UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05476

LORD ABBETT GLOBAL FUND, INC.

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

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

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 6/30/2011

Item 1: Report(s) to Shareholders.

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Emerging Markets Currency Fund*

Global Allocation Fund

For the six-month period ended June 30, 2011

* Formerly known as Developing Local Markets Fund

Lord Abbett Global Fund

Lord Abbett Emerging Markets Currency Fund and

Lord Abbett Global Allocation Fund

Semiannual Report

For the six-month period ended June 30, 2011

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

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Emerging Markets Currency Fund and Lord Abbett Global Allocation Fund for the six-month period ended June 30, 2011. For additional information about the Funds, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 through June 30, 2011).

Actual Expenses

For each class of each Fund, the first line of the table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 –  6/30/11” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

Emerging Markets Currency Fund (formerly, Developing Local Markets Fund)

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class A
Actual	$	1,000.00	$	1,054.50	$	5.09
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.83	$	5.01
Class B
Actual	$	1,000.00	$	1,050.40	$	9.05
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.02	$	8.90
Class C
Actual	$	1,000.00	$	1,050.80	$	8.39
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.60	$	8.25
Class F
Actual	$	1,000.00	$	1,053.70	$	4.48
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.48	$	4.41
Class I
Actual	$	1,000.00	$	1,054.30	$	3.97
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.92	$	3.91
Class P
Actual	$	1,000.00	$	1,052.00	$	6.21
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.75	$	6.11
Class R2
Actual	$	1,000.00	$	1,052.50	$	6.97
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.99	$	6.85
Class R3
Actual	$	1,000.00	$	1,051.70	$	6.46
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.48	$	6.36

^†  For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.00% for Class A, 1.78% for Class B, 1.65% for Class C, 0.88% for Class F, 0.78% for Class I, 1.22% for Class P, 1.37% for Class R2 and 1.27% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2011

Sector*	%**		Sector*	%**
Asset-Backed		16.10%	Health Care		2.06%
Automotive		0.66%	Insurance		0.89%
Banking		5.27%	Media		2.48%
Basic Industry		3.52%	Mortgage-Backed		30.16%
Capital Goods		0.44%	Real Estate		2.21%
Consumer Cyclical		0.15%	Services		3.10%
Consumer Non-Cyclical		4.06%	Technology & Electronics		3.21%
Energy		5.63%	Telecommunications		3.76%
Financial Services		1.47%	Utility		4.12%
Foreign Government		10.71%	Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Global Allocation Fund

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†#
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class A*
Actual	$	1,000.00	$	1,056.00	$	1.58
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.24	$	1.56
Class B
Actual	$	1,000.00	$	1,053.10	$	5.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.90	$	4.96
Class C
Actual	$	1,000.00	$	1,053.40	$	4.84
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.06	$	4.76
Class F
Actual	$	1,000.00	$	1,057.90	$	0.51
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.30	$	0.50
Class I
Actual	$	1,000.00	$	1,058.10	$	0.00
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.79	$	0.00
Class R2
Actual	$	1,000.00	$	1,058.10	$	0.15
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.66	$	0.15
Class R3
Actual	$	1,000.00	$	1,055.00	$	2.50
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.35	$	2.46

^†  For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.31% for Class A, 0.99% for Class B, 0.95 for Class C, 0.10% for Class F, 0.00% for Class I, 0.03% for Class R2 and 0.49% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

# Does not include expenses of Underlying Funds in which Global Allocation Fund invests.

* The annualized expense ratio for Class A has been restated to 0.25%. Had this restated expense ratio been in place throughout the most recent fiscal half-year, the expenses paid during the period would have been:

	Actual		Hypothetical (5% Return Before Expenses)
Class A	$	1.27	$	1.25

Portfolio Holdings Presented by Portfolio Allocation

June 30, 2011

Portfolio Allocation	%*
Equity		73.14%
Fixed Income		26.77%
Short-Term Investment		0.09%
Total		100.00%

* Represents percent of total investments.

4

Schedule of Investments (unaudited)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
ASSET-BACKED SECURITIES 15.88%
Automobiles 7.46%
Ally Auto Receivables Trust 2011-2 A2		0.67%			10/15/2013		0.87	$	1,000	$	1,000,688
AmeriCredit Automobile Receivables Trust 2010-3 A2		0.77%			12/9/2013		0.54		411		411,642
AmeriCredit Automobile Receivables Trust 2010-3 A3		1.14%			4/8/2015		1.73		250		250,400
AmeriCredit Automobile Receivables Trust 2011-2 A2		0.90%			9/8/2014		0.92		750		750,538
BMW Vehicle Lease Trust 2010-1 A2		0.58%			9/17/2012		0.27		642		641,853
BMW Vehicle Lease Trust 2011-1 A3		1.06%			2/20/2014		1.49		1,000		1,004,117
Capital Auto Receivables Asset Trust 2008-1 A3B		1.187%	#		8/15/2012		0.03		174		174,053
Capital Auto Receivables Asset Trust 2008-CPA A1†		1.037%	#		1/15/2013		0.03		319		319,273
CarMax Auto Owner Trust 2008-2 A3B		1.587%	#		10/15/2012		0.03		139		138,751
CarMax Auto Owner Trust 2010-1 A2		0.83%			11/15/2012		0.07		358		357,604
CarMax Auto Owner Trust 2010-3 A2		0.75%			9/16/2013		0.45		1,269		1,270,628
CarMax Auto Owner Trust 2011-1 A2		0.72%			11/15/2013		0.73		1,580		1,581,522
Chrysler Financial Auto Securitization Trust 2010-A A2		0.69%			1/8/2013		0.34		1,054		1,054,386
Chrysler Financial Auto Securitization Trust 2010-A A3		0.91%			8/8/2013		1.01		1,500		1,505,236
Ford Credit Auto Lease Trust 2009-A A3†		3.71%			1/15/2014		0.07		197		197,400
Ford Credit Auto Lease Trust 2010-A A2†		1.04%			3/15/2013		0.03		70		70,286
Ford Credit Auto Lease Trust 2010-B A2†		0.75%			10/15/2012		0.41		1,170		1,170,692
Ford Credit Auto Lease Trust 2010-B A3†		0.91%			7/15/2013		0.91		500		500,512
Ford Credit Auto Owner Trust 2008-C A3		1.607%	#		6/15/2012		0.03		66		65,915
Ford Credit Auto Owner Trust 2010-B A2		0.65%			12/15/2012		0.21		491		490,827
Harley-Davidson Motorcycle Trust 2010-1 A2		0.83%			11/15/2013		0.43		854		854,294
Hyundai Auto Receivables Trust 2010-B A2		0.57%			3/15/2013		0.33		690		690,457
Hyundai Auto Receivables Trust 2011-A A2		0.69%			11/15/2013		0.73		1,150		1,151,411
Mercedes-Benz Auto Lease Trust 2011-1A A2†		0.79%			4/15/2013		0.63		925		926,655
Mercedes-Benz Auto Receivables Trust 2010-1 A2		0.70%			8/15/2012		0.08		255		255,112
Nissan Auto Lease Trust 2010-A A2		1.10%			3/15/2013		0.09		400		400,790

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
Automobiles (continued)
Nissan Auto Lease Trust 2010-B A2		0.90%			5/15/2013		0.61	$	800	$	801,649
Nissan Auto Receivables Owner Trust 2010-A A2		0.55%			3/15/2013		0.37		1,000		1,000,435
Santander Consumer Acquired Receivables Trust 2011-WO A2†		0.91%			11/15/2013		0.56		1,081		1,082,090
Santander Drive Auto Receivables Trust 2010-2 A2		0.95%			8/15/2013		0.55		1,005		1,006,290
Santander Drive Auto Receivables Trust 2010-3 A2		0.93%			6/17/2013		0.52		1,325		1,326,486
Santander Drive Auto Receivables Trust 2010-A A2†		1.37%			8/15/2013		0.49		530		531,044
Santander Drive Auto Receivables Trust 2010-A A3†		1.83%			11/17/2014		1.53		845		854,726
Santander Drive Auto Receivables Trust 2011-1 A2		0.94%			2/18/2014		0.70		850		850,031
Santander Drive Auto Receivables Trust 2011-2 A2		1.04%			4/15/2014		0.83		1,000		1,000,425
Volkswagen Auto Lease Trust 2009-A A3		3.41%			4/16/2012		0.10		464		465,728
Volkswagen Auto Lease Trust 2010-A A2		0.77%			1/22/2013		0.53		580		580,316
World Omni Auto Receivables Trust 2010-A A2		0.70%			6/15/2012		0.03		59		59,046
Total											26,793,308
Credit Cards 5.66%
American Express Credit Account Master Trust 2006-3 A		0.207%	#		3/17/2014		0.03		1,781		1,780,853
American Express Issuance Trust 2005-2 A		0.257%	#		8/15/2013		0.03		790		789,397
Bank of America Credit Card Trust 2006-A15		0.187%	#		4/15/2014		0.03		1,025		1,024,667
Bank of America Credit Card Trust 2008-A5		1.387%	#		12/16/2013		0.03		1,500		1,500,686
Cabela’s Master Credit Card Trust 2006-3A A1†		5.26%			10/15/2014		0.27		515		519,894
Cabela’s Master Credit Card Trust 2009-1A A†		2.187%	#		3/16/2015		0.03		400		404,290
Capital One Multi-Asset Execution Trust 2005-A1		0.257%	#		1/15/2015		0.03		1,000		999,671
Capital One Multi-Asset Execution Trust 2006-C2 C		0.487%	#		6/16/2014		0.03		300		299,743

