Lord Abbett Global Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05476

LORD ABBETT GLOBAL FUND, INC.

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

Brooke A. Fapohunda, Esq., Vice President & Assistant Secretary

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 12/31/2016

Item 1:

Report(s) to Shareholders.

2016 LORD ABBETT
ANNUAL REPORT

Lord Abbett

Emerging Markets Corporate Debt Fund

Emerging Markets Currency Fund

Emerging Markets Local Bond Fund

Multi-Asset Global Opportunity Fund

For the fiscal year ended December 31, 2016

Table of Contents

1		A Letter to Shareholders

6		Investment Comparisons

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

		Schedules of Investments:

19		Emerging Markets Corporate Debt Fund

27		Emerging Markets Currency Fund

63		Emerging Markets Local Bond Fund

71		Multi-Asset Global Opportunity Fund

74		Statements of Assets and Liabilities

78		Statements of Operations

80		Statements of Changes in Net Assets

84		Financial Highlights

96		Notes to Financial Statements

124		Report of Independent Registered Public Accounting Firm

125		Supplemental Information to Shareholders

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

For the fiscal year ended December 31, 2016

From left to right: James L.L. Tullis, Chairman of the Lord Abbett Funds and Daria L. Foster Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this overview of the performance of the Funds for the fiscal year ended December 31, 2016. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Funds, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on each Fund’s performance and other portfolio related updates.

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

Best regards,

Daria L. Foster

Director, President and Chief Executive Officer

Lord Abbett Emerging Markets Corporate Debt Fund

For the fiscal year ended December 31, 2016, the Fund returned 9.03%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified¹, which returned 9.65% during the same period.

During the 12-month period, U.S. dollar denominated emerging markets corporate debt (as represented by the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified¹), underperformed emerging markets local bonds (as represented by the JP Morgan GBI-EM Global Diversified Index²) and outperformed emerging markets currencies (as represented by the Bloomberg Barclays Global Emerging

Markets Strategy Index³). Emerging markets corporate debt underperformed domestic equity markets (as represented by the S&P 500^® Index⁴) and significantly outperformed U.S. fixed income markets (as represented by the Bloomberg Barclays U.S. Aggregate Bond Index⁵).

In terms of regional allocations, the Fund’s underweight to the African region detracted from relative performance, as the region’s bonds overall posted the highest returns in 2016. Specifically, an underweight to South African securities detracted, as the bonds outperformed during the period. In addition, the Fund’s overweight to investment grade bonds detracted from relative performance, as the asset class underperformed in 2016.

The Fund’s overweight to the Latin American region contributed to relative performance, as the fixed income securities in the region rallied in 2016. Specifically, an overweight to Brazil helped, as the country’s corporate debt surged during the period. In addition, an overweight to Europe contributed to performance, as the region’s bonds outperformed in 2016.

Lord Abbett Emerging Markets Currency Fund

For the fiscal year ended December 31, 2016, the Fund returned 5.68%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the J.P. Morgan Emerging Local Markets Index Plus⁶, which returned 3.54% during the same period.

During 2016, emerging markets currencies (as represented by the J.P. Morgan Emerging Local Markets Index Plus⁶) underperformed emerging markets corporate debt (as represented by the J.P. Morgan CEMBI Broad Diversified Index⁷) and emerging markets local bonds (as represented by the J.P. Morgan GBI-EM Global Diversified Index²). Emerging markets currencies also underperformed domestic equity markets (as represented by the S&P 500^® Index⁴) and outperformed U.S. fixed income markets (as represented by the Bloomberg Barclays U.S. Aggregate Bond Index⁵).

The Fund’s positioning in Latin American currencies likely contributed to performance, as the region’s currencies outperformed in 2016. In addition, the Fund’s exposure to commodity price driven currencies, such as the Russian ruble, helped performance due to underlying strength in commodity prices during the period.

The Fund’s positioning in Asian currencies likely detracted from performance, as the region was the weakest performer during the period. In addition, within the European region allocation, exposure to the Turkish lira detracted from performance, as the currency underperformed due to increased political instability in the country.

Lord Abbett Emerging Markets Local Bond Fund

For the fiscal year ended December 31, 2016, the Fund returned 7.60%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the JP Morgan GBI-EM Global Diversified Index,²which returned 9.94% during the same period.

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

The Fund’s exposure to Asian currencies detracted from absolute performance, as the region’s currencies underperformed during the period. Specifically, exposure to the Philippine peso detracted, as the currency posted negative returns in 2016.

The Fund’s underweight positioning in European bonds contributed to performance relative to the benchmark, as the region underperformed during the

period. Specifically, an underweight to Poland helped, as the country’s bonds significantly underperformed in 2016.

Lord Abbett Multi-Asset Global Opportunity Fund

For the fiscal year ended December 31, 2016, the Fund returned 8.86%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, a blend consisting of 40% MSCI EAFE Index with Gross Dividends⁸/25% Russell 1000^® Index⁹/20% Bloomberg Barclays U.S. Aggregate Bond Index⁵/15% BofA Merrill Lynch U.S. High Yield Constrained Index¹⁰, which returned 6.80% over the same period.

During the 12-month period, domestic equity markets (as represented by the S&P 500^® Index⁴) outperformed fixed-income markets (as represented by the Bloomberg Barclays U.S. Aggregate Index⁵). Domestic equity markets also outperformed foreign equity markets (as represented by the MSCI EAFE Index with Gross Dividends⁸). In addition, high yield bonds (as represented by the BofA Merrill Lynch High Yield Constrained Index¹⁰) outperformed higher quality fixed income (as represented by the Bloomberg Barclays U.S. Aggregate Index⁵).

The Fund’s allocation to high yield bonds contributed to performance relative to the benchmark as the asset class outperformed the higher quality segment of the fixed income market. In addition, within equities, the Fund’s allocation to

domestic mid-cap value stocks contributed to relative performance as this segment of the market outperformed broader U.S. equities.

Detracting from relative performance was the Fund’s allocation to international equities, as U.S. stocks outpaced international equities during the period. Also detracting from the Fund’s

relative performance was exposure to Emerging Markets currencies as this asset class underperformed the blended benchmark.

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

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

² The JP Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index is a comprehensive global emerging markets index that consists of regularly traded, liquid fixed rate and domestic currency government bonds.

³ The Bloomberg Barclays Global Emerging Markets Strategy (GEMS) Index is based on investing in one-month synthetic money market deposits across 15 diversified Emerging Market currencies.

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

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

⁶ The J.P. Morgan Emerging Local Markets Index Plus (ELMI+) tracks total returns for local currency

denominated money market instruments in 23 emerging markets countries.

⁷ The J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) is a market capitalization weighted index that tracks total returns of U.S. dollar denominated debt instruments issued by corporate entities in emerging markets countries. The index limits the current face amount allocations of the bonds in the CEMBI Broad by constraining the total face amount outstanding for countries with larger debt stocks.

⁸ The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The MSCI EAFE Index with Gross Dividends approximates the maximum possible dividend reinvestment. The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

⁹ The Russell 1000^®Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

¹⁰ The BofA Merrill Lynch U.S. High Yield Constrained

Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

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

Important Performance and Other Information Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Funds will fluctuate so that shares, on any given day or when redeemed, may

be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

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

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

The annual commentary above discusses the views of the Funds’ management and various portfolio holdings of the Funds as of December 31, 2016. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds’ portfolio is actively managed and may change significantly, the Funds may no longer own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds’ portfolio holdings, please visit www.lordabbett.com.

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

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

Emerging Markets Corporate Debt Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended December 31, 2016

	1 Year	Life of Class
Class A³	6.59%	5.02%
Class C⁴	7.23%	5.02%
Class F⁵	9.10%	5.89%
Class I⁵	9.18%	6.00%
Class R2⁵	9.18%	6.00%
Class R3⁵	9.18%	6.00%
Class R4⁶	8.92%	4.90%
Class R5⁶	9.18%	5.16%
Class R6⁶	9.26%	5.23%

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

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

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

ended December 31, 2016, is calculated using the SEC-required uniform method to compare such return.

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

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

⁶ Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

Emerging Markets Currency Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the JPMorgan Emerging Local Markets Index Plus (ELMI+) and the Bloomberg Barclays Global Emerging Markets Strategy (GEMS) Index, assuming reinvestment of all dividends and distributions. The Fund has adopted the JPMorgan Emerging Local Markets Index Plus (ELMI+) as its primary benchmark index and therefore will remove the Bloomberg Barclays Global Emerging Markets Strategy (GEMS) Index from its next annual report. The Fund made this substitution because information about the Bloomberg Barclays index became less widely available. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended December 31, 2016

	1 Year	5 Years	10 Years	Life of Class
Class A³	3.25%	-0.97%	0.84%	–
Class B⁴	-0.17%	-1.68%	0.51%	–
Class C⁵	4.03%	-1.15%	0.43%	–
Class F⁶	5.79%	-0.42%	–	0.85%
Class I⁷	5.90%	-0.33%	1.33%	–
Class R2⁶	5.26%	-0.91%	–	0.41%
Class R3⁶	5.38%	-0.81%	–	0.48%
Class R4⁸	5.67%	–	–	-0.76%
Class R5⁸	5.94%	–	–	-0.52%
Class R6⁸	6.04%	–	–	-0.42%

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

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

³ Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ending December 31, 2016, is calculated using the SEC-required uniform method to compute such return.

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

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

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

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

⁷ Performance is at net asset value.

⁸ Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

Emerging Markets Local Bond Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended December 31, 2016

	1 Year	Life of Class
Class A³	5.16%	-6.06%
Class C⁴	5.90%	-6.13%
Class F⁵	7.59%	-5.37%
Class I⁵	7.81%	-5.25%
Class R2⁵	7.81%	-5.33%
Class R3⁵	7.81%	-5.32%
Class R4⁶	7.49%	-3.08%
Class R5⁶	7.87%	-2.77%
Class R6⁶	7.93%	-2.72%

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

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

³ Class A shares commenced operations on June 21, 2013 and performance for the Class began on June 28, 2013. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the period shown ended December 31, 2016, is calculated using the SEC-required uniform method to compare such return.

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

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

⁶ Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

Multi-Asset Global Opportunity Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended December 31, 2016

	1 Year	5 Years	10 Years	Life of Class
Class A³	6.38%	5.82%	2.89%	–
Class B⁴	3.07%	5.21%	2.56%	–
Class C⁵	7.15%	5.53%	2.41%	–
Class F⁶	9.01%	6.48%	–	2.15%
Class I⁷	9.18%	6.59%	3.43%	–
Class R2⁸	8.52%	5.95%	–	3.66%
Class R3⁸	8.65%	6.08%	–	3.63%
Class R4⁹	8.88%	–	–	-0.02%
Class R5⁹	9.28%	–	–	0.28%
Class R6⁹	9.23%	–	–	0.26%

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

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

³ Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all distributions reinvested for the periods shown ending December 31, 2016, is calculated using the SEC-required uniform method to compute such return.

⁴ Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for 5 years and 0% for 10 years. Class B shares automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.

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

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

⁷ Performance is at net asset value.

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

⁹ Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2016 through December 31, 2016).

Actual Expenses

For each class of each Fund, the first line of the table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period 7/1/16 – 12/31/16” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Emerging Markets Corporate Debt Fund

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			7/1/16 -
	7/1/16	12/31/16	12/31/16
Class A
Actual	$1,000.00	$1,008.30	$5.30
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.86	$5.33
Class C
Actual	$1,000.00	$1,003.60	$8.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.59	$8.62
Class F
Actual	$1,000.00	$1,008.10	$4.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.36	$4.82
Class I
Actual	$1,000.00	$1,008.70	$4.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.86	$4.32
Class R2
Actual	$1,000.00	$1,008.70	$4.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.86	$4.32
Class R3
Actual	$1,000.00	$1,008.70	$4.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.86	$4.32
Class R4
Actual	$1,000.00	$1,007.50	$5.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.76	$5.58
Class R5
Actual	$1,000.00	$1,008.70	$4.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.86	$4.32
Class R6
Actual	$1,000.00	$1,009.10	$3.89
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.27	$3.91


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.70% for Class C, 0.95% for Class F, 0.85% for Classes I, R2 and R3, 1.10% for Class R4, 0.85% for Class R5 and 0.77% for Class R6) multiplied by the average account value over the period, multiplied by 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2016

Sector*	%**
Auto	0.67	%
Basic Industry	0.65	%
Consumer Cyclical	3.11	%
Consumer Discretionary	0.66	%
Consumer Services	3.78	%
Consumer Staples	3.43	%
Energy	18.99	%
Financial Services	29.29	%
Foreign Government	2.28	%
Government	0.53	%
Health Care	0.69	%
Integrated Oils	0.30	%
Materials & Processing	14.84	%
Other	1.13	%
Technology	2.04	%
Telecommunications	8.13	%
Transportation	2.01	%
Utilities	6.58	%
Repurchase Agreement	0.89	%
Total	100.00	%


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

Emerging Markets Currency Fund

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		Period^†
					7/1/16 -
	7/1/16		12/31/16		12/31/16
Class A
Actual	$1,000.00		$	997.50	$4.92
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,020.21	$4.98
Class B
Actual	$1,000.00		$	991.70	$8.96
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,016.14	$9.07
Class C
Actual	$1,000.00		$	994.60	$7.97
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,017.14	$8.06
Class F
Actual	$1,000.00		$	998.00	$4.42
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,020.71	$4.47
Class I
Actual	$1,000.00		$	998.40	$3.92
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,021.22	$3.96
Class R2
Actual	$1,000.00		$	995.50	$6.92
Hypothetical (5% Return Before Expenses)	$1,000.00	��	$	1,018.20	$7.00
Class R3
Actual	$1,000.00		$	996.00	$6.37
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,018.75	$6.44
Class R4
Actual	$1,000.00		$	997.50	$5.02
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,020.11	$5.08
Class R5
Actual	$1,000.00		$	998.70	$3.67
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,021.47	$3.71
Class R6
Actual	$1,000.00		$	999.10	$3.32
Hypothetical (5% Return Before Expenses)	$1,000.00		$	1,021.82	$3.35

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.98% for Class A, 1.79% for Class B, 1.59% for Class C, 0.88% for Class F, 0.78% for Class I, 1.38% for Class R2, 1.27% for Class R3, 1.00% for Class R4, 0.73% for Class R5 and 0.66% for Class R6) multiplied by the average account value over the period, multiplied by 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2016

Sector*	%**
Asset Backed	19.90	%
Automotive	1.81	%
Banking	6.52	%
Basic Industry	2.69	%
Capital Goods	1.42	%
Collateralized Mortgage Obligation	0.86	%
Commercial Mortgage Backed	26.39	%
Consumer Goods	1.62	%
Energy	8.42	%
Financial Services	1.92	%
Foreign Sovereign	2.44	%
GO - State	0.20	%
Government Guaranteed	2.37	%
Healthcare	2.74	%
Insurance	1.01	%
Leisure	1.75	%
Media	2.81	%
Mortgage Backed	1.85	%
Real Estate	2.82	%
Retail	0.59	%
Services	0.86	%
Technology & Electronics	3.25	%
Telecommunications	1.35	%
Transportation	0.70	%
Utility	3.73	%
Total	100.00	%


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

Emerging Markets Local Bond Fund

	Beginning	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period^†
				7/1/16 -
	7/1/16	12/31/16		12/31/16
Class A
Actual	$1,000.00	$	958.10	$5.17
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.86	$5.33
Class C
Actual	$1,000.00	$	955.90	$8.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.64	$8.57
Class F
Actual	$1,000.00	$	959.30	$4.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.36	$4.82
Class I
Actual	$1,000.00	$	959.90	$4.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.86	$4.32
Class R2
Actual	$1,000.00	$	959.90	$4.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.86	$4.32
Class R3
Actual	$1,000.00	$	959.90	$4.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.86	$4.32
Class R4
Actual	$1,000.00	$	958.10	$5.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.61	$5.58
Class R5
Actual	$1,000.00	$	960.20	$4.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.86	$4.32
Class R6
Actual	$1,000.00	$	960.50	$3.89
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.17	$4.01


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.69% for Class C, 0.95% for Class F, 0.85% for Classes I, R2 and R3, 1.10% for Class R4, 0.85% for Class R5 and 0.79% for Class R6) multiplied by the average account value over the period, multiplied by 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2016

Sector*	%**
Consumer Services	0.70	%
Energy	1.44	%
Financial Services	2.14	%
Foreign Government	88.89	%
Telecommunications	2.56	%
Transportation	0.75	%
Utilities	3.52	%
Total	100.00	%


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

Multi-Asset Global Opportunity Fund

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†#
			7/1/16 -
	7/1/16	12/31/16	12/31/16
Class A*
Actual	$1,000.00	$1,062.90	$2.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.18	$1.98
Class B*
Actual	$1,000.00	$1,060.00	$5.90
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.41	$5.79
Class C*
Actual	$1,000.00	$1,059.30	$5.90
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.41	$5.79
Class F*
Actual	$1,000.00	$1,064.70	$1.25
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.93	$1.22
Class I*
Actual	$1,000.00	$1,064.80	$0.73
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.43	$0.71
Class R2*
Actual	$1,000.00	$1,061.80	$3.84
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.42	$3.76
Class R3*
Actual	$1,000.00	$1,062.20	$3.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.92	$3.25
Class R4*
Actual	$1,000.00	$1,063.00	$2.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.18	$1.98
Class R5*
Actual	$1,000.00	$1,065.80	$0.73
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.43	$0.71
Class R6*
Actual	$1,000.00	$1,065.10	$0.73
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.43	$0.71


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.39% for Class A, 1.14% for Classes B and C, 0.24% for Class F, 0.14% for Class I, 0.74 for Class R2, 0.64% for Class R3, 0.39% for Class R4, 0.14% for Class R5 and 0.14% for Class R6) multiplied by the average account value over the period, multiplied by 184/366 (to reflect one-half year period).
^#	Does not include expenses of Underlying Funds in which Multi-Asset Global Opportunity Fund invests.
*	The annualized expenses have been updated (0.65% for Class A, 1.41% for Class B, 1.40% for Class C, 0.50% for Class F, 0.40% for Class I, 1.00% for Class R2, 0.90% for Class R3, 0.61% for Class R4, 0.38% for Class R5 and 0.31% for Class R6. Had these updates been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

		Hypothetical
		(5% Return
	Actual	Before Expenses)
Class A	$3.47	$3.34
Class B	$7.51	$7.22
Class C	$7.46	$7.14
Class F	$2.67	$2.57
Class I	$2.14	$2.06
Class R2	$5.33	$5.14
Class R3	$4.81	$4.62
Class R4	$3.26	$3.14
Class R5	$2.04	$1.96
Class R6	$1.66	$1.60

Portfolio Holdings Presented by Portfolio Allocation

December 31, 2016
Underlying Fund Name	%*
Lord Abbett Equity Trust-Calibrated Mid Cap Value Fund-Class I	13.90	%
Lord Abbett Global Fund, Inc.-Emerging Markets Currency Fund-Class I	14.29	%
Lord Abbett Investment Trust-High Yield Fund-Class I	15.05	%
Lord Abbett Securities Trust-International Core Equity Fund-Class I	2.30	%
Lord Abbett Securities Trust-International Dividend Income Fund-Class I	38.44	%
Lord Abbett Mid Cap Stock Fund, Inc.-Class I	13.88	%
Lord Abbett Investment Trust-Short Duration Income Fund-Class I	2.09	%
Repurchase Agreement	0.05	%
Total	100.00	%


*		Represents percent of total investments.

Schedule of Investments

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 97.59%

CORPORATE BONDS 95.52%

Air Transportation 0.55%
Emirates Airline (United Arab Emirates)^†(a)	4.50%		2/6/2025		$162	$	165,280

Automotive 0.66%
Hyundai Capital America^†	2.60%		3/19/2020		200		198,754

Banks: Regional 21.85%
ADCB Finance Cayman Ltd.	2.75%		9/16/2019		200		200,100
Akbank TAS (Turkey)^†(a)	4.00%		1/24/2020		200		194,340
Alfa Bank AO Via Alfa Bond Issuance plc (Ireland)^†(a)	7.75%		4/28/2021		200		226,678
Axis Bank Ltd. (United Arab Emirates)^†(a)	3.25%		5/21/2020		200		201,039
Banco de Bogota SA (Colombia)^†(a)	6.25%		5/12/2026		200		204,500
Banco de Credito e Inversiones (Chile)^†(a)	4.00%		2/11/2023		200		204,394
Banco Mercantil del Norte SA (Mexico)^†(a)	5.75%	^#	10/4/2031		200		186,250
Banco Regional SAECA (Paraguay)^†(a)	8.125%		1/24/2019		150		159,188
Bancolombia SA (Colombia)^(a)	5.95%		6/3/2021		150		163,170
Bangkok Bank PCL (Hong Kong)^†(a)	4.80%		10/18/2020		100		106,911
Bangkok Bank PCL (Hong Kong)^†(a)	5.00%		10/3/2023		200		217,446
Bank of China Ltd. (China)^†(a)	5.00%		11/13/2024		200		207,766
Bank of India (Jersey)^(a)	3.125%		5/6/2020		200		197,360
BBVA Banco Continental SA (Peru)^†(a)	5.00%		8/26/2022		200		212,000
DBS Bank Ltd. (Singapore)^†(a)	3.625%	^#	9/21/2022		200		201,819
EXIM Sukuk Malaysia Berhad (Malaysia)^(a)	2.874%		2/19/2019		200		201,374
ICICI Bank Ltd. (Hong Kong)^†(a)	5.75%		11/16/2020		200		218,234
Industrial & Commercial Bank of China Ltd. (United Arab Emirates)^(a)	2.625%		5/26/2020		200		197,458
Industrial Bank of Korea (South Korea)^†(a)	2.00%		4/23/2020		200		196,024
Itau Unibanco Holding SA^†	5.50%		8/6/2022		200		203,260
KEB Hana Bank (South Korea)^(a)	2.50%		6/12/2019		200		202,023
National Bank of Abu Dhabi PJSC (United Arab Emirates)^(a)	2.25%		2/11/2020		200		197,824
National Savings Bank (Sri Lanka)^†(a)	5.15%		9/10/2019		200		197,444
Oversea-Chinese Banking Corp., Ltd. (Singapore)^†(a)	3.15%	^#	3/11/2023		200		201,688
Popular, Inc.	7.00%		7/1/2019		30		31,088
QNB Finance Ltd.	2.875%		4/29/2020		200		200,780


	See Notes to Financial Statements.	19

Schedule of Investments (continued)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2016

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Sberbank of Russia via SB Capital SA (Luxembourg)^†(a)	6.125%	2/7/2022		$200	$	217,890
Shinhan Bank (South Korea)^†(a)	2.25%	4/15/2020		200		197,575
Turkiye Garanti Bankasi AS (Turkey)^†(a)	6.25%	4/20/2021		400		407,631
Turkiye Halk Bankasi AS (Turkey)^†(a)	4.75%	2/11/2021		200		187,423
Turkiye Is Bankasi (Turkey)^†(a)	5.00%	4/30/2020		200		195,255
Vnesheconombank Via VEB Finance plc (Ireland)^†(a)	6.902%	7/9/2020		200		216,654
Woori Bank (South Korea)^†(a)	4.75%	4/30/2024		200		202,388
Total						6,554,974

Beverages 1.40%
Becle SA de CV (Mexico)^†(a)	3.75%	5/13/2025		150		143,206
Central American Bottling Corp. (Guatemala)^†(a)	6.75%	2/9/2022		200		205,000
Corporacion Lindley SA (Peru)^†(a)	4.625%	4/12/2023		70		71,750
Total						419,956

Building Materials 1.70%
Cementos Pacasmayo SAA (Peru)^†(a)	4.50%	2/8/2023		100		100,500
Cemex SAB de CV (Mexico)^†(a)	7.75%	4/16/2026		200		222,000
Votorantim Cimentos SA (Brazil)^†(a)	7.25%	4/5/2041		200		187,100
Total						509,600

Business Services 1.34%
Cielo SA/Cielo USA, Inc. (Brazil)^†(a)	3.75%	11/16/2022		200		187,500
DP World Ltd. (United Arab Emirates)^†(a)	6.85%	7/2/2037		200		214,195
Total						401,695

Chemicals 2.68%
Braskem Finance Ltd.	6.45%	2/3/2024		200		211,500
Grupo Idesa SA de CV (Mexico)^†(a)	7.875%	12/18/2020		200		182,000
OCP SA (Morocco)^†(a)	6.875%	4/25/2044		200		202,126
PTT Global Chemical PCL (Thailand)^†(a)	4.25%	9/19/2022		200		207,832
Total						803,458

Diversified 1.11%
Hutchison Whampoa International 03/33 Ltd.	7.45%	11/24/2033		100		135,324
KOC Holding AS (Turkey)^†(a)	5.25%	3/15/2023		200		197,902
Total						333,226

Drugs 0.68%
Teva Pharmaceutical Finance Co. BV (Curacao)^(a)	3.65%	11/10/2021		200		202,793


20	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2016

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric: Power 6.48%
Abu Dhabi National Energy Co. PJSC
(United Arab Emirates)^†(a)	3.625%	1/12/2023		$200	$	199,500
Dubai Electricity & Water Authority (United Arab Emirates)^†(a)	7.375%	10/21/2020		100		115,772
Empresa de Energia de Bogota SA ESP (Colombia)^†(a)	6.125%	11/10/2021		200		206,500
Engie Energia Chile SA (Chile)^†(a)	4.50%	1/29/2025		200		201,482
Israel Electric Corp. Ltd. (Israel)^†(a)	5.00%	11/12/2024		200		208,614
Korea Hydro & Nuclear Power Co., Ltd. (South Korea)^†(a)	3.25%	6/15/2025		200		198,281
Korea Western Power Co., Ltd. (South Korea)^†(a)	2.875%	10/10/2018		200		202,525
Listrindo Capital BV (Netherlands)^†(a)	4.95%	9/14/2026		200		195,385
Perusahaan Listrik Negara PT (Indonesia)^†(a)	5.50%	11/22/2021		200		215,000
Saudi Electricity Global Sukuk Co. 3^†	5.50%	4/8/2044		200		200,535
Total						1,943,594

Engineering & Contracting Services 2.72%
Aeropuertos Dominicanos Siglo XXI SA (Dominican Republic)^†(a)	9.75%	11/13/2019		200		209,000
China Railway Resources Huitung Ltd. (Hong Kong)^(a)	3.85%	2/5/2023		200		202,580
Delhi International Airport Pvt Ltd. (India)^†(a)	6.125%	10/31/2026		200		207,207
Mexico City Airport Trust (Mexico)^†(a)	4.25%	10/31/2026		200		196,500
Total						815,287

Financial Services 0.56%
Guanay Finance Ltd.^†	6.00%	12/15/2020		165		167,086

Food 1.98%
Arcor SAIC (Argentina)^†(a)	6.00%	7/6/2023		185		193,325
BRF SA (Brazil)^†(a)	4.75%	5/22/2024		200		195,300
Cencosud SA (Chile)^†(a)	4.875%	1/20/2023		200		206,004
Total						594,629

Foreign Government 0.69%
Indian Railway Finance Corp., Ltd. (India)^(a)	3.917%	2/26/2019		200		206,374

Household Equipment/Products 0.65%
Turkiye Sise ve Cam Fabrikalari AS (Turkey)^†(a)	4.25%	5/9/2020		200		195,775

Insurance 0.67%
AIA Group Ltd. (Hong Kong)^†(a)	2.25%	3/11/2019		200		200,846


	See Notes to Financial Statements.	21

Schedule of Investments (continued)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2016

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Investment Management Companies 0.68%
GrupoSura Finance SA^†	5.50%	4/29/2026		$200	$	205,050

Lodging 1.34%
MCE Finance Ltd. (Hong Kong)^†(a)	5.00%	2/15/2021		200		199,726
Wynn Macau Ltd. (Macau)^†(a)	5.25%	10/15/2021		200		202,500
Total						402,226

Media 3.72%
Altice Financing SA (Luxembourg)^†(a)	6.625%	2/15/2023		200		206,000
Altice Financing SA (Luxembourg)^†(a)	7.50%	5/15/2026		200		208,500
Cablevision SA (Argentina)^†(a)	6.50%	6/15/2021		150		152,813
Grupo Televisa SAB (Mexico)^(a)	6.625%	1/15/2040		132		139,153
Myriad International Holdings BV (Netherlands)^†(a)	5.50%	7/21/2025		200		202,116
VTR Finance BV (Netherlands)^†(a)	6.875%	1/15/2024		200		207,000
Total						1,115,582

Metal Fabricating 0.14%
Grinding Media, Inc./MC Grinding Media Canada, Inc.^†	7.375%	12/15/2023		39		41,071

Metals & Minerals: Miscellaneous 4.36%
ALROSA Finance SA (Luxembourg)^†(a)	7.75%	11/3/2020		200		226,342
AngloGold Ashanti Holdings plc (Isle of Man)^(a)	5.125%	8/1/2022		200		199,570
Cia Minera Milpo SAA (Peru)^†(a)	4.625%	3/28/2023		200		196,500
Fresnillo plc (Mexico)^†(a)	5.50%	11/13/2023		200		210,000
HudBay Minerals, Inc. (Canada)^†(a)	7.625%	1/15/2025		48		50,010
MMC Norilsk Nickel OJSC via MMC Finance DAC (Ireland)^†(a)	6.625%	10/14/2022		200		223,400
Southern Copper Corp. (Peru)^(a)	3.50%	11/8/2022		120		119,679
Southern Copper Corp. (Peru)^(a)	5.875%	4/23/2045		85		83,845
Total						1,309,346

Natural Gas 2.66%
China Oil & Gas Group Ltd. (Hong Kong)^(a)	5.00%	5/7/2020		200		202,600
Gas Natural de Lima y Callao SA (Peru)^†(a)	4.375%	4/1/2023		200		200,500
Nakilat, Inc. (Qatar)^†(a)	6.267%	12/31/2033		170		196,017
Transportadora de Gas del Peru SA (Peru)^†(a)	4.25%	4/30/2028		200		198,000
Total						797,117

Oil 15.01%
CNOOC Finance 2015 USA LLC	3.50%	5/5/2025		200		194,739
Continental Resources, Inc.	5.00%	9/15/2022		20		20,263


22	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2016

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil (continued)
Cosan Luxembourg SA (Luxembourg)^†(a)	7.00%	1/20/2027		$200	$	200,500
Delek & Avner Tamar Bond Ltd. (Israel)^†(a)	5.412%	12/30/2025		100		101,250
Dolphin Energy Ltd. (United Arab Emirates)^†(a)	5.50%	12/15/2021		200		220,543
Ecopetrol SA (Colombia)^(a)	4.125%	1/16/2025		305		286,395
Ecopetrol SA (Colombia)^(a)	5.875%	5/28/2045		100		86,900
Energen Corp.	4.625%	9/1/2021		40		40,150
Gazprom Neft OAO via GPN Capital SA (Luxembourg)^†(a)	4.375%	9/19/2022		200		198,334
Gazprom OAO via Gaz Capital SA (Luxembourg)^†(a)	4.95%	2/6/2028		200		197,176
Hilcorp Energy I LP/Hilcorp Finance Co.^†	5.00%	12/1/2024		20		19,950
Kerr-McGee Corp.	7.875%	9/15/2031		20		25,671
Kosmos Energy Ltd.^†	7.875%	8/1/2021		200		200,000
Lukoil International Finance BV (Netherlands)^†(a)	4.75%	11/2/2026		200		200,798
MEG Energy Corp. (Canada)^†(a)	6.375%	1/30/2023		55		49,225
Petrobras Global Finance BV (Netherlands)^(a)	3.00%	1/15/2019		182		177,850
Petrobras Global Finance BV (Netherlands)^(a)	4.375%	5/20/2023		400		350,480
Petrobras Global Finance BV (Netherlands)^(a)	6.25%	3/17/2024		125		120,212
Petrobras Global Finance BV (Netherlands)^(a)	7.25%	3/17/2044		145		128,716
Petroleos Mexicanos (Mexico)^(a)	4.50%	1/23/2026		39		35,627
Petroleos Mexicanos (Mexico)^†(a)	5.375%	3/13/2022		20		20,505
Petronas Capital Ltd. (Malaysia)^†(a)	5.25%	8/12/2019		100		107,257
PTT PCL (Thailand)^†(a)	3.375%	10/25/2022		200		201,564
Reliance Industries Ltd. (India)^†(a)	4.125%	1/28/2025		250		249,845
Rosneft Oil Co. via Rosneft International Finance Ltd. (Ireland)^†(a)	4.199%	3/6/2022		200		197,698
Sinopec Group Overseas Development Ltd.^†	4.375%	10/17/2023		200		209,584
SM Energy Co.	6.125%	11/15/2022		40		40,700
Thai Oil PCL (Thailand)^†(a)	4.875%	1/23/2043		200		201,097
WPX Energy, Inc.	6.00%	1/15/2022		40		41,200
YPF SA (Argentina)^†(a)	8.50%	7/28/2025		373		379,154
Total						4,503,383

Oil: Crude Producers 1.03%
GNL Quintero SA (Chile)^†(a)	4.634%	7/31/2029		200		197,500
Ras Laffan Liquefied Natural Gas Co., Ltd. II (Qatar)^†(a)	5.298%	9/30/2020		107		112,674
Total						310,174


