034		344		344,089
Commercial Mortgage Pass-Through Certificates 2014-SAVA B^†	1.911%	^#	6/15/2034		275		274,423
Commercial Mortgage Pass-Through Certificates 2014-SAVA C^†	2.561%	^#	6/15/2034		375		375,283
Commercial Mortgage Pass-Through Certificates 2014-SAVA XCP IO^†	3.387%	^#	6/15/2034		6,033		298,211
Commercial Mortgage Pass-Through Certificates 2014-UBS5 XA IO	1.114%	^#	9/10/2047		3,774		261,573
Commercial Mortgage Trust 2006-GG7 AM	5.819%	^#	7/10/2038		1,000		1,054,811
Commercial Mortgage Trust 2007-GG9 A2	5.381%		3/10/2039		290		291,194
Credit Suisse First Boston Mortgage Securities Corp. 2006-OMA A^†	5.384%		5/15/2023		50		54,130
Credit Suisse Mortgage Capital Certificates 2014-RS1 MRA^†	0.511%	^#	11/24/2046		1,193		1,118,310
Credit Suisse Mortgage Capital Certificates 2014-USA X1 IO^†	0.552%	^#	9/15/2037		20,000		1,018,756
DBUBS Mortgage Trust 2011-LC1A A2^†	4.528%		11/10/2046		1,000		1,080,254
DBUBS Mortgage Trust 2011-LC1A A3^†	5.002%		11/10/2046		1,000		1,129,739
DBUBS Mortgage Trust 2011-LC2A A1^†	3.527%		7/10/2044		956		997,854
DBUBS Mortgage Trust 2011-LC2A A2^†	3.386%		7/10/2044		655		673,280
DBUBS Mortgage Trust 2011-LC3A A3	4.638%		8/10/2044		500		542,149
Extended Stay America Trust 2013-ESH7 A27^†	2.958%		12/5/2031		710		720,895
Extended Stay America Trust 2013-ESH7 B7^†	3.604%		12/5/2031		800		819,390


	See Notes to Financial Statements.	35

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Fosse Master Issuer plc 2012-1A 2B1 (United Kingdom)^†(a)	2.181%	^#	10/18/2054	$	350	$	353,809
Granite Master Issuer plc 2005-1 A4 (United Kingdom)^(a)	0.366%	^#	12/20/2054		352		349,398
Granite Master Issuer plc 2005-2 A6 (United Kingdom)^(a)	0.426%	^#	12/20/2054		188		186,528
Granite Master Issuer plc 2007-1 3A1 (United Kingdom)^(a)	0.366%	^#	12/20/2054		66		65,685
Granite Master Issuer plc 2007-2 3A1 (United Kingdom)^(a)	0.342%	^#	12/17/2054		616		611,677
GS Mortgage Securities Corp. II 2013-KING C^†	3.435%	^#	12/10/2027		2,250		2,275,676
GS Mortgage Securities Trust 2010-C1 D^†	6.041%	^#	8/10/2043		100		109,854
GS Mortgage Securities Trust 2013-G1 A1^†	2.059%		4/10/2031		1,035		1,006,750
H/2 Asset Funding 2014-1 Ltd.	2.101%		3/19/2037		2,000		2,013,198
HILT Mortgage Trust 2014-ORL B^†	1.361%	^#	7/15/2029		200		200,033
HILT Mortgage Trust 2014-ORL C^†	1.761%	^#	7/15/2029		750		750,237
HILT Mortgage Trust 2014-ORL XCP IO^†	1.104%	^#	7/15/2029		1,000		11,514
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB18 AM	5.466%		6/12/2047		2,500		2,659,987
JPMorgan Chase Commercial Mortgage Securities Trust 2010-C1 A2^†	4.608%		6/15/2043		500		531,936
JPMorgan Chase Commercial Mortgage Securities Trust 2010-C2 B^†	5.075%		11/15/2043		250		276,761
JPMorgan Chase Commercial Mortgage Securities Trust 2011-PLSD C^†	5.143%		11/13/2044		100		105,965
JPMorgan Chase Commercial Mortgage Securities Trust 2012-LC9 A2	1.677%		12/15/2047		1,100		1,102,125
JPMorgan Chase Commercial Mortgage Securities Trust 2014-BXH A^†	1.061%	^#	4/15/2027		400		400,152
JPMorgan Chase Commercial Mortgage Securities Trust 2014-BXH B^†	1.411%	^#	4/15/2027		250		249,897
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C18 A2	2.879%		2/15/2047		119		122,666
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 XA IO	1.288%	^#	4/15/2047		1,984		117,111
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 XB IO	0.284%	^#	4/15/2047		1,000		27,432
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A^†	3.429%		6/10/2027		1,383		1,426,591
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY B^†	3.771%		6/10/2027		274		282,043


36	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY C^†	3.805%	^#	6/10/2027	$	191	$	193,463
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XA IO^†	0.376%	^#	6/10/2027		1,487		25,522
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XB IO^†	0.034%	^#	6/10/2027		661		2,311
JPMorgan Chase Commercial Mortgage Securities Trust 2014-FL4 C^†	2.361%	^#	12/15/2030		250		250,515
JPMorgan Chase Commercial Mortgage Securities Trust 2014-FL4 D^†	3.261%	^#	12/15/2030		500		496,492
JPMorgan Chase Commercial Mortgage Securities Trust 2014-FL5 C^†	2.261%	^#	7/15/2031		250		250,727
JPMorgan Chase Commercial Mortgage Securities Trust 2014-FL5 XCP IO^†	0.698%	^#	5/15/2016		108,350		404,189
JPMorgan Chase Commercial Mortgage Securities Trust 2014-INN A^†	1.081%	^#	6/15/2029		650		649,853
JPMorgan Chase Commercial Mortgage Securities Trust 2014-INN C^†	1.861%	^#	6/15/2029		150		149,608
JPMorgan Chase Commercial Mortgage Securities Trust 2014-INN XCP IO^†	0.09%		12/15/2015		25,000		21,183
Ladder Capital Commercial Mortgage Securities LLC 2014-PKMD A^†	2.857%	^#	11/14/2027		1,816		1,855,763
Ladder Capital Commercial Mortgage Securities LLC 2014-PKMD B^†	2.857%	^#	11/14/2027		156		158,058
Ladder Capital Commercial Mortgage Securities LLC 2014-PKMD MRC^†	2.857%	^#	11/14/2027		126		127,996
LB-UBS Commercial Mortgage Trust 2006-C6 AM	5.413%		9/15/2039		1,000		1,062,745
LB-UBS Commercial Mortgage Trust 2006-C7 AM	5.378%		11/15/2038		1,100		1,166,836
LSTAR Commercial Mortgage Trust 2014-2 A1^†	1.519%		1/20/2041		161		160,757
LSTAR Commercial Mortgage Trust 2014-2 XA IO^†	1.00%	^#	1/20/2041		1,807		65,451
Merrill Lynch/Countrywide Commercial Mortgage Trust 2006-4 AM	5.204%		12/12/2049		500		533,422
Morgan Stanley Capital I Trust 2005-IQ9 B	4.86%		7/15/2056		450		466,589
Morgan Stanley Capital I Trust 2007-HQ12 AM	5.592%	^#	4/12/2049		175		186,461
Morgan Stanley Capital I Trust 2007-IQ15 AM	5.908%	^#	6/11/2049		813		874,688
Morgan Stanley Capital I Trust 2012-C4 XA IO^†	2.637%	^#	3/15/2045		25,855		2,675,911
Morgan Stanley Capital I Trust 2012-STAR A1^†	2.084%		8/5/2034		801		792,936
Morgan Stanley Capital I Trust 2014-CPT XA IO^†	0.089%	^#	7/13/2029		100,000		740,490
Motel 6 Trust 2012-MTL6 A2^†	1.948%		10/5/2025		100		99,794
Nationslink Funding Corp. Commercial Loan Pass-Through Certificate 1999-LTL1 C^†	7.399%		1/22/2026		320		341,808


	See Notes to Financial Statements.	37

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
OBP Depositor LLC Trust 2010-OBP A^†	4.646%		7/15/2045	$	505	$	560,372
PFP III Ltd. 2014-1 AS^†	1.811%	^#	6/14/2031		1,000		998,427
PFP III Ltd. 2014-1 B^†	2.511%	^#	6/14/2031		1,000		999,084
PFP III Ltd. 2014-1 C^†	3.061%	^#	6/14/2031		2,000		2,000,479
RAIT Trust 2014-FL2 B^†	2.311%	^#	5/13/2031		1,000		988,907
RBS Greenwich Capital Mortgage Loan Trust 2010-MB1 A2^†	3.686%		4/15/2024		59		59,437
RBSCF Trust 2010-RR3 WBTB^†	5.941%	^#	2/16/2051		1,500		1,615,690
Resource Capital Corp. Ltd. 2014-CRE2 A^†	1.212%	^#	4/15/2032		250		250,196
Selkirk Ltd. 1 A^†	1.329%		2/20/2041		370		367,118
Sequoia Mortgage Trust 2012-4 A3	2.069%		9/25/2042		396		372,906
TimberStar Trust 1 2006-1A A^†	5.668%		10/15/2036		1,600		1,704,842
UBS-Barclays Commercial Mortgage Trust 2012-C4 A2	1.712%		12/10/2045		1,000		999,934
UBS-Barclays Commercial Mortgage Trust 2013-C5 A2	2.137%		3/10/2046		2,100		2,118,208
Vornado DP LLC Trust 2010-VNO A1^†	2.97%		9/13/2028		623		645,668
Wachovia Bank Commercial Mortgage Trust 2005-C21 D	5.242%	^#	10/15/2044		3,500		3,545,841
Wachovia Bank Commercial Mortgage Trust 2005-C22 AM	5.319%	^#	12/15/2044		1,000		1,030,248
Wachovia Bank Commercial Mortgage Trust 2006-C27 AM	5.795%		7/15/2045		667		710,493
Wachovia Bank Commercial Mortgage Trust 2007-C31 AM	5.591%		4/15/2047		2,000		2,137,316
Wells Fargo Commercial Mortgage Trust 2012-LC5 A2	1.844%		10/15/2045		540		543,970
Wells Fargo Commercial Mortgage Trust 2014-TISH C^†	2.005%	^#	2/15/2027		250		249,910
WF-RBS Commercial Mortgage Trust 2011-C4 A3^†	4.394%		6/15/2044		25		27,030
WF-RBS Commercial Mortgage Trust 2011-C5 A3	3.526%		11/15/2044		1,000		1,050,741
WF-RBS Commercial Mortgage Trust 2012-C7 A1	2.30%		6/15/2045		852		856,885
WF-RBS Commercial Mortgage Trust 2012-C8 A2	1.881%		8/15/2045		1,300		1,312,145
WF-RBS Commercial Mortgage Trust 2014-C20 XA IO	1.241%	^#	5/15/2047		3,934		300,318
WF-RBS Commercial Mortgage Trust 2014-C20 XB IO	0.573%	^#	5/15/2047		765		38,893
WF-RBS Commercial Mortgage Trust 2014-C21 XB IO	0.609%	^#	8/15/2047		15,000		824,333
WF-RBS Commercial Mortgage Trust 2014-C22 XA IO	0.969%	^#	9/15/2057		12,977		850,039
WF-RBS Commercial Mortgage Trust 2014-C22 XB IO	0.453%	^#	9/15/2057		14,000		538,594
WF-RBS Commercial Mortgage Trust 2014-C23 XA IO	0.727%	^#	10/15/2057		7,985		379,631


38	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
WF-RBS Commercial Mortgage Trust 2014-C23 XB IO	0.307%	^#	10/15/2057	$	5,000	$	123,150
Total Non-Agency Commercial Mortgage-Backed Securities (cost $84,281,371)							83,610,877
Total Long-Term Investments (cost $342,577,558)						$	341,360,474

SHORT-TERM INVESTMENTS 6.53%

COMMERCIAL PAPER 1.30%

Electric: Integrated 0.53%
Duke Energy Corp.	Zero Coupon		2/17/2015		2,000		1,998,799

Food & Drug Retailers 0.77%
Tesco Treasury Services plc (United Kingdom)^(a)	Zero Coupon		8/18/2015		3,000		2,947,170
Total Commercial Paper (cost $4,982,552)							4,945,969

CORPORATE BONDS 5.23%

Banking 1.08%
Amsouth Bank	5.20%		4/1/2015		320		323,220
JPMorgan Chase & Co.	5.15%		10/1/2015		500		513,996
PNC Funding Corp.	5.25%		11/15/2015		1,350		1,399,438
Royal Bank of Scotland Group plc (United Kingdom)^(a)	2.55%		9/18/2015		500		505,093
Royal Bank of Scotland Group plc (United Kingdom)^(a)	5.05%		1/8/2015		500		500,101
Royal Bank of Scotland plc (The) (United Kingdom)^(a)	3.95%		9/21/2015		869		887,043
Total							4,128,891

Chemicals 0.27%
Methanex Corp. (Canada)^(a)	6.00%		8/15/2015		1,000		1,030,411

Diversified Capital Goods 0.14%
Leucadia National Corp.	8.125%		9/15/2015		500		523,535

Electric: Distribution/Transportation 0.33%
Pepco Holdings, Inc.	2.70%		10/1/2015		1,250		1,265,277

Electric: Generation 0.05%
TransAlta Corp. (Canada)^(a)	4.75%		1/15/2015		179		179,163

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Electric: Integrated 1.24%
CenterPoint Energy, Inc.	6.85%	6/1/2015	$	500	$	512,273
Constellation Energy Group, Inc.	4.55%	6/15/2015		2,796		2,841,463
Duquesne Light Holdings, Inc.	5.50%	8/15/2015		330		338,943
Entergy Corp.	3.625%	9/15/2015		500		507,208
LG&E and KU Energy LLC	2.125%	11/15/2015		500		504,499
Total						4,704,386

Energy: Exploration & Production 0.13%
EQT Corp.	5.00%	10/1/2015		500		513,446

Food: Wholesale 0.07%
Ingredion, Inc.	3.20%	11/1/2015		250		254,233

Gas Distribution 0.33%
Energy Transfer Partners LP	5.95%	2/1/2015		500		501,659
Williams Partners LP	3.80%	2/15/2015		750		752,164
Total						1,253,823

Health Facilities 0.14%
Quest Diagnostics, Inc.	5.45%	11/1/2015		500		517,775

Health Services 0.07%
Express Scripts Holding Co.	2.10%	2/12/2015		260		260,326

Metals/Mining (Excluding Steel) 0.34%
Teck Resources Ltd. (Canada)^(a)	5.375%	10/1/2015		1,250		1,283,019

Real Estate Investment Trusts 0.63%
DDR Corp.	5.50%	5/1/2015		500		507,342
Digital Realty Trust LP	4.50%	7/15/2015		445		449,256
Duke Realty LP	7.375%	2/15/2015		630		634,585
Kilroy Realty LP	5.00%	11/3/2015		500		515,607
Liberty Property LP	5.125%	3/2/2015		295		297,050
Total						2,403,840

Support: Services 0.41%
Brambles USA, Inc.^†	3.95%	4/1/2015		1,550		1,560,797
Total Corporate Bonds (cost $19,904,255)						19,878,922

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

Principal

Interest

Maturity

Amount

Fair

Investments

Rate

Date

(000)

Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITY 0.00%

JPMorgan Chase Commercial Mortgage Securities Trust 2014-BXH XCP IO^† (cost $0)

Zero Coupon

5/15/2015

3,320

Total Short-Term Investments (cost $24,886,807)

24,824,941

Total Investments in Securities 96.32% (cost $367,464,365)

366,185,415

Cash, Foreign Cash and Other Assets in Excess of Liabilities^(d)3.68%

13,973,832

Net Assets 100.00%

380,159,247

^IO		Interest Only.
^†		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.
^#		Variable rate security. The interest rate represents the rate in effect at December 31, 2014.
^(a)		Foreign security traded in U.S. dollars.
^(b)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate shown is the rate in effect at December 31, 2014.
^(c)		Security has been fully or partially segregated to cover margin requirements for open futures contracts and interest rate swaps as of December 31, 2014.
^(d)		Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

Open Forward Foreign Currency Exchange Contracts at December 31, 2014:

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Appreciation
Argentine peso	Buy	Barclays Bank plc	2/12/2015	18,000,000	$	1,988,950	$	2,027,883		$	38,933
Argentine peso	Buy	Citibank	2/12/2015	58,250,000		6,345,316		6,562,456			217,140
Argentine peso	Buy	Citibank	3/10/2015	188,200,000		20,193,133		20,674,574			481,441
Argentine peso	Buy	J.P. Morgan	1/12/2015	3,815,000		391,483		446,531			55,048
Brazilian real	Buy	Morgan Stanley	3/10/2015	525,000		193,392		194,081			689
Chilean peso	Buy	Bank of America	3/10/2015	13,790,000,000		22,388,181		22,579,085			190,904
Indonesian rupiah	Buy	J.P. Morgan	3/10/2015	4,400,000,000		341,748		349,918			8,170
Philippine peso	Buy	Barclays Bank plc	2/12/2015	11,650,000		259,165		259,888			723
Philippine peso	Buy	Barclays Bank plc	2/12/2015	121,000,000		2,684,891		2,699,266			14,375
Philippine peso	Buy	Barclays Bank plc	1/12/2015	6,740,000		149,479		150,614			1,135
Philippine peso	Buy	Barclays Bank plc	1/12/2015	11,700,000		260,840		261,451			611
Philippine peso	Buy	J.P. Morgan	2/12/2015	695,500,000		15,421,286		15,515,203			93,917
Philippine peso	Buy	J.P. Morgan	1/12/2015	10,000,000		222,717		223,462			745
South African rand	Buy	Deutsche Bank	3/10/2015	2,225,000		190,191		190,344			153
South African rand	Buy	J.P. Morgan	3/10/2015	156,900,000		13,392,072		13,422,492			30,420
South Korean won	Buy	Bank of America	2/12/2015	2,050,000,000		1,838,713		1,870,694			31,981
South Korean won	Buy	Goldman Sachs	3/10/2015	10,225,000,000		9,142,116		9,319,733			177,617

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

Open Forward Foreign Currency Exchange Contracts at December 31, 2014: (continued)

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Appreciation
South Korean won	Buy	Morgan Stanley	3/10/2015	295,000,000	$	268,128	$	268,882		$	754
Thai baht	Buy	J.P. Morgan	3/10/2015	595,800,000		17,859,712		18,052,426			192,714
Thai baht	Buy	Morgan Stanley	2/12/2015	52,850,000		1,602,001		1,603,296			1,295
Turkish lira	Buy	Deutsche Bank	3/10/2015	1,090,000		459,869		459,904			35
euro	Sell	Goldman Sachs	1/12/2015	3,055,000		3,853,923		3,696,979			156,944
euro	Sell	J.P. Morgan	3/10/2015	2,040,000		2,508,308		2,469,971			38,337
euro	Sell	J.P. Morgan	1/12/2015	390,000		483,117		471,955			11,162
Malaysian ringgit	Sell	Barclays Bank plc	2/12/2015	1,490,000		443,479		424,097			19,382
Malaysian ringgit	Sell	J.P. Morgan	2/12/2015	18,700,000		5,566,305		5,322,555			243,750
Malaysian ringgit	Sell	J.P. Morgan	2/12/2015	13,425,000		3,866,536		3,821,139			45,397
Singapore dollar	Sell	Deutsche Bank	3/10/2015	4,700,000		3,554,668		3,543,927			10,741
Singapore dollar	Sell	J.P. Morgan	3/10/2015	4,935,000		3,760,158		3,721,123			39,035
Singapore dollar	Sell	Morgan Stanley	2/12/2015	520,000		400,357		392,201			8,156
South Korean won	Sell	Bank of America	1/12/2015	405,000,000		373,778		368,743			5,035
Turkish lira	Sell	Goldman Sachs	1/12/2015	620,000		266,453		264,945			1,508
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	2,118,247

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Depreciation
Brazilian real	Buy	Barclays Bank plc	2/12/2015	1,365,000	$	518,656	$	508,264		$	(10,392	)
Brazilian real	Buy	Goldman Sachs	1/12/2015	9,610,000		3,726,621		3,608,393			(118,228	)
Brazilian real	Buy	Goldman Sachs	3/10/2015	2,355,000		887,808		870,593			(17,215	)
Brazilian real	Buy	J.P. Morgan	2/12/2015	5,465,000		2,121,836		2,034,918			(86,918	)
Brazilian real	Buy	J.P. Morgan	2/12/2015	65,050,000		25,212,201		24,221,663			(990,538	)
Brazilian real	Buy	Morgan Stanley	2/12/2015	960,000		372,801		357,460			(15,341	)
Brazilian real	Buy	Morgan Stanley	1/12/2015	665,000		259,674		249,696			(9,978	)
Chilean peso	Buy	Bank of America	1/12/2015	155,000,000		263,525		255,187			(8,338	)
Chilean peso	Buy	Bank of America	2/12/2015	1,460,000,000		2,440,778		2,395,603			(45,175	)
Chilean peso	Buy	Goldman Sachs	2/12/2015	2,800,000,000		4,708,019		4,594,306			(113,713	)
Colombian peso	Buy	Bank of America	2/12/2015	3,100,000,000		1,433,964		1,302,856			(131,108	)
Colombian peso	Buy	Goldman Sachs	3/10/2015	12,815,000,000		5,550,022		5,375,085			(174,937	)
Colombian peso	Buy	J.P. Morgan	3/10/2015	810,000,000		344,828		339,744			(5,084	)
Colombian peso	Buy	UBS AG	2/12/2015	26,230,000,000		12,483,046		11,023,845			(1,459,201	)
Hungarian forint	Buy	Barclays Bank plc	1/12/2015	2,042,000,000		8,406,132		7,804,684			(601,448	)
Hungarian forint	Buy	Barclays Bank plc	1/12/2015	46,100,000		186,874		176,198			(10,676	)

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

Open Forward Foreign Currency Exchange Contracts at December 31, 2014: (continued)