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
Credit Cards (continued)
Capital One Multi-Asset Execution Trust 2007-A4		0.217%	#		3/16/2015		0.03	$	900	$	899,239
Chase Issuance Trust 2005-A6		0.257%	#		7/15/2014		0.03		890		889,860
Citibank Credit Card Issuance Trust 2004-C1		0.837%	#		7/15/2013		0.03		870		869,955
Citibank Credit Card Issuance Trust 2009-A1		1.937%	#		3/17/2014		0.03		1,200		1,214,325
Citibank Omni Master Trust 2009-A8†		2.287%	#		5/16/2016		0.03		1,100		1,113,484
Discover Card Master Trust 2009-A1		1.487%	#		12/15/2014		0.03		800		809,534
Discover Card Master Trust 2009-A2 A		1.487%	#		2/17/2015		0.03		1,140		1,154,533
Discover Card Master Trust I 2006-2 A2		0.217%	#		1/16/2014		0.03		1,000		999,958
GE Capital Credit Card Master Note Trust 2009-1 A		2.287%	#		4/15/2015		0.03		1,777		1,800,976
MBNA Credit Card Master Note Trust 1997-B A		0.347%	#		8/15/2014		0.03		1,000		1,000,198
MBNA Credit Card Master Note Trust 2002-A3		0.427%	#		9/15/2014		0.03		1,400		1,401,753
Nordstrom Private Label Credit Card Master Note Trust 2007-2A A†		0.247%	#		5/15/2015		0.02		870		867,090
Total											20,340,106
Home Equity 0.02%
Option One Mortgage Loan Trust 2007-FXD2 2A1		5.90%			3/25/2037		0.76		75		71,998
Other 2.74%
Nelnet Student Loan Trust 2010-4A A†		0.986%	#		4/25/2046		0.06		752		753,082
SLM Student Loan Trust 2007-2 A2		0.274%	#		7/25/2017		0.05		1,209		1,200,860
SLM Student Loan Trust 2007-6 A1		0.444%	#		4/27/2015		0.05		180		180,061
SLM Student Loan Trust 2007-7 A2(a)		0.474%	#		1/25/2016		0.05		1,270		1,267,402
SLM Student Loan Trust 2007-8 A1		0.504%	#		7/27/2015		0.05		169		168,592
SLM Student Loan Trust 2008-2 A1		0.574%	#		1/25/2015		0.05		732		732,655
SLM Student Loan Trust 2008-3 A1		0.774%	#		1/25/2014		0.05		1,110		1,112,207
SLM Student Loan Trust 2008-4 A1		0.954%	#		7/25/2013		0.05		503		503,191
SLM Student Loan Trust 2008-6 A1		0.674%	#		10/27/2014		0.05		268		267,869
SLM Student Loan Trust 2010-B A1†		2.107%	#		8/15/2016		0.03		776		776,664
SLM Student Loan Trust 2010-C A1†		1.837%	#		12/15/2017		0.03		521		525,071
SLM Student Loan Trust 2011-1 A1		0.706%	#		3/25/2026		0.06		828		829,845
SLM Student Loan Trust 2011-A A1†		1.187%	#		10/15/2024		0.04		664		667,906

See Notes to Financial Statements.

7

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
Other (continued)
SLM Student Loan Trust 2011-B A1†		1.036%	#		12/16/2024		0.11	$	850	$	849,150
Total											9,834,555
Total Asset-Backed Securities (cost $57,034,634)											57,039,967
CORPORATE BONDS 41.70%
Airlines 0.55%
Southwest Airlines Co.†		10.50%			12/15/2011		0.44		1,900		1,973,032
Auto Loans 0.39%
PACCAR Financial Corp.		0.64%	#		4/5/2013		0.08		1,375		1,383,403
Banking 6.19%
Bank of Nova Scotia (Canada)†(b)		0.317%	#		7/6/2011		0.02		1,000		1,000,003
Bank of Nova Scotia (Canada)†(b)		1.45%			7/26/2013		2.03		1,625		1,644,487
Bear Stearns Cos. LLC		5.50%			8/15/2011		0.11		1,100		1,106,172
Commonwealth Bank of Australia (Australia)†(b)		0.573%	#		11/4/2011		0.35		1,300		1,301,402
Commonwealth Bank of Australia (Australia)†(b)		2.70%			11/25/2014		3.25		720		749,510
DnB NOR Boligkreditt AS (Norway)†(b)		2.10%			10/14/2015		4.06		1,700		1,682,182
Goldman Sachs Group, Inc. (The)		1.268%	#		2/7/2014		0.09		1,000		992,459
JPMorgan Chase & Co		0.997%	#		5/2/2014		0.20		1,000		1,001,134
JPMorgan Chase & Co.		0.996%	#		9/30/2013		0.24		2,000		2,014,930
Kommunalbanken AS (Norway)†(b)		2.375%			1/19/2016		4.24		1,700		1,734,350
Korea Development Bank (South Korea)(b)		5.75%			5/13/2012		0.85		250		259,131
NIBC Bank NV (Netherlands)†(b)		2.80%			12/2/2014		3.26		1,000		1,041,873
Toronto-Dominion Bank (The) (Canada)†(b)		2.20%			7/29/2015		3.86		1,100		1,115,712
U.S. Central Federal Credit Union		1.90%			10/19/2012		1.27		2,650		2,697,925
Western Corporate Federal Credit Union		1.75%			11/2/2012		1.31		2,100		2,133,749
Westpac Banking Corp. (Australia)†(b)		2.90%			9/10/2014		3.03		1,680		1,763,664
Total											22,238,683
Beverages 1.27%
Anheuser-Busch InBev Worldwide, Inc.		0.824%	#		1/27/2014		0.06		1,500		1,506,528
Dr. Pepper Snapple Group, Inc.		1.70%			12/21/2011		0.46		1,500		1,508,846
SABMiller plc (United Kingdom)†(b)		6.20%			7/1/2011		–		1,555		1,555,000
Total											4,570,374

See Notes to Financial Statements.

8

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
Chemicals 1.49%
Dow Chemical Co. (The)		2.518%	#		8/8/2011		0.09	$	2,000	$	2,004,402
Mosaic Co. (The)†		7.625%			12/1/2016		0.40		3,160		3,357,838
Total											5,362,240
Computer Hardware 0.28%
Hewlett-Packard Co.		0.375%	#		9/13/2012		0.19		1,000		1,001,222
Consumer Products 0.56%
Procter & Gamble Co. (The)		0.301%	#		11/14/2012		0.11		2,000		2,002,344
Consumer/Commercial/Lease Financing 0.84%
General Electric Capital Corp.		0.387%	#		6/20/2014		0.21		1,089		1,069,130
General Electric Capital Corp.		2.00%			9/28/2012		1.21		1,900		1,935,874
Total											3,005,004
Department Stores 0.14%
Macy’s Retail Holdings, Inc.		7.45%			9/15/2011		0.19		500		505,860
Diversified Capital Goods 0.42%
Siemens Financieringsmaatschappij NV (Netherlands)(b)		0.395%	#		3/16/2012		0.72		1,520		1,519,225
Electric: Integrated 4.00%
Allegheny Energy Supply Co. LLC†		8.25%			4/15/2012		0.75		295		311,058
Arizona Public Service Co.		6.375%			10/15/2011		0.28		2,750		2,793,257
Commonwealth Edison Co.		6.15%			3/15/2012		0.68		1,000		1,038,389
DPL, Inc.		6.875%			9/1/2011		0.15		2,200		2,220,337
KCP&L Greater Missouri Operations Co.		11.875%			7/1/2012		0.95		2,000		2,204,030
Portland General Electric Co.†		5.625%			8/1/2013		1.93		1,500		1,618,549
Southern Co.		0.674%	#		10/21/2011		0.04		3,635		3,639,337
TAQA Abu Dhabi National Energy Co. (United Arab Emirates)†(b)		5.62%			10/25/2012		1.25		500		525,625
Total											14,350,582
Electronics 0.75%
Koninklijke Philips Electronics NV (Netherlands)(b)		4.625%			3/11/2013		1.62		1,575		1,662,561
National Semiconductor Corp.		6.15%			6/15/2012		0.92		1,000		1,042,654
Total											2,705,215

See Notes to Financial Statements.

9

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
Energy: Exploration & Production 1.75%
Devon Financing Corp. ULC		6.875%			9/30/2011		0.25	$	2,429	$	2,465,661
Ras Laffan Liquefied Natural Gas Co., Ltd. III (Qatar)†(b)		4.50%			9/30/2012		1.21		890		930,050
Transocean Worldwide, Inc		5.00%			2/15/2013		1.54		526		554,966
Woodside Finance Ltd. (Australia)†(b)		5.00%			11/15/2013		2.24		1,000		1,071,859
Woodside Finance Ltd. (Australia)†(b)		6.70%			8/1/2011		0.09		1,250		1,255,493
Total											6,278,029
Environmental 1.19%
Allied Waste North America, Inc.		6.875%			6/1/2017		4.84		2,840		3,081,599
Waste Management, Inc.		5.00%			3/15/2014		2.50		1,095		1,191,608
Total											4,273,207
Food: Wholesale 2.12%
Archer Daniels Midland Co.		0.422%	#		8/13/2012		0.11		2,000		2,004,328
General Mills, Inc.		6.00%			2/15/2012		0.59		2,500		2,585,215
HJ Heinz Finance Co.		6.625%			7/15/2011		0.03		3,000		3,004,647
Total											7,594,190
Forestry/Paper 0.29%
MeadWestvaco Corp.		6.85%			4/1/2012		0.71		1,000		1,036,629
Gas Distribution 2.17%
Buckeye Partners LP		4.625%			7/15/2013		1.90		1,500		1,590,394
Energy Transfer Partners LP		6.00%			7/1/2013		1.89		2,500		2,703,027
Enterprise Products Operating LLC		4.60%			8/1/2012		1.03		1,200		1,246,619
Enterprise Products Operating LLC		6.125%			2/1/2013		1.48		1,390		1,488,388
Kinder Morgan Energy Partners LP		7.125%			3/15/2012		0.67		500		522,021
Transcontinental Gas Pipe Line Corp.		7.00%			8/15/2011		0.11		250		251,767
Total											7,802,216
Health Facilities 0.42%
Quest Diagnostics, Inc.		1.096%	#		3/24/2014		0.22		1,500		1,513,925
Health Services 1.16%
Cardinal Health, Inc.		5.65%			6/15/2012		0.92		1,500		1,566,359
Express Scripts, Inc.		5.25%			6/15/2012		0.93		2,500		2,601,542
Total											4,167,901

See Notes to Financial Statements.

10

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
Integrated Energy 0.82%
BP Capital Markets plc (United Kingdom)(b)		1.55%			8/11/2011		0.11	$	150	$	150,160
Petronas Capital Ltd. (Malaysia)†(b)		7.00%			5/22/2012		0.88		750		791,980
Shell International Finance BV (Netherlands)(b)		1.30%			9/22/2011		0.23		1,000		1,002,353
Total Capital SA (France)(b)		5.00%			10/10/2011		0.28		1,000		1,011,112
Total											2,955,605
Life Insurance 0.56%
MetLife, Inc.		1.52%	#		8/6/2013		0.09		2,000		2,022,388
Media: Cable 1.85%
Comcast Cable Communications Holdings, Inc.		8.375%			3/15/2013		1.57		3,000		3,361,470
DirecTV Holdings LLC/DirecTV Financing Co., Inc.		7.625%			5/15/2016		0.84		3,000		3,273,333
Total											6,634,803
Media: Diversified 0.56%
Historic TW, Inc.		9.125%			1/15/2013		1.40		1,800		2,002,660
Metals/Mining (Excluding Steel) 1.56%
Freeport-McMoRan Copper & Gold, Inc.		8.375%			4/1/2017		0.71		2,500		2,734,380
Xstrata Canada Corp. (Canada)(b)		7.25%			7/15/2012		0.98		500		528,762
Xstrata Canada Corp. (Canada)(b)		7.35%			6/5/2012		0.91		1,250		1,318,795
Xstrata Finance Ltd. (Canada)†(b)		5.50%			11/16/2011		0.36		1,000		1,017,473
Total											5,599,410
Monoline Insurance 0.09%
Fidelity National Financial, Inc.		7.30%			8/15/2011		0.11		300		301,923
Oil Field Equipment & Services 0.57%
Cameron International Corp.		1.183%	#		6/2/2014		0.16		1,300		1,306,344
National Oilwell Varco, Inc.		6.125%			8/15/2015		0.11		175		179,326
Weatherford International, Inc.		5.95%			6/15/2012		0.92		550		573,371
Total											2,059,041
Oil Refining & Marketing 0.15%
NuStar Logistics LP		6.05%			3/15/2013		1.59		500		533,369

See Notes to Financial Statements.

