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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05476

LORD ABBETT GLOBAL FUND, INC.

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

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: 6/30/2015

Item 1: Report(s) to Shareholders.

2015 LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Emerging Markets Corporate Debt Fund

Emerging Markets Currency Fund

Emerging Markets Local Bond Fund

Multi-Asset Global Opportunity Fund

For the six-month period ended June 30, 2015

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector/Portfolio Allocation
	Schedules of Investments:
7	Emerging Markets Corporate Debt Fund
16	Emerging Markets Currency Fund
48	Emerging Markets Local Bond Fund
55	Multi-Asset Global Opportunity Fund
58	Statements of Assets and Liabilities
62	Statements of Operations
64	Statements of Changes in Net Assets
68	Financial Highlights
95	Notes to Financial Statements
123	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
Semiannual Report

For the six-month period ended June 30, 2015

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 semiannual report for the Funds for the six-month period ended June 30, 2015. For additional information about the Funds, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

Daria L. Foster
Director, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2015 through June 30, 2015).

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 1/1/15 – 6/30/15” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

Emerging Markets 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 Account Value	Ending Account Value	Expenses Paid During Period†
				1/1/15 -
	��	1/1/15	6/30/15	6/30/15
Class A
Actual		$1,000.00	$1,031.20	$5.29
Hypothetical (5% Return Before Expenses)		$1,000.00	$1,019.59	$5.26
Class C
Actual		$1,000.00	$1,027.50	$8.95
Hypothetical (5% Return Before Expenses)		$1,000.00	$1,015.97	$8.90
Class F
Actual		$1,000.00	$1,031.60	$4.84
Hypothetical (5% Return Before Expenses)		$1,000.00	$1,020.03	$4.81
Class I
Actual		$1,000.00	$1,032.30	$4.28
Hypothetical (5% Return Before Expenses)		$1,000.00	$1,020.58	$4.26
Class R2
Actual		$1,000.00	$1,032.30	$4.28
Hypothetical (5% Return Before Expenses)		$1,000.00	$1,020.58	$4.26
Class R3
Actual		$1,000.00	$1,032.30	$4.28
Hypothetical (5% Return Before Expenses)		$1,000.00	$1,020.58	$4.26

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.78% 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 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2015

Sector*	%**
Auto		1.86	%
Basic Industry		0.67	%
Consumer Cyclical		3.16	%
Consumer Discretionary		2.75	%
Consumer Non-Cyclical		0.12	%
Consumer Services		1.93	%
Consumer Staples		5.54	%
Energy		11.94	%
Financial Services		28.83	%
Foreign Government		2.28	%

Sector*	%**
Health Care		0.15	%
Integrated Oils		3.53	%
Materials & Processing		15.80	%
Producer Durables		1.65	%
Technology		1.50	%
Telecommunications		6.56	%
Transportation		4.78	%
Utilities		5.65	%
Repurchase Agreement		1.30	%
Total		100.00	%

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

3

Emerging Markets Currency Fund

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

	Beginning Account Value	Ending Account Value			Expenses Paid During Period†
					1/1/15 -
	1/1/15	6/30/15			6/30/15
Class A
Actual	$1,000.00		$	973.10	$4.70
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,020.03	$4.81
Class B
Actual	$1,000.00		$	969.50	$8.59
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,016.07	$8.80
Class C
Actual	$1,000.00		$	970.40	$7.67
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,017.01	$7.85
Class F
Actual	$1,000.00		$	973.60	$4.21
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,020.53	$4.31
Class I
Actual	$1,000.00		$	974.00	$3.67
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,021.08	$3.76
Class P
Actual	$1,000.00		$	972.00	$5.38
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,019.34	$5.51
Class R2
Actual	$1,000.00		$	971.30	$6.65
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,018.05	$6.81
Class R3
Actual	$1,000.00		$	971.70	$6.11
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,018.60	$6.26

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.96% for Class A, 1.76% for Class B, 1.57% for Class C, 0.86% for Class F, 0.75% for Class I, 1.10% for Class P, 1.36% for Class R2 and 1.25% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2015

Sector*	%**
Asset Backed		19.72	%
Automotive		1.13	%
Banking		5.17	%
Basic Industry		3.08	%
Capital Goods		1.86	%
Consumer Goods		1.99	%
Energy		9.37	%
Financial Services		2.72	%
Foreign Government		0.03	%
Healthcare		4.00	%
Insurance		0.86	%
Leisure		2.71	%

Sector*	%**
Media		2.93	%
Mortgage-Backed		30.60	%
Municipal		0.37	%
Real Estate		2.87	%
Retail		1.14	%
Services		0.07	%
Technology & Electronics		2.23	%
Telecommunications		1.89	%
Transportation		1.38	%
U.S. Government		2.66	%
Utility		1.22	%
Total		100.00	%

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

4

Emerging Markets Local Bond Fund

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

	Beginning Account Value	Ending Account Value			Expenses Paid During Period†
					1/1/15 -
	1/1/15	6/30/15			6/30/15
Class A
Actual	$1,000.00		$	942.90	$5.06
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,019.59	$5.26
Class C
Actual	$1,000.00		$	939.50	$8.51
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,016.02	$8.85
Class F
Actual	$1,000.00		$	943.40	$4.58
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,020.08	$4.76
Class I
Actual	$1,000.00		$	943.90	$4.10
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,020.58	$4.26
Class R2
Actual	$1,000.00		$	943.90	$4.10
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,020.58	$4.26
Class R3
Actual	$1,000.00		$	943.90	$4.10
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,020.58	$4.26

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.77% 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 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2015

Sector*	%**
Consumer Services		1.16	%
Financial Services		4.49	%
Foreign Government		86.84	%
Integrated Oils		2.34	%
Telecommunications		1.10	%
Transportation		0.98	%
Utilities		3.09	%
Total		100.00	%

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

5

Multi-Asset Global Opportunity Fund

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†#
			1/1/15 -
	1/1/15	6/30/15	6/30/15
Class A
Actual	$1,000.00	$1,008.20	$1.74
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.06	$1.76
Class B
Actual	$1,000.00	$1,004.30	$5.42
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.39	$5.46
Class C
Actual	$1,000.00	$1,004.50	$5.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.34	$5.51
Class F
Actual	$1,000.00	$1,008.10	$1.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.80	$1.00
Class I
Actual	$1,000.00	$1,009.40	$0.50
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.30	$0.50
Class R2
Actual	$1,000.00	$1,006.50	$3.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.51
Class R3
Actual	$1,000.00	$1,007.10	$2.84
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.97	$2.86

†	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 Class B, 1.10 for Class C, 0.20% for Class F, 0.10% for Class I, 0.70% for Class R2 and 0.57% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
#	Does not include expenses of Underlying Funds in which Multi-Asset Global Opportunity Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

June 30, 2015

Underlying Fund Name	%*
Lord Abbett Equity Trust-Calibrated Mid Cap Value Fund-Class I		12.71	%
Lord Abbett Global Fund, Inc.-Emerging Markets Currency Fund-Class I		17.76	%
Lord Abbett Investment Trust-High Yield Fund-Class I		16.11	%
Lord Abbett Securities Trust-International Dividend Income Fund-Class I		41.32	%
Lord Abbett Mid Cap Stock Fund, Inc.-Class I		10.97	%
Lord Abbett Investment Trust-Short Duration Income Fund-Class I		1.13	%
Total		100.00	%

* Represents percent of total investments.

6

Schedule of Investments (unaudited)

EMERGING MARKETS CORPORATE DEBT FUND June 30, 2015

Investments			Shares (000)		Fair Value
LONG-TERM INVESTMENTS 96.75%
COMMON STOCK 0.03%
Oil
Geopark Ltd. (Chile)*(a) (cost $12,008)				1	$	5,900
			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)
CONVERTIBLE BOND 0.07%
Technology
Vipshop Holdings Ltd. (China)(a) (cost $14,036)	1.50%	3/15/2019	$	12		15,300
CORPORATE BONDS 93.16%
Air Transportation 1.87%
Air Canada (Canada)†(a)	7.75%	4/15/2021		200		214,000
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd. (Panama)†(a)	8.375%	5/10/2020		200		202,500
Total						416,500
Auto Parts: Original Equipment 0.93%
Nexteer Automotive Group Ltd.†	5.875%	11/15/2021		200		206,000
Automotive 0.90%
Hyundai Capital America†	2.60%	3/19/2020		200		200,289
Banks: Money Center 2.73%
Banco de Bogota SA (Colombia)†(a)	5.00%	1/15/2017		200		206,000
BBVA Banco Continental SA (Peru)†(a)	5.25%	9/22/2029		200		203,750
Export-Import Bank of Korea (South Korea)(a)	2.25%	1/21/2020		200		198,277
Total						608,027
Banks: Regional 16.03%
ADCB Finance Cayman Ltd.	2.75%	9/16/2019		200		201,250
Banco Mercantil del Norte SA	4.375%	7/19/2015		48		48,018
Bancolombia SA (Colombia)(a)	6.875%	5/25/2017		200		212,880
Bangkok Bank PCL (Hong Kong)†(a)	5.00%	10/3/2023		200		218,589
Bank of China Ltd. (China)†(a)	5.00%	11/13/2024		200		205,532
Corpbanca SA (Chile)(a)	3.125%	1/15/2018		200		200,940
DBS Bank Ltd. (Singapore)†(a)	2.35%	2/28/2017		200		203,717

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CORPORATE DEBT FUND June 30, 2015

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Banks: Regional (continued)
ICICI Bank Ltd. (Hong Kong)†(a)	5.75%	11/16/2020	$	200	$	222,055
Korea Development Bank (The) (South Korea)(a)	3.00%	3/17/2019		200		206,071
National Savings Bank (Sri Lanka)†(a)	5.15%	9/10/2019		200		194,000
Popular, Inc.	7.00%	7/1/2019		30		30,112
QNB Finance Ltd.	2.875%	4/29/2020		200		203,722
Sberbank of Russia via SB Capital SA (Luxembourg)†(a)	6.125%	2/7/2022		200		193,500
State Bank of India (United Kingdom)†(a)	3.25%	4/18/2018		200		204,047
Trade & Development Bank of Mongolia LLC (Mongolia)†(a)	9.375%	5/19/2020		400		427,312
Turkiye Halk Bankasi AS (Turkey)†(a)	4.75%	2/11/2021		200		197,400
Woori Bank (South Korea)†(a)	4.75%	4/30/2024		200		207,778
Zenith Bank plc (Nigeria)(a)	6.25%	4/22/2019		200		193,250
Total						3,570,173
Beverages 0.96%
Central American Bottling Corp. (Guatemala)†(a)	6.75%	2/9/2022		200		213,500
Building Materials 2.51%
Celulosa Arauco y Constitucion SA (Chile)(a)	5.00%	1/21/2021		150		159,578
Union Andina de Cementos SAA (Peru)†(a)	5.875%	10/30/2021		200		202,750
Votorantim Cimentos SA (Brazil)†(a)	7.25%	4/5/2041		200		197,250
Total						559,578
Chemicals 5.36%
Israel Chemicals Ltd. (Israel)†(a)	4.50%	12/2/2024		200		201,840
Mexichem SAB de CV (Mexico)†(a)	4.875%	9/19/2022		200		207,500
OCP SA (Morocco)†(a)	6.875%	4/25/2044		200		210,040
PhosAgro OAO via PhosAgro Bond Funding Ltd. (Ireland)†(a)	4.204%	2/13/2018		200		193,804
Sibur Securities Ltd. (Ireland)†(a)	3.914%	1/31/2018		400		381,272
Total						1,194,456
Containers 0.54%
PaperWorks Industries, Inc.†	9.50%	8/15/2019		120		119,850
Copper 0.66%
Southern Copper Corp. (Mexico)(a)	3.875%	4/23/2025		3		2,897
Southern Copper Corp. (Mexico)(a)	5.875%	4/23/2045		150		143,055
Total						145,952

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CORPORATE DEBT FUND June 30, 2015

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Diversified 0.89%
Hutchison Whampoa International 14 Ltd. (Hong Kong)†(a)	3.625%	10/31/2024	$	200	$	197,138
Electric: Power 3.61%
Eskom Holdings SOC Ltd. (South Africa)†(a)	6.75%	8/6/2023		200		203,746
Korea East-West Power Co. Ltd. (South Korea)†(a)	2.50%	6/2/2020		200		199,945
Korea Western Power Co. Ltd. (South Korea)†(a)	2.875%	10/10/2018		200		205,429
Lamar Funding Ltd.†	3.958%	5/7/2025		200		195,000
Total						804,120
Engineering & Contracting Services 1.81%
Aeropuertos Dominicanos Siglo XXI SA (Dominican Republic)†(a)	9.75%	11/13/2019		200		205,000
China Railway Resources Huitung Ltd. (Hong Kong)(a)	3.85%	2/5/2023		200		198,099
Total						403,099
Financial Services 4.01%
Agricola Senior Trust†	6.75%	6/18/2020		220		224,950
Alfa Bank OJSC Via Alfa Bond Issuance plc (Ireland)†(a)	7.75%	4/28/2021		200		198,400
CIMPOR Financial Operations BV (Netherlands)†(a)	5.75%	7/17/2024		200		163,000
Indian Railway Finance Corp., Ltd. (India)(a)	3.917%	2/26/2019		200		206,438
SUAM Finance BV (Curacao)†(a)	4.875%	4/17/2024		100		101,000
Total						893,788
Food 3.00%
Cencosud SA (Chile)†(a)	5.50%	1/20/2021		200		210,640
Diamond Foods, Inc.†	7.00%	3/15/2019		25		25,687
Gruma SAB de CV (Mexico)†(a)	4.875%	12/1/2024		200		208,750
Minerva Luxembourg SA (Luxembourg)†(a)	7.75%	1/31/2023		200		202,000
WhiteWave Foods Co. (The)	5.375%	10/1/2022		20		21,150
Total						668,227
Gaming 0.14%
Mohegan Tribal Gaming Authority	9.75%	9/1/2021		30		31,575
Health Care Products 0.15%
Mallinckrodt International Finance SA (Luxembourg)(a)	4.75%	4/15/2023		35		32,813

See Notes to Financial Statements. 9

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CORPORATE DEBT FUND June 30, 2015

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Household Furnishings 0.86%
Arcelik AS (Turkey)†(a)	5.00%	4/3/2023	$	200	$	192,324
Industrial Products 0.88%
KOC Holding AS (Turkey)†(a)	3.50%	4/24/2020		200		196,516
Jewelry, Watches & Gemstones 0.95%
ALROSA Finance SA (Luxembourg)†(a)	7.75%	11/3/2020		200		211,000
Lodging 0.86%
MCE Finance Ltd. (Hong Kong)†(a)	5.00%	2/15/2021		200		191,000
Machinery: Agricultural 0.73%
MHP SA (Ukraine)†(a)	8.25%	4/2/2020		200		163,000
Machinery: Oil Well Equipment & Services 0.90%
Ferreycorp SAA (Peru)†(a)	4.875%	4/26/2020		200		200,480
Media 1.89%
Columbus International, Inc. (Barbados)†(a)	7.375%	3/30/2021		200		215,750
VTR Finance BV (Netherlands)†(a)	6.875%	1/15/2024		200		204,870
Total						420,620
Metals & Minerals: Miscellaneous 2.74%
Fresnillo plc (Mexico)†(a)	5.50%	11/13/2023		200		212,000
Petra Diamonds US Treasury plc (South Africa)†(a)	8.25%	5/31/2020		200		204,000
Vedanta Resources plc (India)†(a)	6.00%	1/31/2019		200		194,500
Total						610,500
Miscellaneous 0.86%
Marfrig Holding Europe BV (Netherlands)†(a)	6.875%	6/24/2019		200		191,000
Natural Gas 2.73%
Fermaca Enterprises S de RL de CV (Mexico)†(a)	6.375%	3/30/2038		199		202,518
Nakilat, Inc. (Qatar)†(a)	6.267%	12/31/2033		178		206,931
Transportadora de Gas del Peru SA (Peru)†(a)	4.25%	4/30/2028		200		197,500
Total						606,949
Oil 6.44%
CrownRock LP/CrownRock Finance, Inc.†	7.75%	2/15/2023		48		51,360
Dolphin Energy Ltd. (United Arab Emirates)†(a)	5.50%	12/15/2021		200		227,045
Gazprom Neft OAO via GPN Capital SA (Luxembourg)†(a)	4.375%	9/19/2022		200		171,000
Genel Energy Finance plc (United Kingdom)†(a)	7.50%	5/14/2019		200		182,000

10 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CORPORATE DEBT FUND June 30, 2015

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Oil (continued)
Hilcorp Energy I LP/Hilcorp Finance Co.†	5.00%	12/1/2024	$	35	$	32,995
Kosmos Energy Ltd.†	7.875%	8/1/2021		200		194,000
MEG Energy Corp. (Canada)†(a)	6.375%	1/30/2023		35		32,550
Petroleos de Venezuela SA (Venezuela)†(a)	6.00%	11/15/2026		50		17,875
Petronas Capital Ltd. (Malaysia)†(a)	5.25%	8/12/2019		100		111,036
Ras Laffan Liquefied Natural Gas Co., Ltd. II (Qatar)†(a)	5.298%	9/30/2020		143		154,987
Rosneft Oil Co. via Rosneft International Finance Ltd. (Ireland)†(a)	3.149%	3/6/2017		200		195,620
RSP Permian, Inc.†	6.625%	10/1/2022		30		30,825
Seven Generations Energy Ltd. (Canada)†(a)	8.25%	5/15/2020		30		31,980
Total						1,433,273
Oil: Crude Producers 1.62%
Pacific Rubiales Energy Corp. (Colombia)†(a)	5.125%	3/28/2023		150		108,000
Pacific Rubiales Energy Corp. (Colombia)†(a)	5.625%	1/19/2025		100		72,750
PTT PCL (Thailand)†(a)	4.50%	10/25/2042		200		179,600
Total						360,350
Oil: Integrated International 3.46%
MIE Holdings Corp. (Hong Kong)†(a)	7.50%	4/25/2019		200		153,000
Petrobras Global Finance BV (Netherlands)(a)	4.375%	5/20/2023		267		233,281
Petrobras Global Finance BV (Netherlands)(a)	7.25%	3/17/2044		100		93,336
Petroleos Mexicanos (Mexico)(a)	5.50%	6/27/2044		100		92,500
YPF SA (Argentina)†(a)	8.50%	7/28/2025		200		198,500
Total						770,617
Paper & Forest Products 0.12%
Mercer International, Inc. (Canada)(a)	7.75%	12/1/2022		25		27,000
Real Estate Investment Trusts 5.49%
China South City Holdings Ltd. (Hong Kong)(a)	8.25%	1/29/2019		200		191,406
Country Garden Holdings Co., Ltd. (China)†(a)	7.50%	1/10/2023		200		201,500
Greenland Global Investment Ltd.	4.375%	7/3/2019		200		202,820
MAF Global Securities Ltd.	5.25%	7/5/2019		200		216,358
Shimao Property Holdings Ltd. (Hong Kong)(a)	8.375%	2/10/2022		200		209,132
Swire Properties MTN Financing Ltd. (Hong Kong)(a)	2.75%	3/7/2020		200		200,767
Total						1,221,983

See Notes to Financial Statements. 11

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CORPORATE DEBT FUND June 30, 2015

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Retail 2.10%
Hot Topic, Inc.†	9.25%	6/15/2021	$	20	$	21,100
Lotte Shopping Co., Ltd. (South Korea)†(a)	3.375%	5/9/2017		200		206,175
Pacific Emerald Pte Ltd. (Singapore)(a)	9.75%	7/25/2018	��	200		213,500
PF Chang’s China Bistro, Inc.†	10.25%	6/30/2020		25		25,969
Total						466,744
Steel 2.40%
ABJA Investment Co. Pte Ltd. (Singapore)(a)	5.95%	7/31/2024		200		200,825
Evraz Group SA (Luxembourg)†(a)	6.50%	4/22/2020		200		181,900
Vale Overseas Ltd. (Brazil)(a)	4.625%	9/15/2020		145		152,740
Total						535,465
Technology 0.87%
Alibaba Group Holding Ltd. (China)†(a)	3.60%	11/28/2024		200		193,225
Telecommunications 6.43%
Altice SA (Luxembourg)†(a)	7.625%	2/15/2025		200		188,500
Bharti Airtel International Netherlands BV (Netherlands)†(a)	5.125%	3/11/2023		200		209,800
Comcel Trust via Comunicaciones Celulares SA†	6.875%	2/6/2024		200		211,000
GCX Ltd. (India)†(a)	7.00%	8/1/2019		200		201,887
Ooredoo International Finance Ltd.†	5.00%	10/19/2025		200		216,097
SingTel Group Treasury Pte Ltd. (Singapore)(a)	4.50%	9/8/2021		200		221,173
Telemar Norte Leste SA (Brazil)†(a)	5.50%	10/23/2020		200		184,250
Total						1,432,707
Transportation: Miscellaneous 2.81%
Kazakhstan Temir Zholy Finance BV (Netherlands)†(a)	6.375%	10/6/2020		200		210,644
Lima Metro Line 2 Finance Ltd.†	5.875%	7/5/2034		200		204,750
Mersin Uluslararasi Liman Isletmeciligi AS (Turkey)†(a)	5.875%	8/12/2020		200		211,134
Total						626,528
Utilities: Electrical 1.92%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates)†(a)	2.50%	1/12/2018		200		202,051
Israel Electric Corp. Ltd. (Israel)†(a)	7.25%	1/15/2019		200		226,500
Total						428,551
Total Corporate Bonds (cost $20,662,745)						20,744,917

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CORPORATE DEBT FUND June 30, 2015

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
FOREIGN BONDS(b) 1.26%
Brazil 0.73%
Food
BRF SA†	2.75%	6/3/2022	EUR	150	$	163,341
Netherlands 0.53%
Technology
United Group BV†	7.875%	11/15/2020	EUR	100		118,187
Total Foreign Bonds (cost $305,249)						281,528
FOREIGN GOVERNMENT OBLIGATIONS 2.23%
Argentina 0.56%
Republic of Argentina(a)	8.75%	5/7/2024	$	130		124,199
Cyprus 0.31%
Republic of Cyprus(b)	4.75%	6/25/2019	EUR	60		70,235
Ecuador 1.36%
Republic of Ecuador†(a)	10.50%	3/24/2020	$	300		302,250
Total Foreign Government Obligations (cost $528,903)						496,684
Total Long-Term Investments (cost $21,522,941)						21,544,329
SHORT-TERM INVESTMENT 1.27%
Repurchase Agreement
Repurchase Agreement dated 6/30/2015, Zero Coupon due 7/1/2015 with Fixed Income Clearing Corp. collateralized by $290,000 of Federal National Mortgage Assoc. at 2.00% due 8/18/2015; value: $292,538; proceeds: $283,021 (cost $283,021)				283		283,021
Total Investments in Securities 98.02% (cost $21,805,962)						21,827,350
Cash, Foreign Cash and Other Assets in Excess of Liabilities(c) 1.98%						442,044
Net Assets 100.00%					$	22,269,394

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, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows:

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CORPORATE DEBT FUND June 30, 2015

Open Forward Foreign Currency Exchange Contracts at June 30, 2015:

Forward
Foreign					U.S. $
Currency					Cost on	U.S. $
Exchange	Transaction		Expiration	Foreign	Origination	Current	Unrealized
Contracts	Type	Counterparty	Date	Currency	Date	Value	Appreciation
euro	Sell	Morgan Stanley	8/13/2015	109,000	$121,595	$121,587	$	8
euro	Sell	Morgan Stanley	8/13/2015	67,000	75,332	74,736		596
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts							$	604

Forward
Foreign					U.S. $
Currency					Cost on	U.S. $
Exchange	Transaction		Expiration	Foreign	Origination	Current	Unrealized
Contracts	Type	Counterparty	Date	Currency	Date	Value	Depreciation
euro	Buy	Morgan Stanley	8/13/2015	3,000	$   3,394	$    3,346		$     (48	)
euro	Sell	Morgan Stanley	8/13/2015	149,000	163,848	166,205		(2,357	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts								$(2,405	)

Open Futures Contracts at June 30, 2015:

							Unrealized
Type	Expiration	Contracts	Position	Fair Value			Depreciation
U.S. 10-Year Treasury Note	September 2015	1	Short		$(126,172	)		$(1,549	)
Ultra Long U.S. Treasury Bond	September 2015	1	Short		(154,062	)		(2,939	)
Totals					$(280,234	)		$(4,488	)

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

EMERGING MARKETS CORPORATE DEBT FUND June 30, 2015

The following is a summary of the inputs used as of June 30, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1			Level 2			Level 3		Total
Common Stock	$	5,900		$	–		$	–	$	5,900
Convertible Bond		–			15,300			–		15,300
Corporate Bonds		–			20,744,917			–		20,744,917
Foreign Bonds		–			281,528			–		281,528
Foreign Government Obligations		–			496,684			–		496,684
Repurchase Agreement		–			283,021			–		283,021
Total	$	5,900		$	21,821,450		$	–	$	21,827,350
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets		$–		$	604		$	–	$	604
Liabilities		–			(2,405	)		–		(2,405)
Futures Contracts
Assets		–			–			–		–
Liabilities		(4,488	)		–			–		(4,488)
Total	$	(4,488	)	$	(1,801	)	$	–	$	(6,289)

(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 period ended June 30, 2015.