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Hungarian forint	Buy	Deutsche Bank	1/12/2015	63,400,000	$	259,958	$	242,320	$	(17,638	)
Hungarian forint	Buy	Goldman Sachs	2/12/2015	2,765,000,000		11,057,043		10,558,019		(499,024	)
Hungarian forint	Buy	Morgan Stanley	2/12/2015	513,000,000		2,084,385		1,958,866		(125,519	)
Indian rupee	Buy	Barclays Bank plc	2/12/2015	179,500,000		2,881,405		2,818,781		(62,624	)
Indian rupee	Buy	Goldman Sachs	3/10/2015	715,900,000		11,433,910		11,195,066		(238,844	)
Indian rupee	Buy	J.P. Morgan	3/10/2015	221,000,000		3,526,296		3,455,943		(70,353	)
Indian rupee	Buy	J.P. Morgan	2/12/2015	1,333,000,000		21,405,058		20,932,789		(472,269	)
Indonesian rupiah	Buy	Barclays Bank plc	2/12/2015	87,800,000,000		7,100,687		7,019,087		(81,600	)
Indonesian rupiah	Buy	J.P. Morgan	1/12/2015	2,750,000,000		224,618		221,619		(2,999	)
Indonesian rupiah	Buy	J.P. Morgan	1/12/2015	1,830,000,000		149,620		147,477		(2,143	)
Indonesian rupiah	Buy	J.P. Morgan	3/10/2015	46,900,000,000		3,753,201		3,729,808		(23,393	)
Indonesian rupiah	Buy	J.P. Morgan	2/12/2015	98,800,000,000		8,098,361		7,898,471		(199,890	)
Indonesian rupiah	Buy	J.P. Morgan	3/10/2015	219,800,000,000		17,572,753		17,479,994		(92,759	)
Indonesian rupiah	Buy	J.P. Morgan	3/10/2015	2,400,000,000		191,052		190,864		(188	)
Malaysian ringgit	Buy	J.P. Morgan	2/12/2015	20,510,000		5,873,089		5,837,733		(35,356	)
Mexican peso	Buy	Deutsche Bank	1/12/2015	2,550,000		187,024		172,764		(14,260	)
Mexican peso	Buy	Deutsche Bank	2/12/2015	31,300,000		2,284,484		2,116,522		(167,962	)
Mexican peso	Buy	Deutsche Bank	1/12/2015	6,600,000		484,307		447,154		(37,153	)
Mexican peso	Buy	J.P. Morgan	2/12/2015	118,230,000		8,655,457		7,994,773		(660,684	)
Mexican peso	Buy	J.P. Morgan	2/12/2015	183,000,000		13,415,458		12,374,553		(1,040,905	)
Mexican peso	Buy	J.P. Morgan	3/10/2015	27,300,000		1,892,620		1,842,906		(49,714	)
Mexican peso	Buy	J.P. Morgan	3/10/2015	6,190,000		418,551		417,860		(691	)
Philippine peso	Buy	Bank of America	3/10/2015	713,900,000		15,951,290		15,905,312		(45,978	)
Polish zloty	Buy	Barclays Bank plc	1/12/2015	13,870,000		4,174,479		3,916,204		(258,275	)
Polish zloty	Buy	Deutsche Bank	1/12/2015	1,245,000		371,241		351,527		(19,714	)
Polish zloty	Buy	Deutsche Bank	2/12/2015	5,040,000		1,480,034		1,421,040		(58,994	)
Polish zloty	Buy	Goldman Sachs	3/10/2015	1,085,000		319,055		305,574		(13,481	)
Polish zloty	Buy	Goldman Sachs	2/12/2015	1,390,000		407,783		391,914		(15,869	)
Polish zloty	Buy	J.P. Morgan	2/12/2015	50,650,000		14,856,827		14,280,891		(575,936	)
Russian ruble	Buy	Barclays Bank plc	1/13/2015	15,800,000		371,211		260,082		(111,129	)
Russian ruble	Buy	Barclays Bank plc	2/12/2015	73,000,000		1,562,517		1,232,148		(330,369	)
Russian ruble	Buy	J.P. Morgan	3/10/2015	964,100,000		17,277,778		16,045,526		(1,232,252	)
Russian ruble	Buy	J.P. Morgan	1/13/2015	166,000,000		3,855,086		2,732,510		(1,122,576	)
Russian ruble	Buy	J.P. Morgan	2/12/2015	21,400,000		444,352		361,205		(83,147	)
Russian ruble	Buy	Morgan Stanley	3/10/2015	29,750,000		496,532		495,130		(1,402	)
South African rand	Buy	Deutsche Bank	2/12/2015	16,900,000		1,521,770		1,452,062		(69,708	)
South African rand	Buy	Goldman Sachs	2/12/2015	6,330,000		561,992		543,879		(18,113	)

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

Open Forward Foreign Currency Exchange Contracts at December 31, 2014: (concluded)

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Depreciation
South African rand	Buy	Morgan Stanley	2/12/2015	44,100,000	$	3,867,006	$	3,789,107	$	(77,899	)
South Korean won	Buy	Barclays Bank plc	1/12/2015	275,000,000		258,841		250,381		(8,460	)
South Korean won	Buy	Barclays Bank plc	2/12/2015	13,800,000,000		12,679,162		12,592,964		(86,198	)
South Korean won	Buy	J.P. Morgan	1/12/2015	2,075,000,000		1,937,297		1,889,239		(48,058	)
South Korean won	Buy	J.P. Morgan	1/12/2015	235,000,000		224,320		213,962		(10,358	)
South Korean won	Buy	J.P. Morgan	2/12/2015	325,000,000		299,882		296,573		(3,309	)
Thai baht	Buy	Bank of America	1/12/2015	7,325,000		224,935		222,574		(2,361	)
Turkish lira	Buy	Barclays Bank plc	2/12/2015	5,065,000		2,243,698		2,149,005		(94,693	)
Turkish lira	Buy	Deutsche Bank	1/12/2015	20,612,500		8,920,526		8,808,354		(112,172	)
Turkish lira	Buy	Deutsche Bank	1/12/2015	595,000		257,678		254,262		(3,416	)
Turkish lira	Buy	Deutsche Bank	2/12/2015	12,350,000		5,361,192		5,239,923		(121,269	)
Turkish lira	Buy	Deutsche Bank	3/10/2015	8,845,000		3,877,474		3,731,977		(145,497	)
Turkish lira	Buy	Deutsche Bank	1/12/2015	595,000		261,971		254,262		(7,709	)
Turkish lira	Buy	Deutsche Bank	1/12/2015	20,612,500		8,914,030		8,808,354		(105,676	)
Turkish lira	Buy	Goldman Sachs	1/12/2015	16,550,000		7,228,924		7,072,323		(156,601	)
Turkish lira	Buy	J.P. Morgan	3/10/2015	630,000		269,165		265,816		(3,349	)
Turkish lira	Buy	J.P. Morgan	3/10/2015	1,810,000		787,033		763,694		(23,339	)
Turkish lira	Buy	Morgan Stanley	2/12/2015	855,000		374,221		362,764		(11,457	)
Argentine peso	Sell	J.P. Morgan	2/12/2015	3,910,000		432,044		440,501		(8,457	)
Colombian peso	Sell	Morgan Stanley	2/12/2015	810,000,000		337,366		340,424		(3,058	)
Indian rupee	Sell	J.P. Morgan	2/12/2015	358,200,000		5,568,078		5,625,000		(56,922	)
Indonesian rupiah	Sell	Bank of America	1/12/2015	4,580,000,000		367,931		369,096		(1,165	)
Mexican peso	Sell	Deutsche Bank	1/12/2015	6,090,000		412,573		412,601		(28	)
South African rand	Sell	UBS AG	2/12/2015	6,220,000		532,166		534,427		(2,261	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts									$	(12,744,913	)

Open Futures Contracts at December 31, 2014:

Unrealized

Type

Expiration

Contracts

Position

Fair Value

Appreciation

U.S. 2-Year Treasury Note

March 2015

139

Short

$(30,384,531

)

$34,825

							Unrealized
Type	Expiration	Contracts	Position	Fair Value			Depreciation
U.S. 5-Year Treasury Note	March 2015	407	Short	$	(48,404,383	)	$	(50,602	)
U.S. 10-Year Treasury Note	March 2015	74	Short		(9,382,969	)		(70,080	)
Totals				$	(57,787,352	)	$	(120,682	)

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2014

Credit Default Swaps on Indexes - Sell Protection at December 31, 2014⁽¹⁾:

														Credit
														Default
														Swap
				Original		Current								Agreements
Referenced	Fund		Termination	Notional		Notional		Fair		Payments		Unrealized		Payable at
Index	Receives		Date	Amount		Amount		Value⁽²⁾		Upfront⁽³⁾		Appreciation⁽⁴⁾		Fair Value⁽⁵⁾
Markit CMBX.
NA.AAA.2⁽⁶⁾		.07%	3/15/2049	$	500,000	$	462,775	$	496,875	$	11,816	$	8,691	$	3,125
Markit CMBX.
NA.AAA.3⁽⁶⁾		.08%	12/13/2049		1,000,000		961,073		992,500		34,307		26,807		7,500
Markit CMBX.
NA.AAA.2⁽⁷⁾		.07%	3/15/2049		500,000		462,775		496,875		13,583		10,458		3,125
Markit CMBX.
NA.AAA.2⁽⁸⁾		.07%	3/15/2049		1,300,000		1,203,216		1,291,875		67,868		59,743		8,125
										$	127,574	$	105,699	$	21,875

⁽¹⁾	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.
⁽²⁾	Fair value serves as the indicator of the current status of payment/performance risk.
⁽³⁾	Upfront payments received are presented net of amortization (See Note 2(n)).
⁽⁴⁾	Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $105,699. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.
⁽⁵⁾	Includes upfront payments received.
⁽⁶⁾	Swap Counterparty: Credit Suisse.
⁽⁷⁾	Swap Counterparty: Morgan Stanley.
⁽⁸⁾	Swap Counterparty: UBS AG.

Open Interest Rate Swap Contracts at December 31, 2014:

Periodic		Periodic
Payments		Payments
to be Made		to be Received	Termination	Notional		Fair		Unrealized
By The Fund		By The Fund	Date	Amount		Value		Depreciation
	0.535%	3-Month LIBOR Index	8/23/2015		$23,000,000		$22,966,528	$	(33,472	)
	0.539%	3-Month LIBOR Index	1/10/2016		13,000,000		12,987,633		(12,367	)
	0.7825%	3-Month LIBOR Index	10/6/2016		23,000,000		22,998,627		(1,373	)
Total								$	(47,212	)

See Notes to Financial Statements.

Schedule of Investments (concluded)

EMERGING MARKETS CURRENCY FUND December 31, 2014

The following is a summary of the inputs used as of December 31, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	–	$	79,322,819	$	–	$	79,322,819
Corporate Bonds		–		137,535,887		–		137,535,887
Floating Rate Loans⁽⁴⁾
Pharmaceuticals		–		4,725,307		273,987		4,999,294
Remaining Industries		–		29,133,131		–		29,133,131
Foreign Government Obligation		–		213,111		–		213,111
Government Sponsored Enterprises Collateralized Mortgage Obligations		–		8,117,865		–		8,117,865
Government Sponsored Enterprises Pass-Throughs		–		17,550,705		–		17,550,705
Municipal Bond		–		755,707		–		755,707
Non-Agency Commercial
Mortgage-Backed Securities		–		83,610,927		–		83,610,927
Commercial Paper		–		4,945,969		–		4,945,969
Total	$	–	$	365,911,428	$	273,987	$	366,185,415
Other Financial Instruments
Credit Default Swaps
Assets	$	–	$	–	$	–	$	–
Liabilities		–		(21,875)		–		(21,875)
Forward Foreign Currency Exchange Contracts
Assets		–		2,118,247		–		2,118,247
Liabilities		–		(12,744,913)		–		(12,744,913)
Futures Contracts
Assets		34,825		–		–		34,825
Liabilities		(120,682)		–		–		(120,682)
Interest Rate Swaps
Assets		–		–		–		–
Liabilities		–		(47,212)		–		(47,212)
Total	$	(85,857)	$	(10,695,753)	$	–	$	(10,781,610)

⁽¹⁾	Refer to Note 2(p) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierachy.
⁽³⁾	There were no level transfers during the fiscal year ended December 31, 2014.
⁽⁴⁾	Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

	Floating
Investment Type	Rate Loans
Balance as of January 1, 2014	$	–
Accrued discounts/premiums		(58)
Realized gain (loss)		(78)
Change in unrealized appreciation/depreciation		(594)
Purchases		310,460
Sales		(35,743)
Net transfers in or out of Level 3		–
Balance as of December 31, 2014	$	273,987

See Notes to Financial Statements.

Schedule of Investments

EMERGING MARKETS LOCAL BOND FUND December 31, 2014

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

LONG-TERM INVESTMENTS 89.87%

FOREIGN CORPORATE BONDS^(a)9.59%

Brazil 1.02%

Banks: Regional

Banco do Brasil SA

9.75%

7/18/2017

BRL 155

55,394

Itau Unibanco Holding SA^†

10.50%

11/23/2015

BRL 160

58,837

Total

114,231

Colombia 1.06%

Electric: Power

Empresas Publicas de Medellin ESP^†

7.625%

9/10/2024

COP 290,000

118,514

Luxembourg 1.03%

Banks: Regional

Russian Agricultural Bank OJSC Via RSHB

Capital SA^†

8.625%

2/17/2017

RUB 3,300

43,267

Sberbank of Russia Via SB Capital SA

7.00%

1/31/2016

RUB 5,000

72,016

Total

115,283

Mexico 3.44%

Media 0.85%

Grupo Televisa SAB

8.49%

5/11/2037

MXN 1,400

94,969

Oil: Integrated International 1.77%

Petroleos Mexicanos^†

7.65%

11/24/2021

MXN 2,750

199,422

Telecommunications 0.82%

America Movil SAB de CV

9.00%

1/15/2016

MXN 1,300

92,550

Total

386,941

South Africa 1.97%

Electric: Power 1.25%

Eskom Holdings SOC Ltd.

Zero Coupon

12/31/2018

ZAR 800

48,172

Eskom Holdings SOC Ltd.

9.25%

4/20/2018

ZAR 1,000

92,246

Total

140,418

Transportation: Miscellaneous 0.72%

Transnet SOC Ltd.

8.90%

11/14/2027

ZAR 1,000

81,168

Total

221,586

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2014

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Turkey 1.07%

Banks: Regional

Akbank TAS^†

7.50%

2/5/2018

TRY 305

120,239

Total Foreign Corporate Bonds (cost $1,381,702)

1,076,794

FOREIGN GOVERNMENT OBLIGATIONS^(a)80.28%

Brazil 10.02%

Brazil Letras do Tesouro Nacional

Zero Coupon

1/1/2016

BRL 905

301,440

Brazil Letras do Tesouro Nacional

Zero Coupon

7/1/2016

BRL 930

291,386

Brazil Letras do Tesouro Nacional

Zero Coupon

7/1/2018

BRL 275

68,100

Brazil Notas do Tesouro Nacional Series F

10.00%

1/1/2017

BRL 750

269,454

Brazil Notas do Tesouro Nacional Series F

10.00%

1/1/2021

BRL 440

149,922

Brazil Notas do Tesouro Nacional Series F

10.00%

1/1/2023

BRL 137

45,830

Total

1,126,132

Chile 0.81%

Bonos del Banco Central de Chile en Pesos

6.00%

1/1/2015

CLP 55,000

90,625

Colombia 5.85%

Colombian TES Series B

6.00%

4/28/2028

COP 528,000

193,893

Colombian TES Series B

7.00%

5/4/2022

COP 405,000

172,123

Colombian TES Series B

11.00%

7/24/2020

COP 295,000

151,329

Republic of Colombia

12.00%

10/22/2015

COP 316,000

140,116

Total

657,461

Hungary 4.66%

Hungary Government Bond

5.50%

12/22/2016

HUF 42,500

173,649

Hungary Government Bond

5.50%

12/20/2018

HUF 23,000

96,410

Hungary Government Bond

6.00%

11/24/2023

HUF 35,100

159,565

Hungary Government Bond

7.50%

11/12/2020

HUF 20,100

94,072

Total

523,696

Indonesia 9.92%

Indonesia Treasury Bond

7.00%

5/15/2022

IDR 2,260,000

175,920

Indonesia Treasury Bond

7.375%

9/15/2016

IDR 2,850,000

229,197

Indonesia Treasury Bond

9.50%

7/15/2031

IDR 4,589,000

412,213

Indonesia Treasury Bond

10.00%

2/15/2028

IDR 3,245,000

297,495

Total

1,114,825

Malaysia 4.01%

Malaysia Government Bond

3.48%

3/15/2023

MYR 370

101,072

Malaysia Government Bond

3.844%

4/15/2033

MYR 225

59,118

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2014

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Malaysia (continued)

Malaysia Government Bond

4.012%

9/15/2017

MYR 312

90,030

Malaysia Government Bond

4.16%

7/15/2021

MYR 365

105,090

Malaysia Government Bond

4.378%

11/29/2019

MYR 325

94,918

Total

450,228

Mexico 4.89%

Mexican Bonos

7.75%

5/29/2031

MXN 1,200

92,559

Mexican Bonos

7.75%

11/13/2042

MXN 1,500

117,335

Mexican Bonos

8.00%

12/7/2023

MXN 1,700

132,655

Mexican Bonos

8.50%

5/31/2029

MXN 1,020

83,712

Mexican Bonos

8.50%

11/18/2038

MXN 1,470

123,696

Total

549,957

Nigeria 1.04%

Nigeria Government Bond

13.05%

8/16/2016

NGN 21,900

116,501

Peru 2.80%

Peru Government Bond

6.85%

2/12/2042

PEN 132

44,902

Peru Government Bond

8.60%

8/12/2017

PEN 720

269,269

Total

314,171

Philippines 1.04%

Republic of Philippines

4.95%

1/15/2021

PHP 5,000

116,526

Poland 3.40%

Poland Government Bond

5.00%

4/25/2016

PLN 380

111,749

Poland Government Bond

5.25%

10/25/2020

PLN 155

50,957

Poland Government Bond

5.75%

9/23/2022

PLN 628

219,890

Total

382,596

Romania 4.55%

Romania Government Bond

5.60%

11/28/2018

RON 850

256,853

Romania Government Bond

5.85%

4/26/2023

RON 810

254,644

Total

511,497

Russia 3.48%

Russian Federal Bond – OFZ

7.40%

4/19/2017

RUB 12,000

169,383

Russian Federal Bond – OFZ

7.50%

3/15/2018

RUB 7,700

102,983

Russian Federal Bond – OFZ

7.60%

4/14/2021

RUB 6,785

79,856

Russian Federal Bond – OFZ

8.15%

2/3/2027

RUB 3,320

38,802

Total

391,024

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2014

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

South Africa 7.57%

Republic of South Africa

6.25%

3/31/2036

ZAR 5,180

347,692

Republic of South Africa

7.00%

2/28/2031

ZAR 3,120

235,756

Republic of South Africa

7.25%

1/15/2020

ZAR 930

79,602

Republic of South Africa

10.50%

12/21/2026

ZAR 1,800

187,329

Total

850,379

Thailand 9.97%

Bank of Thailand

3.05%

7/23/2016

THB 5,900

182,079

Thailand Government Bond

3.58%

12/17/2027

THB 4,820

153,611

Thailand Government Bond

3.625%

6/16/2023

THB 9,325

304,403

Thailand Government Bond

3.65%

12/17/2021

THB 12,875

418,025

Thailand Government Bond

3.875%

6/13/2019

THB 1,910

61,751

Total

1,119,869

Turkey 6.27%

Turkey Government Bond

7.10%

3/8/2023

TRY 733

300,007

Turkey Government Bond

9.00%

1/27/2016

TRY 797

344,978

Turkey Government Bond

10.50%

1/15/2020

TRY 124

59,038

Total

704,023

Total Foreign Government Obligations (cost $10,208,630)

9,019,510

Total Long-Term Investments (cost $11,590,332)

10,096,304

SHORT-TERM INVESTMENTS 1.34%

FOREIGN CORPORATE BONDS^(a)

Malaysia

Banks: Regional

Bank Negara Malaysia Monetary Notes

Zero Coupon

1/20/2015

MYR 456

130,202

Bank Negara Malaysia Monetary Notes

Zero Coupon

4/23/2015

MYR 73

20,665

Total Foreign Corporate Bonds (cost $165,389)

150,867

Total Investments in Securities 91.21% (cost $11,755,721)

10,247,171

Cash, Foreign Cash and Other Assets in Excess of Liabilities^(b)8.79%

988,098

Net Assets 100.00%

11,235,269

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2014

BRL	Brazilian real.
CLP	Chilean peso.
COP	Colombian peso.
HUF	Hungarian forint.
IDR	Indonesian rupiah.
MXN	Mexican peso.
MYR	Malaysian ringgit.
NGN	Nigerian naira.
PEN	Peruvian nuevo sol.
PHP	Philippine peso.
PLN	Polish zloty.
RON	Romanian new leu.
RUB	Russian ruble.
THB	Thai baht.
TRY	Turkish lira.
ZAR	South African rand.
^†	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)	Investment in non-U.S. dollar denominated securities.
^(b)	Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts as follows:

Open Forward Foreign Currency Exchange Contracts at December 31, 2014:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Indonesian rupiah	Buy	Goldman Sachs	3/23/2015	2,665,000,000		$208,190	$	211,529		$	3,339
Mexican peso	Buy	Bank of America	1/28/2015	950,000		64,090		64,301			211
Mexican peso	Buy	Citibank	3/23/2015	1,655,000		111,598		111,635			37
Russian ruble	Buy	Bank of America	3/2/2015	610,000		10,170		10,201			31
Russian ruble	Buy	Morgan Stanley	3/2/2015	5,305,000		79,774		88,711			8,937
Thai baht	Buy	Bank of America	2/25/2015	4,335,000		130,967		131,427			460
Thai baht	Buy	Bank of America	2/25/2015	380,000		11,456		11,521			65
Thai baht	Buy	Bank of America	2/25/2015	775,000		23,263		23,496			233
Brazilian real	Sell	Goldman Sachs	2/5/2015	297,000		115,698		110,800			4,898
Chilean peso	Sell	Bank of America	1/28/2015	56,650,000		96,156		93,093			3,063
Colombian peso	Sell	Morgan Stanley	3/2/2015	163,700,000		73,449		68,704			4,745
euro	Sell	Bank of America	3/26/2015	58,900		73,338		71,324			2,014
euro	Sell	Goldman Sachs	3/26/2015	86,000		108,485		104,140			4,345
euro	Sell	Morgan Stanley	3/26/2015	27,000		33,196		32,695			501
Hungarian forint	Sell	Citibank	1/22/2015	23,450,000		97,358		89,600			7,758
Hungarian forint	Sell	Morgan Stanley	1/22/2015	26,425,000		108,393		100,967			7,426
Hungarian forint	Sell	Morgan Stanley	4/22/2015	14,250,000		55,635		54,316			1,319
Hungarian forint	Sell	Morgan Stanley	1/22/2015	22,550,000		90,389		86,161			4,228
Indonesian rupiah	Sell	Morgan Stanley	1/9/2015	2,310,000,000		189,655		186,312			3,343
Malaysian ringgit	Sell	Goldman Sachs	1/9/2015	527,000		157,226		150,642			6,584
Malaysian ringgit	Sell	Morgan Stanley	1/9/2015	327,000		94,452		93,472			980
Malaysian ringgit	Sell	Morgan Stanley	1/9/2015	107,000		32,371		30,586			1,785

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2014

Open Forward Foreign Currency Exchange Contracts at December 31, 2014: (continued)

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Mexican peso	Sell	Bank of America	1/9/2015	835,000		$ 61,931	$	56,582		$	5,349
Mexican peso	Sell	Morgan Stanley	1/28/2015	1,405,000		103,297		95,097			8,200
Peruvian Nuevo sol	Sell	Bank of America	3/20/2015	375,000		125,376		123,733			1,643
Peruvian Nuevo sol	Sell	Morgan Stanley	2/5/2015	458,000		153,928		152,514			1,414
Polish zloty	Sell	Deutsche Bank AG	2/18/2015	38,000		11,289		10,711			578
Polish zloty	Sell	Goldman Sachs	2/18/2015	76,000		22,459		21,423			1,036
Romanian new leu	Sell	Bank of America	4/7/2015	170,000		46,393		45,780			613
Romanian new leu	Sell	Bank of America	1/7/2015	193,000		54,446		52,098			2,348
Romanian new leu	Sell	Citibank	1/7/2015	827,000		233,293		223,237			10,056
Romanian new leu	Sell	Citibank	1/7/2015	370,000		103,636		99,876			3,760
Russian ruble	Sell	Morgan Stanley	3/2/2015	730,000		14,294		12,207			2,087
Singapore dollar	Sell	Citibank	3/5/2015	47,000		35,732		35,441			291
Singapore dollar	Sell	Deutsche Bank AG	3/5/2015	264,000		201,107		199,073			2,034
South African rand	Sell	Bank of America	2/12/2015	402,000		35,937		34,540			1,397
South African rand	Sell	Citibank	2/12/2015	1,075,000		97,158		92,365			4,793
South African rand	Sell	Citibank	2/12/2015	763,000		66,242		65,558			684
Thai baht	Sell	Bank of America	2/25/2015	14,810,000		449,196		449,004			192
Turkish lira	Sell	Deutsche Bank AG	2/12/2015	86,000		38,266		36,489			1,777
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	114,554

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Brazilian real	Buy	Morgan Stanley	2/5/2015	618,000		$230,588	$	230,554		$	(34)
Chilean peso	Buy	Bank of America	1/28/2015	56,650,000		94,669		93,093			(1,576)
euro	Buy	Deutsche Bank AG	3/26/2015	14,000		17,506		16,953			(553)
Hungarian forint	Buy	Citibank	1/22/2015	12,880,000		51,389		49,213			(2,176)
Hungarian forint	Buy	Deutsche Bank AG	2/17/2015	4,650,000		18,600		17,753			(847)
Hungarian forint	Buy	Deutsche Bank AG	1/22/2015	27,100,000		103,602		103,546			(56)
Hungarian forint	Buy	Morgan Stanley	1/22/2015	23,350,000		94,541		89,217			(5,324)
Hungarian forint	Buy	Morgan Stanley	1/22/2015	4,750,000		19,260		18,149			(1,111)
Indian rupee	Buy	Bank of America	1/20/2015	5,820,000		93,488		91,858			(1,630)
Indian rupee	Buy	Goldman Sachs	1/20/2015	1,690,000		26,699		26,674			(25)
Indian rupee	Buy	Goldman Sachs	1/20/2015	12,950,000		206,342		204,393			(1,949)
Indonesian rupiah	Buy	Bank of America	1/9/2015	101,400,000		8,242		8,178			(64)
Indonesian rupiah	Buy	Goldman Sachs	1/9/2015	375,500,000		30,369		30,286			(83)
Indonesian rupiah	Buy	Goldman Sachs	1/9/2015	1,996,500,000		164,574		161,027			(3,547)
Indonesian rupiah	Buy	Morgan Stanley	1/9/2015	1,368,600,000		110,725		110,384			(341)
Malaysian ringgit	Buy	Goldman Sachs	4/9/2015	506,000		144,374		143,302			(1,072)

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2014

Open Forward Foreign Currency Exchange Contracts at December 31, 2014: (continued)

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Malaysian ringgit	Buy	Goldman Sachs	1/9/2015	90,000		$ 27,022	$	25,726		$	(1,296)
Malaysian ringgit	Buy	Goldman Sachs	1/9/2015	137,000		41,894		39,161			(2,733)
Malaysian ringgit	Buy	Goldman Sachs	1/9/2015	38,000		11,150		10,862			(288)
Malaysian ringgit	Buy	Morgan Stanley	1/9/2015	470,000		142,987		134,348			(8,639)
Malaysian ringgit	Buy	Morgan Stanley	1/9/2015	670,000		202,774		191,518			(11,256)
Malaysian ringgit	Buy	Morgan Stanley	4/9/2015	580,000		165,711		164,259			(1,452)
Mexican peso	Buy	Bank of America	3/23/2015	800,000		54,666		53,963			(703)
Mexican peso	Buy	Bank of America	3/23/2015	275,000		18,770		18,550			(220)
Mexican peso	Buy	Bank of America	1/9/2015	835,000		61,597		56,582			(5,015)
Mexican peso	Buy	Citibank	1/28/2015	225,000		15,417		15,229			(188)
Mexican peso	Buy	Deutsche Bank AG	1/28/2015	230,000		16,470		15,568			(902)
Peruvian Nuevo sol	Buy	Goldman Sachs	2/5/2015	70,000		23,811		23,310			(501)
Peruvian Nuevo sol	Buy	Morgan Stanley	2/5/2015	293,000		99,188		97,569			(1,619)
Peruvian Nuevo sol	Buy	Morgan Stanley	2/5/2015	95,000		32,127		31,635			(492)
Peruvian Nuevo sol	Buy	Morgan Stanley	3/20/2015	40,000		13,245		13,198			(47)
Philippine peso	Buy	Bank of America	3/10/2015	1,200,000		26,813		26,735			(78)
Philippine peso	Buy	Goldman Sachs	3/10/2015	750,000		16,718		16,710			(8)
Philippine peso	Buy	Morgan Stanley	3/10/2015	5,165,000		115,187		115,073			(114)
Polish zloty	Buy	Citibank	2/18/2015	347,000		102,786		97,812			(4,974)
Polish zloty	Buy	Deutsche Bank AG	2/18/2015	613,000		176,763		172,792			(3,971)
Polish zloty	Buy	Goldman Sachs	2/18/2015	1,356,000		398,917		382,228			(16,689)
Polish zloty	Buy	Morgan Stanley	2/18/2015	52,000		15,363		14,658			(705)
Romanian new leu	Buy	Deutsche Bank AG	1/7/2015	222,000		61,906		59,926			(1,980)
Romanian new leu	Buy	Goldman Sachs	1/7/2015	115,000		32,185		31,043			(1,142)
Singapore dollar	Buy	Citibank	3/5/2015	19,000		14,556		14,327			(229)
South African rand	Buy	Deutsche Bank AG	2/12/2015	65,000		5,598		5,585			(13)
South African rand	Buy	Goldman Sachs	2/12/2015	315,000		27,645		27,065			(580)
Turkish lira	Buy	Bank of America	2/12/2015	335,000		145,395		142,136			(3,259)
Turkish lira	Buy	Citibank	2/12/2015	198,000		87,211		84,008			(3,203)
Turkish lira	Buy	Goldman Sachs	2/12/2015	602,000		256,112		255,420			(692)
Turkish lira	Buy	Goldman Sachs	2/12/2015	483,000		209,497		204,930			(4,567)
Turkish lira	Buy	Morgan Stanley	2/12/2015	15,000		6,670		6,364			(306)
Colombian peso	Sell	Morgan Stanley	3/2/2015	43,175,000		17,725		18,120			(395)
euro	Sell	Deutsche Bank AG	3/26/2015	4,600		5,570		5,570			–
Indian rupee	Sell	Bank of America	1/20/2015	900,000		13,969		14,205			(236)
Indian rupee	Sell	Goldman Sachs	1/20/2015	8,940,000		139,489		141,102			(1,613)
Indonesian rupiah	Sell	Bank of America	1/9/2015	900,000,000		71,379		72,589			(1,210)
Indonesian rupiah	Sell	Bank of America	1/9/2015	387,000,000		30,139		31,213			(1,074)
Indonesian rupiah	Sell	Goldman Sachs	1/9/2015	245,000,000		19,550		19,760			(210)
Indonesian rupiah	Sell	Morgan Stanley	3/23/2015	1,375,000,000		107,150		109,138			(1,988)

See Notes to Financial Statements.

Schedule of Investments (concluded)

EMERGING MARKETS LOCAL BOND FUND December 31, 2014

Open Forward Foreign Currency Exchange Contracts at December 31, 2014: (concluded)

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Malaysian ringgit	Sell	Goldman Sachs	1/9/2015	49,000		$ 14,000	$	14,007		$	(7)
Malaysian ringgit	Sell	Goldman Sachs	1/9/2015	51,000		14,542		14,578			(36)
Polish zloty	Sell	Deutsche Bank AG	2/18/2015	52,000		14,646		14,658			(12)
Singapore dollar	Sell	Deutsche Bank AG	3/5/2015	6,000		4,521		4,524			(3)
South African rand	Sell	Bank of America	2/12/2015	120,000		10,275		10,311			(36)
South African rand	Sell	Citibank	2/12/2015	185,000		15,693		15,895			(202)
Thai baht	Sell	Bank of America	2/25/2015	6,500,000		195,430		197,065			(1,635)
Thai baht	Sell	Bank of America	2/25/2015	1,530,000		46,256		46,386			(130)
Turkish lira	Sell	Deutsche Bank AG	2/12/2015	52,000		22,006		22,063			(57)
Turkish lira	Sell	Goldman Sachs	2/12/2015	49,000		20,411		20,790			(379)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(107,472)

The following is a summary of the inputs used as of December 31, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2			Level 3		Total
Foreign Corporate Bonds	$	–	$	1,227,661		$	–	$	1,227,661
Foreign Government Obligations		–		9,019,510			–		9,019,510
Total	$	–	$	10,247,171		$	–	$	10,247,171
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	114,554		$	–	$	114,554
Liabilities		–		(107,472	)		–		(107,472	)
Total	$	–	$	7,082		$	–	$	7,082

	⁽¹⁾	Refer to Note 2(p) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
	⁽³⁾	There were no level transfers during the fiscal year ended December 31, 2014.

See Notes to Financial Statements.

Schedule of Investments

MULTI-ASSET GLOBAL OPPORTUNITY FUND December 31, 2014

Investments	Shares		Fair Value (000)
INVESTMENTS IN UNDERLYING FUNDS^(a)99.89%
Lord Abbett Affiliated Fund, Inc. - Class I^(b)		201,757	$	3,291
Lord Abbett Equity Trust-Calibrated Large Cap Value Fund – Class I^(c)		101		2
Lord Abbett Equity Trust-Calibrated Mid Cap Value Fund – Class I^(c)		1,641,685		35,214
Lord Abbett Global Fund, Inc.-Emerging Markets Currency Fund – Class I^(d)		7,591,673		43,652
Lord Abbett Research Fund, Inc.-Growth Opportunities Fund – Class I*^(e)		242,925		5,468
Lord Abbett Investment Trust-High Yield Fund – Class I^(f)		7,076,807		53,005
Lord Abbett Securities Trust-International Dividend Income Fund – Class I^(g)		13,131,186		104,393
Lord Abbett Mid Cap Stock Fund, Inc. – Class I^(h)		1,367,113		35,108
Total Investments in Underlying Funds (cost $281,130,280)				280,133
Other Assets in Excess of Liabilities⁽ⁱ⁾0.11%				310
Net Assets 100.00%			$	280,443

*		Non-income producing security.
^(a)		Affiliated issuers (See Note 12).
^(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⁾		Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows:

Open Forward Foreign Currency Exchange Contracts at December 31, 2014:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Australian dollar	Sell	Bank of America	2/27/2015	1,630,000	$	1,381,454	$	1,325,618	$	55,836
Australian dollar	Sell	Bank of America	2/27/2015	565,000		467,273		459,494		7,779
Australian dollar	Sell	Citibank	2/27/2015	527,000		445,358		428,590		16,768
Australian dollar	Sell	Goldman Sachs	2/27/2015	1,135,000		940,802		923,053		17,749
Australian dollar	Sell	Goldman Sachs	2/27/2015	554,000		452,819		450,548		2,271
British pound	Sell	Goldman Sachs	2/27/2015	240,000		377,024		373,907		3,117
British pound	Sell	Morgan Stanley	2/27/2015	710,000		1,114,598		1,106,142		8,456
British pound	Sell	Morgan Stanley	2/27/2015	228,000		358,628		355,211		3,417
British pound	Sell	Morgan Stanley	2/27/2015	485,000		760,993		755,604		5,389
British pound	Sell	Morgan Stanley	2/27/2015	232,000		365,204		361,443		3,761
euro	Sell	Bank of America	2/27/2015	437,000		545,367		529,059		16,308

See Notes to Financial Statements.

Schedule of Investments (concluded)

MULTI-ASSET GLOBAL OPPORTUNITY FUND December 31, 2014

Open Forward Foreign Currency Exchange Contracts at December 31, 2014: (concluded)

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
euro	Sell	Goldman Sachs	2/27/2015	930,000	$	1,154,848	$	1,125,916		$	28,932
euro	Sell	Morgan Stanley	2/27/2015	1,355,000		1,691,706		1,640,447			51,259
euro	Sell	Morgan Stanley	2/27/2015	465,000		578,270		562,958			15,312
euro	Sell	Morgan Stanley	2/27/2015	444,000		555,501		537,534			17,967
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	254,321

Open Futures Contracts at December 31, 2014:

Type

Expiration

Contracts

Position

Fair Value

Unrealized
Appreciation

E-Mini S&P 500 Index

March 2015

Long

513,100

$ 10,860

Type		Expiration		Contracts				Position		Fair Value					Unrealized Depreciation
U.S. 10-Year Treasury Note		March 2015			54			Short		$	(6,847,031	)			$(49,944	)

The following is a summary of the inputs used as of December 31, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1 (000)			Level 2 (000)		Level 3 (000)		Total (000)
Investments in Underlying Funds	$	280,133		$	–	$	–	$	280,133
Total	$	280,133		$	–	$	–	$	280,133
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–		$	254	$	–	$	254
Liabilities		–			–		–		–
Futures Contracts
Assets		11			–		–		11
Liabilities		(50	)		–		–		(50	)
Total	$	(39	)	$	254	$	–	$	215

	⁽¹⁾	Refer to Note 2(p) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each investment strategy of the Underlying Funds.
	⁽³⁾	There were no level transfers during the fiscal year ended December 31, 2014.

See Notes to Financial Statements.

Statements of Assets and Liabilities

December 31, 2014

	Emerging Markets Corporate Debt Fund			Emerging Markets Currency Fund
ASSETS:
Investments in securities, at cost	$	12,489,553		$	367,464,365
Investments in securities, at fair value	$	12,460,425		$	366,185,415
Foreign cash, at value (cost $0 and $16,499, respectively)		–			16,142
Cash		176,169			10,938,505
Deposits with brokers for derivatives collateral		6,000			12,270,000
Receivables:
Interest and dividends		173,641			2,446,983
Capital shares sold		50,604			2,422,569
Investment securities sold		200,650			1,020,057
From advisor (See Note 3)		3,820			–
Variation margin for interest rate swaps		–			2,796
Unrealized appreciation on forward foreign currency exchange contracts		25,474			2,118,247
Prepaid expenses		28,150			23,938
Total assets		13,124,933			397,444,652
LIABILITIES:
Payables:
Investment securities purchased		279,303			1,597,499
Capital shares reacquired		1,995			1,375,893
Management fee		–			162,164
Directors’ fees		371			67,977
To affiliates (See Note 3)		–			67,473
12b-1 distribution fees		2,180			23,500
Fund administration		–			12,973
Variation margin for futures contracts		1,102			86,388
Unrealized depreciation on forward foreign currency exchange contracts		16,648			12,744,913
Credit default swap agreements payable, at fair value (including upfront payments received of $0 and $127,574)		–			21,875
Distributions payable		50,801			977,946
Accrued expenses		37,420			146,804
Total liabilities		389,820			17,285,405
NET ASSETS	$	12,735,113		$	380,159,247
COMPOSITION OF NET ASSETS:
Paid-in capital	$	12,908,513		$	437,568,674
Undistributed (distributions in excess of) net investment income		466			(4,253,612	)
Accumulated net realized loss on investments, futures contracts, swaps and foreign currency related transactions		(149,856	)		(41,221,125	)
Net unrealized depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(24,010	)		(11,934,690	)
Net Assets	$	12,735,113		$	380,159,247

See Notes to Financial Statements.

Statements of Assets and Liabilities (continued)

December 31, 2014

	Emerging Markets		Emerging Markets
	Corporate Debt		Currency
	Fund		Fund
Net assets by class:
Class A Shares	$	6,744,509	$	30,553,944
Class B Shares		–	$	350,307
Class C Shares	$	473,269	$	9,674,965
Class F Shares	$	169,707	$	21,550,261
Class I Shares	$	5,133,729	$	317,392,615
Class P Shares		–	$	3,182
Class R2 Shares	$	106,947	$	110,070
Class R3 Shares	$	106,952	$	523,903
Outstanding shares by class:
Class A Shares (350 and 415 million shares of common stock authorized, $.001 par value)		454,087		5,303,493
Class B Shares (0 and 30 million shares of common stock authorized, $.001 par value)		–		60,523
Class C Shares (85 and 100 million shares of common stock authorized, $.001 par value)		31,867		1,669,649
Class F Shares (85 and 100 million shares of common stock authorized, $.001 par value)		11,425		3,743,151
Class I Shares (85 and 100 million shares of common stock authorized, $.001 par value)		345,638		55,206,791
Class P Shares (0 and 20 million shares of common stock authorized, $.001 par value)		–		552
Class R2 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		7,201		19,070
Class R3 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		7,201		91,160
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$14.85		$5.76
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)		$15.19		$5.89
Class B Shares-Net asset value		–		$5.79
Class C Shares-Net asset value		$14.85		$5.79
Class F Shares-Net asset value		$14.85		$5.76
Class I Shares-Net asset value		$14.85		$5.75
Class P Shares-Net asset value		–		$5.76
Class R2 Shares-Net asset value		$14.85		$5.77
Class R3 Shares-Net asset value		$14.85		$5.75

58	See Notes to Financial Statements.

Statements of Assets and Liabilities (continued)

December 31, 2014

	Emerging Markets			Multi-Asset
	Local Bond			Global Opportunity
	Fund			Fund
ASSETS:
Investments in securities, at cost	$	11,755,721		$	281,130,280
Investments in securities, at fair value	$	10,247,171		$	280,132,961
Foreign cash, at value (cost $26,410 and $0, respectively)		25,056			–
Cash		777,347			–
Deposits with brokers for futures collateral		–			87,800
Receivables:
Interest and dividends		194,698			825,397
Capital shares sold		52,072			2,735,177
Investment securities sold		–			613,590
From affiliate (See Note 3)		–			105,622
From advisor (See Note 3)		6,026			–
Unrealized appreciation on forward foreign currency exchange contracts		114,554			254,321
Prepaid expenses		20,644			21,227
Total assets		11,437,568			284,776,095
LIABILITIES:
Payables:
To bank		–			511,814
Investment securities purchased		254			812,459
Capital shares reacquired		10,352			678,056
Management fee		–			24,014
Directors’ fees		451			43,848
12b-1 distribution fees		1,941			88,656
Fund administration		–			–
Variation margin		–			17,887
Unrealized depreciation on forward foreign currency exchange contracts		107,472			–
Distributions payable		23,746			2,034,314
Accrued expenses		58,083			121,893
Total liabilities		202,299			4,332,941
NET ASSETS	$	11,235,269		$	280,443,154
COMPOSITION OF NET ASSETS:
Paid-in capital	$	12,873,693		$	275,043,266
Distributions in excess of net investment income		(49,486	)		(23,579	)
Accumulated net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions		(70,599	)		6,205,697
Net unrealized depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(1,518,339	)		(782,230	)
Net Assets	$	11,235,269		$	280,443,154

See Notes to Financial Statements.