	See Notes to Financial Statements.	23

Schedule of Investments (continued)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil: Integrated Domestic 0.30%
FTS International, Inc.^†	8.463%	^#	6/15/2020		$50	$	50,062
SESI LLC	7.125%		12/15/2021		39		39,878
Total							89,940

Paper & Forest Products 0.64%
Klabin Finance SA (Luxembourg)^†(a)	5.25%		7/16/2024		200		190,500

Real Estate Investment Trusts 3.74%
China Overseas Finance Cayman V Ltd.	3.95%		11/15/2022		200		201,931
IRSA Propiedades Comerciales SA (Argentina)^†(a)	8.75%		3/23/2023		100		106,125
MAF Sukuk Ltd.	4.50%		11/3/2025		200		203,217
Shimao Property Holdings Ltd. (Hong Kong)^(a)	8.375%		2/10/2022		200		223,524
Swire Properties MTN Financing Ltd. (Hong Kong)^(a)	2.75%		3/7/2020		200		200,515
Theta Capital Pte Ltd. (Singapore)^(a)	6.75%		10/31/2026		200		187,455
Total							1,122,767

Retail 1.72%
InRetail Consumer (Peru)^†(a)	5.25%		10/10/2021		100		102,750
Pacific Emerald Pte Ltd. (Singapore)^(a)	9.75%		7/25/2018		200		210,600
SACI Falabella (Chile)^†(a)	4.375%		1/27/2025		200		201,844
Total							515,194

Steel 3.02%
ABJA Investment Co. Pte Ltd. (Singapore)^(a)	5.95%		7/31/2024		200		196,278
Evraz Group SA (Russia)^†(a)	6.50%		4/22/2020		200		209,908
GTL Trade Finance, Inc.^†	5.893%		4/29/2024		200		200,000
Vale Overseas Ltd. (Brazil)^(a)	4.375%		1/11/2022		180		177,300
Vale Overseas Ltd. (Brazil)^(a)	6.25%		8/10/2026		50		52,125
Vale Overseas Ltd. (Brazil)^(a)	6.875%		11/10/2039		72		70,380
Total							905,991

Technology 2.01%
Alibaba Group Holding Ltd. (China)^(a)	3.60%		11/28/2024		200		198,361
Baidu, Inc. (China)^(a)	3.50%		11/28/2022		200		200,895
Tencent Holdings Ltd. (China)^†(a)	3.375%		5/2/2019		200		204,629
Total							603,885

Telecommunications 8.01%
Bharti Airtel International Netherlands BV (Netherlands)^†(a)	5.125%		3/11/2023		200		209,059
Columbus Cable Barbados Ltd. (Barbados)^†(a)	7.375%		3/30/2021		200		213,578


24	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2016

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Telecommunications (continued)
Digicel Group Ltd. (Jamaica)^†(a)	7.125%	4/1/2022		$200	$	156,148
Digicel Ltd. (Jamaica)^†(a)	6.75%	3/1/2023		200		181,326
Emirates Telecommunications Group Co. PJSC (United Arab Emirates)^(a)	3.50%	6/18/2024		200		200,468
GCX Ltd. (India)^†(a)	7.00%	8/1/2019		200		199,825
GTH Finance BV (Netherlands)^†(a)	7.25%	4/26/2023		200		215,146
HKT Capital No 2 Ltd.	3.625%	4/2/2025		200		195,749
Ihs Netherlands Holdco BV (Netherlands)^†(a)	9.50%	10/27/2021		200		205,224
Mobile Telesystems OJSC via MTS International Funding Ltd. (Ireland)^†(a)	5.00%	5/30/2023		200		205,638
SingTel Group Treasury Pte Ltd. (Singapore)^(a)	4.50%	9/8/2021		200		215,798
Telefonica Celular del Paraguay SA (Paraguay)^†(a)	6.75%	12/13/2022		200		204,500
Total						2,402,459

Transportation: Miscellaneous 1.42%
Autoridad del Canal de Panama (Panama)^†(a)	4.95%	7/29/2035		200		212,000
Kazakhstan Temir Zholy Finance BV (Netherlands)^†(a)	6.375%	10/6/2020		200		215,303
Total						427,303
Total Corporate Bonds (cost $27,959,683)						28,655,315

FOREIGN GOVERNMENT OBLIGATIONS^(a)2.07%

Argentina 1.35%
Provincia of Neuquen^†	8.625%	5/12/2028		150		155,625
Republic of Argentina^(b)	8.28%	12/31/2033		234		251,115
Total						406,740

Qatar 0.72%
State of Qatar^†	5.25%	1/20/2020		200		216,088
Total Foreign Government Obligations (cost $625,233)						622,828
Total Long-Term Investments (cost $28,584,916)						29,278,143

SHORT-TERM INVESTMENT 0.88%

Repurchase Agreement
Repurchase Agreement dated 12/30/2016, 0.03% due 1/3/2017 with Fixed Income Clearing Corp. collateralized by $255,000 of U.S. Treasury Inflation Indexed Note at 0.125% due 4/15/2017; value: $271,952; proceeds: $264,245 (cost $264,244)				264		264,244


	See Notes to Financial Statements.	25

Schedule of Investments (concluded)

EMERGING MARKETS CORPORATE DEBT FUND December 31, 2016

Investments	Fair Value
Total Investments in Securities 98.47% (cost $28,849,160)	$	29,542,387
Cash and Other Assets in Excess of Liabilities^(c) 1.53%		457,899
Net Assets 100.00%	$	30,000,286


^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
^#		Variable rate security. The interest rate represents the rate in effect at December 31, 2016.
^(a)		Foreign security traded in U.S. dollars.
^(b)		Defaulted (non-income producing security).
^(c)		Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on futures contracts as follows:

Open Futures Contracts at December 31, 2016:

Type	Expiration	Contracts	Position	Notional Value			Unrealized Appreciation
U.S. 10-Year Treasury Note	March 2017	21	Short	$	(2,609,906	)		$9,245
U.S. 5-Year Treasury Note	March 2017	16	Long		1,882,625			409
Totals				$	(727,281	)		$9,654

Type

Expiration

Contracts

Position

Notional
Value

Unrealized
Depreciation

U.S. 2-Year Treasury Note

March 2017

Long

1,516,813

$(340

)

The following is a summary of the inputs used as of December 31, 2016 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1			Level 2		Level 3		Total
Corporate Bonds	$	–		$	28,655,315	$	–	$	28,655,315
Foreign Government Obligations		–			622,828		–		622,828
Repurchase Agreement		–			264,244		–		264,244
Total	$	–		$	29,542,387	$	–	$	29,542,387
Other Financial Instruments
Futures Contracts
Assets	$	9,654		$	–	$	–	$	9,654
Liabilities		(340	)		–		–		(340	)
Total	$	9,314		$	–	$	–	$	9,314


⁽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 1/Level 2 transfers during the fiscal year ended December 31, 2016.


26	See Notes to Financial Statements.

Schedule of Investments

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 91.95%

ASSET-BACKED SECURITIES 19.81%

Automobiles 9.47%
AmeriCredit Automobile Receivables Trust 2013-3 B	1.58%	9/10/2018	$	21	$	21,080
AmeriCredit Automobile Receivables Trust 2015-3 A3	1.54%	3/9/2020		2,500		2,502,765
AmeriCredit Automobile Receivables Trust 2016-2 A2A	1.42%	10/8/2019		259		259,624
AmeriCredit Automobile Receivables Trust 2016-4 A2A	1.34%	4/8/2020		431		430,867
Avis Budget Rental Car Funding AESOP LLC 2011-5A A^†	3.27%	2/20/2018		154		154,611
Avis Budget Rental Car Funding AESOP LLC 2013-2A A^†	2.97%	2/20/2020		407		411,421
Avis Budget Rental Car Funding AESOP LLC 2014-1A A^†	2.46%	7/20/2020		1,762		1,758,846
Avis Budget Rental Car Funding AESOP LLC 2014-2A A^†	2.50%	2/20/2021		228		227,239
Avis Budget Rental Car Funding AESOP LLC 2015-2A A^†	2.63%	12/20/2021		359		354,954
California Republic Auto Receivables Trust 2013-1 A2^†	1.41%	9/17/2018		75		74,773
California Republic Auto Receivables Trust 2013-2 A2	1.23%	3/15/2019		104		104,174
California Republic Auto Receivables Trust 2014-3 A3	1.09%	11/15/2018		69		69,011
California Republic Auto Receivables Trust 2015-1 A3	1.33%	4/15/2019		924		924,274
California Republic Auto Receivables Trust 2016-1 A2	1.50%	12/17/2018		2,445		2,446,744
California Republic Auto Receivables Trust 2016-1 A3	1.89%	5/15/2020		540		542,711
Capital Auto Receivables Asset Trust 2015-2 A1A	0.99%	10/20/2017		93		93,225
Capital Auto Receivables Asset Trust 2015-2 A2	1.39%	9/20/2018		739		739,488
Capital Auto Receivables Asset Trust 2016-1 B	2.67%	12/21/2020		224		223,689
CarMax Auto Owner Trust 2014-2 A3	0.98%	1/15/2019		482		481,315
CarMax Auto Owner Trust 2014-4 C	2.44%	11/16/2020		898		901,642
CarMax Auto Owner Trust 2015-2 A2A	0.82%	6/15/2018		42		41,512
CarMax Auto Owner Trust 2016-4 A2	1.21%	11/15/2019		359		358,361
CarMax Auto Owner Trust 2016-4 A3	1.40%	8/15/2021		166		164,307


	See Notes to Financial Statements.	27

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
CarMax Auto Owner Trust 2016-4 A4	1.60%		6/15/2022	$	214	$	210,323
Chrysler Capital Auto Receivables Trust 2014-BA A3^†	1.27%		5/15/2019		713		713,415
Chrysler Capital Auto Receivables Trust 2014-BA D^†	3.44%		8/16/2021		362		366,725
Chrysler Capital Auto Receivables Trust 2016-AA A3^†	1.77%		10/15/2020		874		875,053
Chrysler Capital Auto Receivables Trust 2016-AA B^†	2.88%		2/15/2022		222		224,595
Chrysler Capital Auto Receivables Trust 2016-AA C^†	3.25%		6/15/2022		132		131,717
CPS Auto Receivables Trust 2016-B D^†	6.58%		3/15/2022		300		314,057
Drive Auto Receivables Trust 2015-AA B^†	2.28%		6/17/2019		63		62,909
Drive Auto Receivables Trust 2015-BA B^†	2.12%		6/17/2019		216		216,388
Drive Auto Receivables Trust 2016-CA B^†	2.37%		11/16/2020		300		299,397
Drive Auto Receivables Trust 2016-CA C^†	3.02%		11/15/2021		800		800,962
Fifth Third Auto Trust 2014-2 A3	0.89%		11/15/2018		384		383,385
Fifth Third Auto Trust 2014-3 A3	0.96%		3/15/2019		208		207,968
First Investors Auto Owner Trust 2016-2A A1^†	1.53%		11/16/2020		520		519,133
Ford Credit Auto Owner Trust 2014-C A3	1.06%		5/15/2019		1,436		1,435,597
Ford Credit Auto Owner Trust 2016-C A2A	1.04%		9/15/2019		720		718,568
Ford Credit Auto Owner Trust 2016-C B	1.73%		3/15/2022		341		336,831
Ford Credit Auto Owner Trust 2016-C C	1.93%		4/15/2023		215		211,489
GM Financial Automobile Leasing Trust 2014-2A A3^†	1.22%		1/22/2018		242		241,970
Honda Auto Receivables Owner Trust 2015-1 A3	1.05%		10/15/2018		1,554		1,553,736
Honda Auto Receivables Owner Trust 2016-4 A2	1.04%		4/18/2019		698		696,454
Huntington Auto Trust 2016-1 A3	1.59%		11/16/2020		917		915,502
Hyundai Auto Receivables Trust 2014-B A3	0.90%		12/17/2018		295		295,247
Hyundai Auto Receivables Trust 2016-B C	2.19%		11/15/2022		912		898,495
Hyundai Floorplan Master Owner Trust 2016-1A A1^†	1.604%	^#	3/15/2021		197		198,842
Hyundai Floorplan Master Owner Trust 2016-1A A2^†	1.81%		3/15/2021		229		228,576
Mercedes-Benz Auto Receivables Trust 2016-1 A2A	1.11%		3/15/2019		1,448		1,447,762
OSCAR US Funding Trust V 2016-2A A2A^†	2.31%		11/15/2019		1,050		1,050,001
Porsche Innovative Lease Owner Trust 2014-1 A3^†	1.03%		11/20/2017		49		48,677
Santander Drive Auto Receivables Trust 2014-3 C	2.13%		8/17/2020		1,956		1,963,415
Santander Drive Auto Receivables Trust 2015-3 B	2.07%		4/15/2020		455		456,683


28	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Santander Drive Auto Receivables Trust 2015-3 C	2.74%		1/15/2021	$	537	$	542,587
Santander Drive Auto Receivables Trust 2015-5 D	3.65%		12/15/2021		345		353,836
Santander Drive Auto Receivables Trust 2016-1 D	4.02%		4/15/2022		213		221,155
Santander Drive Auto Receivables Trust 2016-3 A2	1.34%		11/15/2019		477		477,176
Santander Drive Auto Receivables Trust 2016-3 B	1.89%		6/15/2021		260		258,701
SunTrust Auto Receivables Trust 2015-1A A3^†	1.42%		9/16/2019		2,130		2,130,022
TCF Auto Receivables Owner Trust 2016-1A A2^†	1.39%		11/15/2019		903		902,627
Volkswagen Auto Loan Enhanced Trust 2013-2 A3	0.70%		4/20/2018		364		363,442
Westlake Automobile Receivables Trust 2016-3A B^†	2.07%		12/15/2021		113		112,557
Total							36,672,608

Credit Cards 2.91%
Capital One Multi-Asset Execution Trust 2014-A2	1.26%		1/15/2020		1,315		1,315,760
Capital One Multi-Asset Execution Trust 2015-A3	1.104%	^#	3/15/2023		1,928		1,933,557
Discover Card Execution Note Trust 2016-A2	1.244%	^#	9/15/2021		564		567,601
Discover Card Execution Note Trust 2016-A4	1.39%		3/15/2022		1,261		1,247,346
MBNA Credit Card Master Note Trust 2004-A3	0.964%	^#	8/16/2021		675		674,797
Synchrony Credit Card Master Note Trust 2012-6 A	1.36%		8/17/2020		4,009		4,011,744
Synchrony Credit Card Master Note Trust 2016-2 B	2.55%		5/15/2024		528		538,065
World Financial Network Credit Card Master Trust 2015-C A	1.26%		3/15/2021		958		958,640
Total							11,247,510

Other 7.43%
Ally Master Owner Trust 2014-5 A2	1.60%		10/15/2019		497		497,853
Ammc CLO 19 Ltd. 2016-19A A^†	2.381%	^#	10/15/2028		1,750		1,749,296
Apidos CLO X 2012-10A A^†	2.307%	^#	10/30/2022		1,500		1,502,822
Ascentium Equipment Receivables Trust 2016-2A A2^†	1.46%		4/10/2019		264		263,510
Ascentium Equipment Receivables Trust 2016-2A A3^†	1.65%		5/10/2022		271		268,667
Ascentium Equipment Receivables Trust 2016-2A B^†	2.50%		9/12/2022		175		172,464
BlueMountain CLO Ltd. 2014-4A A1R^†	2.232%	^#	11/30/2026		1,000		999,942
Carlyle Global Market Strategies CLO Ltd. 2013-2A A1^†	2.032%	^#	4/18/2025		1,000		1,000,399
Cent CLO Ltd. 2013-17A A1^†	2.187%	^#	1/30/2025		1,800		1,800,300
Cent CLO Ltd. 2013-19A A1A^†	2.217%	^#	10/29/2025		900		900,544
CIFC Funding Ltd. 2014-5A A1R^†	2.258%	^#	1/17/2027		2,000		2,004,905
CNH Equipment Trust 2014-C A3	1.05%		11/15/2019		242		242,019


	See Notes to Financial Statements.	29

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
CNH Equipment Trust 2015-B A4	1.89%		4/15/2022	$	570	$	571,226
Dell Equipment Finance Trust 2015-2 A3^†	1.72%		9/22/2020		352		352,805
Diamond Resorts Owner Trust 2015-2 A^†	2.99%		5/22/2028		187		185,356
Diamond Resorts Owner Trust 2016-1 A^†	3.08%		11/20/2028		232		230,720
DRB Prime Student Loan Trust 2015-D A2^†	3.20%		1/25/2040		968		963,144
Engs Commercial Finance Trust 2016-1A A2^†	2.63%		2/22/2022		482		479,465
Ford Credit Floorplan Master Owner Trust 2014-1 A1	1.20%		2/15/2019		750		750,054
Fortress Credit BSL II Ltd. 2013-2A A1F^†	2.378%	^#	10/19/2025		525		525,551
Fortress Credit BSL Ltd. 2013-1A A^†	2.058%	^#	1/19/2025		1,000		1,000,539
H/2 Asset Funding 2014-1 Ltd.	2.348%		3/19/2037		2,000		1,998,298
JFIN CLO Ltd. 2007-1A A2^†	1.121%	^#	7/20/2021		93		93,364
JFIN Revolver CLO 2013-1A A^†	2.131%	^#	1/20/2021		169		169,203
JFIN Revolver CLO Ltd. 2015-3A A1^†	2.381%	^#	4/20/2023		784		784,818
Marathon CLO IV Ltd. 2012-4A A1^†	2.301%	^#	5/20/2023		478		478,137
Oaktree CLO Ltd. 2014-2A A1A^†	2.411%	^#	10/20/2026		525		524,765
OneMain Financial Issuance Trust 2016-1A A^†	3.66%		2/20/2029		305		308,563
PFS Financing Corp. 2016-BA A^†	1.87%		10/15/2021		227		225,014
Pinnacle Park CLO Ltd. 2014-1A A^†	2.38%	^#	4/15/2026		1,500		1,500,019
Shackleton CLO Ltd. 2014-5A A^†	2.381%	^#	5/7/2026		750		750,719
Sheridan Square CLO Ltd. 2013-1A A1^†	1.93%	^#	4/15/2025		500		499,161
SLM Private Education Loan Trust 2010-A 2A^†	3.954%	^#	5/16/2044		930		965,745
SLM Private Education Loan Trust 2012-A A1^†	2.104%	^#	8/15/2025		120		120,079
SLM Private Education Loan Trust 2012-E A1^†	1.454%	^#	10/16/2023		84		84,094
SLM Private Education Loan Trust 2013-B A1^†	1.354%	^#	7/15/2022		166		165,888
SLM Student Loan Trust 2011-1 A1	1.276%	^#	3/25/2026		397		396,327
Stone Tower CLO VI Ltd. 2007-6A A2B^†	1.20%	^#	4/17/2021		10		10,177
Venture XVIII CLO Ltd. 2014-18A A^†	2.33%	^#	10/15/2026		500		500,603
Wells Fargo Dealer Floorplan Master Note Trust 2014-1 A	1.119%	^#	7/20/2019		2,409		2,409,550
Westchester CLO Ltd. 2007-1A A1A^†	1.111%	^#	8/1/2022		81		80,668
Westgate Resorts LLC 2015-1A A^†	2.75%		5/20/2027		123		121,605
Westgate Resorts LLC 2015-1A B^†	3.50%		5/20/2027		123		121,886
Total							28,770,264
Total Asset-Backed Securities (cost $76,705,601)							76,690,382


30	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
CORPORATE BONDS 34.24%

Advertising 0.07%
Interpublic Group of Cos., Inc. (The)	2.25%		11/15/2017	$	250	$	251,606

Aerospace/Defense 0.13%
Harris Corp.	1.999%		4/27/2018		500		500,466

Auto Loans 1.49%
Ford Motor Credit Co. LLC	1.516%	^#	12/6/2017		480		479,546
Ford Motor Credit Co. LLC	1.724%		12/6/2017		1,000		999,470
Ford Motor Credit Co. LLC	6.625%		8/15/2017		250		257,647
General Motors Financial Co., Inc.	4.75%		8/15/2017		1,500		1,528,683
Hyundai Capital America^†	2.40%		10/30/2018		500		502,219
Volkswagen International Finance NV (Netherlands)^†(a)	1.60%		11/20/2017		2,000		1,995,210
Total							5,762,775

Automakers 0.26%
Volkswagen Group of America Finance LLC^†	1.25%		5/23/2017		500		499,237
Volkswagen Group of America Finance LLC^†	1.351%	^#	11/20/2017		250		249,389
Volkswagen Group of America Finance LLC^†	1.60%		11/20/2017		250		249,268
Total							997,894

Banking 5.39%
Associated Banc-Corp.	2.75%		11/15/2019		500		501,617
Astoria Financial Corp.	5.00%		6/19/2017		1,000		1,012,618
Bank of America Corp.	5.70%		5/2/2017		500		506,854
Capital One Financial Corp.	5.25%		2/21/2017		250		251,209
Capital One NA/Mclean VA	1.50%		9/5/2017		250		249,731
Capital One NA/Mclean VA	2.056%	^#	8/17/2018		250		252,738
Citigroup, Inc.	2.05%		12/7/2018		500		500,178
Citigroup, Inc.	6.125%		11/21/2017		500		519,416
Comerica Bank	5.20%		8/22/2017		2,000		2,045,244
Compass Bank	2.75%		9/29/2019		90		89,569
Compass Bank	6.40%		10/1/2017		1,152		1,187,332
Credit Suisse AG	1.70%		4/27/2018		500		498,995
Fifth Third Bancorp	4.50%		6/1/2018		250		258,511
Goldman Sachs Group, Inc. (The)	5.95%		1/18/2018		500		521,003
HSBC Bank USA NA	6.00%		8/9/2017		250		256,663
Intesa Sanpaolo SpA (Italy)^(a)	3.875%		1/16/2018		250		253,387
JPMorgan Chase & Co.	1.625%		5/15/2018		1,000		998,918


	See Notes to Financial Statements.	31

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banking (continued)
JPMorgan Chase & Co.	6.00%		1/15/2018	$	500	$	521,641
Korea Development Bank (The) (South Korea)^(a)	1.507%	^#	1/23/2017		1,000		999,951
Macquarie Bank Ltd. (Australia)^†(a)	1.516%	^#	10/27/2017		500		500,614
Macquarie Bank Ltd. (Australia)^†(a)	1.60%		10/27/2017		1,000		1,000,056
Macquarie Bank Ltd. (Australia)^†(a)	2.007%	^#	7/29/2020		1,000		1,006,708
Macquarie Group Ltd. (Australia)^†(a)	4.875%		8/10/2017		250		254,430
Manufacturers & Traders Trust Co.	6.625%		12/4/2017		500		522,049
Morgan Stanley	7.30%		5/13/2019		500		557,444
Regions Bank	2.25%		9/14/2018		655		657,408
Regions Bank	7.50%		5/15/2018		500		535,840
Santander Bank NA	2.00%		1/12/2018		1,000		999,833
Santander Bank NA	8.75%		5/30/2018		250		269,161
Santander UK plc (United Kingdom)^(a)	1.407%	^#	9/29/2017		1,000		998,354
Santander UK plc (United Kingdom)^(a)	1.65%		9/29/2017		250		250,293
Santander UK plc (United Kingdom)^(a)	2.00%		8/24/2018		250		249,933
Santander UK plc (United Kingdom)^(a)	2.439%	^#	3/14/2019		623		631,382
Shinhan Bank (South Korea)^†(a)	1.526%	^#	4/8/2017		1,000		999,795
Total							20,858,875

Beverages 0.91%
Beam Suntory, Inc.	1.875%		5/15/2017		1,000		1,001,521
Constellation Brands, Inc.	7.25%		5/15/2017		500		510,625
Pernod Ricard SA (France)^†(a)	2.95%		1/15/2017		2,000		2,001,092
Total							3,513,238

Brokerage 0.34%
E*TRADE Financial Corp.	5.375%		11/15/2022		1,228		1,299,762

Building Materials 0.79%
Martin Marietta Materials, Inc.	2.098%	^#	6/30/2017		2,000		2,003,586
Martin Marietta Materials, Inc.	6.60%		4/15/2018		500		528,110
RPM International, Inc.	6.50%		2/15/2018		500		524,163
Total							3,055,859

Cable & Satellite Television 0.87%
Cox Communications, Inc.^†	6.25%		6/1/2018		250		263,870
Cox Communications, Inc.^†	9.375%		1/15/2019		1,250		1,412,815
Sky plc (United Kingdom)^†(a)	9.50%		11/15/2018		1,000		1,133,432
Time Warner Cable LLC	8.75%		2/14/2019		500		563,748
Total							3,373,865


32	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Chemicals 0.46%
Celanese US Holdings LLC	4.625%	11/15/2022	$	250	$	263,723
Cytec Industries, Inc.	8.95%	7/1/2017		419		431,066
Potash Corp. of Saskatchewan, Inc. (Canada)^(a)	3.25%	12/1/2017		500		506,633
Yara International ASA (Norway)^†(a)	7.875%	6/11/2019		500		559,352
Total						1,760,774

Consumer/Commercial/Lease Financing 0.46%
Air Lease Corp.	5.625%	4/1/2017		1,000		1,011,250
Discover Bank	2.00%	2/21/2018		250		250,024
Discover Bank	2.60%	11/13/2018		250		252,277
Discover Bank	7.00%	4/15/2020		250		277,799
Total						1,791,350

Department Stores 0.07%
Macy’s Retail Holdings, Inc.	7.45%	7/15/2017		250		257,927

Diversified Capital Goods 0.39%
Crane Co.	2.75%	12/15/2018		250		253,244
Pentair Finance SA (Luxembourg)^(a)	1.875%	9/15/2017		500		500,832
Pentair Finance SA (Luxembourg)^(a)	2.90%	9/15/2018		500		505,987
Textron, Inc.	5.60%	12/1/2017		250		258,903
Total						1,518,966

Electric: Distribution/Transportation 0.31%
Pennsylvania Electric Co.	6.05%	9/1/2017		500		513,906
SteelRiver Transmission Co. LLC^†	4.71%	6/30/2017		671		675,966
Total						1,189,872

Electric: Generation 0.13%
TransAlta Corp. (Canada)^(a)	1.90%	6/3/2017		500		499,375

Electric: Integrated 2.51%
American Electric Power Co., Inc.	1.65%	12/15/2017		1,000		1,000,546
CenterPoint Energy Resources Corp.	6.00%	5/15/2018		250		262,246
CenterPoint Energy Resources Corp.	6.125%	11/1/2017		500		516,773
CenterPoint Energy, Inc.	5.95%	2/1/2017		1,000		1,003,420
Enel Finance International NV (Netherlands)^†(a)	6.25%	9/15/2017		250		257,673
Exelon Generation Co. LLC	5.20%	10/1/2019		500		536,224
Exelon Generation Co. LLC	6.20%	10/1/2017		500		516,885
Jersey Central Power & Light Co.	7.35%	2/1/2019		250		273,961
Kentucky Power Co.^†	6.00%	9/15/2017		500		514,069


	See Notes to Financial Statements.	33

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Electric: Integrated (continued)
Origin Energy Finance Ltd. (Australia)^†(a)		3.50%		10/9/2018	$	500	$	506,100
Pepco Holdings LLC		6.125%		6/1/2017		500		507,109
Public Service Co. of New Mexico		7.95%		5/15/2018		500		539,952
TECO Finance, Inc.		1.476%	^#	4/10/2018		1,990		1,988,486
TECO Finance, Inc.		5.15%		3/15/2020		250		265,674
TECO Finance, Inc.		6.572%		11/1/2017		1,000		1,038,290
Total								9,727,408

Electronics 0.50%
Arrow Electronics, Inc.		3.00%		3/1/2018		250		252,920
KLA-Tencor Corp.		2.375%		11/1/2017		1,674		1,684,370
Total								1,937,290

Energy: Exploration & Production 1.38%
Anadarko Petroleum Corp.		8.70%		3/15/2019		500		568,522
Canadian Natural Resources Ltd. (Canada)^(a)		1.75%		1/15/2018		500		498,919
Canadian Natural Resources Ltd. (Canada)^(a)		5.70%		5/15/2017		2,000		2,029,956
Canadian Natural Resources Ltd. (Canada)^(a)		5.90%		2/1/2018		250		260,308
Nexen Energy ULC (Canada)^(a)		6.20%		7/30/2019		250		272,252
Noble Energy, Inc.		5.625%		5/1/2021		500		522,138
Pioneer Natural Resources Co.		6.875%		5/1/2018		500		530,986
Pioneer Natural Resources Co.		7.50%		1/15/2020		97		110,343
Ras Laffan Liquefied Natural Gas Co., Ltd. III (Qatar)^†(a)		6.75%		9/30/2019		500		555,701
Total								5,349,125

Food & Drug Retailers 0.13%
Koninklijke Ahold Delhaize NV (Netherlands)^(a)		6.50%		6/15/2017		500		510,910

Forestry/Paper 0.14%
International Paper Co.		9.375%		5/15/2019		250		290,485
WestRock RKT Co.		4.45%		3/1/2019		250		261,003
Total								551,488

Gas Distribution 3.62%
Buckeye Partners LP		2.65%		11/15/2018		500		503,505
Buckeye Partners LP		6.05%		1/15/2018		500		519,737
Columbia Pipeline Group, Inc.		2.45%		6/1/2018		250		251,308
Enbridge Energy Partners LP		6.50%		4/15/2018		250		263,151
Enterprise Products Operating LLC		6.30%		9/15/2017		1,000		1,031,536
Florida Gas Transmission Co. LLC^†		7.90%		5/15/2019		750		839,742


34	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Gas Distribution (continued)
Gulf South Pipeline Co. LP^†		6.30%		8/15/2017	$	250	$	256,743
Kinder Morgan Energy Partners LP		6.85%		2/15/2020		500		557,778
MPLX LP		5.50%		2/15/2023		500		520,257
ONEOK Partners LP		2.00%		10/1/2017		1,000		1,002,926
Regency Energy Partners LP/Regency Energy Finance Corp.		6.50%		7/15/2021		1,000		1,032,914
Sempra Energy		6.15%		6/15/2018		500		529,902
Sempra Energy		9.80%		2/15/2019		300		347,654
Spectra Energy Capital LLC		6.20%		4/15/2018		255		266,665
Spire, Inc.		1.656%	^#	8/15/2017		3,000		3,000,921
Texas Eastern Transmission LP^†		6.00%		9/15/2017		500		514,857
TransCanada PipeLines Ltd. (Canada)^(a)		1.875%		1/12/2018		1,000		1,001,721
TransCanada PipeLines Ltd. (Canada)^(a)		7.125%		1/15/2019		500		548,940
Williams Partners LP/ACMP Finance Corp.		6.125%		7/15/2022		1,000		1,031,449
Total								14,021,706

Health Facilities 0.07%
Laboratory Corp. of America Holdings		2.20%		8/23/2017		250		251,205

Hotels 0.21%
Hyatt Hotels Corp.^†		6.875%		8/15/2019		500		557,083
Wyndham Worldwide Corp.		2.50%		3/1/2018		250		252,171
Total								809,254

Insurance Brokerage 0.28%
Willis North America, Inc.		6.20%		3/28/2017		1,000		1,011,188
Willis North America, Inc.		7.00%		9/29/2019		75		83,497
Total								1,094,685

Integrated Energy 1.44%
CNPC General Capital Ltd. (China)^†(a)		1.802%	^#	5/14/2017		1,000		1,000,575
Eni SpA (Italy)^†(a)		4.15%		10/1/2020		250		260,661
Petroleos Mexicanos (Mexico)^†(a)		5.50%		2/4/2019		500		519,195
Petroleos Mexicanos (Mexico)^(a)		5.75%		3/1/2018		1,000		1,036,750
Sinopec Group Overseas Development 2013 Ltd.^†		2.50%		10/17/2018		500		504,082
Sinopec Group Overseas Development 2014 Ltd.^†		1.656%		4/10/2017		2,000		2,000,938
Suncor Energy, Inc. (Canada)^(a)		6.10%	^#	6/1/2018		250		264,773
Total								5,586,974


	See Notes to Financial Statements.	35

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Investments & Miscellaneous Financial Services 0.53%
Neuberger Berman Group LLC/Neuberger
Berman Finance Corp.^†		5.875	%	3/15/2022	$	42,000	$	2,070,000

Life Insurance 0.35%
Lincoln National Corp.		7.00	%	3/15/2018		250		264,165
Lincoln National Corp.		8.75	%	7/1/2019		77		88,645
TIAA Asset Management Finance Co. LLC^†		2.95	%	11/1/2019		1,000		1,017,948
Total								1,370,758

Managed Care 0.06%
Anthem, Inc.		2.25	%	8/15/2019		250		249,653

Media: Content 0.67%
Activision Blizzard, Inc.^†		6.125	%	9/15/2023		500		547,277
Discovery Communications LLC		5.625	%	8/15/2019		250		270,250
Scripps Networks Interactive, Inc.		2.75	%	11/15/2019		250		253,714
Sirius XM Radio, Inc.^†		5.25	%	8/15/2022		1,000		1,043,750
Viacom, Inc.		2.20	%	4/1/2019		500		496,135
Total								2,611,126

Media: Diversified 0.07%
Viacom, Inc.		6.125	%	10/5/2017		250		257,200

Medical Products 0.13%
Zimmer Biomet Holdings, Inc.		2.00	%	4/1/2018		500		500,763