See Notes to Financial Statements. 15

Schedule of Investments (unaudited)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 81.55%
ASSET-BACKED SECURITIES 19.74%
Automobiles 7.90%
Ally Auto Receivables Trust 2014-2 A3	1.25%	4/15/2019	$	1,550	$	1,551,662
AmeriCredit Automobile Receivables Trust 2012-4 A3	0.67%	6/8/2017		88		87,640
AmeriCredit Automobile Receivables Trust 2012-5 A3	0.62%	6/8/2017		181		181,077
AmeriCredit Automobile Receivables Trust 2013-1 A3	0.61%	10/10/2017		97		97,119
AmeriCredit Automobile Receivables Trust 2013-1 B	1.07%	3/8/2018		257		257,673
AmeriCredit Automobile Receivables Trust 2013-3 B	1.58%	9/10/2018		250		251,804
AmeriCredit Automobile Receivables Trust 2013-5 A2A	0.65%	3/8/2017		29		28,595
AmeriCredit Automobile Receivables Trust 2013-5 A3	0.90%	9/10/2018		586		585,960
Avis Budget Rental Car Funding AESOP LLC 011-3A A†	3.41%	11/20/2017		462		474,667
Avis Budget Rental Car Funding AESOP LLC 2011-5A A†	3.27%	2/20/2018		463		476,620
Avis Budget Rental Car Funding AESOP LLC 2012-2A A†	2.802%	5/20/2018		1,390		1,423,238
Avis Budget Rental Car Funding AESOP LLC 2014-1A A†	2.46%	7/20/2020		459		462,470
Avis Budget Rental Car Funding AESOP LLC 2014-2A A†	2.50%	2/20/2021		328		327,987
Avis Budget Rental Car Funding AESOP LLC 2015-2A A†	2.63%	12/20/2021		914		912,875
BMW Vehicle Lease Trust 2014-1 A3	0.73%	2/21/2017		1,870		1,870,184
BMW Vehicle Lease Trust 2015-1 A3	1.24%	12/20/2017		1,650		1,654,361
California Republic Auto Receivables Trust 2013-1 A2†	1.41%	9/17/2018		662		665,555
California Republic Auto Receivables Trust 2013-2 A2	1.23%	3/15/2019		405		405,960
California Republic Auto Receivables Trust 2014-1 A3	0.85%	5/15/2018		300		300,193
California Republic Auto Receivables Trust 2014-2 A2	0.54%	3/15/2017		103		102,853

16 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
California Republic Auto Receivables Trust 2014-3 A3	1.09%	11/15/2018	$	550	$	550,158
California Republic Auto Receivables Trust 2015-1 A2	0.88%	12/15/2017		1,470		1,469,862
California Republic Auto Receivables Trust 2015-1 A3	1.33%	4/15/2019		1,715		1,720,141
Capital Auto Receivables Asset Trust 2015-2 A1A	0.99%	10/20/2017		1,761		1,761,424
Capital Auto Receivables Asset Trust 2015-2 A2	1.39%	9/20/2018		739		739,329
CarFinance Capital Auto Trust 2014-1A A†	1.46%	12/17/2018		113		112,991
CarMax Auto Owner Trust 2013-2 A3	0.64%	1/16/2018		1,250		1,250,515
CarMax Auto Owner Trust 2013-3 A3	0.97%	4/16/2018		685		685,319
CarMax Auto Owner Trust 2014-2 A3	0.98%	1/15/2019		1,240		1,241,342
CarMax Auto Owner Trust 2015-2 A2A	0.82%	6/15/2018		490		490,420
Chrysler Capital Auto Receivables Trust 2013-AA A3†	0.91%	4/16/2018		1,036		1,038,046
Chrysler Capital Auto Receivables Trust 2014-BA A2†	0.69%	9/15/2017		1,396		1,395,513
Chrysler Capital Auto Receivables Trust 2014-BA A3†	1.27%	5/15/2019		1,270		1,273,362
Chrysler Capital Auto Receivables Trust 2015-AA A3†	1.22%	7/15/2019		1,625		1,625,261
Drive Auto Receivables Trust 2015-BA B†	2.12%	6/17/2019		578		578,162
Fifth Third Auto Trust 2014-2 A3	0.89%	11/15/2018		1,263		1,261,940
Fifth Third Auto Trust 2014-3 A3	0.96%	3/15/2019		835		833,595
Ford Credit Auto Owner Trust 2014-B A3	0.90%	10/15/2018		715		715,073
GM Financial Automobile Leasing Trust 2014-2A A3†	1.22%	1/22/2018		800		800,800
Harley-Davidson Motorcycle Trust 2015-2 A4	1.66%	12/15/2022		458		457,625
Hyundai Auto Receivables Trust 2014-B A3	0.90%	12/17/2018		1,395		1,394,414
Mercedes-Benz Auto Lease Trust 2014-A A3	0.68%	12/15/2016		2,265		2,265,416
Nissan Auto Lease Trust 2013-A A3	0.61%	4/15/2016		315		315,381
Nissan Auto Lease Trust 2014-A A3	0.80%	2/15/2017		590		590,165
Porsche Innovative Lease Owner Trust 2013-1 A3†	0.70%	8/22/2016		359		359,355
Porsche Innovative Lease Owner Trust 2014-1 A3†	1.03%	11/20/2017		1,371		1,373,674
Santander Drive Auto Receivables Trust 2013-3 B	1.19%	5/15/2018		420		420,611
Santander Drive Auto Receivables Trust 2015-3 B	2.07%	3/16/2020		455		456,210
Santander Drive Auto Receivables Trust 2015-3 C	2.74%	1/15/2021		537		539,088
Volkswagen Auto Loan Enhanced Trust 2013-2 A3	0.70%	4/20/2018		2,770		2,767,885

See Notes to Financial Statements. 17

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
World Omni Automobile Lease Securitization Trust 2013-A A3	1.10%		12/15/2016	$	1,580	$	1,582,331
World Omni Automobile Lease Securitization Trust 2014-A A3	1.16%		9/15/2017		475		476,903
Total							44,660,804
Credit Cards 4.47%
American Express Credit Account Master Trust 2012-2 A	0.68%		3/15/2018		1,175		1,175,238
American Express Credit Account Master Trust 2012-5 A	0.59%		5/15/2018		891		891,241
American Express Credit Account Master Trust 2013-1 A	0.606%	#	2/16/2021		1,135		1,139,184
Bank of America Credit Card Trust 2014-A3 A	0.476%	#	1/15/2020		1,460		1,459,784
Capital One Multi-Asset Execution Trust 2014-A2	1.26%		1/15/2020		2,685		2,694,125
Capital One Multi-Asset Execution Trust 2015-A3	0.595%	#	3/15/2023		1,928		1,927,604
Chase Issuance Trust 2012-A8	0.54%		10/16/2017		2,575		2,575,470
Chase Issuance Trust 2013-A8	1.01%		10/15/2018		1,420		1,422,050
Citibank Credit Card Issuance Trust 2012-A1	0.55%		10/10/2017		1,459		1,459,069
Citibank Credit Card Issuance Trust 2013-A4	0.607%	#	7/24/2020		465		466,078
Citibank Credit Card Issuance Trust 2013-A6	1.32%		9/7/2018		1,575		1,583,349
Discover Card Execution Note Trust 2011-A4	0.536%	#	5/15/2019		550		551,116
Discover Card Execution Note Trust 2012-B3	0.636%	#	5/15/2018		1,285		1,284,756
Synchrony Credit Card Master Note Trust 2011-2 A	0.666%	#	5/15/2019		1,375		1,376,235
Synchrony Credit Card Master Note Trust 2012-6 A	1.36%		8/17/2020		2,170		2,169,603
World Financial Network Credit Card Master Trust 2013-B A	0.91%		3/16/2020		1,050		1,050,519
World Financial Network Credit Card Master Trust 2014-A	0.566%	#	12/15/2019		2,000		2,000,031
Total							25,225,452
Other 7.37%
AMAC CDO Funding I 2006-1A A1†	0.462%	#	11/23/2050		80		79,391
Avenue CLO VI Ltd. 2007-6A A2†	0.624%	#	7/17/2019		500		495,329
Avery Point IV CLO Ltd. 2014-1A A†	1.797%	#	4/25/2026		1,000		1,001,947
BlueMountain CLO Ltd. 2014-3A A1†	1.727%	#	10/15/2026		500		498,687
Carlyle Global Market Strategies 2015-2A A1†	1.744%	#	4/27/2027		1,300		1,296,026
Carlyle Global Market Strategies CLO Ltd. 2013-2A A1†	1.407%	#	4/18/2025		1,000		990,095

18 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Cent CLO 2013-17A A1†	1.555%	#	1/30/2025	$	1,800	$	1,787,827
Cent CLO Ltd. 2013-19A A1A†	1.607%	#	10/29/2025		900		894,420
CIFC Funding II Ltd. 2014-2A A1L†	1.762%	#	5/24/2026		500		500,187
CNH Equipment Trust 2015-B A4	1.89%		4/15/2022		570		571,193
Fortress Credit BSL II Ltd. 2013-2A A1F†	1.757%	#	10/19/2025		525		525,552
Fortress Credit BSL Ltd. 2013-1A A†	1.433%	#	1/19/2025		1,000		983,077
Fraser Sullivan CLO II Ltd. 2006-2A A2†	0.581%	#	12/20/2020		309		308,366
Galaxy XVIII CLO Ltd. 2014-18A A†	1.733%	#	10/15/2026		500		498,453
Gleneagles CLO Ltd. 2005-1A B†	0.828%	#	11/1/2017		500		496,425
GMF Floorplan Owner Revolving Trust 2015-1 A1†	1.65%		5/15/2020		842		842,409
HLSS Servicer Advance Receivables Backed Notes 2013-T3 B3†	2.14%		5/15/2046		750		746,354
HLSS Servicer Advance Receivables Backed Notes 2013-T7 AT7†	1.981%		11/15/2046		1,650		1,641,919
HLSS Servicer Advance Receivables Trust 2012-T2 A2†	1.99%		10/15/2045		750		749,310
HLSS Servicer Advance Receivables Trust 2013-T1 A2†	1.495%		1/16/2046		1,660		1,658,585
Jackson Mill CLO Ltd. 2015-1A A†	1.763%	#	4/15/2027		1,300		1,301,131
JFIN CLO Ltd. 2007-1A A2†	0.497%	#	7/20/2021		354		351,413
JFIN Revolver CLO Ltd. 2013-1A A†	1.507%	#	1/20/2021		429		429,806
JFIN Revolver CLO Ltd. 2015-3A A1†	1.775%	#	4/20/2023		1,500		1,499,921
KKR Financial CLO Ltd. 2007-1A B†	1.024%	#	5/15/2021		750		735,761
Madison Park Funding IX Ltd. 2012-9AR B1R†	2.15%	#	8/15/2022		1,600		1,588,489
Marathon CLO IV Ltd. 2012-4A A1†	1.651%	#	5/20/2023		1,000		999,464
Oaktree CLO Ltd. 2014-2A A1A†	1.805%	#	10/20/2026		525		524,599
Octagon Investment Partners XIX Ltd. 2014-1A A†	1.773%	#	4/15/2026		500		500,986
OHA Loan Funding Ltd. 2015-1A A†	1.769%	#	2/15/2027		1,600		1,599,846
OZLM VII Ltd. 2014-7A A1B†	1.747%	#	7/17/2026		750		750,633
Shackleton CLO Ltd. 2014-5A A†	1.776%	#	5/7/2026		750		750,871
SLM Private Education Loan Trust 2010-A 2A†	3.436%	#	5/16/2044		1,358		1,423,124
SLM Private Education Loan Trust 2011-B A1†	1.036%	#	12/16/2024		1,563		1,566,845
SLM Private Education Loan Trust 2012-A A1†	1.586%	#	8/15/2025		925		932,882
SLM Private Education Loan Trust 2012-C A1†	1.286%	#	8/15/2023		1,006		1,009,239
SLM Private Education Loan Trust 2012-E A1†	0.936%	#	10/16/2023		1,671		1,675,008
SLM Private Education Loan Trust 2013-B A1†	0.836%	#	7/15/2022		488		489,169
SLM Student Loan Trust 2011-1 A1	0.707%	#	3/25/2026		684		686,703
Stone Tower CLO V Ltd. 2006-5A A2B†	0.606%	#	7/16/2020		1,500		1,472,953
Stone Tower CLO VI Ltd. 2007-6A A2B†	0.594%	#	4/17/2021		600		586,706

See Notes to Financial Statements. 19

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Treman Park CLO LLC 2015-1A A†	1.761%	#	4/20/2027	$	750	$	749,102
Venture XVII CLO Ltd. 2014-17A A†	1.755%	#	7/15/2026		850		847,869
Venture XVIII CLO Ltd. 2014-18A A†	1.703%	#	10/15/2026		500		498,007
Voya CLO Ltd. 2012-3AR AR†	1.615%	#	10/15/2022		700		700,000
Voya CLO Ltd. 2015-1A A1†	1.755%	#	4/18/2027		500		495,787
Westchester CLO Ltd. 2007-1A A1A†	0.503%	#	8/1/2022		499		495,387
Westgate Resorts LLC 2015-1A A†	2.75%		5/20/2027		223		222,833
Westgate Resorts LLC 2015-1A B†	3.50%		5/20/2027		223		222,618
Total							41,672,704
Total Asset-Backed Securities (cost $111,489,054)							111,558,960
CORPORATE BONDS 24.83%
Aerospace/Defense 0.46%
BAE Systems plc (United Kingdom)†(a)	3.50%		10/11/2016		500		513,992
Exelis, Inc.	4.25%		10/1/2016		2,000		2,064,652
Total							2,578,644
Auto Loans 0.32%
Ford Motor Credit Co. LLC	4.207%		4/15/2016		1,500		1,534,400
Ford Motor Credit Co. LLC	6.625%		8/15/2017		250		274,407
Total							1,808,807
Auto Parts & Equipment 0.50%
BorgWarner, Inc.	5.75%		11/1/2016		250		263,846
Continental Rubber of America Corp.†	4.50%		9/15/2019		2,500		2,572,475
Total							2,836,321
Automakers 0.09%
General Motors Co.	3.50%		10/2/2018		500		517,505
Banking 2.80%
Bank of America Corp.	5.25%		12/1/2015		400		407,000
Bank of America Corp.	5.70%		5/2/2017		808		862,420
Bank of America Corp.	6.05%		5/16/2016		250		259,654
Bank of America Corp.	7.80%		9/15/2016		123		132,059
Bank of America Corp.	10.20%		7/15/2015		3,000		3,006,969
Citigroup, Inc.	5.50%		2/15/2017		500		531,421
Fifth Third Bancorp	5.45%		1/15/2017		500		530,227
Goldman Sachs Group, Inc. (The)	2.282%	#	8/24/2016		250		252,781

20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banking (continued)
Goldman Sachs Group, Inc. (The)	5.625%		1/15/2017	$	1,000	$	1,059,307
Korea Development Bank (The) (South Korea)(a)	0.901%	#	1/22/2017		1,000		999,980
Lloyds Bank plc (United Kingdom)†(a)	9.875%		12/16/2021		1,000		1,108,250
PNC Funding Corp.	5.625%		2/1/2017		695		738,870
Regions Bank	7.50%		5/15/2018		500		574,665
Royal Bank of Scotland plc (The) (United Kingdom)(a)	4.375%		3/16/2016		500		511,132
Santander Holdings USA, Inc.	3.00%		9/24/2015		1,800		1,805,029
Santander Holdings USA, Inc.	4.625%		4/19/2016		250		256,283
Shinhan Bank (South Korea)†(a)	0.924%	#	4/8/2017		1,800		1,799,201
US Bank NA	2.282%	#	4/29/2020		1,000		1,002,165
Total							15,837,413
Brokerage 0.50%
Jefferies Group LLC	3.875%		11/9/2015		1,500		1,512,747
Jefferies Group LLC	5.50%		3/15/2016		1,000		1,023,599
Lazard Group LLC	6.85%		6/15/2017		250		273,231
Total							2,809,577
Building Materials 0.45%
Martin Marietta Materials, Inc.	1.382%	#	6/30/2017		2,250		2,241,675
Martin Marietta Materials, Inc.	6.60%		4/15/2018		250		280,014
Owens Corning	6.50%		12/1/2016		15		15,957
Total							2,537,646
Cable & Satellite Television 0.25%
Cox Communications, Inc.	5.50%		10/1/2015		150		151,699
Cox Communications, Inc.†	5.875%		12/1/2016		350		371,593
Cox Communications, Inc.†	9.375%		1/15/2019		250		305,443
Time Warner Cable, Inc.	8.75%		2/14/2019		500		594,296
Total							1,423,031
Chemicals 0.56%
Airgas, Inc.	2.95%		6/15/2016		2,000		2,027,202
Incitec Pivot Ltd. (Australia)†(a)	4.00%		12/7/2015		600		606,641
PetroLogistics LP/PetroLogistics Finance Corp.(b)	6.25%		4/1/2020		500		537,095
Total							3,170,938
Consumer/Commercial/Lease Financing 0.74%
Air Lease Corp.	5.625%		4/1/2017		1,000		1,062,500
Aviation Capital Group Corp.†	3.875%		9/27/2016		2,000		2,035,992

See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Consumer/Commercial/Lease Financing (continued)
International Lease Finance Corp.†	7.125%		9/1/2018	$	1,000	$	1,117,500
Total							4,215,992
Electric: Distribution/Transportation 0.13%
PPL WEM Ltd./Western Power Distribution Ltd. (United Kingdom)†(a)	3.90%		5/1/2016		500		510,106
SteelRiver Transmission Co. LLC†	4.71%		6/30/2017		223		232,441
Total							742,547
Electronics 0.22%
Jabil Circuit, Inc.	7.75%		7/15/2016		500		525,000
KLA-Tencor Corp.	2.375%		11/1/2017		700		705,207
Total							1,230,207
Energy: Exploration & Production 1.06%
Anadarko Petroleum Corp.	5.95%		9/15/2016		1,000		1,055,221
Anadarko Petroleum Corp.	6.375%		9/15/2017		285		312,922
Continental Resources, Inc.	7.125%		4/1/2021		1,775		1,888,156
Continental Resources, Inc.	7.375%		10/1/2020		1,900		1,989,062
Devon Energy Corp.	6.30%		1/15/2019		500		565,276
Hrvatska Elektroprivreda (Croatia)†(a)	6.00%		11/9/2017		200		209,750
Total							6,020,387
Food: Wholesale 0.02%
H.J. Heinz Co.	4.25%		10/15/2020		135		137,869
Gas Distribution 3.29%
Colorado Interstate Gas Co. LLC	6.80%		11/15/2015		1,000		1,021,216
Copano Energy LLC/Copano Energy Finance Corp.	7.125%		4/1/2021		1,646		1,743,196
EnLink Midstream Partners LP/EnLink Midstream Finance Corp.	7.125%		6/1/2022		2,894		3,208,497
Florida Gas Transmission Co. LLC†	7.90%		5/15/2019		750		884,001
Gulfstream Natural Gas System LLC†	6.95%		6/1/2016		250		261,025
Hiland Partners LP/Hiland Partners Finance Corp.†	7.25%		10/1/2020		500		542,500
Kinder Morgan Energy Partners LP	4.10%		11/15/2015		2,500		2,526,227
Kinder Morgan Finance Co. LLC	5.70%		1/5/2016		500		511,128
Kinder Morgan, Inc.	7.00%		6/15/2017		250		271,991
Laclede Group, Inc. (The)	1.024%	#	8/15/2017		3,600		3,595,615
Magellan Midstream Partners LP	5.65%		10/15/2016		225		237,699
Northwest Pipeline LLC	7.00%		6/15/2016		150		158,817

22 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Gas Distribution (continued)
Regency Energy Partners LP/Regency Energy Finance Corp.	6.50%		7/15/2021	$	1,000	$	1,058,750
Spectra Energy Partners LP	2.95%		6/15/2016		2,000		2,028,560
Williams Partners LP/ACMP Finance Corp.	6.125%		7/15/2022		500		531,443
Total							18,580,665
Health Facilities 0.92%
Laboratory Corp. of America Holdings	3.125%		5/15/2016		1,500		1,525,161
Omega Healthcare Investors, Inc.	6.75%		10/15/2022		3,500		3,675,000
Total							5,200,161
Health Services 0.48%
Cardinal Health, Inc.	2.40%		11/15/2019		115		114,189
Express Scripts Holding Co.	2.65%		2/15/2017		250		254,578
Express Scripts Holding Co.	3.125%		5/15/2016		2,000		2,033,288
McKesson Corp.	7.50%		2/15/2019		250		294,633
Total							2,696,688
Hotels 0.56%
Host Hotels & Resorts LP	6.00%		11/1/2020		2,500		2,603,705
Hyatt Hotels Corp.†	6.875%		8/15/2019		500		577,403
Total							3,181,108
Insurance Brokerage 0.32%
Willis Group Holdings plc (United Kingdom)(a)	4.125%		3/15/2016		985		1,005,240
Willis North America, Inc.	6.20%		3/28/2017		750		803,354
Total							1,808,594
Integrated Energy 1.23%
CNPC General Capital Ltd. (China)†(a)	1.175%	#	5/14/2017		2,000		1,997,830
Petrobras Global Finance BV (Netherlands)(a)	2.643%	#	3/17/2017		3,000		2,954,100
Sinopec Group Overseas Development 2014 Ltd.†	1.051%	#	4/10/2017		2,000		1,998,404
Total							6,950,334
Investments & Miscellaneous Financial Services 0.35%
Kayne Anderson MLP Investment Co.	1.536%	#	8/19/2016		2,000		1,999,408
Life Insurance 0.23%
Symetra Financial Corp.†	6.125%		4/1/2016		932		959,916
Torchmark Corp.	6.375%		6/15/2016		305		319,648
Total							1,279,564

See Notes to Financial Statements. 23

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Machinery 0.23%
Xylem, Inc.	3.55%		9/20/2016	$	1,250	$	1,282,681
Medical Products 0.13%
Zimmer Biomet Holdings, Inc.	2.00%		4/1/2018		750		750,766
Metals/Mining (Excluding Steel) 1.38%
Anglo American Capital plc (United Kingdom)†(a)	1.225%	#	4/15/2016		500		498,922
Barrick Gold Corp. (Canada)(a)	2.90%		5/30/2016		500		504,986
Barrick International Barbados Corp. (Barbados)†(a)	5.75%		10/15/2016		250		263,637
Glencore Canada Corp. (Canada)(a)	5.50%		6/15/2017		500		530,012
Glencore Finance Canada Ltd. (Canada)†(a)	3.60%		1/15/2017		750		770,104
Glencore Funding LLC†	1.445%	#	5/27/2016		3,200		3,209,190
Glencore Funding LLC†	1.635%	#	1/15/2019		500		499,910
Kinross Gold Corp. (Canada)(a)	3.625%		9/1/2016		1,500		1,504,465
Total							7,781,226
Multi-Line Insurance 0.05%
Kemper Corp.	6.00%		5/15/2017		250		266,689
Oil Field Equipment & Services 0.55%
Cameron International Corp.	1.40%		6/15/2017		375		372,726
National Oilwell Varco, Inc.	6.125%		8/15/2015		750		750,512
Noble Holding International Ltd.	3.45%		8/1/2015		2,000		2,002,068
Total							3,125,306
Oil Refining & Marketing 0.11%
Valero Energy Corp.	9.375%		3/15/2019		500		615,839
Personal & Household Products 0.27%
Avon Products, Inc.	3.125%		3/15/2016		1,500		1,503,750
Pharmaceuticals 1.44%
AbbVie, Inc.	1.80%		5/14/2018		500		498,876
Forest Laboratories LLC†	4.375%		2/1/2019		1,000		1,059,223
Mylan, Inc.	1.80%		6/24/2016		250		250,185
Mylan, Inc.†	7.875%		7/15/2020		3,004		3,129,363
Perrigo Co. plc (Ireland)(a)	1.30%		11/8/2016		1,500		1,494,144
Zoetis, Inc.	1.15%		2/1/2016		1,730		1,730,626
Total							8,162,417
Printing & Publishing 0.18%
Pearson Funding Two plc (United Kingdom)†(a)	4.00%		5/17/2016		1,000		1,023,736

24 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Property & Casualty Insurance 0.02%
Liberty Mutual Group, Inc.†	6.70%	8/15/2016	$	107	$	113,358
Real Estate Investment Trusts 2.00%
ARC Properties Operating Partnership LP	2.00%	2/6/2017		1,000		972,500
DDR Corp.	4.75%	4/15/2018		650		693,984
DDR Corp.	7.50%	7/15/2018		500		576,368
DDR Corp.	7.50%	4/1/2017		465		509,919
Duke Realty LP	5.50%	3/1/2016		465		477,337
HCP, Inc.	6.30%	9/15/2016		271		286,234
Health Care REIT, Inc.	4.125%	4/1/2019		400		423,739
Hospitality Properties Trust	6.30%	6/15/2016		500		510,504
Hospitality Properties Trust	6.70%	1/15/2018		987		1,071,134
Kilroy Realty LP	4.80%	7/15/2018		250		267,050
Mid-America Apartments LP	6.05%	9/1/2016		575		605,132
Reckson Operating Partnership LP	6.00%	3/31/2016		1,500		1,549,567
Regency Centers LP	5.25%	8/1/2015		1,000		1,003,241
Regency Centers LP	5.875%	6/15/2017		850		919,119
Senior Housing Properties Trust	3.25%	5/1/2019		500		500,809
SL Green Realty Corp.	5.00%	8/15/2018		500		535,697
UDR, Inc.	5.25%	1/15/2016		175		178,400
Ventas Realty LP	1.55%	9/26/2016		250		250,997
Total						11,331,731
Recreation & Travel 0.31%
Carnival Corp.	1.20%	2/5/2016		1,500		1,502,098
Carnival Corp.	3.95%	10/15/2020		225		236,514
Total						1,738,612
Restaurants 0.40%
Darden Restaurants, Inc.	6.45%	10/15/2017		1,500		1,665,085
Yum! Brands, Inc.	6.25%	4/15/2016		564		585,979
Total						2,251,064
Software/Services 0.36%
Dun & Bradstreet Corp. (The)	2.875%	11/15/2015		2,000		2,015,906
Support: Services 0.05%
Western Union Co. (The)	5.93%	10/1/2016		250		262,559

See Notes to Financial Statements. 25

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Telecommunications: Wireline Integrated & Services 0.85%
AT&T, Inc.	2.40%	8/15/2016	$	2,500	$	2,535,085
AT&T, Inc.	2.95%	5/15/2016		1,000		1,016,912
Embarq Corp.	7.082%	6/1/2016		250		260,039
Orange SA (France)(a)	2.75%	9/14/2016		1,000		1,018,396
Total						4,830,432
Tobacco 0.18%
Altria Group, Inc.	9.70%	11/10/2018		398		495,565
RJ Reynolds Tobacco Co.	3.50%	8/4/2016		500		511,353
Total						1,006,918
Transportation Infrastructure 0.53%
Asciano Finance Ltd. (Australia)†(a)	3.125%	9/23/2015		3,000		3,012,363
Trucking & Delivery 0.31%
Con-way, Inc.	7.25%	1/15/2018		991		1,105,888
Penske Truck Leasing Co. LP/PTL Finance Corp.†	2.875%	7/17/2018		125		127,420
Ryder System, Inc.	2.55%	6/1/2019		500		501,327
Total						1,734,635
Total Corporate Bonds (cost $140,625,113)						140,373,394
FLOATING RATE LOANS(c) 5.94%
Advertising 0.33%
Nielsen Finance LLC Term Loan A	2.183%	4/30/2019		1,900		1,894,062
Aerospace/Defense 0.65%
Alliant Techsystems, Inc. Term Loan B	3.50%	11/1/2020		1,692		1,694,973
Delos Finance S.A.R.L. Term Loan (Luxembourg)(a)	3.50%	3/6/2021		2,000		1,999,500
Total						3,694,473
Air Transportation 0.37%
Delta Air Lines, Inc. 2014 Term Loan B2	2.435%	4/18/2016		2,115		2,113,908
Cable & Satellite Television 0.48%
Charter Communications Operating LLC
Term Loan E	3.00%	7/1/2020		1,724		1,707,720
CSC Holdings LLC Term Loan B	2.687%	4/17/2020		996		987,731
Total						2,695,451
Electronics 0.41%
Avago Technologies Cayman Ltd. Term Loan	3.75%	5/6/2021		2,303		2,309,485

26 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Food: Wholesale 0.13%
Aramark Corp. Term Loan E	3.25%	9/7/2019	$	721	$	721,386
Gaming 0.83%
Las Vegas Sands LLC Term Loan B	3.25%	12/19/2020		2,217		2,209,308
Seminole Tribe of Florida Initial Term Loan	3.00%	4/29/2020		2,458		2,460,250
Total						4,669,558
Media: Content 0.43%
AMC Networks, Inc. Term Loan A	1.934%	6/30/2017		2,438		2,416,172
Medical Products 0.47%
Becton, Dickinson & Co. Term Loan	1.435%	11/26/2021		700		699,563
Fresenius US Finance I, Inc. Tranche B Term Loan (Germany)(a)	2.282%	8/7/2019		1,592		1,596,377
Thermo Fisher Scientific, Inc. Committed Term Loan	1.646%	5/31/2016		338		337,431
Total						2,633,371
Pharmaceuticals 0.44%
Amgen, Inc. Term Loan	1.282%	9/18/2018		2,405		2,403,397
Warner Chilcott Corp. 3 Year Term Loan	1.687%	8/1/2016		104		103,449
Total						2,506,846
Technology Hardware & Equipment 0.09%
Dell International LLC Term Loan B2	4.00%	4/29/2020		525		525,937
Telecommunications: Wireless 0.65%
American Tower Corp. Term Loan A	1.44%	1/3/2019		2,625		2,612,964
DigitalGlobe, Inc. Term Loan	3.75%	1/31/2020		1,049		1,051,393
Total						3,664,357
Theaters & Entertainment 0.66%
Activision Blizzard, Inc. Term Loan	3.25%	10/12/2020		2,227		2,236,776
Kasima LLC Term Loan	3.25%	5/17/2021		1,488		1,486,993
Total						3,723,769
Total Floating Rate Loans (cost $33,642,142)						33,568,775
FOREIGN GOVERNMENT OBLIGATION(a) 0.03%
Brazil
Federal Republic of Brazil (cost $181,870)	8.00%	1/15/2018		167		181,000