Statements of Assets and Liabilities (concluded)

December 31, 2014

	Emerging Markets		Multi-Asset
	Local Bond		Global Opportunity
	Fund		Fund
Net assets by class:
Class A Shares	$	8,345,106	$	167,386,599
Class B Shares		–	$	4,532,688
Class C Shares	$	395,883	$	45,989,680
Class F Shares	$	179,447	$	12,884,565
Class I Shares	$	2,130,129	$	42,754,218
Class R2 Shares	$	92,328	$	115,543
Class R3 Shares	$	92,376	$	6,779,861
Outstanding shares by class:
Class A Shares (350 and 430 million shares of common stock authorized, $.001 par value)		662,124		13,897,257
Class B Shares (0 and 15 million shares of common stock authorized, $.001 par value)		–		412,094
Class C Shares (85 and 20 million shares of common stock authorized, $.001 par value)		31,421		4,180,824
Class F Shares (85 and 20 million shares of common stock authorized, $.001 par value)		14,244		1,069,442
Class I Shares (85 and 15 million shares of common stock authorized, $.001 par value)		169,068		3,527,525
Class R2 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		7,329		9,413
Class R3 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		7,333		559,829
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$12.60		$12.04
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)		$12.89		$12.32
Class B Shares-Net asset value		–		$11.00
Class C Shares-Net asset value		$12.60		$11.00
Class F Shares-Net asset value		$12.60		$12.05
Class I Shares-Net asset value		$12.60		$12.12
Class R2 Shares-Net asset value		$12.60		$12.27
Class R3 Shares-Net asset value		$12.60		$12.11

60	See Notes to Financial Statements.

Statements of Operations

For the Year Ended December 31, 2014

	Emerging Markets			Emerging Markets
	Corporate Debt			Currency
	Fund			Fund
Investment income:
Interest and other (net of foreign withholding taxes of $178 and $0, respectively)	$	624,621		$	8,805,845
Total investment income		624,621			8,805,845
Expenses:
Management fee		82,626			2,318,711
12b-1 distribution plan-Class A		12,377			82,598
12b-1 distribution plan-Class B		–			5,098
12b-1 distribution plan-Class C		2,158			112,026
12b-1 distribution plan-Class F		125			31,023
12b-1 distribution plan-Class P		–			26
12b-1 distribution plan-Class R2		633			1,095
12b-1 distribution plan-Class R3		527			2,490
Shareholder servicing		8,442			201,054
Professional		57,697			100,918
Reports to shareholders		6,127			73,212
Fund administration		4,721			185,497
Custody		5,067			61,467
Offering costs		36,269			–
Directors’ fees		480			21,055
Registration		77,516			82,815
Subsidy (See Note 3)		–			536,178
Other		7,110			22,800
Gross expenses		301,875			3,838,063
Expense reductions (See Note 9)		(10	)		(78	)
Management fee waived and expenses reimbursed (See Note 3)		(189,973	)		–
Net expenses		111,892			3,837,985
Net investment income		512,729			4,967,860
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions		215,565			(14,944,860	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(4,258	)		(10,110,938	)
Net realized and unrealized gain (loss)		211,307			(25,055,798	)
Increase (Decrease) in Net Assets Resulting From Operations	$	724,036		$	(20,087,938	)

See Notes to Financial Statements.

Statements of Operations (concluded)

For the Year Ended December 31, 2014

	Emerging Markets Local Bond Fund			Multi-Asset Global Opportunity Fund
Investment income:
Dividends received from Underlying Funds	$	–		$	9,054,843
Interest and other (net of foreign withholding taxes of $15,282 and $0, respectively)		583,130			–
Total investment income		583,130			9,054,843
Expenses:
Management fee		63,782			655,610
12b-1 distribution plan-Class A		12,294			395,844
12b-1 distribution plan-Class B		–			52,507
12b-1 distribution plan-Class C		3,127			423,142
12b-1 distribution plan-Class F		138			10,100
12b-1 distribution plan-Class R2		600			609
12b-1 distribution plan-Class R3		500			28,474
Shareholder servicing		5,266			392,844
Professional		57,555			40,792
Reports to shareholders		4,104			61,923
Fund administration		3,645			–
Custody		10,352			10,608
Offering costs		12,341			–
Directors’ fees		399			11,568
Registration		92,751			97,950
Other		10,416			19,543
Gross expenses		277,270			2,201,514
Expense reductions (See Note 9)		(8	)		(202	)
Expenses assumed by Underlying Funds (See Note 3)		–			(635,026	)
Management fee waived and expenses reimbursed (See Note 3)		(184,253	)		(416,572	)
Net expenses		93,009			1,149,714
Net investment income		490,121			7,905,129
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds		–			11,679,211
Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions		(56,048	)		5,606,730	*
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(1,262,702	)		(21,522,875	)
Net realized and unrealized loss		(1,318,750	)		(4,236,934	)
Increase (Decrease) in Net Assets Resulting From Operations	$	(828,629	)	$	3,668,195

*	Includes net realized gain from affiliated issuers of $5,690,794 (See Note 12).

62	See Notes to Financial Statements.

Statements of Changes in Net Assets

	Emerging Markets Corporate Debt Fund
	For the			For the
	Year Ended			Period Ended
INCREASE IN NET ASSETS	December 31, 2014			December 31, 2013*
Operations:
Net investment income	$	512,729		$	12,151
Net realized gain on investments, futures contracts and foreign currency related transactions		215,565			2,174
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		(4,258	)		(19,752	)
Net increase (decrease) in net assets resulting from operations		724,036			(5,427	)
Distributions to shareholders from:
Net investment income
Class A		(290,290	)		(7,032	)
Class C		(8,105	)		(102	)
Class F		(5,982	)		(152	)
Class I		(247,517	)		(7,544	)
Class R2		(5,155	)		(157	)
Class R3		(5,156	)		(157	)
Net realized gain
Class A		(177,357	)		–
Class C		(12,293	)		–
Class F		(4,485	)		–
Class I		(134,951	)		–
Class R2		(2,812	)		–
Class R3		(2,812	)		–
Total distributions to shareholders		(896,915	)		(15,144	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		2,088,631			10,037,000
Reinvestment of distributions		893,013			16,177
Cost of shares reacquired		(106,258	)		–
Net increase in net assets resulting from capital share transactions		2,875,386			10,053,177
Net increase in net assets		2,702,507			10,032,606
NET ASSETS:
Beginning of period	$	10,032,606		$	–
End of period	$	12,735,113		$	10,032,606
Undistributed net investment income	$	466		$	527

*	For the period December 6, 2013 (commencement of operations) to December 31, 2013.

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Emerging Markets Currency Fund
	For the			For the
	Year Ended			Year Ended
DECREASE IN NET ASSETS	December 31, 2014			December 31, 2013
Operations:
Net investment income	$	4,967,860		$	4,724,151
Net realized loss on investments, futures contracts, swaps and foreign currency related transactions		(14,944,860	)		(8,000,393	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(10,110,938	)		(10,389,791	)
Net decrease in net assets resulting from operations		(20,087,938	)		(13,666,033	)
Distributions to shareholders from:
Net investment income
Class A		(1,026,089	)		(982,726	)
Class B		(8,560	)		(9,892	)
Class C		(253,506	)		(279,565	)
Class F		(803,895	)		(896,679	)
Class I		(10,115,674	)		(4,607,470	)
Class P		(132	)		(133	)
Class R2		(3,721	)		(3,132	)
Class R3		(11,411	)		(6,596	)
Return of capital
Class A		–			(745,764	)
Class B		–			(7,506	)
Class C		–			(212,155	)
Class F		–			(680,466	)
Class I		–			(3,496,485	)
Class P		–			(101	)
Class R2		–			(2,377	)
Class R3		–			(5,005	)
Total distributions to shareholders		(12,222,988	)		(11,936,052	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		284,556,555			177,016,961
Reinvestment of distributions		11,865,469			11,012,003
Cost of shares reacquired		(282,053,273	)		(212,293,195	)
Net increase (decrease) in net assets resulting from capital share transactions		14,368,751			(24,264,231	)
Net decrease in net assets		(17,942,175	)		(49,866,316	)
NET ASSETS:
Beginning of year	$	398,101,422		$	447,967,738
End of year	$	380,159,247		$	398,101,422
Distributions in excess of net investment income	$	(4,253,612	)	$	(1,903,398	)

64	See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Emerging Markets Local Bond Fund
	For the			For the
	Year Ended			Period Ended
INCREASE IN NET ASSETS	December 31, 2014			December 31, 2013*
Operations:
Net investment income	$	490,121		$	179,567
Net realized gain (loss) on investments and foreign currency related transactions		(56,048	)		14,479
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(1,262,702	)		(255,637	)
Net decrease in net assets resulting from operations		(828,629	)		(61,591	)
Distributions to shareholders from:
Net investment income
Class A		(363,782	)		(140,478	)
Class C		(16,383	)		(4,401	)
Class F		(8,351	)		(3,577	)
Class I		(142,124	)		(75,123	)
Class R2		(6,159	)		(2,966	)
Class R3		(6,161	)		(3,018	)
Total distributions to shareholders		(542,960	)		(229,563	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		6,527,526			8,747,781
Reinvestment of distributions		537,354			254,775
Cost of shares reacquired		(2,235,218	)		(934,206	)
Net increase in net assets resulting from capital share transactions		4,829,662			8,068,350
Net increase in net assets		3,458,073			7,777,196
NET ASSETS:
Beginning of period	$	7,777,196		$	–
End of period	$	11,235,269		$	7,777,196
Distributions in excess of net investment income	$	(49,486	)	$	(3,393	)

*	For the period June 21, 2013 (commencement of operations) to December 31, 2013.

See Notes to Financial Statements.

Statements of Changes in Net Assets (concluded)

	Multi-Asset Global Opportunity Fund
	For the			For the
	Year Ended			Year Ended
INCREASE IN NET ASSETS	December 31, 2014			December 31, 2013
Operations:
Net investment income	$	7,905,129		$	6,168,458
Capital gain distributions received from Underlying Funds		11,679,211			2,994,619
Net realized gain on investments, futures contracts and swaps		5,606,730			2,134,648
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(21,522,875	)		15,703,811
Net increase in net assets resulting from operations		3,668,195			27,001,536
Distributions to shareholders from:
Net investment income
Class A		(6,346,799	)		(5,241,605	)
Class B		(172,458	)		(225,706	)
Class C		(1,572,470	)		(1,223,675	)
Class F		(445,433	)		(202,158	)
Class I		(1,654,538	)		(1,260,162	)
Class R2		(3,790	)		(3,446	)
Class R3		(234,768	)		(213,687	)
Net realized gain
Class A		(3,184,965	)		(879,308	)
Class B		(98,129	)		(42,177	)
Class C		(956,209	)		(246,618	)
Class F		(245,239	)		(40,896	)
Class I		(809,109	)		(216,061	)
Class R2		(2,138	)		(554	)
Class R3		(126,282	)		(36,602	)
Total distributions to shareholders		(15,852,327	)		(9,832,655	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		98,802,401			63,790,915
Reinvestment of distributions		14,827,692			9,222,247
Cost of shares reacquired		(49,403,463	)		(39,479,184	)
Net increase in net assets resulting from capital share transactions		64,226,630			33,533,978
Net increase in net assets		52,042,498			50,702,859
NET ASSETS:
Beginning of year	$	228,400,656		$	177,697,797
End of year	$	280,443,154		$	228,400,656
Distributions in excess of net investment income	$	(23,579	)	$	(38,839	)

66	See Notes to Financial Statements.

Financial Highlights

EMERGING MARKETS CORPORATE DEBT FUND

	Class A Shares
				12/6/2013
	Year Ended			to
	12/31/2014			12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period		$14.97			$	15.00
Investment operations:
Net investment income^(b)		.66				.02
Net realized and unrealized gain (loss)		.34				(.02	)
Total from investment operations		1.00				–
Distributions to shareholders from:
Net investment income		(.72	)			(.03	)
Net realized gain		(.40	)			–
Total distributions		(1.12	)			(.03	)
Net asset value, end of period		$14.85			$	14.97
Total Return^(c)		6.76	%			(.04	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		1.05	%			1.05	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		1.05	%			1.05	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		2.62	%			5.26	%^(e)
Net investment income		4.27	%			1.84	%^(e)

Supplemental Data:
Net assets, end of period (000)		$6,745			$	4,835
Portfolio turnover rate		293.26	%			4.14	%^(d)

^(a)	Commencement of operations was 12/6/2013, SEC effective date was 10/28/2013 and date shares first became available to the public was 1/2/2014.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CORPORATE DEBT FUND

	Class C Shares
				12/6/2013
	Year Ended			to
	12/31/2014			12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period		$14.97			$	15.00
Investment operations:
Net investment income^(b)		.52				.01
Net realized and unrealized gain (loss)		.36				(.02	)
Total from investment operations		.88				(.01	)
Distributions to shareholders from:
Net investment income		(.60	)			(.02	)
Net realized gain		(.40	)			–
Total distributions		(1.00	)			(.02	)
Net asset value, end of period		$14.85			$	14.97
Total Return^(c)		5.90	%			(.09	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		1.81	%			1.86	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		1.81	%			1.86	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		3.27	%			6.07	%^(e)
Net investment income		3.34	%			1.03	%^(e)

Supplemental Data:
Net assets, end of period (000)		$473				$100
Portfolio turnover rate		293.26	%			4.14	%^(d)

^(a)	Commencement of operations was 12/6/2013, SEC effective date was 10/28/2013 and date shares first became available to the public was 1/2/2014.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

68	See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CORPORATE DEBT FUND

	Class F Shares
				12/6/2013
	Year Ended			to
	12/31/2014			12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period		$14.97			$15.00
Investment operations:
Net investment income^(b)		.67			.02
Net realized and unrealized gain (loss)		.35			(.02	)
Total from investment operations		1.02			–
Distributions to shareholders from:
Net investment income		(.74	)		(.03	)
Net realized gain		(.40	)		–
Total distributions		(1.14	)		(.03	)
Net asset value, end of period		$14.85			$14.97
Total Return^(c)		6.86	%		(.04	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.94	%		.95	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.94	%		.95	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		2.49	%		5.15	%^(e)
Net investment income		4.36	%		1.94	%^(e)

Supplemental Data:
Net assets, end of period (000)		$170			$100
Portfolio turnover rate		293.26	%		4.14	%^(d)

^(a)	Commencement of operations was 12/6/2013, SEC effective date was 10/28/2013 and date shares first became available to the public was 1/2/2014.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CORPORATE DEBT FUND

	Class I Shares
				12/6/2013
	Year Ended			to
	12/31/2014			12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period		$14.97			$15.00
Investment operations:
Net investment income^(b)		.69			.02
Net realized and unrealized gain (loss)		.34			(.02	)
Total from investment operations		1.03			–
Distributions to shareholders from:
Net investment income		(.75	)		(.03	)
Net realized gain		(.40	)		–
Total distributions		(1.15	)		(.03	)
Net asset value, end of period		$14.85			$14.97
Total Return^(c)		6.97	%		(.03	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.85	%		.85	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.85	%		.85	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		2.43	%		5.06	%^(e)
Net investment income		4.47	%		2.03	%^(e)
Supplemental Data:
Net assets, end of period (000)		$5,134			$4,798
Portfolio turnover rate		293.26	%		4.14	%^(d)

^(a)	Commencement of operations was 12/6/2013, SEC effective date was 10/28/2013 and date shares first became available to the public was 1/2/2014.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

70	See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CORPORATE DEBT FUND

	Class R2 Shares
				12/6/2013
	Year Ended			to
	12/31/2014			12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period		$14.97			$15.00
Investment operations:
Net investment income^(b)		.69			.02
Net realized and unrealized gain (loss)		.34			(.02	)
Total from investment operations		1.03			–
Distributions to shareholders from:
Net investment income		(.75	)		(.03	)
Net realized gain		(.40	)		–
Total distributions		(1.15	)		(.03	)
Net asset value, end of period		$14.85			$14.97
Total Return^(c)		6.97	%		(.03	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.85	%		.85	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.85	%		.85	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		3.03	%		5.06	%^(e)
Net investment income		4.47	%		2.03	%^(e)
Supplemental Data:
Net assets, end of period (000)		$107			$100
Portfolio turnover rate		293.26	%		4.14	%^(d)

^(a)	Commencement of operations was 12/6/2013, SEC effective date was 10/28/2013 and date shares first became available to the public was 1/2/2014.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.

Financial Highlights (concluded)

EMERGING MARKETS CORPORATE DEBT FUND

	Class R3 Shares
				12/6/2013
	Year Ended			to
	12/31/2014			12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period		$14.97			$15.00
Investment operations:
Net investment income^(b)		.69			.02
Net realized and unrealized gain (loss)		.34			(.02	)
Total from investment operations		1.03			–
Distributions to shareholders from:
Net investment income		(.75	)		(.03	)
Net realized gain		(.40	)		–
Total distributions		(1.15	)		(.03	)
Net asset value, end of period		$14.85			$14.97
Total Return^(c)		6.97	%		(.03	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.85	%		.85	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.85	%		.85	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		2.93	%		5.07	%^(e)
Net investment income		4.47	%		2.05	%^(e)

Supplemental Data:
Net assets, end of period (000)		$107			$100
Portfolio turnover rate		293.26	%		4.14	%^(d)

^(a)	Commencement of operations was 12/6/2013, SEC effective date was 10/28/2013 and date shares first became available to the public was 1/2/2014.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

72	See Notes to Financial Statements.

Financial Highlights

EMERGING MARKETS CURRENCY FUND

	Class A Shares
	Year Ended 12/31
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year		$6.25			$6.63			$6.15			$6.74			$6.70
Investment operations:
Net investment income^(a)		.06			.06			.07			.08			.11
Net realized and unrealized gain (loss)		(.40	)		(.27	)		.58			(.46	)		.27
Total from investment operations		(.34	)		(.21	)		.65			(.38	)		.38
Distributions to shareholders from:
Net investment income		(.15	)		(.10	)		(.15	)		(.18	)		(.20	)
Net realized gain		–			–			–			(.03	)		(.14	)
Return of capital		–			(.07	)		(.02	)		–			–
Total distributions		(.15	)		(.17	)		(.17	)		(.21	)		(.34	)
Net asset value, end of year		$5.76			$6.25			$6.63			$6.15			$6.74
Total Return^(b)		(5.49	)%		(3.21	)%		10.69	%		(5.87	)%		5.79	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.98	%		.99	%		1.01	%		1.02	%		1.17	%
Expenses, excluding expense reductions		.98	%		.99	%		1.01	%		1.02	%		1.17	%
Net investment income		.93	%		.97	%		1.02	%		1.18	%		1.68	%

Supplemental Data:
Net assets, end of year (000)		$30,554			$47,961			$73,947			$80,034			$98,279
Portfolio turnover rate		113.20	%		105.11	%		141.92	%		130.30	%		113.50	%

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

See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class B Shares
	Year Ended 12/31
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year		$6.28			$6.66			$6.18			$6.77			$6.73
Investment operations:
Net investment income^(a)		.01			.01			.02			.03			.07
Net realized and unrealized gain (loss)		(.39	)		(.27	)		.58			(.46	)		.26
Total from investment operations		(.38	)		(.26	)		.60			(.43	)		.33
Distributions to shareholders from:
Net investment income		(.11	)		(.07	)		(.10	)		(.13	)		(.15	)
Net realized gain		–			–			–			(.03	)		(.14	)
Return of capital		–			(.05	)		(.02	)		–			–
Total distributions		(.11	)		(.12	)		(.12	)		(.16	)		(.29	)
Net asset value, end of year		$5.79			$6.28			$6.66			$6.18			$6.77
Total Return^(b)		(6.20	)%		(3.95	)%		9.79	%		(6.55	)%		5.10	%
Ratios to Average Net Assets:
Expenses, including expense reductions		1.78	%		1.79	%		1.80	%		1.80	%		1.83	%
Expenses, excluding expense reductions		1.78	%		1.79	%		1.80	%		1.80	%		1.83	%
Net investment income		.13	%		.18	%		.24	%		.44	%		1.05	%

Supplemental Data:
Net assets, end of year (000)		$350			$696			$1,219			$1,674			$2,693
Portfolio turnover rate		113.20	%		105.11	%		141.92	%		130.30	%		113.50	%

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

74	See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class C Shares
	Year Ended 12/31
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year		$6.29			$6.67			$6.19			$6.78			$6.74
Investment operations:
Net investment income^(a)		.02			.02			.02			.03			.07
Net realized and unrealized gain (loss)		(.40	)		(.27	)		.59			(.46	)		.26
Total from investment operations		(.38	)		(.25	)		.61			(.43	)		.33
Distributions to shareholders from:
Net investment income		(.12	)		(.07	)		(.11	)		(.13	)		(.15	)
Net realized gain		–			–			–			(.03	)		(.14	)
Return of capital		–			(.06	)		(.02	)		–			–
Total distributions		(.12	)		(.13	)		(.13	)		(.16	)		(.29	)
Net asset value, end of year		$5.79			$6.29			$6.67			$6.19			$6.78
Total Return^(b)		(6.19	)%		(3.78	)%		9.91	%		(6.44	)%		5.09	%
Ratios to Average Net Assets:
Expenses, including expense reductions		1.61	%		1.62	%		1.68	%		1.69	%		1.82	%
Expenses, excluding expense reductions		1.61	%		1.62	%		1.68	%		1.69	%		1.82	%
Net investment income		.31	%		.34	%		.37	%		.51	%		1.02	%

Supplemental Data:
Net assets, end of year (000)		$9,675			$17,378			$28,543			$36,551			$34,232
Portfolio turnover rate		113.20	%		105.11	%		141.92	%		130.30	%		113.50	%

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

See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class F Shares
	Year Ended 12/31
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year		$6.25			$6.62			$6.15			$6.74			$6.69
Investment operations:
Net investment income^(a)		.06			.07			.07			.09			.13
Net realized and unrealized gain (loss)		(.39	)		(.27	)		.58			(.47	)		.27
Total from investment operations		(.33	)		(.20	)		.65			(.38	)		.40
Distributions to shareholders from:
Net investment income		(.16	)		(.09	)		(.16	)		(.18	)		(.21	)
Net realized gain		–			–			–			(.03	)		(.14	)
Return of capital		–			(.08	)		(.02	)		–			–
Total distributions		(.16	)		(.17	)		(.18	)		(.21	)		(.35	)
Net asset value, end of year		$5.76			$6.25			$6.62			$6.15			$6.74
Total Return^(b)		(5.40	)%		(2.97	)%		10.63	%		(5.77	)%		6.20	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.88	%		.89	%		.91	%		.91	%		.92	%
Expenses, excluding expense reductions		.88	%		.89	%		.91	%		.91	%		.92	%
Net investment income		1.03	%		1.06	%		1.12	%		1.27	%		1.88	%

Supplemental Data:
Net assets, end of year (000)		$21,550			$36,181			$71,622			$76,795			$61,059
Portfolio turnover rate		113.20	%		105.11	%		141.92	%		130.30	%		113.50	%

^(a)	Calculated using average shares outstanding during the year.
^(b)	Total return assumes the reinvestment of all distributions.