Metals/Mining (Excluding Steel) 0.73%
Barrick Gold Corp. (Canada)^(a)		6.95	%	4/1/2019		250		273,607
Corp. Nacional del Cobre de Chile (Chile)^†(a)		7.50	%	1/15/2019		500		549,433
Glencore Finance Canada Ltd. (Canada)^†(a)		3.60	%	1/15/2017		1,000		1,000,462
Goldcorp, Inc. (Canada)^(a)		2.125	%	3/15/2018		1,000		999,827
Total								2,823,329

Multi-Line Insurance 0.07%
Kemper Corp.		6.00	%	5/15/2017		250		253,720

Non-Electric Utilities 0.07%
United Utilities plc (United Kingdom)^(a)		4.55	%	6/19/2018		250		257,114

Oil Field Equipment & Services 0.32%
FMC Technologies, Inc.		2.00	%	10/1/2017		250		250,225
National Oilwell Varco, Inc.		1.35	%	12/1/2017		1,000		996,325
Total								1,246,550


36	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Oil Refining & Marketing 0.15%
Valero Energy Corp.		9.375%		3/15/2019	$	500	$	576,092

Personal & Household Products 0.20%
Mattel, Inc.		1.70%		3/15/2018		250		249,512
Newell Brands, Inc.		6.25%		4/15/2018		500		526,363
Total								775,875

Pharmaceuticals 1.69%
Actavis Funding SCS (Luxembourg)^(a)		2.208%	^#	3/12/2020		1,000		1,019,617
Actavis Funding SCS (Luxembourg)^(a)		2.35%		3/12/2018		500		503,037
Actavis, Inc.		1.875%		10/1/2017		250		250,524
Baxalta, Inc.		1.776%	^#	6/22/2018		1,000		1,000,463
Forest Laboratories LLC^†		4.375%		2/1/2019		1,000		1,039,653
Mylan, Inc.		2.55%		3/28/2019		250		249,598
Mylan, Inc.		2.60%		6/24/2018		500		503,075
Perrigo Co. plc (Ireland)^(a)		2.30%		11/8/2018		500		499,560
Shire Acquisitions Investments Ireland DAC (Ireland)^(a)		1.90%		9/23/2019		1,000		987,971
Zoetis, Inc.		1.875%		2/1/2018		500		500,130
Total								6,553,628

Printing & Publishing 0.06%
Thomson Reuters Corp.		1.65%		9/29/2017		250		250,324

Property & Casualty 0.14%
CNA Financial Corp.		5.875%		8/15/2020		250		276,399
CNA Financial Corp.		6.95%		1/15/2018		250		262,693
Total								539,092

Real Estate Investment Trusts 2.40%
Brandywine Operating Partnership LP		4.95%		4/15/2018		500		517,012
Brandywine Operating Partnership LP		5.70%		5/1/2017		500		506,348
DDR Corp.		4.75%		4/15/2018		980		1,008,207
DDR Corp.		7.50%		7/15/2018		500		538,852
DDR Corp.		7.50%		4/1/2017		2,000		2,027,682
First Industrial LP		7.50%		12/1/2017		500		523,954
HCP, Inc.		3.75%		2/1/2019		250		257,138
Hospitality Properties Trust		6.70%		1/15/2018		500		512,709
Kilroy Realty LP		4.80%		7/15/2018		500		517,791
Kilroy Realty LP		6.625%		6/1/2020		500		559,537
Kimco Realty Corp.		6.875%		10/1/2019		250		280,231


	See Notes to Financial Statements.	37

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Real Estate Investment Trusts (continued)
National Retail Properties, Inc.		6.875%		10/15/2017	$	250	$	259,792
Select Income REIT		2.85%		2/1/2018		250		251,129
SL Green Realty Corp.		5.00%		8/15/2018		500		520,925
Welltower, Inc.		2.25%		3/15/2018		500		502,285
Welltower, Inc.		4.125%		4/1/2019		500		519,363
Total								9,302,955

Software/Services 1.80%
Alibaba Group Holding Ltd. (China)^(a)		1.625%		11/28/2017		250		249,741
Baidu, Inc. (China)^(a)		2.25%		11/28/2017		500		501,830
Baidu, Inc. (China)^(a)		2.75%		6/9/2019		500		507,598
Dun & Bradstreet Corp. (The)		3.25%		12/1/2017		500		504,968
eBay, Inc.		1.366%	^#	8/1/2019		500		497,712
Fidelity National Information Services, Inc.		2.85%		10/15/2018		1,150		1,170,509
Hewlett Packard Enterprise Co.		2.45%		10/5/2017		500		502,873
Hewlett Packard Enterprise Co.		2.738%	^#	10/5/2017		1,000		1,009,579
Hewlett Packard Enterprise Co.		2.928%	^#	10/5/2018		500		511,043
Symantec Corp.		2.75%		6/15/2017		1,000		1,003,516
Tencent Holdings Ltd. (China)^†(a)		3.375%		5/2/2019		500		511,573
Total								6,970,942

Specialty Retail 0.13%
Best Buy Co., Inc.		5.00%		8/1/2018		250		261,785
Marks & Spencer plc (United Kingdom)^†(a)		6.25%		12/1/2017		250		259,160
Total								520,945

Steel Producers/Products 0.34%
Nucor Corp.		5.75%		12/1/2017		1,000		1,036,053
Nucor Corp.		5.85%		6/1/2018		250		263,478
Total								1,299,531

Support: Services 0.60%
ERAC USA Finance LLC^†		6.375%		10/15/2017		1,000		1,036,344
Expedia, Inc.		7.456%		8/15/2018		250		270,491
Western Union Co. (The)		2.875%		12/10/2017		500		505,214
Western Union Co. (The)		3.35%		5/22/2019		250		255,152
Western Union Co. (The)		3.65%		8/22/2018		250		256,222
Total								2,323,423


38	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Technology Hardware & Equipment 0.20%
Diamond 1 Finance Corp./Diamond 2
Finance Corp.^†		3.48%		6/1/2019	$	500	$	510,697
NetApp, Inc.		2.00%		12/15/2017		250		250,752
Total								761,449

Telecommunications: Wireless 0.07%
American Tower Corp.		7.25%		5/15/2019		250		274,802

Telecommunications: Wireline Integrated & Services 0.66%
BellSouth LLC^†		4.40%		4/26/2021		2,000		2,020,774
British Telecommunications plc (United Kingdom)^(a)		5.95%		1/15/2018		500		521,232
Total								2,542,006

Tobacco 0.13%
Imperial Brands Finance plc (United Kingdom)^†(a)		2.05%		2/11/2018		500		500,600

Transportation: Infrastructure/Services 0.06%
HPHT Finance 15 Ltd.^†		2.25%		3/17/2018		250		250,014

Trucking & Delivery 0.26%
Penske Truck Leasing Co. LP/PTL Finance Corp.^†		2.875%		7/17/2018		500		506,643
Penske Truck Leasing Co. LP/PTL Finance Corp.^†		3.75%		5/11/2017		500		503,932
Total								1,010,575
Total Corporate Bonds (cost $132,372,303)								132,565,115

FLOATING RATE LOANS^(b)4.95%

Aerospace/Defense 0.37%
Harris Corp. 3 Year Tranche Term Loan		2.11%		3/16/2018		946		945,833
Harris Corp. 5 Year Tranche Term Loan		2.11%		3/16/2020		474		474,410
Total								1,420,243

Cable & Satellite Television 0.44%
Charter Communications Operating LLC
Term Loan E		3.02%		7/1/2020		1,698		1,708,577

Capital Goods 0.48%
Ball Corp. USD Term Loan A		2.52%		3/18/2021		988		987,194
Owens llinois, Inc. Term Loan A		2.416% - 2.880%		4/22/2020		880		876,277
Total								1,863,471

Chemicals 0.08%
INEOS US Finance LLC Cash Dollar Term Loan		–	^(c)	5/4/2018		319		320,587


	See Notes to Financial Statements.	39

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Electronics 0.29%
Sensata Technologies B.V. 6th Amendment
Term Loan (Netherlands)^(a)		3.021%	10/14/2021	$	1,134	$	1,142,905

Gaming 1.00%
Las Vegas Sands LLC Refinancing Term Loan		3.02%	12/19/2020		1,688		1,699,420
Seminole Tribe of Florida Initial Term Loan		3.248%	4/29/2020		2,152		2,163,789
Total							3,863,209

Health Facilities 0.05%
Laboratory Corp. of America Holdings Term Loan		2.02%	12/19/2019		198		197,799

Media: Content 0.53%
AMC Networks, Inc. Term Loan A		2.149%	12/31/2019		2,048		2,043,203

Medical Products 0.45%
Boston Scientific Corp. Term Loan		2.125%	8/6/2018		500		498,437
Medtronic, Inc. Term Loan		1.636%	1/26/2018		1,000		995,625
Thermo Fisher Scientific Inc. Term Loan A		1.961% - 4.50%	7/1/2019		250		250,313
Total							1,744,375

Specialty Retail 0.23%
PVH Corp. Tranche A Term Loan		2.035%	5/19/2021		903		903,061

Support: Services 0.23%
Activision Blizzard, Inc. Term Loan		2.02%	8/23/2021		883		882,603

Telecommunications: Wireline Integrated & Services 0.57%
American Tower Corp. Term Loan		2.02%	1/29/2021		500		497,187
AT&T, Inc. Tranche A Advance Term Loan		1.934%	1/16/2018		727		727,331
Verizon Communications Inc. 5 YEAR Term Loan		2.005%	7/31/2019		1,000		1,000,210
Total							2,224,728

Theaters & Entertainment 0.23%
Kasima LLC Term Loan		3.316% - 3.50%	5/17/2021		866		875,624
Total Floating Rate Loans (cost $19,120,518)							19,190,385

FOREIGN GOVERNMENT OBLIGATION^(d)2.10%

Brazil
Brazil Letras do Tesouro Nacional (cost $6,588,040)		Zero Coupon	7/1/2017	BRL	28,000		8,116,688


40	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.56%
Federal Home Loan Mortgage Corp. 2011-K704 B^†		4.69%	^#	10/25/2030	$	376	$	389,446
Federal Home Loan Mortgage Corp. 2012-K705 C^†		4.16%	^#	9/25/2044		500		508,197
Federal Home Loan Mortgage Corp. 2012-K706 B^†		4.169%	^#	11/25/2044		100		103,020
Federal Home Loan Mortgage Corp. 2012-K708 C^†		3.751%	^#	2/25/2045		100		102,205
Federal Home Loan Mortgage Corp. 2012-K709 B^†		3.872%	^#	4/25/2045		261		266,292
Federal Home Loan Mortgage Corp. 2012-K709 C^†		3.872%	^#	4/25/2045		1,007		1,019,142
Federal Home Loan Mortgage Corp. 2012-K710 B^†		3.821%	^#	6/25/2047		200		205,267
Federal Home Loan Mortgage Corp. 2012-K711 B^†		3.562%	^#	8/25/2045		303		308,660
Federal Home Loan Mortgage Corp. 2012-K711 C^†		3.562%	^#	8/25/2045		200		199,409
Federal Home Loan Mortgage Corp. 2013-K712 B^†		3.365%	^#	5/25/2045		100		101,620
Federal Home Loan Mortgage Corp. 2013-K713 B^†		3.165%	^#	4/25/2046		400		403,499
Federal Home Loan Mortgage Corp. 2014-K503 B^†		3.002%	^#	10/25/2047		415		415,485
Government National Mortgage Assoc. 2013-171 IO		0.94%	^#	6/16/2054		14,756		1,047,726
Government National Mortgage Assoc. 2013-193 IO		0.961%	^#	1/16/2055		1,489		107,438
Government National Mortgage Assoc. 2014-112 A		3.00%	^#	1/16/2048		1,420		1,433,015
Government National Mortgage Assoc. 2014-15 IO		0.94%	^#	8/16/2054		16,130		1,004,583
Government National Mortgage Assoc. 2014-70 A		2.50%		3/16/2049		82		81,126
Government National Mortgage Assoc. 2014-78 A		2.20%		4/16/2047		100		99,524
Government National Mortgage Assoc. 2014-78 IO		0.704%	^#	3/16/2056		812		44,581
Government National Mortgage Assoc. 2015-33 AS		2.90%	^#	5/16/2054		379		382,594
Government National Mortgage Assoc. 2015-41 AD		2.90%	^#	8/16/2055		258		261,121
Government National Mortgage Assoc. 2015-73 AC		2.90%	^#	2/16/2053		1,444		1,452,161
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $10,539,092)								9,936,111

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 3.08%
Federal Home Loan Mortgage Corp.		2.669%	^#	2/1/2038		491		522,256
Federal Home Loan Mortgage Corp.		2.985%	^#	5/1/2036		291		308,684
Federal Home Loan Mortgage Corp.		3.001%	^#	12/1/2036		491		520,858
Federal Home Loan Mortgage Corp.		3.021%	^#	4/1/2037		362		381,175


	See Notes to Financial Statements.	41

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)
Federal Home Loan Mortgage Corp.		3.05%	^#	12/1/2035	$	475	$	506,183
Federal Home Loan Mortgage Corp.		5.00%		5/1/2021		46		48,630
Federal National Mortgage Assoc.		2.617%	^#	2/1/2036		269		282,001
Federal National Mortgage Assoc.		2.715%	^#	1/1/2038		213		225,040
Federal National Mortgage Assoc.		2.735%	^#	3/1/2038		161		170,394
Federal National Mortgage Assoc.		2.783%	^#	1/1/2038		300		316,610
Federal National Mortgage Assoc.		2.851%	^#	11/1/2038		408		431,513
Federal National Mortgage Assoc.		2.852%	^#	11/1/2036		1,001		1,062,859
Federal National Mortgage Assoc.		2.871%	^#	9/1/2038		210		222,279
Federal National Mortgage Assoc.		2.913%	^#	8/1/2038		179		189,217
Federal National Mortgage Assoc.		2.917%	^#	12/1/2035		436		461,711
Federal National Mortgage Assoc.		3.023%	^#	12/1/2038		130		138,090
Federal National Mortgage Assoc.		3.348%	^#	12/1/2040		747		783,814
Federal National Mortgage Assoc.		3.41%	^#	12/1/2040		709		747,697
Federal National Mortgage Assoc.		3.459%	^#	11/1/2040		2,465		2,606,286
Federal National Mortgage Assoc.		3.492%	^#	10/1/2040		793		836,904
Federal National Mortgage Assoc.		5.50%		11/1/2034		527		591,753
Federal National Mortgage Assoc.		5.50%		2/1/2034		498		558,440
Total Government Sponsored Enterprises Pass-Throughs (cost $11,864,628)								11,912,394

MUNICIPAL BONDS 0.55%

Nursing Home 0.19%
New Jersey Econ Dev Auth		2.421%		6/15/2018		750		750,548

Transportation Infrastructure 0.36%
New Jersey Transp Tr Fnd Auth		3.60%		12/15/2017		300		303,204
New Jersey Transp Tr Fnd Auth		4.00%		12/15/2017		650		662,038
New Jersey Transp Tr Fnd Auth		5.00%		6/15/2017		400		405,600
Total								1,370,842
Total Municipal Bonds (cost $2,122,371)								2,121,390

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 23.66%
A10 Bridge Asset Financing LLC 2015-AA A^†		3.504%	^#	5/15/2030		1,418		1,418,000
Americold LLC Trust 2010-ARTA A1^†		3.847%		1/14/2029		673		698,025
BAMLL Commercial Mortgage Securities Trust 2014-IP A^†		2.717%	^#	6/15/2028		100		100,700
BAMLL Commercial Mortgage Securities Trust 2014-IP B^†		2.717%	^#	6/15/2028		200		199,998
BAMLL Commercial Mortgage Securities Trust 2014-IP C^†		2.717%	^#	6/15/2028		340		341,809


42	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
BAMLL-DB Trust 2012-OSI A2FX^†	3.352%		4/13/2029	$	449	$	450,530
Banc of America Commercial Mortgage Trust 2007-2 AM	5.648%	^#	4/10/2049		500		501,526
Banc of America Commercial Mortgage Trust 2007-3 AMF	5.317%		6/10/2049		700		706,037
Banc of America Re-REMIC Trust 2009-UB2 A4B2^†	5.543%	^#	6/24/2049		1,759		1,763,721
Banc of America Re-REMIC Trust 2010-RC30 A5B^†	5.334%		12/16/2043		115		114,609
Bancorp Commercial Mortgage Trust 2016-CRE1 A^†	2.134%	^#	11/15/2033		100		100,089
BB-UBS Trust 2012-TFT B^†	3.468%	^#	6/5/2030		1,086		1,070,666
BBCMS Trust 2015-VFM A1^†	2.466%		3/10/2036		277		267,106
BBCMS Trust 2015-VFM X IO^†	0.484%		3/12/2036		53,831		1,414,956
Bear Stearns Commercial Mortgage Securities Trust 2007-PW16 AM	5.711%	^#	6/11/2040		1,230		1,246,211
Bear Stearns Commercial Mortgage Securities Trust 2007-PW17 AM	5.887%	^#	6/11/2050		1,150		1,174,997
Bear Stearns Deutsche Bank Trust 2005-AFR1 A2^†	5.008%		9/15/2027		77		82,210
CCRESG Commercial Mortgage Trust 2016-HEAT B^†	4.114%		4/10/2029		619		621,950
CCRESG Commercial Mortgage Trust 2016-HEAT C^†	4.919%		4/10/2029		619		623,969
CFCRE Commercial Mortgage Trust 2011-C2 AJ^†	5.754%	^#	12/15/2047		133		149,017
CFCRE Commercial Mortgage Trust 2016-C6 XA IO	1.223%	^#	11/10/2049		2,079		181,741
CG-CCRE Commercial Mortgage Trust 2014-FL1 A^†	1.654%	^#	6/15/2031		268		268,018
CGBAM Commercial Mortgage Trust 2015-SMRT B^†	3.213%		4/10/2028		324		324,909
CGBAM Commercial Mortgage Trust 2015-SMRT C^†	3.516%		4/10/2028		243		243,797
CGBAM Commercial Mortgage Trust 2015-SMRT F^†	3.786%	^#	4/10/2028		111		104,833
Citigroup Commercial Mortgage Trust 2013-SMP C^†	2.738%		1/12/2030		250		249,566
Citigroup Commercial Mortgage Trust 2013-SMP D^†	2.911%	^#	1/12/2030		750		746,418
Citigroup Commercial Mortgage Trust 2014-GC21 XA IO	1.276%	^#	5/10/2047		4,357		294,886
Citigroup Commercial Mortgage Trust 2014-GC23 XB IO	0.226%	^#	7/10/2047		3,784		64,497
Citigroup Commercial Mortgage Trust 2015-GC31 XA IO	0.465%	^#	6/10/2048		4,027		115,159
Citigroup Commercial Mortgage Trust 2016-SMPL A^†	2.228%		9/10/2031		507		494,828
Citigroup Commercial Mortgage Trust 2016-SMPL B^†	2.576%		9/10/2031		283		276,645


	See Notes to Financial Statements.	43

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust 2016-SMPL C^†	2.825%		9/10/2031	$	100	$	97,397
Citigroup Commercial Mortgage Trust 2016-SMPL D^†	3.52%		9/10/2031		189		183,032
Citigroup Commercial Mortgage Trust 2016-SMPL E^†	4.509%		9/10/2031		342		333,246
Citigroup Commercial Mortgage Trust 2016-SMPL XCP IO^†	1.977%	^#	9/10/2031		47,247		1,519,090
COBALT CMBS Commercial Mortgage Trust 2007-C2 AMFX	5.526%	^#	4/15/2047		925		942,344
Commercial Mortgage Pass-Through Certificates 2010-C1 C^†	6.004%	^#	7/10/2046		100		109,024
Commercial Mortgage Pass-Through Certificates 2012-CR3 B^†	3.922%		10/15/2045		383		397,161
Commercial Mortgage Pass-Through Certificates 2012-LTRT A1^†	2.15%		10/5/2030		319		313,339
Commercial Mortgage Pass-Through Certificates 2013-SFS A1^†	1.873%		4/12/2035		458		449,847
Commercial Mortgage Pass-Through Certificates 2013-THL B^†	2.249%	^#	6/8/2030		225		224,077
Commercial Mortgage Pass-Through Certificates 2013-THL E^†	4.399%	^#	6/8/2030		600		600,391
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	1.265%	^#	8/10/2047		1,690		100,631
Commercial Mortgage Pass-Through Certificates 2014-FL4 C^†	2.63%	^#	7/13/2031		468		469,059
Commercial Mortgage Pass-Through Certificates 2014-LC17 XB IO^†	0.04%	^#	10/10/2047		58,568		304,278
Commercial Mortgage Pass-Through Certificates 2014-UBS5 XA IO	1.059%	^#	9/10/2047		3,676		182,068
Commercial Mortgage Pass-Through Certificates 2015-CR23 CMC^†	3.685%	^#	5/10/2048		1,000		942,885
Commercial Mortgage Pass-Through Certificates 2016-SAVA A^†	2.424%	^#	10/15/2034		1,139		1,145,857
Commercial Mortgage Pass-Through Certificates 2016-SAVA B^†	3.004%	^#	10/15/2034		734		738,659
Commercial Mortgage Pass-Through Certificates 2016-SAVA XCP IO^†	2.867%	^#	10/15/2034		6,243		240,229
Commercial Mortgage Trust 2006-GG7 AM	5.758%	^#	7/10/2038		420		419,785
Core Industrial Trust 2015-CALW C^†	3.555%		2/10/2034		111		113,153
Core Industrial Trust 2015-WEST XA IO^†	0.935%	^#	2/10/2037		2,882		182,492
Cosmopolitan Hotel Trust 2016-CSMO B^†	2.804%	^#	11/15/2033		250		251,611


44	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Cosmopolitan Hotel Trust 2016-CSMO E^†	5.354%	^#	11/15/2033	$	341	$	344,841
Credit Suisse First Boston Mortgage Securities Corp. 2006-OMA A^†	5.384%		5/15/2023		35		35,592
Credit Suisse First Boston Mortgage Securities Corp. 2006-OMA B1^†	5.466%		5/15/2023		333		353,738
Credit Suisse First Boston Mortgage Securities Corp. 2006-OMA B2^†	5.538%		5/15/2023		895		961,267
Credit Suisse Mortgage Capital Certificates 2014-RS1 MRA^†	0.887%	^#	11/22/2046		3		2,714
Credit Suisse Mortgage Capital Certificates 2014-TIKI B^†	2.054%	^#	9/15/2038		152		149,318
Credit Suisse Mortgage Capital Certificates 2014-TIKI C^†	2.504%	^#	9/15/2038		465		455,945
Credit Suisse Mortgage Capital Certificates 2014-USA X1 IO^†	0.552%	^#	9/15/2037		20,000		795,700
Credit Suisse Mortgage Capital Certificates 2015-DEAL A^†	2.024%	^#	4/15/2029		507		508,195
Credit Suisse Mortgage Capital Certificates 2015-DEAL B^†	2.554%	^#	4/15/2029		478		479,016
Credit Suisse Mortgage Capital Certificates 2015-GLPB A^†	3.639%		11/15/2034		2,100		2,191,937
Credit Suisse Mortgage Capital Certificates 2016-MFF B^†	3.204%	^#	11/15/2033		419		419,933
Credit Suisse Mortgage Capital Certificates 2016-MFF C^†	4.204%	^#	11/15/2033		476		477,393
DBUBS Mortgage Trust 2011-LC2A A1^†	3.527%		7/10/2044		621		640,099
DBUBS Mortgage Trust 2011-LC2A B^†	4.998%	^#	7/10/2044		100		107,086
DBUBS Mortgage Trust 2011-LC2A D^†	5.543%	^#	7/10/2044		300		307,252
DBUBS Mortgage Trust 2011-LC3A A3	4.638%		8/10/2044		297		300,802
DBWF Mortgage Trust 2015-LCM A1^†	2.998%		6/10/2034		339		341,335
DBWF Mortgage Trust 2015-LCM XA IO^†	0.423%	^#	6/10/2034		885		18,873
EQTY Mortgage Trust 2014-INNS D^†	2.999%	^#	5/8/2031		1,006		996,275
Federal Home Loan Mortgage Corp. 2011-KAIV B^†	4.944%		6/25/2046		1,500		1,595,721
GAHR Commercial Mortgage Trust 2015-NRF CFX^†	3.382%	^#	12/15/2034		320		321,856
GRACE Mortgage Trust 2014-GRCE A^†	3.369%		6/10/2028		300		311,545
Great Wolf Trust 2015-WOLF A^†	1.985%	^#	5/15/2034		450		453,779
Great Wolf Trust 2015-WOLF C^†	3.035%	^#	5/15/2034		151		151,758
Great Wolf Trust 2015-WOLF E^†	4.985%	^#	5/15/2034		170		170,290
GS Mortgage Securities Corp. II 2013-KING A^†	2.706%		12/10/2027		245		248,146
GS Mortgage Securities Corp. Trust 2012-ALOH A^†	3.551%		4/10/2034		1,069		1,118,694


	See Notes to Financial Statements.	45

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. Trust 2012-SHOP B^†	3.311%		6/5/2031	$	408	$	409,758
GS Mortgage Securities Corp. Trust 2012-SHOP D^†	4.182%		6/5/2031		761		768,046
GS Mortgage Securities Corp. Trust 2013-NYC5 D^†	3.479%		1/10/2030		200		202,922
GS Mortgage Securities Corp. Trust 2013-NYC5 F^†	3.649%	^#	1/10/2030		1,492		1,514,478
GS Mortgage Securities Corp. Trust 2014-NEW B^†	3.79%		1/10/2031		130		130,989
GS Mortgage Securities Trust 2006-GG8 AM	5.591%		11/10/2039		97		97,455
GS Mortgage Securities Trust 2010-C1 D^†	6.064%	^#	8/10/2043		100		101,415
GS Mortgage Securities Trust 2012-GCJ7 B	4.74%		5/10/2045		95		101,435
GS Mortgage Securities Trust 2013-G1 A1^†	2.059%		4/10/2031		802		778,966
GS Mortgage Securities Trust 2016-GS4 225A^†	2.636%		11/10/2029		155		152,913
GS Mortgage Securities Trust 2016-GS4 225C^†	3.778%		11/10/2029		270		265,478
GS Mortgage Securities Trust 2016-GS4 225D^†	4.766%		11/10/2029		367		359,880
H/2 Asset Funding 2015-1A-AFL	2.174%		6/24/2049		726		723,609
H/2 Asset Funding 2015-1A-AFX	3.353%		6/24/2049		363		358,668
H/2 Asset Funding 2015-1A-BFX	3.993%		6/24/2049		369		354,041
HILT Mortgage Trust 2014-ORL B^†	1.739%	^#	7/15/2029		200		197,402
HILT Mortgage Trust 2014-ORL C^†	2.304%	^#	7/15/2029		750		737,930
Hudsons Bay Simon JV Trust 2015-HB7 B7^†	4.666%		8/5/2034		1,253		1,256,041
Hudsons Bay Simon JV Trust 2015-HB7 D7^†	5.159%	^#	8/5/2034		837		787,422
Irvine Core Office Trust 2013-IRV A1^†	2.068%		5/15/2048		135		133,856
JPMorgan Chase Commercial Mortgage Securities Trust 2010-C1 A2^†	4.608%		6/15/2043		371		386,766
JPMorgan Chase Commercial Mortgage Securities Trust 2010-C2 B^†	5.075%	^#	11/15/2043		250		268,908
JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A^†	3.905%		5/5/2030		727		756,260
JPMorgan Chase Commercial Mortgage Securities Trust 2014-BXH A^†	1.604%	^#	4/15/2027		368		363,826
JPMorgan Chase Commercial Mortgage Securities Trust 2014-BXH B^†	1.954%	^#	4/15/2027		250		247,649
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 A2	3.046%		4/15/2047		199		203,832
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 XA IO	1.194%	^#	4/15/2047		1,909		70,220
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 XB IO	0.273%	^#	4/15/2047		1,000		20,786
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY B^†	3.771%		6/10/2027		1,359		1,375,428
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY C^†	3.805%	^#	6/10/2027		866		862,551


46	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XA IO^†	0.376%	^#	6/10/2027	$	1,487	$	14,788
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XB IO^†	0.034%	^#	6/10/2027		661		1,229
JPMorgan Chase Commercial Mortgage Securities Trust 2014-FL4 C^†	2.904%	^#	12/15/2030		250		247,760
JPMorgan Chase Commercial Mortgage Securities Trust 2014-FL4 D^†	3.804%	^#	12/15/2030		500		494,150
JPMorgan Chase Commercial Mortgage Securities Trust 2014-FL5 C^†	2.639%	^#	7/15/2031		250		246,934
JPMorgan Chase Commercial Mortgage Securities Trust 2014-INN A^†	1.624%	^#	6/15/2029		1,021		1,020,161
JPMorgan Chase Commercial Mortgage Securities Trust 2014-INN C^†	2.404%	^#	6/15/2029		150		149,359
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C28 A2	2.773%		10/15/2048		34		34,655
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C29 XA IO	0.946%	^#	5/15/2048		2,962		120,252
JPMorgan Chase Commercial Mortgage Securities Trust 2015-UES XB IO^†	0.136%	^#	9/5/2032		46,250		234,025
JPMorgan Chase Commercial Mortgage Securities Trust 2016-ATRM A^†	2.962%		10/5/2028		157		158,042
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI A^†	2.798%		10/5/2031		309		310,614
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI B^†	3.201%		10/5/2031		141		142,086
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI C^†	3.554%		10/5/2031		178		179,651
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI D^†	4.009%	^#	10/5/2031		349		347,858
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI E^†	4.009%	^#	10/5/2031		255		246,968
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI XA IO^†	1.211%	^#	10/5/2031		1,543		77,711
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI XB IO^†	0.657%	^#	10/5/2031		1,000		28,333
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT A^†	2.154%	^#	10/15/2033		734		737,096
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT C^†	3.554%	^#	10/15/2033		111		111,855
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT D^†	4.454%	^#	10/15/2033		292		294,664


	See Notes to Financial Statements.	47

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT XCP IO^†		1.198%	^#	10/15/2018	$	53,571	$	1,155,259
Ladder Capital Commercial Mortgage Securities LLC 2014-PKMD A^†		2.857%	^#	11/14/2027		1,816		1,833,943
Ladder Capital Commercial Mortgage Securities LLC 2014-PKMD B^†		2.857%	^#	11/14/2027		156		154,523
Ladder Capital Commercial Mortgage Securities LLC 2014-PKMD MRC^†		2.857%	^#	11/14/2027		126		125,348
LMREC, Inc. 2015-CRE1 A^†		2.274%	^#	2/22/2032		755		748,429
LMREC, Inc. 2015-CRE1 B^†		4.024%	^#	2/22/2032		100		97,647
LSTAR Commercial Mortgage Trust 2014-2 XA IO^†		1.00%	^#	1/20/2041		1,431		24,387
LSTAR Commercial Mortgage Trust 2015-3 A2^†		2.729%	^#	4/20/2048		289		288,757
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 A2		3.001%		10/15/2046		40		40,813
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA IO		0.751%	^#	7/15/2050		9,872		383,293
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 XA IO		1.472%	^#	11/15/2049		3,647		354,841
Morgan Stanley Capital Barclays Bank Trust 2016-MART B^†		2.48%		9/13/2031		250		242,772
Morgan Stanley Capital Barclays Bank Trust 2016-MART C^†		2.817%		9/13/2031		500		488,393
Morgan Stanley Capital Barclays Bank Trust 2016-MART XCP IO^†		0.316%	^#	9/13/2031		124,205		705,149
Morgan Stanley Capital I Trust 2005-IQ9 B		4.86%		7/15/2056		450		446,101
Morgan Stanley Capital I Trust 2007-HQ12 AM		5.775%	^#	4/12/2049		162		161,905
Morgan Stanley Capital I Trust 2007-IQ15 AM		5.902%	^#	6/11/2049		813		824,350
Morgan Stanley Capital I Trust 2011-C3 A4		4.118%		7/15/2049		789		848,299
Morgan Stanley Capital I Trust 2012-C4 XA IO^†		2.207%	^#	3/15/2045		18,776		1,506,059
Morgan Stanley Capital I Trust 2012-STAR A1^†		2.084%		8/5/2034		615		606,081
Morgan Stanley Capital I Trust 2012-STAR B^†		3.451%		8/5/2034		100		99,933
Morgan Stanley Capital I Trust 2014-CPT XA IO^†		0.089%	^#	7/13/2029		100,000		519,000
Morgan Stanley Capital I Trust 2014-MP A^†		3.469%		8/11/2029		100		103,759
Morgan Stanley Capital I Trust 2016-UB11 XA IO		1.683%	^#	8/15/2049		1,118		118,111
Morgan Stanley Capital I Trust 2016-UB11 XB IO		0.997%	^#	8/15/2049		1,538		120,857
Motel 6 Trust 2015-MTL6 A2^†		2.605%		2/5/2030		911		914,856
Motel 6 Trust 2015-MTL6 B^†		3.298%		2/5/2030		422		423,781
Motel 6 Trust 2015-MTL6 C^†		3.644%		2/5/2030		322		323,195
Motel 6 Trust 2015-MTL6 D^†		4.532%		2/5/2030		550		553,108
MSCG Trust 2015-ALDR A1^†		2.612%		6/7/2035		185		182,917