See Notes to Financial Statements. 27

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.07%
Federal Home Loan Mortgage Corp. 2012-K705 C†	4.303%	#	9/25/2044	$	500	$	520,290
Federal Home Loan Mortgage Corp. 2012-K706 B†	4.167%	#	11/25/2044		100		105,059
Federal Home Loan Mortgage Corp. 2012-K707 B†	4.019%	#	1/25/2047		27		28,183
Federal Home Loan Mortgage Corp. 2012-K708 C†	3.887%	#	2/25/2045		100		102,416
Federal Home Loan Mortgage Corp. 2012-K709 C†	3.872%	#	4/25/2045		1,007		1,034,674
Federal Home Loan Mortgage Corp. 2012-K710 B†	3.95%	#	6/25/2047		200		207,991
Federal Home Loan Mortgage Corp. 2012-K711 B†	3.684%	#	8/25/2045		303		314,633
Federal Home Loan Mortgage Corp. 2012-K711 C†	3.684%	#	8/25/2045		200		203,772
Federal Home Loan Mortgage Corp. 2013-K712 B†	3.484%	#	5/25/2045		100		102,029
Federal Home Loan Mortgage Corp. 2013-K713 B†	3.274%	#	4/25/2046		400		404,012
Federal Home Loan Mortgage Corp. 2014-K503 B†	3.079%	#	10/25/2047		415		418,869
Government National Mortgage Assoc. 2013-171 IO	1.139%	#	6/16/2054		19,382		1,647,089
Government National Mortgage Assoc. 2013-193 IO	1.096%	#	1/16/2055		1,933		161,137
Government National Mortgage Assoc. 2014-112 A	3.00%	#	1/16/2048		1,690		1,737,941
Government National Mortgage Assoc. 2014-15 IO	1.059%	#	8/16/2054		19,601		1,495,639
Government National Mortgage Assoc. 2014-70 A	2.50%		3/16/2049		135		136,019
Government National Mortgage Assoc. 2014-78 A	2.20%		4/16/2047		191		192,318
Government National Mortgage Assoc. 2014-78 IO	0.933%	#	3/16/2056		1,150		80,428
Government National Mortgage Assoc. 2015-33 AS	2.90%	#	5/16/2054		587		597,675
Government National Mortgage Assoc. 2015-41 AD	2.90%	#	8/16/2055		578		588,573

28 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Government National Mortgage Assoc. 2015-73 AC	2.90%	#	2/16/2053	$	1,598	$	1,623,361
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $11,608,562)							11,702,108
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.60%
Federal Home Loan Mortgage Corp.	2.236%	#	12/1/2037		376		400,624
Federal Home Loan Mortgage Corp.	2.255%	#	2/1/2038		638		678,197
Federal Home Loan Mortgage Corp.	2.271%	#	4/1/2037		467		495,806
Federal Home Loan Mortgage Corp.	2.301%	#	10/1/2038		322		343,742
Federal Home Loan Mortgage Corp.	2.303%	#	12/1/2036		684		731,303
Federal Home Loan Mortgage Corp.	2.333%	#	5/1/2036		412		439,504
Federal Home Loan Mortgage Corp.	2.345%	#	10/1/2039		481		510,911
Federal Home Loan Mortgage Corp.	2.37%		10/1/2035		548		584,462
Federal Home Loan Mortgage Corp.	2.371%	#	6/1/2038		205		217,728
Federal Home Loan Mortgage Corp.	2.474%	#	9/1/2036		631		677,421
Federal Home Loan Mortgage Corp.	2.636%	#	12/1/2035		616		662,606
Federal Home Loan Mortgage Corp.	3.215%	#	6/1/2044		1,033		1,069,182
Federal Home Loan Mortgage Corp.	3.23%	#	12/1/2040		2,768		2,925,054
Federal Home Loan Mortgage Corp.	5.00%		5/1/2021		83		89,061
Federal National Mortgage Assoc.	2.023%	#	12/1/2035		586		622,353
Federal National Mortgage Assoc.	2.03%	#	2/1/2036		398		423,016
Federal National Mortgage Assoc.	2.128%	#	3/1/2039		354		376,092
Federal National Mortgage Assoc.	2.195%	#	11/1/2036		1,539		1,639,128
Federal National Mortgage Assoc.	2.214%	#	8/1/2037		433		460,525
Federal National Mortgage Assoc.	2.24%	#	1/1/2038		415		441,038
Federal National Mortgage Assoc.	2.244%	#	9/1/2038		283		301,622
Federal National Mortgage Assoc.	2.265%	#	8/1/2038		235		250,124
Federal National Mortgage Assoc.	2.358%	#	1/1/2038		351		375,117
Federal National Mortgage Assoc.	2.371%	#	11/1/2038		541		576,834
Federal National Mortgage Assoc.	2.395%	#	3/1/2038		245		262,830
Federal National Mortgage Assoc.	2.49%	#	12/1/2038		190		203,773
Federal National Mortgage Assoc.	3.366%	#	12/1/2040		1,316		1,399,197
Federal National Mortgage Assoc.	3.408%	#	12/1/2040		1,206		1,282,563
Federal National Mortgage Assoc.	3.458%	#	10/1/2040		1,349		1,430,337
Federal National Mortgage Assoc.	3.475%	#	11/1/2040		4,196		4,467,830
Federal National Mortgage Assoc.	5.50%		2/1/2034		711		801,806
Federal National Mortgage Assoc.	5.50%		11/1/2034		773		871,830
Total Government Sponsored Enterprises Pass-Throughs (cost $25,842,035)							26,011,616

See Notes to Financial Statements. 29

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
MUNICIPAL BONDS 0.32%
Nursing Home 0.26%
New Jersey Econ Dev Auth	1.096%		6/15/2016	$	735	$	731,060
New Jersey Econ Dev Auth	2.421%		6/15/2018		750		756,465
Total							1,487,525
Transportation Infrastructure 0.06%
New Jersey Transportation Trust Fund Auth	3.60%		12/15/2017		300		309,075
Total Municipal Bonds (cost $1,800,371)							1,796,600
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 24.02%
A10 Securitization LLC 2015-A A†	2.232%	#	5/15/2030		951		951,000
Americold LLC Trust 2010-ARTA A1†	3.847%		1/14/2029		888		925,356
Aventura Mall Trust 2013-AVM A†	3.743%	#	12/5/2032		3,521		3,716,676
BAMLL Commercial Mortgage Securities Trust 2014-IP B†	2.717%	#	6/15/2028		200		203,564
BAMLL Commercial Mortgage Securities Trust 2014-IP C†	2.808%	#	6/15/2028		340		342,961
BAMLL-DB Trust 2012-OSI A2FX†	3.352%		4/13/2029		449		459,430
Banc of America Commercial Mortgage Trust 2006-6 AM	5.39%		10/10/2045		2,171		2,274,322
Banc of America Commercial Mortgage Trust 2007-2 AM	5.623%	#	4/10/2049		500		527,388
Banc of America Commercial Mortgage Trust 2007-3 AMF	5.317%		6/10/2049		700		743,131
Banc of America Re-REMIC Trust 2009-UB2 A4B2†	5.743%	#	6/24/2049		1,759		1,868,014
Banc of America Re-REMIC Trust 2010-RC30 A5B†	5.334%		12/16/2043		125		129,844
BB-UBS Trust 2012-TFT A†	2.892%		6/5/2030		700		693,256
BBCMS Trust 2015-VFM A1†	2.466%		3/15/2036		314		310,158
BBCMS Trust 2015-VFM X IO†	0.51%	#	3/15/2036		56,784		1,754,806
Bear Stearns Commercial Mortgage Securities Trust 2007-PW16 AM	5.896%	#	6/11/2040		1,230		1,318,453
Bear Stearns Commercial Mortgage Securities Trust 2007-PW17 AM	5.915%	#	6/11/2050		1,150		1,244,045
Bear Stearns Deutsche Bank Trust 2005-AFR1 A2†	5.008%		9/15/2027		87		94,769
Boca Hotel Portfolio Trust 2013-BOCA D†	3.236%	#	8/15/2026		360		359,832
CD Commercial Mortgage Trust 2007-CD4 WFC3†	5.883%	#	12/11/2049		3,378		3,530,182
CDGJ Commercial Mortgage Trust 2014-BXCH B†	2.036%	#	12/15/2027		100		100,071

30 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CFCRE Commercial Mortgage Trust 2011-C2 AJ†	5.76%	#	12/15/2047	$	133	$	153,819
CG-CCRE Commercial Mortgage Trust 2014-FL1 A†	1.134%	#	6/15/2031		350		349,479
CG-CCRE Commercial Mortgage Trust 2014-FL1 XCP IO†	1.515%	#	6/15/2031		4,500		31,377
CGBAM Commercial Mortgage Trust 2015-SMRT B†	3.213%		4/10/2028		324		328,845
CGBAM Commercial Mortgage Trust 2015-SMRT C†	3.516%		4/10/2028		243		246,742
CGBAM Commercial Mortgage Trust 2015-SMRT F†	3.786%	#	4/10/2028		111		106,070
Citigroup Commercial Mortgage Trust 2007-C6 AM	5.711%	#	12/10/2049		3,562		3,777,246
Citigroup Commercial Mortgage Trust 2013-SMP C†	2.738%		1/12/2030		250		254,039
Citigroup Commercial Mortgage Trust 2013-SMP D†	3.008%	#	1/12/2030		750		759,326
Citigroup Commercial Mortgage Trust 2014-GC21 XA IO	1.317%	#	5/10/2047		4,441		373,582
Citigroup Commercial Mortgage Trust 2014-GC23 XB IO	4.175%	#	7/10/2047		3,784		75,489
Citigroup Commercial Mortgage Trust 2015-GC31 XA IO(d)	0.604%	#	6/10/2045		4,066		148,736
Citigroup Commercial Mortgage Trust 2015-SSHP B†	1.836%	#	9/15/2017		4,438		4,448,895
Citigroup Commercial Mortgage Trust 2015-SSHP C†	2.286%	#	9/15/2017		5,000		5,012,430
COBALT CMBS Commercial Mortgage Trust 2007-C2 AMFX	5.526%		4/15/2047		925		984,641
Commercial Mortgage Pass-Through Certificates 2010-C1 C†	5.855%	#	7/10/2046		100		113,568
Commercial Mortgage Pass-Through Certificates 2012-9W57 X IO†	1.399%	#	2/10/2029		8,000		157,560
Commercial Mortgage Pass-Through Certificates 2012-LTRT A1†	2.15%		10/5/2030		388		382,725
Commercial Mortgage Pass-Through Certificates 2012-MVP B†	1.785%	#	11/17/2026		30		29,986
Commercial Mortgage Pass-Through Certificates 2013-GAM A2†	3.367%		2/10/2028		2,000		2,032,889
Commercial Mortgage Pass-Through Certificates 2013-SFS A1†	1.873%		4/12/2035		554		542,632

See Notes to Financial Statements. 31

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates 2013-THL B†	1.784%	#	6/8/2030	$	225	$	224,852
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	1.465%	#	8/10/2047		1,725		129,366
Commercial Mortgage Pass-Through Certificates 2014-FL4 C†	2.136%	#	7/13/2031		750		745,883
Commercial Mortgage Pass-Through Certificates 2014-FL4 XCP IO†	0.224%	#	9/13/2015		1,566		1,913
Commercial Mortgage Pass-Through Certificates 2014-KYO A†	1.088%	#	6/11/2027		230		229,979
Commercial Mortgage Pass-Through Certificates 2014-LC17 XB IO†	0.041%	#	10/10/2047		58,568		375,069
Commercial Mortgage Pass-Through Certificates 2014-SAVA A†	1.336%	#	6/15/2034		344		343,212
Commercial Mortgage Pass-Through Certificates 2014-SAVA B†	1.936%	#	6/15/2034		375		374,668
Commercial Mortgage Pass-Through Certificates 2014-SAVA C†	2.586%	#	6/15/2034		375		375,376
Commercial Mortgage Pass-Through Certificates 2014-SAVA XCP IO†	3.208%	#	6/15/2034		6,033		197,774
Commercial Mortgage Pass-Through Certificates 2014-UBS5 XA IO	1.106%	#	9/10/2047		3,762		242,012
Commercial Mortgage Pass-Through Certificates 2015-CR23 CMC†	3.807%		5/10/2048		1,000		994,111
Commercial Mortgage Trust 2006-GG7 AM	5.819%	#	7/10/2038		975		1,010,842
Core Industrial Trust 2015-WEST XA IO†	0.935%	#	2/10/2037		2,882		220,545
Credit Suisse Commercial Mortgage Trust 2006-C4 AM	5.509%		9/15/2039		2,000		2,087,545
Credit Suisse First Boston Mortgage Securities Corp. 2006-OMA A†	5.384%		5/15/2023		50		53,318
Credit Suisse Mortgage Capital Certificates 2014-RS1 MRA†	0.508%	#	11/22/2046		871		819,159
Credit Suisse Mortgage Capital Certificates 2014-TIKI C†	1.986%	#	9/15/2038		465		461,450
Credit Suisse Mortgage Capital Certificates 2014-USA X1 IO†	0.697%	#	9/15/2037		20,000		905,664
Credit Suisse Mortgage Capital Certificates 2015-DEAL A†	1.506%	#	4/15/2029		152		151,535
Credit Suisse Mortgage Capital Certificates 2015-DEAL B†	2.036%	#	4/15/2029		378		376,883

32 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates 2015-TOWN A†	1.436%	#	3/15/2017	$	1,000	$	997,985
CSMC Trust 2014-TIKI 2014-TIKI B†	1.536%	#	9/15/2038		152		150,864
DBUBS Mortgage Trust 2011-LC1A A1†	3.742%		11/10/2046		1,172		1,184,863
DBUBS Mortgage Trust 2011-LC2A A1†	3.527%		7/10/2044		875		916,846
DBUBS Mortgage Trust 2011-LC2A A2†	3.386%		7/10/2044		655		666,774
DBUBS Mortgage Trust 2011-LC2A B†	4.998%		7/10/2044		100		110,244
DBUBS Mortgage Trust 2011-LC2A D†	5.458%	#	7/10/2044		300		314,382
DBUBS Mortgage Trust 2011-LC3A A3	4.638%		8/10/2044		500		527,170
DBWF Mortgage Trust 2015-LCM A1†	2.998%		6/10/2034		383		386,483
DBWF Mortgage Trust 2015-LCM XA IO†	0.423%	#	6/10/2034		1,000		24,315
Extended Stay America Trust 2013-ESFL DFL†	3.325%	#	12/5/2031		17		17,388
Extended Stay America Trust 2013-ESH7 A17†	2.295%		12/5/2031		500		495,800
Extended Stay America Trust 2013-ESH7 A27†	2.958%		12/5/2031		1,260		1,266,985
Extended Stay America Trust 2013-ESH7 B7†	3.604%		12/5/2031		800		807,854
Extended Stay America Trust 2013-ESH7 C7†	3.902%		12/5/2031		500		506,329
Fosse Master Issuer plc 2012-1A 2B1 (United Kingdom)†(a)	2.225%	#	10/18/2054		350		351,278
Granite Master Issuer plc 2005-1 A4 (United Kingdom)(a)	0.387%	#	12/20/2054		261		259,495
Granite Master Issuer plc 2005-2 A6 (United Kingdom)(a)	0.447%	#	12/20/2054		139		138,698
Granite Master Issuer plc 2007-1 3A1 (United Kingdom)(a)	0.387%	#	12/20/2054		49		48,754
Granite Master Issuer plc 2007-2 3A1 (United Kingdom)(a)	0.365%	#	12/17/2054		456		453,647
Great Wolf Trust 2015-WOLF A†	1.637%	#	5/15/2034		151		151,755
Great Wolf Trust 2015-WOLF C†	2.687%	#	5/15/2034		151		152,604
GS Mortgage Securities Corp. II 2013-KING A†	2.706%		12/10/2027		261		265,280
GS Mortgage Securities Corp. II 2013-KING C†	3.435%	#	12/10/2027		2,250		2,294,685
GS Mortgage Securities Corp. Trust 2012-SHOP A†	2.933%		6/5/2031		241		247,871
GS Mortgage Securities Corp. Trust 2012-SHOP B†	3.311%		6/5/2031		408		420,728
GS Mortgage Securities Corp. Trust 2013-NYC5 D†	3.479%		1/10/2030		200		203,276
GS Mortgage Securities Corp. Trust 2014-NEW B†	3.79%		1/10/2031		130		133,023
GS Mortgage Securities Trust 2006-GG8 AM	5.591%		11/10/2039		440		460,986
GS Mortgage Securities Trust 2010-C1 D†	6.084%	#	8/10/2043		100		108,190
GS Mortgage Securities Trust 2013-G1 A1†	2.059%		4/10/2031		978		973,351
H/2 Asset Funding 2014-1 Ltd.	2.101%	#	3/19/2037		2,000		2,017,330
H/2 Asset Funding 2015-1A-AFL	1.837%	#	6/24/2049		754		754,000

See Notes to Financial Statements. 33

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
H/2 Asset Funding 2015-1A-AFX	3.353%	#	6/24/2049	$	377	$	377,000
H/2 Asset Funding 2015-1A-BFX	3.993%	#	6/24/2049		369		369,000
HILT Mortgage Trust 2014-ORL B†	1.386%	#	7/15/2029		200		198,577
HILT Mortgage Trust 2014-ORL C†	1.786%	#	7/15/2029		750		741,366
HILT Mortgage Trust 2014-ORL XCP IO†	1.104%	#	7/15/2029		1,000		6,080
Irvine Core Office Trust 2013-IRV A1†	2.068%		5/15/2048		163		162,573
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB18 AM	5.466%		6/12/2047		2,500		2,640,094
JPMorgan Chase Commercial Mortgage Securities Trust 2010-C1 A2†	4.608%		6/15/2043		500		527,694
JPMorgan Chase Commercial Mortgage Securities Trust 2010-C2 B†	5.075%		11/15/2043		250		275,841
JPMorgan Chase Commercial Mortgage Securities Trust 2010-CNTR B†	5.023%		8/5/2032		2,000		2,225,126
JPMorgan Chase Commercial Mortgage Securities Trust 2010-CNTR C†	5.513%		8/5/2032		2,585		2,920,728
JPMorgan Chase Commercial Mortgage Securities Trust 2011-PLSD C†	5.143%		11/13/2028		100		104,188
JPMorgan Chase Commercial Mortgage Securities Trust 2014-BXH A†	1.086%	#	4/15/2027		400		399,938
JPMorgan Chase Commercial Mortgage Securities Trust 2014-BXH B†	1.436%	#	4/15/2027		250		249,782
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 A2	3.046%		4/15/2047		223		231,131
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 XA IO	1.432%	#	4/15/2047		1,974		104,025
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 XB IO	0.439%	#	4/15/2047		1,000		26,113
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A†	3.429%		6/10/2027		2,546		2,639,793
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY B†	3.771%		6/10/2027		274		283,153
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY C†	3.931%	#	6/10/2027		191		192,873
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XA IO†	0.503%	#	6/10/2027		1,487		22,875
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XB IO†	0.16%	#	6/10/2027		661		2,105
JPMorgan Chase Commercial Mortgage Securities Trust 2014-FL4 C†	2.386%	#	12/15/2030		250		249,854

34 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2014-FL4 D†	3.286%	#	12/15/2030	$	500	$	497,902
JPMorgan Chase Commercial Mortgage Securities Trust 2014-FL5 C†	2.286%	#	7/15/2031		250		249,851
JPMorgan Chase Commercial Mortgage Securities Trust 2014-FL5 XCP IO†	0.657%	#	5/15/2016		103,946		180,607
JPMorgan Chase Commercial Mortgage Securities Trust 2014-INN A†	1.106%	#	6/15/2029		1,021		1,018,795
JPMorgan Chase Commercial Mortgage Securities Trust 2014-INN C†	1.886%	#	6/15/2029		150		149,396
JPMorgan Chase Commercial Mortgage Securities Trust 2014-INN XCP IO†	0.09%		12/15/2015		25,000		10,408
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C29 XA IO	0.966%	#	5/15/2048		3,000		161,138
Ladder Capital Commercial Mortgage Securities LLC 2014-PKMD A†	2.952%	#	11/14/2027		1,816		1,849,521
Ladder Capital Commercial Mortgage Securities LLC 2014-PKMD B†	2.952%	#	11/14/2027		156		157,521
Ladder Capital Commercial Mortgage Securities LLC 2014-PKMD MRC†	2.952%	#	11/14/2027		126		127,990
LB-UBS Commercial Mortgage Trust 2006-C4 AM	6.048%	#	6/15/2038		720		750,155
LB-UBS Commercial Mortgage Trust 2006-C6 AM	5.413%		9/15/2039		4,439		4,640,333
LB-UBS Commercial Mortgage Trust 2006-C7 AM	5.378%		11/15/2038		1,110		1,157,129
LMREC, Inc. 2015-CRE1 A†	1.937%	#	2/22/2032		655		657,636
LSTAR Commercial Mortgage Trust 2014-2 A1†	1.519%		1/20/2041		74		73,790
LSTAR Commercial Mortgage Trust 2014-2 XA IO†	1.033%	#	1/20/2041		1,772		56,033
LSTAR Commercial Mortgage Trust 2015-3 A2†	2.729%	#	4/20/2048		297		298,533
Merrill Lynch/Countrywide Commercial Mortgage Trust 2006-4 AM	5.204%		12/12/2049		500		524,717
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 A2	3.001%		10/15/2046		40		41,398
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA IO	0.772%	#	7/15/2050		10,000		494,105
Morgan Stanley Capital I Trust 2005-IQ9 B	4.86%		7/15/2056		450		461,513
Morgan Stanley Capital I Trust 2007-HQ12 AM	5.861%	#	4/12/2049		175		184,962
Morgan Stanley Capital I Trust 2007-IQ15 AM	5.908%	#	6/11/2049		813		865,853
Morgan Stanley Capital I Trust 2012-C4 XA IO†	2.802%	#	3/15/2045		25,601		2,344,929
Morgan Stanley Capital I Trust 2012-STAR A1†	2.084%		8/5/2034		755		748,201
Morgan Stanley Capital I Trust 2014-CPT XA IO†	0.089%	#	7/13/2029		100,000		692,840
Motel 6 Trust 2015-MTL6 A2†	2.605%		2/5/2030		911		909,671

See Notes to Financial Statements. 35

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Motel 6 Trust 2015-MTL6 B†	3.298%		2/5/2030	$	322	$	322,076
Motel 6 Trust 2015-MTL6 C†	3.644%		2/5/2030		322		322,823
Motel 6 Trust 2015-MTL6 D†	4.532%		2/5/2030		250		250,447
MSCG Trust 2015-ALDR A1†	2.612%		6/7/2035		212		210,966
Nationslink Funding Corp. Commercial Loan Pass-Through Certificate 1999-LTL1 C†	7.399%		1/22/2026		320		334,278
NorthStar Real Estate CDO Ltd. 2013 -1A†	2.037%	#	8/25/2029		1,292		1,305,594
NorthStar Real Estate CDO Ltd. 2013 -1B†	5.187%	#	8/25/2029		500		508,000
PFP III Ltd. 2014-1 AS†	1.836%	#	6/14/2031		1,000		999,815
PFP III Ltd. 2014-1 B†	2.524%	#	6/14/2031		1,000		1,001,655
PFP III Ltd. 2014-1 C†	3.074%	#	6/14/2031		2,000		1,997,145
Prima Capital CRE Securization	2.55%	#	8/26/2049		1,913		1,915,391
RAIT Trust 2014-FL2 B†	2.324%	#	5/13/2031		1,000		991,856
RBSCF Trust 2010-RR3 WBTB†	6.15%	#	2/16/2051		1,500		1,591,609
Resource Capital Corp. Ltd. 2014-CRE2 A†	1.236%	#	4/15/2032		250		249,062
Selkirk Ltd. 1 A†	1.329%		2/20/2041		321		320,192
TimberStar Trust 1 2006-1A A†	5.668%		10/15/2036		1,549		1,623,564
Vornado DP LLC Trust 2010-VNO A1†	2.97%		9/13/2028		574		593,378
Wachovia Bank Commercial Mortgage Trust 2005-C21 D	5.432%	#	10/15/2044		3,500		3,518,965
Wachovia Bank Commercial Mortgage Trust 2005-C22 AM	5.498%	#	12/15/2044		1,000		1,010,614
Wachovia Bank Commercial Mortgage Trust 2006-C27 AM	5.795%		7/15/2045		667		695,479
Wachovia Bank Commercial Mortgage Trust 2006-WL7A J†	0.785%	#	9/15/2021		236		224,404
Wachovia Bank Commercial Mortgage Trust 2007-C30 AM	5.383%		12/15/2043		166		174,067
Wachovia Bank Commercial Mortgage Trust 2007-C31 AM	5.591%		4/15/2047		2,075		2,203,532
Wells Fargo Commercial Mortgage Trust 2015-C27 XB IO	0.50%	#	2/15/2048		68,008		2,187,548
Wells Fargo Commercial Mortgage Trust 2015-C29 XA IO	0.782%	#	6/15/2048		2,500		134,863
Wells Fargo Commercial Mortgage Trust 2015-C29 XB IO	0.018%	#	6/15/2048		40,645		169,855
Wells Fargo Commercial Mortgage Trust 2015-LC20 XB IO	0.622%	#	4/15/2050		24,333		1,010,610
WF-RBS Commercial Mortgage Trust 2011-C4 A3†	4.394%		6/15/2044		25		26,845

36 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
WF-RBS Commercial Mortgage Trust 2011-C5 A3	3.526%		11/15/2044	$	1,000	$	1,050,558
WF-RBS Commercial Mortgage Trust 2012-C7 A1	2.30%		6/15/2045		715		720,216
WF-RBS Commercial Mortgage Trust 2012-C8 A2	1.881%		8/15/2045		956		965,181
WF-RBS Commercial Mortgage Trust 2014-C20 XA IO	1.387%	#	5/15/2047		3,908		274,707
WF-RBS Commercial Mortgage Trust 2014-C20 XB IO	0.734%	#	5/15/2047		765		37,008
WF-RBS Commercial Mortgage Trust 2014-C21 XB IO	0.761%	#	8/15/2047		15,000		785,745
WF-RBS Commercial Mortgage Trust 2014-C22 XA IO	1.11%	#	9/15/2057		12,929		794,584
WF-RBS Commercial Mortgage Trust 2014-C22 XB IO	0.497%	#	9/15/2057		14,000		511,994
WF-RBS Commercial Mortgage Trust 2014-C23 XA IO	0.864%	#	10/15/2057		7,952		356,893
WF-RBS Commercial Mortgage Trust 2014-C23 XB IO	0.307%	#	10/15/2057		5,000		117,130
Total Non-Agency Commercial Mortgage-Backed Securities (cost $136,945,923)							135,751,208
Total Long-Term Investments (cost $462,135,070)							460,943,661
SHORT-TERM INVESTMENTS 16.56%
COMMERCIAL PAPER 1.01%
Food & Drug Retailers 0.53%
Tesco Treasury Services plc	Zero Coupon		8/18/2015		3,000		2,996,600
Gas Distribution 0.22%
Enable Midstream	Zero Coupon		8/10/2015		1,250		1,247,917
Telecommunications: Wireless 0.26%
Vodafone Group plc	Zero Coupon		4/11/2016		500		496,282
Vodafone Group plc	Zero Coupon		4/11/2016		1,000		992,564
Total							1,488,846
Total Commercial Paper (cost $5,733,473)							5,733,363
CORPORATE BONDS 12.84%
Auto Loans 0.18%
Ford Motor Credit Co. LLC	5.625%		9/15/2015		500		504,564