11

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
Pharmaceuticals 0.42%
Sanofi-Aventis SA (France)(b)		0.556%	#		3/28/2014		2.76	$	1,500	$	1,508,778
Property & Casualty 0.22%
Liberty Mutual Group, Inc.†		7.25%			9/1/2012		1.09		750		792,229
Railroads 0.97%
Canadian Pacific Railway Co. (Canada)(b)		6.25%			10/15/2011		0.29		2,900		2,947,250
CSX Corp.		6.30%			3/15/2012		0.68		525		545,591
Total											3,492,841
Real Estate Investment Trusts 1.86%
AvalonBay Communities Inc		6.125%			11/1/2012		1.27		410		436,420
AvalonBay Communities Inc		6.625%			9/15/2011		0.19		352		356,011
Developers Diversified Realty Corp.		5.375%			10/15/2012		0.99		2,525		2,600,003
HCP Inc		6.45%			6/25/2012		0.95		1,577		1,655,561
Regency Centers LP		6.75%			1/15/2012		0.51		1,303		1,342,066
UDR, Inc.		6.05%			6/1/2013		1.80		270		287,310
Total											6,677,371
Software/Services 2.08%
IBM International Group Capital LLC		5.05%			10/22/2012		1.26		1,000		1,059,029
Intuit, Inc.		5.40%			3/15/2012		0.68		1,350		1,392,467
Microsoft Corp.		0.875%			9/27/2013		2.20		2,000		2,004,620
Western Union Co. (The)		0.832%	#		3/7/2013		0.18		3,000		3,018,309
Total											7,474,425
Steel Producers/Products 0.07%
Allegheny Technologies, Inc.		8.375%			12/15/2011		0.44		250		256,090
Telecommunications: Integrated/Services 2.53%
BellSouth Corp.		6.00%			10/15/2011		0.28		2,350		2,385,861
Qwest Corp.		8.875%			3/15/2012		0.67		2,000		2,110,000
Telecom Italia Capital SA (Italy)(b)		6.20%			7/18/2011		0.05		1,000		1,001,747
Verizon Communications, Inc.		0.856%	#		3/28/2014		0.24		1,000		1,010,178
Verizon New York, Inc.		6.875%			4/1/2012		0.72		1,707		1,783,322
Vivendi SA (France)†(b)		5.75%			4/4/2013		1.67		750		804,146
Total											9,095,254
Telecommunications: Wireless 1.12%
Vodafone Group plc (United Kingdom)(b)		0.535%	#		2/27/2012		0.15		4,000		4,004,716

See Notes to Financial Statements.

12

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate		Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
Transportation (Excluding Air/Rail) 0.29%
ERAC USA Finance LLC†		5.80%		10/15/2012		1.23	$	1,000	$	1,054,591
Total Corporate Bonds (cost $149,351,022)										149,748,775
FOREIGN GOVERNMENT OBLIGATIONS 7.86%
France 0.30%
Caisse d’Amortissement de la Dette Sociale†(b)		1.25%		7/11/2014		2.94		1,080		1,078,326
Mexico 0.36%
United Mexican States(b)		7.50%		1/14/2012		0.50		1,250		1,295,000
Panama 0.01%
Republic of Panama(b)		7.25%		3/15/2015		3.25		30		35,490
Poland 4.10%
Poland Government Bond(c)		Zero Coupon		1/25/2012		0.55	PLN	38,500		13,681,270
Poland Government Bond(b)		6.25%		7/3/2012		0.97	$	1,000		1,053,350
Total										14,734,620
Turkey 3.00%
Turkey Government Bond(c)		Zero Coupon		8/3/2011		–	TRY	17,600		10,768,727
United Arab Emirates 0.09%
Emirate of Abu Dhabi†(b)		5.50%		8/2/2012		1.03	$	300		316,500
Total Foreign Government Obligations (cost $28,359,466)										28,228,663
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.59%
Federal Home Loan Mortgage Corp. K005 A1		3.484%		4/25/2019		4.19		1,768		1,844,885
Federal Home Loan Mortgage Corp. K006 A1		3.398%		7/25/2019		4.34		1,836		1,907,517
Federal Home Loan Mortgage Corp. K007 A1		3.342%		12/25/2019		4.57		2,217		2,277,989
Federal Home Loan Mortgage Corp. K008 A1		2.746%		12/25/2019		4.81		781		781,867
Federal National Mortgage Assoc. 2005-14 OP		4.50%		10/25/2028		0.55		500		508,459
Federal National Mortgage Assoc. 2009-M2 A1		2.387%		1/25/2019		2.13		1,151		1,177,462

See Notes to Financial Statements.

13

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Federal National Mortgage Assoc. 2010-M3 A1		2.587%			3/25/2020		2.71	$	780	$	800,225
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $9,155,847)											9,298,404
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.85%
Federal Home Loan Mortgage Corp.		1.00%			8/27/2014		3.09		735		734,030
Federal Home Loan Mortgage Corp.		4.335%	#		2/1/2036		1.27		1,209		1,282,089
Federal Home Loan Mortgage Corp.		4.873%	#		5/1/2035		0.73		981		1,042,570
Federal Home Loan Mortgage Corp.		5.00%			5/1/2021		2.62		344		371,722
Federal Home Loan Mortgage Corp.		5.058%	#		7/1/2036		2.74		891		949,465
Federal Home Loan Mortgage Corp.		5.232%	#		4/1/2038		1.92		1,351		1,454,703
Federal Home Loan Mortgage Corp.		5.373%	#		6/1/2036		0.89		747		781,930
Federal Home Loan Mortgage Corp.		5.796%	#		9/1/2037		0.76		753		798,331
Federal Home Loan Mortgage Corp.		5.953%	#		2/1/2037		0.48		2,226		2,361,321
Federal National Mortgage Assoc.		2.95%			3/1/2015		3.50		1,000		1,029,331
Federal National Mortgage Assoc.		3.18%			11/1/2014		3.11		1,173		1,217,156
Federal National Mortgage Assoc.		4.936%	#		7/1/2038		1.22		968		1,033,937
Federal National Mortgage Assoc.		4.963%	#		7/1/2035		0.74		1,211		1,282,599
Federal National Mortgage Assoc.		5.50%			2/1/2034		3.66		2,903		3,161,298
Federal National Mortgage Assoc.		5.50%			11/1/2034		3.69		3,214		3,498,307
Total Government Sponsored Enterprises Pass-Throughs (cost $20,856,256)											20,998,789
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 21.11%
Banc of America Commercial Mortgage, Inc. 2002-2 A3		5.118%			7/11/2043		0.48		1,351		1,372,027
Banc of America Commercial Mortgage, Inc. 2002-PB2 A4		6.186%			6/11/2035		0.35		489		495,621
Banc of America Commercial Mortgage, Inc. 2003-1 A1		3.878%			9/11/2036		0.40		543		544,576
Banc of America Commercial Mortgage, Inc. 2005-2 AAB		4.742%			7/10/2043		1.86		562		588,831
Banc of America Commercial Mortgage, Inc. 2005-5 A2		5.001%			10/10/2045		0.03		55		55,168
Banc of America Commercial Mortgage, Inc. 2005-5 A4		5.115%			10/10/2045		3.64		1,000		1,086,589
Bear Stearns Commercial Mortgage Securities, Inc. 2001-TOP4 A3		5.61%			11/15/2033		0.11		160		159,862
Bear Stearns Commercial Mortgage Securities, Inc. 2003-T10 A1		4.00%			3/13/2040		0.61		687		693,434

See Notes to Financial Statements.

14

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Commercial Mortgage Securities, Inc. 2005-T20 A2		5.127%			10/12/2042		0.03	$	1,143	$	1,145,329
Bear Stearns Commercial Mortgage Securities, Inc. 2005-T20 A4A		5.296%	#		10/12/2042		3.61		300		328,905
Bear Stearns Commercial Mortgage Securities, Inc. 2006-PW11 A1		5.266%			3/11/2039		0.03		150		149,934
Bear Stearns Commercial Mortgage Securities, Inc. 2007-T28 A1		5.422%			9/11/2042		0.29		178		179,257
Citigroup Commercial Mortgage Trust 2005-C3 A2		4.639%			5/15/2043		1.53		1,115		1,121,930
Commercial Mortgage Pass-Through Certificates 2003-LB1A A2		4.084%			6/10/2038		1.61		1,260		1,310,280
Commercial Mortgage Pass-Through Certificates 2006-C7 A2		5.69%			6/10/2046		0.03		87		86,943
Commercial Mortgage Pass-Through Certificates 2007-FL14 AJ†		0.367%	#		6/15/2022		0.45		1,075		980,192
Commercial Mortgage Pass-Through Certificates 2010-C1 A1†		3.156%			7/10/2046		3.55		1,185		1,194,680
Credit Suisse Mortgage Capital Certificates 2006-C1 A3		5.711%	#		2/15/2039		2.91		545		575,406
CS First Boston Mortgage Securities Corp. 2001-CK6 A3		6.387%			8/15/2036		0.20		596		599,322
CS First Boston Mortgage Securities Corp. 2002-CKP1 A3		6.439%			12/15/2035		0.37		1,613		1,636,295
CS First Boston Mortgage Securities Corp. 2002-CKS4 A2		5.183%			11/15/2036		0.92		1,134		1,171,174
CS First Boston Mortgage Securities Corp. 2002-CP5 A2		4.94%			12/15/2035		1.14		1,357		1,408,733
CS First Boston Mortgage Securities Corp. 2003-C4 A4		5.137%			8/15/2036		1.73		1,588		1,683,352
CS First Boston Mortgage Securities Corp. 2003-CK2 A4		4.801%			3/15/2036		1.39		1,549		1,613,645
CS First Boston Mortgage Securities Corp. 2004-C5 A2		4.183%			11/15/2037		0.04		576		575,996
CS First Boston Mortgage Securities Corp. 2005-C5 A4		5.10%	#		8/15/2038		3.53		570		619,827
Developers Diversified Realty Corp. 2009-DDR1 A†		3.807%			10/14/2022		2.95		987		1,029,344
Developers Diversified Realty Corp. 2009-DDR1 B†		5.73%			10/14/2022		2.97		200		217,028

See Notes to Financial Statements.