48	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
MSCG Trust 2016-SNR A^†	3.348%	^#	11/15/2034	$	687	$	685,312
MSCG Trust 2016-SNR B^†	4.181%		11/15/2034		332		331,555
MSCG Trust 2016-SNR C^†	5.205%		11/15/2034		213		213,536
NorthStar Real Estate CDO Ltd. 2013 -1B^†	5.534%	^#	8/25/2029		197		198,832
Prima Capital CRE Securization 2006-1	2.55%		8/26/2049		1,913		1,898,442
Prima Capital Ltd.	3.90%		8/23/2037		1,500		1,390,845
Prima Capital Ltd.	4.10%		8/23/2037		1,500		1,494,513
RBSCF Trust 2010-RR3 WBTB^†	5.969%	^#	2/16/2051		1,500		1,499,818
Readycap Mortgage Trust 2016-3 A^†	2.94%		11/20/2038		250		248,685
Resource Capital Corp. Ltd. 2014-CRE2 A^†	1.754%	^#	4/15/2032		283		281,642
VNDO Mortgage Trust 2012-6AVE C^†	3.337%	^#	11/15/2030		229		231,001
Vornado DP LLC Trust 2010-VNO A1^†	2.97%		9/13/2028		422		431,029
Wachovia Bank Commercial Mortgage Trust 2006-C27 AM	5.795%	^#	7/15/2045		103		103,014
Wachovia Bank Commercial Mortgage Trust 2007-C30 AM	5.383%		12/15/2043		166		165,547
Wells Fargo Commercial Mortgage Trust 2010-C1 C^†	5.599%	^#	11/15/2043		250		267,567
Wells Fargo Commercial Mortgage Trust 2015-C27 XB IO	0.357%	^#	2/15/2048		68,008		1,816,347
Wells Fargo Commercial Mortgage Trust 2015-C29 XA IO	0.759%	^#	6/15/2048		2,469		109,455
Wells Fargo Commercial Mortgage Trust 2015-C29 XB IO	0.018%	^#	6/15/2048		40,645		146,241
Wells Fargo Commercial Mortgage Trust 2015-LC20 XB IO	0.476%	^#	4/15/2050		24,333		810,364
Wells Fargo Commercial Mortgage Trust 2015-SG1 XA IO	0.811%	^#	12/15/2047		2,592		126,597
Wells Fargo Commercial Mortgage Trust 2016-LC24 XB IO	1.012%	^#	10/15/2049		4,661		375,621
WF-RBS Commercial Mortgage Trust 2011-C4 A3^†	4.394%		6/15/2044		18		18,561
WF-RBS Commercial Mortgage Trust 2011-C5 A3	3.526%		11/15/2044		973		1,007,016
WF-RBS Commercial Mortgage Trust 2012-C7 A1	2.30%		6/15/2045		504		508,576
WF-RBS Commercial Mortgage Trust 2012-C8 A2	1.881%		8/15/2045		468		469,176
WF-RBS Commercial Mortgage Trust 2014-C20 XA IO	1.174%	^#	5/15/2047		3,824		211,288
WF-RBS Commercial Mortgage Trust 2014-C20 XB IO	0.572%	^#	5/15/2047		765		29,984
WF-RBS Commercial Mortgage Trust 2014-C21 XB IO	0.607%	^#	8/15/2047		15,000		634,528


	See Notes to Financial Statements.	49

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

					Principal
	Interest			Maturity	Amount		Fair
Investments	Rate			Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
WF-RBS Commercial Mortgage Trust 2014-C22 XA IO		0.934%	^#	9/15/2057	$	12,763	$	621,311
WF-RBS Commercial Mortgage Trust 2014-C22 XB IO		0.452%	^#	9/15/2057		14,000		398,367
WF-RBS Commercial Mortgage Trust 2014-C23 XA IO		0.691%	^#	10/15/2057		7,847		276,619
WF-RBS Commercial Mortgage Trust 2014-C23 XB IO		0.307%	^#	10/15/2057		5,000		93,734
Total Non-Agency Commercial Mortgage-Backed Securities (cost $93,881,455)								91,608,288

U.S. TREASURY OBLIGATIONS 1.00%
U.S. Treasury Note		0.875%		10/15/2017		3,529		3,529,963
U.S. Treasury Note		1.375%		5/31/2021		362		354,852
Total U.S. Treasury Obligations (cost $3,895,842)								3,884,815
Total Long-Term Investments (cost $357,089,850)								356,025,568

SHORT-TERM INVESTMENTS 4.67%

Corporate Bonds

Banking 1.17%
American Express Credit Corp.		1.55%		9/22/2017		250		250,305
Banco de Bogota SA (Colombia)^†(a)		5.00%		1/15/2017		250		250,185
Bank of America Corp.		5.42%		3/15/2017		1,000		1,007,295
Bank of America NA		5.30%		3/15/2017		1,000		1,007,795
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)^†(a)		1.261%	^#	9/8/2017		200		199,824
Compass Bank		1.85%		9/29/2017		500		498,955
Emirates NBD PJSC (United Arab Emirates)^(a)		4.625%		3/28/2017		500		503,529
Intesa Sanpaolo SpA (Italy)^(a)		2.375%		1/13/2017		500		500,072
Macquarie Bank Ltd. (Australia)^†(a)		1.787%	^#	3/24/2017		300		300,339
Total								4,518,299

Chemicals 0.07%
Valspar Corp. (The)		6.05%		5/1/2017		250		253,443

Consumer/Commercial/Lease Financing 0.20%
Discover Financial Services		6.45%		6/12/2017		250		255,180
Synchrony Financial		2.287%	^#	11/9/2017		500		503,337
Total								758,517


50	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

					Principal
	Interest			Maturity	Amount		Fair
Investments	Rate			Date	(000)		Value
Electric: Integrated 0.59%
Appalachian Power Co.		5.00%		6/1/2017	$	250	$	253,385
Israel Electric Corp. Ltd. (Israel)^†(a)		6.70%		2/10/2017		1,000		1,004,804
Jersey Central Power & Light Co.		5.65%		6/1/2017		1,000		1,015,766
Total								2,273,955

Electronics 0.13%
Tech Data Corp.		3.75%		9/21/2017		500		506,243

Energy: Exploration & Production 0.06%
Pioneer Natural Resources Co.		6.65%		3/15/2017		250		252,563

Food: Wholesale 0.13%
Bunge Ltd. Finance Corp.		3.20%		6/15/2017		250		251,910
Bunge NA Finance LP		5.90%		4/1/2017		250		252,166
Total								504,076

Gas Distribution 0.89%
Enbridge, Inc. (Canada)^(a)		1.384%	^#	6/2/2017		500		500,076
Energy Transfer Partners LP		6.125%		2/15/2017		1,700		1,708,859
Sempra Energy		2.30%		4/1/2017		1,000		1,002,020
Tennessee Gas Pipeline Co. LLC		7.50%		4/1/2017		250		253,234
Total								3,464,189

Hotels 0.19%
Marriott International, Inc.		6.375%		6/15/2017		250		255,458
Wyndham Worldwide Corp.		2.95%		3/1/2017		500		500,512
Total								755,970

Integrated Energy 0.26%
CNOOC Nexen Finance 2014 ULC (Canada)^(a)		1.625%		4/30/2017		1,000		999,410

Managed Care 0.07%
Anthem, Inc.		5.875%		6/15/2017		250		255,087

Medical Products 0.13%
Zimmer Biomet Holdings, Inc.		1.45%		4/1/2017		500		500,151

Monoline Insurance 0.13%
Fidelity National Financial, Inc.		6.60%		5/15/2017		500		508,595

Personal & Household Products 0.07%
Hasbro, Inc.		6.30%		9/15/2017		250		258,329


	See Notes to Financial Statements.	51

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Real Estate Investment Trusts 0.33%
HCP, Inc.		5.625%	5/1/2017	$	250	$	253,343
Highwoods Realty LP		5.85%	3/15/2017		1,000		1,008,505
Total							1,261,848

Software/Services 0.06%
Fidelity National Information Services, Inc.		1.45%	6/5/2017		250		250,125

Technology Hardware & Equipment 0.06%
Ingram Micro, Inc.		5.25%	9/1/2017		250		253,717

Tobacco 0.13%
Reynolds American, Inc.		2.30%	8/21/2017		500		502,540
Total Short-Term Investments (cost $18,081,201)							18,077,057
Total Investments in Securities 96.62% (cost $375,171,051)							374,102,625
Cash, Foreign Cash, and Other Assets in Excess of Liabilities^(e)3.38%							13,089,863
Net Assets 100.00%						$	387,192,488

BRL		Brazilian real.
IO		Interest Only.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
^#		Variable rate security. The interest rate represents the rate in effect at December 31, 2016.
^(a)		Foreign security traded in U.S. dollars.
^(b)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate shown is the rate in effect at December 31, 2016.
^(c)		Interest rate to be determined.
^(d)		Investment in non-U.S. dollar denominated securities.
^(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:

Open Forward Foreign Currency Exchange Contracts at December 31, 2016:

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

2/22/2017

17,500,000

1,046,025

1,061,930

15,905

Argentine peso

Buy

Bank of America

3/23/2017

164,000,000

9,669,811

9,764,470

94,659

Brazilian real

Buy

Goldman Sachs

2/14/2017

1,330,000

382,228

403,963

21,735

Brazilian real

Buy

Goldman Sachs

2/14/2017

1,150,000

332,380

349,291

16,911

Brazilian real

Buy

State Street Bank and Trust

1/13/2017

22,700,000

6,835,291

6,956,099

120,808

Brazilian real

Buy

State Street Bank and Trust

3/9/2017

38,900,000

10,959,290

11,741,593

782,303


52	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016: (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
Canadian dollar	Buy	State Street Bank and Trust	2/14/2017		250,000	$	185,206	$	186,294	$	1,088
Chilean peso	Buy	Bank of America	2/14/2017		290,000,000		427,886		431,728		3,842
Chilean peso	Buy	Citibank	3/9/2017		6,700,000,000		9,893,680		9,958,130		64,450
Chilean peso	Buy	UBS AG	2/14/2017		6,334,000,000		9,404,603		9,429,534		24,931
Chinese yuan renminbi	Buy	UBS AG	3/9/2017		29,160,000		4,111,095		4,112,395		1,300
Colombian peso	Buy	Goldman Sachs	2/14/2017		2,260,000,000		710,225		747,090		36,865
Colombian peso	Buy	J.P. Morgan	2/14/2017		25,840,000,000		8,512,601		8,541,947		29,346
Colombian peso	Buy	Standard Chartered Bank	3/9/2017		50,700,000,000		16,327,188		16,697,187		369,999
Hungarian forint	Buy	Morgan Stanley	3/9/2017		1,714,000,000		5,804,815		5,843,779		38,964
Hungarian forint	Buy	Morgan Stanley	3/9/2017		84,000,000		285,481		286,393		912
Indian rupee	Buy	J.P. Morgan	2/14/2017		19,600,000		286,081		287,306		1,225
Indian rupee	Buy	J.P. Morgan	3/9/2017		970,000,000		14,102,732		14,181,287		78,555
Indian rupee	Buy	Standard Chartered Bank	2/14/2017		26,300,000		380,611		385,517		4,906
Indonesian rupiah	Buy	J.P. Morgan	2/14/2017		6,570,000,000		475,846		484,054		8,208
Indonesian rupiah	Buy	UBS AG	1/13/2017		13,300,000,000		954,774		984,081		29,307
Indonesian rupiah	Buy	UBS AG	3/9/2017		398,500,000,000		29,198,417		29,239,418		41,001
Mexican peso	Buy	UBS AG	1/13/2017		4,940,000		236,345		237,989		1,644
Peruvian Nuevo sol	Buy	Goldman Sachs	2/14/2017		1,640,000		476,632		486,121		9,489
Peruvian Nuevo sol	Buy	J.P. Morgan	2/14/2017		25,700,000		7,546,616		7,617,878		71,262
Peruvian Nuevo sol	Buy	Standard Chartered Bank	1/13/2017		32,500,000		9,533,588		9,673,704		140,116
Peruvian Nuevo sol	Buy	State Street Bank and Trust	1/13/2017		9,800,000		2,890,003		2,916,994		26,991
Peruvian Nuevo sol	Buy	UBS AG	3/9/2017		54,200,000		15,667,004		16,011,507		344,503
Philippine peso	Buy	J.P. Morgan	2/14/2017		7,200,000		143,096		144,258		1,162
Polish zloty	Buy	UBS AG	2/14/2017		1,400,000		332,867		334,310		1,443
Russian ruble	Buy	Barclays Bank plc	3/9/2017		1,454,000,000		22,310,023		23,354,891		1,044,868
Russian ruble	Buy	Goldman Sachs	2/14/2017		307,000,000		4,753,980		4,954,495		200,515
Russian ruble	Buy	Standard Chartered Bank	1/13/2017		226,400,000		3,576,083		3,687,298		111,215
Russian ruble	Buy	Standard Chartered Bank	2/14/2017		480,000,000		7,345,378		7,746,442		401,064
Russian ruble	Buy	State Street Bank and Trust	2/14/2017		18,600,000		285,276		300,175		14,899
South African rand	Buy	Bank of America	1/13/2017		33,000,000		2,359,803		2,399,040		39,237
South African rand	Buy	Bank of America	2/14/2017		2,760,000		190,163		199,427		9,264


	See Notes to Financial Statements.	53

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016: (continued)

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Appreciation
South African rand	Buy	J.P. Morgan	2/14/2017		4,100,000	$	287,203	$	296,250	$	9,047
South African rand	Buy	Morgan Stanley	2/14/2017		40,800,000		2,940,276		2,948,045		7,769
Thai baht	Buy	UBS AG	4/12/2017		139,000,000		3,879,431		3,879,836		405
Brazilian real	Sell	Morgan Stanley	2/14/2017		2,940,000		894,950		892,969		1,981
Chilean peso	Sell	J.P. Morgan	1/13/2017		1,600,000,000		2,456,399		2,387,250		69,149
Chilean peso	Sell	State Street Bank and Trust	2/14/2017		1,753,000,000		2,689,063		2,609,721		79,342
Chinese yuan renminbi	Sell	Bank of America	1/13/2017		28,720,000		4,130,045		4,113,163		16,882
Chinese yuan renminbi	Sell	Bank of America	1/11/2017		29,900,000		4,421,265		4,284,895		136,370
Chinese yuan renminbi	Sell	Standard Chartered Bank	1/11/2017		2,960,000		434,493		424,190		10,303
Chinese yuan renminbi	Sell	State Street Bank and Trust	1/11/2017		990,000		142,775		141,874		901
Chinese yuan renminbi	Sell	UBS AG	1/11/2017		33,520,000		4,899,868		4,803,669		96,199
Colombian peso	Sell	UBS AG	2/14/2017		1,824,000,000		603,246		602,961		285
Czech koruna	Sell	Citibank	1/13/2017		49,350,000		1,948,712		1,923,378		25,334
euro	Sell	J.P. Morgan	1/13/2017		3,330,000		3,570,590		3,507,462		63,128
euro	Sell	State Street Bank and Trust	1/13/2017		4,920,000		5,467,655		5,182,196		285,459
euro	Sell	State Street Bank and Trust	1/13/2017		620,000		678,157		653,041		25,116
Hungarian forint	Sell	Citibank	3/9/2017		27,000,000		92,971		92,055		916
Indian rupee	Sell	Barclays Bank plc	2/14/2017		148,130,000		2,184,389		2,171,357		13,032
Indian rupee	Sell	Morgan Stanley	2/14/2017		13,180,000		193,298		193,198		100
Indian rupee	Sell	Standard Chartered Bank	1/13/2017		6,460,000		95,426		95,009		417
Indian rupee	Sell	State Street Bank and Trust	2/14/2017		310,000,000		4,546,788		4,544,122		2,666
Indian rupee	Sell	UBS AG	1/13/2017		314,340,000		4,650,000		4,623,065		26,935
Indonesian rupiah	Sell	Barclays Bank plc	1/13/2017		1,910,000,000		143,002		141,323		1,679
Indonesian rupiah	Sell	J.P. Morgan	1/13/2017		49,565,000,000		3,710,788		3,667,365		43,423
Indonesian rupiah	Sell	J.P. Morgan	3/9/2017		18,000,000,000		1,323,335		1,320,727		2,608
Indonesian rupiah	Sell	J.P. Morgan	2/14/2017		16,220,000,000		1,197,755		1,195,032		2,723
Indonesian rupiah	Sell	J.P. Morgan	2/14/2017		2,620,000,000		195,625		193,032		2,593
Indonesian rupiah	Sell	Morgan Stanley	1/13/2017		32,625,000,000		2,443,656		2,413,957		29,699
Indonesian rupiah	Sell	UBS AG	2/14/2017		39,730,000,000		2,956,101		2,927,166		28,935
Israeli new shekel	Sell	Barclays Bank plc	1/13/2017		770,000		200,243		199,931		312
Israeli new shekel	Sell	Goldman Sachs	1/13/2017		12,550,000		3,308,267		3,258,608		49,659
Israeli new shekel	Sell	Morgan Stanley	1/13/2017		4,450,000		1,168,127		1,155,443		12,684


54	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016: (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
Malaysian ringgit	Sell	Standard Chartered Bank	1/13/2017		5,600,000	$	1,316,150	$	1,248,392	$	67,758
Malaysian ringgit	Sell	State Street Bank and Trust	1/13/2017		11,800,000		2,664,258		2,630,541		33,717
Malaysian ringgit	Sell	State Street Bank and Trust	1/13/2017		5,830,000		1,324,097		1,299,666		24,431
Mexican peso	Sell	Goldman Sachs	1/13/2017		61,780,000		3,046,769		2,976,308		70,461
Mexican peso	Sell	J.P. Morgan	2/14/2017		34,130,000		1,676,737		1,637,202		39,535
Mexican peso	Sell	J.P. Morgan	2/14/2017		3,000,000		145,737		143,909		1,828
Mexican peso	Sell	J.P. Morgan	2/14/2017		6,375,000		312,239		305,806		6,433
Peruvian Nuevo sol	Sell	State Street Bank and Trust	1/13/2017		1,460,000		434,783		434,573		210
Polish zloty	Sell	Citibank	1/13/2017		400,000		97,097		95,570		1,527
Romanian new leu	Sell	Goldman Sachs	1/13/2017		13,670,000		3,234,722		3,171,812		62,910
Russian ruble	Sell	J.P. Morgan	2/14/2017		24,000,000		391,705		387,322		4,383
Russian ruble	Sell	Standard Chartered Bank	2/14/2017		14,355,000		231,758		231,667		91
Russian ruble	Sell	Standard Chartered Bank	2/14/2017		234,000,000		3,785,795		3,776,391		9,404
Russian ruble	Sell	State Street Bank and Trust	2/14/2017		285,000,000		4,656,102		4,599,450		56,652
Singapore dollar	Sell	Goldman Sachs	2/14/2017		5,400,000		3,788,344		3,727,881		60,463
Singapore dollar	Sell	State Street Bank and Trust	2/14/2017		135,000		95,131		93,197		1,934
South African rand	Sell	Barclays Bank plc	2/14/2017		3,235,000		234,995		233,748		1,247
South African rand	Sell	Citibank	1/13/2017		1,950,000		143,125		141,761		1,364
South African rand	Sell	Citibank	2/14/2017		18,075,000		1,309,439		1,306,027		3,412
South African rand	Sell	Goldman Sachs	3/9/2017		11,500,000		828,678		827,349		1,329
South African rand	Sell	J.P. Morgan	1/13/2017		31,050,000		2,266,146		2,257,279		8,867
South African rand	Sell	Morgan Stanley	2/14/2017		24,700,000		1,791,876		1,784,724		7,152
South Korean won	Sell	Standard Chartered Bank	1/13/2017		1,428,000,000		1,227,215		1,182,869		44,346
South Korean won	Sell	Standard Chartered Bank	3/9/2017		1,395,000,000		1,198,330		1,155,272		43,058
South Korean won	Sell	Standard Chartered Bank	3/9/2017		1,180,000,000		1,010,984		977,220		33,764
South Korean won	Sell	Standard Chartered Bank	3/9/2017		280,000,000		234,412		231,883		2,529
South Korean won	Sell	State Street Bank and Trust	3/9/2017		4,400,000,000		3,654,485		3,643,870		10,615


	See Notes to Financial Statements.	55

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016: (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

Thai baht

Sell

Standard Chartered Bank

2/14/2017

72,000,000

2,021,904

2,010,082

11,822

Turkish lira

Sell

Citibank

2/14/2017

400,000

112,609

112,408

201

Turkish lira

Sell

J.P. Morgan

1/13/2017

15,700,000

4,489,335

4,442,497

46,838

Turkish lira

Sell

J.P. Morgan

2/14/2017

820,000

232,659

230,437

2,222

Unrealized Appreciation on Forward Foreign Currency Exchange Contracts

5,911,446

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Depreciation
Argentine peso	Buy	Bank of America	2/22/2017		139,500,000	$	8,480,243	$	8,465,099	$	(15,144	)
Argentine peso	Buy	UBS AG	1/27/2017		301,000,000		18,800,749		18,609,348		(191,401	)
Brazilian real	Buy	Morgan Stanley	2/14/2017		1,580,000		481,663		479,895		(1,768	)
Brazilian real	Buy	Morgan Stanley	2/14/2017		11,160,000		3,479,345		3,389,639		(89,706	)
Brazilian real	Buy	State Street Bank and Trust	2/14/2017		14,800,000		4,497,933		4,495,221		(2,712	)
Canadian dollar	Buy	J.P. Morgan	2/14/2017		2,500,000		1,905,014		1,862,940		(42,074	)
Chilean peso	Buy	Bank of America	1/13/2017		1,600,000,000		2,431,759		2,387,250		(44,509	)
Chilean peso	Buy	Standard Chartered Bank	3/9/2017		3,175,000,000		4,806,964		4,718,965		(87,999	)
Chinese yuan renminbi	Buy	Goldman Sachs	1/13/2017		99,200,000		14,675,522		14,207,024		(468,498	)
Chinese yuan renminbi	Buy	J.P. Morgan	1/11/2017		1,300,000		189,429		186,300		(3,129	)
Chinese yuan renminbi	Buy	J.P. Morgan	2/14/2017		1,300,000		188,997		184,378		(4,619	)
Chinese yuan renminbi	Buy	Morgan Stanley	2/14/2017		2,320,000		333,761		329,045		(4,716	)
Chinese yuan renminbi	Buy	State Street Bank and Trust	3/9/2017		36,500,000		5,244,328		5,147,545		(96,783	)
Chinese yuan renminbi	Buy	UBS AG	2/14/2017		15,850,000		2,319,116		2,247,999		(71,117	)
Chinese yuan renminbi	Buy	UBS AG	1/11/2017		11,660,000		1,676,371		1,670,966		(5,405	)
Colombian peso	Buy	J.P. Morgan	1/13/2017		4,500,000,000		1,504,327		1,496,466		(7,861	)
Colombian peso	Buy	Standard Chartered Bank	1/13/2017		10,760,000,000		3,616,807		3,578,217		(38,590	)
Czech koruna	Buy	Citibank	1/13/2017		181,550,000		7,491,117		7,075,771		(415,346	)
Czech koruna	Buy	Morgan Stanley	3/9/2017		68,000,000		2,723,768		2,657,085		(66,683	)
Czech koruna	Buy	State Street Bank and Trust	1/13/2017		4,830,000		190,127		188,246		(1,881	)
Czech koruna	Buy	State Street Bank and Trust	4/13/2017		11,000,000		432,746		430,996		(1,750	)
euro	Buy	J.P. Morgan	1/13/2017		8,870,000		9,752,498		9,342,699		(409,799	)
Hungarian forint	Buy	Citibank	2/14/2017		3,520,000,000		12,825,188		11,995,433		(829,755	)


56	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016: (continued)

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Depreciation
Hungarian forint	Buy	Morgan Stanley	2/14/2017		40,400,000	$	142,117	$	137,675	$	(4,442	)
Hungarian forint	Buy	Morgan Stanley	3/9/2017		395,000,000		1,356,406		1,346,729		(9,677	)
Hungarian forint	Buy	Standard Chartered Bank	3/9/2017		83,000,000		284,229		282,983		(1,246	)
Indian rupee	Buy	J.P. Morgan	2/14/2017		1,232,000,000		18,226,200		18,059,220		(166,980	)
Indian rupee	Buy	State Street Bank and Trust	1/13/2017		43,600,000		647,076		641,235		(5,841	)
Indian rupee	Buy	UBS AG	1/13/2017		277,200,000		4,107,275		4,076,840		(30,435	)
Indonesian rupiah	Buy	J.P. Morgan	1/13/2017		55,800,000,000		4,254,022		4,128,699		(125,323	)
Indonesian rupiah	Buy	UBS AG	1/13/2017		15,000,000,000		1,136,794		1,109,865		(26,929	)
Indonesian rupiah	Buy	UBS AG	2/14/2017		52,000,000,000		3,904,783		3,831,176		(73,607	)
Israeli new shekel	Buy	Bank of America	1/13/2017		730,000		190,511		189,545		(966	)
Israeli new shekel	Buy	Bank of America	1/13/2017		900,000		234,903		233,685		(1,218	)
Israeli new shekel	Buy	Morgan Stanley	1/13/2017		33,600,000		8,838,196		8,724,241		(113,955	)
Malaysian ringgit	Buy	Goldman Sachs	4/13/2017		5,300,000		1,175,696		1,175,219		(477	)
Malaysian ringgit	Buy	J.P. Morgan	1/13/2017		8,900,000		2,112,659		1,984,052		(128,607	)
Malaysian ringgit	Buy	Standard Chartered Bank	2/14/2017		9,660,000		2,320,910		2,148,440		(172,470	)
Malaysian ringgit	Buy	Standard Chartered Bank	2/14/2017		2,140,000		476,572		475,948		(624	)
Malaysian ringgit	Buy	UBS AG	1/13/2017		27,800,000		6,658,683		6,197,376		(461,307	)
Mexican peso	Buy	Citibank	2/14/2017		73,400,000		3,579,635		3,520,968		(58,667	)
Mexican peso	Buy	Goldman Sachs	1/13/2017		49,000,000		2,626,460		2,360,620		(265,840	)
Mexican peso	Buy	J.P. Morgan	2/14/2017		324,000,000		16,764,730		15,542,149		(1,222,581	)
Mexican peso	Buy	J.P. Morgan	3/9/2017		79,000,000		3,857,319		3,778,767		(78,552	)
Mexican peso	Buy	J.P. Morgan	4/12/2017		36,500,000		1,744,309		1,737,510		(6,799	)
Mexican peso	Buy	State Street Bank and Trust	1/13/2017		7,840,000		380,664		377,699		(2,965	)
Philippine peso	Buy	Standard Chartered Bank	2/14/2017		14,200,000		285,135		284,509		(626	)
Philippine peso	Buy	State Street Bank and Trust	2/14/2017		258,000,000		5,255,653		5,169,249		(86,404	)
Philippine peso	Buy	State Street Bank and Trust	3/9/2017		374,000,000		7,471,333		7,468,845		(2,488	)
Philippine peso	Buy	UBS AG	2/14/2017		127,000,000		2,619,637		2,544,553		(75,084	)
Philippine peso	Buy	UBS AG	1/13/2017		425,600,000		8,715,953		8,565,104		(150,849	)
Philippine peso	Buy	UBS AG	4/12/2017		133,300,000		2,655,378		2,651,072		(4,306	)
Polish zloty	Buy	Morgan Stanley	2/14/2017		800,000		196,254		191,035		(5,219	)
Polish zloty	Buy	Standard Chartered Bank	1/13/2017		30,700,000		7,916,754		7,334,977		(581,777	)


	See Notes to Financial Statements.	57

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016: (continued)

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Depreciation
Polish zloty	Buy	Standard Chartered Bank	2/14/2017		38,100,000	$	9,774,135	$	9,098,020	$	(676,115	)
Polish zloty	Buy	Standard Chartered Bank	3/9/2017		9,840,000		2,378,262		2,348,825		(29,437	)
Polish zloty	Buy	Standard Chartered Bank	4/13/2017		2,200,000		526,487		524,853		(1,634	)
Romanian new leu	Buy	Barclays Bank plc	4/13/2017		2,330,000		544,351		541,735		(2,616	)
Romanian new leu	Buy	Citibank	1/13/2017		26,050,000		6,384,334		6,044,309		(340,025	)
Romanian new leu	Buy	Goldman Sachs	2/14/2017		9,350,000		2,273,925		2,170,901		(103,024	)
Romanian new leu	Buy	J.P. Morgan	2/14/2017		9,800,000		2,426,643		2,275,383		(151,260	)
Romanian new leu	Buy	J.P. Morgan	2/14/2017		600,000		144,487		139,309		(5,178	)
Romanian new leu	Buy	J.P. Morgan	3/9/2017		25,700,000		6,161,884		5,969,649		(192,235	)
Romanian new leu	Buy	Standard Chartered Bank	2/14/2017		1,000,000		235,973		232,182		(3,791	)
Singapore dollar	Buy	Goldman Sachs	2/14/2017		23,670,000		16,986,311		16,340,543		(645,768	)
Singapore dollar	Buy	Morgan Stanley	3/9/2017		3,550,000		2,503,122		2,450,565		(52,557	)
Singapore dollar	Buy	Standard Chartered Bank	2/14/2017		2,300,000		1,663,564		1,587,801		(75,763	)
Singapore dollar	Buy	Standard Chartered Bank	3/9/2017		800,000		553,672		552,240		(1,432	)
Singapore dollar	Buy	State Street Bank and Trust	2/14/2017		200,000		139,676		138,070		(1,606	)
South African rand	Buy	State Street Bank and Trust	3/9/2017		236,500,000		17,167,329		17,014,606		(152,723	)
South Korean won	Buy	Standard Chartered Bank	1/13/2017		280,000,000		237,763		231,935		(5,828	)
South Korean won	Buy	UBS AG	1/13/2017		1,148,000,000		1,015,480		950,934		(64,546	)
South Korean won	Buy	UBS AG	3/9/2017		8,200,000,000		6,999,095		6,790,850		(208,245	)
Thai baht	Buy	Morgan Stanley	1/13/2017		29,000,000		816,154		809,741		(6,413	)
Thai baht	Buy	Morgan Stanley	2/14/2017		84,800,000		2,421,902		2,367,430		(54,472	)
Thai baht	Buy	Morgan Stanley	2/14/2017		10,200,000		285,498		284,762		(736	)
Thai baht	Buy	State Street Bank and Trust	3/9/2017		240,000,000		6,732,590		6,699,977		(32,613	)
Thai baht	Buy	UBS AG	1/13/2017		15,000,000		429,429		418,832		(10,597	)
Turkish lira	Buy	Bank of America	2/14/2017		1,000,000		286,290		281,020		(5,270	)
Turkish lira	Buy	Barclays Bank plc	1/13/2017		6,300,000		2,001,319		1,782,658		(218,661	)
Turkish lira	Buy	Citibank	2/14/2017		940,000		283,843		264,159		(19,684	)
Turkish lira	Buy	Citibank	2/14/2017		27,800,000		8,589,473		7,812,367		(777,106	)
Turkish lira	Buy	Citibank	4/13/2017		16,920,000		4,693,427		4,692,461		(966	)
Turkish lira	Buy	Citibank	2/14/2017		1,130,000		328,907		317,553		(11,354	)
Turkish lira	Buy	J.P. Morgan	1/13/2017		9,400,000		3,011,385		2,659,839		(351,546	)


58	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016: (continued)

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Depreciation
Turkish lira	Buy	J.P. Morgan	3/9/2017		46,000,000	$	13,202,120	$	12,860,973	$	(341,147	)
Argentine peso	Sell	Bank of America	1/27/2017		113,000,000		6,799,037		6,986,234		(187,197	)
Argentine peso	Sell	UBS AG	1/27/2017		22,000,000		1,358,025		1,360,152		(2,127	)
Brazilian real	Sell	Goldman Sachs	2/14/2017		500,000		144,693		151,866		(7,173	)
Brazilian real	Sell	Goldman Sachs	1/13/2017		740,000		220,022		226,763		(6,741	)
Brazilian real	Sell	Morgan Stanley	2/14/2017		1,285,000		387,772		390,294		(2,522	)
Brazilian real	Sell	State Street Bank and Trust	1/13/2017		1,960,000		571,762		600,615		(28,853	)
Brazilian real	Sell	UBS AG	1/13/2017		20,000,000		5,937,361		6,128,722		(191,361	)
Canadian dollar	Sell	J.P. Morgan	2/14/2017		13,030,000		9,693,398		9,709,642		(16,244	)
Canadian dollar	Sell	State Street Bank and Trust	2/14/2017		157,000		116,038		116,993		(955	)
Chilean peso	Sell	Barclays Bank plc	2/14/2017		248,000,000		368,658		369,202		(544	)
Colombian peso	Sell	Goldman Sachs	3/9/2017		7,230,000,000		2,379,910		2,381,078		(1,168	)
Colombian peso	Sell	State Street Bank and Trust	2/14/2017		25,840,000,000		7,885,261		8,541,947		(656,686	)
Colombian peso	Sell	UBS AG	1/13/2017		15,260,000,000		4,660,965		5,074,683		(413,718	)
Colombian peso	Sell	UBS AG	2/14/2017		436,000,000		143,377		144,129		(752	)
Hungarian forint	Sell	Citibank	2/14/2017		1,060,000,000		3,589,684		3,612,261		(22,577	)
Malaysian ringgit	Sell	Bank of America	1/13/2017		865,000		192,027		192,832		(805	)
Peruvian Nuevo sol	Sell	Goldman Sachs	1/13/2017		490,000		143,136		145,850		(2,714	)
Peruvian Nuevo sol	Sell	Standard Chartered Bank	1/13/2017		19,300,000		5,644,925		5,744,692		(99,767	)
Peruvian Nuevo sol	Sell	State Street Bank and Trust	1/13/2017		500,000		146,671		148,826		(2,155	)
Peruvian Nuevo sol	Sell	UBS AG	1/13/2017		16,050,000		4,694,355		4,777,322		(82,967	)
Philippine peso	Sell	Standard Chartered Bank	1/13/2017		214,200,000		4,287,687		4,310,727		(23,040	)
Philippine peso	Sell	Standard Chartered Bank	1/13/2017		5,800,000		115,354		116,724		(1,370	)
Philippine peso	Sell	State Street Bank and Trust	1/13/2017		4,750,000		95,436		95,593		(157	)
Philippine peso	Sell	State Street Bank and Trust	1/13/2017		9,640,000		193,331		194,003		(672	)
Polish zloty	Sell	Standard Chartered Bank	1/13/2017		14,840,000		3,542,987		3,545,637		(2,650	)
Russian ruble	Sell	Barclays Bank plc	1/13/2017		214,140,000		3,486,220		3,487,624		(1,404	)
Russian ruble	Sell	State Street Bank and Trust	1/13/2017		12,260,000		191,025		199,674		(8,649	)
South African rand	Sell	Bank of America	2/14/2017		1,650,000		116,740		119,222		(2,482	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(13,079,304	)


	See Notes to Financial Statements.	59

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Open Futures Contracts at December 31, 2016:

				Notional				Unrealized
Type	Expiration	Contracts	Position	Value				Appreciation
U.S. 2-Year Treasury Note	March 2017	449	Short		$	(97,292,688	)		$	90,402
U.S. 5-Year Treasury Note	March 2017	129	Short			(15,178,664	)			22,451
U.S. 10-Year Treasury Note	March 2017	8	Long			994,250				1,986
Totals					$	(111,477,102	)		$	114,839

Credit Default Swaps on Indexes — Sell Protection at December 31, 2016⁽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	$	262	$	261		$	(7	)		$	6	$	(1	)
Markit CMBX. NA.AAA.3⁽⁶⁾	.08%	12/13/2049		1,000,000		42,529		42,440			(1,376	)			1,287		(89	)
Markit CMBX. NA.AAA.2⁽⁸⁾	.07%	3/15/2049		500,000		680		679			(34	)			33		(1	)
Markit CMBX. NA.AAA.2⁽⁷⁾	.07%	3/15/2049		1,300,000		262		262			(6	)			6		—
										$	(1,423	)		$	1,332	$	(91	)

*		The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of mortgage-backed securities. (See Note 2(n)).
(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 $1,332. 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.