See Notes to Financial Statements. 37

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Auto Loans (continued)
Hyundai Capital America†	1.625%	10/2/2015	$	500	$	500,642
Total						1,005,206
Banking 2.27%
Associated Banc-Corp.	5.125%	3/28/2016		2,120		2,183,861
Countrywide Financial Corp.	6.25%	5/15/2016		250		259,871
Fifth Third Bancorp	3.625%	1/25/2016		1,041		1,056,488
Goldman Sachs Group, Inc. (The)	5.35%	1/15/2016		3,000		3,071,790
JPMorgan Chase & Co.	5.15%	10/1/2015		2,750		2,775,624
PNC Funding Corp.	5.25%	11/15/2015		1,350		1,372,181
Royal Bank of Scotland Group plc (United Kingdom)(a)	2.55%	9/18/2015		750		752,135
Royal Bank of Scotland plc (The)
(United Kingdom)(a)	3.95%	9/21/2015		869		874,321
US Bancorp	3.442%	2/1/2016		250		253,350
Zions Bancorporation	5.50%	11/16/2015		250		253,039
Total						12,852,660
Beverages 0.82%
Beam Suntory, Inc.	5.375%	1/15/2016		2,961		3,033,435
Coca-Cola Enterprises, Inc.	2.125%	9/15/2015		1,620		1,624,785
Total						4,658,220
Brokerage 0.05%
Raymond James Financial, Inc.	4.25%	4/15/2016		250		256,297
Building Materials 0.21%
Mohawk Industries, Inc.	6.125%	1/15/2016		1,159		1,189,459
Cable & Satellite Television 0.29%
BSKYB Finance UK plc (United Kingdom)†(a)	5.625%	10/15/2015		600		607,348
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.	3.125%	2/15/2016		1,000		1,012,003
Total						1,619,351
Consumer/Commercial/Lease Financing 0.29%
Air Lease Corp.	4.50%	1/15/2016		1,600		1,625,000
Diversified Capital Goods 0.49%
Leucadia National Corp.	8.125%	9/15/2015		1,120		1,134,694
Pentair Finance SA (Luxembourg)(a)	1.35%	12/1/2015		1,639		1,641,365
Total						2,776,059

38 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Electric: Distribution/Transportation 0.22%
Pepco Holdings, Inc.	2.70%		10/1/2015	$	1,250	$	1,255,006
Electric: Integrated 0.84%
Duquesne Light Holdings, Inc.	5.50%		8/15/2015		2,000		2,009,504
Entergy Corp.	3.625%		9/15/2015		1,000		1,003,948
Jersey Central Power & Light Co.	5.625%		5/1/2016		561		579,706
LG&E and KU Energy LLC	2.125%		11/15/2015		500		501,894
Ohio Power Co.	6.00%		6/1/2016		400		418,370
Southwestern Electric Power Co.	4.90%		7/1/2015		250		250,000
Total							4,763,422
Electronics 0.31%
Avnet, Inc.	6.00%		9/1/2015		1,750		1,763,324
Energy: Exploration & Production 1.14%
Devon Energy Corp.	0.736%	#	12/15/2015		500		499,651
EQT Corp.	5.00%		10/1/2015		500		504,382
Marathon Oil Corp.	0.90%		11/1/2015		5,450		5,449,079
Total							6,453,112
Food & Drug Retailers 0.04%
Kroger Co. (The)	3.90%		10/1/2015		250		251,920
Food: Wholesale 0.27%
Bunge Ltd. Finance Corp.	4.10%		3/15/2016		250		254,929
ConAgra Foods, Inc.	1.35%		9/10/2015		250		250,127
Ingredion, Inc.	3.20%		11/1/2015		1,000		1,006,591
Total							1,511,647
Forestry/Paper 0.20%
Domtar Corp. (Canada)(a)	7.125%		8/15/2015		250		251,428
International Paper Co.	5.25%		4/1/2016		500		514,793
Plum Creek Timberlands LP	5.875%		11/15/2015		375		381,435
Total							1,147,656
Gas Distribution 1.01%
DCP Midstream LLC†	5.375%		10/15/2015		250		250,068
Enterprise Products Operating LLC	1.25%		8/13/2015		1,400		1,400,696
Florida Gas Transmission Co. LLC†	4.00%		7/15/2015		2,000		2,001,610
Gulfstream Natural Gas System LLC†	5.56%		11/1/2015		1,000		1,012,279
Sempra Energy	6.50%		6/1/2016		1,000		1,047,899
Total							5,712,552

See Notes to Financial Statements. 39

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Insurance-Reinsurance 0.05%
Transatlantic Holdings, Inc.	5.75%	12/14/2015	$	250	$	254,769
Life Insurance 0.18%
UnumProvident Finance Co. plc (United Kingdom)†(a)	6.85%	11/15/2015		1,000		1,021,000
Media: Diversified 0.92%
21st Century Fox America, Inc.	7.60%	10/11/2015		2,000		2,038,276
Viacom, Inc.	6.25%	4/30/2016		3,000		3,132,381
Total						5,170,657
Medical Products 0.05%
Life Technologies Corp.	3.50%	1/15/2016		250		253,146
Metals/Mining (Excluding Steel) 0.22%
Teck Resources Ltd. (Canada)(a)	5.375%	10/1/2015		1,250		1,261,174
Oil Field Equipment & Services 0.03%
Weatherford International Ltd.	5.50%	2/15/2016		175		178,772
Oil Refining & Marketing 0.54%
Marathon Petroleum Corp.	3.50%	3/1/2016		3,000		3,051,150
Real Estate Investment Trusts 0.81%
BioMed Realty LP	3.85%	4/15/2016		250		254,748
DDR Corp.	9.625%	3/15/2016		250		263,789
Health Care REIT, Inc.	6.20%	6/1/2016		501		522,360
Kilroy Realty LP	5.00%	11/3/2015		2,000		2,023,228
Senior Housing Properties Trust	4.30%	1/15/2016		1,000		1,007,342
Ventas Realty LP/Ventas Capital Corp.	3.125%	11/30/2015		500		504,081
Total						4,575,548
Restaurants 0.14%
Yum! Brands, Inc.	4.25%	9/15/2015		800		804,446
Software/Services 0.18%
Computer Sciences Corp.	2.50%	9/15/2015		1,000		1,003,027
Support: Services 0.02%
Western Union Co. (The)	2.375%	12/10/2015		125		125,759
Technology Hardware & Equipment 0.62%
Hewlett-Packard Co.	2.125%	9/13/2015		500		501,677
Hewlett-Packard Co.	2.65%	6/1/2016		1,850		1,873,678

40 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)			Value
Technology Hardware & Equipment (continued)
Pitney Bowes, Inc.	4.75%	1/15/2016	$	250	$	254,568
Xerox Corp.	6.40%	3/15/2016		500		518,697
Xerox Corp.	7.20%	4/1/2016		350		366,028
Total						3,514,648
Telecommunications: Wireline Integrated & Services 0.09%
Telefonica Emisiones SAU (Spain)(a)	3.992%	2/16/2016		500		508,673
Tobacco 0.27%
Altria Group, Inc.	4.125%	9/11/2015		1,000		1,005,685
Reynolds American, Inc.	1.05%	10/30/2015		500		498,324
Total						1,504,009
Trucking & Delivery 0.09%
Penske Truck Leasing Co. LP/PTL Finance Corp.†	2.50%	3/15/2016		500		503,582
Total Corporate Bonds (cost $72,596,506)						72,571,251
MUNICIPAL BOND 0.10%
Nursing Home
New Jersey Econ Dev Auth (cost $546,410)	Zero Coupon	2/15/2016		550		542,861
U.S. TREASURY OBLIGATION 2.61%
U.S. Treasury Note (cost $14,751,758)	2.125%	12/31/2015		14,615		14,758,870
Total Short-Term Investments (cost $93,628,147)						93,606,345
Total Investments in Securities 98.11% (cost $555,763,217)						554,550,006
Cash, Foreign Cash and Other Assets in Excess of Liabilities(e) 1.89%						10,674,300
Net Assets 100.00%					$	565,224,306

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 June 30, 2015.
(a)	Foreign security traded in U.S. dollars.
(b)	Security has been fully or partially segregated to cover margin requirements for open futures contracts as of June 30, 2015.
(c)	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 June 30, 2015.
(d)	Security purchased on a when-issued basis (See note 2(i)).
(e)	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:

See Notes to Financial Statements. 41

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Open Forward Foreign Currency Exchange Contracts at June 30, 2015:

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		Bank of America	8/12/2015	148,000,000	$15,910,557	$16,035,886		$125,329
Argentine peso	Buy		Citibank	9/10/2015	262,500,000	28,041,876	28,062,211		20,335
Argentine peso	Buy		J.P. Morgan	7/13/2015	2,500,000	269,484	274,018		4,534
Argentine peso	Buy		J.P. Morgan	9/10/2015	8,600,000	914,942	919,371		4,429
Brazilian real	Buy		J.P. Morgan	9/10/2015	900,000	278,741	282,288		3,547
Brazilian real	Buy		J.P. Morgan	9/10/2015	16,125,000	4,924,266	5,057,660		133,394
Brazilian real	Buy		Morgan Stanley	8/12/2015	1,435,000	445,099	454,878		9,779
Indian rupee	Buy		Barclays Bank plc	8/12/2015	22,200,000	342,878	347,114		4,236
Indian rupee	Buy		Barclays Bank plc	8/12/2015	1,632,000,000	25,173,531	25,517,543		344,012
Indian rupee	Buy		J.P. Morgan	9/10/2015	1,005,000,000	15,430,677	15,639,589		208,912
Indian rupee	Buy		Morgan Stanley	9/10/2015	33,000,000	507,372	513,539		6,167
Indonesian rupiah	Buy		Bank of America	8/12/2015	3,000,000,000	221,739	222,659		920
Indonesian rupiah	Buy		J.P. Morgan	9/10/2015	3,000,000,000	220,264	221,152		888
Indonesian rupiah	Buy		J.P. Morgan	9/10/2015	365,800,000,000	26,843,766	26,965,795		122,029
Indonesian rupiah	Buy		Morgan Stanley	9/10/2015	3,825,000,000	279,383	281,969		2,586
Israeli new shekel	Buy		Deutsche Bank AG	7/27/2015	22,200,000	5,742,236	5,882,807		140,571
Philippine peso	Buy		Barclays Bank plc	9/10/2015	20,600,000	451,774	455,410		3,636
Philippine peso	Buy		Barclays Bank plc	9/10/2015	374,700,000	8,232,994	8,283,610		50,616
Polish zloty	Buy		Goldman Sachs	7/13/2015	30,700,000	8,112,032	8,162,688		50,656
Russian ruble	Buy		J.P. Morgan	9/10/2015	1,017,000,000	17,328,335	17,981,395		653,060
Russian ruble	Buy		UBS AG	7/13/2015	190,000,000	3,405,018	3,428,762		23,744
Russian ruble	Buy		UBS AG	8/12/2015	22,500,000	392,123	401,653		9,530
South African rand	Buy		Barclays Bank plc	9/10/2015	7,000,000	565,277	568,418		3,141
South African rand	Buy		Morgan Stanley	9/10/2015	30,000,000	2,344,612	2,436,077		91,465
Thai baht	Buy		Bank of America	9/10/2015	13,400,000	395,314	395,829		515
Thai baht	Buy		Bank of America	9/10/2015	550,000,000	16,164,585	16,246,725		82,140
Thai baht	Buy		Morgan Stanley	8/13/2015	313,000,000	9,249,409	9,253,998		4,589
Turkish lira	Buy		Deutsche Bank AG	7/13/2015	57,600,000	21,396,532	21,416,991		20,459
Turkish lira	Buy		Deutsche Bank AG	9/10/2015	11,000,000	3,906,941	4,022,556		115,615
Turkish lira	Buy		J.P. Morgan	8/12/2015	28,900,000	10,466,892	10,654,202		187,310
Turkish lira	Buy		Morgan Stanley	8/12/2015	915,000	337,002	337,322		320
Turkish lira	Buy		Morgan Stanley	8/12/2015	15,700,000	5,694,800	5,787,923		93,123
Turkish lira	Buy		Morgan Stanley	9/10/2015	1,100,000	392,312	402,256		9,944
Australian dollar	Sell		Deutsche Bank AG	8/12/2015	7,280,000	5,718,658	5,604,353		114,305
Australian dollar	Sell	Standard Charter Bank		8/12/2015	5,450,000	4,217,714	4,195,567		22,147
euro	Sell		J.P. Morgan	8/13/2015	6,250,000	7,035,223	6,971,705		63,518

42 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Open Forward Foreign Currency Exchange Contracts at June 30, 2015 (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
Japanese yen	Sell	Barclays Bank plc	7/13/2015	665,600,000	$5,574,926	$5,439,270		$   135,656
Malaysian ringgit	Sell	Morgan Stanley	7/27/2015	20,600,000	5,647,750	5,477,616		170,134
Peruvian Nuevo sol	Sell	Morgan Stanley	7/27/2015	35,800,000	11,279,143	11,221,044		58,099
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts								$3,095,390
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	Bank of America	8/12/2015	85,400,000	$27,305,980	$27,070,762		$    (235,218	)
Brazilian real	Buy	Morgan Stanley	8/12/2015	1,100,000	353,175	348,687		(4,488	)
Chilean peso	Buy	Bank of America	7/13/2015	405,000,000	658,944	632,873		(26,071	)
Chilean peso	Buy	Bank of America	8/12/2015	280,000,000	459,167	436,363		(22,804	)
Chilean peso	Buy	Bank of America	8/12/2015	5,400,000,000	8,825,693	8,415,580		(410,113	)
Chilean peso	Buy	Bank of America	9/10/2015	22,000,000,000	34,716,195	34,191,204		(524,991	)
Chilean peso	Buy	Goldman Sachs	9/10/2015	400,000,000	$621,683	621,658		(25	)
Chilean peso	Buy	Morgan Stanley	8/12/2015	3,265,000,000	5,242,201	5,088,309		(153,892	)
Chilean peso	Buy	Morgan Stanley	9/10/2015	286,500,000	450,260	445,263		(4,997	)
Colombian peso	Buy	Bank of America	8/12/2015	56,300,000,000	23,539,250	21,516,842		(2,022,408	)
Colombian peso	Buy	Goldman Sachs	9/10/2015	25,675,000,000	9,888,311	9,780,772		(107,539	)
euro	Buy	Morgan Stanley	8/13/2015	11,350,000	12,982,509	12,660,617		(321,892	)
Hungarian forint	Buy	Barclays Bank plc	8/12/2015	691,000,000	2,553,904	2,440,194		(113,710	)
Hungarian forint	Buy	Goldman Sachs	9/10/2015	1,120,000,000	3,994,302	3,953,757		(40,545	)
Hungarian forint	Buy	J.P. Morgan	7/13/2015	2,560,000,000	9,145,647	9,045,723		(99,924	)
Hungarian forint	Buy	J.P. Morgan	8/12/2015	5,180,000,000	19,146,219	18,292,630		(853,589	)
Hungarian forint	Buy	Morgan Stanley	8/12/2015	158,000,000	575,327	557,960		(17,367	)
Indian rupee	Buy	Barclays Bank plc	7/13/2015	37,000,000	584,564	581,197		(3,367	)
Indonesian rupiah	Buy	Bank of America	8/12/2015	5,400,000,000	400,847	400,787		(60	)
Indonesian rupiah	Buy	Barclays Bank plc	7/13/2015	10,500,000,000	788,685	784,981		(3,704	)
Indonesian rupiah	Buy	J.P. Morgan	8/12/2015	276,000,000,000	20,658,683	20,484,655		(174,028	)
Indonesian rupiah	Buy	Morgan Stanley	7/13/2015	6,700,000,000	506,647	500,893		(5,754	)
Japanese yen	Buy	J.P. Morgan	7/13/2015	665,600,000	5,501,948	5,439,270		(62,678	)
Mexican peso	Buy	Bank of America	9/10/2015	133,000,000	8,423,159	8,420,412		(2,747	)
Mexican peso	Buy	Goldman Sachs	8/12/2015	5,250,000	344,914	333,055		(11,859	)
Mexican peso	Buy	J.P. Morgan	7/13/2015	10,500,000	687,441	667,524		(19,917	)
Mexican peso	Buy	J.P. Morgan	8/12/2015	413,000,000	27,105,785	26,200,355		(905,430	)
Mexican peso	Buy	J.P. Morgan	8/12/2015	155,775,000	10,221,598	9,882,228		(339,370	)

See Notes to Financial Statements. 43

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Depreciation
Mexican peso	Buy	J.P. Morgan	9/10/2015	6,300,000	$	399,918	$	398,862		$        (1,056	)
Mexican peso	Buy	J.P. Morgan	9/10/2015	3,500,000		225,292		221,590		(3,702	)
Mexican peso	Buy	Morgan Stanley	7/13/2015	62,000,000		4,089,743		3,941,572		(148,171	)
Philippine peso	Buy	Barclays Bank plc	7/13/2015	23,000,000		514,484		509,991		(4,493	)
Philippine peso	Buy	Goldman Sachs	7/13/2015	311,800,000		7,022,567		6,913,708		(108,859	)
Philippine peso	Buy	J.P. Morgan	8/12/2015	779,000,000		17,333,452		17,248,883		(84,569	)
Polish zloty	Buy	Deutsche Bank AG	8/12/2015	1,050,000		288,516		278,953		(9,563	)
Polish zloty	Buy	Deutsche Bank AG	8/12/2015	1,000,000		272,796		265,670		(7,126	)
Polish zloty	Buy	Deutsche Bank AG	9/10/2015	1,675,000		445,657		444,654		(1,003	)
Polish zloty	Buy	Goldman Sachs	8/12/2015	56,200,000		15,543,501		14,930,647		(612,854	)
Polish zloty	Buy	Morgan Stanley	9/10/2015	15,500,000		4,151,977		4,114,708		(37,269	)
Russian ruble	Buy	Barclays Bank plc	8/12/2015	26,700,000		517,071		476,628		(40,443	)
Russian ruble	Buy	Barclays Bank plc	8/12/2015	375,000,000		7,164,692		6,694,209		(470,483	)
Russian ruble	Buy	UBS AG	7/13/2015	46,600,000		848,816		840,949		(7,867	)
South African rand	Buy	Deutsche Bank AG	7/13/2015	142,200,000		11,766,592		11,666,392		(100,200	)
South African rand	Buy	Deutsche Bank AG	8/12/2015	4,800,000		392,044		391,761		(283	)
South African rand	Buy	Goldman Sachs	8/12/2015	199,500,000		16,464,453		16,282,551		(181,902	)
South Korean won	Buy	Bank of America	9/10/2015	14,835,000,000		13,287,058		13,226,798		(60,260	)
South Korean won	Buy	Barclays Bank plc	7/13/2015	17,000,000,000		15,695,688		15,180,247		(515,441	)
South Korean won	Buy	Barclays Bank plc	8/12/2015	5,878,000,000		5,271,560		5,243,790		(27,770	)
South Korean won	Buy	Goldman Sachs	9/10/2015	379,200,000		338,803		338,092		(711	)
South Korean won	Buy	J.P. Morgan	7/13/2015	2,200,000,000		2,009,334		1,964,503		(44,831	)
South Korean won	Buy	J.P. Morgan	8/12/2015	15,650,000,000		14,477,604		13,961,434		(516,170	)
South Korean won	Buy	J.P. Morgan	8/12/2015	441,000,000		400,556		393,418		(7,138	)
South Korean won	Buy	J.P. Morgan	9/10/2015	377,600,000		337,776		336,666		(1,110	)
Thai baht	Buy	Bank of America	7/13/2015	286,000,000		8,738,428		8,464,672		(273,756	)
Thai baht	Buy	UBS AG	8/13/2015	11,670,000		345,195		345,029		(166	)
Turkish lira	Buy	Morgan Stanley	8/12/2015	14,100,000		5,341,433		5,198,071		(143,362	)
euro	Sell	Morgan Stanley	8/13/2015	5,100,000		5,688,202		5,688,912		(710	)
Israeli new shekel	Sell	Barclays Bank plc	7/27/2015	22,200,000		5,651,156		5,882,807		(231,651	)
Polish zloty	Sell	Deutsche Bank AG	7/13/2015	1,500,000		398,819		398,828		(9	)
Singapore dollar	Sell	Morgan Stanley	9/10/2015	15,100,000		11,093,324		11,199,975		$     (106,651	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$(10,238,066	)

44 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

Open Futures Contracts at June 30, 2015:

							Unrealized
Type	Expiration	Contracts	Position	Fair Value			Appreciation
U.S. 10-Year Treasury Note	September 2015	76	Short	$	(9,589,062	)		$   81,210
							Unrealized
Type	Expiration	Contracts	Position	Fair Value			Depreciation
U.S. 2-Year Treasury Note	September 2015	357	Short	$	(78,160,688	)		$(120,144	)
U.S. 5-Year Treasury Note	September 2015	506	Short		(60,344,453	)		(89,094	)
Totals				$	(138,505,141	)		$(209,238	)

Credit Default Swaps on Indexes—Sell Protection at June 30, 2015⁽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	$	442,293	$	498,963	$	11,645		$ 10,608		$1,037
Markit CMBX. NA.AAA.3(6)	.08%	12/13/2049		1,000,000		938,955		996,050		33,820		29,870		3,950
Markit CMBX. NA.AAA.2(7)	.07%	3/15/2049		500,000		442,293		498,962		13,386		12,348		1,038
Markit CMBX. NA.AAA.2(8)	.07%	3/15/2049		1,300,000		1,149,962		1,297,302		66,885		64,187		2,698
									$	125,736		$117,013		$8,723

(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 $117,013. 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 June 30, 2015:

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	$22,991,469		$  (8,531	)
0.539%	3-Month LIBOR Index	1/10/2016	13,000,000	12,987,183		(12,817	)
0.7825%	3-Month LIBOR Index	10/6/2016	23,000,000	22,948,524		(51,476	)
Total						$(72,824	)

See Notes to Financial Statements. 45

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND June 30, 2015

The following is a summary of the inputs used as of June 30, 2015 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	$	–		$	111,558,960		$	–	$	111,558,960
Corporate Bonds		–			212,944,645			–		212,944,645
Floating Rate Loans(4)
Advertising		–			–			1,894,062		1,894,062
Aerospace/Defense		–			3,694,473			–		3,694,473
Air Transportation		–			2,113,908			–		2,113,908
Cable & Satellite Television		–			2,695,451			–		2,695,451
Electronics		–			2,309,485			–		2,309,485
Food: Wholesale		–			721,386			–		721,386
Gaming		–			4,669,558			–		4,669,558
Media: Content		–			2,416,172			–		2,416,172
Medical Products		–			1,933,808			699,563		2,633,371
Pharmaceuticals		–			2,403,397			103,449		2,506,846
Technology Hardware & Equipment		–			525,937			–		525,937
Telecommunications: Wireless		–			3,664,357			–		3,664,357
Theaters & Entertainment		–			3,723,769			–		3,723,769
Foreign Government Obligation		–			181,000			–		181,000
Government Sponsored Enterprises
Collateralized Mortgage Obligations		–			11,702,108			–		11,702,108
Government Sponsored Enterprises
Pass-Throughs		–			26,011,616			–		26,011,616
Municipal Bonds		–			2,339,461			–		2,339,461
Non-Agency Commercial
Mortgage-Backed Securities(4)		–			134,251,208			1,500,000		135,751,208
Commercial Paper		–			5,733,363			–		5,733,363
U.S. Treasury Obligation		–			14,758,870			–		14,758,870
Total	$	–		$	550,352,932		$	4,197,074	$	554,550,006
Other Financial Instruments
Credit Default Swaps
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(8,723	)		–		(8,723	)
Forward Foreign Currency Exchange Contracts
Assets		–			3,095,390			–		3,095,390
Liabilities		–			(10,238,066	)		–		(10,238,066	)
Futures Contracts
Assets		81,210			–			–		81,210
Liabilities		(209,238	)		–			–		(209,238	)
Interest Rate Swaps
Assets		–			–			–		–
Liabilities		–			(72,824	)		–		(72,824	)
Total	$	(128,028	)	$	(7,224,223	)	$	–	$	(7,352,251	)

(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 hierarchy.
(3)	There were no Level 1/Level 2 transfers during the period ended June 30, 2015.
(4)	Investments 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.

46 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

EMERGING MARKETS CURRENCY FUND June 30, 2015

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

				Non-Agency
				Commercial
				Mortgage-
	Floating			Backed
Investment Type	Rate Loans			Securities
Balance as of January 1, 2015		$    273,987			$              –
Accrued discounts/premiums		(692	)		–
Realized gain (loss)		(1,272	)		–
Change in unrealized appreciation/depreciation		(4,577	)		–
Purchases		2,001,310			1,500,000
Sales		(1,520,473	)		–
Net transfers in or out of Level 3		1,948,791			–
Balance as of June 30, 2015		$ 2,697,074			$1,500,000

See Notes to Financial Statements. 47

Schedule of Investments (unaudited)

EMERGING MARKETS LOCAL BOND FUND June 30, 2015

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
FOREIGN CORPORATE BONDS(a) 11.22%
Brazil 1.08%
Banks: Regional
Banco do Brasil SA	9.75%	7/18/2017	BRL	155	$	46,862
Itau Unibanco Holding SA†	10.50%	11/23/2015	BRL	160		50,883
Total						97,745
Colombia 1.20%
Electric: Power
Empresas Publicas de Medellin ESP†	7.625%	9/10/2024	COP	290,000		108,031
Luxembourg 1.60%
Banks: Regional
Russian Agricultural Bank OJSC Via RSHB Capital SA†	8.625%	2/17/2017	RUB	3,300		56,256
Sberbank of Russia Via SB Capital SA	7.00%	1/31/2016	RUB	5,000		88,681
Total						144,937
Mexico 3.93%
Media 0.99%
Grupo Televisa SAB	8.49%	5/11/2037	MXN	1,400		89,409
Oil: Integrated International 2.00%
Petroleos Mexicanos†	7.65%	11/24/2021	MXN	2,750		180,593
Telecommunications 0.94%
America Movil SAB de CV	9.00%	1/15/2016	MXN	1,300		85,005
Total						355,007
South Africa 2.27%
Electric: Power 1.44%
Eskom Holdings SOC Ltd.	Zero Coupon	12/31/2018	ZAR	800		45,479
Eskom Holdings SOC Ltd.	9.25%	4/20/2018	ZAR	1,000		84,676
Total						130,155
Transportation: Miscellaneous 0.83%
Transnet SOC Ltd.	8.90%	11/14/2027	ZAR	1,000		75,104
Total						205,259

48 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS LOCAL BOND FUND June 30, 2015

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Turkey 1.14%
Banks: Regional
Akbank TAS†	7.50%	2/5/2018	TRY	305	$	102,927
Total Foreign Corporate Bonds (cost $1,381,742)						1,013,906
FOREIGN GOVERNMENT OBLIGATIONS(a) 74.03%
Brazil 9.31%
Brazil Letras do Tesouro Nacional	Zero Coupon	1/1/2016	BRL	905		271,936
Brazil Letras do Tesouro Nacional	Zero Coupon	7/1/2018	BRL	1,690		376,076
Brazil Notas do Tesouro Nacional Series F	10.00%	1/1/2017	BRL	215		65,874
Brazil Notas do Tesouro Nacional Series F	10.00%	1/1/2021	BRL	440		127,661
Total						841,547
Colombia 7.60%
Colombian TES Series B	5.00%	11/21/2018	COP	430,000		163,681
Colombian TES Series B	6.00%	4/28/2028	COP	738,000		242,367
Colombian TES Series B	7.00%	5/4/2022	COP	405,000		157,344
Republic of Colombia	12.00%	10/22/2015	COP	316,000		123,782
Total						687,174
Hungary 4.04%
Hungary Government Bond	5.50%	12/22/2016	HUF	42,500		159,983
Hungary Government Bond	5.50%	12/20/2018	HUF	30,200		118,281
Hungary Government Bond	7.50%	11/12/2020	HUF	20,100		86,765
Total						365,029
Indonesia 7.66%
Indonesia Treasury Bond	7.00%	5/15/2022	IDR	2,260,000		158,356
Indonesia Treasury Bond	9.50%	7/15/2031	IDR	4,589,000		374,679
Indonesia Treasury Bond	10.00%	2/15/2028	IDR	1,900,000		159,559
Total						692,594
Malaysia 6.18%
Malaysia Government Bond	3.48%	3/15/2023	MYR	370		94,966
Malaysia Government Bond	3.844%	4/15/2033	MYR	225		56,269
Malaysia Government Bond	4.16%	7/15/2021	MYR	1,010		273,258
Malaysia Government Bond	4.378%	11/29/2019	MYR	490		134,058
Total						558,551

See Notes to Financial Statements. 49

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS LOCAL BOND FUND June 30, 2015