15

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GE Capital Commercial Mortgage Corp. 2001-3 A2		6.07%			6/10/2038		0.21	$	1,127	$	1,133,482
GE Capital Commercial Mortgage Corp. 2002-1A A3		6.269%			12/10/2035		0.49		1,202		1,226,978
GE Capital Commercial Mortgage Corp. 2002-2A A3		5.349%			8/11/2036		0.83		1,135		1,170,166
GE Capital Commercial Mortgage Corp. 2002-3A A2		4.996%			12/10/2037		1.05		1,560		1,613,889
GE Capital Commercial Mortgage Corp. 2003-C2 A4		5.145%			7/10/2037		1.64		1,080		1,143,570
GE Capital Commercial Mortgage Corp. 2005-C1 A2		4.353%			6/10/2048		0.45		706		707,117
GE Capital Commercial Mortgage Corp. 2005-C3 A7A		4.974%			7/10/2045		3.57		1,000		1,079,957
GMAC Commercial Mortgage Securities, Inc. 2002-C1 A2		6.278%			11/15/2039		0.22		546		549,477
GMAC Commercial Mortgage Securities, Inc. 2002-C2 A3		5.713%			10/15/2038		0.63		1,401		1,435,176
GMAC Commercial Mortgage Securities, Inc. 2003-C1 A1		3.337%			5/10/2036		0.72		473		478,274
GMAC Commercial Mortgage Securities, Inc. 2003-C1 A2		4.079%			5/10/2036		1.45		750		779,258
GMAC Commercial Mortgage Securities, Inc. 2003-C2 A2		5.654%	#		5/10/2040		1.88		900		967,693
GMAC Commercial Mortgage Securities, Inc. 2006-C1 A2		5.147%			11/10/2045		0.03		193		192,876
Greenwich Capital Commercial Funding Corp. 2002-C1 A4		4.948%			1/11/2035		1.02		1,600		1,652,647
Greenwich Capital Commercial Funding Corp. 2003-C1 A4		4.111%			7/5/2035		1.47		1,877		1,951,248
Greenwich Capital Commercial Funding Corp. 2003-C2 A4		4.915%			1/5/2036		1.93		1,000		1,061,607
Greenwich Capital Commercial Funding Corp. 2005-GG5 A2		5.117%			4/10/2037		0.87		733		739,887
Greenwich Capital Commercial Funding Corp. 2007-GG9 A2		5.381%			3/10/2039		0.57		974		990,970
GS Mortgage Securities Corp. II 2005-GG4 AABA		4.68%			7/10/2039		1.55		440		457,805
GS Mortgage Securities Corp. II 2006-GG8 A2		5.479%			11/10/2039		0.17		702		704,887
GS Mortgage Securities Corp. II 2007-EOP B†		1.84%	#		3/6/2020		0.58		615		607,474

See Notes to Financial Statements.

16

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. II 2010-C1 A1†		3.679%			8/10/2043		3.89	$	669	$	681,488
GS Mortgage Securities Corp. II 2010-C2 A1†		3.849%			12/10/2043		3.99		790		809,759
GS Mortgage Securities Corp. II 2011-ALF B†		3.215%			2/10/2021		2.46		500		501,500
GS Mortgage Securities Corp. II 2011-GC3 A2†		3.645%			3/10/2044		4.13		800		811,627
JPMorgan Chase Commercial Mortgage Securities Corp. 2001-CIB2 A3		6.429%			4/15/2035		0.04		45		44,709
JPMorgan Chase Commercial Mortgage Securities Corp. 2001-CIB3 A3		6.465%			11/15/2035		0.26		680		684,896
JPMorgan Chase Commercial Mortgage Securities Corp. 2002-C1 A3		5.376%			7/12/2037		0.74		1,594		1,638,974
JPMorgan Chase Commercial Mortgage Securities Corp. 2002-C2 A2		5.05%			12/12/2034		1.13		1,012		1,052,858
JPMorgan Chase Commercial Mortgage Securities Corp. 2002-CIB5 A2		5.161%			10/12/2037		1.09		1,335		1,388,647
JPMorgan Chase Commercial Mortgage Securities Corp. 2004-LN2 A1		4.475%			7/15/2041		1.12		1,333		1,353,585
JPMorgan Chase Commercial Mortgage Securities Corp. 2005-LDP5 A2FL		0.312%	#		12/15/2044		0.37		407		399,727
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD11 A2		5.99%	#		6/15/2049		0.89		1,150		1,182,175
LB-UBS Commercial Mortgage Trust 2005-C3 A2		4.553%			7/15/2030		0.19		474		474,556
LB-UBS Commercial Mortgage Trust 2005-C3 A5		4.739%			7/15/2030		3.37		1,610		1,724,945
LB-UBS Commercial Mortgage Trust 2005-C5 A4		4.954%			9/15/2030		3.43		355		383,954
LB-UBS Commercial Mortgage Trust 2005-C7 A4		5.197%			11/15/2030		3.50		600		651,541
LB-UBS Commercial Mortgage Trust 2007-C1 A2		5.318%			2/15/2040		0.42		1,000		1,011,783

See Notes to Financial Statements.

17

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Floating Trust 2008-LAQA A1†		0.728%	#		7/9/2021		0.01	$	950	$	912,911
Merrill Lynch Mortgage Trust 2005-CIP1 A2		4.96%			7/12/2038		1.67		619		633,840
Merrill Lynch Mortgage Trust 2005-CKI1 A4FL		0.44%	#		11/12/2037		1.21		1,300		1,256,722
Merrill Lynch Mortgage Trust 2005-LC1 A2		5.202%	#		1/12/2044		0.03		195		195,181
Merrill Lynch Mortgage Trust 2005-MCP1 A2		4.556%			6/12/2043		1.46		324		327,586
Merrill Lynch Mortgage Trust 2005-MKB2 A2		4.806%			9/12/2042		0.03		345		344,876
Merrill Lynch Mortgage Trust 2007-C1 A2FL†		0.50%	#		6/12/2050		0.90		976		954,492
Merrill Lynch/Countrywide Commercial Mortgage Trust 2006-1 A2		5.439%	#		2/12/2039		0.03		231		231,003
Morgan Stanley Capital I 2006-T21 A2		5.09%			10/12/2052		0.03		396		395,403
Morgan Stanley Capital I 2011-C2 A2†		3.476%			6/15/2044		4.39		750		753,274
Morgan Stanley Dean Witter Capital I 2001-TOP3 A4		6.39%			7/15/2033		0.04		368		367,439
Morgan Stanley Dean Witter Capital I 2002-HQ A3		6.51%			4/15/2034		0.37		1,095		1,111,851
Morgan Stanley Dean Witter Capital I 2003-HQ2 A1		4.18%			3/12/2035		0.83		877		896,769
Morgan Stanley Re-REMIC Trust 2010-C30A A3A†		3.25%			12/17/2043		0.54		1,000		1,004,572
RBSCF Trust 2010-MB1 A2†		3.686%			4/15/2024		3.45		1,580		1,640,006
Wachovia Bank Commercial Mortgage Trust 2002-C2 A4		4.98%			11/15/2034		1.11		425		441,020
Wachovia Bank Commercial Mortgage Trust 2003-C5 A1		2.986%			6/15/2035		0.19		164		164,409
Wachovia Bank Commercial Mortgage Trust 2003-C7 A1†		4.241%			10/15/2035		0.88		661		665,157
Wachovia Bank Commercial Mortgage Trust 2005-C18 APB		4.807%			4/15/2042		1.73		707		741,141
Wachovia Bank Commercial Mortgage Trust 2005-C19 A5		4.661%			5/15/2044		0.92		1,000		1,024,757
Wachovia Bank Commercial Mortgage Trust 2005-C20 A7		5.118%			7/15/2042		3.54		750		815,253

See Notes to Financial Statements.

18

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Investments	Interest Rate			Maturity Date		Modified Duration~		Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Wachovia Bank Commercial Mortgage Trust 2005-C21 A4		5.38%	#		10/15/2044		3.24	$	1,010	$	1,102,311
Wachovia Bank Commercial Mortgage Trust 2006-C27 AM		5.795%			7/15/2045		4.27		500		506,886
WF-RBS Commercial Mortgage Trust 2011-C2 A2†		3.791%			2/15/2044		4.09		1,250		1,278,418
Total Non-Agency Commercial Mortgage-Backed Securities (cost $75,861,923)											75,830,119
Total Long-Term Investments (cost $340,619,148)											341,144,717
SHORT-TERM INVESTMENT 2.05%
Foreign Government Obligation
Hungary
Hungary Treasury Bill(c) (cost $6,723,551)		Zero Coupon			7/27/2011		0.06	HUF	1,353,700		7,358,874
Total Investments in Securities 97.04% (cost $347,342,699)											348,503,591
Cash, Foreign Cash and Other Assets in Excess of Liabilities(d) 2.96%											10,633,583
Net Assets 100.00%										$	359,137,174

HUF	Hungarian forint.
PLN	Polish zloty.
TRY	Turkish lira.
#	Variable rate security. The interest rate represents the rate in effect at June 30, 2011.
†	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 investors. Unless otherwise noted, 144A securities are deemed to be liquid.
~	Modified Duration is the change in the value of a fixed income security that will result from a 1% change in market interest rates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest rate risk or reward for a portfolio’s underlying bond prices. The sum of these weighted values within a portfolio, including applicable aggregated interest rate exposure, is divided by the sum of the market values (or notional values where appropriate) of all fixed income securities.
(a)	Security has been fully or partially segregated to cover margin requirements for open futures contracts as of June 30, 2011.
(b)	Foreign security traded in U.S. dollars.
(c)	Investment in non-U.S. dollar denominated securities.
(d)	Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation (depreciation) on futures contracts and forward foreign currency exchange contracts as follows:

Open Futures Contracts at June 30, 2011:

Type	Expiration	Contracts		Position	Market Value		Unrealized Depreciation
U.S. 2-Year Treasury Note	September 2011		210	Short	$	(46,062,187)	$	(78,065)
U.S. 5-Year Treasury Note	September 2011		348	Short		(41,479,969)		(259,643)
Totals					$	(87,542,156)	$	(337,708)

See Notes to Financial Statements.