Centrally Cleared Interest Rate Swap Contracts at December 31, 2016:

Periodic	Periodic
Payments	Payments
to be Made	to be Received	Central	Termination	Notional	Fair	Unrealized
By The Fund	By The Fund	Clearinghouse	Date	Amount	Value	Appreciation
1.524%	3-Month LIBOR Index	Credit Suisse	1/13/2021	$38,000,000	$38,479,581	$479,581


60	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS CURRENCY FUND December 31, 2016

The following is a summary of the inputs used as of December 31, 2016 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
Other	$	–	$	24,287,596	$	4,482,668	⁽⁴⁾	$	28,770,264
Remaining Industries		–		47,920,118		–			47,920,118
Corporate Bonds		–		150,642,172		–			150,642,172
Floating Rate Loans⁽⁵⁾
Aerospace/Defense		–		–		1,420,243			1,420,243
Cable & Satellite Television		–		1,708,577		–			1,708,577
Capital Goods		–		876,277		987,194			1,863,471
Chemicals		–		320,587		–			320,587
Electronics		–		1,142,905		–			1,142,905
Gaming		–		3,863,209		–			3,863,209
Health Facilities		–		–		197,799			197,799
Media: Content		–		2,043,203		–			2,043,203
Medical Products		–		995,625		748,750			1,744,375
Specialty Retail		–		903,061		–			903,061
Support: Services		–		882,603		–			882,603
Telecommunications: Wireline Integrated & Services		–		1,000,210		1,224,518			2,224,728
Theaters & Entertainment		–		875,624		–			875,624
Foreign Government Obligation		–		8,116,688		–			8,116,688
Government Sponsored Enterprises Collateralized Mortgage Obligations		–		9,936,111		–			9,936,111
Government Sponsored Enterprises Pass-Throughs		–		11,912,394		–			11,912,394
Municipal Bonds		–		2,121,390		–			2,121,390
Non-Agency Commercial Mortgage-Backed Securities		–		84,340,139		7,268,149	⁽⁴⁾⁽⁶⁾		91,608,288
U.S. Treasury Obligations		–		3,884,815		–			3,884,815
Total	$	–	$	357,773,304	$	16,329,321		$	374,102,625


	See Notes to Financial Statements.	61

Schedule of Investments (concluded)

EMERGING MARKETS CURRENCY FUND December 31, 2016

Other Financial Instruments

Level 1

Level 2

Level 3

Total

Credit Default Swaps

Assets

–

Liabilities

–

(91

)

–

(91

)

Forward Foreign Currency Exchange Contracts

Assets

–

5,911,446

–

5,911,446

Liabilities

–

(13,079,304

)

–

(13,079,304

)

Futures Contracts

Assets

114,839

–

114,839

Liabilities

–

Centrally Cleared Interest Rate Swaps

Assets

–

479,581

–

479,581

Liabilities

–

Total

114,839

(6,688,368

)

–

(6,573,529

)

(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 fiscal year ended December 31, 2016.
(4)	Includes securities valued using third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(5)	Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
(6)	Non-Agency Commercial Mortgage-Backed Securities categorized as Level 3 investment includes A10 Bridge Asset Financing LLC 2015-AA A, Commercial Mortgage Pass-Through Certificates 2016-SAVA XCP IO, GS Mortgage Securities Trust 2016-GS4 225A, GS Mortgage Securities Trust 2016-GS4 225C, GS Mortgage Securities Trust 2016-GS4 225D, H/2 Asset Funding 2015-1A-AFL, H/2 Asset Funding 2015-1A-AFX, H/2 Asset Funding 2015-1A-BFX, JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI XA IO, JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI XB IO, Prima Capital Ltd 2015-4A MR-A+ and Prima Capital Ltd..

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

							Government
							Sponsored				Non-Agency
							Enterprises				Commercial
							Collateralized				Mortgage-
	Asset-Backed			Floating			Mortgage				Backed
Investment Type	Securities			Rate Loans			Obligations				Securities
Balance as of January 1, 2016	$	2,478,084		$	2,100,819			$	202,753		$	5,621,235
Accrued discounts/premiums		–			1,436				–			(24,799	)
Realized gain (loss)		–			12,607				–			–
Change in unrealized appreciation/depreciation		(12,467	)		9,267				–			(54,427	)
Purchases		2,481,933			4,551,020				–			2,610,446
Sales		–			(2,096,645	)			–			(30,808	)
Net transfers in or out of Level 3		(464,882	)		–				(202,753	)		(853,498	)
Balance as of December 31, 2016	$	4,482,668		$	4,578,504			$	–		$	7,268,149


62	See Notes to Financial Statements.

Schedule of Investments

EMERGING MARKETS LOCAL BOND FUND December 31, 2016

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

FOREIGN CORPORATE BONDS(a) 10.34%

Brazil 0.51%

Banks: Regional

Banco do Brasil SA

9.75%

7/18/2017

BRL

155

46,909

Colombia 0.97%

Electric: Power

Empresas Publicas de Medellin ESP^†

7.625%

9/10/2024

COP

290,000

89,626

Luxembourg 0.59%

Banks: Regional

Russian Agricultural Bank OJSC Via RSHB Capital SA^†

8.625%

2/17/2017

RUB

3,300

53,817

Mexico 4.38%

Electric: Power 1.00%

Comision Federal de Electricidad

7.96%

11/20/2020

MXN

1,900

91,693

Media 0.65%

Grupo Televisa SAB

8.49%

5/11/2037

MXN

1,400

60,098

Oil 1.34%

Petroleos Mexicanos^†

7.65%

11/24/2021

MXN

2,750

122,784

Telecommunications 1.39%

America Movil SAB de CV

6.00%

6/9/2019

MXN

2,780

128,040

Total

402,615

Niger 0.99%

VimpelCom Holdings BV^†

9.00%

2/13/2018

RUB

5,600

90,847

South Africa 2.00%

Electric: Power 1.31%

Eskom Holdings SOC Ltd.

Zero Coupon

12/31/2018

ZAR

800

46,659

Eskom Holdings SOC Ltd.

9.25%

4/20/2018

ZAR

1,000

73,565

Total

120,224

Transportation: Miscellaneous 0.69%

Transnet SOC Ltd.

8.90%

11/14/2027

ZAR

1,000

63,767

Total

183,991


	See Notes to Financial Statements.	63

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2016

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Turkey 0.90%

Banks: Regional
Akbank TAS^†	7.50%	2/5/2018	TRY	305	$	82,717
Total Foreign Corporate Bonds (cost $1,375,073)						950,522

FOREIGN GOVERNMENT OBLIGATIONS^(a)82.72%

Brazil 11.34%
Brazil Letras do Tesouro Nacional	Zero Coupon	4/1/2018	BRL	800		215,280
Brazil Letras do Tesouro Nacional	Zero Coupon	1/1/2019	BRL	1,700		424,221
Brazil Notas do Tesouro Nacional Series F	10.00%	1/1/2023	BRL	700		202,888
Brazil Notas do Tesouro Nacional Series F	10.00%	1/1/2025	BRL	700		199,971
Total						1,042,360

Chile 1.91%
Bonos Tesoreria Pesos	4.50%	3/1/2026	CLP	115,000		175,254

Colombia 7.91%
Colombian TES Series B	6.00%	4/28/2028	COP	960,000		290,378
Colombian TES Series B	7.00%	9/11/2019	COP	361,000		122,626
Colombian TES Series B	7.00%	5/4/2022	COP	555,000		188,457
Colombian TES Series B	10.00%	7/24/2024	COP	320,000		126,098
Total						727,559

Hungary 3.35%
Hungary Government Bond	5.50%	12/20/2018	HUF	17,700		66,376
Hungary Government Bond	5.50%	6/24/2025	HUF	38,500		157,111
Hungary Government Bond	7.50%	11/12/2020	HUF	20,100		84,478
Total						307,965

India 2.55%
Export-Import Bank of India	8.15%	3/5/2025	INR	15,000		234,573

Indonesia 12.03%
Indonesia Treasury Bond	7.00%	5/15/2022	IDR	2,260,000		163,082
Indonesia Treasury Bond	7.875%	4/15/2019	IDR	5,860,000		439,527
Indonesia Treasury Bond	8.375%	3/15/2024	IDR	2,000,000		152,236
Indonesia Treasury Bond	9.50%	7/15/2031	IDR	2,359,000		192,382
Indonesia Treasury Bond	10.00%	2/15/2028	IDR	1,900,000		158,541
Total						1,105,768

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2016

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Malaysia 4.19%
Malaysia Government Bond	3.844%	4/15/2033	MYR	1,040	$	206,075
Malaysia Government Bond	3.889%	7/31/2020	MYR	800		179,548
Total						385,623

Mexico 4.57%
Mexican Bonos	6.50%	6/10/2021	MXN	1,900		89,460
Mexican Bonos	7.75%	5/29/2031	MXN	2,700		130,229
Mexican Bonos	7.75%	11/13/2042	MXN	1,500		71,430
Mexican Bonos	8.50%	5/31/2029	MXN	2,520		129,548
Total						420,667

Peru 1.77%
Peru Government Bond	6.85%	2/12/2042	PEN	132		38,157
Peru Government Bond	6.95%	8/12/2031	PEN	410		124,824
Total						162,981

Philippines 2.37%
Republic of Philippines	6.25%	1/14/2036	PHP	10,000		217,961

Poland 2.94%
Poland Government Bond	3.25%	7/25/2025	PLN	670		157,241
Poland Government Bond	5.75%	9/23/2022	PLN	418		113,434
Total						270,675

Romania 1.30%
Romania Government Bond	5.75%	4/29/2020	RON	460		119,780

Russia 4.84%
Russian Federal Bond—OFZ	7.50%	3/15/2018	RUB	20,730		336,360
Russian Federal Bond—OFZ	7.60%	4/14/2021	RUB	6,785		108,633
Total						444,993

South Africa 8.66%
Republic of South Africa	6.25%	3/31/2036	ZAR	3,753		195,230
Republic of South Africa	7.00%	2/28/2031	ZAR	4,250		253,682
Republic of South Africa	10.50%	12/21/2026	ZAR	4,325		347,537
Total						796,449

Thailand 3.96%
Thailand Government Bond	3.58%	12/17/2027	THB	2,270		66,971
Thailand Government Bond	3.625%	6/16/2023	THB	3,825		114,081
Thailand Government Bond	3.875%	6/13/2019	THB	6,235		182,932
Total						363,984

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2016

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Turkey 9.03%
Turkey Government Bond	7.10%	3/8/2023	TRY	1,835	$	429,497
Turkey Government Bond	7.40%	2/5/2020	TRY	1,095		283,770
Turkey Government Bond	8.30%	6/20/2018	TRY	420		116,584
Total						829,851
Total Foreign Government Obligations (cost $8,616,700)						7,606,443
Total Investments in Securities 93.06% (cost $9,991,773)						8,556,965
Cash, Foreign Cash and Other Assets in Excess of Liabilities^(b)6.94%						637,664
Net Assets 100.00%					$	9,194,629

BRL		Brazilian real.
CLP		Chilean peso.
COP		Colombian peso.
HUF		Hungarian forint.
IDR		Indonesian rupiah.
INR		Indian rupee
MXN		Mexican peso.
MYR		Malaysian ringgit.
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.

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016:

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	Standard Chartered Bank	3/21/2017	1,540,000	$ 90,482	$ 91,811		$ 1,329
Brazilian real	Buy	State Street Bank and Trust	3/21/2017	227,000	67,684	68,299		615
euro	Buy	State Street Bank and Trust	3/21/2017	70,000	73,407	73,969		562
Hungarian forint	Buy	State Street Bank and Trust	3/21/2017	1,300,000	4,381	4,434		53
Malaysian ringgit	Buy	Bank of America	3/21/2017	320,000	70,754	71,054		300
Peruvian Nuevo sol	Buy	State Street Bank and Trust	3/21/2017	48,000	13,913	14,162		249
Polish zloty	Buy	State Street Bank and Trust	3/21/2017	2,565,000	606,987	612,142		5,155
Romanian new leu	Buy	Standard Chartered Bank	3/21/2017	275,000	63,569	63,901		332
Russian ruble	Buy	State Street Bank and Trust	3/21/2017	670,000	10,189	10,734		545
Russian ruble	Buy	State Street Bank and Trust	3/21/2017	5,150,000	79,060	82,511		3,451
Russian ruble	Buy	State Street Bank and Trust	3/21/2017	2,200,000	35,148	35,247		99
South African rand	Buy	State Street Bank and Trust	3/22/2017	40,000	2,794	2,871		77
Thai baht	Buy	Goldman Sachs	3/21/2017	5,520,000	153,679	154,091		412
Thai baht	Buy	State Street Bank and Trust	3/21/2017	660,000	18,423	18,424		1
Turkish lira	Buy	State Street Bank and Trust	3/21/2017	414,000	114,614	115,436		822
Chinese yuan renminbi	Sell	Morgan Stanley	3/21/2017	455,000	64,316	64,050		266
Chinese yuan renminbi	Sell	State Street Bank and Trust	3/21/2017	350,000	50,935	49,270		1,665
Indian rupee	Sell	State Street Bank and Trust	3/21/2017	560,000	8,224	8,173		51
Indonesian rupiah	Sell	State Street Bank and Trust	3/21/2017	183,400,000	13,531	13,432		99
Indonesian rupiah	Sell	State Street Bank and Trust	3/21/2017	135,300,000	9,982	9,909		73
Israeli new shekel	Sell	Bank of America	3/21/2017	330,000	87,187	85,852		1,335
Mexican peso	Sell	State Street Bank and Trust	3/21/2017	170,000	8,160	8,118		42
Mexican peso	Sell	State Street Bank and Trust	3/21/2017	340,000	16,499	16,236		263
Romanian new leu	Sell	Bank of America	3/21/2017	95,000	22,094	22,075		19

See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016: (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
Russian ruble	Sell	State Street Bank and Trust	3/21/2017	1,640,000	$ 26,697	$ 26,275		$	422
South African rand	Sell	Morgan Stanley	3/22/2017	423,000	30,458	30,360			98
South Korean won	Sell	Bank of America	3/21/2017	172,000,000	144,907	142,439			2,468
South Korean won	Sell	State Street Bank and Trust	3/21/2017	43,340,000	37,226	35,891			1,335
Taiwan dollar	Sell	State Street Bank and Trust	3/21/2017	4,350,000	136,120	134,279			1,841
Turkish lira	Sell	State Street Bank and Trust	3/21/2017	42,000	11,783	11,711			72
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts								$	24,051


Forward
Foreign					U.S. $
Currency					Cost on	U.S. $
Exchange	Transaction		Expiration	Foreign	Origination	Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date	Value		Depreciation
Canadian dollar	Buy	State Street Bank and Trust	3/21/2017	32,000	$ 23,877	$ 23,855		$	(22	)
Colombian peso	Buy	State Street Bank and Trust	3/21/2017	19,000,000	6,257	6,248			(9	)
Colombian peso	Buy	State Street Bank and Trust	3/21/2017	42,000,000	13,857	13,810			(47	)
euro	Buy	State Street Bank and Trust	3/21/2017	125,000	132,796	132,088			(708	)
Indonesian rupiah	Buy	State Street Bank and Trust	3/21/2017	110,000,000	8,221	8,056			(165	)
Indonesian rupiah	Buy	State Street Bank and Trust	3/21/2017	150,000,000	11,164	10,986			(178	)
Indonesian rupiah	Buy	State Street Bank and Trust	3/21/2017	86,700,000	6,367	6,350			(17	)
Malaysian ringgit	Buy	Standard Chartered Bank	3/21/2017	61,000	14,060	13,545			(515	)
Malaysian ringgit	Buy	State Street Bank and Trust	3/21/2017	47,000	11,103	10,436			(667	)
Malaysian ringgit	Buy	State Street Bank and Trust	3/21/2017	45,000	9,998	9,992			(6	)
Mexican peso	Buy	State Street Bank and Trust	3/21/2017	290,000	15,336	13,849			(1,487	)
Mexican peso	Buy	State Street Bank and Trust	3/21/2017	1,455,000	70,670	69,481			(1,189	)
Mexican peso	Buy	State Street Bank and Trust	3/21/2017	775,000	37,300	37,009			(291	)
Mexican peso	Buy	State Street Bank and Trust	3/21/2017	170,000	8,331	8,118			(213	)


68	See Notes to Financial Statements.

Schedule of Investments (continued)

EMERGING MARKETS LOCAL BOND FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016: (continued)

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	State Street Bank and Trust	3/21/2017	866,000	$ 41,613	$ 41,355		$	(258	)
Mexican peso	Buy	UBS AG	3/21/2017	400,000	19,366	19,101			(265	)
Polish zloty	Buy	State Street Bank and Trust	3/21/2017	32,000	8,142	7,637			(505	)
Polish zloty	Buy	State Street Bank and Trust	3/21/2017	57,000	14,226	13,603			(623	)
Polish zloty	Buy	State Street Bank and Trust	3/21/2017	77,000	18,423	18,376			(47	)
Romanian new leu	Buy	Bank of America	3/21/2017	42,000	10,181	9,759			(422	)
Romanian new leu	Buy	State Street Bank and Trust	3/21/2017	27,000	6,378	6,274			(104	)
Russian ruble	Buy	Standard Chartered Bank	3/21/2017	1,810,000	29,360	28,999			(361	)
Singapore dollar	Buy	State Street Bank and Trust	3/21/2017	124,000	87,441	85,594			(1,847	)
Singapore dollar	Buy	State Street Bank and Trust	3/21/2017	171,000	118,080	118,036			(44	)
Thai baht	Buy	State Street Bank and Trust	3/21/2017	427,000	12,110	11,920			(190	)
Thai baht	Buy	State Street Bank and Trust	3/21/2017	5,380,000	150,975	150,182			(793	)
Brazilian real	Sell	Morgan Stanley	3/21/2017	48,000	13,672	14,442			(770	)
Brazilian real	Sell	State Street Bank and Trust	3/21/2017	68,000	19,574	20,460			(886	)
Brazilian real	Sell	State Street Bank and Trust	3/21/2017	63,000	18,020	18,955			(935	)
Brazilian real	Sell	State Street Bank and Trust	3/21/2017	48,000	13,557	14,442			(885	)
Canadian dollar	Sell	State Street Bank and Trust	3/21/2017	275,000	204,447	205,008			(561	)
Colombian peso	Sell	State Street Bank and Trust	3/21/2017	114,000,000	36,458	37,485			(1,027	)
Colombian peso	Sell	State Street Bank and Trust	3/21/2017	865,000,000	283,979	284,427			(448	)
Czech koruna	Sell	State Street Bank and Trust	3/21/2017	1,750,000	68,047	68,444			(397	)
Hungarian forint	Sell	State Street Bank and Trust	3/21/2017	9,610,000	32,595	32,775			(180	)
Hungarian forint	Sell	State Street Bank and Trust	3/21/2017	3,250,000	10,945	11,084			(139	)
Indian rupee	Sell	State Street Bank and Trust	3/21/2017	1,100,000	15,844	16,054			(210	)

See Notes to Financial Statements.

Schedule of Investments (concluded)

EMERGING MARKETS LOCAL BOND FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016: (continued)

Forward
Foreign					U.S. $
Currency					Cost on	U.S. $
Exchange	Transaction		Expiration	Foreign	Origination	Current	Unrealized
Contracts	Type	Counterparty	Date	Currency	Date	Value	Depreciation
Indonesian rupiah	Sell	State Street Bank and Trust	3/21/2017	1,350,000,000	$ 98,751	$98,870		$	(119	)
Israeli new shekel	Sell	State Street Bank and Trust	3/21/2017	272,000	70,644	70,763			(119	)
Philippine peso	Sell	State Street Bank and Trust	3/21/2017	4,800,000	94,606	95,705			(1,099	)
South African rand	Sell	State Street Bank and Trust	3/22/2017	175,000	12,075	12,560			(485	)
South African rand	Sell	State Street Bank and Trust	3/22/2017	130,000	9,153	9,331			(178	)
South African rand	Sell	State Street Bank and Trust	3/22/2017	715,000	49,658	51,318			(1,660	)
South African rand	Sell	State Street Bank and Trust	3/22/2017	1,490,000	104,076	106,943			(2,867	)
Turkish lira	Sell	State Street Bank and Trust	3/21/2017	372,000	103,467	103,725			(258	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts								$	(24,196	)

The following is a summary of the inputs used as of December 31, 2016 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	$	–	$	950,522		$	–	$	950,522
Foreign Government Obligations		–		7,606,443			–		7,606,443
Total	$	–	$	8,556,965		$	–	$	8,556,965
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	24,051		$	–	$	24,051
Liabilities		–		(24,196	)		–		(24,196	)
Total	$	–	$	(145	)	$	–	$	(145	)

⁽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 1/Level 2 transfers during the fiscal year ended December 31, 2016.

See Notes to Financial Statements.

Schedule of Investments

MULTI-ASSET GLOBAL OPPORTUNITY FUND December 31, 2016

Investments	Shares		Fair Value (000)
LONG-TERM INVESTMENTS 99.46%

INVESTMENTS IN UNDERLYING FUNDS^(a)99.46%
Lord Abbett Equity Trust-Calibrated Mid Cap Value Fund-Class I^(b)		1,566,048		$ 33,231
Lord Abbett Global Fund, Inc.-Emerging Markets Currency Fund-Class I^(c)		6,694,865		34,144
Lord Abbett Investment Trust-High Yield Fund-Class I^(d)		4,772,486		35,984
Lord Abbett Securities Trust-International Core Equity Fund-Class I^(e)		469,166		5,494
Lord Abbett Securities Trust-International Dividend Income Fund-Class I^(f)		13,672,118		91,877
Lord Abbett Mid Cap Stock Fund, Inc.-Class I^(g)		1,165,421		33,180
Lord Abbett Investment Trust-Short Duration Income Fund-Class I^(h)		1,159,263		4,985
Total Investments in Underlying Funds (cost $258,431,323)				238,895
	Principal Amount (000)
SHORT-TERM INVESTMENT 0.05%

Repurchase Agreement
Repurchase Agreement dated 12/30/2016, 0.03% due 1/3/2017 with Fixed Income Clearing Corp. collateralized by $120,000 of U.S. Treasury Inflation Indexed Note at 0.125% due 4/15/2017; value: $127,977; proceeds: $123,888 (cost $123,888)		$124		124
Total Investments in Securities 99.51% (cost $258,555,211)				239,019
Other Assets in Excess of Liabilities⁽ⁱ⁾0.49%				1,187
Net Assets 100.00%				$240,206

^*		Non-income producing security.
^(a)		Affiliated issuers (See Note 13).
^(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 long-term capital appreciation.
^(f)		Fund investment objective is to seek a high level of total return.
^(g)		Fund investment objective is to seek capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace.
^(h)		Fund investment objective is to seek a high level of income consistent with preservation of capital.
⁽ⁱ⁾		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.

Schedule of Investments (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND December 31, 2016

Open Forward Foreign Currency Exchange Contracts at December 31, 2016:

Forward
Foreign					U.S. $
Currency					Cost on	U.S. $
Exchange	Transaction		Expiration	Foreign	Origination	Current	Unrealized
Contracts	Type	Counterparty	Date	Currency	Date	Value	Appreciation
Swedish krona	Buy	Goldman Sachs	2/28/2017	19,000,000	$2,081,781	$2,092,217		$	10,436
Australian dollar	Sell	Standard Chartered Bank	2/28/2017	5,175,000	3,917,974	3,729,494			188,480
Australian dollar	Sell	Standard Chartered Bank	2/28/2017	2,835,000	2,135,492	2,043,114			92,378
Australian dollar	Sell	State Street Bank and Trust	2/28/2017	6,685,000	4,989,885	4,817,713			172,172
euro	Sell	Standard Chartered Bank	2/28/2017	7,260,000	7,936,647	7,662,573			274,074
euro	Sell	Standard Chartered Bank	2/28/2017	3,750,000	4,096,819	3,957,941			138,878
euro	Sell	State Street Bank and Trust	2/28/2017	8,905,000	9,468,678	9,398,790			69,888
British pound	Sell	Goldman Sachs	2/28/2017	1,900,000	2,373,291	2,344,701			28,590
British pound	Sell	Standard Chartered Bank	2/28/2017	880,000	1,113,637	1,085,967			27,670
British pound	Sell	State Street Bank and Trust	2/28/2017	2,065,000	2,564,255	2,548,320			15,935
Japanese yen	Sell	Standard Chartered Bank	2/28/2017	244,700,000	2,304,426	2,099,299			205,127
Japanese yen	Sell	Standard Chartered Bank	2/28/2017	126,100,000	1,187,489	1,081,821			105,668
Japanese yen	Sell	Morgan Stanley	2/28/2017	310,000,000	2,772,754	2,659,512			113,242
Norwegian krone	Sell	Citibank	2/28/2017	16,650,000	1,981,984	1,928,868			53,116
Norwegian krone	Sell	Citibank	2/28/2017	8,950,000	1,066,310	1,036,839			29,471
Norwegian krone	Sell	Goldman Sachs	2/28/2017	21,150,000	2,470,637	2,450,184			20,453
Swedish krona	Sell	Goldman Sachs	2/28/2017	38,600,000	4,261,257	4,250,504			10,753
Swedish krona	Sell	Goldman Sachs	2/28/2017	18,600,000	2,061,627	2,048,170			13,457
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts								$	1,569,788

Forward
Foreign					U.S. $
Currency					Cost on	U.S. $
Exchange	Transaction		Expiration	Foreign	Origination	Current	Unrealized
Contracts	Type	Counterparty	Date	Currency	Date	Value	Depreciation
Australian dollar	Buy	UBS AG	2/28/2017	2,755,000	$2,061,024	$1,985,460		$	(75,564	)
euro	Buy	State Street Bank and Trust	2/28/2017	3,610,000	3,855,263	3,810,178			(45,085	)
British pound	Buy	Goldman Sachs	2/28/2017	920,000	1,168,251	1,135,329			(32,922	)
Japanese yen	Buy	Goldman Sachs	2/28/2017	113,500,000	990,115	973,725			(16,390	)
Norwegian krone	Buy	Goldman Sachs	2/28/2017	9,000,000	1,067,787	1,042,631			(25,156	)
Swedish krona	Sell	Standard Chartered Bank	2/28/2017	42,900,000	4,676,047	4,724,006			(47,959	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts								$	(243,076	)

See Notes to Financial Statements.

Schedule of Investments (concluded)

MULTI-ASSET GLOBAL OPPORTUNITY FUND December 31, 2016

Open Futures Contracts at December 31, 2016:

				Notional		Unrealized
Type	Expiration	Contracts	Position	Value		Appreciation
U.S. 10-Year Treasury Note	March 2017	137	Short	$(17,026,531	)	$92,452

				Notional		Unrealized
Type	Expiration	Contracts	Position	Value		Depreciation
MSCI EAFE, e-mini	March 2017	281	Long	$12,067,545		$(200,163	)

The following is a summary of the inputs used as of December 31, 2016 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1 (000)			Level 2 (000)			Level 3 (000)		Total (000)
Investments in Underlying Funds	$	238,895		$	–		$	–	$	238,895
Repurchase Agreement		–			124			–		124
Total	$	238,895		$	124		$	–	$	239,019
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–		$	1,570		$	–	$	1,570
Liabilities		–			(243	)		–		(243	)
Futures Contracts
Assets		92			–			–		92
Liabilities		(200	)		–			–		(200	)
Total	$	(108	)	$	1,327		$	–	$	1,219

⁽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 1/Level 2 transfers during the fiscal year ended December 31, 2016.

See Notes to Financial Statements.

Statements of Assets and Liabilities

December 31, 2016

	Emerging Markets Corporate Debt Fund			Emerging Markets Currency Fund
ASSETS:
Investments in securities, at cost	$	28,849,160		$	375,171,051
Investments in securities, at fair value	$	29,542,387		$	374,102,625
Cash		412,969			8,645,416
Deposits with brokers for derivatives collateral		18,477			10,507,754
Foreign cash, at value (cost $0 and $8,197, respectively)		–			8,052
Receivables:
Interest		419,632			2,382,174
Capital shares sold		166,680			1,364,911
Investment securities sold		–			64,854
From advisor (See Note 3)		23,640			–
Unrealized appreciation on forward foreign currency exchange contracts		–			5,911,446
Prepaid expenses and other assets		43,249			31,388
Total assets		30,627,034			403,018,620
LIABILITIES:
Payables:
Investment securities purchased		412,969			319,973
Capital shares reacquired		25,151			455,548
Management fee		17,688			179,513
Directors’ fees		1,670			78,287
Variation margin for futures contracts		4,492			46,788
To affiliate (See Note 3)		–			25,506
12b-1 distribution plan		4,120			14,824
Fund administration		1,011			14,361
Variation margin for centrally cleared swap agreements		–			144,529
Credit Default Swap agreement payable, at fair value (including upfront payment of $1,423)		–			91
Unrealized depreciation on forward foreign currency exchange contracts		–			13,079,304
Distributions payable		108,636			1,339,962
Accrued expenses		51,011			127,446
Total liabilities		626,748			15,826,132
NET ASSETS	$	30,000,286		$	387,192,488
COMPOSITION OF NET ASSETS:
Paid-in capital	$	29,696,932		$	500,308,180
Distributions in excess of net investment income		(4,135	)		(1,966,708	)
Accumulated net realized loss on investments, futures contracts, swaps and foreign currency related transactions		(395,052	)		(103,506,959	)
Net unrealized appreciation (depreciation) on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		702,541			(7,642,025	)
Net Assets	$	30,000,286		$	387,192,488

See Notes to Financial Statements.

Statements of Assets and Liabilities (continued)

December 31, 2016

	Emerging Markets Corporate Debt Fund		Emerging Markets Currency Fund

Net assets by class:
Class A Shares	$	7,535,298	$	18,356,548
Class B Shares		–	$	55,532
Class C Shares	$	1,212,412	$	4,024,655
Class F Shares	$	12,321,351	$	7,365,929
Class I Shares	$	8,636,243	$	356,968,009
Class R2 Shares	$	119,075	$	95,606
Class R3 Shares	$	119,081	$	296,365
Class R4 Shares	$	10,749	$	9,889
Class R5 Shares	$	35,277	$	10,013
Class R6 Shares	$	10,800	$	9,942
Outstanding shares by class:
Class A Shares (350 and 415 million shares of common stock authorized, $.001 par value)		499,842		3,590,600
Class B Shares (0 and 30 million shares of common stock authorized, $.001 par value)		–		10,817
Class C Shares (85 and 100 million shares of common stock authorized, $.001 par value)		80,433		782,632
Class F Shares (85 and 100 million shares of common stock authorized, $.001 par value)		817,148		1,441,644
Class I Shares (185 and 200 million shares of common stock authorized, $.001 par value)		572,879		69,951,997
Class R2 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		7,900		18,666
Class R3 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		7,900		58,093
Class R4 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		713.09		1,935
Class R5 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		2,340.15		1,962
Class R6 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		716.49		1,948
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$15.08		$5.11
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)		$15.43		$5.23
Class B Shares-Net asset value		–		$5.13
Class C Shares-Net asset value		$15.07		$5.14
Class F Shares-Net asset value		$15.08		$5.11
Class I Shares-Net asset value		$15.08		$5.10
Class R2 Shares-Net asset value		$15.07		$5.12
Class R3 Shares-Net asset value		$15.07		$5.10
Class R4 Shares-Net asset value		$15.07		$5.11
Class R5 Shares-Net asset value		$15.07		$5.10
Class R6 Shares-Net asset value		$15.07		$5.10

See Notes to Financial Statements.