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Mexico 4.34%
Mexican Bonos	7.75%	5/29/2031	MXN	1,200	$	85,308
Mexican Bonos	7.75%	11/13/2042	MXN	1,500		106,614
Mexican Bonos	8.00%	12/7/2023	MXN	1,700		122,439
Mexican Bonos	8.50%	5/31/2029	MXN	1,020		77,480
Total						391,841
Nigeria 1.20%
Nigeria Government Bond	13.05%	8/16/2016	NGN	21,900		108,746
Peru 0.44%
Peru Government Bond	6.85%	2/12/2042	PEN	132		39,332
Philippines 3.10%
Republic of Philippines	4.95%	1/15/2021	PHP	12,000		280,117
Poland 3.41%
Poland Government Bond	5.25%	10/25/2020	PLN	595		177,772
Poland Government Bond	5.75%	9/23/2022	PLN	418		130,014
Total						307,786
Romania 1.08%
Romania Government Bond	5.85%	4/26/2023	RON	350		97,965
Russia 4.49%
Russian Federal Bond - OFZ	7.50%	3/15/2018	RUB	14,430		242,723
Russian Federal Bond - OFZ	7.60%	4/14/2021	RUB	6,785		106,290
Russian Federal Bond - OFZ	8.15%	2/3/2027	RUB	3,735		56,446
Total						405,459
South Africa 7.89%
Republic of South Africa	6.25%	3/31/2036	ZAR	4,730		293,458
Republic of South Africa	7.25%	1/15/2020	ZAR	2,330		187,754
Republic of South Africa	10.50%	12/21/2026	ZAR	2,425		232,155
Total						713,367
Thailand 4.08%
Thailand Government Bond	3.58%	12/17/2027	THB	4,820		147,217
Thailand Government Bond	3.625%	6/16/2023	THB	3,825		119,212
Thailand Government Bond	3.65%	12/17/2021	THB	3,260		102,337
Total						368,766

50 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS LOCAL BOND FUND June 30, 2015

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Turkey 9.21%
Turkey Government Bond	7.10%	3/8/2023	TRY	838	$	278,124
Turkey Government Bond	7.40%	2/5/2020	TRY	815		282,350
Turkey Government Bond	8.30%	6/20/2018	TRY	750		272,145
Total						832,619
Total Foreign Government Obligations (cost $7,747,066)						6,690,893
Total Investments in Securities 85.25% (cost $9,128,808)						7,704,799
Cash, Foreign Cash and Other Assets in Excess of Liabilities(b) 14.75%						1,333,462
Net Assets 100.00%					$	9,038,261

BRL	Brazilian real.
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:

See Notes to Financial Statements. 51

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS LOCAL BOND FUND June 30, 2015

Open Forward Foreign Currency Exchange Contracts at June 30, 2015:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Brazilian real	Buy	Morgan Stanley	7/2/2015		104,000	$	31,484	$	33,450		$  1,966
Brazilian real	Buy	Morgan Stanley	9/21/2015		386,000		119,545		120,606		1,061
Indonesian rupiah	Buy	Morgan Stanley	9/21/2015		2,970,000,000		216,847		218,380		1,533
Israeli new shekel	Buy	Bank of America	7/27/2015		365,000		94,367		96,722		2,355
Malaysian ringgit	Buy	Morgan Stanley	7/6/2015		142,000		37,604		37,739		135
Malaysian ringgit	Buy	Morgan Stanley	9/21/2015		877,000		230,689		232,060		1,371
Romanian new leu	Buy	Deutsche Bank AG	7/6/2015		990,000		239,652		246,640		6,988
South African rand	Buy	Deutsche Bank AG	7/7/2015		163,000		13,353		13,387		34
South African rand	Buy	Morgan Stanley	7/7/2015		156,000		12,651		12,812		161
Thai baht	Buy	Bank of America	9/21/2015		125,000		3,679		3,691		12
Australian dollar	Sell	Standard Chartered Bank	9/21/2015		84,000		64,862		64,527		335
Australian dollar	Sell	UBS AG	9/21/2015		118,000		92,492		90,645		1,847
Brazilian real	Sell	Morgan Stanley	7/2/2015		173,000		56,381		55,643		738
Brazilian real	Sell	Morgan Stanley	9/21/2015		117,000		36,583		36,557		26
Colombian peso	Sell	Bank of America	9/21/2015		703,000,000		282,355		267,478		14,877
Colombian peso	Sell	Morgan Stanley	9/21/2015		141,500,000		55,125		53,838		1,287
euro	Sell	Deutsche Bank AG	9/21/2015		101,000		113,747		112,728		1,019
euro	Sell	Morgan Stanley	9/21/2015		81,000		92,199		90,405		1,794
Hungarian forint	Sell	Morgan Stanley	7/22/2015		5,080,000		18,108		17,946		162
Hungarian forint	Sell	Morgan Stanley	7/22/2015		15,700,000		55,884		55,464		420
Hungarian forint	Sell	Morgan Stanley	7/22/2015		7,000,000		25,124		24,729		395
Japanese yen	Sell	Morgan Stanley	7/13/2015		10,820,000		90,598		88,421		2,177
Malaysian ringgit	Sell	Morgan Stanley	7/6/2015		411,000		113,121		109,230		3,891
Malaysian ringgit	Sell	Morgan Stanley	7/6/2015		1,570,000		432,712		417,252		15,460
Peruvian Nuevo sol	Sell	Morgan Stanley	7/27/2015		546,000		172,023		171,137		886
Russian ruble	Sell	Citibank	7/1/2015		1,830,000		34,708		33,161		1,547
South African rand	Sell	Morgan Stanley	7/7/2015		653,000		54,055		53,629		426
South Korean won	Sell	Bank of America	7/6/2015		176,700,000		161,547		158,066		3,481
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$66,384

52 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS LOCAL BOND FUND June 30, 2015

Open Forward Foreign Currency Exchange Contracts at June 30, 2015 (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
Chilean peso	Buy	Bank of America	7/6/2015		61,500,000	$	99,002	$	96,165		$	(2,837	)
Chilean peso	Buy	Morgan Stanley	7/6/2015		56,433,000		90,841		88,242			(2,599	)
Chilean peso	Buy	Morgan Stanley	9/21/2015		121,000,000		188,350		187,857			(493	)
Colombian peso	Buy	Bank of America	9/21/2015		276,500,000		107,902		105,203			(2,699	)
euro	Buy	Morgan Stanley	9/21/2015		182,000		208,365		203,133			(5,232	)
Hungarian forint	Buy	Morgan Stanley	7/22/2015		11,500,000		42,540		40,627			(1,913	)
Hungarian forint	Buy	Morgan Stanley	7/22/2015		31,600,000		117,338		111,635			(5,703	)
Indian rupee	Buy	Morgan Stanley	7/7/2015		11,600,000		183,800		182,275			(1,525	)
Indonesian rupiah	Buy	UBS AG	9/21/2015		267,000,000		19,665		19,632			(33	)
Japanese yen	Buy	Deutsche Bank AG	7/13/2015		10,820,000		89,443		88,421			(1,022	)
Malaysian ringgit	Buy	Bank of America	7/6/2015		1,468,000		397,815		390,144			(7,671	)
Malaysian ringgit	Buy	Goldman Sachs	7/6/2015		262,000		69,954		69,631			(323	)
Malaysian ringgit	Buy	Morgan Stanley	9/21/2015		42,000		11,140		11,113			(27	)
Malaysian ringgit	Buy	UBS AG	7/6/2015		109,000		29,588		28,968			(620	)
Mexican peso	Buy	Bank of America	9/21/2015		210,000		13,529		13,285			(244	)
Mexican peso	Buy	Bank of America	9/21/2015		2,680,000		173,868		169,548			(4,320	)
Mexican peso	Buy	Morgan Stanley	9/21/2015		2,770,000		175,931		175,241			(690	)
Peruvian Nuevo sol	Buy	Goldman Sachs	7/27/2015		303,000		95,790		94,971			(819	)
Polish zloty	Buy	Citibank	9/21/2015		68,000		18,131		18,046			(85	)
Polish zloty	Buy	Goldman Sachs	9/21/2015		1,700,000		473,077		451,147			(21,930	)
Romanian new leu	Buy	Bank of America	7/6/2015		21,000		5,310		5,232			(78	)
Russian ruble	Buy	UBS AG	7/1/2015		1,200,000		22,565		21,745			(820	)
South African rand	Buy	Morgan Stanley	7/7/2015		480,000		39,821		39,421			(400	)
South African rand	Buy	Morgan Stanley	7/7/2015		1,265,000		104,328		103,890			(438	)
South African rand	Buy	Morgan Stanley	7/7/2015		125,000		10,560		10,266			(294	)
South Korean won	Buy	Bank of America	7/6/2015		102,000,000		91,557		91,244			(313	)
South Korean won	Buy	Morgan Stanley	7/6/2015		275,000,000		254,023		246,000			(8,023	)
South Korean won	Buy	Morgan Stanley	9/21/2015		200,800,000		179,173		178,991			(182	)
Thai baht	Buy	Bank of America	9/21/2015		6,675,000		198,112		197,115			(997	)
Turkish lira	Buy	Deutsche Bank AG	9/21/2015		543,000		198,019		197,968			(51	)
Turkish lira	Buy	Deutsche Bank AG	9/21/2015		25,000		9,188		9,115			(73	)
Turkish lira	Buy	UBS AG	9/21/2015		40,000		14,610		14,583			(27	)
Brazilian real	Sell	Morgan Stanley	7/2/2015		427,000		132,432		137,339			(4,907	)
Hungarian forint	Sell	Goldman Sachs	7/22/2015		4,300,000		15,169		15,191			(22	)
Indian rupee	Sell	Bank of America	7/7/2015		8,814,000		135,671		138,498			(2,827	)
Indian rupee	Sell	Morgan Stanley	7/7/2015		2,786,000		43,440		43,778			(338	)

See Notes to Financial Statements. 53

Schedule of Investments (unaudited)(concluded)

EMERGING MARKETS LOCAL BOND FUND June 30, 2015

Open Forward Foreign Currency Exchange Contracts at June 30, 2015 (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
Israeli new shekel	Sell	Barclays Bank plc	7/27/2015		365,000	$	92,913	$	96,722		$    (3,809	)
Philippine peso	Sell	Bank of America	9/21/2015		17,250,000		378,289		381,126		(2,837	)
Polish zloty	Sell	Morgan Stanley	9/21/2015		47,000		12,455		12,473		(18	)
Romanian new leu	Sell	Bank of America	7/6/2015		497,000		122,066		123,818		(1,752	)
Russian ruble	Sell	Citibank	7/1/2015		3,450,000		57,072		62,517		(5,445	)
Russian ruble	Sell	Citibank	9/21/2015		5,200,000		91,198		91,614		(416	)
Singapore dollar	Sell	Morgan Stanley	9/21/2015		245,000		181,560		181,700		(140	)
South African rand	Sell	Bank of America	7/7/2015		3,320,000		271,336		272,660		(1,324	)
South African rand	Sell	Morgan Stanley	7/7/2015		256,000		20,954		21,024		(70	)
Turkish lira	Sell	Bank of America	9/21/2015		435,000		153,579		158,593		(5,014	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts											$(101,400	)

The following is a summary of the inputs used as of June 30, 2015 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	$	–	$	1,013,906		$	–	$	1,013,906
Foreign Government Obligations		–		6,690,893			–		6,690,893
Total	$	–	$	7,704,799		$	–	$	7,704,799
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	66,384		$	–	$	66,384
Liabilities		–		(101,400	)		–		(101,400	)
Total	$	–	$	(35,016	)	$	–	$	(35,016	)

(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 period ended June 30, 2015.

54 See Notes to Financial Statements.

Schedule of Investments (unaudited)

MULTI-ASSET GLOBAL OPPORTUNITY FUND June 30, 2015

Investments	Shares		Fair Value (000)
INVESTMENTS IN UNDERLYING FUNDS(a) 100.05%
Lord Abbett Equity Trust-Calibrated Mid Cap Value Fund-Class I(b)		1,722,317	$	37,323
Lord Abbett Global Fund, Inc.-Emerging Markets Currency Fund-Class I(c)		9,446,905		52,147
Lord Abbett Investment Trust-High Yield Fund-Class I(d)		6,252,330		47,330
Lord Abbett Securities Trust-International Dividend Income Fund-Class I(e)		15,596,677		121,342
Lord Abbett Mid Cap Stock Fund, Inc.-Class I(f)		1,225,802		32,214
Lord Abbett Investment Trust-Short Duration Income Fund-Class I(g)		752,321		3,333
Total Investments in Underlying Funds (cost $299,908,698)				293,689
Liabilities in Excess of Cash and Other Assets(h) (0.05)%				(134	)
Net Assets 100.00%			$	293,555

(a)	Affiliated issuers (See Note 12).
(b)	Fund investment objective is total return.
(c)	Fund investment objective is to seek high total return.
(d)	Fund investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.
(e)	Fund investment objective is to seek a high level of total return.
(f)	Fund investment objective is to seek capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace.
(g)	Fund investment objective is to seek a high level of income consistent with preservation of capital.
(h)	Liabilities in Excess of Cash and Other Assets include net unrealized appreciation/depreciation on credit default swaps, forward foreign currency exchange contracts and futures contracts as follows:

Centrally Cleared Credit Default Swaps on Indexes—Buy Protection at June 30, 2015⁽¹⁾:

			Original	Current		Upfront
Referenced	Fund	Termination	Notional	Notional	Market	Payments	Unrealized	Fair
Index	Pays	Date	Amount	Amount	Value(2)	Received(3)	Appreciation	Value(4)
Markit CDX. NA.HY.24(5)	5.00%	6/20/2020	$1,000,000	$990,000	$927,623	$(64,626)	$2,249	$(62,377)

(1)	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive 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)	Includes upfront payments received and unrealized appreciation/(depreciation).
(5)	Central Clearinghouse: Credit Suisse

See Notes to Financial Statements. 55

Schedule of Investments (unaudited)(continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND June 30, 2015

Open Forward Foreign Currency Exchange Contracts at June 30, 2015:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Indian rupee	Buy	Morgan Stanley	8/20/2015		23,100,000	$	358,251	$	360,705		$    2,454
Australian dollar	Sell	Bank of America	8/27/2015		8,700,000		6,779,092		6,692,111		86,981
Canadian dollar	Sell	Bank of America	8/27/2015		3,866,000		3,143,348		3,092,962		50,386
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$139,821

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	Goldman Sachs	8/20/2015		3,260,000	$	1,051,409	$	1,030,319		$  (21,090	)
Malaysian ringgit	Buy	Morgan Stanley	8/20/2015		5,300,000		1,476,118		1,406,376		(69,742	)
South African rand	Buy	Morgan Stanley	8/20/2015		8,600,000		713,599		700,919		(12,680	)
Thai baht	Buy	Citibank	8/20/2015		35,700,000		1,055,435		1,055,248		(187	)
Turkish lira	Buy	Citibank	8/20/2015		2,800,000		1,059,952		1,029,924		(30,028	)
British pound	Sell	Morgan Stanley	8/27/2015		3,528,000		5,468,351		5,541,182		(72,831	)
euro	Sell	Bank of America	8/27/2015		5,827,000		6,436,504		6,501,193		(64,689	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts											$(271,247	)

Open Futures Contracts at June 30, 2015:

					Unrealized
Type	Expiration	Contracts	Position	Fair Value	Appreciation
U.S. 10-Year Treasury Note	September 2015	44	Short	$(5,551,563)	$47,016

56 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MULTI-ASSET GLOBAL OPPORTUNITY FUND June 30, 2015

The following is a summary of the inputs used as of June 30, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2			Level 3		Total
Investment Type(2)(3)	(000)		(000)			(000)		(000)
Investments in Underlying Funds	$	293,689	$	–		$	–	$	293,689
Total	$	293,689	$	–		$	–	$	293,689
Other Financial Instruments
Credit Default Swaps
Assets	$	–	$	–		$	–	$	–
Liabilities		–		(62	)		–		(62	)
Forward Foreign Currency Exchange Contracts
Assets		–		140			–		140
Liabilities		–		(271	)		–		(271	)
Futures Contracts
Assets		47		–			–		47
Liabilities		–		–			–		–
Total	$	47	$	(193	)	$	–	$	(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 investment strategy of the Underlying Funds.
(3)	There were no level transfers during the period ended June 30, 2015.

See Notes to Financial Statements. 57

Statements of Assets and Liabilities (unaudited)

June 30, 2015

	Emerging Markets Corporate Debt Fund				Emerging Markets Currency Fund
ASSETS:
Investments in securities, at cost		$	21,805,962			$	555,763,217
Investments in securities, at fair value		$	21,827,350			$	554,550,006
Foreign cash, at value (cost $3,191 and $14,147, respectively)			3,177				13,931
Cash			583,401				10,271,662
Deposits with brokers for derivatives collateral			5,150				6,526,331
Receivables:
Interest and dividends			314,743				3,628,454
Capital shares sold			195,713				1,389,456
Investment securities sold			–				557,167
From advisor (See Note 3)			11,692				–
Variation margin for futures contracts			85				38,740
Variation margin for interest rate swaps			–				3,820
Unrealized appreciation on forward foreign currency exchange contracts			604				3,095,390
Prepaid expenses and other assets			69,352				82,967
Total assets			23,011,267				580,157,924
LIABILITIES:
Payables:
Investment securities purchased			580,863				2,628,481
Capital shares reacquired			22,232				187,331
Management fee			12,350				231,281
Directors’ fees			482				65,449
To affiliates (See Note 3)			–				48,083
12b-1 distribution plan			2,749				19,404
Fund administration			706				18,502
Unrealized depreciation on forward foreign currency exchange contracts			2,405				10,238,066
Credit default swap agreements payable, at fair value (including upfront payments received of $0 and $125,736)			–				8,723
Distributions payable			86,669				1,338,571
Accrued expenses			33,417				149,727
Total liabilities			741,873				14,933,618
NET ASSETS		$	22,269,394			$	565,224,306
COMPOSITION OF NET ASSETS:
Paid-in capital		$	22,473,344			$	641,081,194
Distributions in excess of net investment income			(25,440	)			(8,338,697	)
Accumulated net realized loss on investments, futures contracts, swaps and foreign currency related transactions			(193,587	)			(59,076,901	)
Net unrealized appreciation (depreciation) on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies			15,077				(8,441,290	)
Net Assets		$	22,269,394			$	565,224,306

58 See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

June 30, 2015

	Emerging Markets Corporate Debt Fund			Emerging Markets Currency Fund
Net assets by class:
Class A Shares		$	8,860,060		$	25,913,129
Class B Shares			–		$	268,558
Class C Shares		$	647,895		$	7,411,932
Class F Shares		$	1,043,232		$	15,266,680
Class I Shares		$	11,467,444		$	515,787,580
Class P Shares			–		$	3,095
Class R2 Shares		$	110,379		$	99,229
Class R3 Shares		$	110,384		$	444,103
Class R4 Shares(1)		$	10,000		$	10,000
Class R5 Shares(1)		$	10,000		$	10,000
Class R6 Shares(1)		$	10,000		$	10,000
Outstanding shares by class:
Class A Shares (350 and 415 million shares of common stock authorized, $.001 par value)			591,851			4,685,235
Class B Shares (0 and 30 million shares of common stock authorized, $.001 par value)			–			48,334
Class C Shares (85 and 100 million shares of common stock authorized, $.001 par value)			43,284			1,332,396
Class F Shares (85 and 100 million shares of common stock authorized, $.001 par value)			69,681			2,762,035
Class I Shares (185 and 200 million shares of common stock authorized, $.001 par value)			765,941			93,437,275
Class P Shares (0 and 20 million shares of common stock authorized, $.001 par value)			–			560
Class R2 Shares (15 and 20 million shares of common stock authorized, $.001 par value)			7,374			17,907
Class R3 Shares (15 and 20 million shares of common stock authorized, $.001 par value)			7,374			80,498
Class R4 Shares (15 and 20 million shares of common stock authorized, $.001 par value)(1)			668			1,808
Class R5 Shares (15 and 20 million shares of common stock authorized, $.001 par value)(1)			668			1,812
Class R6 Shares (15 and 20 million shares of common stock authorized, $.001 par value)(1)			668			1,812
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$14.97			$5.53
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)			$15.31			$5.66
Class B Shares-Net asset value			–			$5.56
Class C Shares-Net asset value			$14.97			$5.56
Class F Shares-Net asset value			$14.97			$5.53
Class I Shares-Net asset value			$14.97			$5.52
Class P Shares-Net asset value			–			$5.53
Class R2 Shares-Net asset value			$14.97			$5.54
Class R3 Shares-Net asset value			$14.97			$5.52
Class R4 Shares-Net asset value(1)			$14.97			$5.53
Class R5 Shares-Net asset value(1)			$14.97			$5.52
Class R6 Shares-Net asset value(1)			$14.97			$5.52

⁽¹⁾ Classes R4, R5 and R6 shares commenced at the close of business on June 30, 2015.

See Notes to Financial Statements. 59

Statements of Assets and Liabilities (unaudited)(continued)

June 30, 2015

	Emerging Markets Local Bond Fund				Multi-Asset Global Opportunity Fund
ASSETS:
Investments in securities, at cost		$	9,128,808			$	299,908,698
Investments in securities, at fair value		$	7,704,799			$	293,688,674
Foreign cash, at value (cost $35,932 and $0, respectively)			34,203				–
Cash			390,529				5,206
Deposits with brokers for derivatives collateral			–				112,684
Receivables:
Interest and dividends			163,414				2,064,887
Capital shares sold			74,703				3,131,731
Investment securities sold			871,175				–
From affiliates (See Note 3)			–				46,240
From advisor (See Note 3)			16,701				–
Variation margin			–				1,375
Unrealized appreciation on forward foreign currency exchange contracts			66,384				139,821
Prepaid expenses and other assets			89,693				78,631
Total assets			9,411,601				299,269,249
LIABILITIES:
Payables:
Investment securities purchased			177,331				2,064,312
Capital shares reacquired			5,216				682,069
Management fee			5,176				24,497
Directors’ fees			519				42,676
12b-1 distribution plan			1,840				90,332
Fund administration			296				–
Variation margin for centrally cleared credit default swap agreements			–				4,523
Unrealized depreciation on forward foreign currency exchange contracts			101,400				271,247
Distributions payable			23,639				2,437,257
Accrued expenses			57,923				97,254
Total liabilities			373,340				5,714,167
NET ASSETS		$	9,038,261			$	293,555,082
COMPOSITION OF NET ASSETS:
Paid-in capital		$	11,500,265			$	290,488,610
Distributions in excess of net investment income			(79,649	)			(26,100	)
Accumulated net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions			(917,153	)			9,394,946
Net unrealized depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies			(1,465,202	)			(6,302,374	)
Net Assets		$	9,038,261			$	293,555,082

60 See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

June 30, 2015

	Emerging Markets Local Bond Fund			Multi-Asset Global Opportunity Fund
Net assets by class:
Class A Shares		$	6,167,414		$	176,262,966
Class B Shares			–		$	3,894,008
Class C Shares		$	506,949		$	47,819,004
Class F Shares		$	149,546		$	13,561,960
Class I Shares		$	2,010,068		$	44,658,967
Class R2 Shares		$	87,124		$	165,975
Class R3 Shares		$	87,169		$	7,162,202
Class R4 Shares(1)		$	9,997		$	10,000
Class R5 Shares(1)		$	9,997		$	10,000
Class R6 Shares(1)		$	9,997		$	10,000
Outstanding shares by class:
Class A Shares (350 and 430 million shares of common stock authorized, $.001 par value)			534,879			14,736,111
Class B Shares (0 and 15 million shares of common stock authorized, $.001 par value)			–			356,952
Class C Shares (85 and 20 million shares of common stock authorized, $.001 par value)			43,977			4,384,131
Class F Shares (85 and 20 million shares of common stock authorized, $.001 par value)			12,975			1,133,510
Class I Shares (185 and 15 million shares of common stock authorized, $.001 par value)			174,386			3,709,918
Class R2 Shares (15 and 20 million shares of common stock authorized, $.001 par value)			7,559			13,614
Class R3 Shares (15 and 20 million shares of common stock authorized, $.001 par value)			7,563			595,439
Class R4 Shares (15 and 20 million shares of common stock authorized, $.001 par value)(1)			867			836
Class R5 Shares (15 and 20 million shares of common stock authorized, $.001 par value)(1)			867			830.57
Class R6 Shares (15 and 20 million shares of common stock authorized, $.001 par value)(1)			867			830.57
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$11.53			$11.96
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)			$11.80			$12.24
Class B Shares-Net asset value			–			$10.91
Class C Shares-Net asset value			$11.53			$10.91
Class F Shares-Net asset value			$11.53			$11.96
Class I Shares-Net asset value			$11.53			$12.04
Class R2 Shares-Net asset value			$11.53			$12.19
Class R3 Shares-Net asset value			$11.53			$12.03
Class R4 Shares-Net asset value(1)			$11.53			$11.96
Class R5 Shares-Net asset value(1)			$11.53			$12.04
Class R6 Shares-Net asset value(1)			$11.53			$12.04

⁽¹⁾ Classes R4, R5 and R6 shares commenced at the close of business on June 30, 2015.

See Notes to Financial Statements. 61

Statements of Operations (unaudited)

For the Six Months Ended June 30, 2015

	Emerging Markets Corporate Debt Fund				Emerging Markets Currency Fund
Investment income:
Interest and other (net of foreign withholding taxes of $206 and $152, respectively)		$	402,297			$	4,833,438
Total investment income			402,297				4,833,438
Expenses:
Management fee			52,964				1,228,158
12b-1 distribution plan-Class A			7,357				27,946
12b-1 distribution plan-Class B			–				1,558
12b-1 distribution plan-Class C			2,638				33,297
12b-1 distribution plan-Class F			175				9,030
12b-1 distribution plan-Class P			–				7
12b-1 distribution plan-Class R2			325				323
12b-1 distribution plan-Class R3			271				1,192
Shareholder servicing			5,024				82,108
Professional			24,964				46,256
Reports to shareholders			2,012				31,084
Fund administration			3,027				98,253
Custody			3,318				26,370
Directors’ fees			206				6,839
Registration			25,411				42,301
Subsidy (See Note 3)			–				267,300
Other			4,601				13,803
Gross expenses			132,293				1,915,825
Expense reductions (See Note 9)			(7	)			(29	)
Fees waived and expenses reimbursed (See Note 3)			(57,802	)			–
Net expenses			74,484				1,915,796
Net investment income			327,813				2,917,642
Net realized and unrealized gain (loss):
Net realized loss on investments			(54,921	)			(238,387	)
Net realized gain (loss) on futures contracts, swaps and foreign currency related transactions			11,190				(17,617,389	)
Net change in unrealized appreciation/depreciation on investments			50,516				40,127
Net change in unrealized appreciation/depreciation on futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies			(11,429	)			3,453,273
Net realized and unrealized loss			(4,644	)			(14,362,376	)
Net Increase (Decrease) in Net Assets Resulting From Operations		$	323,169			$	(11,444,734	)

62 See Notes to Financial Statements.

Statements of Operations (unaudited)(concluded)

For the Six Months Ended June 30, 2015

	Emerging Markets Local Bond Fund				Multi-Asset Global Opportunity Fund
Investment income:
Dividends received from Underlying Funds		$	–			$	4,910,652
Interest and other (net of foreign withholding taxes of $6,238 and $0, respectively)			293,187				–
Total investment income			293,187				4,910,652
Expenses:
Management fee			32,126				361,870
12b-1 distribution plan-Class A			6,361				214,540
12b-1 distribution plan-Class B			–				21,280
12b-1 distribution plan-Class C			1,923				237,809
12b-1 distribution plan-Class F			83				6,783
12b-1 distribution plan-Class R2			268				453
12b-1 distribution plan-Class R3			223				16,708
Shareholder servicing			3,931				198,672
Professional			29,112				18,859
Reports to shareholders			1,607				27,337
Fund administration			1,836				–
Custody			16,698				4,871
Directors’ fees			151				4,511
Registration			34,091				45,006
Other			3,647				8,239
Gross expenses			132,057				1,166,938
Expense reductions (See Note 9)			(4	)			(124	)
Expenses assumed by Underlying Funds (See Note 3)			–				(307,371	)
Fees waived and expenses reimbursed (See Note 3)			(84,676	)			(217,122	)
Net expenses			47,377				642,321
Net investment income			245,810				4,268,331
Net realized and unrealized gain (loss):
Net realized gain on investments			62,021				2,824,057	*
Net realized gain (loss) on futures contracts, swaps and foreign currency related transactions			(908,575	)			365,192
Net change in unrealized appreciation/depreciation on investments			84,541				(5,222,705	)
Net change in unrealized appreciation/depreciation on futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies			(31,404	)			(297,439	)
Net realized and unrealized loss			(793,417	)			(2,330,895	)
Net Increase (Decrease) in Net Assets Resulting From Operations		$	(547,607	)		$	1,937,436

* Includes net realized gain from affiliated issuers of $2,814,094 (See Note 12).