19

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Open Forward Foreign Currency Exchange Contracts at June 30, 2011:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty		Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation (Depreciation)
Argentine peso	Buy		Credit Suisse	7/1/2011		890,000	$	216,177	$	216,624	$	447
Argentine peso	Buy		Credit Suisse	7/1/2011		1,200,000		292,611		292,077		(534)
Argentine peso	Buy		Credit Suisse	7/1/2011		825,000		199,203		200,803		1,600
Argentine peso	Buy		Credit Suisse	7/1/2011		985,000		237,493		239,747		2,254
Argentine peso	Buy		Credit Suisse	7/1/2011		15,500,000		3,759,398		3,772,666		13,268
Argentine peso	Buy		Credit Suisse	7/1/2011		870,000		210,858		211,756		898
Argentine peso	Buy		UBS AG	8/23/2011		20,875,000		4,986,265		5,030,594		44,329
Argentine peso	Buy		UBS AG	8/23/2011		850,000		204,278		204,839		561
Argentine peso	Buy		Credit Suisse	10/19/2011		21,300,000		5,065,399		5,059,154		(6,245)
Argentine peso	Buy		Credit Suisse	10/19/2011		1,460,000		346,793		346,777		(16)
Brazilian real	Buy		UBS AG	7/1/2011		405,000		250,464		259,507		9,043
Brazilian real	Buy		UBS AG	7/1/2011		310,000		192,846		198,635		5,789
Brazilian real	Buy		Barclays Bank plc	7/1/2011		540,000		338,346		346,010		7,664
Brazilian real	Buy		UBS AG	7/1/2011		9,220,000		5,431,517		5,907,795		476,278
Brazilian real	Buy		UBS AG	7/1/2011		255,000		150,398		163,393		12,995
Brazilian real	Buy		Merrill Lynch International	8/23/2011		5,650,000		3,459,466		3,580,340		120,874
Brazilian real	Buy		Merrill Lynch International	8/23/2011		340,000		207,064		215,454		8,390
Brazilian real	Buy		Barclays Bank plc	9/26/2011		450,000		278,156		283,097		4,941
Brazilian real	Buy		UBS AG	10/19/2011		11,070,000		6,769,359		6,929,856		160,497
Chilean peso	Buy		UBS AG	7/1/2011		88,000,000		184,797		188,296		3,499
Chilean peso	Buy		UBS AG	7/1/2011		125,000,000		262,932		267,466		4,534
Chilean peso	Buy		UBS AG	7/1/2011		2,335,000,000		4,867,626		4,996,256		128,630
Chilean peso	Buy		UBS AG	7/1/2011		758,000,000		1,562,082		1,621,911		59,829
Chilean peso	Buy		UBS AG	7/1/2011		715,515,000		1,465,019		1,531,005		65,986
Chilean peso	Buy		UBS AG	7/1/2011		88,485,000		181,959		189,333		7,374
Chilean peso	Buy		Credit Suisse	9/26/2011		605,000,000		1,278,259		1,281,344		3,085
Chilean peso	Buy		Credit Suisse	9/26/2011		840,000,000		1,764,706		1,779,057		14,351
Chilean peso	Buy		UBS AG	10/19/2011		2,640,000,000		5,513,324		5,575,911		62,587
Chilean peso	Buy		UBS AG	10/19/2011		185,000,000		390,790		390,736		(54)
Chinese yuan renminbi	Buy		Credit Suisse	7/1/2011		1,050,000		161,912		162,438		526
Chinese yuan renminbi	Buy		Credit Suisse	7/1/2011		2,610,000		400,461		403,775		3,314
Chinese yuan renminbi	Buy		UBS AG	8/23/2011		16,000,000		2,493,377		2,475,751		(17,626)
Chinese yuan renminbi	Buy		UBS AG	8/23/2011		1,100,000		169,897		170,208		311
Chinese yuan renminbi	Buy		Barclays Bank plc	8/23/2011		22,600,000		3,494,449		3,496,999		2,550
Chinese yuan renminbi	Buy		Credit Suisse	10/19/2011		4,550,000		704,553		705,442		889
Chinese yuan renminbi	Buy		Credit Suisse	10/19/2011		2,300,000		356,949		356,597		(352)
Colombian peso	Buy		UBS AG	7/1/2011		470,000,000		259,225		265,687		6,462
Colombian peso	Buy		UBS AG	7/1/2011		480,000,000		271,187		271,340		153
Colombian peso	Buy		UBS AG	7/1/2011		305,000,000		170,249		172,414		2,165
Colombian peso	Buy		UBS AG	7/1/2011		900,000,000		503,353		508,762		5,409
Colombian peso	Buy		UBS AG	7/1/2011		3,680,000,000		1,966,862		2,080,271		113,409
Colombian peso	Buy		UBS AG	7/1/2011		340,000,000		182,992		192,199		9,207
Colombian peso	Buy		UBS AG	8/23/2011		4,310,000,000		2,435,029		2,431,637		(3,392)
Colombian peso	Buy		UBS AG	8/23/2011		6,135,000,000		3,404,550		3,461,274		56,724
Colombian peso	Buy		Goldman Sachs	9/26/2011		3,900,000,000		2,187,938		2,197,567		9,629
Colombian peso	Buy		Goldman Sachs	9/26/2011		1,000,000,000		564,016		563,479		(537)
Czech koruna	Buy		Credit Suisse	7/1/2011		3,740,000		215,774		223,003		7,229
Czech koruna	Buy		Credit Suisse	7/1/2011		4,860,000		283,995		289,785		5,790
Czech koruna	Buy		Credit Suisse	7/1/2011		6,500,000		385,648		387,573		1,925
Czech koruna	Buy		Credit Suisse	7/1/2011		3,300,000		196,202		196,768		566
Czech koruna	Buy		Credit Suisse	7/1/2011		2,200,000		133,659		131,178		(2,481)
Czech koruna	Buy		Credit Suisse	7/1/2011		3,830,000		232,700		228,370		(4,330)
Czech koruna	Buy		Barclays Bank plc	7/1/2011		4,400,000		270,269		262,357		(7,912)
Czech koruna	Buy		Credit Suisse	7/1/2011		3,370,000		203,520		200,942		(2,578)

See Notes to Financial Statements.

20

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty		Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation (Depreciation)
Czech koruna	Buy		Credit Suisse	7/1/2011		3,900,000	$	234,818	$	232,543	$	(2,275)
Czech koruna	Buy		Credit Suisse	7/1/2011		3,500,000		203,731		208,693		4,962
Czech koruna	Buy		Barclays Bank plc	7/1/2011		195,400,000		11,144,444		11,651,029		506,585
Czech koruna	Buy		Barclays Bank plc	7/1/2011		4,700,000		268,301		280,245		11,944
Czech koruna	Buy		Barclays Bank plc	7/1/2011		2,700,000		156,069		160,992		4,923
Czech koruna	Buy		Morgan Stanley	8/23/2011		104,000,000		6,398,425		6,199,478		(198,947)
Czech koruna	Buy		Morgan Stanley	8/23/2011		2,910,000		169,808		173,466		3,658
Czech koruna	Buy		Goldman Sachs	9/26/2011		70,050,000		4,217,085		4,174,708		(42,377)
Czech koruna	Buy		Goldman Sachs	9/26/2011		5,900,000		349,618		351,617		1,999
Czech koruna	Buy		Goldman Sachs	9/26/2011		3,600,000		208,994		214,546		5,552
Czech koruna	Buy		Goldman Sachs	9/26/2011		7,150,000		418,251		426,112		7,861
Czech koruna	Buy		Credit Suisse	10/19/2011		243,200,000		14,401,610		14,491,278		89,668
euro	Buy		Barclays Bank plc	7/1/2011		185,000		269,398		268,278		(1,120)
Hong Kong dollar	Buy		Morgan Stanley	7/5/2011		2,500,000		321,832		321,266		(566)
Hong Kong dollar	Buy		Morgan Stanley	7/5/2011		2,000,000		257,401		257,013		(388)
Hong Kong dollar	Buy		Morgan Stanley	7/5/2011		2,900,000		373,394		372,669		(725)
Hong Kong dollar	Buy		Morgan Stanley	7/5/2011		2,300,000		296,004		295,565		(439)
Hong Kong dollar	Buy		Morgan Stanley	7/5/2011		2,100,000		270,288		269,864		(424)
Hong Kong dollar	Buy		Morgan Stanley	7/5/2011		98,600,000		12,670,916		12,670,753		(163)
Hong Kong dollar	Buy		Morgan Stanley	7/5/2011		2,600,000		334,188		334,117		(71)
Hong Kong dollar	Buy		Merrill Lynch International	8/23/2011		1,900,000		244,219		244,235		16
Hong Kong dollar	Buy		Merrill Lynch International	8/23/2011		1,600,000		205,933		205,671		(262)
Hong Kong dollar	Buy		Merrill Lynch International	8/23/2011		1,350,000		173,496		173,535		39
Hong Kong dollar	Buy		Barclays Bank plc	9/26/2011		41,100,000		5,285,048		5,284,361		(687)
Hong Kong dollar	Buy		Barclays Bank plc	9/26/2011		1,900,000		243,822		244,289		467
Hong Kong dollar	Buy		Morgan Stanley	10/19/2011		119,100,000		15,313,615		15,315,568		1,953
Hong Kong dollar	Buy		Morgan Stanley	10/19/2011		12,380,000		1,592,119		1,591,996		(123)
Hungarian forint	Buy		Credit Suisse	7/1/2011		70,000,000		367,840		381,941		14,101
Hungarian forint	Buy		Credit Suisse	7/1/2011		47,000,000		251,471		256,446		4,975
Hungarian forint	Buy		Credit Suisse	7/1/2011		68,000,000		366,439		371,029		4,590
Hungarian forint	Buy		Credit Suisse	7/1/2011		37,000,000		194,788		201,883		7,095
Hungarian forint	Buy		Credit Suisse	7/1/2011		30,200,000		165,797		164,780		(1,017)
Hungarian forint	Buy		Credit Suisse	7/1/2011		37,800,000		206,455		206,248		(207)
Hungarian forint	Buy		Morgan Stanley	7/1/2011		1,622,000,000		8,141,753		8,850,130		708,377
Hungarian forint	Buy		Morgan Stanley	7/1/2011		34,800,000		180,544		189,879		9,335
Hungarian forint	Buy		Barclays Bank plc	8/23/2011		397,000,000		2,199,568		2,154,163		(45,405)
Hungarian forint	Buy		Barclays Bank plc	8/23/2011		70,000,000		371,106		379,827		8,721
Hungarian forint	Buy		Barclays Bank plc	8/23/2011		39,000,000		204,434		211,618		7,184
Hungarian forint	Buy		Barclays Bank plc	8/23/2011		33,000,000		170,953		179,061		8,108
Hungarian forint	Buy		UBS AG	9/26/2011		530,000,000		2,872,785		2,864,630		(8,155)
Hungarian forint	Buy		UBS AG	9/26/2011		60,000,000		320,410		324,298		3,888
Hungarian forint	Buy		UBS AG	9/26/2011		50,000,000		267,437		270,248		2,811
Hungarian forint	Buy		Morgan Stanley	10/19/2011		1,760,000,000		9,417,304		9,487,919		70,615
Indian rupee	Buy		Goldman Sachs	7/5/2011		11,600,000		257,491		259,493		2,002
Indian rupee	Buy		Goldman Sachs	7/5/2011		13,700,000		305,258		306,470		1,212
Indian rupee	Buy		Goldman Sachs	7/5/2011		289,800,000		6,324,749		6,482,859		158,110
Indian rupee	Buy		Goldman Sachs	7/5/2011		6,900,000		151,117		154,354		3,237
Indian rupee	Buy		Merrill Lynch International	8/23/2011		9,400,000		206,231		208,465		2,234
Indian rupee	Buy		UBS AG	9/26/2011		63,600,000		1,399,032		1,401,550		2,518
Indian rupee	Buy		UBS AG	9/26/2011		111,400,000		2,446,201		2,454,916		8,715
Indian rupee	Buy		Goldman Sachs	10/19/2011		331,500,000		7,266,550		7,276,354		9,804
Indian rupee	Buy		Goldman Sachs	10/19/2011		16,400,000		363,153		359,976		(3,177)
Indonesian rupiah	Buy		UBS AG	7/1/2011		1,900,000,000		218,466		221,561		3,095

See Notes to Financial Statements.