76	See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class I Shares
	Year Ended 12/31
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year		$6.24			$6.61			$6.14			$6.73			$6.69
Investment operations:
Net investment income^(a)		.07			.08			.08			.09			.13
Net realized and unrealized gain (loss)		(.39	)		(.27	)		.57			(.46	)		.27
Total from investment operations		(.32	)		(.19	)		.65			(.37	)		.40
Distributions to shareholders from:
Net investment income		(.17	)		(.10	)		(.16	)		(.19	)		(.22	)
Net realized gain		–			–			–			(.03	)		(.14	)
Return of capital		–			(.08	)		(.02	)		–			–
Total distributions		(.17	)		(.18	)		(.18	)		(.22	)		(.36	)
Net asset value, end of year		$5.75			$6.24			$6.61			$6.14			$6.73
Total Return^(b)		(5.32	)%		(2.88	)%		10.75	%		(5.68	)%		6.17	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.78	%		.80	%		.80	%		.81	%		.83	%
Expenses, excluding expense reductions		.78	%		.80	%		.80	%		.81	%		.83	%
Net investment income		1.12	%		1.18	%		1.21	%		1.40	%		2.00	%

Supplemental Data:
Net assets, end of year (000)		$317,393			$295,136			$271,710			$119,329			$79,092
Portfolio turnover rate		113.20	%		105.11	%		141.92	%		130.30	%		113.50	%

^(a)	Calculated using average shares outstanding during the year.
^(b)	Total return assumes the reinvestment of all distributions.

See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class P Shares
	Year Ended 12/31
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year		$6.25			$6.62			$6.14			$6.74			$6.69
Investment operations:
Net investment income^(a)		.04			.05			.05			.07			.11
Net realized and unrealized gain (loss)		(.39	)		(.26	)		.59			(.48	)		.27
Total from investment operations		(.35	)		(.21	)		.64			(.41	)		.38
Distributions to shareholders from:
Net investment income		(.14	)		(.09	)		(.14	)		(.16	)		(.19	)
Net realized gain		–			–			–			(.03	)		(.14	)
Return of capital		–			(.07	)		(.02	)		–			–
Total distributions		(.14	)		(.16	)		(.16	)		(.19	)		(.33	)
Net asset value, end of year		$5.76			$6.25			$6.62			$6.14			$6.74
Total Return^(b)		(5.68	)%		(3.26	)%		10.27	%		(6.07	)%		5.87	%
Ratios to Average Net Assets:
Expenses, including expense reductions		1.17	%		1.22	%		1.24	%		1.25	%		1.27	%
Expenses, excluding expense reductions		1.17	%		1.22	%		1.24	%		1.25	%		1.27	%
Net investment income		.71	%		.78	%		.80	%		.98	%		1.61	%

Supplemental Data:
Net assets, end of year (000)		$3			$8			$10			$9			$32
Portfolio turnover rate		113.20	%		105.11	%		141.92	%		130.30	%		113.50	%

^(a)	Calculated using average shares outstanding during the year.
^(b)	Total return assumes the reinvestment of all distributions.

78	See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class R2 Shares
	Year Ended 12/31
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year		$6.26			$6.64			$6.16			$6.75			$6.71
Investment operations:
Net investment income^(a)		.03			.04			.04			.05			.09
Net realized and unrealized gain (loss)		(.39	)		(.28	)		.59			(.46	)		.27
Total from investment operations		(.36	)		(.24	)		.63			(.41	)		.36
Distributions to shareholders from:
Net investment income		(.13	)		(.08	)		(.13	)		(.15	)		(.18	)
Net realized gain		–			–			–			(.03	)		(.14	)
Return of capital		–			(.06	)		(.02	)		–			–
Total distributions		(.13	)		(.14	)		(.15	)		(.18	)		(.32	)
Net asset value, end of year		$5.77			$6.26			$6.64			$6.16			$6.75
Total Return^(b)		(5.85	)%		(3.59	)%		10.24	%		(6.22	)%		5.54	%
Ratios to Average Net Assets:
Expenses, including expense reductions		1.37	%		1.40	%		1.41	%		1.41	%		1.42	%
Expenses, excluding expense reductions		1.37	%		1.40	%		1.41	%		1.41	%		1.42	%
Net investment income		.51	%		.58	%		.63	%		.76	%		1.39	%

Supplemental Data:
Net assets, end of year (000)		$110			$248			$300			$218			$70
Portfolio turnover rate		113.20	%		105.11	%		141.92	%		130.30	%		113.50	%

^(a)	Calculated using average shares outstanding during the year.
^(b)	Total return assumes the reinvestment of all distributions.

See Notes to Financial Statements.

Financial Highlights (concluded)

EMERGING MARKETS CURRENCY FUND

	Class R3 Shares
	Year Ended 12/31
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year		$6.24			$6.61			$6.14			$6.73			$6.70
Investment operations:
Net investment income^(a)		.04			.04			.05			.06			.10
Net realized and unrealized gain (loss)		(.39	)		(.26	)		.57			(.46	)		.26
Total from investment operations		(.35	)		(.22	)		.62			(.40	)		.36
Distributions to shareholders from:
Net investment income		(.14	)		(.09	)		(.13	)		(.16	)		(.19	)
Net realized gain		–			–			–			(.03	)		(.14	)
Return of capital		–			(.06	)		(.02	)		–			–
Total distributions		(.14	)		(.15	)		(.15	)		(.19	)		(.33	)
Net asset value, end of year		$5.75			$6.24			$6.61			$6.14			$6.73
Total Return^(b)		(5.77	)%		(3.35	)%		10.23	%		(6.14	)%		5.49	%
Ratios to Average Net Assets:
Expenses, including expense reductions		1.27	%		1.28	%		1.29	%		1.31	%		1.33	%
Expenses, excluding expense reductions		1.27	%		1.28	%		1.29	%		1.31	%		1.33	%
Net investment income		.65	%		.70	%		.74	%		.92	%		1.48	%

Supplemental Data:
Net assets, end of year (000)		$524			$494			$617			$411			$326
Portfolio turnover rate		113.20	%		105.11	%		141.92	%		130.30	%		113.50	%

^(a)	Calculated using average shares outstanding during the year.
^(b)	Total return assumes the reinvestment of all distributions.

See Notes to Financial Statements.

Financial Highlights

EMERGING MARKETS LOCAL BOND FUND

	Class A Shares
				6/21/2013
	Year Ended			to
	12/31/2014			12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period		$14.39			$15.00
Investment operations:
Net investment income^(b)		.75			.37
Net realized and unrealized loss		(1.70	)		(.51	)
Total from investment operations		(.95	)		(.14	)
Distributions to shareholders from:
Net investment income		(.84	)		(.47	)
Net asset value, end of period		$12.60			$14.39
Total Return^(c)		(7.05	)%		(.97	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		1.05	%		1.02	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		1.05	%		1.02	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		3.01	%		5.09	%^(e)
Net investment income		5.33	%		4.79	%^(e)

Supplemental Data:
Net assets, end of period (000)		$8,345			$4,950
Portfolio turnover rate		39.30	%		28.21	%^(d)

^(a)	Commencement of operations was 6/21/2013, SEC effective date was 5/1/2013 and date shares first became available to the public was 7/1/2013.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS LOCAL BOND FUND

	Class C Shares
				6/21/2013
	Year Ended			to
	12/31/2014			12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period		$14.38			$15.00
Investment operations:
Net investment income^(b)		.64			.31
Net realized and unrealized loss		(1.69	)		(.52	)
Total from investment operations		(1.05	)		(.21	)
Distributions to shareholders from:
Net investment income		(.73	)		(.41	)
Net asset value, end of period		$12.60			$14.38
Total Return^(c)		(7.71	)%		(1.43	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		1.82	%		1.77	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		1.82	%		1.77	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		3.80	%		5.63	%^(e)
Net investment income		4.53	%		3.97	%^(e)

Supplemental Data:
Net assets, end of period (000)		$396			$226
Portfolio turnover rate		39.30	%		28.21	%^(d)

^(a)	Commencement of operations was 6/21/2013, SEC effective date was 5/1/2013 and date shares first became available to the public was 7/1/2013.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS LOCAL BOND FUND

	Class F Shares
				6/21/2013
	Year Ended			to
	12/31/2014			12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period		$14.38			$15.00
Investment operations:
Net investment income^(b)		.76			.38
Net realized and unrealized loss		(1.68	)		(.52	)
Total from investment operations		(.92	)		(.14	)
Distributions to shareholders from:
Net investment income		(.86	)		(.48	)
Net asset value, end of period		$12.60			$14.38
Total Return^(c)		(6.88	)%		(.99	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.95	%		.92	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.95	%		.92	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		2.96	%		5.16	%^(e)
Net investment income		5.45	%		4.84	%^(e)

Supplemental Data:
Net assets, end of period (000)		$179			$116
Portfolio turnover rate		39.30	%		28.21	%^(d)

^(a)	Commencement of operations was 6/21/2013, SEC effective date was 5/1/2013 and date shares first became available to the public was 7/1/2013.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS LOCAL BOND FUND

	Class I Shares
						6/21/2013
	Year Ended				to
	12/31/2014				12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period			$14.38				$15.00
Investment operations:
Net investment income^(b)			.79				.38
Net realized and unrealized loss			(1.70	)			(.52	)
Total from investment operations			(.91	)			(.14	)
Distributions to shareholders from:
Net investment income			(.87	)			(.48	)
Net asset value, end of period			$12.60				$14.38
Total Return^(c)			(6.79	)%			(.94	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.85	%			.82	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.85	%			.82	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			2.96	%			5.19	%^(e)
Net investment income			5.58	%			4.94	%^(e)

Supplemental Data:
Net assets, end of period (000)		$2,130					$2,286
Portfolio turnover rate			39.30	%			28.21	%^(d)

^(a)	Commencement of operations was 6/21/2013, SEC effective date was 5/1/2013 and date shares first became available to the public was 7/1/2013.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS LOCAL BOND FUND

	Class R2 Shares
				6/21/2013
	Year Ended			to
	12/31/2014			12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period		$14.38			$15.00
Investment operations:
Net investment income^(b)		.79			.34
Net realized and unrealized loss		(1.70	)		(.52	)
Total from investment operations		(.91	)		(.18	)
Distributions to shareholders from:
Net investment income		(.87	)		(.44	)
Net asset value, end of period		$12.60			$14.38
Total Return^(c)		(6.79	)%		(1.23	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.85	%		1.40	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.85	%		1.40	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		3.56	%		5.79	%^(e)
Net investment income		5.57	%		4.36	%^(e)

Supplemental Data:
Net assets, end of period (000)		$92			$99
Portfolio turnover rate		39.30	%		28.21	%^(d)

^(a)	Commencement of operations was 6/21/2013, SEC effective date was 5/1/2013 and date shares first became available to the public was 7/1/2013.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.

Financial Highlights (concluded)

EMERGING MARKETS LOCAL BOND FUND

	Class R3 Shares
				6/21/2013
	Year Ended			to
	12/31/2014			12/31/2013^(a)
Per Share Operating Performance
Net asset value, beginning of period		$14.38			$15.00
Investment operations:
Net investment income^(b)		.79			.35
Net realized and unrealized loss		(1.70	)		(.52	)
Total from investment operations		(.91	)		(.17	)
Distributions to shareholders from:
Net investment income		(.87	)		(.45	)
Net asset value, end of period		$12.60			$14.38
Total Return^(c)		(6.79	)%		(1.18	)%^(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.85	%		1.30	%^(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.85	%		1.30	%^(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		3.46	%		5.69	%^(e)
Net investment income		5.57	%		4.46	%^(e)

Supplemental Data:
Net assets, end of period (000)		$92			$99
Portfolio turnover rate		39.30	%		28.21	%^(d)

^(a)	Commencement of operations was 6/21/2013, SEC effective date was 5/1/2013 and date shares first became available to the public was 7/1/2013.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return assumes the reinvestment of all distributions.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.

Financial Highlights

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class A Shares
	Year Ended 12/31
		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of year		$12.49		$11.42		$10.29		$11.41		$10.56
Investment operations:
Net investment income^(a)		.40		.39		.36		.35		.33
Net realized and unrealized gain (loss)		(.12	)	1.26		1.16		(1.12	)	.84
Total from investment operations		.28		1.65		1.52		(.77	)	1.17
Distributions to shareholders from:
Net investment income		(.49	)	(.50	)	(.38	)	(.35	)	(.32	)
Net realized gain		(.24	)	(.08	)	–		–		–
Return of capital		–		–		(.01	)	–		–
Total distributions		(.73	)	(.58	)	(.39	)	(.35	)	(.32	)
Net asset value, end of year		$12.04		$12.49		$11.42		$10.29		$11.41
Total Return^(b)		2.15	%	14.66	%	15.02	%	(6.89	)%	11.36	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.34	%	.31	%	.30	%	.28	%	.35	%
Expenses, including expense reductions, expenses assumed and management fee waived		.34	%	.31	%	.30	%	.28	%	.35	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.74	%	.77	%	.80	%	.84	%	.94	%
Net investment income		3.12	%	3.20	%	3.31	%	3.11	%	3.07	%

Supplemental Data:
Net assets, end of year (000)		$167,387		$139,986		$110,910		$108,217		$107,234
Portfolio turnover rate		40.53	%	23.32	%	36.34	%	27.66	%	9.48	%

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

See Notes to Financial Statements.

Financial Highlights (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class B Shares
	Year Ended 12/31
		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of year		$11.46		$10.53		$9.51		$10.57		$9.81
Investment operations:
Net investment income^(a)		.26		.26		.25		.24		.23
Net realized and unrealized gain (loss)		(.08	)	1.16		1.09		(1.03	)	.79
Total from investment operations		.18		1.42		1.34		(.79	)	1.02
Distributions to shareholders from:
Net investment income		(.40	)	(.41	)	(.31	)	(.27	)	(.26	)
Net realized gain		(.24	)	(.08	)	–		–		–
Return of capital		–		–		(.01	)	–		–
Total distributions		(.64	)	(.49	)	(.32	)	(.27	)	(.26	)
Net asset value, end of year		$11.00		$11.46		$10.53		$9.51		$10.57
Total Return^(b)		1.49	%	13.70	%	14.24	%	(7.56	)%	10.60	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived		1.08	%	1.05	%	1.04	%	.99	%	1.00	%
Expenses, including expense reductions, expenses assumed and management fee waived		1.08	%	1.05	%	1.04	%	.99	%	1.00	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		1.48	%	1.51	%	1.54	%	1.55	%	1.59	%
Net investment income		2.26	%	2.32	%	2.51	%	2.29	%	2.35	%

Supplemental Data:
Net assets, end of year (000)		$4,533		$6,020		$6,939		$8,276		$11,389
Portfolio turnover rate		40.53	%	23.32	%	36.34	%	27.66	%	9.48	%

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

See Notes to Financial Statements.

Financial Highlights (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class C Shares
	Year Ended 12/31
		2014		2013		2012			2011		2010
Per Share Operating Performance
Net asset value, beginning of year		$11.47		$10.54		$9.53			$10.59		$9.83
Investment operations:
Net investment income^(a)		.27		.27		.26			.25		.24
Net realized and unrealized gain (loss)		(.09	)	1.16		1.07			(1.03	)	.78
Total from investment operations		.18		1.43		1.33			(.78	)	1.02
Distributions to shareholders from:
Net investment income		(.41	)	(.42	)	(.31	)		(.28	)	(.26	)
Net realized gain		(.24	)	(.08	)	–			–		–
Return of capital		–		–		(.01	)		–		–
Total distributions		(.65	)	(.50	)	(.32	)		(.28	)	(.26	)
Net asset value, end of year		$11.00		$11.47		$10.54			$9.53		$10.59
Total Return^(b)		1.47	%	13.76	%	14.17	%		(7.48	)%	10.58	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived		1.08	%	1.05	%	1.04	%		.97	%	1.00	%
Expenses, including expense reductions, expenses assumed and management fee waived		1.08	%	1.05	%	1.04	%	��	.97	%	1.00	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		1.48	%	1.51	%	1.53	%		1.53	%	1.59	%
Net investment income		2.36	%	2.45	%	2.62	%		2.42	%	2.46	%

Supplemental Data:
Net assets, end of year (000)		$45,990		$35,963		$29,821			$26,322		$25,893
Portfolio turnover rate		40.53	%	23.32	%	36.34	%		27.66	%	9.48	%

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

See Notes to Financial Statements.

Financial Highlights (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class F Shares
	Year Ended 12/31
		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of year		$12.49		$11.43		$10.29		$11.41		$10.56
Investment operations:
Net investment income^(a)		.42		.44		.36		.37		.39
Net realized and unrealized gain (loss)		(.11	)	1.22		1.19		(1.12	)	.80
Total from investment operations		.31		1.66		1.55		(.75	)	1.19
Distributions to shareholders from:
Net investment income		(.51	)	(.52	)	(.40	)	(.37	)	(.34	)
Net realized gain		(.24	)	(.08	)	–		–		–
Return of capital		–		–		(.01	)	–		–
Total distributions		(.75	)	(.60	)	(.41	)	(.37	)	(.34	)
Net asset value, end of year		$12.05		$12.49		$11.43		$10.29		$11.41
Total Return^(b)		2.39	%	14.73	%	15.28	%	(6.72	)%	11.57	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.19	%	.16	%	.15	%	.10	%	.10	%
Expenses, including expense reductions, expenses assumed and management fee waived		.19	%	.16	%	.15	%	.10	%	.10	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.59	%	.62	%	.65	%	.66	%	.69	%
Net investment income		3.30	%	3.60	%	3.31	%	3.36	%	3.63	%

Supplemental Data:
Net assets, end of year (000)		$12,885		$6,472		$2,423		$3,156		$2,256
Portfolio turnover rate		40.53	%	23.32	%	36.34	%	27.66	%	9.48	%

*	Does not include expenses of the Underlying Funds in which the Fund invests.
^(a)	Calculated using average shares outstanding during the year.
^(b)	Total return assumes the reinvestment of all distributions.

See Notes to Financial Statements.

Financial Highlights (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class I Shares
	Year Ended 12/31
		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of year		$12.56		$11.49		$10.34		$11.47		$10.61
Investment operations:
Net investment income^(a)		.43		.42		.39		.38		.37
Net realized and unrealized gain (loss)		(.11	)	1.26		1.18		(1.13	)	.84
Total from investment operations		.32		1.68		1.57		(.75	)	1.21
Distributions to shareholders from:
Net investment income		(.52	)	(.53	)	(.41	)	(.38	)	(.35	)
Net realized gain		(.24	)	(.08	)	–		–		–
Return of capital		–		–		(.01	)	–		–
Total distributions		(.76	)	(.61	)	(.42	)	(.38	)	(.35	)
Net asset value, end of year		$12.12		$12.56		$11.49		$10.34		$11.47
Total Return^(b)		2.47	%	14.85	%	15.42	%	(6.69	)%	11.69	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.09	%	.06	%	.05	%	.00	%	.00	%
Expenses, including expense reductions, expenses assumed and management fee waived		.09	%	.06	%	.05	%	.00	%	.00	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.49	%	.52	%	.55	%	.57	%	.60	%
Net investment income		3.34	%	3.44	%	3.57	%	3.38	%	3.40	%

Supplemental Data:
Net assets, end of year (000)		$42,754		$34,086		$22,289		$14,086		$8,460
Portfolio turnover rate		40.53	%	23.32	%	36.34	%	27.66	%	9.48	%

*	Does not include expenses of the Underlying Funds in which the Fund invests.
^(a)	Calculated using average shares outstanding during the year.
^(b)	Total return assumes the reinvestment of all distributions.

See Notes to Financial Statements.

Financial Highlights (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class R2 Shares
	Year Ended 12/31
		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of year		$12.72		$11.62		$10.46		$11.55		$10.64
Investment operations:
Net investment income^(a)		.37		.33		.34		.49		.36
Net realized and unrealized gain (loss)		(.13	)	1.30		1.18		(1.26	)	.85
Total from investment operations		.24		1.63		1.52		(.77	)	1.21
Distributions to shareholders from:
Net investment income		(.45	)	(.45	)	(.35	)	(.32	)	(.30	)
Net realized gain		(.24	)	(.08	)	–		–		–
Return of capital		–		–		(.01	)	–		–
Total distributions		(.69	)	(.53	)	(.36	)	(.32	)	(.30	)
Net asset value, end of year		$12.27		$12.72		$11.62		$10.46		$11.55
Total Return^(b)		1.86	%	14.13	%	14.71	%	(6.77	)%	11.63	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.69	%	.66	%	.61	%	.34	%	.05	%
Expenses, including expense reductions, expenses assumed and management fee waived		.69	%	.66	%	.61	%	.34	%	.05	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		1.09	%	1.12	%	1.11	%	.93	%	.65	%
Net investment income		2.88	%	2.68	%	3.05	%	4.44	%	3.38	%

Supplemental Data:
Net assets, end of year (000)		$116		$89		$107		$88		$11
Portfolio turnover rate		40.53	%	23.32	%	36.34	%	27.66	%	9.48	%

*	Does not include expenses of the Underlying Funds in which the Fund invests.
^(a)	Calculated using average shares outstanding during the year.
^(b)	Total return assumes the reinvestment of all distributions.

See Notes to Financial Statements.