See Notes to Financial Statements. 63

Statements of Changes in Net Assets

	Emerging Markets Corporate Debt Fund
INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2015 (unaudited)				For the Year Ended December 31, 2014
Operations:
Net investment income		$	327,813			$	512,729
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions			(43,731	)			215,565
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies			39,087				(4,258	)
Net increase in net assets resulting from operations			323,169				724,036
Distributions to shareholders from:
Net investment income
Class A			(169,208	)			(290,290	)
Class C			(10,939	)			(8,105	)
Class F			(7,973	)			(5,982	)
Class I			(160,389	)			(247,517	)
Class R2			(2,605	)			(5,155	)
Class R3			(2,605	)			(5,156	)
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			(353,719	)			(896,915	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares			9,521,660				2,088,631
Reinvestment of distributions			347,049				893,013
Cost of shares reacquired			(303,878	)			(106,258	)
Net increase in net assets resulting from capital share transactions			9,564,831				2,875,386
Net increase in net assets			9,534,281				2,702,507
NET ASSETS:
Beginning of period		$	12,735,113			$	10,032,606
End of period		$	22,269,394			$	12,735,113
Undistributed (distributions in excess of) net investment income		$	(25,440	)		$	466

64 See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Emerging Markets Currency Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2015 (unaudited)				For the Year Ended December 31, 2014
Operations:
Net investment income		$	2,917,642			$	4,967,860
Net realized loss on investments, futures contracts, swaps and foreign currency related transactions			(17,855,776	)			(14,944,860	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies			3,493,400				(10,110,938	)
Net decrease in net assets resulting from operations			(11,444,734	)			(20,087,938	)
Distributions to shareholders from:
Net investment income
Class A			(380,200	)			(1,026,089	)
Class B			(3,005	)			(8,560	)
Class C			(87,708	)			(253,506	)
Class F			(254,527	)			(803,895	)
Class I			(6,270,077	)			(10,115,674	)
Class P			(38	)			(132	)
Class R2			(1,245	)			(3,721	)
Class R3			(5,927	)			(11,411	)
Total distributions to shareholders			(7,002,727	)			(12,222,988	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares			215,720,705				284,556,555
Reinvestment of distributions			6,927,203				11,865,469
Cost of shares reacquired			(19,135,388	)			(282,053,273	)
Net increase in net assets resulting from capital share transactions			203,512,520				14,368,751
Net increase (decrease) in net assets			185,065,059				(17,942,175	)
NET ASSETS:
Beginning of period		$	380,159,247			$	398,101,422
End of period		$	565,224,306			$	380,159,247
Distributions in excess of net investment income		$	(8,338,697	)		$	(4,253,612	)

See Notes to Financial Statements. 65

Statements of Changes in Net Assets (continued)

	Emerging Markets Local Bond Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2015 (unaudited)				For the Year Ended December 31, 2014
Operations:
Net investment income		$	245,810			$	490,121
Net realized loss on investments and foreign currency related transactions			(846,554	)			(56,048	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			53,137				(1,262,702	)
Net decrease in net assets resulting from operations			(547,607	)			(828,629	)
Distributions to shareholders from:
Net investment income
Class A			(190,453	)			(363,782	)
Class C			(10,992	)			(16,383	)
Class F			(5,060	)			(8,351	)
Class I			(63,924	)			(142,124	)
Class R2			(2,771	)			(6,159	)
Class R3			(2,773	)			(6,161	)
Total distributions to shareholders			(275,973	)			(542,960	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares			590,529				6,527,526
Reinvestment of distributions			270,272				537,354
Cost of shares reacquired			(2,234,229	)			(2,235,218	)
Net increase (decrease) in net assets resulting from capital share transactions			(1,373,428	)			4,829,662
Net increase (decrease) in net assets			(2,197,008	)			3,458,073
NET ASSETS:
Beginning of period		$	11,235,269			$	7,777,196
End of period		$	9,038,261			$	11,235,269
Distributions in excess of net investment income		$	(79,649	)		$	(49,486	)

66 See Notes to Financial Statements.

Statements of Changes in Net Assets (concluded)

	Multi-Asset Global Opportunity Fund
	For the Six Months				For the
INCREASE IN NET ASSETS	Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014
Operations:
Net investment income		$	4,268,331			$	7,905,129
Capital gains distributions received from Underlying Funds			–				11,679,211
Net realized gain on investments, futures contracts, swaps and foreign currency related transactions			3,189,249				5,606,730
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies			(5,520,144	)			(21,522,875	)
Net increase in net assets resulting from operations			1,937,436				3,668,195
Distributions to shareholders from:
Net investment income
Class A			(2,586,225	)			(6,346,799	)
Class B			(50,812	)			(172,458	)
Class C			(608,472	)			(1,572,470	)
Class F			(213,044	)			(445,433	)
Class I			(712,213	)			(1,654,538	)
Class R2			(2,128	)			(3,790	)
Class R3			(97,958	)			(234,768	)
Net realized gain
Class A			–				(3,184,965	)
Class B			–				(98,129	)
Class C			–				(956,209	)
Class F			–				(245,239	)
Class I			–				(809,109	)
Class R2			–				(2,138	)
Class R3			–				(126,282	)
Total distributions to shareholders			(4,270,852	)			(15,852,327	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares			40,906,121				98,802,401
Reinvestment of distributions			3,948,777				14,827,692
Cost of shares reacquired			(29,409,554	)			(49,403,463	)
Net increase in net assets resulting from capital share transactions			15,445,344				64,226,630
Net increase in net assets			13,111,928				52,042,498
NET ASSETS:
Beginning of period		$	280,443,154			$	228,400,656
End of period		$	293,555,082			$	280,443,154
Distributions in excess of net investment income		$	(26,100	)		$	(23,579	)

See Notes to Financial Statements. 67

Financial Highlights

EMERGING MARKETS CORPORATE DEBT FUND

	Class A Shares
	Six Months
	Ended				Year				12/6/2013(a)
	6/30/2015				Ended				to
	(unaudited)				12/31/2014				12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$	14.85			$	14.97			$	15.00
Investment operations:
Net investment income(b)			.32				.66				.02
Net realized and unrealized gain (loss)			.14				.34				(.02	)
Total from investment operations			.46				1.00				–
Distributions to shareholders from:
Net investment income			(.34	)			(.72	)			(.03	)
Net realized gain			–				(.40	)			–
Total distributions			(.34	)			(1.12	)			(.03	)
Net asset value, end of period		$	14.97			$	14.85			$	14.97
Total Return(c)			3.12	%(d)			6.76	%			(.04	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.52	%(d)			1.05	%			1.05	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.52	%(d)			1.05	%			1.05	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.90	%(d)			2.62	%			5.26	%(e)
Net investment income			2.11	%(d)			4.27	%			1.84	%(e)
Supplemental Data:
Net assets, end of period (000)		$	8,860			$	6,745			$	4,835
Portfolio turnover rate			97.10	%(d)			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 C Shares
	Six Months
	Ended				Year				12/6/2013(a)
	6/30/2015				Ended				to
	(unaudited)				12/31/2014				12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$	14.85			$	14.97			$	15.00
Investment operations:
Net investment income(b)			.26				.52				.01
Net realized and unrealized gain (loss)			.15				.36				(.02	)
Total from investment operations			.41				.88				(.01	)
Distributions to shareholders from:
Net investment income			(.29	)			(.60	)			(.02	)
Net realized gain			–				(.40	)			–
Total distributions			(.29	)			(1.00	)			(.02	)
Net asset value, end of period		$	14.97			$	14.85			$	14.97
Total Return(c)			2.75	%(d)			5.90	%			(.09	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.88	%(d)			1.81	%			1.86	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.88	%(d)			1.81	%			1.86	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			1.27	%(d)			3.27	%			6.07	%(e)
Net investment income			1.75	%(d)			3.34	%			1.03	%(e)
Supplemental Data:
Net assets, end of period (000)		$	648			$	473			$	100
Portfolio turnover rate			97.10	%(d)			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. 69

Financial Highlights (continued)

EMERGING MARKETS CORPORATE DEBT FUND

	Class F Shares
	Six Months
	Ended				Year				12/6/2013(a)
	6/30/2015				Ended				to
	(unaudited)				12/31/2014				12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$	14.85			$	14.97			$	15.00
Investment operations:
Net investment income(b)			.31				.67				.02
Net realized and unrealized gain (loss)			.16				.35				(.02	)
Total from investment operations			.47				1.02				–
Distributions to shareholders from:
Net investment income			(.35	)			(.74	)			(.03	)
Net realized gain			–				(.40	)			–
Total distributions			(.35	)			(1.14	)			(.03	)
Net asset value, end of period		$	14.97			$	14.85			$	14.97
Total Return(c)			3.16	%(d)			6.86	%			(.04	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.46	%(d)			.94	%			.95	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.46	%(d)			.94	%			.95	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.78	%(d)			2.49	%			5.15	%(e)
Net investment income			2.05	%(d)			4.36	%			1.94	%(e)
Supplemental Data:
Net assets, end of period (000)		$	1,043			$	170			$	100
Portfolio turnover rate			97.10	%(d)			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 I Shares
	Six Months
	Ended				Year				12/6/2013(a)
	6/30/2015				Ended				to
	(unaudited)				12/31/2014				12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$	14.85			$	14.97			$	15.00
Investment operations:
Net investment income(b)			.33				.69				.02
Net realized and unrealized gain (loss)			.15				.34				(.02	)
Total from investment operations			.48				1.03				–
Distributions to shareholders from:
Net investment income			(.36	)			(.75	)			(.03	)
Net realized gain			–				(.40	)			–
Total distributions			(.36	)			(1.15	)			(.03	)
Net asset value, end of period		$	14.97			$	14.85			$	14.97
Total Return(c)			3.23	%(d)			6.97	%			(.03	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.42	%(d)			.85	%			.85	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.42	%(d)			.85	%			.85	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.78	%(d)			2.43	%			5.06	%(e)
Net investment income			2.21	%(d)			4.47	%			2.03	%(e)
Supplemental Data:
Net assets, end of period (000)		$	11,467			$	5,134			$	4,798
Portfolio turnover rate			97.10	%(d)			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. 71

Financial Highlights (continued)

EMERGING MARKETS CORPORATE DEBT FUND

	Class R2 Shares
	Six Months
	Ended				Year				12/6/2013(a)
	6/30/2015				Ended				to
	(unaudited)				12/31/2014				12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$	14.85			$	14.97			$	15.00
Investment operations:
Net investment income(b)			.33				.69				.02
Net realized and unrealized gain (loss)			.15				.34				(.02	)
Total from investment operations			.48				1.03				–
Distributions to shareholders from:
Net investment income			(.36	)			(.75	)			(.03	)
Net realized gain			–				(.40	)			–
Total distributions			(.36	)			(1.15	)			(.03	)
Net asset value, end of period		$	14.97			$	14.85			$	14.97
Total Return(c)			3.23	%(d)			6.97	%			(.03	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.42	%(d)			.85	%			.85	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.42	%(d)			.85	%			.85	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			1.11	%(d)			3.03	%			5.06	%(e)
Net investment income			2.21	%(d)			4.47	%			2.03	%(e)
Supplemental Data:
Net assets, end of period (000)		$	110			$	107			$	100
Portfolio turnover rate			97.10	%(d)			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 (concluded)

EMERGING MARKETS CORPORATE DEBT FUND

	Class R3 Shares
	Six Months
	Ended			Year			12/6/2013(a)
	6/30/2015			Ended			to
	(unaudited)			12/31/2014			12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$14.85			$14.97			$15.00
Investment operations:
Net investment income(b)		.33			.69			.02
Net realized and unrealized gain (loss)		.15			.34			(.02	)
Total from investment operations		.48			1.03			–
Distributions to shareholders from:
Net investment income		(.36	)		(.75	)		(.03	)
Net realized gain		–			(.40	)		–
Total distributions		(.36	)		(1.15	)		(.03	)
Net asset value, end of period		$14.97			$14.85			$14.97
Total Return(c)		3.23	%(d)		6.97	%		(.03	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.42	%(d)		.85	%		.85	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.42	%(d)		.85	%		.85	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		1.06	%(d)		2.93	%		5.07	%(e)
Net investment income		2.22	%(d)		4.47	%		2.05	%(e)
Supplemental Data:
Net assets, end of period (000)		$110			$107			$100
Portfolio turnover rate		97.10	%(d)		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. 73

Financial Highlights

EMERGING MARKETS CURRENCY FUND

	Class A Shares
	Six Months
	Ended
	6/30/2015		Year Ended 12/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$5.76		$6.25		$6.63		$6.15		$6.74		$6.70
Investment operations:
Net investment income(a)	.03		.06		.06		.07		.08		.11
Net realized and unrealized gain (loss)	(.18	)	(.40	)	(.27	)	.58		(.46	)	.27
Total from investment operations	(.15	)	(.34	)	(.21	)	.65		(.38	)	.38
Distributions to shareholders from:
Net investment income	(.08	)	(.15	)	(.10	)	(.15	)	(.18	)	(.20	)
Net realized gain	–		–		–		–		(.03	)	(.14	)
Return of capital	–		–		(.07	)	(.02	)	–		–
Total distributions	(.08	)	(.15	)	(.17	)	(.17	)	(.21	)	(.34	)
Net asset value, end of period	$5.53		$5.76		$6.25		$6.63		$6.15		$6.74
Total Return(b)	(2.69	)%(c)	(5.49	)%	(3.21	)%	10.69	%	(5.87	)%	5.79	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.47	%(c)	.98	%	.99	%	1.01	%	1.02	%	1.17	%
Expenses, excluding expense reductions	.47	%(c)	.98	%	.99	%	1.01	%	1.02	%	1.17	%
Net investment income	.52	%(c)	.93	%	.97	%	1.02	%	1.18	%	1.68	%
Supplemental Data:
Net assets, end of period (000)	$25,913		$30,554		$47,961		$73,947		$80,034		$98,279
Portfolio turnover rate	26.01	%(c)	113.20	%	105.11	%	141.92	%	130.30	%	113.50	%

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

74 See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class B Shares
	Six Months
	Ended
	6/30/2015		Year Ended 12/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$5.79		$6.28		$6.66		$6.18		$6.77		$6.73
Investment operations:
Net investment income(a)	.01		.01		.01		.02		.03		.07
Net realized and unrealized gain (loss)	(.19	)	(.39	)	(.27	)	.58		(.46	)	.26
Total from investment operations	(.18	)	(.38	)	(.26	)	.60		(.43	)	.33
Distributions to shareholders from:
Net investment income	(.05	)	(.11	)	(.07	)	(.10	)	(.13	)	(.15	)
Net realized gain	–		–		–		–		(.03	)	(.14	)
Return of capital	–		–		(.05	)	(.02	)	–		–
Total distributions	(.05	)	(.11	)	(.12	)	(.12	)	(.16	)	(.29	)
Net asset value, end of period	$5.56		$5.79		$6.28		$6.66		$6.18		$6.77
Total Return(b)	(3.05	)%(c)	(6.20	)%	(3.95	)%	9.79	%	(6.55	)%	5.10	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.87	%(c)	1.78	%	1.79	%	1.80	%	1.80	%	1.83	%
Expenses, excluding expense reductions	.87	%(c)	1.78	%	1.79	%	1.80	%	1.80	%	1.83	%
Net investment income	.12	%(c)	.13	%	.18	%	.24	%	.44	%	1.05	%
Supplemental Data:
Net assets, end of period (000)	$269		$350		$696		$1,219		$1,674		$2,693
Portfolio turnover rate	26.01	%(c)	113.20	%	105.11	%	141.92	%	130.30	%	113.50	%

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

See Notes to Financial Statements. 75

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class C Shares
	Six Months
	Ended
	6/30/2015		Year Ended 12/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$5.79		$6.29		$6.67		$6.19		$6.78		$6.74
Investment operations:
Net investment income(a)	.01		.02		.02		.02		.03		.07
Net realized and unrealized gain (loss)	(.18	)	(.40	)	(.27	)	.59		(.46	)	.26
Total from investment operations	(.17	)	(.38	)	(.25	)	.61		(.43	)	.33
Distributions to shareholders from:
Net investment income	(.06	)	(.12	)	(.07	)	(.11	)	(.13	)	(.15	)
Net realized gain	–		–		–		–		(.03	)	(.14	)
Return of capital	–		–		(.06	)	(.02	)	–		–
Total distributions	(.06	)	(.12	)	(.13	)	(.13	)	(.16	)	(.29	)
Net asset value, end of period	$5.56		$5.79		$6.29		$6.67		$6.19		$6.78
Total Return(b)	(2.96	)%(c)	(6.19	)%	(3.78	)%	9.91	%	(6.44	)%	5.09	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.78	%(c)	1.61	%	1.62	%	1.68	%	1.69	%	1.82	%
Expenses, excluding expense reductions	.78	%(c)	1.61	%	1.62	%	1.68	%	1.69	%	1.82	%
Net investment income	.22	%(c)	.31	%	.34	%	.37	%	.51	%	1.02	%
Supplemental Data:
Net assets, end of period (000)	$7,412		$9,675		$17,378		$28,543		$36,551		$34,232
Portfolio turnover rate	26.01	%(c)	113.20	%	105.11	%	141.92	%	130.30	%	113.50	%

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

76 See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class F Shares
	Six Months
	Ended
	6/30/2015		Year Ended 12/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$5.76		$6.25		$6.62		$6.15		$6.74		$6.69
Investment operations:
Net investment income(a)	.03		.06		.07		.07		.09		.13
Net realized and unrealized gain (loss)	(.18	)	(.39	)	(.27	)	.58		(.47	)	.27
Total from investment operations	(.15	)	(.33	)	(.20	)	.65		(.38	)	.40
Distributions to shareholders from:
Net investment income	(.08	)	(.16	)	(.09	)	(.16	)	(.18	)	(.21	)
Net realized gain	–		–		–		–		(.03	)	(.14	)
Return of capital	–		–		(.08	)	(.02	)	–		–
Total distributions	(.08	)	(.16	)	(.17	)	(.18	)	(.21	)	(.35	)
Net asset value, end of period	$5.53		$5.76		$6.25		$6.62		$6.15		$6.74
Total Return(b)	(2.64	)%(c)	(5.40	)%	(2.97	)%	10.63	%	(5.77	)%	6.20	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.43	%(c)	.88	%	.89	%	.91	%	.91	%	.92	%
Expenses, excluding expense reductions	.43	%(c)	.88	%	.89	%	.91	%	.91	%	.92	%
Net investment income	.57	%(c)	1.03	%	1.06	%	1.12	%	1.27	%	1.88	%
Supplemental Data:
Net assets, end of period (000)	$15,267		$21,550		$36,181		$71,622		$76,795		$61,059
Portfolio turnover rate	26.01	%(c)	113.20	%	105.11	%	141.92	%	130.30	%	113.50	%

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

See Notes to Financial Statements. 77

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class I Shares
	Six Months
	Ended
	6/30/2015			Year Ended 12/31
	(unaudited)			2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period		$5.75		$6.24		$6.61		$6.14		$6.73		$6.69
Investment operations:
Net investment income(a)		.03		.07		.08		.08		.09		.13
Net realized and unrealized gain (loss)		(.18	)	(.39	)	(.27	)	.57		(.46	)	.27
Total from investment operations		(.15	)	(.32	)	(.19	)	.65		(.37	)	.40
Distributions to shareholders from:
Net investment income		(.08	)	(.17	)	(.10	)	(.16	)	(.19	)	(.22	)
Net realized gain		–		–		–		–		(.03	)	(.14	)
Return of capital		–		–		(.08	)	(.02	)	–		–
Total distributions		(.08	)	(.17	)	(.18	)	(.18	)	(.22	)	(.36	)
Net asset value, end of period		$5.52		$5.75		$6.24		$6.61		$6.14		$6.73
Total Return(b)		(2.60	)%(c)	(5.32	)%	(2.88	)%	10.75	%	(5.68	)%	6.17	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.37	%(c)	.78	%	.80	%	.80	%	.81	%	.83	%
Expenses, excluding expense reductions		.37	%(c)	.78	%	.80	%	.80	%	.81	%	.83	%
Net investment income		.60	%(c)	1.12	%	1.18	%	1.21	%	1.40	%	2.00	%
Supplemental Data:
Net assets, end of period (000)		$515,788		$317,393		$295,136		$271,710		$119,329		$79,092
Portfolio turnover rate		26.01	%(c)	113.20	%	105.11	%	141.92	%	130.30	%	113.50	%

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

78 See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class P Shares
		Six Months
		Ended
		6/30/2015			Year Ended 12/31
		(unaudited)			2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period			$5.76		$6.25		$6.62		$6.14		$6.74		$6.69
Investment operations:
Net investment income(a)			.02		.04		.05		.05		.07		.11
Net realized and unrealized gain (loss)			(.18	)	(.39	)	(.26	)	.59		(.48	)	.27
Total from investment operations			(.16	)	(.35	)	(.21	)	.64		(.41	)	.38
Distributions to shareholders from:
Net investment income			(.07	)	(.14	)	(.09	)	(.14	)	(.16	)	(.19	)
Net realized gain			–		–		–		–		(.03	)	(.14	)
Return of capital			–		–		(.07	)	(.02	)	–		–
Total distributions			(.07	)	(.14	)	(.16	)	(.16	)	(.19	)	(.33	)
Net asset value, end of period			$5.53		$5.76		$6.25		$6.62		$6.14		$6.74
Total Return(b)			(2.80	)%(c)	(5.68	)%	(3.26	)%	10.27	%	(6.07	)%	5.87	%
Ratios to Average Net Assets:
Expenses, including expense reductions			.54	%(c)	1.17	%	1.22	%	1.24	%	1.25	%	1.27	%
Expenses, excluding expense reductions			.54	%(c)	1.17	%	1.22	%	1.24	%	1.25	%	1.27	%
Net investment income			.42	%(c)	.71	%	.78	%	.80	%	.98	%	1.61	%
Supplemental Data:
Net assets, end of period (000)			$3		$3		$8		$10		$9		$32
Portfolio turnover rate			26.01	%(c)	113.20	%	105.11	%	141.92	%	130.30	%	113.50	%

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

See Notes to Financial Statements. 79

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

	Class R2 Shares
	Six Months
	Ended
	6/30/2015			Year Ended 12/31
	(unaudited)			2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period		$5.77		$6.26		$6.64		$6.16		$6.75		$6.71
Investment operations:
Net investment income(a)		.02		.03		.04		.04		.05		.09
Net realized and unrealized gain (loss)		(.19	)	(.39	)	(.28	)	.59		(.46	)	.27
Total from investment operations		(.17	)	(.36	)	(.24	)	.63		(.41	)	.36
Distributions to shareholders from:
Net investment income		(.06	)	(.13	)	(.08	)	(.13	)	(.15	)	(.18	)
Net realized gain		–		–		–		–		(.03	)	(.14	)
Return of capital		–		–		(.06	)	(.02	)	–		–
Total distributions		(.06	)	(.13	)	(.14	)	(.15	)	(.18	)	(.32	)
Net asset value, end of period		$5.54		$5.77		$6.26		$6.64		$6.16		$6.75
Total Return(b)		(2.87	)%(c)	(5.85	)%	(3.59	)%	10.24	%	(6.22	)%	5.54	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.67	%(c)	1.37	%	1.40	%	1.41	%	1.41	%	1.42	%
Expenses, excluding expense reductions		.67	%(c)	1.37	%	1.40	%	1.41	%	1.41	%	1.42	%
Net investment income		.32	%(c)	.51	%	.58	%	.63	%	.76	%	1.39	%
Supplemental Data:
Net assets, end of period (000)		$99		$110		$248		$300		$218		$70
Portfolio turnover rate		26.01	%(c)	113.20	%	105.11	%	141.92	%	130.30	%	113.50	%

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

80 See Notes to Financial Statements.

Financial Highlights (concluded)

EMERGING MARKETS CURRENCY FUND

	Class R3 Shares
	Six Months
	Ended
	6/30/2015			Year Ended 12/31
	(unaudited)			2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period		$5.75		$6.24		$6.61		$6.14		$6.73		$6.70
Investment operations:
Net investment income(a)		.02		.04		.04		.05		.06		.10
Net realized and unrealized gain (loss)		(.18	)	(.39	)	(.26	)	.57		(.46	)	.26
Total from investment operations		(.16	)	(.35	)	(.22	)	.62		(.40	)	.36
Distributions to shareholders from:
Net investment income		(.07	)	(.14	)	(.09	)	(.13	)	(.16	)	(.19	)
Net realized gain		–		–		–		–		(.03	)	(.14	)
Return of capital		–		–		(.06	)	(.02	)	–		–
Total distributions		(.07	)	(.14	)	(.15	)	(.15	)	(.19	)	(.33	)
Net asset value, end of period		$5.52		$5.75		$6.24		$6.61		$6.14		$6.73
Total Return(b)		(2.83	)%(c)	(5.77	)%	(3.35	)%	10.23	%	(6.14	)%	5.49	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.62	%(c)	1.27	%	1.28	%	1.29	%	1.31	%	1.33	%
Expenses, excluding expense reductions		.62	%(c)	1.27	%	1.28	%	1.29	%	1.31	%	1.33	%
Net investment income		.37	%(c)	.65	%	.70	%	.74	%	.92	%	1.48	%
Supplemental Data:
Net assets, end of period (000)		$444		$524		$494		$617		$411		$326
Portfolio turnover rate		26.01	%(c)	113.20	%	105.11	%	141.92	%	130.30	%	113.50	%

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

See Notes to Financial Statements. 81

Financial Highlights

EMERGING MARKETS LOCAL BOND FUND

	Class A Shares
	Six Months Ended 6/30/2015 (unaudited)			Year Ended 12/31/2014			6/21/2013(a) to 12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$12.60			$14.39			$15.00
Investment operations:
Net investment income(b)		.32			.75			.37
Net realized and unrealized loss		(1.03	)		(1.70	)		(.51	)
Total from investment operations		(.71	)		(.95	)		(.14	)
Distributions to shareholders from:
Net investment income		(.36	)		(.84	)		(.47	)
Net asset value, end of period		$11.53			$12.60			$14.39
Total Return(c)		(5.71)	%(d)		(7.05)	%		(.97	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.52	%(d)		1.05	%		1.02	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.52	%(d)		1.05	%		1.02	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		1.43	%(d)		3.01	%		5.09	%(e)
Net investment income	��	2.65	%(d)		5.33	%		4.79	%(e)
Supplemental Data:
Net assets, end of period (000)		$6,167			$8,345			$4,950
Portfolio turnover rate		33.16	%(d)		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.