21

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty		Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation (Depreciation)
Indonesian rupiah	Buy		UBS AG	7/1/2011		1,415,000,000	$	162,248	$	165,005	$	2,757
Indonesian rupiah	Buy		UBS AG	7/1/2011		2,385,000,000		277,422		278,118		696
Indonesian rupiah	Buy		UBS AG	7/1/2011		21,500,000,000		2,418,447		2,507,142		88,695
Indonesian rupiah	Buy		UBS AG	7/1/2011		1,800,000,000		205,453		209,900		4,447
Indonesian rupiah	Buy		UBS AG	8/23/2011		26,000,000,000		3,025,014		3,009,074		(15,940)
Indonesian rupiah	Buy		UBS AG	8/23/2011		16,000,000,000		1,848,642		1,851,738		3,096
Indonesian rupiah	Buy		Barclays Bank plc	9/26/2011		20,800,000,000		2,419,533		2,393,651		(25,882)
Indonesian rupiah	Buy		Barclays Bank plc	9/26/2011		7,500,000,000		860,585		863,095		2,510
Indonesian rupiah	Buy		UBS AG	10/19/2011		29,300,000,000		3,358,089		3,358,873		784
Indonesian rupiah	Buy		UBS AG	10/19/2011		2,000,000,000		231,321		229,275		(2,046)
Israeli new shekel	Buy		Morgan Stanley	7/1/2011		875,000		253,859		257,202		3,343
Israeli new shekel	Buy		Morgan Stanley	7/1/2011		890,000		260,158		261,611		1,453
Israeli new shekel	Buy		Morgan Stanley	7/1/2011		805,000		236,745		236,626		(119)
Israeli new shekel	Buy		Morgan Stanley	7/1/2011		940,000		270,815		276,308		5,493
Israeli new shekel	Buy		Morgan Stanley	7/1/2011		11,565,000		3,232,614		3,399,471		166,857
Israeli new shekel	Buy		Morgan Stanley	7/1/2011		635,000		180,706		186,655		5,949
Israeli new shekel	Buy		Barclays Bank plc	8/23/2011		23,050,000		6,777,618		6,756,002		(21,616)
Israeli new shekel	Buy		Barclays Bank plc	8/23/2011		830,000		237,724		243,274		5,550
Israeli new shekel	Buy		Morgan Stanley	10/19/2011		17,310,000		5,026,424		5,058,341		31,917
Malaysian ringgit	Buy		UBS AG	7/1/2011		780,000		257,383		258,321		938
Malaysian ringgit	Buy		Barclays Bank plc	7/1/2011		5,130,000		1,717,442		1,698,957		(18,485)
Malaysian ringgit	Buy		Barclays Bank plc	7/1/2011		605,000		203,594		200,364		(3,230)
Malaysian ringgit	Buy		UBS AG	7/1/2011		6,990,000		2,298,586		2,314,953		16,367
Malaysian ringgit	Buy		UBS AG	7/1/2011		645,000		212,640		213,612		972
Malaysian ringgit	Buy		Barclays Bank plc	8/23/2011		1,050,000		352,231		346,469		(5,762)
Malaysian ringgit	Buy		Barclays Bank plc	8/23/2011		5,340,000		1,767,919		1,762,043		(5,876)
Malaysian ringgit	Buy		Barclays Bank plc	8/23/2011		510,000		169,098		168,285		(813)
Malaysian ringgit	Buy		Goldman Sachs	9/26/2011		10,225,000		3,393,627		3,365,613		(28,014)
Malaysian ringgit	Buy		UBS AG	10/19/2011		14,500,000		4,724,112		4,765,019		40,907
Malaysian ringgit	Buy		UBS AG	10/19/2011		1,310,000		432,700		430,495		(2,205)
Mexican peso	Buy		Morgan Stanley	7/1/2011		4,800,000		402,347		409,959		7,612
Mexican peso	Buy		Morgan Stanley	7/1/2011		7,700,000		647,019		657,642		10,623
Mexican peso	Buy		Morgan Stanley	7/1/2011		3,800,000		322,526		324,551		2,025
Mexican peso	Buy		Morgan Stanley	7/1/2011		4,000,000		342,994		341,632		(1,362)
Mexican peso	Buy		Morgan Stanley	7/1/2011		10,200,000		879,235		871,162		(8,073)
Mexican peso	Buy		Morgan Stanley	7/1/2011		205,700,000		17,023,918		17,568,433		544,515
Mexican peso	Buy		Morgan Stanley	7/1/2011		1,500,000		124,044		128,112		4,068
Mexican peso	Buy		Morgan Stanley	7/1/2011		4,000,000		332,956		341,632		8,676
Mexican peso	Buy		Barclays Bank plc	8/23/2011		25,000,000		2,131,124		2,126,039		(5,085)
Mexican peso	Buy		Barclays Bank plc	8/23/2011		4,000,000		341,413		340,166		(1,247)
Mexican peso	Buy		Barclays Bank plc	8/23/2011		3,600,000		304,280		306,150		1,870
Mexican peso	Buy		Barclays Bank plc	8/23/2011		2,000,000		169,456		170,083		627
Mexican peso	Buy		Barclays Bank plc	8/23/2011		1,600,000		135,872		136,067		195
Mexican peso	Buy		Merrill Lynch International	8/23/2011		2,800,000		236,786		238,116		1,330
Mexican peso	Buy		Barclays Bank plc	8/23/2011		2,400,000		203,426		204,100		674
Mexican peso	Buy		Merrill Lynch International	8/23/2011		2,400,000		205,027		204,100		(927)
Mexican peso	Buy		Merrill Lynch International	8/23/2011		1,700,000		142,277		144,570		2,293
Mexican peso	Buy		Merrill Lynch International	8/23/2011		2,100,000		176,845		178,587		1,742
Mexican peso	Buy		Merrill Lynch International	8/23/2011		3,300,000		274,177		280,637		6,460
Mexican peso	Buy		UBS AG	9/26/2011		176,200,000		14,782,623		14,938,171		155,548
Mexican peso	Buy		UBS AG	9/26/2011		3,700,000		310,645		313,685		3,040
Mexican peso	Buy		Morgan Stanley	10/19/2011		253,120,000		21,304,604		21,412,228		107,624

See Notes to Financial Statements.

22

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty		Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation (Depreciation)
Peruvian Nuevo sol	Buy		Credit Suisse	7/1/2011		8,700,000	$	3,099,394	$	3,164,211	$	64,817
Peruvian Nuevo sol	Buy		Credit Suisse	7/1/2011		550,000		193,457		200,036		6,579
Peruvian Nuevo sol	Buy		Credit Suisse	7/1/2011		9,775,000		3,432,836		3,555,192		122,356
Peruvian Nuevo sol	Buy		Credit Suisse	7/1/2011		5,300,000		1,912,322		1,927,623		15,301
Peruvian Nuevo sol	Buy		Credit Suisse	10/19/2011		15,600,000		5,613,530		5,631,194		17,664
Peruvian Nuevo sol	Buy		Credit Suisse	10/19/2011		3,110,000		1,123,555		1,122,629		(926)
Philippine peso	Buy		UBS AG	7/1/2011		9,465,000		220,014		218,415		(1,599)
Philippine peso	Buy		UBS AG	7/1/2011		10,000,000		231,527		230,760		(767)
Philippine peso	Buy		UBS AG	7/1/2011		11,600,000		270,775		267,682		(3,093)
Philippine peso	Buy		UBS AG	7/1/2011		130,335,000		3,007,407		3,007,615		208
Philippine peso	Buy		UBS AG	7/1/2011		10,500,000		241,877		242,298		421
Philippine peso	Buy		Goldman Sachs	8/23/2011		215,600,000		5,040,916		4,953,955		(86,961)
Philippine peso	Buy		Goldman Sachs	8/23/2011		8,700,000		202,467		199,905		(2,562)
Philippine peso	Buy		Goldman Sachs	8/23/2011		10,400,000		239,907		238,966		(941)
Philippine peso	Buy		UBS AG	10/19/2011		66,000,000		1,508,571		1,509,145		574
Philippine peso	Buy		UBS AG	10/19/2011		14,300,000		328,962		326,981		(1,981)
Polish zloty	Buy		Credit Suisse	7/1/2011		885,000		307,773		322,663		14,890
Polish zloty	Buy		Credit Suisse	7/1/2011		1,050,000		375,375		382,820		7,445
Polish zloty	Buy		Credit Suisse	7/1/2011		1,960,000		709,374		714,598		5,224
Polish zloty	Buy		Credit Suisse	7/1/2011		735,000		260,721		267,974		7,253
Polish zloty	Buy		Credit Suisse	7/1/2011		540,000		199,881		196,879		(3,002)
Polish zloty	Buy		UBS AG	7/1/2011		900,000		336,335		328,131		(8,204)
Polish zloty	Buy		UBS AG	7/1/2011		34,130,000		11,817,457		12,443,488		626,031
Polish zloty	Buy		UBS AG	7/1/2011		1,300,000		445,740		473,968		28,228
Polish zloty	Buy		UBS AG	7/1/2011		520,000		180,957		189,587		8,630
Polish zloty	Buy		UBS AG	7/1/2011		1,050,000		365,993		382,820		16,827
Polish zloty	Buy		Goldman Sachs	8/23/2011		7,360,000		2,747,499		2,670,010		(77,489)
Polish zloty	Buy		Goldman Sachs	8/23/2011		1,200,000		437,347		435,327		(2,020)
Polish zloty	Buy		Goldman Sachs	8/23/2011		660,000		237,212		239,430		2,218
Polish zloty	Buy		Goldman Sachs	8/23/2011		565,000		202,763		204,967		2,204
Polish zloty	Buy		Goldman Sachs	8/23/2011		755,000		270,833		273,894		3,061
Polish zloty	Buy		Goldman Sachs	8/23/2011		1,100,000		394,571		399,050		4,479
Polish zloty	Buy		Goldman Sachs	8/23/2011		760,000		275,892		275,707		(185)
Polish zloty	Buy		Barclays Bank plc	9/26/2011		7,335,000		2,677,371		2,652,203		(25,168)
Polish zloty	Buy		Barclays Bank plc	9/26/2011		1,280,000		451,636		462,825		11,189
Polish zloty	Buy		Barclays Bank plc	9/26/2011		700,000		244,627		253,107		8,480
Polish zloty	Buy		UBS AG	10/19/2011		43,820,000		15,648,323		15,810,194		161,871
Romanian new leu	Buy		Barclays Bank plc	7/1/2011		1,300,000		453,356		445,167		(8,189)
Romanian new leu	Buy		Barclays Bank plc	7/1/2011		845,000		305,011		289,359		(15,652)
Romanian new leu	Buy		Barclays Bank plc	7/1/2011		4,900,000		1,774,655		1,677,938		(96,717)
Romanian new leu	Buy		Barclays Bank plc	7/1/2011		18,220,000		5,931,955		6,239,192		307,237
Romanian new leu	Buy		Barclays Bank plc	7/1/2011		445,000		151,843		152,384		541
Romanian new leu	Buy		Morgan Stanley	8/23/2011		2,225,000		795,779		757,669		(38,110)
Romanian new leu	Buy		Morgan Stanley	8/23/2011		785,000		270,270		267,312		(2,958)
Romanian new leu	Buy		Morgan Stanley	8/23/2011		600,000		203,610		204,315		705
Romanian new leu	Buy		Goldman Sachs	9/26/2011		6,265,000		2,165,197		2,125,666		(39,531)
Romanian new leu	Buy		Barclays Bank plc	9/26/2011		835,000		277,055		283,309		6,254
Romanian new leu	Buy		Barclays Bank plc	10/19/2011		26,900,000		9,115,721		9,092,335		(23,386)
Russian ruble	Buy		Barclays Bank plc	7/1/2011		4,400,000		154,639		157,560		2,921
Russian ruble	Buy		Barclays Bank plc	7/1/2011		10,000,000		353,232		358,092		4,860
Russian ruble	Buy		Barclays Bank plc	7/1/2011		6,500,000		232,911		232,760		(151)
Russian ruble	Buy		Barclays Bank plc	7/1/2011		157,750,000		5,509,954		5,648,908		138,954
Russian ruble	Buy		Barclays Bank plc	7/1/2011		47,100,000		1,653,327		1,686,615		33,288
Russian ruble	Buy		Barclays Bank plc	7/1/2011		4,350,000		151,209		155,770		4,561
Russian ruble	Buy		Barclays Bank plc	8/23/2011		108,500,000		3,933,012		3,866,337		(66,675)
Russian ruble	Buy		Barclays Bank plc	8/23/2011		7,650,000		271,841		272,603		762
Russian ruble	Buy		Barclays Bank plc	8/23/2011		5,850,000		207,389		208,462		1,073