Financial Highlights (concluded)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class R3 Shares
	Year Ended 12/31
		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of year		$12.55		$11.48		$10.34		$11.47		$10.62
Investment operations:
Net investment income^(a)		.37		.36		.35		.34		.34
Net realized and unrealized gain (loss)		(.11	)	1.26		1.16		(1.14	)	.82
Total from investment operations		.26		1.62		1.51		(.80	)	1.16
Distributions to shareholders from:
Net investment income		(.46	)	(.47	)	(.36	)	(.33	)	(.31	)
Net realized gain		(.24	)	(.08	)	–		–		–
Return of capital		–		–		(.01	)	–		–
Total distributions		(.70	)	(.55	)	(.37	)	(.33	)	(.31	)
Net asset value, end of year		$12.11		$12.55		$11.48		$10.34		$11.47
Total Return^(b)		2.01	%	14.33	%	14.81	%	(7.10	)%	11.17	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.55	%	.53	%	.52	%	.47	%	.50	%
Expenses, including expense reductions, expenses assumed and management fee waived		.55	%	.53	%	.52	%	.47	%	.50	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.95	%	.99	%	1.02	%	1.04	%	1.10	%
Net investment income		2.91	%	2.95	%	3.17	%	3.03	%	3.20	%

Supplemental Data:
Net assets, end of year (000)		$6,780		$5,785		$5,211		$3,285		$2,179
Portfolio turnover rate		40.53	%	23.32	%	36.34	%	27.66	%	9.48	%

*	Does not include expenses of the Underlying Funds in which the Fund invests.
^(a)	Calculated using average shares outstanding during the year.
^(b)	Total return assumes the reinvestment of all distributions.

See Notes to Financial Statements.

Notes to Financial Statements

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 four funds (each, a “Fund” and collectively, the “Funds”) and their respective classes: Lord Abbett Emerging Markets Corporate Debt Fund (“Emerging Markets Corporate Debt Fund”), Class A, C, F, I, R2 and R3 shares; Lord Abbett Emerging Markets Currency Fund (“Emerging Markets Currency Fund”), Class A, B, C, F, I, P, R2 and R3 shares; Lord Abbett Emerging Markets Local Bond Fund (“Emerging Markets Local Bond Fund”), Class A, C, F, I, R2 and R3 shares and Lord Abbett Multi-Asset Global Opportunity Fund (“Multi-Asset Global Opportunity Fund”), Class A, B, C, F, I, P, R2 and R3 shares. Emerging Markets Corporate Debt Fund and Multi-Asset Global Opportunity Fund are each diversified as defined in the Act and Emerging Markets Currency Fund and Emerging Markets Local Bond Fund are each non-diversified as defined in the Act.

Emerging Markets Currency Fund’s investment objective is to seek high total return. Emerging Markets Corporate Debt Fund, Emerging Markets Local Bond Fund and Multi-Asset Global Opportunity Fund’s investment objective is total return. Multi-Asset Global Opportunity Fund invests principally 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^thday 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. 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, Multi-Asset Global Opportunity 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.

SIGNIFICANT ACCOUNTING POLICIES

(a)

Investment Valuation–Under procedures approved by the Funds’ Board of Directors (the “Board”), Lord Abbett, the Funds’ 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.

Notes to Financial Statements (continued)

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. 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 based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. 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/dealers to the extent available. Investments in the Underlying Funds are valued at their NAV each business day at the close of regular trading on the New York Stock Exchange, normally 4:00 p.m. Eastern time.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the 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 related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(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. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

Notes to Financial Statements (continued)

(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 each Fund’s filed U.S. federal tax returns remains open for the fiscal periods ended December 31, 2011 through December 31, 2014. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(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. Offering costs incurred by the Fund are amortized over a twelve month period beginning at the commencement of operations and are included in the Fund’s Statement of Operations.

(f)	Foreign Transactions–The books and records of Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund and Emerging Markets Local Bond Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) 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 each 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 each Fund’s Statement of Operations. Each 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 Funds use 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–Each Fund may enter into forward foreign currency exchange contracts in order to reduce their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings, or gain or reduce exposure to foreign currency solely 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 each 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 each Fund’s Statement of Operations.

Notes to Financial Statements (continued)

(h)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position in lieu of 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 a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each 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.

(i)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund and Emerging Markets Local Bond Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund’s custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. Each Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

(j)	Mortgage Dollar Rolls–Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund and Emerging Markets Local Bond Fund may enter into mortgage dollar rolls in which a 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, each Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.

(k)	Commercial Paper–Each Fund may purchase commercial paper. Commercial paper consists of unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is issued in bearer form with maturities generally not exceeding nine months. Commercial paper obligations may include variable amount master demand notes.

(l)	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

Notes to Financial Statements (continued)

	time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

(m)	Interest Rate Swaps–Each 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 each 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 each Fund’s Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.

(n)	Credit Default Swaps–Each Fund may enter into credit default swap contracts. As a seller of a credit default swap contract (“seller of protection”), a 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, a 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”), a 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, a 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 a Fund, payment of the agreed-upon amount made by a 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 a Fund, the agreed-upon amount received by a 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 a Fund.

Notes to Financial Statements (continued)

	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 a 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 a 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 a Fund for the same referenced entity or entities.

	Entering into credit default swaps involves credit and market risk. Such risks involve the possibility 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.

(o)	Floating Rate Loans–Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund and Emerging Markets Local Bond Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. A Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London InterBank Offered Rate (“LIBOR”).

	The loans in which each Fund invests may be subject to some restrictions on resale. For example, each Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. Each Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, each Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

	Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the

Notes to Financial Statements (continued)

	unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented on the Statement of Assets and Liabilities represents mark to market of the unfunded portion of the Fund’s floating rate notes. As of December 31, 2014, each Fund had no unfunded loan commitments.

(p)	Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk—for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy 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).

	A summary of inputs used in valuing each Fund’s investments and other financial instruments as of December 31, 2014 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the fiscal year then ended is included in each Fund’s Schedule of Investments.

	Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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.

100

Notes to Financial Statements (continued)

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

Emerging Markets Corporate Debt Fund and Emerging Markets Local Bond Fund

First $2 billion	.70	%
Next $3 billion	.65	%
Over $5 billion	.60	%

Emerging Markets Currency Fund

First $1 billion			.50	%
Over $1 billion			.45	%

Multi-Asset Global Opportunity Fund’s management fee is .25% of the Fund’s average daily net assets.

For the fiscal year ended December 31, 2014, the effective management fee, net of waivers, was at the following annualized rate of each Fund’s average daily net assets:

	Net Effective
	Management Fee
Emerging Markets Corporate Debt Fund		.00%
Emerging Markets Currency Fund		.50%
Emerging Markets Local Bond Fund		.00%
Multi-Asset Global Opportunity Fund		.09%

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 Corporate Debt Fund, Emerging Markets Currency Fund and Emerging Markets Local Bond Fund’s average daily net assets. Multi-Asset Global Opportunity Fund does not pay such fee.

For the fiscal year ended December 31, 2014 and continuing through April 30, 2015, Lord Abbett has contractually agreed to waive all or a portion of its management fee for Emerging Markets Corporate Debt Fund and Emerging Markets Local Bond Fund and, if necessary, waive all or a portion of its administrative fee and reimburse each Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 0.85%. This agreement may be terminated only upon the approval of the Board.

Effective May 1, 2014 and continuing through April 30, 2015, Lord Abbett has contractually agreed to waive its management fee at an annual rate of .15% for Multi-Asset Global Opportunity Fund. This agreement may be terminated only upon approval of the Board. Prior to May 1, 2014, Lord Abbett had contractually agreed to waive its management fee at an annual rate of .18% for the Fund.

Multi-Asset Global Opportunity Fund has entered into a Servicing Arrangement with the Underlying Funds in which it invests pursuant to which each Underlying Fund will pay a portion of the expenses (excluding management fees and distribution and service fees) of Multi-Asset Global Opportunity Fund in proportion to the average daily value of total Underlying Fund shares owned by Multi-Asset Global Opportunity Fund. The expenses assumed by the Underlying Funds are reflected in Expenses assumed by Underlying Funds in Multi-Asset Global Opportunity Fund’s Statement of Operations and Receivables from affiliates on Multi-Asset Global Opportunity Fund’s Statement of Assets and Liabilities.

Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund, and Emerging Markets Local Bond Fund, along with certain other funds managed by Lord Abbett (collectively, the “Underlying Funds”), have entered into a Service Arrangement with certain “Fund of Funds”

101

Notes to Financial Statements (continued)

managed by Lord Abbett, pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of each Fund of Funds in proportion to the average daily value of the Underlying Fund shares owned by each Fund of Funds. Amounts paid pursuant to the Service Arrangement, if applicable, are included in the Subsidy expense of each Fund’s Statement of Operations and Payable to affiliates on each Fund’s Statement of Assets and Liabilities.

As of December 31, 2014, the percentages of Emerging Markets Currency Fund’s outstanding shares owned by Lord Abbett Multi-Asset Balanced Opportunity Fund, Lord Abbett Multi-Asset Global Opportunity Fund and Lord Abbett Multi-Asset Income Fund were 31.28%, 11.49% and 38.19%, 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 following maximum annual rates have been approved by the Board pursuant to the plan:

Fees*	Class A⁽¹⁾	Class B⁽²⁾	Class C⁽³⁾	Class F	Class P⁽²⁾	Class R2**	Class R3**
Service	.15%	.25%	.25%	–	.25%	.25%	.25%
Distribution	.05%	.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.
**	Prior to the sale of shares to unaffiliated investors, service and distribution fees were fully waived.
⁽¹⁾	The Class A 12b-1 fee for Multi-Asset Global Opportunity Fund is .25% (.25% service, .00% distribution) of the Fund’s average daily net assets.
⁽²⁾	Emerging Markets Currency Fund and Multi-Asset Global Opportunity Fund only.
⁽³⁾	Except for Multi-Asset Global Opportunity Fund, each Fund’s 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% (.25% service, .55% 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.

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the fiscal year ended December 31, 2014:

	Distributor			Dealers’
	Commissions			Concessions
Emerging Markets Corporate Debt Fund		$	515		$	3,443
Emerging Markets Currency Fund			1,617			9,786
Emerging Markets Local Bond Fund			877			5,189
Multi-Asset Global Opportunity Fund			47,345			308,920

Distributor received the following amount of CDSCs for the fiscal year ended December 31, 2014:

	Class A		Class C
Emerging Markets Corporate Debt Fund	$	–	$	5
Emerging Markets Currency Fund		1,500		2,024
Emerging Markets Local Bond Fund		–		92
Multi-Asset Global Opportunity Fund		6,128		10,014

A Director and certain of the Company’s officers have an interest in Lord Abbett.

102

Notes to Financial Statements (continued)

DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared daily and paid monthly for Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund and Emerging Markets Local Bond Fund and declared and paid quarterly for Multi-Asset Global Opportunity 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 fiscal years ended December 31, 2014 and 2013 was as follows:

	Emerging Markets						Emerging Markets
	Corporate Debt Fund						Currency Fund
	Year Ended			Period Ended			Year Ended			Year Ended
	12/31/2014			12/31/2013*			12/31/2014			12/31/2013
Distributions paid from:
Ordinary income		$	885,571		$	15,144		$	12,222,988		$	6,786,193
Net long-term capital gains			11,344			–			–			–
Return of capital			–			–			–			5,149,859
Total distributions paid		$	896,915		$	15,144		$	12,222,988		$	11,936,052

*	For the period December 6, 2013 (commencement of operations) to December 31, 2013.

	Emerging Markets						Multi-Asset Global
	Local Bond Fund						Opportunity Fund
	Year Ended			Period Ended			Year Ended			Year Ended
	12/31/2014			12/31/2013**			12/31/2014			12/31/2013
Distributions paid from:
Ordinary income		$	526,898		$	229,563		$	10,791,652		$	7,855,560
Net long-term capital gains			984			–			5,011,100			1,939,046
Return of capital			15,078			–			–			–
Tax-exempt income			–			–			49,575			38,049
Total distributions paid		$	542,960		$	229,563		$	15,852,327		$	9,832,655

**	For the period June 21, 2013 (commencement of operations) to December 31, 2013.

103

Notes to Financial Statements (continued)

As of December 31, 2014, the components of accumulated gains (losses) on a tax-basis were as follows:

	Emerging Markets				Emerging Markets
	Corporate Debt Fund				Currency Fund
Undistributed ordinary income – net		$	15,185			$	–
Total undistributed earnings			15,185				–
Capital loss carryforwards*			–				(30,111,520	)
Temporary differences			(120,586	)			(21,086,746	)
Unrealized losses – net			(67,999	)			(6,211,161	)
Total accumulated losses – net		$	(173,400	)		$	(57,409,427	)

	Emerging Markets				Multi-Asset Global
	Local Bond Fund				Opportunity Fund
Undistributed ordinary income – net		$	–			$	93,982
Undistributed long-term capital gains			–				10,580,024
Total undistributed earnings			–				10,674,006
Temporary differences			(49,442	)			(43,848	)
Unrealized losses – net			(1,588,982	)			(5,230,270	)
Total accumulated gains (losses) – net		$	(1,638,424	)		$	5,399,888

*	As of December 31, 2014, Emerging Markets Currency Fund had a capital loss carryforward of $30,111,520 with no expiration.

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

At each Fund’s election, certain losses incurred within the taxable year (Qualified Late-Year Losses) are deemed to arise on the first business day of the Fund’s next taxable year. The following Funds incurred and will elect to defer late-year losses for 2014 as follows:

	Late-Year Ordinary			Post-October Capital
Emerging Markets Corporate Debt Fund		$	12,298		$	107,917
Emerging Markets Currency Fund			3,412,327			16,833,134
Emerging Markets Local Bond Fund			25,245			–

As of December 31, 2014, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Emerging Markets				Emerging Markets
	Corporate Debt Fund				Currency Fund
Tax cost		$	12,535,320			$	371,489,165
Gross unrealized gain			192,114				951,837
Gross unrealized loss			(267,009	)			(6,255,587	)
Net unrealized security loss		$	(74,895	)		$	(5,303,750	)

	Emerging Markets				Multi-Asset Global
	Local Bond Fund				Opportunity Fund
Tax cost		$	11,814,739			$	285,363,083
Gross unrealized gain			25,370				13,427,695
Gross unrealized loss			(1,592,938	)			(18,657,817	)
Net unrealized security loss		$	(1,567,568	)		$	(5,230,122	)

104

Notes to Financial Statements (continued)

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

Permanent items identified during the fiscal year ended December 31, 2014 have been reclassified among the components of net assets based on their tax basis treatment as follows:

	Undistributed
	(Distributions in		Accumulated
	Excess of) Net		Net Realized			Paid-in
	Investment Income		Gain (Loss)			Capital
Emerging Markets Corporate Debt Fund	$	49,415	$	(30,039	)	$	(19,376	)
Emerging Markets Currency Fund		4,904,914		(4,904,914	)		–
Emerging Markets Local Bond Fund		6,746		13,104			(19,850	)
Multi-Asset Global Opportunity Fund		2,540,387		(2,540,387	)		–

The permanent differences are attributable to the tax treatment of foreign currency transactions, certain securities, certain expenses, premium amortization, certain distributions, and principal paydown gains and losses.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2014 were as follows:

			Non-U.S.		U.S.		Non-U.S.
	U.S. Government		Government		Government		Government
	Purchases*		Purchases		Sales*		Sales
Emerging Markets Corporate Debt Fund	$	–	$	35,269,618	$	–	$	32,875,645
Emerging Markets Currency Fund		23,844,140		489,543,705		46,764,007		410,603,782
Emerging Markets Local Bond Fund		–		7,789,159		–		3,284,885
Multi-Asset Global Opportunity Fund		–		174,549,959		–		106,099,845

*	Includes U.S. Government sponsored enterprises securities.

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Each Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2014 (as described in note 2(g)). A forward foreign currency exchange contract reduces each 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. Each Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each 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. Each Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on foreign currency exchange contracts and deposits with brokers as collateral.

Multi-Asset Global Opportunity Fund entered into E-Mini S&P 500 Index futures contracts for the fiscal year ended December 31, 2014 (as described in note 2(h)) for speculative investment purposes. The Fund bears the risk that the underlying index will move unexpectedly, in which case

105

Notes to Financial Statements (continued)

the Fund may 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.

Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund, and Multi-Asset Global Opportunity Fund entered into U.S. Treasury futures contracts for the fiscal year ended December 31, 2014 (as described in note 2(h)) to hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

Emerging Markets Currency Fund entered into credit default swaps for the fiscal year ended December 31, 2014(as described in note 2(n)) to hedge credit risk or for speculative investment 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 for the fiscal year ended December 31, 2014 (as described in note 2(m)) 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. There is minimal counterparty credit risk to the Fund since interest rate swaps are traded through a central clearinghouse. As the counterparty to all centrally cleared interest rate swaps, the clearinghouse guarantees interest rate swaps against default.

As of December 31, 2014, each Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Funds’ use of derivative instruments:

	Emerging Markets Corporate Debt Fund
				Foreign
		Interest Rate		Currency
Asset Derivatives		Contracts		Contracts
Forward Foreign Currency Exchange Contracts⁽¹⁾		$	–	$	25,474

Liability Derivatives
Forward Foreign Currency Exchange Contracts⁽²⁾			–	$	16,648
Futures Contracts⁽³⁾		$	3,680		–

106

Notes to Financial Statements (continued)

Emerging Markets Currency Fund

Foreign

Interest Rate

Currency

Credit

Asset Derivatives

Contracts

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

2,118,247

–

Futures Contracts⁽³⁾

34,825

–

Liability Derivatives

Credit Default Swaps⁽⁴⁾

–

21,875

Forward Foreign Currency Exchange Contracts⁽²⁾

–

12,744,913

–

Futures Contracts⁽³⁾

120,682

–

Interest Rate Swaps⁽⁵⁾

47,212

–

Emerging Markets Local Bond Fund

Foreign

Currency

Asset Derivatives

Contracts

Forward Foreign Currency Exchange Contracts⁽¹⁾

$114,554

Liability Derivatives

Forward Foreign Currency Exchange Contracts⁽²⁾

$107,472

Multi-Asset Global Opportunity Fund

Foreign

Interest Rate

Currency

Asset Derivatives

Equity Index Contracts

Contracts

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

254,321

Futures Contracts⁽³⁾

10,860

–

Liability Derivatives

Futures Contracts⁽³⁾

–

49,944

–

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

Transactions in derivative instruments for the fiscal year ended December 31, 2014, were as follows:

	Emerging Markets Corporate Debt Fund
					Foreign
		Interest Rate			Currency
		Contracts			Contracts
Net Realized Gain (Loss)⁽¹⁾
Forward Foreign Currency Exchange Contracts		$	–		$	43,549
Futures Contracts			(5,463	)		–
Net Change in Unrealized Appreciation/Depreciation⁽²⁾
Forward Foreign Currency Exchange Contracts		$	–		$	8,826
Futures Contracts			(3,680	)		–
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽³⁾		$	–		$	467,063
Futures Contracts⁽⁴⁾			1			–

107

Notes to Financial Statements (continued)

	Emerging Markets Currency Fund
					Foreign
		Interest Rate			Currency			Credit
		Contracts			Contracts			Contracts
Net Realized Gain (Loss)⁽¹⁾
Credit Default Swaps		$	–		$	–		$	6,061
Forward Foreign Currency Exchange Contracts			–			(13,491,797	)		–
Futures Contracts			(1,365,533	)		–			–
Interest Rate Swaps			(138,102	)		–			–
Net Change in Unrealized Appreciation/Depreciation⁽²⁾
Credit Default Swaps		$	–		$	–		$	12,899
Forward Foreign Currency Exchange Contracts			–			(9,388,762	)		–
Futures Contracts			(943,068	)		–			–
Interest Rate Swaps			2,562			–			–
Average Number of Contracts/Notional Amounts*
Credit Default Swaps⁽³⁾		$	–		$	–		$	3,300,000
Forward Foreign Currency Exchange Contracts⁽³⁾		$	–		$	603,804,444		$	–
Futures Contracts⁽⁴⁾			904			–			–
Interest Rate Swaps⁽³⁾		$	40,307,692		$	–		$	–

Emerging Markets Local Bond Fund
	Foreign
	Currency
	Contracts
Net Realized Gain (Loss)⁽¹⁾
Forward Foreign Currency Exchange Contracts	$	82,162
Net Change in Unrealized Appreciation/Depreciation⁽²⁾
Forward Foreign Currency Exchange Contracts	$	31,291
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽³⁾	$	5,231,726

	Multi-Asset Global Opportunity Fund
	Equity					Foreign		Inflation
	Index		Interest Rate			Currency		Linked
	Contracts		Contracts			Contracts		Contracts
Net Realized Gain (Loss)⁽¹⁾
Futures Contracts	$	9,798	$	(72,276	)	$	–	$	–
Interest Rate Swaps		–		–			–		(40,388	)
Net Change in Unrealized Appreciation/Depreciation⁽²⁾
Forward Foreign Currency Exchange Contracts	$	–	$	–		$	254,321	$	–
Futures Contracts		10,860		(49,944	)		–		–
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽³⁾	$	–	$	–		$	1,182,893	$	–
Futures Contracts⁽⁴⁾		1		30			–		–
Interest Rate Swaps⁽³⁾	$	–	$	–		$	–	$	215,385

108

Notes to Financial Statements (continued)

*	Calculated based on the number of contracts or notional amounts for the fiscal year ended December 31, 2014.
⁽¹⁾	Statements of Operations location: Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions.
⁽²⁾	Statements 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 notional amounts in U.S. dollars.
⁽⁴⁾	Amount represents number of contracts.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). These disclosure requirements are intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. In addition, FASB issued Accounting Standards Update No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”), specifying which transactions are subject to disclosures about offsetting.