Statements of Assets and Liabilities (continued)

December 31, 2016

	Emerging Markets Local Bond Fund			Multi-Asset Global Opportunity Fund
ASSETS:
Investments in securities, at cost	$	9,991,773		$	123,888
Investments in affiliated issuers, at cost		–			258,431,323
Investments in securities, at fair value	$	8,556,965		$	123,888
Investments in affiliated issuers, at fair value		–			238,894,839
Cash		679,568			–
Deposits with brokers for derivatives collateral		–			760,651
Foreign cash, at value (cost $9,812 and $0, respectively)		9,814			–
Receivables:
Capital shares sold		49,164			1,852,034
Interest and dividends		163,581			870,917
Investment securities sold		–			132,969
From affiliate (See Note 3)		–			32,615
From advisor (See Note 3)		20,402			–
Unrealized appreciation on forward foreign currency exchange contracts		24,051			1,569,788
Prepaid expenses and other assets		25,796			22,100
Total assets		9,529,341			244,259,801
LIABILITIES:
Payables:
Investment securities purchased		200,616			852,625
Capital shares reacquired		7,090			847,172
Variation margin for futures contracts		–			128,487
12b-1 distribution plan		1,871			68,206
Directors’ fees		812			49,488
Management fee		5,379			20,624
Fund administration		307			8,250
Unrealized depreciation on forward foreign currency exchange contracts		24,196			243,076
Distributions payable		34,577			1,719,863
Accrued expenses		59,864			115,543
Total liabilities		334,712			4,053,334
NET ASSETS	$	9,194,629		$	240,206,467
COMPOSITION OF NET ASSETS:
Paid-in capital	$	11,161,024		$	270,786,911
Distributions in excess of net investment income		(68,239	)		(19,351	)
Accumulated net realized loss on investments, futures contracts, swaps and foreign currency related transactions		(460,103	)		(12,243,612	)
Net unrealized depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(1,438,053	)		(18,317,481	)
Net Assets	$	9,194,629		$	240,206,467

See Notes to Financial Statements.

Statements of Assets and Liabilities (concluded)

December 31, 2016

	Emerging Markets Local Bond Fund		Multi-Asset Global Opportunity Fund

Net assets by class:
Class A Shares	$	6,393,393	$	138,335,726
Class B Shares		–	$	1,626,149
Class C Shares	$	443,735	$	34,136,843
Class F Shares	$	236,225	$	4,866,640
Class I Shares	$	1,925,591	$	11,092,012
Class R2 Shares	$	83,464	$	407,847
Class R3 Shares	$	83,506	$	6,401,029
Class R4 Shares	$	9,545	$	10,001
Class R5 Shares	$	9,581	$	10,038
Class R6 Shares	$	9,589	$	43,320,182
Outstanding shares by class:
Class A Shares (350 and 430 million shares of common stock authorized, $.001 par value)		637,277		12,936,561
Class B Shares (0 and 15 million shares of common stock authorized, $.001 par value)		–		168,545
Class C Shares (85 and 20 million shares of common stock authorized, $.001 par value)		44,234		3,542,199
Class F Shares (85 and 20 million shares of common stock authorized, $.001 par value)		23,581		454,898
Class I Shares (185 and 15 million shares of common stock authorized, $.001 par value)		192,008		1,030,110
Class R2 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		8,323		37,358
Class R3 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		8,328		594,883
Class R4 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		952.13		935.15
Class R5 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		955.69		931.60
Class R6 Shares (15 and 20 million shares of common stock authorized, $.001 par value)		956		4,023,185
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$10.03		$10.69
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)		$10.26		$10.94
Class B Shares-Net asset value		–		$ 9.65
Class C Shares-Net asset value		$10.03		$ 9.64
Class F Shares-Net asset value		$10.02		$10.70
Class I Shares-Net asset value		$10.03		$10.77
Class R2 Shares-Net asset value		$10.03		$10.92
Class R3 Shares-Net asset value		$10.03		$10.76
Class R4 Shares-Net asset value		$10.02		$10.69
Class R5 Shares-Net asset value		$10.03		$10.78
Class R6 Shares-Net asset value		$10.03		$10.77

See Notes to Financial Statements.

Statements of Operations

For the Year Ended December 31, 2016

	Emerging Markets Corporate Debt Fund			Emerging Markets Currency Fund
Investment income:
Interest and other (net of foreign withholding taxes of $29 and $0, respectively)	$	1,773,283		$	10,908,911
Interest earned from Interfund Lending (See Note 11)		–			1,034
Total investment income		1,773,283			10,909,945
Expenses:
Management fee		245,050			2,179,873
12b-1 distribution plan-Class A		25,051			40,235
12b-1 distribution plan-Class B		–			1,265
12b-1 distribution plan-Class C		7,420			38,956
12b-1 distribution plan-Class F		11,049			8,634
12b-1 distribution plan-Class R2		698			605
12b-1 distribution plan-Class R3		581			1,689
12b-1 distribution plan-Class R4		26			25
Shareholder servicing		64,975			115,485
Fund administration		14,003			174,390
Registration		103,936			121,761
Reports to shareholders		13,505			52,856
Directors’ fees		1,242			15,417
Professional		52,075			91,622
Custody		9,566			47,578
Subsidy (See Note 3)		–			568,616
Other		9,038			74,159
Gross expenses		558,215			3,533,166
Expense reductions (See Note 9)		(134	)		(171	)
Fees waived and expenses reimbursed (See Note 3)		(216,984	)		–
Net expenses		341,097			3,532,995
Net investment income		1,432,186			7,376,950
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		282,798			(1,976,834	)
Net realized gain on futures contracts, swaps and foreign currency related transactions		102,364			14,491,195
Net change in unrealized appreciation/depreciation on investments		1,395,932			3,639,998
Net change in unrealized appreciation/depreciation on futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		9,395			(2,031,186	)
Net realized and unrealized gain		1,790,489			14,123,173
Net Increase in Net Assets Resulting From Operations	$	3,222,675		$	21,500,123

See Notes to Financial Statements.

Statements of Operations (concluded)

For the Year Ended December 31, 2016

	Emerging Markets Local Bond Fund			Multi-Asset Global Opportunity Fund
Investment income:
Dividends received from Underlying Funds	$	–		$	9,903,907
Dividend received from Exchange Traded Funds	$	–		$	24,288
Interest and other (net of foreign withholding taxes of $10,615 and $0, respectively)		607,510			30,451
Total investment income		607,510			9,958,646
Expenses:
Management fee		61,419			631,051
12b-1 distribution plan-Class A		11,969			375,539
12b-1 distribution plan-Class B		–			21,678
12b-1 distribution plan-Class C		3,991			375,789
12b-1 distribution plan-Class F		193			6,205
12b-1 distribution plan-Class R2		503			2,232
12b-1 distribution plan-Class R3		419			33,179
12b-1 distribution plan-Class R4		24			24
Shareholder servicing		10,368			345,396
Fund administration		3,510			67,395
Registration		111,811			123,299
Reports to shareholders		6,764			62,648
Directors’ fees		303			8,921
Professional		61,632			35,851
Custody		25,078			15,914
Other		9,481			18,941
Gross expenses		307,465			2,124,062
Expense reductions (See Note 9)		(34	)		(748	)
Expenses assumed by Underlying Funds (See Note 3)		–			(610,221	)
Fees waived and expenses reimbursed (See Note 3)		(216,592	)		(378,631	)
Net expenses		90,839			1,134,462
Net investment income		516,671			8,824,184
Net realized and unrealized gain (loss):
Net realized loss on investments in Underlying Funds		–			(7,581,096	)
Net realized gain (loss) on investments in Securities		(627,217	)		(532,539	)
Net realized gain (loss) on futures contracts, swaps and foreign currency related transactions		(238,536	)		1,000,920
Net change in unrealized appreciation/depreciation on investments in Underlying Funds		–			18,245,316
Net change in unrealized appreciation/depreciation on Securities		868,670			69,177
Net change in unrealized appreciation/depreciation on futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(9,993	)		999,277
Net realized and unrealized gain (loss)		(7,076	)		12,201,055
Net Increase in Net Assets Resulting From Operations	$	509,595		$	21,025,239

See Notes to Financial Statements.

Statements of Changes in Net Assets

	Emerging Markets Corporate Debt Fund
	For the Year Ended			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	December 31, 2016			December 31, 2015
Operations:
Net investment income	$	1,432,186		$	954,321
Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions		385,162			(417,064	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		1,405,327			(678,776	)
Net increase (decrease) in net assets resulting from operations		3,222,675			(141,519	)
Distributions to shareholders from:
Net investment income
Class A		(547,574	)		(455,798	)
Class C		(31,567	)		(22,655	)
Class F		(490,236	)		(122,313	)
Class I		(473,697	)		(434,446	)
Class R2		(5,339	)		(5,139	)
Class R3		(5,339	)		(5,140	)
Class R4		(457	)		(217	)
Class R5		(1,387	)		(230	)
Class R6		(492	)		(233	)
Net realized gain
Class A		–			(929	)
Class C		–			(51	)
Class F		–			(140	)
Class I		–			(1,002	)
Class R2		–			(9	)
Class R3		–			(9	)
Class R4		–			(1	)
Class R5		–			(1	)
Class R6		–			(1	)
Total distributions to shareholders		(1,556,088	)		(1,048,314	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		24,947,888			31,403,742
Reinvestment of distributions		1,526,372			1,008,842
Cost of shares reacquired		(36,050,167	)		(6,048,258	)
Net increase (decrease) in net assets resulting from capital share transactions		(9,575,907	)		26,364,326
Net increase (decrease) in net assets		(7,909,320	)		25,174,493
NET ASSETS:
Beginning of year	$	37,909,606		$	12,735,113
End of year	$	30,000,286		$	37,909,606
Undistributed (distributions in excess of) net investment income	$	(4,135	)	$	1,287

80	See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Emerging Markets Currency Fund
	For the Year Ended			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	December 31, 2016			December 31, 2015
Operations:
Net investment income	$	7,376,950		$	6,418,407
Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions		12,514,361			(56,291,259	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		1,608,812			2,683,853
Net increase (decrease) in net assets resulting from operations		21,500,123			(47,188,999	)
Distributions to shareholders from:
Net investment income
Class A		(1,035,581	)		(338,762	)
Class B		(4,308	)		(2,526	)
Class C		(212,359	)		(76,540	)
Class F		(443,669	)		(204,204	)
Class I		(21,196,245	)		(6,490,974	)
Class P		(4	)		(26	)
Class R2		(4,747	)		(1,156	)
Class R3		(17,175	)		(5,327	)
Class R4		(517	)		(65	)
Class R5		(546	)		(70	)
Class R6		(554	)		(73	)
Return of capital
Class A		–			(368,939	)
Class B		–			(2,750	)
Class C		–			(83,359	)
Class F		–			(222,395	)
Class I		–			(7,069,187	)
Class P		–			(28	)
Class R2		–			(1,260	)
Class R3		–			(5,801	)
Class R4		–			(70	)
Class R5		–			(77	)
Class R6		–			(79	)
Total distributions to shareholders		(22,915,705	)		(14,873,668	)
Capital share transactions (Net of share conversions) (See Note 15):
Net proceeds from sales of shares		124,310,329			232,336,517
Reinvestment of distributions		22,707,050			14,719,492
Cost of shares reacquired		(236,856,843	)		(86,705,055	)
Net increase (decrease) in net assets resulting from capital share transactions		(89,839,464	)		160,350,954
Net increase (decrease) in net assets		(91,255,046	)		98,288,287
NET ASSETS:
Beginning of year	$	478,447,534		$	380,159,247
End of year	$	387,192,488		$	478,447,534
Distributions in excess of net investment income	$	(1,966,708	)	$	(1,232,279	)

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Emerging Markets Local Bond Fund
	For the Year Ended			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	December 31, 2016			December 31, 2015
Operations:
Net investment income	$	516,671		$	479,261
Net realized loss on investments, futures contracts and foreign currency related transactions		(865,753	)		(1,263,296	)
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		858,677			(778,391	)
Net increase (decrease) in net assets resulting from operations		509,595			(1,562,426	)
Distributions to shareholders from:
Return of capital
Class A		(378,524	)		(358,505	)
Class C		(26,459	)		(23,116	)
Class F		(12,354	)		(9,234	)
Class I		(126,604	)		(121,047	)
Class R2		(5,486	)		(5,247	)
Class R3		(5,489	)		(5,251	)
Class R4		(609	)		(275	)
Class R5		(635	)		(287	)
Class R6		(640	)		(289	)
Total distributions to shareholders		(556,800	)		(523,251	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		2,212,118			702,065
Reinvestment of distributions		545,596			512,913
Cost of shares reacquired		(1,096,032	)		(2,784,418	)
Net increase (decrease) in net assets resulting from capital share transactions		1,661,682			(1,569,440	)
Net increase (decrease) in net assets		1,614,477			(3,655,117	)
NET ASSETS:
Beginning of year	$	7,580,152		$	11,235,269
End of year	$	9,194,629		$	7,580,152
Distributions in excess of net investment income	$	(68,239	)	$	(153,257	)

82	See Notes to Financial Statements.

Statements of Changes in Net Assets (concluded)

	Multi-Asset Global Opportunity Fund
	For the Year Ended			For the Year Ended
DECREASE IN NET ASSETS	December 31, 2016			December 31, 2015
Operations:
Net investment income	$	8,824,184		$	7,997,385
Capital gain distributions received from Underlying Funds		–			2,251,880
Capital gain distributions received from Exchange-Traded Funds		–			111,366
Net realized gain (loss) on investments in Underlying Funds		(7,581,096	)		2,778,989
Net realized gain (loss) on investments in Securities		(532,539	)		–
Net realized gain (loss) on futures contracts, swaps and foreign currency related transactions		1,000,920			1,115,662
Net change in unrealized appreciation/depreciation on investments in Underlying Funds		18,245,316			(36,853,658	)
Net change in unrealized appreciation/depreciation on Securities		69,177			–
Net change in unrealized appreciation/depreciation on futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		999,277			4,637
Net increase (decrease) in net assets resulting from operations		21,025,239			(22,593,739	)
Distributions to shareholders from:
Net investment income
Class A		(5,072,090	)		(4,294,398	)
Class B		(60,032	)		(73,331	)
Class C		(1,132,296	)		(945,953	)
Class F		(207,266	)		(324,545	)
Class I		(402,584	)		(838,856	)
Class R2		(11,684	)		(4,371	)
Class R3		(210,941	)		(156,968	)
Class R4		(332	)		(98	)
Class R5		(354	)		(109	)
Class R6		(1,462,429	)		(414,563	)
Net realized gain
Class A		(1,722,448	)		(9,225,306	)
Class B		(25,814	)		(204,873	)
Class C		(475,580	)		(2,733,974	)
Class F		(68,421	)		(637,493	)
Class I		(124,264	)		(609,269	)
Class R2		(4,279	)		(12,351	)
Class R3		(77,126	)		(363,617	)
Class R4		(109	)		(522	)
Class R5		(109	)		(518	)
Class R6		(469,615	)		(1,962,944	)
Total distributions to shareholders		(11,527,773	)		(22,804,059	)
Capital share transactions (Net of share conversions) (See Note 15):
Net proceeds from sales of shares		31,175,121			112,907,512
Reinvestment of distributions		10,713,404			21,550,767
Cost of shares reacquired		(77,249,082	)		(103,434,077	)
Net increase (decrease) in net assets resulting from capital share transactions		(35,360,557	)		31,024,202
Net decrease in net assets		(25,863,091	)		(14,373,596	)
NET ASSETS:
Beginning of year	$	266,069,558		$	280,443,154
End of year	$	240,206,467		$	266,069,558
Undistributed (distributions in excess of) net investment income	$	(19,351	)	$	293,528

See Notes to Financial Statements.

Financial Highlights

EMERGING MARKETS CORPORATE DEBT FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income^(a)		gain (loss)			tions			income			gain			butions
Class A
12/31/2016	$	14.45	$	0.61	$	0.68		$	1.29		$	(0.66	)	$	–		$	(0.66	)
12/31/2015		14.85		0.60		(0.33	)		0.27			(0.67	)		–	^(c)		(0.67	)
12/31/2014		14.97		0.66		0.34			1.00			(0.72	)		(0.40	)		(1.12	)
12/6/2013 to 12/31/2013^(d)		15.00		0.02		(0.02	)		–			(0.03	)		–			(0.03	)
Class C
12/31/2016		14.45		0.50		0.68			1.18			(0.56	)		–			(0.56	)
12/31/2015		14.85		0.50		(0.34	)		0.16			(0.56	)		–	^(c)		(0.56	)
12/31/2014		14.97		0.52		0.36			0.88			(0.60	)		(0.40	)		(1.00	)
12/6/2013 to 12/31/2013^(d)		15.00		0.01		(0.02	)		(0.01	)		(0.02	)		–			(0.02	)
Class F
12/31/2016		14.45		0.62		0.68			1.30			(0.67	)		–			(0.67	)
12/31/2015		14.85		0.56		(0.28	)		0.28			(0.68	)		–	^(c)		(0.68	)
12/31/2014		14.97		0.67		0.35			1.02			(0.74	)		(0.40	)		(1.14	)
12/6/2013 to 12/31/2013^(d)		15.00		0.02		(0.02	)		–			(0.03	)		–			(0.03	)
Class I
12/31/2016		14.45		0.64		0.68			1.32			(0.69	)		–			(0.69	)
12/31/2015		14.85		0.63		(0.33	)		0.30			(0.70	)		–	^(c)		(0.70	)
12/31/2014		14.97		0.69		0.34			1.03			(0.75	)		(0.40	)		(1.15	)
12/6/2013 to 12/31/2013^(d)		15.00		0.02		(0.02	)		–			(0.03	)		–			(0.03	)
Class R2
12/31/2016		14.45		0.64		0.67			1.31			(0.69	)		–			(0.69	)
12/31/2015		14.85		0.64		(0.34	)		0.30			(0.70	)		–	^(c)		(0.70	)
12/31/2014		14.97		0.69		0.34			1.03			(0.75	)		(0.40	)		(1.15	)
12/6/2013 to 12/31/2013^(d)		15.00		0.02		(0.02	)		–			(0.03	)		–			(0.03	)
Class R3
12/31/2016		14.45		0.64		0.67			1.31			(0.69	)		–			(0.69	)
12/31/2015		14.85		0.64		(0.34	)		0.30			(0.70	)		–	^(c)		(0.70	)
12/31/2014		14.97		0.69		0.34			1.03			(0.75	)		(0.40	)		(1.15	)
12/6/2013 to 12/31/2013^(d)		15.00		0.02		(0.02	)		–			(0.03	)		–			(0.03	)
Class R4
12/31/2016		14.45		0.60		0.68			1.28			(0.66	)		–			(0.66	)
6/30/2015 to 12/31/2015^(g)		14.97		0.29		(0.49	)		(0.20	)		(0.32	)		–	^(c)		(0.32	)
Class R5
12/31/2016		14.45		0.64		0.67			1.31			(0.69	)		–			(0.69	)
6/30/2015 to 12/31/2015^(g)		14.97		0.31		(0.49	)		(0.18	)		(0.34	)		–	^(c)		(0.34	)
Class R6
12/31/2016		14.45		0.65		0.67			1.32			(0.70	)		–			(0.70	)
6/30/2015 to 12/31/2015^(g)		14.97		0.31		(0.48	)		(0.17	)		(0.35	)		–	^(c)		(0.35	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Amount is less than $0.01.
^(d)	Commenced on December 6, 2013.
^(e)	Not annualized.
^(f)	Annualized.
^(g)	Commenced on June 30, 2015.

84	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

					Total
					expenses
Net					after						Net			Net
asset					waivers						invest-			assets,		Portfolio
value,		Total			and/or reim-			Total			ment			end of		turnover
end of		return^(b)			bursements			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	15.08		9.03			1.05			1.67			4.03		$	7,535		104.21
	14.45		1.77			1.05			1.71			4.03			13,843		147.85
	14.85		6.76			1.05			2.62			4.27			6,745		293.26
	14.97		(0.04	)^(e)		1.05	^(f)		5.26	^(f)		1.84	^(f)		4,835		4.14	^(e)
									��
	15.07		8.23			1.70			2.34			3.27			1,212		104.21
	14.45		1.04			1.77			2.46			3.38			581		147.85
	14.85		5.90			1.81			3.27			3.34			473		293.26
	14.97		(0.09	)^(e)		1.86	^(f)		6.07	^(f)		1.03	^(f)		100		4.14	^(e)

	15.08		9.10			0.95			1.57			4.09			12,321		104.21
	14.45		1.83			0.95			1.50			3.82			12,604		147.85
	14.85		6.86			0.94			2.49			4.36			170		293.26
	14.97		(0.04	)^(e)		0.95	^(f)		5.15	^(f)		1.94	^(f)		100		4.14	^(e)

	15.08		9.18			0.85			1.47			4.26			8,636		104.21
	14.45		1.98			0.85			1.50			4.26			10,634		147.85
	14.85		6.97			0.85			2.43			4.47			5,134		293.26
	14.97		(0.03	)^(e)		0.85	^(f)		5.06	^(f)		2.03	^(f)		4,798		4.14	^(e)

	15.07		9.18			0.85			2.08			4.23			119		104.21
	14.45		1.98			0.85			2.14			4.31			109		147.85
	14.85		6.97			0.85			3.03			4.47			107		293.26
	14.97		(0.03	)^(e)		0.85	^(f)		5.06	^(f)		2.03	^(f)		100		4.14	^(e)

	15.07		9.18			0.85			1.98			4.23			119		104.21
	14.45		1.98	^(e)		0.85			2.04			4.31			109		147.85
	14.85		6.97			0.85			2.93			4.47			107		293.26
	14.97		(0.03	)^(e)		0.85	^(f)		5.07	^(f)		2.05	^(f)		100		4.14	^(e)

	15.07		8.92			1.10			1.71			4.00			11		104.21
	14.45		(1.33	)^(e)		1.10	^(f)		1.71	^(f)		3.91	^(f)		10		147.85

	15.07		9.18			0.85			1.49			4.22			35		104.21
	14.45		(1.21	)^(e)		0.85	^(f)		1.46	^(f)		4.17	^(f)		10		147.85

	15.07		9.26			0.77			1.27			4.31			11		104.21
	14.45		(1.18	)^(e)		0.79	^(f)		1.37	^(f)		4.23	^(f)		10		147.85

See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Return			Total
	beginning		ment		unrealized			opera-			investment			of			distri-
	of period		income^(a)		gain (loss)			tions			income			capital			butions
Class A
12/31/2016	$	5.10	$	0.08	$	0.21		$	0.29		$	(0.28	)	$	–		$	(0.28	)
12/31/2015		5.76		0.06		(0.57	)		(0.51	)		(0.07	)		(0.08	)		(0.15	)
12/31/2014		6.25		0.06		(0.40	)		(0.34	)		(0.15	)		–			(0.15	)
12/31/2013		6.63		0.06		(0.27	)		(0.21	)		(0.10	)		(0.07	)		(0.17	)
12/31/2012		6.15		0.07		0.58			0.65			(0.15	)		(0.02	)		(0.17	)
Class B
12/31/2016		5.12		0.04		0.21			0.25			(0.24	)		–			(0.24	)
12/31/2015		5.79		0.02		(0.58	)		(0.56	)		(0.05	)		(0.06	)		(0.11	)
12/31/2014		6.28		0.01		(0.39	)		(0.38	)		(0.11	)		–			(0.11	)
12/31/2013		6.66		0.01		(0.27	)		(0.26	)		(0.07	)		(0.05	)		(0.12	)
12/31/2012		6.18		0.02		0.58			0.60			(0.10	)		(0.02	)		(0.12	)
Class C
12/31/2016		5.13		0.05		0.21			0.26			(0.25	)		–			(0.25	)
12/31/2015		5.79		0.03		(0.57	)		(0.54	)		(0.06	)		(0.06	)		(0.12	)
12/31/2014		6.29		0.02		(0.40	)		(0.38	)		(0.12	)		–			(0.12	)
12/31/2013		6.67		0.02		(0.27	)		(0.25	)		(0.07	)		(0.06	)		(0.13	)
12/31/2012		6.19		0.02		0.59			0.61			(0.11	)		(0.02	)		(0.13	)
Class F
12/31/2016		5.10		0.08		0.21			0.29			(0.28	)		–			(0.28	)
12/31/2015		5.76		0.07		(0.57	)		(0.50	)		(0.08	)		(0.08	)		(0.16	)
12/31/2014		6.25		0.06		(0.39	)		(0.33	)		(0.16	)		–			(0.16	)
12/31/2013		6.62		0.07		(0.27	)		(0.20	)		(0.09	)		(0.08	)		(0.17	)
12/31/2012		6.15		0.07		0.58			0.65			(0.16	)		(0.02	)		(0.18	)
Class I
12/31/2016		5.09		0.09		0.21			0.30			(0.29	)		–			(0.29	)
12/31/2015		5.75		0.07		(0.57	)		(0.50	)		(0.08	)		(0.08	)		(0.16	)
12/31/2014		6.24		0.07		(0.39	)		(0.32	)		(0.17	)		–			(0.17	)
12/31/2013		6.61		0.08		(0.27	)		(0.19	)		(0.10	)		(0.08	)		(0.18	)
12/31/2012		6.14		0.08		0.57			0.65			(0.16	)		(0.02	)		(0.18	)
Class R2
12/31/2016		5.11		0.06		0.21			0.27			(0.26	)		–			(0.26	)
12/31/2015		5.77		0.04		(0.57	)		(0.53	)		(0.06	)		(0.07	)		(0.13	)
12/31/2014		6.26		0.03		(0.39	)		(0.36	)		(0.13	)		–			(0.13	)
12/31/2013		6.64		0.04		(0.28	)		(0.24	)		(0.08	)		(0.06	)		(0.14	)
12/31/2012		6.16		0.04		0.59			0.63			(0.13	)		(0.02	)		(0.15	)

86	See Notes to Financial Statements.

					Ratios to Average Net Assets:				Supplemental Data:
Net							Net		Net
asset							invest-		assets,		Portfolio
value,		Total			Total		ment		end of		turnover
end of		return^(b)			expenses		income		period		rate
period		(%)			(%)		(%)		(000)		(%)

$	5.11		5.68			0.99		1.51	$	18,357		89.73
	5.10		(8.95	)		0.98		1.10		20,466		51.75
	5.76		(5.49	)		0.98		0.93		30,554		113.20
	6.25		(3.21	)		0.99		0.97		47,961		105.11
	6.63		10.69			1.01		1.02		73,947		141.92

	5.13		4.83			1.80		0.71		56		89.73
	5.12		(9.79	)		1.78		0.30		178		51.75
	5.79		(6.20	)		1.78		0.13		350		113.20
	6.28		(3.95	)		1.79		0.18		696		105.11
	6.66		9.79			1.80		0.24		1,219		141.92

	5.14		5.03			1.60		0.91		4,025		89.73
	5.13		(9.44	)		1.59		0.49		5,558		51.75
	5.79		(6.19	)		1.61		0.31		9,675		113.20
	6.29		(3.78	)		1.62		0.34		17,378		105.11
	6.67		9.91			1.68		0.37		28,543		141.92

	5.11		5.79			0.89		1.61		7,366		89.73
	5.10		(8.86	)		0.88		1.19		9,439		51.75
	5.76		(5.40	)		0.88		1.03		21,550		113.20
	6.25		(2.97	)		0.89		1.06		36,181		105.11
	6.62		10.63			0.91		1.12		71,622		141.92

	5.10		5.90			0.79		1.71		356,968		89.73
	5.09		(8.79	)		0.78		1.29		442,393		51.75
	5.75		(5.32	)		0.78		1.12		317,393		113.20
	6.24		(2.88	)		0.80		1.18		295,136		105.11
	6.61		10.75			0.80		1.21		271,710		141.92

	5.12		5.26			1.39		1.11		96		89.73
	5.11		(9.30	)		1.38		0.70		101		51.75
	5.77		(5.85	)		1.37		0.51		110		113.20
	6.26		(3.59	)		1.40		0.58		248		105.11
	6.64		10.24			1.41		0.63		300		141.92

See Notes to Financial Statements.

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Return			Total
	beginning		ment		unrealized			opera-			investment			of			distri-
	of period		income^(a)		gain (loss)			tions			income			capital			butions
Class R3
12/31/2016	$	5.09	$	0.06	$	0.21		$	0.27		$	(0.26	)	$	–		$	(0.26	)
12/31/2015		5.75		0.04		(0.57	)		(0.53	)		(0.06	)		(0.07	)		(0.13	)
12/31/2014		6.24		0.04		(0.39	)		(0.35	)		(0.14	)		–			(0.14	)
12/31/2013		6.61		0.04		(0.26	)		(0.22	)		(0.09	)		(0.06	)		(0.15	)
12/31/2012		6.14		0.05		0.57			0.62			(0.13	)		(0.02	)		(0.15	)
Class R4
12/31/2016		5.10		0.08		0.21			0.29			(0.28	)		–			(0.28	)
6/30/2015 to 12/31/2015^(c)		5.53		0.03		(0.39	)		(0.36	)		(0.03	)		(0.04	)		(0.07	)
Class R5
12/31/2016		5.09		0.09		0.21			0.30			(0.29	)		–			(0.29	)
6/30/2015 to 12/31/2015^(c)		5.52		0.04		(0.39	)		(0.35	)		(0.04	)		(0.04	)		(0.08	)
Class R6
12/31/2016		5.09		0.10		0.20			0.30			(0.29	)		–			(0.29	)
6/30/2015 to 12/31/2015^(c)		5.52		0.04		(0.39	)		(0.35	)		(0.04	)		(0.04	)		(0.08	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Commenced on June 30, 2015.
^(d)	Not annualized.
^(e)	Annualized.

88	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:
Net								Net			Net
asset								invest-			assets,		Portfolio
value,		Total			Total			ment			end of		turnover
end of		return^(b)			expenses			income			period		rate
period		(%)			(%)			(%)			(000)		(%)
$	5.10		5.38			1.28			1.22		$	296		89.73
	5.09		(9.24	)		1.27			0.81			285		51.75
	5.75		(5.77	)		1.27			0.65			524		113.20
	6.24		(3.35	)		1.28			0.70			494		105.11
	6.61		10.23			1.29			0.74			617		141.92

	5.11		5.67			1.01			1.50			10		89.73
	5.10		(6.44	)^(d)		1.01	^(e)		1.13	^(e)		9		51.75

	5.10		5.94			0.75			1.76			10		89.73
	5.09		(6.34	)^(d)		0.76	^(e)		1.37	^(e)		9		51.75

	5.10		6.04			0.66			1.85			10		89.73
	5.09		(6.29	)^(d)		0.67	^(e)		1.47	^(e)		9		51.75

See Notes to Financial Statements.