See Notes to Financial Statements.

23

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty		Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation (Depreciation)
Russian ruble	Buy		Barclays Bank plc	10/19/2011		166,200,000	$	5,849,929	$	5,885,474	$	35,545
Singapore dollar	Buy		Goldman Sachs	7/1/2011		690,000		548,392		561,752		13,360
Singapore dollar	Buy		Goldman Sachs	7/1/2011		285,000		228,223		232,028		3,805
Singapore dollar	Buy		Goldman Sachs	7/1/2011		410,000		332,300		333,795		1,495
Singapore dollar	Buy		Goldman Sachs	7/1/2011		915,000		745,266		744,932		(334)
Singapore dollar	Buy		Goldman Sachs	7/1/2011		17,700,000		13,966,700		14,410,160		443,460
Singapore dollar	Buy		Goldman Sachs	7/1/2011		1,900,000		1,502,689		1,546,853		44,164
Singapore dollar	Buy		Goldman Sachs	7/1/2011		300,000		237,680		244,240		6,560
Singapore dollar	Buy		Barclays Bank plc	8/23/2011		6,880,000		5,594,770		5,601,457		6,687
Singapore dollar	Buy		Barclays Bank plc	8/23/2011		415,000		337,007		337,879		872
Singapore dollar	Buy		Barclays Bank plc	8/23/2011		210,000		169,048		170,975		1,927
Singapore dollar	Buy		Barclays Bank plc	8/23/2011		250,000		202,177		203,541		1,364
Singapore dollar	Buy		Barclays Bank plc	8/23/2011		340,000		272,159		276,816		4,657
Singapore dollar	Buy		Barclays Bank plc	8/23/2011		380,000		305,103		309,383		4,280
Singapore dollar	Buy		Barclays Bank plc	8/23/2011		300,000		244,201		244,250		49
Singapore dollar	Buy		Morgan Stanley	9/26/2011		15,400,000		12,515,238		12,539,213		23,975
Singapore dollar	Buy		Morgan Stanley	9/26/2011		340,000		276,276		276,840		564
Singapore dollar	Buy		Morgan Stanley	9/26/2011		215,000		173,532		175,060		1,528
Singapore dollar	Buy		Goldman Sachs	10/19/2011		22,820,000		18,509,206		18,582,549		73,343
Singapore dollar	Buy		Goldman Sachs	10/19/2011		400,000		325,990		325,723		(267)
South African rand	Buy		Morgan Stanley	7/1/2011		3,100,000		456,188		458,458		2,270
South African rand	Buy		Morgan Stanley	7/1/2011		2,300,000		338,434		340,146		1,712
South African rand	Buy		Morgan Stanley	7/1/2011		2,605,000		373,193		385,252		12,059
South African rand	Buy		Morgan Stanley	7/1/2011		1,700,000		241,937		251,412		9,475
South African rand	Buy		Morgan Stanley	7/1/2011		1,460,000		210,087		215,919		5,832
South African rand	Buy		Morgan Stanley	7/1/2011		66,040,000		9,430,917		9,766,630		335,713
South African rand	Buy		Morgan Stanley	7/1/2011		1,050,000		153,083		155,284		2,201
South African rand	Buy		Barclays Bank plc	9/26/2011		43,300,000		6,324,698		6,326,839		2,141
South African rand	Buy		Barclays Bank plc	9/26/2011		1,690,000		242,863		246,937		4,074
South African rand	Buy		Morgan Stanley	10/19/2011		82,955,000		11,948,866		12,079,677		130,811
South African rand	Buy		Morgan Stanley	10/19/2011		4,400,000		641,353		640,716		(637)
Taiwan dollar	Buy		Barclays Bank plc	9/26/2011		38,000,000		1,335,911		1,324,262		(11,649)
Taiwan dollar	Buy		Barclays Bank plc	9/26/2011		13,610,000		477,711		474,294		(3,417)
Thai baht	Buy		Goldman Sachs	7/5/2011		5,900,000		195,883		192,026		(3,857)
Thai baht	Buy		Goldman Sachs	7/5/2011		55,400,000		1,818,779		1,803,092		(15,687)
Thai baht	Buy		Barclays Bank plc	8/23/2011		4,120,000		135,615		133,644		(1,971)
Thai baht	Buy		Barclays Bank plc	8/23/2011		5,200,000		170,428		168,678		(1,750)
Thai baht	Buy		UBS AG	9/26/2011		49,920,000		1,631,639		1,615,381		(16,258)
Thai baht	Buy		Merrill Lynch International	10/19/2011		69,000,000		2,228,682		2,229,245		563
Thai baht	Buy		Merrill Lynch International	10/19/2011		10,900,000		352,922		352,156		(766)
Turkish lira	Buy		Credit Suisse	7/1/2011		430,000		275,552		264,941		(10,611)
Turkish lira	Buy		Credit Suisse	7/1/2011		480,000		313,193		295,748		(17,445)
Turkish lira	Buy		Credit Suisse	7/1/2011		940,000		611,183		579,174		(32,009)
Turkish lira	Buy		Credit Suisse	7/1/2011		300,000		195,567		184,843		(10,724)
Turkish lira	Buy		Goldman Sachs	7/1/2011		255,000		165,396		157,116		(8,280)
Turkish lira	Buy		Credit Suisse	7/1/2011		885,000		576,810		545,286		(31,524)
Turkish lira	Buy		Credit Suisse	7/1/2011		4,200,000		2,625,328		2,587,800		(37,528)
Turkish lira	Buy		Goldman Sachs	7/1/2011		15,580,000		9,678,822		9,599,507		(79,315)
Turkish lira	Buy		Goldman Sachs	7/1/2011		335,000		211,864		206,407		(5,457)
Turkish lira	Buy		Morgan Stanley	8/23/2011		3,040,000		1,942,616		1,854,835		(87,781)
Turkish lira	Buy		Morgan Stanley	8/23/2011		530,000		339,200		323,376		(15,824)
Turkish lira	Buy		Morgan Stanley	8/23/2011		435,000		270,859		265,412		(5,447)
Turkish lira	Buy		Morgan Stanley	8/23/2011		330,000		203,641		201,347		(2,294)
Turkish lira	Buy		Morgan Stanley	8/23/2011		325,000		202,935		198,297		(4,638)
Turkish lira	Buy		Morgan Stanley	8/23/2011		280,000		172,255		170,840		(1,415)

See Notes to Financial Statements.