The following tables illustrate gross and net information about recognized assets eligible for offset in the statement of assets and liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between the Funds and the applicable counterparty:

	Emerging Markets Corporate Debt Fund
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	25,474	$	–	$	25,474
Repurchase Agreement		389,116		–		389,116
Total	$	414,590	$	–	$	414,590

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash		Securities
	of Assets and		Financial			Collateral		Collateral			Net
Counterparty	Liabilities		Instruments			Received^(a)		Received^(a)			Amount^(b)
Fixed Income Clearing Corp.	$	389,116	$	–		$	–	$	(389,116	)	$	–
Goldman Sachs		15,552		(10,439	)		–		–			5,113
Morgan Stanley		9,922		(6,209	)		–		–			3,713
Total	$	414,590	$	(16,648	)	$	–	$	(389,116	)	$	8,826

109

Notes to Financial Statements (continued)

				Gross Amounts		Net Amounts of
				Offset in the		Liabilities Presented
	Gross Amounts of			Statement of Assets		in the Statement of
Description	Recognized Liabilities			and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	16,648	$	–	$	16,648
Total		$	16,648	$	–	$	16,648

Net Amounts

of Liabilities

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Pledged^(a)

Amount^(c)

Goldman Sachs

10,439

(10,439

)

–

Morgan Stanley

6,209

(6,209

)

–

Total

16,648

(16,648

)

–

Emerging Markets Currency Fund

Gross Amounts

Net Amounts of

Offset in the

Assets Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Assets

and Liabilities

Assets and Liabilities

Forward Foreign Currency Exchange Contracts

2,118,247

–

2,118,247

Total

2,118,247

–

2,118,247

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral		Net
Counterparty	Liabilities		Instruments			Received^(a)			Received^(a)		Amount^(b)
Bank of America	$	227,920	$	(227,920	)	$	–		$	–	$	–
Barclays Bank plc		75,159		(75,159	)		–			–		–
Citibank		698,581		–			(698,581	)		–		–
Deutsche Bank		10,929		(10,929	)		–			–		–
Goldman Sachs		336,069		(336,069	)		–			–		–
J.P. Morgan Chase		758,695		(758,695	)		–			–		–
Morgan Stanley		10,894		(10,894	)		–			–		–
Total	$	2,118,247	$	(1,419,666	)	$	(698,581	)	$	–	$	–

				Gross Amounts		Net Amounts of
				Offset in the		Liabilities Presented
		Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities			and Liabilities		Assets and Liabilities
Credit Default Swaps		$	21,875	$	–	$	21,875
Forward Foreign Currency Exchange Contracts			12,744,913		–		12,744,913
Total		$	12,766,788	$	–	$	12,766,788

110

Notes to Financial Statements (continued)

	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America	$	234,125	$	(227,920	)	$	(6,205	)	$	–	$	–
Barclays Bank plc		1,655,864		(75,159	)		(1,580,705	)		–		–
Credit Suisse		10,625		–			–			–		10,625
Deutsche Bank		881,196		(10,929	)		(800,000	)		–		70,267
Goldman Sachs		1,366,025		(336,069	)		(1,029,956	)		–		–
J.P. Morgan Chase		6,901,587		(758,695	)		(6,142,892	)		–		–
Morgan Stanley		247,779		(10,894	)		(180,000	)		–		56,885
UBS AG		1,469,587		–			(1,300,000	)		–		169,587
Total	$	12,766,788	$	(1,419,666)		$	(11,039,758)		$	–	$	307,364

Emerging Markets Local Bond Fund

Gross Amounts

Net Amounts of

Offset in the

Assets Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Assets

and Liabilities

Assets and Liabilities

Forward Foreign Currency Exchange Contracts

114,554

–

114,554

Total

114,554

–

114,554

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash		Securities
	of Assets and		Financial			Collateral		Collateral		Net
Counterparty	Liabilities		Instruments			Received^(a)		Received^(a)		Amount^(b)
Bank of America	$	17,619	$	(16,866	)	$	–	$	–	$	753
Citibank		27,379		(10,972	)		–		–		16,407
Deutsche Bank AG		4,389		(4,389	)		–		–		–
Goldman Sachs		20,202		(20,202	)		–		–		–
Morgan Stanley		44,965		(33,823	)		–		–		11,142
Total	$	114,554	$	(86,252	)	$	–	$	–	$	28,302

				Gross Amounts		Net Amounts of
				Offset in the		Liabilities Presented
		Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities			and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	107,472	$	–	$	107,472
Total		$	107,472	$	–	$	107,472

111

Notes to Financial Statements (continued)

	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash		Securities
	of Assets and		Financial			Collateral		Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)		Pledged^(a)		Amount^(c)
Bank of America	$	16,866	$	(16,866	)	$	–	$	–	$	–
Citibank		10,972		(10,972	)		–		–		–
Deutsche Bank AG		8,394		(4,389	)		–		–		4,005
Goldman Sachs		37,417		(20,202	)		–		–		17,215
Morgan Stanley		33,823		(33,823	)		–		–		–
Total	$	107,472	$	(86,252	)	$	–	$	–	$	21,220

Multi-Asset Global Opportunity Fund

Gross Amounts

Net Amounts of

Offset in the

Assets Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Assets

and Liabilities

Assets and Liabilities

Forward Foreign Currency Exchange Contracts

254,321

–

254,321

Total

254,321

–

254,321

Net Amounts
of Assets
Presented in
the Statement
of Assets and
Liabilities

Amounts Not Offset in the

Statement of Assets and Liabilities

Cash
Collateral
Received^(a)

Securities

Financial
Instruments

Collateral

Net
Amount^(b)

Counterparty

Received^(a)

Bank of America

79,923

–

79,923

Citibank

16,768

–

16,768

Goldman Sachs

52,069

–

52,069

Morgan Stanley

105,561

–

105,561

Total

254,321

–

254,321

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by each counterparty as of December 31, 2014.
^(c)	Net amount represents the amount owed by the Fund to each counterparty as of December 31, 2014.

8.	DIRECTORS’ REMUNERATION

The Company’s officers and a Director, 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.

9.	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.

112

Notes to Financial Statements (continued)

10.

LINE OF CREDIT

Effective June 30, 2014, each Fund, other than Multi-Asset Global Opportunity Fund, and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participate in a $500 million unsecured revolving credit facility (the “Facility”) with State Street Bank and Trust Company (“SSB”). The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million based on past borrowings and likelihood of future borrowings. Each Participating Fund bears its ratable share of the $525,000 annual Facility fee based on the maximum amount the Fund can borrow under the Facility. This amount is included for each Fund in Other expenses in the Statements of Operations. Any borrowings under the Facility will incur interest at current market rates as set forth in the credit agreement.

Prior to June 30, 2014, each Fund, other than Emerging Markets Corporate Debt Fund and Multi-Asset Global Opportunity Fund, and certain other funds managed by Lord Abbett participated in a Facility with SSB. The amounts that were available under the Facility were (i) the lesser of either $250,000,000 or 33.33% of total assets per participating fund and (ii) $350,000,000 in the aggregate for all participating funds.

During the fiscal year ended December 31, 2014, the Funds did not utilize the Facility.

11.

CUSTODIAN AND ACCOUNTING AGENT

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.

12.

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. Multi-Asset Global Opportunity Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) for the fiscal year ended December 31, 2014:

Multi-Asset Global Opportunity Fund

	Balance							Balance				Net Realized			Dividend
	of Shares							of Shares				Gain			Income
	Held at		Gross		Gross			Held at		Fair Value at		1/1/2014 to			1/1/2014 to
Affiliated Issuer	12/31/2013		Additions		Sales			12/31/2014		12/31/2014		12/31/2014			12/31/2014
Lord Abbett Affiliated Fund, Inc. – Class I		270,769		1,000,046		(1,069,058	)		201,757	$	3,290,656	$	629,789	^(a)	$	106,249
Lord Abbett Equity Trust-Calibrated Large Cap Value Fund – Class I		55,084		3,323		(58,306	)		101		2,112		364,840	^(b)		9,609
Lord Abbett Equity Trust-Calibrated Mid Cap Value Fund – Class I		1,232,655		488,007		(78,977	)		1,641,685		35,214,146		3,856,360	^(c)		491,663
Lord Abbett Global Fund, Inc. – Emerging Markets Currency Fund – Class I		6,035,185		4,002,123		(2,445,635	)		7,591,673		43,652,117		(1,373,237	)		1,257,256
Lord Abbett Research Fund, Inc. – Growth Opportunities Fund – Class I		–		242,925		–			242,925		5,468,249		692,935	^(d)		–

113

Notes to Financial Statements (continued)

	Balance							Balance				Net Realized			Dividend
	of Shares							of Shares				Gain			Income
	Held at		Gross		Gross			Held at		Fair Value at		1/1/2014 to			1/1/2014 to
Affiliated Issuer	12/31/2013		Additions		Sales			12/31/2014		12/31/2014		12/31/2014			12/31/2014
Lord Abbett Investment Trust-High Yield Fund – Class I		2,923,676		4,348,193		(195,062	)		7,076,807	$	53,005,287	$	1,202,796	^(e)	$	2,006,077
Lord Abbett Municipal Income Fund, Inc. – High Yield Municipal Bond Fund – Class I		452,119		42,701		(494,820	)		–		–		104,438			56,944
Lord Abbett Investment Trust-Inflation Focused Fund – Class I		–		196,486		(196,486	)		–		–		(23,162	)		10,091
Lord Abbett Securities Trust-International Dividend Income Fund – Class I		9,884,120		5,399,961		(2,152,895	)		13,131,186		104,392,924		9,097,087	^(f)		4,630,808
Lord Abbett Mid Cap Stock Fund, Inc. – Class I		1,430,354		215,482		(278,723	)		1,367,113		35,107,470		2,915,619			291,754
Lord Abbett Investment Trust-Short Duration Income Fund – Class I		1,887,580		5,635,636		(7,523,216	)		–		–		(97,460	)		194,392
Total										$	280,132,961	$	17,370,005		$	9,054,843

^(a)	Includes $306,702 of distributed capital gains.
^(b)	Includes $59,504 of distributed capital gains.
^(c)	Includes $3,439,491 of distributed capital gains.
^(d)	Amount represents distributed capital gains.
^(e)	Includes $1,164,394 of distributed capital gains.
^(f)	Includes $6,016,185 of distributed capital gains.

13.

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 and Emerging Markets Local Bond Fund are non-diversified, which means that they each may invest a greater portion of their assets in a single issuer than a diversified fund. Thus, they may be exposed to greater risk.

Each 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

114

Notes to Financial Statements (continued)

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 a Fund.

Each Fund may invest in credit default swap and interest rate 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. Credit default swaps are subject to the risk and that Lord Abbett does not correctly predict the creditworthiness of the issuers of the reference obligation on which the swap is based. Interest rate swaps are subject to the risk that Lord Abbett does not correctly anticipate changes in interest rates.

Illiquid securities may lower a Fund’s returns since it may be unable to sell these securities at its desired time or price. To the extent illiquid securities can be sold, a Fund may have to do so at disadvantageous prices in order to meet requests for the redemption of Fund shares.

Leverage, including borrowing, may increase volatility in a Fund by magnifying the effect of changes in the value of each 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.

Each 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 a 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 a 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 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 Corporate Debt Fund, Emerging Markets Currency Fund and Emerging Markets Local Bond Fund’s use of currency-related transactions involves the risk that Lord Abbett will not accurately predict currency movements, and each 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 Corporate Debt Fund, Emerging Markets Currency Fund and Emerging Markets Local Bond 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.

Bonds issued or guaranteed by foreign governments and governmental entities (commonly referred to as “sovereign debt”) are subject to the risk that such governments or entities are unable or unwilling to make interest payments and/or repay the principal owed. Each of Emerging Markets Corporate Debt Fund and Emerging Markets Local Bond Fund may have limited recourse in such instances.

115

Notes to Financial Statements (continued)

Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund and Emerging Markets Local Bond Fund believe that their 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 each Fund’s foreign currency gains as nonqualifying income.

The value of Multi-Asset Global Opportunity 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.

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended						Period Ended
Emerging Markets Corporate Debt Fund	December 31, 2014						December 31, 2013^†
Class A Shares	Shares			Amount			Shares		Amount
Shares sold		106,068		$	1,629,360			322,470	$	4,837,000
Reinvestment of distributions		30,526			464,178			503		7,530
Shares reacquired		(5,480	)		(85,155	)		–		–
Increase		131,114		$	2,008,383			322,973	$	4,844,530

Class C Shares
Shares sold		24,534		$	385,071			6,667	$	100,000
Reinvestment of distributions		1,356			20,421			7		113
Shares reacquired		(697	)		(10,560	)		–		–
Increase		25,193		$	394,932			6,674	$	100,113

Class F Shares
Shares sold		4,128		$	64,700			6,666	$	100,000
Reinvestment of distributions		690			10,467			11		162
Shares reacquired		(70	)		(1,043	)		–		–
Increase		4,748		$	74,124			6,677	$	100,162

Class I Shares
Shares sold		–		$	–			320,000	$	4,800,000
Reinvestment of distributions		25,101			382,031			537		8,038
Increase		25,101		$	382,031			320,537	$	4,808,038

Class R2 Shares
Shares sold		607		$	9,500			6,667	$	100,000
Reinvestment of distributions		523			7,958			11		167
Shares reacquired		(607	)		(9,500	)		–		–
Increase		523		$	7,958			6,678	$	100,167

Class R3 Shares
Shares sold		–		$	–			6,667	$	100,000
Reinvestment of distributions		523			7,958			11		167
Increase		523		$	7,958			6,678	$	100,167

^†	For the period December 6, 2013 (commencement of operations) to December 31, 2013.

116

Notes to Financial Statements (continued)

				Year Ended						Year Ended
Emerging Markets Currency Fund	December 31, 2014						December 31, 2013
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,172,696		$	7,239,988			2,857,721		$	18,815,750
Converted from Class B*		16,240			100,253			26,630			171,944
Reinvestment of distributions		153,276			943,703			245,120			1,571,783
Shares reacquired		(3,710,143	)		(22,888,787	)		(6,616,666	)		(42,303,099	)
Decrease		(2,367,931	)	$	(14,604,843	)		(3,487,195	)	$	(21,743,622	)

Class B Shares
Shares sold		300		$	1,892			2,681		$	17,521
Reinvestment of distributions		1,279			7,901			2,434			15,693
Shares reacquired		(35,643	)		(222,425	)		(50,905	)		(328,294	)
Converted to Class A*		(16,164	)		(100,253	)		(26,509	)		(171,944	)
Decrease		(50,228	)	$	(312,885	)		(72,299	)	$	(467,024	)

Class C Shares
Shares sold		89,528		$	558,072			509,614		$	3,377,528
Reinvestment of distributions		27,511			170,212			47,887			308,679
Shares reacquired		(1,210,934	)		(7,459,292	)		(2,076,141	)		(13,335,387	)
Decrease		(1,093,895	)	$	(6,731,008	)		(1,518,640	)	$	(9,649,180	)

Class F Shares
Shares sold		2,203,018		$	13,658,777			4,509,167		$	29,402,823
Reinvestment of distributions		101,528			623,567			161,291			1,033,696
Shares reacquired		(4,353,099	)		(26,544,393	)		(9,694,342	)		(62,037,420	)
Decrease		(2,048,553	)	$	(12,262,049	)		(5,023,884	)	$	(31,600,901	)

Class I Shares
Shares sold		42,792,639		$	262,847,760			19,633,853		$	124,986,620
Reinvestment of distributions		1,642,045			10,108,253			1,266,389			8,070,289
Shares reacquired		(36,533,194	)		(224,615,108	)		(14,683,234	)		(93,725,175	)
Increase		7,901,490		$	48,340,905			6,217,008		$	39,331,734

Class P Shares
Shares sold		4		$	26			1		$	5
Reinvestment of distributions		21			130			36			233
Shares reacquired		(733	)		(4,603	)		(293	)		(1,842	)
Decrease		(708	)	$	(4,447	)		(256	)	$	(1,604	)

Class R2 Shares
Shares sold		7,695		$	47,236			13,429		$	86,850
Reinvestment of distributions		65			402			37			232
Shares reacquired		(28,275	)		(178,330	)		(19,051	)		(125,707	)
Decrease		(20,515	)	$	(130,692	)		(5,585	)	$	(38,625	)

Class R3 Shares
Shares sold		32,901		$	202,804			51,060		$	329,864
Reinvestment of distributions		1,845			11,301			1,785			11,398
Shares reacquired		(22,840	)		(140,335	)		(66,849	)		(436,271	)
Increase (decrease)		11,906		$	73,770			(14,004	)	$	(95,009	)

117

Notes to Financial Statements (continued)

				Year Ended						Period Ended
Emerging Markets Local Bond Fund	December 31, 2014						December 31, 2013^†
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		446,078		$	6,149,171			395,448		$	5,899,956
Reinvestment of distributions		25,985			363,212			10,700			157,097
Shares reacquired		(154,025	)		(2,149,045	)		(62,062	)		(933,005	)
Increase		318,038		$	4,363,338			344,086		$	5,124,048

Class C Shares
Shares sold		21,096		$	299,046			15,415		$	229,822
Reinvestment of distributions		832			11,657			350			5,128
Shares reacquired		(6,196	)		(85,511	)		(76	)		(1,109	)
Increase		15,732		$	225,192			15,689		$	233,841

Class F Shares
Shares sold		5,618		$	79,309			7,857		$	118,003
Reinvestment of distributions		576			8,009			247			3,626
Shares reacquired		(48	)		(662	)		(6	)		(92	)
Increase		6,146		$	86,656			8,098		$	121,537

Class I Shares
Shares sold		–		$	–			153,333		$	2,300,000
Reinvestment of distributions		10,131			142,153			5,604			82,316
Increase		10,131		$	142,153			158,937		$	2,382,316

Class R2 Shares
Shares sold		–		$	–			6,667		$	100,000
Reinvestment of distributions		439			6,160			223			3,278
Increase		439		$	6,160			6,890		$	103,278

Class R3 Shares
Shares sold		–		$	–			6,667		$	100,000
Reinvestment of distributions		439			6,163			227			3,330
Increase		439		$	6,163			6,894		$	103,330

^†	For the period June 21, 2013 (commencement of operations) to December 31, 2013.

				Year Ended						Year Ended
Multi-Asset Global Opportunity Fund	December 31, 2014						December 31, 2013
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		4,477,606		$	57,044,988			2,921,816		$	35,619,771
Converted from Class B*		64,046			810,678			77,166			935,861
Reinvestment of distributions		748,762			9,296,409			490,264			5,977,474
Shares reacquired		(2,602,686	)		(32,883,927	)		(1,988,433	)		(24,180,375	)
Increase		2,687,728		$	34,268,148			1,500,813		$	18,352,731

Class B Shares
Shares sold		41,858		$	483,456			52,408		$	578,867
Reinvestment of distributions		23,047			261,729			23,246			260,011
Shares reacquired		(107,991	)		(1,249,031	)		(125,720	)		(1,398,897	)
Converted to Class A*		(69,950	)		(810,678	)		(83,880	)		(935,861	)
Decrease		(113,036	)	$	(1,314,524	)		(133,946	)	$	(1,495,880	)

118

Notes to Financial Statements (concluded)

				Year Ended						Year Ended
Multi-Asset Global Opportunity Fund	December 31, 2014						December 31, 2013
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		1,588,740		$	18,540,172			1,128,867		$	12,695,675
Reinvestment of distributions		195,446			2,214,545			117,122			1,314,200
Shares reacquired		(738,085	)		(8,550,699	)		(940,152	)		(10,435,849	)
Increase		1,046,101		$	12,204,018			305,837		$	3,574,026

Class F Shares
Shares sold		924,754		$	11,890,241			396,353		$	4,857,237
Reinvestment of distributions		45,837			566,380			14,236			174,793
Shares reacquired		(419,330	)		(5,267,649	)		(104,449	)		(1,261,563	)
Increase		551,261		$	7,188,972			306,140		$	3,770,467

Class I Shares
Shares sold		660,134		$	8,682,203			699,309		$	8,359,983
Reinvestment of distributions		170,033			2,122,250			101,147			1,242,475
Shares reacquired		(16,348	)		(205,489	)		(27,188	)		(331,641	)
Increase		813,819		$	10,598,964			773,268		$	9,270,817

Class R2 Shares
Shares sold		2,395		$	31,089			1,409		$	17,074
Reinvestment of distributions		469			5,927			324			4,000
Shares reacquired		(436	)		(5,526	)		(3,927	)		(48,452	)
Increase (decrease)		2,428		$	31,490			(2,194	)	$	(27,378	)

Class R3 Shares
Shares sold		167,642		$	2,130,252			136,898		$	1,662,308
Reinvestment of distributions		28,904			360,452			20,370			249,294
Shares reacquired		(97,545	)		(1,241,142	)		(150,355	)		(1,822,407	)
Increase		99,001		$	1,249,562			6,913		$	89,195

*	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.

119

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Global Fund, Inc. and the Shareholders of Lord Abbett Emerging Markets Corporate Debt Fund, Lord Abbett Emerging Markets Currency Fund, Lord Abbett Emerging Markets Local Bond Fund and Lord Abbett Multi-Asset Global Opportunity Fund:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Lord Abbett Emerging Markets Corporate Debt Fund, Lord Abbett Emerging Markets Currency Fund, Lord Abbett Emerging Markets Local Bond Fund, and Lord Abbett Multi-Asset Global Opportunity Fund (collectively, the “Funds”), the four funds constituting the Lord Abbett Global Fund, Inc. (the “Company”) as of December 31, 2014, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, transfer agent, brokers and agent banks; where replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting the Lord Abbett Global Fund, Inc. as of December 31, 2014, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

New York, New York

February 26, 2015

120

Investments in Underlying Funds (unaudited)

Multi-Asset Global Opportunity Fund invests in Underlying Funds managed by Lord Abbett. As of December 31, 2014, Multi-Asset Global Opportunity 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		1.18%
Lord Abbett Equity Trust – Calibrated Large Cap Value Fund –Class I		0.00%*
Lord Abbett Equity Trust – Calibrated Mid Cap Value Fund – Class I		12.57%
Lord Abbett Global Fund, Inc. – Emerging Markets Currency Fund – Class I		15.58%
Lord Abbett Research Fund, Inc.– Growth Opportunities Fund – Class I		1.95%
Lord Abbett Investment Trust – High Yield Fund – Class I		18.92%
Lord Abbett Securities Trust – International Dividend Income Fund – Class I		37.27%
Lord Abbett Mid Cap Stock Fund, Inc. – Class I		12.53%

*	Amount is less than 0.01%.

The Ten Largest Holdings and the Holdings by Sector, as of December 31, 2014, for each Underlying Fund are presented below. Each Underlying Fund’s annual and semiannual reports, which are sent to shareholders and filed with the SEC, contain information about the Underlying Fund’s portfolio holdings, including a complete schedule of holdings. A complete schedule of holdings for each Underlying Fund is also filed with the SEC on Form N-Q as of the end of each respective Underlying Fund’s first and third quarters. In addition, on or about the first day of the second month following each calendar quarter-end, each Fund makes publicly available a complete schedule of its portfolio holdings as of the last day of each such quarter. The information for the most recently ended calendar quarter may be viewed at www.lordabbett.com or requested at no charge by calling Lord Abbett at 888-522-2388.