Financial Highlights

EMERGING MARKETS LOCAL BOND FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Return of capital			Total distri- butions
Class A
12/31/2016	$	9.93	$	0.61	$	0.15		$	0.76		$	–		$	(0.66	)	$	(0.66	)
12/31/2015		12.60		0.62		(2.62	)		(2.00	)		–			(0.67	)		(0.67	)
12/31/2014		14.39		0.75		(1.70	)		(0.95	)		(0.84	)		–			(0.84	)
6/21/2013 to 12/31/2013^(c)		15.00		0.37		(0.51	)		(0.14	)		(0.47	)		–			(0.47	)
Class C
12/31/2016		9.93		0.55		0.14			0.69			–			(0.59	)		(0.59	)
12/31/2015		12.60		0.53		(2.61	)		(2.08	)		–			(0.59	)		(0.59	)
12/31/2014		14.38		0.64		(1.69	)		(1.05	)		(0.73	)		–			(0.73	)
6/21/2013 to 12/31/2013^(c)		15.00		0.31		(0.52	)		(0.21	)		(0.41	)		–			(0.41	)
Class F
12/31/2016		9.93		0.62		0.14			0.76			–			(0.67	)		(0.67	)
12/31/2015		12.60		0.63		(2.61	)		(1.98	)		–			(0.69	)		(0.69	)
12/31/2014		14.38		0.76		(1.68	)		(0.92	)		(0.86	)		–			(0.86	)
6/21/2013 to 12/31/2013^(c)		15.00		0.38		(0.52	)		(0.14	)		(0.48	)		–			(0.48	)
Class I
12/31/2016		9.93		0.64		0.14			0.78			–			(0.68	)		(0.68	)
12/31/2015		12.60		0.64		(2.61	)		(1.97	)		–			(0.70	)		(0.70	)
12/31/2014		14.38		0.79		(1.70	)		(0.91	)		(0.87	)		–			(0.87	)
6/21/2013 to 12/31/2013^(c)		15.00		0.38		(0.52	)		(0.14	)		(0.48	)		–			(0.48	)
Class R2
12/31/2016		9.93		0.64		0.14			0.78			–			(0.68	)		(0.68	)
12/31/2015		12.60		0.64		(2.61	)		(1.97	)		–			(0.70	)		(0.70	)
12/31/2014		14.38		0.79		(1.70	)		(0.91	)		(0.87	)		–			(0.87	)
6/21/2013 to 12/31/2013^(c)		15.00		0.34		(0.52	)		(0.18	)		(0.44	)		–			(0.44	)
Class R3
12/31/2016		9.93		0.64		0.14			0.78			–			(0.68	)		(0.68	)
12/31/2015		12.60		0.64		(2.61	)		(1.97	)		–			(0.70	)		(0.70	)
12/31/2014		14.38		0.79		(1.70	)		(0.91	)		(0.87	)		–			(0.87	)
6/21/2013 to 12/31/2013^(c)		15.00		0.35		(0.52	)		(0.17	)		(0.45	)		–			(0.45	)
Class R4
12/31/2016		9.93		0.61		0.14			0.75			–			(0.66	)		(0.66	)
6/30/2015 to 12/31/2015^(f)		11.53		0.29		(1.58	)		(1.29	)		–			(0.31	)		(0.31	)
Class R5
12/31/2016		9.93		0.64		0.15			0.79			–			(0.69	)		(0.69	)
6/30/2015 to 12/31/2015^(f)		11.53		0.30		(1.57	)		(1.27	)		–			(0.33	)		(0.33	)
Class R6
12/31/2016		9.93		0.64		0.15			0.79			–			(0.69	)		(0.69	)
6/30/2015 to 12/31/2015^(f)		11.53		0.31		(1.58	)		(1.27	)		–			(0.33	)		(0.33	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Commenced on June 21, 2013.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Commenced on June 30, 2015.


90	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	10.03		7.60			1.05			3.50			5.87		$	6,393		58.09
	9.93		(16.32	)		1.05			3.22			5.44			5,097		61.85
	12.60		(7.05	)		1.05			3.01			5.33			8,345		39.30
	14.39		(0.97	)^(d)		1.02	^(e)		5.09	^(e)		4.79	^(e)		4,950		28.21	^(d)

	10.03		6.90			1.71			4.17			5.22			444		58.09
	9.93		(16.92	)		1.77			3.98			4.73			387		61.85
	12.60		(7.71	)		1.82			3.80			4.53			396		39.30
	14.38		(1.43	)^(d)		1.77	^(e)		5.63	^(e)		3.97	^(e)		226		28.21	^(d)

	10.02		7.59			0.95			3.32			5.95			236		58.09
	9.93		(16.23	)		0.95			3.10			5.54			129		61.85
	12.60		(6.88	)		0.95			2.96			5.45			179		39.30
	14.38		(0.99	)^(d)		0.92	^(e)		5.16	^(e)		4.84	^(e)		116		28.21	^(d)

	10.03		7.81			0.85			3.33			6.09			1,926		58.09
	9.93		(16.15	)		0.85			3.02			5.65			1,786		61.85
	12.60		(6.79	)		0.85			2.96			5.58			2,130		39.30
	14.38		(0.94	)^(d)		0.82	^(e)		5.19	^(e)		4.94	^(e)		2,286		28.21	^(d)

	10.03		7.81			0.85			3.93			6.09			83		58.09
	9.93		(16.15	)		0.85			3.62			5.65			77		61.85
	12.60		(6.79	)		0.85			3.56			5.57			92		39.30
	14.38		(1.23	)^(d)		1.40	^(e)		5.79	^(e)		4.36	^(e)		99		28.21	^(d)

	10.03		7.81			0.85			3.83			6.09			84		58.09
	9.93		(16.15	)		0.85			3.52			5.65			77		61.85
	12.60		(6.79	)		0.85			3.46			5.57			92		39.30
	14.38		(1.18	)^(d)		1.30	^(e)		5.69	^(e)		4.46	^(e)		99		28.21	^(d)

	10.02		7.49			1.10			3.55			5.88			10		58.09
	9.93		(11.24	)^(d)		1.10	^(e)		3.60	^(e)		5.50	^(e)		9		61.85	^(d)

	10.03		7.87			0.85			3.32			6.11			10		58.09
	9.93		(11.13	)^(d)		0.85	^(e)		3.35	^(e)		5.74	^(e)		9		61.85	^(d)

	10.03		7.93			0.79			3.21			6.17			10		58.09
	9.93		(11.11	)^(d)		0.80	^(e)		3.31	^(e)		5.79	^(e)		9		61.85	^(d)

See Notes to Financial Statements.

Financial Highlights (continued)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Return of capital
Class A
12/31/2016	$	10.28	$	0.37	$	0.52		$	0.89		$	(0.36	)	$	(0.12	)	$	–
12/31/2015		12.04		0.33		(1.18	)		(0.85	)		(0.29	)		(0.62	)		–
12/31/2014		12.49		0.40		(0.12	)		0.28			(0.49	)		(0.24	)		–
12/31/2013		11.42		0.39		1.26			1.65			(0.50	)		(0.08	)		–
12/31/2012		10.29		0.36		1.16			1.52			(0.38	)		–			(0.01	)
Class B
12/31/2016		9.32		0.25		0.49			0.74			(0.29	)		(0.12	)		–
12/31/2015		11.00		0.22		(1.07	)		(0.85	)		(0.21	)		(0.62	)		–
12/31/2014		11.46		0.26		(0.08	)		0.18			(0.40	)		(0.24	)		–
12/31/2013		10.53		0.26		1.16			1.42			(0.41	)		(0.08	)		–
12/31/2012		9.51		0.25		1.09			1.34			(0.31	)		–			(0.01	)
Class C
12/31/2016		9.31		0.26		0.48			0.74			(0.29	)		(0.12	)		–
12/31/2015		11.00		0.23		(1.09	)		(0.86	)		(0.21	)		(0.62	)		–
12/31/2014		11.47		0.27		(0.09	)		0.18			(0.41	)		(0.24	)		–
12/31/2013		10.54		0.27		1.16			1.43			(0.42	)		(0.08	)		–
12/31/2012		9.53		0.26		1.07			1.33			(0.31	)		–			(0.01	)
Class F
12/31/2016		10.29		0.37		0.54			0.91			(0.38	)		(0.12	)		–
12/31/2015		12.05		0.35		(1.18	)		(0.83	)		(0.31	)		(0.62	)		–
12/31/2014		12.49		0.42		(0.11	)		0.31			(0.51	)		(0.24	)		–
12/31/2013		11.43		0.44		1.22			1.66			(0.52	)		(0.08	)		–
12/31/2012		10.29		0.36		1.19			1.55			(0.40	)		–			(0.01	)
Class I
12/31/2016		10.35		0.41		0.52			0.93			(0.39	)		(0.12	)		–
12/31/2015		12.12		0.39		(1.22	)		(0.83	)		(0.32	)		(0.62	)		–
12/31/2014		12.56		0.43		(0.11	)		0.32			(0.52	)		(0.24	)		–
12/31/2013		11.49		0.42		1.26			1.68			(0.53	)		(0.08	)		–
12/31/2012		10.34		0.39		1.18			1.57			(0.41	)		–			(0.01	)
Class R2
12/31/2016		10.49		0.35		0.53			0.88			(0.33	)		(0.12	)		–
12/31/2015		12.27		0.32		(1.23	)		(0.91	)		(0.25	)		(0.62	)		–
12/31/2014		12.72		0.37		(0.13	)		0.24			(0.45	)		(0.24	)		–
12/31/2013		11.62		0.33		1.30			1.63			(0.45	)		(0.08	)		–
12/31/2012		10.46		0.34		1.18			1.52			(0.35	)		–			(0.01	)

92	See Notes to Financial Statements.

								Ratios to Average Net Assets:*						Supplemental Data:


Total distri- butions			Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net invest- ment income (%)		Net assets, end of period (000)		Portfolio turnover rate (%)

$	(0.48	)	$	10.69		8.86			0.38		0.79		3.56	$	138,336		23.80
	(0.91	)		10.28		(7.43	)		0.35		0.74		2.90		160,336		21.63
	(0.73	)		12.04		2.15			0.34		0.74		3.12		167,387		40.53
	(0.58	)		12.49		14.66			0.31		0.77		3.20		139,986		23.32
	(0.39	)		11.42		15.02			0.30		0.80		3.31		110,910		36.34

	(0.41	)		9.65		8.07			1.13		1.54		2.66		1,626		23.80
	(0.83	)		9.32		(8.13	)		1.09		1.48		2.05		2,800		21.63
	(0.64	)		11.00		1.49			1.08		1.48		2.26		4,533		40.53
	(0.49	)		11.46		13.70			1.05		1.51		2.32		6,020		23.32
	(0.32	)		10.53		14.24			1.04		1.54		2.51		6,939		36.34

	(0.41	)		9.64		8.15			1.12		1.54		2.79		34,137		23.80
	(0.83	)		9.31		(8.18	)		1.10		1.49		2.14		42,026		21.63
	(0.65	)		11.00		1.47			1.08		1.48		2.36		45,990		40.53
	(0.50	)		11.47		13.76			1.05		1.51		2.45		35,963		23.32
	(0.32	)		10.54		14.17			1.04		1.53		2.62		29,821		36.34

	(0.50	)		10.70		9.01			0.23		0.64		3.57		4,867		23.80
	(0.93	)		10.29		(7.28	)		0.20		0.59		2.98		8,747		21.63
	(0.75	)		12.05		2.39			0.19		0.59		3.30		12,885		40.53
	(0.60	)		12.49		14.73			0.16		0.62		3.60		6,472		23.32
	(0.41	)		11.43		15.28			0.15		0.65		3.31		2,423		36.34

	(0.51	)		10.77		9.18			0.13		0.54		3.89		11,092		23.80
	(0.94	)		10.35		(7.23	)		0.10		0.48		3.21		10,633		21.63
	(0.76	)		12.12		2.47			0.09		0.49		3.34		42,754		40.53
	(0.61	)		12.56		14.85			0.06		0.52		3.44		34,086		23.32
	(0.42	)		11.49		15.42			0.05		0.55		3.57		22,289		36.34

	(0.45	)		10.92		8.52			0.73		1.14		3.33		408		23.80
	(0.87	)		10.49		(7.75	)		0.70		1.09		2.81		364		21.63
	(0.69	)		12.27		1.86			0.69		1.09		2.88		116		40.53
	(0.53	)		12.72		14.13			0.66		1.12		2.68		89		23.32
	(0.36	)		11.62		14.71			0.61		1.11		3.05		107		36.34

See Notes to Financial Statements.

Financial Highlights (concluded)

MULTI-ASSET GLOBAL OPPORTUNITY FUND

					Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Return of capital
Class R3
12/31/2016	$	10.34	$	0.35	$	0.53		$	0.88		$	(0.34	)	$	(0.12	)	$	–
12/31/2015		12.11		0.31		(1.20	)		(0.89	)		(0.26	)		(0.62	)		–
12/31/2014		12.55		0.37		(0.11	)		0.26			(0.46	)		(0.24	)		–
12/31/2013		11.48		0.36		1.26			1.62			(0.47	)		(0.08	)		–
12/31/2012		10.34		0.35		1.16			1.51			(0.36	)		–			(0.01	)
Class R4
12/31/2016		10.28		0.38		0.51			0.89			(0.36	)		(0.12	)		–
6/30/2015 to 12/31/2015^(c)		11.96		0.15		(1.10	)		(0.95	)		(0.11	)		(0.62	)		–
Class R5
12/31/2016		10.36		0.41		0.52			0.93			(0.39	)		(0.12	)		–
6/30/2015 to 12/31/2015^(c)		12.04		0.17		(1.11	)		(0.94	)		(0.12	)		(0.62	)		–
Class R6
12/31/2016		10.35		0.41		0.53			0.94			(0.40	)		(0.12	)		–
6/30/2015 to 12/31/2015^(c)		12.04		0.17		(1.11	)		(0.94	)		(0.13	)		(0.62	)		–

*	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 for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Commenced on June 30, 2015.
^(d)	Not annualized.
^(e)	Annualized.


94	See Notes to Financial Statements.

								Ratios to Average Net Assets:*									Supplemental Data:


Total distri- butions			Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	(0.46	)	$	10.76		8.65			0.63			1.04			3.34		$	6,401		23.80
	(0.88	)		10.34		(7.69	)		0.58			0.97			2.66			6,322		21.63
	(0.70	)		12.11		2.01			0.55			0.95			2.91			6,780		40.53
	(0.55	)		12.55		14.33			0.53			0.99			2.95			5,785		23.32
	(0.37	)		11.48		14.81			0.52			1.02			3.17			5,211		36.34

	(0.48	)		10.69		8.88			0.36			0.78			3.67			10		23.80
	(0.73	)		10.28		(8.18	)^(d)		0.31	^(e)		0.74	^(e)		2.79	^(e)		9		21.63

	(0.51	)		10.78		9.28			0.11			0.52			3.92			10		23.80
	(0.74	)		10.36		(8.10	)^(d)		0.07	^(e)		0.49	^(e)		3.03	^(e)		9		21.63

	(0.52	)		10.77		9.23			0.13			0.39			3.92			43,320		23.80
	(0.75	)		10.35		(8.09	)^(d)		0.09	^(e)		0.37	^(e)		3.02	^(e)		34,823		21.63


	See Notes to Financial Statements.	95

Notes to Financial Statements

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. The Funds no longer issue Class B shares for purchase. Emerging Markets Currency Fund’s Class P shares were fully redeemed during the fiscal year. As of the date of this report, Multi-Asset Global Opportunity Fund has not issued Class P shares. Emerging Markets Corporate Debt Fund and Multi-Asset Global Opportunity Fund are each diversified as defined in the Act and Emerging Markets Currency Fund and Emerging Markets Local Bond Fund are each non-diversified as defined in the Act.

Emerging Markets Currency Fund’s investment objective is to seek high total return. Emerging Markets Corporate Debt Fund, Emerging Markets Local Bond Fund and Multi-Asset Global Opportunity Fund’s investment objective is total return. Multi-Asset Global Opportunity Fund invests principally in other mutual funds (“Underlying Funds”) managed by Lord, Abbett & Co. LLC (“Lord Abbett”).

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class B, C, F, I, P, R2, 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 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.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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. These Funds are considered investment companies under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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 independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Notes to Financial Statements (continued)

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange (“NYSE”). Each Fund may utilize 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. Exchange Traded Funds (“ETF”) actively traded on any recognized 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.

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

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

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

Notes to Financial Statements (continued)

(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal periods ended December 31, 2013 through December 31, 2016. 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 in 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 in each Fund’s Statement of Operations. The Funds do 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 in 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 in each Fund’s Statement of Operations.

(h)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu

Notes to Financial Statements (continued)

	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.

(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

Notes to Financial Statements (continued)

	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 indexes. These credit indexes 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 indexes, which are comprised of a basket of commercial mortgage-backed securities. Multi-Asset Global Opportunity Fund entered into a centrally cleared credit default swap based on a CDX high yield index, which are comprised of a basket of high yield securities.

	Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation. 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 the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by a Fund, the agreed-upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

	Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit rating of each credit default swap where a Fund is the seller of protection, are both measures of the current

100

Notes to Financial Statements (continued)

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

	Unfunded commitments represent the remaining obligation of a 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 December 31, 2016, each Fund had no unfunded loan commitments.

101

Notes to Financial Statements (continued)

(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 classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

•	Level 1 –	unadjusted quoted prices in active markets for identical investments;

•	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

•	Level 3 –	significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

A summary of inputs used in valuing each Fund’s investments and other financial instruments as of December 31, 2016 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the fiscal year then ended is included in each Fund’s Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

Emerging Markets Corporate Debt Fund and Emerging Markets Local Bond Fund

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

102

Notes to Financial Statements (continued)

Emerging Markets Currency Fund

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

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

For the fiscal year ended December 31, 2016, 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	.08%
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 the average daily net assets of each of Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund, Emerging Markets Local Bond Fund and, beginning May 1, 2016, Multi-Asset Global Opportunity Fund.

For the fiscal year ended December 31, 2016 and continuing through April 30, 2017, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit the total net annual operating expenses, excluding 12b-1 fees, to the following annual rates:

		Classes
Fund	A, C, F, I, R2, R3, R4 and R5		R6
Emerging Markets Corporate Debt Fund	.85%		.77%	⁽¹⁾
Emerging Markets Local Bond Fund	.85%		.79%	⁽¹⁾

⁽¹⁾

Prior to May 1, 2016 Lord Abbett had contractually agreed to waive its fees and reimburse expenses for Emerging Markets Corporate Debt Fund and Emerging Markets Local Bond Fund to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to an annual rate of 0.79% and 0.80% respectively for Class R6.

For the fiscal year ended December 31, 2016 and continuing through April 30, 2017, Lord Abbett has contractually agreed to waive its management fee at the annual rate of .15% for Multi-Asset Global Opportunity Fund.

All contractual management fee waiver and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only on 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, fund administration 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. Effective January, 1, 2017, the Board approved the discontinuation of the Servicing Arrangement with the Fund of Funds managed by Lord Abbett. As a result, each Fund of Fund will bear its expenses fully as of that date.

103

Notes to Financial Statements (continued)

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 Servicing Arrangement with certain “Fund of Funds” managed by Lord Abbett, pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees, fund administration 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. Effective January 1, 2017, the Board approved the discontinuation of the Servicing Agrangement with the Fund of Funds managed by Lord Abbett. As a result, each Fund of Funds will bear its expenses fully, and each of the Underlying Funds will no longer a portion of Fund of Fund expenses.

As of December 31, 2016, 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, Lord Abbett Multi-Asset Growth Fund and Lord Abbett Multi-Asset Income Fund were 40.12%, 8.83%, 4.18% and 36.21%, 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⁽⁴⁾	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 Funds 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.
⁽⁴⁾	The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.

Class I, R5 and 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 fiscal year ended December 31, 2016:

Distributor Commissions		Dealers’ Concessions
Emerging Markets Corporate Debt Fund	$ 847	$ 5,082
Emerging Markets Currency Fund	599	3,753
Emerging Markets Local Bond Fund	441	2,498
Multi-Asset Global Opportunity Fund	17,641	120,839

104

Notes to Financial Statements (continued)

Distributor received the following amount of CDSCs for the fiscal year ended December 31, 2016:

	Class A		Class C
Emerging Markets Corporate Debt Fund	$	–	$	–
Emerging Markets Currency Fund		573		236
Emerging Markets Local Bond Fund		–		–
Multi-Asset Global Opportunity Fund		2,314		5,758

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared daily and paid monthly for Emerging Markets 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 that exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the fiscal years ended December 31, 2016 and 2015 was as follows:

	Emerging Markets Corporate Debt Fund				Emerging Markets Currency Fund
	Year Ended 12/31/2016		Year Ended 12/31/2015		Year Ended 12/31/2016		Year Ended 12/31/2015
Distributions paid from:
Ordinary income	$1,556,088		$1,048,314		$22,915,705		$	7,101,684
Return of capital		–		–		–		7,771,984
Total distributions paid	$1,556,088		$1,048,314		$22,915,705		$	14,873,668

		Emerging Markets Local Bond Fund				Multi-Asset Global Opportunity Fund
	Year Ended 12/31/2016		Year Ended 12/31/2015		Year Ended 12/31/2016		Year Ended 12/31/2015
Distributions paid from:
Tax-exempt income	$	–	$	–	$	22,167	$	21,272
Ordinary income		–		–		8,778,337		7,547,772
Net long-term capital gains		–		–		2,727,269		15,235,015
Return of capital		556,800		523,251		–		–
Total distributions paid	$	556,800	$	523,251	$	11,527,773	$	22,804,059

105

Notes to Financial Statements (continued)

As of December 31, 2016, the components of accumulated gains (losses) on a tax-basis were as follows:

	Emerging Markets Corporate Debt Fund			Emerging Markets Currency Fund
Capital loss carryforwards*	$	(178,938	)	$	(99,238,764	)
Temporary differences		(4,135	)		(1,966,708	)
Unrealized gains (losses) – net		486,427			(11,910,220	)
Total accumulated gains (losses) – net	$	303,354		$	(113,115,692	)

	Emerging Markets Local Bond Fund			Multi-Asset Global Opportunity Fund
Undistributed ordinary income – net	$	–		$	30,137
Total undistributed earnings		–			30,137
Capital loss carryforwards*		(408,316	)		(2,728,487	)
Temporary differences		(35,389	)		(49,488	)
Unrealized losses – net		(1,522,690	)		(27,832,606	)
Total accumulated losses – net	$	(1,966,395	)	$	(30,580,444	)


*	The capital losses will carryforward indefinitely.

At each Fund’s election, certain losses incurred within the taxable year (Qualified Late-Year Losses) are deemed to arise on the first business day of the Fund’s next taxable year. Emerging Markets Currency Fund incurred and will elect to defer late-year ordinary losses of $1,796,973 during fiscal 2016.

As of December 31, 2016, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Emerging Markets Corporate Debt Fund			Emerging Markets Currency Fund
Tax cost	$	29,055,960		$	383,369,195
Gross unrealized gain		722,806			2,323,590
Gross unrealized loss		(236,379	)		(11,590,160	)
Net unrealized security gain (loss)	$	486,427		$	(9,266,570	)

	Emerging Markets Local Bond Fund			Multi-Asset Global Opportunity Fund
Tax cost	$	10,036,667		$	266,851,335
Gross unrealized gain		142,342			6,125,424
Gross unrealized loss		(1,622,044	)		(33,958,032	)
Net unrealized security loss	$	(1,479,702	)	$	(27,832,608	)

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

Permanent items identified during the fiscal year ended December 31, 2016 have been reclassified among the components of net assets based on their tax basis treatment as follows:

	Distributions in Excess of Net Investment Income			Accumulated Net Realized Loss			Paid-in Capital
Emerging Markets Corporate Debt Fund	$	118,480		$	(118,480	)	$	–
Emerging Markets Currency Fund		14,804,326			(14,786,287	)		(18,039	)
Emerging Markets Local Bond Fund		(431,653	)		705,054			(273,401	)
Multi-Asset Global Opportunity Fund		(577,055	)		497,055			80,000

106

Notes to Financial Statements (continued)

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2016 were as follows:

	U.S. Government Purchases*		Purchases			U.S. Government Sales*		Sales
Emerging Markets Corporate Debt Fund	$	1,405,598	$	33,776,999		$	1,399,003	$	42,526,066
Emerging Markets Currency Fund		31,653,513		316,634,447			45,604,677		323,214,911
Emerging Markets Local Bond Fund		–		6,003,317			–		4,748,310
Multi-Asset Global Opportunity Fund		–		60,044,642	**		–		96,809,972	**


*	Includes U.S. Government sponsored enterprises securities.
**	Includes purchases of $60,044,642 and sales of $93,742,975 of Underlying Funds.

Each Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended December 31, 2016, the following Funds engaged in cross-trades:

Fund	Purchases	Sales	Realized Gain/(Loss	)
Emerging Markets Currency Fund	$4,254,744	$22,580,410	$(279,429	)
Emerging Markets Corporate Debt Fund	–	8,020	(196	)

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Each Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2016 (as described in note 2(g)). A forward foreign currency exchange contract reduces each Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. Each Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. Each Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on foreign currency exchange contracts and deposits with brokers as collateral.

Multi-Asset Global Opportunity Fund entered into E-Mini S&P 500 Index futures contracts for the fiscal year ended December 31, 2016 (as described in note 2(h)) for investment purposes. The Fund bears the risk that the underlying index will move unexpectedly, in which case the Fund may realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

107

Notes to Financial Statements (continued)

Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund, and Multi-Asset Global Opportunity Fund entered into U.S. Treasury futures contracts for the fiscal year ended December 31, 2016 (as described in note 2(h)) to economically 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 fiscal year ended December 31, 2016 (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 fiscal year ended December 31, 2016 (as described in note 2(m)) to economically hedge against interest rate risk. The Fund’s use of interest rate swaps involves the risk that Lord Abbett will not accurately predict expectations of interest rates, and the Fund’s returns could be reduced as a result. There is minimal counterparty credit risk to the Fund since interest rate swaps are traded through a central clearinghouse. As the counterparty to all centrally cleared interest rate swaps, the clearinghouse guarantees interest rate swaps against default.

As of December 31, 2016, 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

Interest Rate

Asset Derivatives

Contracts

Futures Contracts⁽¹⁾

$9,654

Liability Derivatives

Futures Contracts⁽¹⁾

$ 340

Emerging Markets Currency Fund

Asset Derivatives

Interest Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Centrally Cleared Interest Rate Swaps

479,581

–

Forward Foreign Currency Exchange Contracts⁽²⁾

–

5,911,446

–

Futures Contracts⁽¹⁾

114,839

–

Liability Derivatives

Credit Default Swaps⁽³⁾

–

Forward Foreign Currency Exchange Contracts⁽⁴⁾

–

13,079,304

–

108

Notes to Financial Statements (continued)

Emerging Markets Local Bond Fund

Asset Derivatives

Foreign
Currency
Contracts

Forward Foreign Currency Exchange Contracts⁽²⁾

$24,051

Liability Derivatives

Forward Foreign Currency Exchange Contracts⁽⁴⁾

$24,196

Multi-Asset Global Opportunity Fund

Asset Derivatives

Equity
Contracts

Interest Rate
Contracts

Foreign
Currency
Contracts

Forward Foreign Currency Exchange Contracts⁽²⁾

–

1,569,788

Futures Contracts⁽¹⁾

–

92,452

–

Liability Derivatives

Futures Contracts⁽¹⁾

200,163

–

Forward Foreign Currency Exchange Contracts⁽⁴⁾

–

243,076


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

Transactions in derivative instruments for the year ended December 31, 2016, were as follows:

Emerging Markets Corporate Debt Fund

Interest Rate
Contracts

Forward
Currency
Contracts

Credit
Contracts

Net Realized Gain (Loss)⁽¹⁾

Swaps Contracts

–

(539

)

Forward Foreign Currency Exchange Contracts

–

33,722

–

Futures Contracts

72,649

–

Net Change in Unrealized Appreciation/Depreciation⁽²⁾

Futures Contracts

7,974

–

Forward Foreign Currency Exchange Contracts

–

1,382

–

Average Number of Contracts/Notional Amounts*

Futures Contracts⁽³⁾

–

Swaps Contracts⁽⁴⁾

–

124,385

Forward Foreign Currency Exchange Contracts⁽⁴⁾

–

1,978,821

–

109

Notes to Financial Statements (continued)

			Emerging Markets Currency Fund
	Interest Rate Contracts			Forward Currency Contracts			Credit Contracts
Net Realized Gain (Loss)⁽¹⁾
Swaps Contracts	$	(327,477	)		–		$	118,940
Forward Foreign Currency Exchange Contracts		–		$	13,938,719			–
Futures Contracts	$	(265,230	)		–			–
Net Change in Unrealized Appreciation/Depreciation⁽²⁾
Swaps Contracts	$	480,672			–		$	(118,520	)
Forward Foreign Currency Exchange Contracts		–		$	(2,221,991	)		–
Futures Contracts	$	(172,110	)		–			–
Average Number of Contracts/Notional Amounts*
Swaps Contracts⁽⁴⁾	$	53,769,231			–		$	2,117,537
Forward Foreign Currency Exchange Contracts⁽⁴⁾		–		$	619,450,496			–
Futures Contracts⁽³⁾		545			–			–


Emerging Markets Local Bond Fund
	Interest Rate Contracts			Forward Currency Contracts
Net Realized Gain (Loss)⁽¹⁾
Forward Foreign Currency Exchange Contracts		–		$	(232,231	)
Futures Contracts	$	(5,060	)		–
Net Change in Unrealized Appreciation/Depreciation⁽²⁾
Forward Foreign Currency Exchange Contracts		–		$	(11,831	)
Futures Contracts	$	(838	)		–
Average Number of Contracts/Notional Amounts
Forward Foreign Currency Exchange Contracts⁽⁴⁾		–		$	6,640,681
Futures Contracts⁽³⁾		1			–

110

Notes to Financial Statements (continued)

Multi-Asset Global Opportunity Fund

Interest Rate
Contracts

Forward
Currency
Contracts

Equity
Contracts

Credit
Contracts

Net Realized Gain (Loss)⁽¹⁾

Swaps Contracts

–

232,023

Forward Foreign Currency

Exchange Contracts

–

749,583

–

Futures Contracts

139,838

–

303,124

–

Net Change in Unrealized Appreciation/Depreciation⁽²⁾

Swaps Contracts

–

(118,036

)

Forward Foreign Currency

Exchange Contracts

–

1,263,011

–

Futures Contracts

64,491

–

(210,189

)

–

Average Number of Contracts/Notional Amounts*

Swaps Contracts⁽⁴⁾

–

5,315,385

Forward Foreign Currency

Exchange Contracts⁽⁴⁾

–

41,848,068

–

Futures Contracts⁽³⁾

–


*	Calculated based on the number of contracts or notional amounts for the fiscal year ended November 30, 2016.
⁽¹⁾	Statements of Operations location: Net realized 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 number of contracts.
⁽⁴⁾	Amount represents notional amounts in U.S. dollars.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

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

		Emerging Markets Corporate Debt Fund
		Gross Amounts		Net Amounts of
		Offset in the		Assets Presented
	Gross Amounts of	Statement of Assets		in the Statement of
Description	Recognized Assets	and Liabilities		Assets and Liabilities
Repurchase Agreement	$264,244	$	–	$264,244
Total	$264,244	$	–	$264,244

111

Notes to Financial Statements (continued)

Net Amounts
of Assets
Presented in

Amounts Not Offset in the
Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

$264,244

–

$264,244

–

Total

$264,244

–

$264,244

–


		Emerging Markets Currency Fund
		Gross Amounts		Net Amounts of
		Offset in the		Assets Presented
	Gross Amounts of	Statement of Assets		in the Statement of
Description	Recognized Assets	and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$5,911,446	$	–	$5,911,446
Total	$5,911,446	$	–	$5,911,446

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral		Net
Counterparty	Liabilities		Instruments			Received^(a)			Received^(a)		Amount^(b)
Bank of America	$	316,159	$	(257,591	)	$	–		$	–	$	58,568
Barclays Bank plc		1,061,138		(223,225	)		(837,913	)		–		–
Citibank		97,204		(97,204	)		–			–		–
Goldman Sachs		530,337		(530,337	)		–			–		–
J.P. Morgan Chase		492,535		(492,535	)		–			–		–
Morgan Stanley		99,261		(99,261	)		–			–		–
Standard Chartered Bank		1,250,792		(1,250,792	)		–			–		–
State Street Bank and Trust		1,467,132		(1,085,893	)		–			–		381,239
UBS AG		596,888		(596,888	)		–			–		–
Total	$	5,911,446	$	(4,633,726	)	$	(837,913	)	$	–	$	439,807

			Gross Amounts		Net Amounts of
			Offset in the		Liabilities Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities		and Liabilities		Assets and Liabilities
Credit Default Swap Contracts	$	91	$	–	$	91
Forward Foreign Currency
Exchange Contracts		13,079,304		–		13,079,304
Total	$	13,079,395	$	–	$	13,079,395

112

Notes to Financial Statements (continued)

	Net Amounts of Liabilities Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America	$	257,591	$	(257,591	)	$	–		$	–	$	–
Barclays Bank plc		223,225		(223,225	)		–			–		–
Citibank		2,475,480		(97,204	)		(2,378,276	)		–		–
Credit Suisse		91		–			–			–		91
Goldman Sachs		1,501,403		(530,337	)		(971,066	)		–		–
J.P. Morgan Chase		3,253,934		(492,535	)		(2,761,399	)		–		–
Morgan Stanley		412,866		(99,261	)		(313,605	)		–		–
Standard Chartered Bank		1,804,159		(1,250,792	)		(553,367	)		–		–
State Street Bank and Trust		1,085,893		(1,085,893	)		–			–		–
UBS AG		2,064,753		(596,888	)		(1,100,000	)		–		367,865
Total	$	13,079,395	$	(4,633,726	)	$	(8,077,713	)	$	–	$	367,956


			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		$24,051		$	–		$24,051
Total		$24,051		$	–		$24,051


	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement					Cash		Securities
	of Assets and		Financial			Collateral		Collateral		Net
Counterparty	Liabilities		Instruments			Received^(a)		Received^(a)		Amount^(b)
Bank of America	$	4,122	$	(422	)	$	–	$	–	$	3,700
Goldman Sachs		412		–			–		–		412
Morgan Stanley		364		(364	)		–		–		–
Standard Chartered Bank		1,661		(876	)		–		–		785
State Street Bank and Trust		17,492		(17,492	)		–		–		–
Total	$	24,051	$	(19,154	)	$	–	$	–	$	4,897


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		$24,196	$	–		$24,196
Total		$24,196	$	–		$24,196

113

Notes to Financial Statements (continued)

	Net Amounts of Liabilities Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement					Cash		Securities
	of Assets and		Financial			Collateral		Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)		Pledged^(a)		Amount^(c)
Bank of America	$	422	$	(422	)	$	–	$	–	$	–
Morgan Stanley		770		(364	)		–		–		406
Standard Chartered Bank		876		(876	)		–		–		–
State Street Bank and Trust		21,863		(17,492	)		–		–		4,371
UBS AG		265		–			–		–		265
Total	$	24,196	$	(19,154	)	$	–	$	–	$	5,042

Multi-Asset Global Opportunity Fund

Gross Amounts

Net Amounts of

Offset in the

Assets Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Assets

and Liabilities

Assets and Liabilities

Forward Foreign Currency Exchange Contracts

$1,569,788

–

$1,569,788

Repurchase Agreement

123,888

–

123,888

Total

$1,693,676

–

$1,693,676


	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral			Net
Counterparty	Liabilities		Instruments			Received^(a)			Received^(a)			Amount^(b)
Citibank	$	82,587	$	–		$	–		$	–		$	82,587
Fixed Income Clearing Corp.		123,888		–			–			(123,888	)		–
Goldman Sachs		83,689		(74,468	)		–			–			9,221
Morgan Stanley		113,242		–			–			–			113,242
Standard Chartered Bank		1,032,275		(47,959	)		(984,316	)		–			–
State Street Bank and Trust		257,995		(45,085	)		(212,910	)		–			–
Total	$	1,693,676	$	(167,512	)	$	(1,197,226	)	$	(123,888	)	$	205,050

Gross Amounts

Net Amounts of

Offset in the

Liabilities Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Liabilities

and Liabilities

Assets and Liabilities

Forward Foreign Currency Exchange Contracts

$243,076

–

$243,076

Total

$243,076

–

$243,076

114

Notes to Financial Statements (continued)

	Net Amounts of Liabilities Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement					Cash		Securities
	of Assets and		Financial			Collateral		Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)		Pledged^(a)		Amount^(c)
Goldman Sachs	$	74,468	$	(74,468	)	$	–	$	–	$	–
Standard Chartered Bank		47,959		(47,959	)		–		–		–
State Street Bank and Trust		45,085		(45,085	)		–		–		–
UBS AG		75,564		–			–		–		75,564
Total	$	243,076	$	(167,512	)	$	–	$	–	$	75,564


^(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 the counterparty as of December 31, 2016.
^(c)	Net amount represents the amount owed by the Fund to the counterparty as of December 31, 2016.