82 See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS LOCAL BOND FUND

	Class C Shares
	Six Months Ended 6/30/2015 (unaudited)			Year Ended 12/31/2014			6/21/2013(a) to 12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$12.60			$14.38			$15.00
Investment operations:
Net investment income(b)		.28			.64			.31
Net realized and unrealized loss		(1.03	)		(1.69	)		(.52	)
Total from investment operations		(.75	)		(1.05	)		(.21	)
Distributions to shareholders from:
Net investment income		(.32	)		(.73	)		(.41	)
Net asset value, end of period		$11.53			$12.60			$14.38
Total Return(c)		(6.05	)%(d)		(7.71	)%		(1.43	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.88	%(d)		1.82	%		1.77	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.88	%(d)		1.82	%		1.77	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		1.79	%(d)		3.80	%		5.63	%(e)
Net investment income		2.29	%(d)		4.53	%		3.97	%(e)
Supplemental Data:
Net assets, end of period (000)		$507			$396			$226
Portfolio turnover rate		33.16	%(d)		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. 83

Financial Highlights (continued)

EMERGING MARKETS LOCAL BOND FUND

	Class F Shares
	Six Months
	Ended				Year				6/21/2013(a)
	6/30/2015				Ended				to
	(unaudited)				12/31/2014				12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$	12.60			$	14.38			$	15.00
Investment operations:
Net investment income(b)			.33				.76				.38
Net realized and unrealized loss			(1.03	)			(1.68	)			(.52	)
Total from investment operations			(.70	)			(.92	)			(.14	)
Distributions to shareholders from:
Net investment income			(.37	)			(.86	)			(.48	)
Net asset value, end of period		$	11.53			$	12.60			$	14.38
Total Return(c)			(5.66	)%(d)			(6.88	)%			(.99	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.47	%(d)			.95	%			.92	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.47	%(d)			.95	%			.92	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			1.38	%(d)			2.96	%			5.16	%(e)
Net investment income			2.70	%(d)			5.45	%			4.84	%(e)
Supplemental Data:
Net assets, end of period (000)		$	150			$	179			$	116
Portfolio turnover rate			33.16	%(d)			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.

84 See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS LOCAL BOND FUND

	Class I Shares
	Six Months
	Ended				Year				6/21/2013(a)
	6/30/2015				Ended				to
	(unaudited)				12/31/2014				12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$	12.60			$	14.38			$	15.00
Investment operations:
Net investment income(b)			.33				.79				.38
Net realized and unrealized loss			(1.03	)			(1.70	)			(.52	)
Total from investment operations			(.70	)			(.91	)			(.14	)
Distributions to shareholders from:
Net investment income			(.37	)			(.87	)			(.48	)
Net asset value, end of period		$	11.53			$	12.60			$	14.38
Total Return(c)			(5.61	)%(d)			(6.79	)%			(.94	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.42	%(d)			.85	%			.82	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.42	%(d)			.85	%			.82	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			1.34	%(d)			2.96	%			5.19	%(e)
Net investment income			2.76	%(d)			5.58	%			4.94	%(e)
Supplemental Data:
Net assets, end of period (000)		$	2,010			$	2,130			$	2,286
Portfolio turnover rate			33.16	%(d)			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. 85

Financial Highlights (continued)

EMERGING MARKETS LOCAL BOND FUND

	Class R2 Shares
	Six Months
	Ended				Year				6/21/2013(a)
	6/30/2015				Ended				to
	(unaudited)				12/31/2014				12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$	12.60			$	14.38			$	15.00
Investment operations:
Net investment income(b)			.33				.79				.34
Net realized and unrealized loss			(1.03	)			(1.70	)			(.52	)
Total from investment operations			(.70	)			(.91	)			(.18	)
Distributions to shareholders from:
Net investment income			(.37	)			(.87	)			(.44	)
Net asset value, end of period		$	11.53			$	12.60			$	14.38
Total Return(c)			(5.61	)%(d)			(6.79	)%			(1.23	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.42	%(d)			.85	%			1.40	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.42	%(d)			.85	%			1.40	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			1.63	%(d)			3.56	%			5.79	%(e)
Net investment income			2.75	%(d)			5.57	%			4.36	%(e)
Supplemental Data:
Net assets, end of period (000)		$	87			$	92			$	99
Portfolio turnover rate			33.16	%(d)			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.

86 See Notes to Financial Statements.

Financial Highlights (concluded)

EMERGING MARKETS LOCAL BOND FUND

	Class R3 Shares
	Six Months
	Ended				Year				6/21/2013(a)
	6/30/2015				Ended				to
	(unaudited)				12/31/2014				12/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$	12.60			$	14.38			$	15.00
Investment operations:
Net investment income(b)			.33				.79				.35
Net realized and unrealized loss			(1.03	)			(1.70	)			(.52	)
Total from investment operations			(.70	)			(.91	)			(.17	)
Distributions to shareholders from:
Net investment income			(.37	)			(.87	)			(.45	)
Net asset value, end of period		$	11.53			$	12.60			$	14.38
Total Return(c)			(5.61	)%(d)			(6.79	)%			(1.18	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.42	%(d)			.85	%			1.30	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.42	%(d)			.85	%			1.30	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			1.58	%(d)			3.46	%			5.69	%(e)
Net investment income			2.76	%(d)			5.57	%			4.46	%(e)
Supplemental Data:
Net assets, end of period (000)		$	87			$	92			$	99
Portfolio turnover rate			33.16	%(d)			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. 87

Financial Highlights

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class A Shares
	Six Months
	Ended
	6/30/2015				Year Ended 12/31
	(unaudited)				2014				2013				2012				2011				2010
Per Share Operating Performance
Net asset value, beginning of period		$	12.04			$	12.49			$	11.42			$	10.29			$	11.41			$	10.56
Investment operations:
Net investment income(a)			.19				.40				.39				.36				.35				.33
Net realized and unrealized gain (loss)			(.09	)			(.12	)			1.26				1.16				(1.12	)			.84
Total from investment operations			.10				.28				1.65				1.52				(.77	)			1.17
Distributions to shareholders from:
Net investment income			(.18	)			(.49	)			(.50	)			(.38	)			(.35	)			(.32	)
Net realized gain			–				(.24	)			(.08	)			–				–				–
Return of capital			–				–				–				(.01	)			–				–
Total distributions			(.18	)			(.73	)			(.58	)			(.39	)			(.35	)			(.32	)
Net asset value, end of period		$	11.96			$	12.04			$	12.49			$	11.42			$	10.29			$	11.41
Total Return(b)			.82	%(c)			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			.17	%(c)			.34	%			.31	%			.30	%			.28	%			.35	%
Expenses, including expense reductions, expenses assumed and management fee waived			.17	%(c)			.34	%			.31	%			.30	%			.28	%			.35	%
Expenses, excluding expense reductions, expenses assumed and management fee waived			.35	%(c)			.74	%			.77	%			.80	%			.84	%			.94	%
Net investment income			1.51	%(c)			3.12	%			3.20	%			3.31	%			3.11	%			3.07	%
Supplemental Data:
Net assets, end of period (000)		$	176,263			$	167,387			$	139,986			$	110,910			$	108,217			$	107,234
Portfolio turnover rate			11.73	%(c)			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 period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

88 See Notes to Financial Statements.

Financial Highlights (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class B Shares
	Six Months Ended 6/30/2015			Year Ended 12/31
	(unaudited)				2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period		$11.00			$11.46		$10.53		$9.51		$10.57		$9.81
Investment operations:
Net investment income(a)		.12			.26	��	.26		.25		.24		.23
Net realized and unrealized gain (loss)		(.07	)		(.08	)	1.16		1.09		(1.03	)	.79
Total from investment operations		.05			.18		1.42		1.34		(.79	)	1.02
Distributions to shareholders from:
Net investment income		(.14	)		(.40	)	(.41	)	(.31	)	(.27	)	(.26	)
Net realized gain		–			(.24	)	(.08	)	–		–		–
Return of capital		–			–		–		(.01	)	–		–
Total distributions		(.14	)		(.64	)	(.49	)	(.32	)	(.27	)	(.26	)
Net asset value, end of period		$10.91			$11.00		$11.46		$10.53		$9.51		$10.57
Total Return(b)		.43	%(c)		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		.54	%(c)		1.08	%	1.05	%	1.04	%	.99	%	1.00	%
Expenses, including expense reductions, expenses assumed and management fee waived		.54	%(c)		1.08	%	1.05	%	1.04	%	.99	%	1.00	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.72	%(c)		1.48	%	1.51	%	1.54	%	1.55	%	1.59	%
Net investment income		1.08	%(c)		2.26	%	2.32	%	2.51	%	2.29	%	2.35	%
Supplemental Data:
Net assets, end of period (000)		$3,894			$4,533		$6,020		$6,939		$8,276		$11,389
Portfolio turnover rate		11.73	%(c)		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 period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 89

Financial Highlights (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class C Shares
	Six Months Ended 6/30/2015			Year Ended 12/31
	(unaudited)				2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period		$11.00			$11.47		$10.54		$9.53		$10.59		$9.83
Investment operations:
Net investment income(a)		.13			.27		.27		.26		.25		.24
Net realized and unrealized gain (loss)		(.08	)		(.09	)	1.16		1.07		(1.03	)	.78
Total from investment operations		.05			.18		1.43		1.33		(.78	)	1.02
Distributions to shareholders from:
Net investment income		(.14	)		(.41	)	(.42	)	(.31	)	(.28	)	(.26	)
Net realized gain		–			(.24	)	(.08	)	–		–		–
Return of capital		–			–		–		(.01	)	–		–
Total distributions		(.14	)		(.65	)	(.50	)	(.32	)	(.28	)	(.26	)
Net asset value, end of period		$10.91			$11.00		$11.47		$10.54		$9.53		$10.59
Total Return(b)		.45	%(c)		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		.54	%(c)		1.08	%	1.05	%	1.04	%	.97	%	1.00	%
Expenses, including expense reductions, expenses assumed and management fee waived		.54	%(c)		1.08	%	1.05	%	1.04	%	.97	%	1.00	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.72	%(c)		1.48	%	1.51	%	1.53	%	1.53	%	1.59	%
Net investment income		1.13	%(c)		2.36	%	2.45	%	2.62	%	2.42	%	2.46	%
Supplemental Data:
Net assets, end of period (000)		$47,819			$45,990		$35,963		$29,821		$26,322		$25,893
Portfolio turnover rate		11.73	%(c)		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 period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

90 See Notes to Financial Statements.

Financial Highlights (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class F Shares
	Six Months Ended 6/30/2015			Year Ended 12/31
	(unaudited)				2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period		$12.05			$12.49		$11.43		$10.29		$11.41		$10.56
Investment operations:
Net investment income(a)		.19			.42		.44		.36		.37		.39
Net realized and unrealized gain (loss)		(.09	)		(.11	)	1.22		1.19		(1.12	)	.80
Total from investment operations		.10			.31		1.66		1.55		(.75	)	1.19
Distributions to shareholders from:
Net investment income		(.19	)		(.51	)	(.52	)	(.40	)	(.37	)	(.34	)
Net realized gain		–			(.24	)	(.08	)	–		–		–
Return of capital		–			–		–		(.01	)	–		–
Total distributions		(.19	)		(.75	)	(.60	)	(.41	)	(.37	)	(.34	)
Net asset value, end of period		$11.96			$12.05		$12.49		$11.43		$10.29		$11.41
Total Return(b)		.81	%(c)		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		.10	%(c)		.19	%	.16	%	.15	%	.10	%	.10	%
Expenses, including expense reductions, expenses assumed and management fee waived		.10	%(c)		.19	%	.16	%	.15	%	.10	%	.10	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.28	%(c)		.59	%	.62	%	.65	%	.66	%	.69	%
Net investment income		1.58	%(c)		3.30	%	3.60	%	3.31	%	3.36	%	3.63	%
Supplemental Data:
Net assets, end of period (000)		$13,562			$12,885		$6,472		$2,423		$3,156		$2,256
Portfolio turnover rate		11.73	%(c)		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 period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 91

Financial Highlights (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class I Shares
	Six Months Ended 6/30/2015			Year Ended 12/31
	(unaudited)				2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period		$12.12			$12.56		$11.49		$10.34		$11.47		$10.61
Investment operations:
Net investment income(a)		.20			.43		.42		.39		.38		.37
Net realized and unrealized gain (loss)		(.09	)		(.11	)	1.26		1.18		(1.13	)	.84
Total from investment operations		.11			.32		1.68		1.57		(.75	)	1.21
Distributions to shareholders from:
Net investment income		(.19	)		(.52	)	(.53	)	(.41	)	(.38	)	(.35	)
Net realized gain		–			(.24	)	(.08	)	–		–		–
Return of capital		–			–		–		(.01	)	–		–
Total distributions		(.19	)		(.76	)	(.61	)	(.42	)	(.38	)	(.35	)
Net asset value, end of period		$12.04			$12.12		$12.56		$11.49		$10.34		$11.47
Total Return(b)		.94	%(c)		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		.05	%(c)		.09	%	.06	%	.05	%	.00	%	.00	%
Expenses, including expense reductions, expenses assumed and management fee waived		.05	%(c)		.09	%	.06	%	.05	%	.00	%	.00	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.23	%(c)		.49	%	.52	%	.55	%	.57	%	.60	%
Net investment income		1.63	%(c)		3.34	%	3.44	%	3.57	%	3.38	%	3.40	%
Supplemental Data:
Net assets, end of period (000)		$44,659			$42,754		$34,086		$22,289		$14,086		$8,460
Portfolio turnover rate		11.73	%(c)		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 period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

92 See Notes to Financial Statements.

Financial Highlights (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class R2 Shares
	Six Months Ended 6/30/2015			Year Ended 12/31
	(unaudited)				2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period		$12.27			$12.72		$11.62		$10.46		$11.55		$10.64
Investment operations:
Net investment income(a)		.17			.37		.33		.34		.49		.36
Net realized and unrealized gain (loss)		(.09	)		(.13	)	1.30		1.18		(1.26	)	.85
Total from investment operations		.08			.24		1.63		1.52		(.77	)	1.21
Distributions to shareholders from:
Net investment income		(.16	)		(.45	)	(.45	)	(.35	)	(.32	)	(.30	)
Net realized gain		–			(.24	)	(.08	)	–		–		–
Return of capital		–			–		–		(.01	)	–		–
Total distributions		(.16	)		(.69	)	(.53	)	(.36	)	(.32	)	(.30	)
Net asset value, end of period		$12.19			$12.27		$12.72		$11.62		$10.46		$11.55
Total Return(b)		.65	%(c)		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		.34	%(c)		.69	%	.66	%	.61	%	.34	%	.05	%
Expenses, including expense reductions, expenses assumed and management fee waived		.34	%(c)		.69	%	.66	%	.61	%	.34	%	.05	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.52	%(c)		1.09	%	1.12	%	1.11	%	.93	%	.65	%
Net investment income		1.40	%(c)		2.88	%	2.68	%	3.05	%	4.44	%	3.38	%
Supplemental Data:
Net assets, end of period (000)		$166			$116		$89		$107		$88		$11
Portfolio turnover rate		11.73	%(c)		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 period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 93

Financial Highlights (concluded)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

	Class R3 Shares
	Six Months Ended 6/30/2015			Year Ended 12/31
	(unaudited)				2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period		$12.11			$12.55		$11.48		$10.34		$11.47		$10.62
Investment operations:
Net investment income(a)		.17			.37		.36		.35		.34		.34
Net realized and unrealized gain (loss)		(.08	)		(.11	)	1.26		1.16		(1.14	)	.82
Total from investment operations		.09			.26		1.62		1.51		(.80	)	1.16
Distributions to shareholders from:
Net investment income		(.17	)		(.46	)	(.47	)	(.36	)	(.33	)	(.31	)
Net realized gain		–			(.24	)	(.08	)	–		–		–
Return of capital		–			–		–		(.01	)	–		–
Total distributions		(.17	)		(.70	)	(.55	)	(.37	)	(.33	)	(.31	)
Net asset value, end of period		$12.03			$12.11		$12.55		$11.48		$10.34		$11.47
Total Return(b)		.71	%(c)		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		.28	%(c)		.55	%	.53	%	.52	%	.47	%	.50	%
Expenses, including expense reductions, expenses assumed and management fee waived		.28	%(c)		.55	%	.53	%	.52	%	.47	%	.50	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.46	%(c)		.95	%	.99	%	1.02	%	1.04	%	1.10	%
Net investment income		1.40	%(c)		2.91	%	2.95	%	3.17	%	3.03	%	3.20	%
Supplemental Data:
Net assets, end of period (000)		$7,162			$6,780		$5,785		$5,211		$3,285		$2,179
Portfolio turnover rate		11.73	%(c)		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 period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

94 See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Global Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law on February 23, 1988. The Company consists of the following 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, R3, R4, R5 and R6 shares; Lord Abbett Emerging Markets Currency Fund (“Emerging Markets Currency Fund”), Class A, B, C, F, I, P, R2, R3, R4, R5 and R6 shares; Lord Abbett Emerging Markets Local Bond Fund (“Emerging Markets Local Bond Fund”), Class A, C, F, I, R2, R3, R4, R5 and R6 shares and Lord Abbett Multi-Asset Global Opportunity Fund (“Multi-Asset Global Opportunity Fund”), Class A, B, C, F, I, P, R2, R3, R4, R5 and R6 shares. Classes R4, R5 and R6 shares commenced at the close of business on June 30, 2015, accordingly results from operations and financial highlights for these share classes are not presented for the period covered in this report. 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, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will automatically convert to Class A shares on the 25^th day of the month (or, if the 25^th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. The Funds no longer issue Class B shares for purchase. Emerging Markets Currency Fund’s Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Funds’ prospectus. As of the date of this report, 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.

2. 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

95

Notes to Financial Statements (unaudited)(continued)

	independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange (“NYSE”). Each Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued 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 NYSE, normally 4:00 p.m. Eastern time.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, 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.

96

Notes to Financial Statements (unaudited)(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, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.
(f)	Foreign Transactions–The books and records of Emerging Markets 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 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 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 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 futures contracts, swaps and foreign currency related transactions on each Fund’s Statement of Operations.

97

Notes to Financial Statements (unaudited)(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 time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

98

Notes to Financial Statements (unaudited)(continued)

(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 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 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. Multi-Asset Global Opportunity Fund entered into a centrally cleared credit default swap based on the CDX high yield index.
	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. 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. 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.

99

Notes to Financial Statements (unaudited)(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 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. There was minimal counterparty credit risk to the Multi-Asset Global Opportunity Fund during the six months ended June 30, 2015, since the credit default swap entered into was traded through a central clearinghouse, which guarantees against default.
(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.

100

Notes to Financial Statements (unaudited)(continued)

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 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 June 30, 2015, 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 June 30, 2015 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months 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.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES  

Management Fee

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

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

101

Notes to Financial Statements (unaudited)(continued)

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 six months ended June 30, 2015, 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	.10%

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.

Lord Abbett has contractually agreed to waive its fees for Emerging Markets Corporate Debt Fund and Emerging Markets Local Bond Fund and reimburse each Fund’s expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to an annual rate of 0.85% for each class, other than Class R6. For Class R6 shares, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses to an annual rate of 0.79% and 0.80% for Emerging Markets Corporate Debt Fund and Emerging Markets Local Bond Fund, respectively. This agreement continues through April 30, 2016 and may be terminated only upon the approval of the Board.

For the six months ended June 30, 2015 and continuing through April 30, 2016, Lord Abbett has contractually agreed to waive its management fee at the annual rate of .15% for Multi-Asset Global Opportunity Fund. This agreement may be terminated only upon approval of the Board.

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.

The 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”

102

Notes to Financial Statements (unaudited)(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 Asset and Liabilities.

As of June 30, 2015, 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 37.93%, 9.23% and 42.40%, respectively.

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, B, C, F, P, R2, R3 and R4 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 annual rates have been authorized 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**			Class R4
Service		.15	%		.25	%		.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, Class R5 and Class R6 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 six months ended June 30, 2015:

	Distributor		Dealers’
	Commissions		Concessions
Emerging Markets Corporate Debt Fund	$	334	$	2,390
Emerging Markets Currency Fund		622		3,551
Emerging Markets Local Bond Fund		130		597
Multi-Asset Global Opportunity Fund		29,046		196,124

Distributor received the following amount of CDSCs for the six months ended June 30, 2015:

	Class A		Class C
Emerging Markets Corporate Debt Fund	$	–	$	–
Emerging Markets Currency Fund		4		61
Emerging Markets Local Bond Fund		–		2
Multi-Asset Global Opportunity Fund		8,417		4,341

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

103

Notes to Financial Statements (unaudited)(continued)

4. 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 six months ended June 30, 2015 and fiscal year ended December 31, 2014 was as follows:

				Emerging Markets				Emerging Markets
			Corporate Debt Fund						Currency Fund
	Six Months Ended					Six Months Ended
	6/30/2015			Year Ended		6/30/2015				Year Ended
	(unaudited)			12/31/2014		(unaudited)				12/31/2014
Distributions paid from:
Ordinary income	$	353,719		$	885,571	$	7,002,727			$	12,222,988
Net long-term capital gains		–			11,344		–				–
Total distributions paid	$	353,719		$	896,915	$	7,002,727			$	12,222,988

			Emerging Markets					Multi-Asset Global
				Local Bond Fund				Opportunity Fund
Six Months Ended						Six Months Ended
	6/30/2015			Year Ended		6/30/2015			Year Ended
	(unaudited)			12/31/2014		(unaudited)			12/31/2014
Distributions paid from:
Tax-exempt income	$	–		$	–	$	–		$	49,575
Ordinary income		275,973			526,898		4,270,852			10,791,652
Net long-term capital gains		–			984		–			5,011,100
Return of capital		–			15,078		–			–
Total distributions paid	$	275,973		$	542,960	$	4,270,852		$	15,852,327

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.

104

Notes to Financial Statements (unaudited)(continued)

As of June 30, 2015, 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	$	21,851,729		$	559,788,017
Gross unrealized gain		253,291			987,687
Gross unrealized loss		(277,670	)		(6,225,698	)
Net unrealized security loss	$	(24,379	)	$	(5,238,011	)

	Emerging Markets			Multi-Asset Global
	Local Bond Fund			Opportunity Fund
Tax cost	$	9,187,826		$	304,141,501
Gross unrealized gain		11,654			11,256,328
Gross unrealized loss		(1,494,681	)		(21,709,155	)
Net unrealized security loss	$	(1,483,027	)	$	(10,452,827	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2015 were as follows:

	U.S.		Non-U.S.		U.S.		Non-U.S.
	Government		Government		Government		Government
	Purchases*		Purchases		Sales*		Sales
Emerging Markets Corporate Debt Fund	$	–	$	24,295,787	$	–	$	14,792,925
Emerging Markets Currency Fund		49,472,312		200,368,514		19,732,763		87,806,598
Emerging Markets Local Bond Fund		–		2,920,262		–		4,679,569
Multi-Asset Global Opportunity Fund		–		49,985,692		–		34,021,370

* 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 six months ended June 30, 2015 (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 six months ended June 30, 2015 (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 the Fund

105

Notes to Financial Statements (unaudited)(continued)

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 six months ended June 30, 2015 (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 and Multi-Asset Global Opportunity Fund entered into credit default swaps on indexes for the six months ended June 30, 2015 (as described in note 2(n)) to hedge credit risk. Credit default swaps on indexes involve the exchange of a fixed rate premium for protection against the loss in value of underlying securities within an index 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. Emerging Markets Currency 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. There is minimal counterparty credit risk to the Multi-Asset Global Opportunity Fund since centrally cleared credit default swaps are traded through a central clearinghouse. As the counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

Emerging Markets Currency Fund entered into interest rate swaps for the six months ended June 30, 2015 (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 June 30, 2015, 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)	$	–		$	604
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)	$	–		$	(2,405	)
Futures Contracts(3)	$	(4,488	)	$	–

106

Notes to Financial Statements (unaudited)(continued)

	Emerging Markets Currency Fund
			Foreign
	Interest Rate		Currency		Credit
Asset Derivatives	Contracts		Contracts		Contracts
Forward Foreign Currency Exchange Contracts(1)	$	–	$	3,095,390	$	–
Futures Contracts(3)	$	81,210	$	–	$	–
Liability Derivatives
Credit Default Swaps(4)	$	–	$	–	$	8,723
Forward Foreign Currency Exchange Contracts(2)	$	–	$	10,238,066	$	–
Futures Contracts(3)	$	209,238	$	–	$	–
Interest Rate Swap(5)	$	72,824	$	–	$	–

Emerging Markets Local Bond Fund
	Foreign
	Currency
Asset Derivatives	Contracts
Forward Foreign Currency Exchange Contracts(1)	$	66,384
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)	$	101,400

	Multi Asset Global Opportunity Fund
			Foreign
	Interest Rate		Currency		Credit
Asset Derivatives	Contracts		Contracts		Contracts
Forward Foreign Currency Exchange Contracts(1)	$	–	$	139,821	$	–
Futures Contracts(3)	$	47,016	$	–	$	–
Liability Derivatives
Centrally Cleared Credit Default Swap(6)	$	–	$	–	$	62,377
Forward Foreign Currency Exchange Contracts(2)	$	–	$	271,247	$	–

(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.
(6)	Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of centrally cleared credit default swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

107

Notes to Financial Statements (unaudited)(continued)

Transactions in derivative instruments for the six months ended June 30, 2015, were as follows:

		Emerging Markets Corporate Debt Fund
							Foreign
				Interest Rate			Currency
				Contracts			Contracts
Net Realized Gain (Loss)(1)
Forward Foreign Currency Exchange Contracts				$	–		$	16,528
Futures Contracts				$	(7,814	)	$	–
Net Change in Unrealized Appreciation/Depreciation(2)
Forward Foreign Currency Exchange Contracts				$	–		$	(10,627	)
Futures Contracts				$	(808	)	$	–
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(3)				$	–		$	674,821
Futures Contracts(4)					1			–
	Emerging Markets Currency Fund
				Foreign
	Interest Rate			Currency			Credit
	Contracts			Contracts			Contracts
Net Realized Gain (Loss)(1)
Credit Default Swaps	$	–		$	–		$	2,956
Forward Foreign Currency Exchange Contracts	$	–		$	(18,061,816	)	$	–
Futures Contracts	$	(1,099,153	)	$	–		$	–
Interest Rate Swaps	$	(105,699	)	$	–		$	–
Net Change in Unrealized Appreciation/Depreciation(2)
Credit Default Swaps	$	–		$	–		$	11,314
Forward Foreign Currency Exchange Contracts	$	–		$	3,483,990		$	–
Futures Contracts	$	(42,171	)	$	–		$	–
Interest Rate Swaps	$	(25,612	)	$	–		$	–
Average Number of Contracts/Notional Amounts*
Credit Default Swaps(3)	$	–		$	–		$	3,300,000
Forward Foreign Currency Exchange Contracts(3)	$	–		$	635,113,438		$	–
Futures Contracts(4)		784			–			–
Interest Rate Swaps(3)	$	59,000,000		$	–		$	–

108

Notes to Financial Statements (unaudited)(continued)

Emerging Markets Local Bond Fund
	Foreign
	Currency
		Contracts
Net Realized Gain (Loss)(1)
Forward Foreign Currency Exchange Contracts	$	(72,442	)
Net Change in Unrealized Appreciation/Depreciation(2)
Forward Foreign Currency Exchange Contracts	$	(42,098	)
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(3)	$	8,431,814

	Multi Asset Global Opportunity Fund
	Equity			Interest			Foreign
	Index			Rate			Currency			Credit
	Contracts			Contracts			Contracts			Contracts
Net Realized Gain (Loss)(1)
Centrally Cleared Credit Default Swap	$	–		$	–		$	–		$	3,515
Forward Foreign Currency Exchange Contracts	$	–		$	–		$	891,198		$	–
Futures Contracts	$	20,249		$	(136,216	)	$	–		$	–
Net Change in Unrealized Appreciation/Depreciation(2)
Centrally Cleared Credit Default Swap	$	–		$	–		$	–		$	2,249
Forward Foreign Currency Exchange Contracts	$	–		$	–		$	(385,747	)	$	–
Futures Contracts	$	(10,860	)	$	96,960		$	–		$	–
Average Number of Contracts/Notional Amounts*
Centrally Cleared Credit Default Swap(3)	$	–		$	–		$	–		$	284,286
Forward Foreign Currency Exchange Contracts(3)	$	–		$	–		$	22,152,085		$	–
Futures Contracts(4)		1			48			–			–

*	Calculated based on the number of contracts or notional amounts for the six months ended June 30, 2015.
(1)	Statements of Operations location: Net realized gain (loss) on futures contracts, swaps and foreign currency related transactions.
(2)	Statements of Operations location: Net change in unrealized appreciation/depreciation on 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.