Lord Abbett Affiliated Fund, Inc.

Ten Largest Holdings		% of Investments
JPMorgan Chase & Co.		4.13%
Pfizer, Inc.		3.76%
Chevron Corp.		3.72%
Cisco Systems, Inc.		3.60%
Wal-Mart Stores, Inc.		2.60%
International Business Machines Corp.		2.36%
Caterpillar, Inc.		2.25%
Intel Corp.		2.12%
AT&T, Inc.		2.08%
Apple, Inc.		2.04%

121

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*		% of Investments
Consumer Discretionary		8.43%
Consumer Staples		11.10%
Energy		8.79%
Financials		21.64%
Health Care		11.61%
Industrials		10.94%
Information Technology		13.61%
Materials		3.94%
Telecommunication Services		3.81%
Utilities		5.64%
Repurchase Agreement		0.49%
Total		100.00%

*	A sector may comprise several industries.

Lord Abbett Equity Trust – Calibrated Large Cap Value Fund

Ten Largest Holdings		% of Investments
JPMorgan Chase & Co.		4.31%
Pfizer, Inc.		3.68%
Chevron Corp.		3.44%
Exxon Mobil Corp.		2.84%
Citigroup, Inc.		2.79%
Allstate Corp. (The)		2.30%
AT&T, Inc.		2.18%
Aetna, Inc.		2.18%
Morgan Stanley		2.11%
Intel Corp.		1.98%

Holdings by Sector*		% of Investments
Consumer Discretionary		7.01%
Consumer Staples		6.87%
Energy		11.07%
Financials		29.90%
Health Care		13.18%
Industrials		10.58%
Information Technology		10.07%
Materials		2.74%
Telecommunication Services		2.18%
Utilities		5.99%
Repurchase Agreement		0.41%
Total		100.00%

*	A sector may comprise several industries.

122

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Equity Trust – Calibrated Mid Cap Value Fund

Ten Largest Holdings		% of Investments
Whirlpool Corp.		2.50%
XL Group plc (Ireland)		2.21%
Kohl’s Corp.		2.20%
Community Health Systems, Inc.		2.18%
SCANA Corp.		2.10%
Everest Re Group Ltd.		2.08%
Bunge Ltd.		2.04%
Hartford Financial Services Group, Inc. (The)		2.04%
Invesco Ltd.		1.97%
Fifth Third Bancorp		1.96%

Holdings by Sector*		% of Investments
Consumer Discretionary		10.98%
Consumer Staples		3.34%
Energy		3.76%
Financials		33.39%
Health Care		9.05%
Industrials		9.69%
Information Technology		10.54%
Materials		6.41%
Utilities		12.65%
Repurchase Agreement		0.19%
Total		100.00%

*	A sector may comprise several industries.

Lord Abbett Global Fund, Inc. – Emerging Markets Currency Fund

Ten Largest Holdings		% of Investments
Amgen Inc. Term Loan, 1.2551%, 9/18/2018		1.29%
QVC, Inc., 7.375%, 10/15/2020		1.15%
Laclede Group, Inc. (The), 0.9821%, 8/15/2017		0.98%
Wachovia Bank Commercial Mortgage Trust 2005-C21 D, 5.2417%, 10/15/2044		0.97%
Morgan Stanley, 5.95%, 12/28/2017		0.91%
EnLink Midstream Partners LP/EnLink Midstream Finance Corp., 7.125%, 6/1/2022		0.90%
Glencore Funding LLC, 1.3956%, 5/27/2016		0.88%
Bank of America Corp., 10.20%, 7/15/2015		0.86%
Activision Blizzard, Inc. Term Loan, 3.25%, 10/12/2020		0.84%
Omega Healthcare Investors, Inc., 7.50%, 2/15/2020		0.80%

123

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*		% of Investments
Asset Backed		20.69%
Automotive		1.47%
Banking		6.83%
Basic Industry		3.13%
Capital Goods		1.17%
Consumer Goods		0.61%
Engery		8.34%
Financial Services		3.33%
Foreign Government		0.06%
Health Care		4.50%
Insurance		1.17%
Leisure		3.11%
Media		2.49%
Mortgage Backed		29.03%
Municipal		0.21%
Real Estate		3.41%
Retail		2.84%
Services		1.27%
Technology & Electronics		2.04%
Telecommunications		0.94%
Transportation		1.07%
Utility		2.29%
Total		100.00%

*	A sector may comprise several industries.

Lord Abbett Growth Opportunities Fund, Inc.

Ten Largest Holdings		% of Investments
VF Corp.		2.20%
AutoZone, Inc.		2.12%
LinkedIn Corp. Class A		1.74%
Affiliated Managers Group, Inc.		1.74%
LKQ Corp.		1.70%
Avago Technologies Ltd. (Singapore)		1.66%
Nordstrom, Inc.		1.64%
Tractor Supply Co.		1.62%
Intercontinental Exchange, Inc.		1.59%
Moody’s Corp.		1.58%

124

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*		% of Investments
Consumer Discretionary		26.61%
Consumer Staples		7.12%
Energy		1.17%
Financials		10.93%
Health Care		16.94%
Industrials		18.47%
Information Technology		15.06%
Materials		2.56%
Telecommunications		1.14%
Total		100.00%

*	A sector may comprise several industries.

Lord Abbett Investment Trust – High Yield Fund

Ten Largest Holdings	% of Investments
Seven Generations Energy Ltd. (Canada), 8.25%, 5/15/2020		0.66%
WhiteWave Foods Co. (The), 5.375%, 10/1/2022		0.64%
Valeant Pharmaceuticals International, 6.375%, 10/15/2020		0.59%
AMC Networks, Inc., 4.75%, 12/15/2022		0.58%
DISH DBS Corp., 5.875%, 7/15/2022		0.57%
Sabine Pass Liquefaction LLC, 6.25%, 3/15/2022		0.52%
Numericable Group SA (France), 0.48%, 5/15/2022		0.50%
T-Mobile USA, Inc., 6.84%, 4/28/2023		0.48%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Ireland), 5.00%, 10/1/2021		0.48%
Intelsat Luxembourg SA (Luxembourg), 7.75%, 6/1/2021		0.48%

125

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*		% of Investments
Asset Backed		0.13%
Automotive		2.29%
Banking		2.13%
Basic Industry		10.52%
Capital Goods		4.55%
Commercial Mortgage Backed		0.48%
Consumer Goods		7.01%
Energy		12.16%
Financial Services		3.41%
Foreign Government		0.11%
Health Care		9.79%
Insurance		0.84%
Leisure		6.04%
Media		9.19%
Real Estate		0.62%
Retail		6.90%
Services		3.55%
Technology & Electronics		6.41%
Telecommunications		5.51%
Transportation		2.77%
Utilities		2.89%
Repurchase Agreement		2.70%
Total		100.00%

*	A sector may comprise several industries.

Lord Abbett Securities Trust—International Dividend Income Fund

Ten Largest Holdings		% of Investments
National Australia Bank Ltd.		2.33%
Royal Dutch Shell plc ADR		2.33%
Total SA ADR		2.05%
Freenet AG		2.03%
Imperial Tobacco Group plc		1.96%
TeliaSonera AB		1.89%
Bank of China Ltd. H Shares		1.75%
Toyota Motor Corp.		1.73%
AstraZeneca plc		1.72%
HSBC Holdings plc		1.72%

126

Investments in Underlying Funds (unaudited)(concluded)

Holdings by Sector*		% of Investments
Consumer Discretionary		9.97%
Consumer Staples		5.49%
Energy		8.51%
Financials		28.65%
Health Care		7.17%
Industrials		7.47%
Information Technology		3.43%
Materials		1.65%
Telecommunication Services		12.51%
Utilities		14.05%
Repurchase Agreement		1.10%
Total		100.00%

*	A sector may comprise several industries.

Lord Abbett Mid Cap Stock Fund, Inc.

Ten Largest Holdings		% of Investments
Hartford Financial Services Group, Inc. (The)		2.45%
XL Group plc (Ireland)		2.17%
International Paper Co.		1.98%
Invesco Ltd.		1.92%
Fidelity National Information Services, Inc.		1.89%
Lincoln National Corp.		1.87%
Wyndham Worldwide Corp.		1.84%
M&T Bank Corp.		1.82%
SunTrust Banks, Inc.		1.81%
Broadcom Corp. Class A		1.81%

Holdings by Sector*		% of Investments
Consumer Discretionary		10.14%
Consumer Staples		2.82%
Energy		4.97%
Financials		33.03%
Health Care		9.69%
Industrials		10.53%
Information Technology		10.86%
Materials		8.88%
Utilities		8.41%
Repurchase Agreement		0.67%
Total		100.00%

*	A sector may comprise several industries.

127

Supplemental Proxy Information (unaudited)

A joint special meeting of shareholders of each Fund was held on December 4, 2014. The joint special meeting was held for the purpose of electing members of the Funds’ Board of Directors. Shareholders elected the following nine (9) Directors at the joint special meeting:

•	E. Thayer Bigelow
•	Robert B. Calhoun, Jr.
•	Eric C. Fast
•	Daria L. Foster
•	Evelyn E. Guernsey
•	Julie A. Hill
•	Franklin W. Hobbs
•	James M. McTaggart
•	James L.L. Tullis

The results of the proxy solicitation on the preceding matter were as follows:

Lord Abbett Global Fund, Inc.

Nominee	Votes For	Votes Withheld
E. Thayer Bigelow	94,905,233.073	1,378,082.359
Robert B. Calhoun, Jr.	94,907,429.448	1,375,885.984
Eric C. Fast	94,911,654.670	1,371,660.762
Daria L. Foster	94,675,924.662	1,607,390.770
Evelyn E. Guernsey	94,777,119.065	1,506,196.367
Julie A. Hill	94,772,633.173	1,510,682.259
Franklin W. Hobbs	94,910,809.250	1,372,506.182
James M. McTaggart	94,698,650.799	1,584,664.633
James L.L. Tullis	94,912,869.099	1,370,446.333

128

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. The Board elects officers who are responsible for the day-to-day operations of each Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to each Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

Lord Abbett, a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Funds.

Interested Director

Ms. Foster is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Ms. Foster is a director/trustee and officer of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 56 portfolios or series.

	Current Position and
Name, Address and	Length of Service	Principal Occupation and Other Directorships
Year of Birth	with the Company	During the Past Five Years
Daria L. Foster	Director and President	Principal Occupation: Managing Partner of Lord
Lord, Abbett & Co. LLC	since 2006; Chief	Abbett (since 2007), and was formerly Director of
90 Hudson Street	Executive Officer	Marketing and Client Service, joined Lord Abbett in
Jersey City, NJ 07302	since 2012	1990
(1954)
		Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 56 portfolios or series.

	Current Position and
Name, Address and	Length of Service	Principal Occupation and Other Directorships
Year of Birth	with the Company	During the Past Five Years
E. Thayer Bigelow	Director since 1994;	Principal Occupation: Managing General Partner,
Lord, Abbett & Co. LLC	Chairman	Bigelow Media, LLC (since 2000); Senior Adviser, Time
c/o Legal Dept.	since 2013	Warner Inc. (1998 – 2000).
90 Hudson Street
Jersey City, NJ 07302		Other Directorships: Currently serves as director of
(1941)		Crane Co. (since 1984) and Huttig Building Products
		Inc. (since 1998). Previously served as a director of
		R.H. Donnelley Inc. (2009 – 2010).

Robert B. Calhoun, Jr.	Director since 1998	Principal Occupation: Senior Advisor of Monitor
Lord, Abbett & Co. LLC		Clipper Partners, a private equity investment fund
c/o Legal Dept.		(since 1997); President of Clipper Asset Management
90 Hudson Street		Corp. (1991 – 2009).
Jersey City, NJ 07302
(1942)		Other Directorships: None.

129

Basic Information About Management (continued)

	Current Position and
Name, Address and	Length of Service	Principal Occupation and Other Directorships
Year of Birth	with the Company	During the Past Five Years
Eric C. Fast	Director since 2014	Principal Occupation: Chief Executive Officer of
Lord, Abbett & Co. LLC		Crane Co., an industrial products company (2001 –
c/o Legal Dept.		2014).
90 Hudson Street
Jersey City, NJ 07302		Other Directorships: Currently serves as director of
(1949)		Automatic Data Processing, Inc. (since 2007) and
		Regions Financial Corporation (since 2010). Previously
		served as a director of Crane Co. (1999 – 2014).

Evelyn E. Guernsey	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan
Lord, Abbett & Co. LLC		Asset Management (2004 – 2010).
c/o Legal Dept.
90 Hudson Street		Other Directorships: None.
Jersey City, NJ 07302
(1955)

Julie A. Hill	Director since 2004	Principal Occupation: Owner and CEO of The Hill
Lord, Abbett & Co. LLC		Company, a business consulting firm (since 1998).
c/o Legal Dept.
90 Hudson Street		Other Directorships: Currently serves as director of
Jersey City, NJ 07302		Anthem, Inc., a health benefits company (since 1994).
(1946)

Franklin W. Hobbs	Director since 2000	Principal Occupation: Advisor of One Equity Partners,
Lord, Abbett & Co. LLC		a private equity firm (since 2004).
c/o Legal Dept.
90 Hudson Street		Other Directorships: Currently serves as director and
Jersey City, NJ 07302		Chairman of the Board of Ally Financial Inc., a financial
(1947)		services firm (since 2009), and as director of Molson
		Coors Brewing Company (since 2002).

James M. McTaggart	Director since 2012	Principal Occupation: Independent management
Lord, Abbett & Co. LLC		advisor and consultant (since 2012); Vice President, CRA
c/o Legal Dept.		International, Inc. (doing business as Charles River
90 Hudson Street		Associates), a global management consulting firm
Jersey City, NJ 07302		(2009 – 2012); Founder and Chairman of Marakon
(1947)		Associates, Inc., a strategy consulting firm (1978 –
		2009); and Officer and Director of Trinsum Group, a
		holding company (2007 – 2009).

		Other Directorships: Currently serves as director of
		Blyth, Inc., a home products company (since 2004).

James L.L. Tullis	Director since 2006	Principal Occupation: CEO of Tullis-Dickerson and
Lord, Abbett & Co. LLC		Co. Inc., a venture capital management firm (since
c/o Legal Dept.		1990); CEO of Tullis Health Investors Inc. (since 2012).
90 Hudson Street
Jersey City, NJ 07302		Other Directorships: Currently serves as director of
(1947)		Crane Co. (since 1998).

130

Basic Information About Management (continued)

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett.

Name and Year of Birth	Current Position with the Company		Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer		Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett (since 2007), and was formerly Director of Marketing and Client Service, joined Lord Abbett in 1990.

Robert I. Gerber (1954)	Executive Vice President	��	Elected in 2001	Partner and Chief Investment Officer (since 2007), joined Lord Abbett in 1997 as Director of Taxable Fixed Income Management.

Jerald M. Lanzotti (1967)	Executive Vice President		Elected in 2013	Partner and Portfolio Manager, joined Lord Abbett in 1996.

Robert A. Lee (1969)	Executive Vice President		Elected in 2013	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 1997.

Leah G. Traub (1979)	Executive Vice President		Elected in 2009	Partner and Portfolio Manager, joined Lord Abbett in 2007.

John W. Ashbrook (1964)	Vice President and Assistant Secretary		Elected in 2014	Senior Counsel, joined Lord Abbett in 2008.

Joan A. Binstock (1954)	Chief Financial Officer and Vice President		Elected in 1999	Partner and Chief Financial and Operations Officer, joined Lord Abbett in 1999.

Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary		Elected in 2014	Assistant General Counsel, joined Lord Abbett in 2006 and was formerly Vice President and Legal Counsel at Credit Suisse Asset Management LLC and Associate at Willkie Farr & Gallagher LLP.

John K. Forst (1960)	Vice President and Assistant Secretary		Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.

131

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003 – 2013).

A. Edward Oberhaus, III (1959)	Vice President	Elected in 1996	Partner and Director, joined Lord Abbett in 1983.

Andrew H. O’Brien (1973)	Vice President	Elected in 2013	Partner and Portfolio Manager, joined Lord Abbett in 1998.

David B. Ritt (1976)	Vice President	Elected in 2009	Portfolio Manager, joined Lord Abbett in 2006.

Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.

Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.

Bernard J. Grzelak (1971)	Treasurer	Elected in 2003	Partner and Director of Fund Administration, joined Lord Abbett in 2003.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Company’s Directors. It is available free upon request.

132

Approval of Advisory Contract

The Board of Directors of the Company, including all of the Directors who are not interested persons of the Company or of Lord Abbett, annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett. In connection with its most recent approval, the Board reviewed materials relating specifically to the management agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through its meetings and discussions. These meetings and discussions included the examination of the portfolio management teams conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management.

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Morningstar Associates, LLC (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of a group of funds in the same Morningstar investment category (the “performance peer group”) and the investment performance of one or more appropriate benchmarks; (2) certain supplemental investment performance information provided by Lord Abbett; (3) information provided by Morningstar regarding the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds in the same Morningstar category, with the same share classes and operational characteristics, including asset size (the “expense peer group”); (4) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the management agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fees Lord Abbett receives from its other advisory clients maintaining accounts with a similar investment strategy as the Fund; (9) information regarding the distribution arrangements of the Fund; and (10) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of the performance peer group, in each case as of various periods ended August 31, 2014. As to Emerging Markets Corporate Debt Fund, the Board noted that the Fund had begun investment operations on December 31, 2013 and accordingly did not have a full year of investment performance. As to Emerging Markets Currency Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one, three, and five-year periods and below that of the performance peer group for the ten-year period. As to

133

Approval of Advisory Contract (continued)

Emerging Markets Local Bond Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year period. As to Multi-Asset Global Opportunity Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one and ten-year periods and below the median for the three and five-year periods.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and the Distributor and the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.

Expenses. The Board considered the expense levels of each Fund and the expense levels of one or more corresponding expense peer groups. It also considered the projected expense levels of each Fund and how those levels would relate to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each of Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund, Emerging Markets Local Bond Fund, and Multi-Asset Global Opportunity Fund, the Board observed that the overall expense level was well below the median of the expense peer group.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s profits in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of each Fund, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund, and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board concluded that Lord Abbett’s profitability as to each Fund was not excessive.

Economies of Scale. As to each Fund, the Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that each existing management fee schedule, with its breakpoint or breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the applicable Fund.

134

Approval of Advisory Contract (concluded)

Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectuses of the Funds, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the management agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreements was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the management agreements. In considering whether to approve the continuation of the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered.

135

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).

Tax Information

47% of the ordinary income distributions paid by Multi-Asset Global Opportunity Fund during the year is qualified dividend income.

For corporate shareholders, 8% of the ordinary income distributions paid by Multi-Asset Global Opportunity Fund qualified for the dividends received deduction.

Multi-Asset Global Opportunity Fund intends to pass through foreign source income of $3,828,963 and foreign taxes of $443,614.

0.46% of the ordinary income distributions paid by Multi-Asset Global Opportunity Fund during the fiscal year ended December 31, 2014 is tax-exempt dividend income.

Additionally, of the distributions paid to the shareholders during the fiscal year ended December 31, 2014, the following amounts represent short-term and long-term capital gains:

	Short-Term			Long-Term
Fund Name	Capital Gains			Capital Gains
Emerging Markets Corporate Debt Fund		$	323,366		$	11,344
Emerging Markets Local Bond Fund			–			984
Multi-Asset Global Opportunity Fund			410,971			5,011,100

For foreign shareholders, the percentages below reflect the portion of net investment income distributions that represent interest-related dividends:

Fund Name
Emerging Markets Corporate Debt Fund	100	%
Emerging Markets Currency Fund	100	%
Emerging Markets Local Bond Fund	100	%

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		Lord Abbett Global Fund, Inc.
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 mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.		Lord Abbett Emerging Markets Corporate Debt Fund Lord Abbett Emerging Markets Currency Fund Lord Abbett Emerging Markets Local Bond Fund Lord Abbett Multi-Asset Global Opportunity Fund		LAGF-2 (02/15)

Item 2:

Code of Ethics.

(a)

In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended December 31, 2014 (the “Period”).

(b)

Not applicable.

(c)

The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

(d)

The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period.

(e)

Not applicable.

(f)

See Item 12(a)(1) concerning the filing of the Code of Ethics.

Item 3:

Audit Committee Financial Expert.

The Registrant’s board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: E. Thayer Bigelow and Robert B. Calhoun, Jr. Each of these persons is independent within the meaning of the Form N-CSR.

Item 4:

Principal Accountant Fees and Services.

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended December 31, 2014 and 2013 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:

	Fiscal year ended:
	2014		2013
Audit Fees {a}	$	181,800	$	140,000
Audit-Related Fees		- 0 -		- 0 -
Total audit and audit-related fees		181,800		140,000

Tax Fees {b}		40,007		39,054
All Other Fees		- 0 -		- 0 -

Total Fees	$	221,807	$	179,054

{a} Consists of fees for audits of the Registrant’s annual financial statements.

{b} Fees for the fiscal year ended December 31, 2014 and 2013 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns.

(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant’s Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:

•

any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and

•

any audit-related, tax, and other services to be provided to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor’s independence.

The Audit Committee has delegated pre-approval authority to its Chairman, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

(e) (2) The Registrant’s Audit Committee has approved 100% of the services described in this Item 4 (b) through (d).

(f) Not applicable.

(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as “All Other Fees”.

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended December 31, 2014 and 2013 were:

	Fiscal year ended:
	2014		2013
All Other Fees {a}	$	185,734	$	180,602

{a} Consist of fees for Independent Services Auditors’ Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett’s Asset Management Services (“SOC-1 Report”).

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended December 31, 2014 and 2013 were:

	Fiscal year ended:
	2014		2013
All Other Fees	$	- 0 -	$	- 0-

(h) The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.

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)	The Lord Abbett Family of Funds Sarbanes Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of Ex-99. CODEETH.

	(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.

(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/ Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer

Date: February 24, 2015

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

Date: February 24, 2015

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/ Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer

Date: February 24, 2015

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

Date: February 24, 2015

Lord Abbett Global Fund N-CSRCertified annual shareholder report (management investment company)