8.	DIRECTORS’ REMUNERATION

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

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

The Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. 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. The Facility will continue through August 28, 2017.

During the fiscal year ended December 31, 2016, the Funds did not utilize the Facility.

11.

INTERFUND LENDING PROGRAM

On July 26, 2016, the U.S. Securities and Exchange Commission issued an exemptive order (“SEC exemptive order”) which permits certain registered open-end management investment companies managed by Lord Abbett, including the Funds, to participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the funds to borrow

115

Notes to Financial Statements (continued)

money from and lend money to each other for temporary or emergency purposes subject to limitations and conditions.

During the fiscal year ended December 31, 2016, Emerging Markets Currency Fund participated as a lender in the Interfund Lending Program. The average amount loaned and average interest rate were $11,311,646 and 0.725%, respectively. The Fund earned interest of $1,034, which is included in the Statement of Operations.

There were no interfund loans outstanding as of December 31, 2016.

12.

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.

13.

TRANSACTIONS WITH AFFILIATED ISSUERS

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Multi-Asset Global Opportunity Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) for the fiscal year ended December 31, 2016:

Multi-Asset Global Opportunity Fund

	Balance of							Balance of				Net Realized			Dividend
	Shares							Shares				Gain (Loss)			Income
	Held at		Gross		Gross			Held at		Fair Value at		1/1/2016 to			1/1/2016 to
Affiliated Issuer	12/31/2015		Additions		Sales			12/31/2016		12/31/2016		12/31/2016			12/31/2016
Lord Abbett Equity Trust – Calibrated Mid Cap Value Fund – Class I		1,729,666		296,894		(460,512	)		1,566,048	$	33,231,536	$	448,174		$	500,549
Lord Abbett Global Fund, Inc. – Emerging Markets Currency Fund – Class I		9,436,733		1,293,806		(4,035,674	)		6,694,865		34,143,814		(4,440,675	)		2,351,528
Lord Abbett Investment Trust – High Yield Fund – Class I		6,332,184		1,169,235		(2,728,933	)		4,772,486		35,984,545		(1,837,621	)		2,687,266
Lord Abbett Securities Trust – International Core Equity Fund – Class I		–		502,143		(32,977	)		469,166		5,493,933		19,937			135,148
Lord Abbett Securities Trust – International Dividend Income Fund – Class I		16,052,209		1,008,989		(3,389,080	)		13,672,118		91,876,633		(4,392,935	)		3,863,647
Lord Abbett Mid Cap Stock Fund, Inc. – Class I		1,187,355		265,082		(287,016	)		1,165,421		33,179,548		2,636,497			284,556
Lord Abbett Investment Trust – Short Duration Income Fund – Class I		57,948		4,293,599		(3,192,284	)		1,159,263		4,984,830		(14,473	)		81,213
Total										$	238,894,839	$	(7,581,096	)	$	9,903,907

116

Notes to Financial Statements (continued)

14.

INVESTMENT RISKS

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

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

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

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

Each Fund may invest in swap contracts. Swap contracts may be 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. There is minimal counterparty credit risk in instances where credit default and interest rate swaps are traded through a central clearinghouse, which guarantees against default. 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.

117

Notes to Financial Statements (continued)

The mortgage-related securities in which a Fund may invest may be particularly sensitive to changes in prevailing interest rates, economic conditions, including delinquencies and/or defaults. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive a Fund of income payments above current market rates. Alternatively, rising interest rates may cause payments to occur at a slower-than-expected rate, extending the duration of a security and typically reducing its value. The payment rate will thus affect the price and volatility of a mortgage-related security.

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

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

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

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.

118

Notes to Financial Statements (continued)

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

Emerging Markets Corporate Debt Fund	Year Ended December 31, 2016						Year Ended December 31, 2015
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		626,280		$	9,624,073			569,542		$	8,508,814
Reinvestment of distributions		34,340			518,899			29,953			444,013
Shares reacquired		(1,118,621	)		(17,046,361	)		(95,739	)		(1,410,778	)
Increase (decrease)		(458,001	)	$	(6,903,389	)		503,756		$	7,542,049
Class C Shares
Shares sold		64,638		$	996,895			19,958		$	297,313
Reinvestment of distributions		2,087			31,622			1,511			22,472
Shares reacquired		(26,480	)		(402,036	)		(13,148	)		(193,561	)
Increase		40,245		$	626,481			8,321		$	126,224
Class F Shares
Shares sold		969,753		$	14,302,947			1,029,041		$	15,143,533
Reinvestment of distributions		32,444			489,655			8,499			124,512
Shares reacquired		(1,057,051	)		(15,569,272	)		(176,963	)		(2,587,182	)
Increase (decrease)		(54,854	)	$	(776,670	)		860,577		$	12,680,863
Class I Shares
Shares sold		–		$	–			488,751		$	7,424,082
Reinvestment of distributions		31,367			473,182			27,429			406,863
Shares reacquired		(194,229	)		(3,031,426	)		(126,077	)		(1,856,737	)
Increase (decrease)		(162,862	)	$	(2,558,244	)		390,103		$	5,974,208
Class R2 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		353			5,339			346			5,149
Shares reacquired		–			–			–			–
Increase		353		$	5,339			346		$	5,149
Class R3 Shares
Reinvestment of distributions		353		$	5,339			346		$	5,150
Increase		353		$	5,339			346		$	5,150
Class R4 Shares^(a)
Shares sold		–		$	–			668		$	10,000
Reinvestment of distributions		30			457			15			218
Increase		30		$	457			683		$	10,218
Class R5 Shares^(a)
Shares sold		1,634		$	23,973			668		$	10,000
Reinvestment of distributions		91			1,387			16			231
Shares reacquired		(69.00	)		(1,072	)		–			–
Increase		1,656		$	24,288			684		$	10,231
Class R6 Shares^(a)
Shares sold		–		$	–			668		$	10,000
Reinvestment of distributions		32.49			492			16			234
Increase		32.49		$	492			684		$	10,234

119

Notes to Financial Statements (continued)

Emerging Markets Currency Fund	Year Ended December 31, 2016						Year Ended December 31, 2015
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		490,790		$	2,559,080			323,326		$	1,756,595
Converted from Class B*		15,609			81,471			12,569			69,327
Reinvestment of distributions		187,047			966,424			121,039			653,791
Shares reacquired		(1,117,043	)		(5,837,072	)		(1,746,230	)		(9,449,584	)
Decrease		(423,597	)	$	(2,230,097	)		(1,289,296	)	$	(6,969,871	)
Class B Shares
Shares sold		75		$	395			195		$	1,029
Reinvestment of distributions		789			4,096			917			4,991
Shares reacquired		(9,196	)		(48,819	)		(14,440	)		(76,748	)
Converted to Class A*		(15,538	)		(81,471	)		(12,508	)		(69,327	)
Decrease		(23,870	)	$	(125,799	)		(25,836	)	$	(140,055	)
Class C Shares
Shares sold		46,051		$	241,406			56,227		$	307,122
Reinvestment of distributions		27,145			140,843			19,797			107,601
Shares reacquired		(374,321	)		(1,954,356	)		(661,916	)		(3,639,417	)
Decrease		(301,125	)	$	(1,572,107	)		(585,892	)	$	(3,224,694	)
Class F Shares
Shares sold		394,398		$	2,051,518			578,216		$	3,165,976
Reinvestment of distributions		78,172			403,921			68,922			374,016
Shares reacquired		(883,313	)		(4,597,477	)		(2,537,902	)		(13,803,302	)
Decrease		(410,743	)	$	(2,142,038	)		(1,890,764	)	$	(10,263,310	)
Class I Shares
Shares sold		22,538,806		$	119,250,459			40,612,981		$	226,848,807
Reinvestment of distributions		4,101,552			21,172,370			2,533,796			13,567,438
Shares reacquired		(43,629,353	)		(224,196,217	)		(11,412,576	)		(59,312,827	)
Increase (decrease)		(16,988,995	)	$	(83,773,388	)		31,734,201		$	181,103,418
Class P Shares
Shares sold		–		$	–			1		$	3
Reinvestment of distributions		–			–			8			45
Shares reacquired		–			–			(561	)		(2,905	)
Increase (decrease)		–		$	–			(552	)	$	(2,857	)
Class R2 Shares
Shares sold		6,250		$	32,694			7,072		$	37,976
Reinvestment of distributions		169			873			84			456
Shares reacquired		(7,595	)		(39,619	)		(6,384	)		(35,180	)
Increase (decrease)		(1,176	)	$	(6,052	)		772		$	3,252
Class R3 Shares
Shares sold		34,012		$	174,691			34,940		$	189,009
Reinvestment of distributions		3,281			16,906			1,989			10,720
Shares reacquired		(35,204	)		(183,283	)		(72,085	)		(385,092	)
Increase (decrease)		2,089		$	8,314			(35,156	)	$	(185,363	)

120

Notes to Financial Statements (continued)

Emerging Markets Currency Fund	Year Ended December 31, 2016						Year Ended December 31, 2015
Class R4 Shares^(a)	Shares			Amount			Shares			Amount
Shares sold		–		$	–			1,808		$	10,000
Reinvestment of distributions		101			517			26			135
Increase		101		$	517			1,834		$	10,135
Class R5 Shares^(a)
Shares sold		16		$	86			1,812		$	10,000
Reinvestment of distributions		106			546			28			147
Increase		122		$	632			1,840		$	10,147
Class R6 Shares^(a)
Shares sold		–		$	–			1,812		$	10,000
Reinvestment of distributions		107			554			29			152
Increase		107		$	554			1,841		$	10,152

Emerging Markets Local Bond Fund		Year Ended December 31, 2016					Year Ended December 31, 2015
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		130,631		$	1,385,183			40,499		$	478,683
Reinvestment of distributions		35,935			375,695			31,797			356,143
Shares reacquired		(42,532	)		(441,764	)		(221,177	)		(2,650,660	)
Increase (decrease)		124,034		$	1,319,114			(148,881	)	$	(1,815,834	)
Class C Shares
Shares sold		19,543		$	205,516			16,533		$	193,322
Reinvestment of distributions		1,728			18,065			1,371			15,165
Shares reacquired		(15,978	)		(166,023	)		(10,384	)		(109,449	)
Increase		5,293		$	57,558			7,520		$	99,038
Class F Shares
Shares sold		58,329		$	621,419			5		$	60
Reinvestment of distributions		1,197			12,362			817			9,178
Shares reacquired		(48,930	)		(488,245	)		(2,081	)		(24,309	)
Increase (decrease)		10,596		$	145,536			(1,259	)	$	(15,071	)
Class I Shares
Reinvestment of distributions		12,122		$	126,613			10,818		$	121,076
Increase		12,122		$	126,613			10,818		$	121,076
Class R2 Shares
Reinvestment of distributions		525		$	5,487			469		$	5,249
Increase		525		$	5,487			469		$	5,249
Class R3 Shares
Reinvestment of distributions		526		$	5,489			469		$	5,251
Increase		526		$	5,489			469		$	5,251
Class R4 Shares^(a)
Shares sold		–		$	–			867		$	10,000
Reinvestment of distributions		58.13			609			27			275
Increase		58.13		$	609			894		$	10,275

121

Notes to Financial Statements (continued)

Emerging Markets Local Bond Fund	Year Ended December 31, 2016						Year Ended December 31, 2015
Class R5 Shares^(a)	Shares			Amount			Shares			Amount
Shares sold		–		$	–			867		$	10,000
Reinvestment of distributions		60.69			635			28			287
Increase		60.69		$	635			895		$	10,287
Class R6 Shares^(a)
Shares sold		–		$	–			867		$	10,000
Reinvestment of distributions		61			641			28			289
Increase		61		$	641			895		$	10,289

Multi-Asset Global Opportunity Fund		Year Ended December 31, 2016					Year Ended December 31, 2015
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,848,399		$	19,019,908			4,263,454		$	49,309,490
Converted from Class B*		50,505			516,452			62,334			729,493
Reinvestment of distributions		626,033			6,578,705			1,184,695			13,110,946
Shares reacquired		(5,182,635	)		(53,956,237	)		(3,813,481	)		(43,382,262	)
Increase (decrease)		(2,657,698	)	$	(27,841,172	)		1,697,002		$	19,767,667
Class B Shares
Shares sold		11,095		$	101,963			16,526		$	178,696
Reinvestment of distributions		8,859			84,046			26,789			270,520
Shares reacquired		(95,974	)		(896,511	)		(86,495	)		(888,995	)
Converted to Class A*		(55,877	)		(516,452	)		(68,472	)		(729,493	)
Decrease		(131,897	)	$	(1,226,954	)		(111,652	)	$	(1,169,272	)
Class C Shares
Shares sold		423,044		$	3,928,011			1,414,180		$	14,911,064
Reinvestment of distributions		157,755			1,497,694			334,231			3,357,652
Shares reacquired		(1,550,694	)		(14,490,196	)		(1,417,141	)		(14,640,774	)
Increase (decrease)		(969,895	)	$	(9,064,491	)		331,270		$	3,627,942
Class F Shares
Shares sold		140,441		$	1,468,581			532,287		$	6,345,814
Reinvestment of distributions		20,204			212,262			70,935			792,597
Shares reacquired		(556,143	)		(5,700,647	)		(822,268	)		(9,413,791	)
Decrease		(395,498	)	$	(4,019,804	)		(219,046	)	$	(2,275,380	)
Class I Shares
Shares sold		20,562		$	210,307			180,415		$	2,177,760
Reinvestment of distributions		9,806			103,921			95,146			1,103,026
Shares reacquired		(27,553	)		(288,891	)		(2,775,791	)		(33,492,460	)
Increase (decrease)		2,815		$	25,337			(2,500,230	)	$	(30,211,674	)
Class R2 Shares
Shares sold		4,773		$	50,246			31,990		$	361,085
Reinvestment of distributions		1,483			15,931			1,514			16,698
Shares reacquired		(3,611	)		(36,818	)		(8,204	)		(89,557	)
Increase		2,645		$	29,359			25,300		$	288,226

122

Notes to Financial Statements (concluded)

Multi-Asset Global Opportunity Fund	Year Ended December 31, 2016						Year Ended December 31, 2015
Class R3 Shares	Shares			Amount			Shares			Amount
Shares sold		134,579		$	1,396,105			137,417		$	1,607,603
Reinvestment of distributions		27,218			287,896			46,733			520,576
Shares reacquired		(178,118	)		(1,879,782	)		(132,775	)		(1,526,238	)
Increase (decrease)		(16,321	)	$	(195,781	)		51,375		$	601,941
Class R4 Shares^(a)
Shares sold		–		$	–			836		$	10,000
Reinvestment of distributions		42			442			57			619
Increase		42		$	442			893		$	10,619
Class R5 Shares^(a)
Shares sold		–		$	–			831		$	10,000
Reinvestment of distributions		43.67			463			57			627
Increase		43.67		$	463			888		$	10,627
Class R6 Shares^(a)
Shares sold		478,011		$	5,000,000			3,145,367		$	37,996,000
Reinvestment of distributions		182,208			1,932,044			217,599			2,377,506
Increase		660,219		$	6,932,044			3,362,966		$	40,373,506


*	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 on June 30, 2015.

123

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Lord Abbett Global Fund, Inc.:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Lord Abbett Global Fund, Inc. comprising the Lord Abbett Emerging Markets Corporate Debt Fund, Lord Abbett Emerging Markets Currency Fund, Lord Abbett Emerging Markets Local Bond Fund, and Lord Abbett Multi-Asset Global Opportunity Fund (collectively, the “Funds”), as of December 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting the Lord Abbett Global Fund, Inc. as of December 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP
New York, New York
February 24, 2017

124

Investments in Underlying Funds (unaudited)

Multi-Asset Global Opportunity Fund invests in Underlying Funds managed by Lord Abbett. As of December 31, 2016, Multi-Asset Global Opportunity Fund’s investments in the Underlying Funds were allocated as follows:

Underlying Fund Name	% of Investments in Underlying Funds
Lord Abbett Equity Trust – Calibrated Mid Cap Value Fund – Class I		13.91	%
Lord Abbett Global Fund, Inc. – Emerging Markets Currency Fund – Class I		14.29	%
Lord Abbett Investment Trust – High Yield Fund – Class I		15.06	%
Lord Abbett Securities Trust – International Core Equity Fund – Class I		2.30	%
Lord Abbett Securities Trust – International Dividend Income Fund – Class I		38.46	%
Lord Abbett Mid Cap Stock Fund – Class I		13.89	%
Lord Abbett Investment Trust – Short Duration Income Fund – Class I		2.09	%

The Ten Largest Holdings and the Holdings by Sector, as of December 31, 2016, 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
Citizens Financial Group, Inc.		2.29	%
Edison International		1.89	%
Invesco Ltd.		1.83	%
XL Group Ltd.		1.80	%
M&T Bank Corp.		1.77	%
ON Semiconductor Corp.		1.66	%
Prologis, Inc.		1.65	%
Huntsman Corp.		1.59	%
Lincoln National Corp.		1.49	%
Fifth Third Bancorp		1.45	%

Holdings by Sector*	% of Investments
Consumer Discretionary		8.18	%
Consumer Staples		2.91	%
Energy		10.37	%
Financials		19.56	%
Health Care		3.96	%
Industrials		12.41	%
Information Technology		9.28	%
Materials		6.03	%
Real Estate		14.09	%
Telecommunication Services		1.04	%
Utilities		10.81	%
Repurchase Agreement		1.36	%
Total		100.00	%


*		A sector may comprise several industries.

125

Investments in Underlying Funds (unaudited)(continued)

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

Ten Largest Holdings	% of Investments
Brazil LeTras do Tesouro, 0.00%, 7/17		2.17	%
GE Capital Credit Card Master Gemnt 2012 6 A		1.07	%
US Treasury Note, 0.875%, 10/15/2017		0.94	%
Laclede Group Inc SR Unsecured 08/17 VAR		0.80	%
Fnma Pool AE0579 FN 11/40 Floating VAR		0.70	%
Americredit Automobile Receiveable 2015 3 A3		0.67	%
California Republic Auto Receiveable CRART 2016 1 A2		0.65	%
GE Dealer Floorplan MAaster Note 2014 1 A		0.64	%
Credit Suisse Mortage Trust CSMC 2015 GLPB A 144A		0.59	%
Seminole Tribe of Florida Term Loan B		0.58	%

Holdings by Sector*	% of Investments
Asset Backed		19.90	%
Automotive		1.81	%
Banking		6.52	%
Basic Industry		2.69	%
Capital Goods		1.42	%
Collateralized Mortgage Obligation		0.86	%
Commercial Mortgage Backed		26.39	%
Consumer Goods		1.62	%
Energy		8.42	%
Financial Services		1.92	%
Foreign Sovereign		2.44	%
GO – State		0.20	%
Government Guaranteed		2.37	%
Healthcare		2.74	%
Insurance		1.01	%
Leisure		1.75	%
Media		2.81	%
Mortgage Backed		1.85	%
Real Estate		2.82	%
Retail		0.59	%
Service		0.86	%
Technology & Electronics		3.25	%
Telecommunications		1.35	%
Transportation		0.70	%
Utility		3.73	%
Total		100.00	%


*		A sector may comprise several industries.

126

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Investment Trust – High Yield Fund

Ten Largest Holdings	% of Investments
Neptune Finco. Corp.		1.51	%
Navient Corp.		0.86	%
Arcelormittal Corp.		0.79	%
Dish DBS Corp		0.78	%
CCO Holdings, Corp.		0.73	%
Sprint Corp.		0.69	%
Sabine Pass		0.64	%
T-Mobile USA, Inc.		0.64	%
Diamond Financing Co.		0.62	%
Freeport McMoran, Inc.		0.58	%

Holdings by Sector*	% of Investments
Automotive		1.72	%
Banking		2.98	%
Basic Industry		18.72	%
Capital Goods		4.04	%
Commercial Mortgage Backed		0.03	%
Consumer Goods		3.37	%
Energy		18.88	%
Financial Services		1.99	%
Foreign Sovereign		0.93	%
Healthcare		4.53	%
Insurance		0.76	%
Leisure		6.21	%
Media		9.87	%
Real Estate		0.36	%
Retail		4.50	%
Services		3.63	%
Technology & Electronics		5.16	%
Telecommunications		6.46	%
Transportation		2.62	%
Utility		1.85	%
Repurchase Agreement		1.39	%
Total		100.00	%

A sector may comprise several industries.

127

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Securities Trust – International Core Equity Fund

Ten Largest Holdings	% of Investments
Royal Dutch Shell PLC B Shares		3.36	%
Roche Holdings AG		2.80	%
Mitsubishi Financial Group		2.58	%
Shire PLC		2.42	%
British American Tobcacco PLC		2.39	%
Siemen AG		2.36	%
Nestles AG		2.33	%
Sumitomo Mitsu Group		2.15	%
AXA		2.10	%
Anheuser Busch InBev SA		2.08	%

Holdings by Sector*	% of Investments
Consumer Discretionary		9.81	%
Consumer Staples		9.10	%
Energy		5.66	%
Financials		24.38	%
Health Care		11.60	%
Industrials		13.28	%
Information Technology		6.86	%
Materials		8.31	%
Real Estate		2.35	%
Telecommunication Services		4.58	%
Utilities		2.33	%
Repurchase Agrrement		1.73	%
Total		100.00	%


*		A sector may comprise several industries.

Lord Abbett Securities Trust – International Dividend Income Fund

Ten Largest Holdings	% of Investments
Allianz SE		2.29	%
Rio Tinto plc SADR		2.20	%
HSBC Holdings plc		2.08	%
BNP Paribas		2.02	%
BASF SE		1.91	%
Lukoil ADR		1.85	%
Royal Dutch Shell plc Class A Shares ADR		1.84	%
AXA		1.83	%
Sumitomo Mitsui Financial Group		1.78	%
GlaxoSmithKline plc		1.76	%

128

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Consumer Discretionary		7.69	%
Consumer Staples		4.30	%
Energy		13.19	%
Financials		30.80	%
Health Care		5.94	%
Industrials		8.70	%
Information Technology		4.11	%
Materials		6.57	%
Real Estate		4.30	%
Telecommunication Services		6.90	%
Utilities		5.23	%
Repurchase Agreement		1.55	%
Total		100.00	%


*		A sector may comprise several industries.

Lord Abbett Mid Cap Stock Fund, Inc.

Ten Largest Holdings	% of Investments
XL Group LTD Common Stock		2.22	%
Citizens Financial Group		2.17	%
KeyCorp New Com		1.94	%
Portland General Electric Co.		1.91	%
Cimarex Energy Co.		1.89	%
E Trade Financial Corp		1.89	%
Marathon Oil Corp.		1.83	%
East West Bancorp, Inc.		1.81	%
Whirlpool Corp.		1.78	%
Edison International		1.69	%

Holdings by Sector*	% of Investments
Consumer Discretionary		8.19	%
Consumer Staples		5.72	%
Energy		11.22	%
Financials		23.21	%
Health Care		5.24	%
Industrials		13.24	%
Information Technology		10.54	%
Materials		6.33	%
Real Estate		9.14	%
Utilities		0.98	%
Repurchase Agreement		6.19	%
Total		100.00	%


*		A sector may comprise several industries.

129

Investments in Underlying Funds (unaudited)(concluded)

Lord Abbett Investment Trust – Short Duration Fund, Inc.

Ten Largest Holdings	% of Investments
HBOS plc (United Kingdom)		0.75	%
Air Lease Corp.		0.72	%
U.S. Treasury Note		0.69	%
Wachovia Bank Commercial Mortgage Trust 2007-C31 AM		0.60	%
BAMLL Commercial Mortgage Securities Trust 2014-IP A		0.59	%
Forest Laboratories LLC		0.57	%
Ladder Capital Commercial Mortgage Securities LLC 2014-PKMD A		0.52	%
BellSouth LLC		0.51	%
Verizon Communications Inc. 5 year Term Loan		0.49	%
American Express Credit Account Master Trust 2014-3 A		0.48	%

Holdings by Sector*	% of Investments
Automotive		2.44	%
Basic Industry		0.46	%
Capital Goods		1.06	%
Consumer Cyclicals		1.45	%
Consumer Discretionary		0.86	%
Consumer Services		1.78	%
Consumer Staples		0.92	%
Energy		9.16	%
Financial Services		60.74	%
Foreign Government		0.13	%
Government		4.25	%
Health Care		3.08	%
Integrated Oils		0.68	%
Materials and Processing		2.99	%
Municipal		0.56	%
Other		0.23	%
Producer Durables		0.80	%
Technology		3.27	%
Telecommunications		2.36	%
Transportation		0.66	%
Utilities		1.82	%
Repurchase Agreement		0.31	%
Total		100.00	%


*		A sector may comprise several industries.

130

Basic Information About Management

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

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

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Company as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 60 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years

Daria L. Foster Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.

Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994. Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 60 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years

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

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

131

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years

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

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

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

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Currently serves as director of Blyth, Inc., a home products company (since 2004).

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

132

Basic Information About Management (continued)

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years

Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.

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

Giulio Martini (1955)	Executive Vice President	Elected in 2015	Director of Strategic Asset Allocation, joined Lord Abbett in 2015 and was formerly Global Investment Strategist at Anderson Global Macro LLC (2012–2015) and Chief Investment Officer of Currency Strategies at AllianceBernstein (1985–2012).

John J. Morton (1961)	Executive Vice President	Elected in 2016	Portfolio Manager, joined Lord Abbett in 2016 and was formerly Chief Investment Officer of Emerging Market Debt at Fischer, Francis, Trees, and Watts (2012–2015) and Managing Director and Chief Investment Officer of Fixed Income at Rexiter Capital Management (2007–2012).

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

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

133

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years

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

Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Deputy General Counsel, joined Lord Abbett in 2006.

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

Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).

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

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

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

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

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

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

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

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

134

Approval of Advisory Contract

The Board, including all of the Directors who are not interested persons of the Fund or of Lord Abbett (the “Independent Board Members”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (individually and collectively referred to herein as the “Agreement” as the context requires). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through its meetings and discussions. These meetings and discussions included the review of the portfolio management teams conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Board Members also met with their independent legal counsel in a private session at which no representatives of management were present.

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

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

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended August 31, 2016. As to Emerging Markets Corporate Debt Fund, the Board observed

135

Approval of Advisory Contract (continued)

that the Fund’s investment performance was above the median of the performance peer group for the one-year period. As to Emerging Markets Currency Fund, the Board observed that the Fund’s investment performance was above the median of the performance of the peer group for the one-year period, but below the median of the performance peer group for the three-year, five-year and ten-year periods. As to Multi-Asset Global Opportunity Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year, three-year, five-year and ten-year periods. As to Emerging Markets Local Bond Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year and three-year periods. The Board also considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board and the willingness of Lord Abbett to take steps intended to improve performance when necessary. After reviewing these and related factors, the Board concluded that each Fund’s investment performance was reasonable and supported the continuation of the Agreement on behalf of each Fund.

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

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

Expenses. The Board considered the expense level of each Fund and the expense levels of the Fund’s expense peer group as of the date of each fund’s most recent annual report. It also considered how the expense levels of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each of Emerging Markets Corporate Debt Fund, Emerging Markets Currency Fund and Emerging Markets Local Bond Fund, the Board observed that the overall expense level was below the median of the expense peer group. As to Multi-Asset Global Opportunity Fund, the Board observed that the overall expense level was below the median of the expense peer group consisting of other funds-of-funds; however, the Board noted that following the discontinuation of the fund-of-funds’ servicing arrangements effective January 1, 2017, Multi-Asset Global Opportunity Fund’s overall expense levels would increase. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the expense level of each Fund was reasonable and supported the continuation of the Agreement on behalf of each Fund.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to each Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and excluding marketing and distribution expenses, and how those

136

Approval of Advisory Contract (concluded)

profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

Economies of Scale. As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. With respect to Emerging Markets Corporate Debt Fund and Emerging Markets Local Bond Fund, the Board concluded that the contractual breakpoints in the existing management fee schedule, in conjunction with each Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing each Fund. With respect to Emerging Markets Currency Fund, the Board concluded that the contractual breakpoint in the existing management fee schedule adequately addressed any economies of scale in managing the Fund. With respect to Multi-Asset Global Opportunity Fund, the Board concluded that a proposed contractual fee waiver adequately addressed any economies of scale in managing the Fund.

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

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

137

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

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

Tax Information

55% of the ordinary income distributions paid by Multi-Asset Global Opportunity Fund during the year is qualified dividend income.

For corporate shareholders, 9% of the ordinary income distributions paid by Multi-Asset Global Opportunity Fund qualified for the dividends received deduction.

Multi-Asset Global Opportunity Fund intends to pass through foreign source income of $4,009,555 and foreign taxes of $426,538.

0.26% of the net investment income distributions paid by Multi-Asset Global Opportunity Fund during the fiscal year ended December 31, 2016 is tax-exempt dividend income.

In addition, of the distributions paid by Multi-Asset Global Opportunity Fund to shareholders during the fiscal year ended December 31, 2016, $236,720 and $2,727,269, respectively, represent short-term and long-term capital gains.

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

Fund Name
Emerging Markets Corporate Debt Fund	100%
Emerging Markets Currency Fund	66%

138

��

This report, when not used for the general information of
shareholders of the Fund, is to be distributed only if preceded
or accompanied by a current fund prospectus.

Lord Abbett Global Fund, Inc.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Emerging Markets Corporate Debt Fund

Lord Abbett Emerging Markets Currency Fund

Lord Abbett Emerging Markets Local Bond Fund

Lord Abbett Multi-Asset Global Opportunity Fund

LAGF-2
(02/17)

Item 2:

Code of Ethics.

(a)

In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended December 31, 2016 (the “Period”).

(b)

Not applicable.

(c)

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

(d)

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

(e)

Not applicable.

(f)

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

Item 3:

Audit Committee Financial Expert.

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

Item 4:

Principal Accountant Fees and Services.

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended December 31, 2016 and 2015 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:

	Fiscal year ended:
	2016		2015
Audit Fees {a}	$	190,000	$	188,200
Audit-Related Fees		- 0 -		- 0 -
Total audit and audit-related fees		190,000		188,200

Tax Fees {b}		41,703		41,575
All Other Fees		- 0 -		- 0 -

Total Fees	$	231,703	$	229,775

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

{b} Fees for the fiscal year ended December 31, 2016 and 2015 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns.

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

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

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

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

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

(f) Not applicable.

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

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended December 31, 2016 and 2015 were:

	Fiscal year ended:
	2016		2015
All Other Fees {a}	$	95,230	$	285,031

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

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended December 31, 2016 and 2015 were:

	Fiscal year ended:
	2016		2015
All Other Fees		$ - 0 -		$ - 0 -

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

Item 5:

Audit Committee of Listed Registrants.

Not applicable.

Item 6:

Investments.

Not applicable.

Item 7:

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8:

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9:

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10:

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11:

Controls and Procedures.

(a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such

disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities.

(b)

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

Item 12:

Exhibits.

(a)(1)

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

(a)(2)

Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

(b)

Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

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

	LORD ABBETT GLOBAL FUND, INC.

	By:	/s/ Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer
Date: February 24, 2017

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

Date: February 24, 2017

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

	By:	/s/ Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer

Date: February 24, 2017

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

Date: February 24, 2017

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