109

Notes to Financial Statements (unaudited)(continued)

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		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Assets Presented
	Recognized		Statement of Assets		in the Statement of
Description	Assets		and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	604	$	–	$	604
Repurchase Agreement		283,021		–		283,021
Total	$	283,625	$	–	$	283,625

			Amounts Not Offset in the
			Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented					Cash		Securities
	in the Statement of		Financial			Collateral		Collateral
Counterparty	Assets and Liabilities		Instruments			Received(a)		Received(a)			Net Amount(b)
Fixed Income Clearing Corp.	$	283,021	$	–		$	–	$	(283,021	)	$	–
Morgan Stanley		604		(604	)		–		–			–
Total	$	283,625	$	(604	)	$	–	$	(283,021	)	$	–

	Gross		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Liabilities Presented
	Recognized		Statement of Assets		in the Statement of
Description	Liabilities		and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	2,405	$	–	$	2,405
Total	$	2,405	$	–	$	2,405

			Amounts Not Offset in the
			Statement of Assets and Liabilities
	Net Amounts of
	Liabilities Presented					Cash		Securities
	in the Statement of		Financial			Collateral		Collateral
Counterparty	Assets and Liabilities		Instruments			Pledged(a)		Pledged(a)		Net Amount(c)
Morgan Stanley	$	2,405	$	(604	)	$	–	$	–	$	1,801
Total	$	2,405	$	(604	)	$	–	$	–	$	1,801

110

Notes to Financial Statements (unaudited)(continued)

	Emerging Markets Currency Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$3,095,390	$	–	$	3,095,390
Total		$3,095,390	$	–	$	3,095,390

			Amounts Not Offset in the
			Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received(a)			Securities Collateral Received(a)		Net Amount(b)
Bank of America	$	208,904	$	(208,904	)	$	–		$	–	$	–
Barclays Bank plc		541,297		(541,297	)		–			–		–
Citibank		20,335		–			–			–		20,335
Deutsche Bank AG		390,950		(118,184	)		(272,766	)		–		–
Goldman Sachs		50,656		(50,656	)		–			–		–
J.P. Morgan Chase		1,381,621		(1,381,621	)		–			–		–
Morgan Stanley		446,206		(446,206	)		–			–		–
Standard Charter Bank		22,147		–			–			–		22,147
UBS AG		33,274		(10,731	)		–			–		22,543
Total	$	3,095,390	$	(2,757,599	)	$	(272,766	)	$	–	$	65,025

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Credit Default Swaps	$	8,723	$	–	$	8,723
Forward Foreign Currency Exchange Contracts		10,238,066		–		10,238,066
Total	$	10,246,789	$	–	$	10,246,789

			Amounts Not Offset in the
			Statement of Assets and Liabilities
	Net Amounts of
	Liabilities Presented					Cash			Securities
	in the Statement of		Financial			Collateral			Collateral
Counterparty	Assets and Liabilities		Instruments			Pledged(a)			Pledged(a)		Net Amount(c)
Bank of America	$	3,578,428	$	(208,904	)	$	(3,030,000	)	$	–	$	339,524
Barclays Bank plc		1,411,062		(541,297	)		(680,000	)		–		189,765
Credit Suisse		4,987		–			–			–		4,987
Deutsche Bank AG		118,184		(118,184	)		–			–		–
Goldman Sachs		1,064,294		(50,656	)		(830,000	)		–		183,638
J.P. Morgan Chase		3,113,512		(1,381,621	)		(1,060,000	)		–		671,891
Morgan Stanley		945,591		(446,206	)		(180,000	)		–		319,385
UBS AG		10,731		(10,731	)		–			–		–
Total	$	10,246,789	$	(2,757,599	)	$	(5,780,000	)	$	–	$	1,709,190

111

Notes to Financial Statements (unaudited)(continued)

			Emerging Markets Local Bond Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$  66,384	$	–		$   66,384
Total		$  66,384	$	–		$   66,384

			Amounts Not Offset in the
			Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented					Cash		Securities
	in the Statement of		Financial			Collateral		Collateral
Counterparty	Assets and Liabilities		Instruments			Received(a)		Received(a)		Net Amount(b)
Bank of America	$	20,725		$(20,725	)	$	–	$	–	$	–
Citibank		1,547		(1,547	)		–		–		–
Deutsche Bank AG		8,041		(1,146	)		–		–		6,895
Morgan Stanley		33,889		(32,992	)		–		–		897
Standard Chartered Bank		335		–			–		–		335
UBS AG		1,847		(1,500	)		–		–		347
Total	$	66,384		$(57,910	)	$	–	$	–	$	8,474

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	101,400	$	–		$  101,400
Total	$	101,400	$	–		$  101,400

			Amounts Not Offset in the
			Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged(a)		Securities Collateral Pledged(a)		Net Amount(c)
Bank of America	$	32,913		$(20,725	)	$	–	$	–		$12,188
Barclays Bank plc		3,809		–			–		–		3,809
Citibank		5,946		(1,547	)		–		–		4,399
Deutsche Bank AG		1,146		(1,146	)		–		–		–
Goldman Sachs		23,094		–			–		–		23,094
Morgan Stanley		32,992		(32,992	)		–		–		–
UBS AG		1,500		(1,500	)		–		–		–
Total	$	101,400		$(57,910	)	$	–	$	–		$43,490

112

Notes to Financial Statements (unaudited)(continued)

			Multi-Asset Global Opportunity Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$  139,821	$	–		$  139,821
Total		$  139,821	$	–		$  139,821

			Amounts Not Offset in the
			Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received(a)		Securities Collateral Received(a)		Net Amount(b)
Bank of America		$  137,367		$  (64,689	)	$	–	$	–		$  72,678
Morgan Stanley		2,454		(2,454	)		–		–		–
Total		$  139,821		$  (67,143	)	$	–	$	–		$  72,678

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$  271,247	$	–	$	271,247
Total		$  271,247	$	–	$	271,247

			Amounts Not Offset in the
			Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged(a)			Securities Collateral Pledged(a)		Net Amount(c)
Bank of America	$	64,689		$  (64,689	)	$	–		$	–	$	–
Citibank		30,215		–			–			–		30,215
Goldman Sachs		21,090		–			–			–		21,090
Morgan Stanley		155,253		(2,454	)		(20,000	)		–		132,799
Total	$	271,247		$  (67,143	)	$	(20,000	)	$	–	$	184,104

(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 June 30, 2015.
(c)	Net amount represents the amount owed by the Fund to each counterparty as of June 30, 2015.

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

113

Notes to Financial Statements (unaudited)(continued)

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.

10. LINE OF CREDIT  

During the six months ended June 30, 2015, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated 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.

During the six months ended June 30, 2015, 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 six months ended June 30, 2015:

114

Notes to Financial Statements (unaudited)(continued)

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		1/1/2015 to			1/1/2015 to
Affiliated Issuer	12/31/2014		Additions		Sales			6/30/2015		6/30/2015		6/30/2015			6/30/2015
Lord Abbett Affiliated Fund, Inc. – Class I		201,757		13,586		(215,343	)		–	$	–	$	(23,406	)	$	–
Lord Abbett Equity Trust-Calibrated Large Cap Value Fund – Class I		101		–		(101	)		–		–		(29	)		–
Lord Abbett Equity Trust-Calibrated Mid Cap Value Fund – Class I		1,641,685		113,631		(32,999	)		1,722,317		37,322,610		199,972			–
Lord Abbett Global Fund, Inc. – Emerging Markets Currency Fund – Class I		7,591,673		1,933,146		(77,914	)		9,446,905		52,146,917		(37,733	)		686,794
Lord Abbett Research Fund, Inc. – Growth Opportunities Fund – Class I		242,925		11,999		(254,924	)		–		–		(68,254	)		–
Lord Abbett Investment Trust – High Yield Fund – Class I		7,076,807		338,111		(1,162,588	)		6,252,330		47,330,141		(215,519	)		1,448,501
Lord Abbett Securities Trust – International Dividend Income Fund – Class I		13,131,186		2,587,283		(121,792	)		15,596,677		121,342,144		(38,288	)		2,743,731
Lord Abbett Mid Cap Stock Fund, Inc. – Class I		1,367,113		129,734		(271,045	)		1,225,802		32,214,081		2,999,710			–
Lord Abbett Investment Trust – Short Duration Income Fund – Class I		–		2,143,626		(1,391,305	)		752,321		3,332,781		(2,359	)		31,626
Total										$	293,688,674	$	2,814,094		$	4,910,652

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.

115

Notes to Financial Statements (unaudited)(continued)

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 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

116

Notes to Financial Statements (unaudited)(continued)

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.

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:

	Six Months Ended
				June 30, 2015				Year Ended
Emerging Markets Corporate Debt Fund					(unaudited)			December 31, 2014
Class A Shares	Shares				Amount			Shares			Amount
Shares sold		141,795			$	2,138,418			106,068		$	1,629,360
Reinvestment of distributions		11,060				166,576			30,526			464,178
Shares reacquired		(15,091	)			(227,688	)		(5,480	)		(85,155	)
Increase		137,764			$	2,077,306			131,114		$	2,008,383
Class C Shares
Shares sold		13,110			$	196,568			24,534		$	385,071
Reinvestment of distributions		721				10,851			1,356			20,421
Shares reacquired		(2,414	)			(36,122	)		(697	)		(10,560	)
Increase		11,417			$	171,297			25,193		$	394,932
Class F Shares
Shares sold		60,359			$	912,145			4,128		$	64,700
Reinvestment of distributions		538				8,101			690			10,467
Shares reacquired		(2,641	)			(39,732	)		(70	)		(1,043	)
Increase		58,256			$	880,514			4,748		$	74,124

117

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	June 30, 2015							Year Ended
Emerging Markets Corporate Debt Fund				(unaudited)				December 31, 2014
Class I Shares	Shares				Amount			Shares			Amount
Shares sold		409,943			$	6,244,529			–		$	–
Reinvestment of distributions		10,382				156,311			25,101			382,031
Shares reacquired		(22	)			(336	)		–			–
Increase		420,303			$	6,400,504			25,101		$	382,031
Class R2 Shares
Shares sold		–			$	–			607		$	9,500
Reinvestment of distributions		173				2,605			523			7,958
Shares reacquired		–				–			(607	)		(9,500	)
Increase		173			$	2,605			523		$	7,958
Class R3 Shares
Reinvestment of distributions		173				2,605			523			7,958
Increase		173			$	2,605			523		$	7,958
Class R4 Shares(a)
Shares sold		668			$	10,000			–		$	–
Increase		668			$	10,000			–		$	–
Class R5 Shares(a)
Shares sold		668			$	10,000			–		$	–
Increase		668			$	10,000			–		$	–
Class R6 Shares(a)
Shares sold		668			$	10,000			–		$	–
Increase		668			$	10,000			–		$	–

^(a) Shares commenced at the close of business on June 30, 2015.

	Six Months Ended
	June 30, 2015									Year Ended
Emerging Markets Currency Fund				(unaudited)			December 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		177,118		$	1,000,219			1,172,696		$	7,239,988
Converted from Class B*		8,650			49,056			16,240			100,253
Reinvestment of distributions		62,632			351,542			153,276			943,703
Shares reacquired		(866,658	)		(4,877,529	)		(3,710,143	)		(22,888,787	)
Decrease		(618,258	)	$	(3,476,712	)		(2,367,931	)	$	(14,604,843	)
Class B Shares
Shares sold		23		$	133			300		$	1,892
Reinvestment of distributions		503			2,834			1,279			7,901
Shares reacquired		(4,106	)		(22,989	)		(35,643	)		(222,425	)
Converted to Class A*		(8,609	)		(49,056	)		(16,164	)		(100,253	)
Decrease		(12,189	)	$	(69,078	)		(50,228	)	$	(312,885	)
Class C Shares
Shares sold		25,727		$	145,571			89,528		$	558,072
Reinvestment of distributions		10,364			58,501			27,511			170,212
Shares reacquired		(373,344	)		(2,124,595	)		(1,210,934	)		(7,459,292	)
Decrease		(337,253	)	$	(1,920,523	)		(1,093,895	)	$	(6,731,008	)

118

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
				June 30, 2015						Year Ended
Emerging Markets Currency Fund				(unaudited)			December 31, 2014
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		382,260		$	2,154,461			2,203,018		$	13,658,777
Reinvestment of distributions		39,622			222,266			101,528			623,567
Shares reacquired		(1,402,998	)		(7,918,034	)		(4,353,099	)		(26,544,393	)
Decrease		(981,116	)	$	(5,541,307	)		(2,048,553	)	$	(12,262,049	)
Class I Shares
Shares sold		37,816,192		$	212,276,089			42,792,639		$	262,847,760
Reinvestment of distributions		1,123,573			6,285,976			1,642,045			10,108,253
Shares reacquired		(709,281	)		(4,005,297	)		(36,533,194	)		(224,615,108	)
Increase		38,230,484		$	214,556,768			7,901,490		$	48,340,905
Class P Shares
Shares sold		1		$	3			4		$	26
Reinvestment of distributions		7			38			21			130
Shares reacquired		–			–			(733	)		(4,603	)
Increase (decrease)		8		$	41			(708	)	$	(4,447	)
Class R2 Shares
Shares sold		2,593		$	14,590			7,695		$	47,236
Reinvestment of distributions		41			232			65			402
Shares reacquired		(3,797	)		(21,733	)		(28,275	)		(178,330	)
Decrease		(1,163	)	$	(6,911	)		(20,515	)	$	(130,692	)
Class R3 Shares
Shares sold		17,800		$	99,639			32,901		$	202,804
Reinvestment of distributions		1,038			5,814			1,845			11,301
Shares reacquired		(29,500	)		(165,211	)		(22,840	)		(140,335	)
Increase (decrease)		(10,662	)	$	(59,758	)		11,906		$	73,770
Class R4 Shares(a)
Shares sold		1,808		$	10,000			–		$	–
Increase		1,808		$	10,000			–		$	–
Class R5 Shares(a)
Shares sold		1,812		$	10,000			–		$	–
Increase		1,812		$	10,000			–		$	–
Class R6 Shares(a)
Shares sold		1,812		$	10,000			–		$	–
Increase		1,812		$	10,000			–		$	–

^(a) Shares commenced at the close of business on June 30, 2015.

119

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
				June 30, 2015						Year Ended
Emerging Markets Local Bond Fund				(unaudited)			December 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		33,957		$	407,903			446,078		$	6,149,171
Reinvestment of distributions		15,707			188,971			25,985			363,212
Shares reacquired		(176,909	)		(2,202,948	)		(154,025	)		(2,149,045	)
Increase (decrease)		(127,245	)	$	(1,606,074	)		318,038		$	4,363,338
Class C Shares
Shares sold		12,908		$	152,566			21,096		$	299,046
Reinvestment of distributions		567			6,811			832			11,657
Shares reacquired		(919	)		(10,866	)		(6,196	)		(85,511	)
Increase		12,556		$	148,511			15,732		$	225,192
Class F Shares
Shares sold		5		$	60			5,618		$	79,309
Reinvestment of distributions		416			5,003			576			8,009
Shares reacquired		(1,690	)		(20,415	)		(48	)		(662	)
Increase (decrease)		(1,269	)	$	(15,352	)		6,146		$	86,656
Class I Shares
Reinvestment of distributions		5,318			63,943			10,131			142,153
Increase		5,318		$	63,943			10,131		$	142,153
Class R2 Shares
Reinvestment of distributions		230			2,771			439			6,160
Increase		230		$	2,771			439		$	6,160
Class R3 Shares
Reinvestment of distributions		230			2,773			439			6,163
Increase		230		$	2,773			439		$	6,163
Class R4 Shares(a)
Shares sold		867		$	10,000			–		$	–
Increase		867		$	10,000			–		$	–
Class R5 Shares(a)
Shares sold		867		$	10,000			–		$	–
Increase		867		$	10,000			–		$	–
Class R6 Shares(a)
Shares sold		867		$	10,000			–		$	–
Increase		867		$	10,000			–		$	–

^(a) Shares commenced at the close of business on June 30, 2015.

120

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
				June 30, 2015						Year Ended
Multi-Asset Global Opportunity Fund				(unaudited)			December 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,076,293		$	25,436,649			4,477,606		$	57,044,988
Converted from Class B*		35,661			441,221			64,046			810,678
Reinvestment of distributions		208,011			2,501,934			748,762			9,296,409
Shares reacquired		(1,481,111	)		(18,095,892	)		(2,602,686	)		(32,883,927	)
Increase		838,854		$	10,283,912			2,687,728		$	34,268,148
Class B Shares
Shares sold		11,913		$	133,666			41,858		$	483,456
Reinvestment of distributions		4,468			49,043			23,047			261,729
Shares reacquired		(32,423	)		(362,317	)		(107,991	)		(1,249,031	)
Converted to Class A*		(39,100	)		(441,221	)		(69,950	)		(810,678	)
Decrease		(55,142	)	$	(620,829	)		(113,036	)	$	(1,314,524	)
Class C Shares
Shares sold		733,138		$	8,191,945			1,588,740		$	18,540,172
Reinvestment of distributions		49,920			547,708			195,446			2,214,545
Shares reacquired		(579,751	)		(6,460,643	)		(738,085	)		(8,550,699	)
Increase		203,307		$	2,279,010			1,046,101		$	12,204,018
Class F Shares
Shares sold		347,988		$	4,254,676			924,754		$	11,890,241
Reinvestment of distributions		14,766			177,647			45,837			566,380
Shares reacquired		(298,686	)		(3,675,201	)		(419,330	)		(5,267,649	)
Increase		64,068		$	757,122			551,261		$	7,188,972
Class I Shares
Shares sold		147,585		$	1,809,834			660,134		$	8,682,203
Reinvestment of distributions		47,267			572,362			170,033			2,122,250
Shares reacquired		(12,459	)		(152,477	)		(16,348	)		(205,489	)
Increase		182,393		$	2,229,719			813,819		$	10,598,964
Class R2 Shares
Shares sold		4,304		$	53,227			2,395		$	31,089
Reinvestment of distributions		173			2,125			469			5,927
Shares reacquired		(276	)		(3,434	)		(436	)		(5,526	)
Increase		4,201		$	51,918			2,428		$	31,490
Class R3 Shares
Shares sold		81,127		$	996,124			167,642		$	2,130,252
Reinvestment of distributions		8,097			97,958			28,904			360,452
Shares reacquired		(53,614	)		(659,590	)		(97,545	)		(1,241,142	)
Increase		35,610		$	434,492			99,001		$	1,249,562
Class R4 Shares(a)
Shares sold		836.12		$	10,000			–		$	–
Increase		836.12		$	10,000			–		$	–
Class R5 Shares(a)
Shares sold		830.57		$	10,000			–		$	–
Increase		830.57		$	10,000			–		$	–

121

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
			June 30, 2015				Year Ended
Multi-Asset Global Opportunity Fund			(unaudited)		December 31, 2014
Class R6 Shares(a)	Shares		Amount		Shares		Amount
Shares sold		830.57	$	10,000		–	$	–
Increase		830.57	$	10,000		–	$	–

*	Automatic conversion of Class B shares occurs on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted.
(a)	Shares commenced at the close of business on June 30, 2015.

15. RECENT ACCOUNTING PRONOUNCEMENT  

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning after December 15, 2014. The effective dates for interim periods vary for the requirements within this guidance. Management does not believe the impact, if any, of this guidance will be material to the Funds’ financial statement disclosures.

122

Investments in Underlying Funds (unaudited)

Multi-Asset Global Opportunity Fund invests in Underlying Funds managed by Lord Abbett. As of June 30, 2015, Multi-Asset Global Opportunity Fund’s long-term investments were allocated among the Underlying Funds as follows:

Underlying Fund Name	% of Investments
Lord Abbett Equity Trust – Calibrated Mid Cap Value Fund – Class I	12.71%
Lord Abbett Global Fund, Inc. – Emerging Markets Currency Fund – Class I	17.76%
Lord Abbett Investment Trust – High Yield Fund – Class I	16.11%
Lord Abbett Investment Trust – Short Duration Income Fund – Class I	1.13%
Lord Abbett Securities Trust – International Dividend Income Fund – Class I	41.32%
Lord Abbett Mid Cap Stock Fund – Class I	10.97%

The Ten Largest Holdings and the Holdings by Sector, as of June 30, 2015, 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 Equity Trust – Calibrated Mid Cap Value Fund

Ten Largest Holdings	% of Investments
Fifth Third Bancorp	2.50%
XL Group plc	2.37%
Invesco Ltd.	2.36%
Whirlpool Corp.	2.23%
Hartford Financial Services Group, Inc. (The)	2.09%
Mallinckrodt plc	2.00%
SCANA Corp.	1.86%
Nielsen NV	1.83%
Everest Re Group Ltd.	1.81%
Huntsman Corp.	1.79%
Holdings by Sector*	% of Investments
Consumer Discretionary	8.89%
Consumer Staples	3.27%
Energy	9.99%
Financials	32.10%
Health Care	7.25%
Industrials	9.46%
Information Technology	9.68%
Materials	6.76%
Telecommunication Services	1.05%
Utilities	10.69%
Repurchase Agreement	0.86%
Total	100.00%

* A sector may comprise several industries.

123

Investments in Underlying Funds (unaudited)(continued)

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

Ten Largest Holdings	% of Investments
U.S. Treasury Note, 2.125%, 12/31/2015	2.66%
Marathon Oil Corp., 0.90%, 11/1/2015	0.98%
Citigroup Commercial Mortgage Trust 2015-SSHP C, 2.285%, 9/15/2017	0.90%
LB-UBS Commercial Mortgage Trust 2006-C6 AM, 5.413%, 9/15/2039	0.84%
Federal National Mortgage Assoc., 3.475%, 11/1/2040	0.81%
Citigroup Commercial Mortgage Trust 2015-SSHP B, 1.835%, 9/15/2017	0.80%
Citigroup Commercial Mortgage Trust 2007-C6 AM, 5.899%, 12/10/2049	0.68%
Aventura Mall Trust 2013-AVM A, 3.867%, 12/5/2032	0.67%
Omega Healthcare Investors, Inc., 6.75%, 10/15/2022	0.66%
Laclede Group, Inc. (The), 1.02%, 8/15/2017	0.65%
Holdings by Sector*	% of Investments
Asset Backed	19.72%
Automotive	1.13%
Banking	5.17%
Basic Industry	3.08%
Capital Goods	1.86%
Consumer Goods	1.99%
Engery	9.37%
Financial Services	2.72%
Foreign Government	0.03%
Health Care	4.00%
Insurance	0.86%
Leisure	2.71%
Media	2.93%
Mortgage Backed	30.60%
Municipal	0.37%
Real Estate	2.87%
Retail	1.14%
Services	0.07%
Technology & Electronics	2.23%
Telecommunications	1.89%
Transportation	1.38%
U.S. Government	2.66%
Utility	1.22%
Total	100.00%

* A sector may comprise several industries.

124

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Investment Trust – High Yield Fund

Ten Largest Holdings	% of Investments
DISH DBS Corp., 5.875%, 7/15/2022	0.68%
MEG Energy Corp. 7.00%, 3/31/2024	0.59%
T-Mobile USA, Inc., 6.836%, 4/28/2023	0.58%
WhiteWave Foods Co. (The), 5.375%, 10/1/2022	0.57%
AMC Networks, Inc., 4.75%, 12/15/2022	0.56%
Seven Generations Energy Ltd. 8.25%, 5/15/2020	0.55%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 5.00%, 10/1/2021	0.50%
Sabine Pass Liquefaction LLC, 6.25%, 3/15/2022	0.50%
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/2023	0.48%
Numericable-SFR SAS 6.00%, 5/15/2022	0.46%
Holdings by Sector*	% of Investments
Asset Backed	2.72%
Banking	2.48%
Basic Industry	11.22%
Capital Goods	4.59%
Consumer Goods	5.35%
Energy	13.02%
Financial Services	3.76%
Foreign Government	0.30%
Health Care	9.51%
Insurance	0.84%
Leisure	7.06%
Media	9.21%
Real Estate	0.64%
Retail	8.96%
Services	3.10%
Technology & Electronics	6.49%
Telecommunications	5.47%
Transportation	2.49%
Utilities	2.79%
Total	100.00%

* A sector may comprise several industries.

125

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Securities Trust – International Dividend Income Fund

Ten Largest Holdings	% of Investments
Baytex Energy Corp.	2.05%
Crescent Point Energy Corp.	2.01%
Royal Dutch Shell plc Class A ADR	2.00%
National Australia Bank Ltd.	1.99%
Freenet AG	1.87%
Whitecap Resources, Inc.	1.78%
Total SA ADR	1.70%
Berkeley Group Holdings plc	1.58%
Imperial Tobacco Group plc	1.52%
Snam SpA	1.46%
Holdings by Sector*	% of Investments
Consumer Discretionary	10.78%
Consumer Staples	5.33%
Energy	17.49%
Financials	30.04%
Health Care	4.21%
Industrials	9.65%
Information Technology	1.56%
Materials	2.33%
Telecommunication Services	11.61%
Utilities	6.16%
Repurchase Agreement	0.84%
Total	100.00%

* A sector may comprise several industries.

126

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Mid Cap Stock Fund, Inc.

Ten Largest Holdings	% of Investments
Hartford Financial Services Group, Inc. (The)	2.56%
XL Group plc (Ireland)	2.37%
Invesco Ltd.	1.92%
Lincoln National Corp.	1.91%
M&T Bank Corp.	1.86%
Fidelity National Information Services, Inc.	1.83%
Jones Lang LaSalle, Inc.	1.83%
Whirlpool Corp.	1.83%
Cimarex Energy Co.	1.83%
Wyndham Worldwide Corp.	1.80%

Holdings by Sector*	% of Investments
Consumer Discretionary	10.76%
Consumer Staples	3.38%
Energy	7.55%
Financials	34.51%
Health Care	10.02%
Industrials	9.25%
Information Technology	9.73%
Materials	5.54%
Utilities	8.30%
Repurchase Agreement	0.96%
Total	100.00%

* A sector may comprise several industries.

127

Investments in Underlying Funds (unaudited)(concluded)

Lord Abbett Investment Trust – Short Duration Income Fund

Ten Largest Holdings	% of Investments
U.S. Treasury Note, 2.125%, 12/31/2015		3.00%
Air Lease Corp., 5.625%, 4/1/2017		0.75%
Omega Healthcare Investors, Inc., 6.75%, 10/15/2022		0.69%
Host Hotels & Resorts LP, 6.00%, 11/1/2020		0.64%
Wachovia Bank Commercial Mortgage Trust 2007-C31 AM, 5.59%, 4/15/2047		0.62%
BAMLL Commercial Mortgage Securities Trust 2014-IP A, 2.72%, 6/15/2028		0.59%
Denali Borrower LLC / Denali Finance Corp., 5.625%, 10/15/2020		0.55%
Forest Laboratories, Inc., 4.375%, 2/1/2019		0.55%
Ladder Capital Commercial Mortgage Securities LLC 2014-PKMD A, 2.86%, 11/14/2027		0.54%
Mylan, Inc., 7.875%, 7/15/2020		0.51%

Holdings by Sector*	% of Investments
Auto		1.70%
Basic Industry		0.58%
Capital Goods		0.24%
Consumer Cyclicals		3.51%
Consumer Discretionary		1.65%
Consumer Non-Cyclical		0.02%
Consumer Services		1.35%
Consumer Staples		1.59%
Energy		5.96%
Financial Services		54.00%
Foreign Government		0.49%
Health Care		5.94%
Integrated Oils		1.76%
Materials and Processing		2.79%
Municipal		0.45%
Producer Durables		0.51%
Technology		2.72%
Telecommunications		1.81%
Transportation		0.97%
U.S. Government		8.44%
Utilities		1.87%
Repurchase Agreement		1.65%
Total		100.00%

* A sector may comprise several industries

128

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).

129

 

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 Global Fund, Inc.
	Lord Abbett Emerging Markets Corporate Debt Fund
	Lord Abbett Emerging Markets Currency Fund
	Lord Abbett Emerging Markets Local Bond Fund
		LAGF-3
	Lord Abbett Multi-Asset Global Opportunity Fund	(08/15)

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

(a)

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

(b)

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

Item 12: Exhibits.

(a)(1)	Code of Ethics. Not applicable.
(a)(2)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.
(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: August 20, 2015

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

Date: August 20, 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: August 20, 2015

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

Date: August 20, 2015