24

Schedule of Investments (unaudited)(concluded)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund) June 30, 2011

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty		Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation (Depreciation)
Turkish lira	Buy		Barclays Bank plc	9/26/2011		570,000	$	348,018	$	345,615	$	(2,403)
Turkish lira	Buy		Barclays Bank plc	9/26/2011		630,000		383,761		381,995		(1,766)
Turkish lira	Buy		Barclays Bank plc	9/26/2011		5,200,000		3,222,037		3,152,978		(69,059)
Turkish lira	Buy		Goldman Sachs	10/19/2011		5,800,000		3,508,135		3,501,418		(6,717)
Turkish lira	Buy		Goldman Sachs	10/19/2011		24,740,000		14,899,127		14,935,359		36,232
Argentine peso	Sell		Credit Suisse	7/1/2011		20,270,000		4,942,094		4,933,674		8,420
Argentine peso	Sell		UBS AG	8/23/2011		14,225,000		3,414,546		3,428,033		(13,487)
Brazilian real	Sell		UBS AG	7/1/2011		10,730,000		6,723,689		6,875,340		(151,651)
Brazilian real	Sell		Merrill Lynch International	8/23/2011		325,000		205,827		205,949		(122)
Chilean peso	Sell		UBS AG	7/1/2011		1,535,000,000		3,284,125		3,284,476		(351)
Chilean peso	Sell		UBS AG	7/1/2011		2,575,000,000		5,445,471		5,509,789		(64,318)
Chinese yuan renminbi	Sell		Credit Suisse	7/1/2011		3,660,000		564,902		566,213		(1,311)
Colombian peso	Sell		UBS AG	7/1/2011		6,175,000,000		3,500,567		3,490,673		9,894
Colombian peso	Sell		UBS AG	8/23/2011		650,000,000		362,420		366,720		(4,300)
Czech koruna	Sell		Barclays Bank plc	7/1/2011		5,800,000		343,459		345,834		(2,375)
Czech koruna	Sell		Morgan Stanley	8/23/2011		28,200,000		1,680,572		1,681,012		(440)
euro	Sell		Barclays Bank plc	7/1/2011		155,000		223,428		224,773		(1,345)
euro	Sell		Barclays Bank plc	7/1/2011		190,000		270,526		275,529		(5,003)
euro	Sell		Barclays Bank plc	7/1/2011		1,095,000		1,510,498		1,587,914		(77,416)
euro	Sell		Barclays Bank plc	10/19/2011		1,255,000		1,804,664		1,814,412		(9,748)
Hong Kong dollar	Sell		Morgan Stanley	7/5/2011		113,000,000		14,518,823		14,521,248		(2,425)
Hungarian forint	Sell		Credit Suisse	7/1/2011		245,000,000		1,285,279		1,336,795		(51,516)
Hungarian forint	Sell		Morgan Stanley	7/1/2011		51,800,000		275,501		282,637		(7,136)
Hungarian forint	Sell		Barclays Bank plc	8/23/2011		510,100,000		2,767,346		2,767,855		(509)
Indian rupee	Sell		Goldman Sachs	7/5/2011		322,000,000		7,152,377		7,203,177		(50,800)
Indonesian rupiah	Sell		UBS AG	7/1/2011		29,000,000,000		3,364,269		3,381,727		(17,458)
Israeli new shekel	Sell		Barclays Bank plc	8/23/2011		3,220,000		944,234		943,789		445
Malaysian ringgit	Sell		UBS AG	7/1/2011		14,150,000		4,633,343		4,686,206		(52,863)
Mexican peso	Sell		Morgan Stanley	7/1/2011		1,700,000		142,579		145,193		(2,614)
Mexican peso	Sell		Barclays Bank plc	8/23/2011		8,950,000		760,257		761,122		(865)
Peruvian Nuevo sol	Sell		Credit Suisse	7/1/2011		9,125,000		3,288,881		3,318,785		(29,904)
Peruvian Nuevo sol	Sell		Credit Suisse	7/1/2011		15,200,000		5,507,246		5,528,277		(21,031)
Philippine peso	Sell		UBS AG	7/1/2011		111,900,000		2,555,378		2,582,208		(26,830)
Philippine peso	Sell		UBS AG	7/1/2011		60,000,000		1,378,676		1,384,562		(5,886)
Polish zloty	Sell		UBS AG	7/1/2011		1,250,000		449,398		455,739		(6,341)
Polish zloty	Sell		Goldman Sachs	8/23/2011		3,630,000		1,316,379		1,316,867		(488)
Romanian new leu	Sell		Morgan Stanley	8/23/2011		4,300,000		1,470,085		1,464,260		5,825
Russian ruble	Sell		Barclays Bank plc	7/1/2011		70,850,000		2,515,980		2,537,085		(21,105)
Russian ruble	Sell		Barclays Bank plc	7/1/2011		159,250,000		5,667,784		5,702,622		(34,838)
Russian ruble	Sell		Barclays Bank plc	8/23/2011		8,600,000		307,160		306,456		704
Singapore dollar	Sell		Goldman Sachs	7/1/2011		300,000		242,876		244,240		(1,364)
Singapore dollar	Sell		Barclays Bank plc	8/23/2011		1,500,000		1,207,263		1,221,248		(13,985)
Thai baht	Sell		Merrill Lynch International	7/5/2011		61,300,000		1,991,553		1,995,118		(3,565)
Turkish lira	Sell		Goldman Sachs	7/1/2011		270,000		168,329		166,359		1,970
Net Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$	5,067,296

See Notes to Financial Statements.

25

Schedule of Investments (unaudited)

GLOBAL ALLOCATION FUND June 30, 2011

Investments	Shares		Fair Value (000)
INVESTMENTS IN UNDERLYING FUNDS(a) 99.77%
Lord Abbett Affiliated Fund, Inc.—Class I(b)		808,309	$	9,603
Lord Abbett Research Fund, Inc.—Classic Stock Fund—Class I(c)		450,636		13,379
Lord Abbett Global Fund, Inc.—Emerging Markets Currency Fund (formerly, Developing Local Markets Fund)—Class I(d)		3,048,642		21,340
Lord Abbett Investment Trust—Floating Rate Fund—Class I(e)		375,531		3,496
Lord Abbett Securities Trust—Fundamental Equity Fund—Class I(b)		979,411		13,418
Lord Abbett Research Fund, Inc.—Growth Opportunities Fund—Class I*(f)		533,710		13,647
Lord Abbett Investment Trust—High Yield Fund—Class I(g)		2,926,159		23,117
Lord Abbett Securities Trust—International Core Equity Fund—Class I(h)		818,251		10,670
Lord Abbett Securities Trust—International Dividend Income Fund—Class I(i)		6,216,159		56,070
Lord Abbett Securities Trust—International Opportunities Fund—Class I(j)		999,250		14,229
Total Investments in Underlying Funds (cost $164,753,106)				178,969

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.09%
Repurchase Agreement
Repurchase Agreement dated 6/30/2011, 0.01% due 7/01/2011 with Fixed Income Clearing Corp. collateralized by $145,000 of Federal Home Loan Bank at 5.25% due 8/08/2033; value: $159,681; proceeds: $154,734 (cost $154,734)	$	155	$	155
Total Investments in Securities 99.86% (cost $164,907,840)				179,124
Other Assets in Excess of Liabilities 0.14%				257
Net Assets 100.00%			$	179,381

*	Non-income producing security.
(a)	Affiliated issuers (See Note 9).
(b)	Fund investment objective is long-term growth of capital and income without excessive fluctuations in market value.
(c)	Fund investment objective is growth of capital and growth of income consistent with reasonable risk.
(d)	Fund investment objective is to seek high total return.
(e)	Fund investment objective is to seek a high level of current income.
(f)	Fund investment objective is capital appreciation.
(g)	Fund investment objective is to seek high current income and the opportunity for capital appreciation to produce a high total return.
(h)	Fund investment objective is to seek long-term capital appreciation.
(i)	Fund investment objective is to seek a high level of total return.
(j)	Fund investment objective is long-term capital appreciation.

See Notes to Financial Statements.

26

Statements of Assets and Liabilities (unaudited)

June 30, 2011

	Emerging Markets Currency  Fund*		Global Allocation Fund
ASSETS:
Investments in securities, at cost	$	347,342,699	$	164,907,840
Investments in securities, at fair value	$	348,503,591	$	179,124,125
Cash		13,282,530		–
Foreign cash, at value (cost $$32,063 and $0, respectively)		30,137		–
Receivables:
Interest and dividend		2,397,395		1,536,524
Investment securities sold		4,782,437		–
Receivable for variation margin		109,155		–
Capital shares sold		8,937,037		2,216,767
From affiliates (See Note 3)		–		78,069
Unrealized appreciation on forward foreign currency exchange contracts		7,243,050		–
Prepaid expenses and other assets		74,313		47,481
Total assets		385,359,645		183,002,966
LIABILITIES:
Payables:
Investment securities purchased		22,577,372		1,552,816
Capital shares reacquired		344,370		170,799
Management fee		142,386		–
12b-1 distribution fees		75,962		64,498
Directors’ fees		42,876		26,927
Fund administration		11,391		–
To affiliates (See Note 3)		21,832		–
Unrealized depreciation on forward foreign currency exchange contracts		2,175,754		–
Distributions payable		742,166		1,748,419
Accrued expenses		88,362		58,909
Total liabilities		26,222,471		3,622,368
NET ASSETS	$	359,137,174	$	179,380,598
COMPOSITION OF NET ASSETS:
Paid-in capital	$	345,090,459	$	171,567,353
Undistributed (distributions in excess of) net investment income		157,519		(22,242	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency related transactions		8,593,609		(6,380,526	)
Net unrealized appreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		5,295,587		14,216,013
Net Assets	$	359,137,174	$	179,380,598

* Formerly, Developing Local Markets Fund

See Notes to Financial Statements.

27

Statements of Assets and Liabilities (unaudited)(concluded)

June 30, 2011

	Emerging Markets Currency  Fund*		Global Allocation Fund
Net assets by class:
Class A Shares	$	115,684,885	$	123,553,342
Class B Shares	$	2,137,868	$	10,710,397
Class C Shares	$	43,201,058	$	29,778,397
Class F Shares	$	109,097,381	$	3,198,143
Class I Shares	$	88,326,790	$	8,850,642
Class P Shares	$	31,228		–
Class R2 Shares	$	314,509	$	11,401
Class R3 Shares	$	343,455	$	3,278,276
Outstanding shares by class:
Class A Shares (415 million and 430 million shares of common stock authorized, $.001 par value)		16,485,844		10,404,647
Class B Shares (30 million and 15 million shares of common stock authorized, $.001 par value)		303,263		974,628
Class C Shares (100 million and 20 million shares of common stock authorized, $.001 par value)		6,121,126		2,704,766
Class F Shares (100 million and 20 million shares of common stock authorized, $.001 par value)		15,560,397		269,280
Class I Shares (100 million and 15 million shares of common stock authorized, $.001 par value)		12,614,158		741,412
Class P Shares (20 million and 20 million shares of common stock authorized, $.001 par value)		4,454		–
Class R2 Shares (20 million and 20 million shares of common stock authorized, $.001 par value)		44,737		945
Class R3 Shares (20 million and 20 million shares of common stock authorized, $.001 par value)		49,042		274,739
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$7.02		$11.87
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25% and 5.75%, respectively)		$7.18		$12.59
Class B Shares-Net asset value		$7.05		$10.99
Class C Shares-Net asset value		$7.06		$11.01
Class F Shares-Net asset value		$7.01		$11.88
Class I Shares-Net asset value		$7.00		$11.94
Class P Shares-Net asset value		$7.01		–
Class R2 Shares-Net asset value		$7.03		$12.06
Class R3 Shares-Net asset value		$7.00		$11.93

* Formerly, Developing Local Markets Fund

See Notes to Financial Statements.

28

Statements of Operations (unaudited)

For the Six Months Ended June 30, 2011

	Emerging Markets Currency  Fund*			Global Allocation Fund
Investment income:
Dividends	$	–		$	2,876,748
Interest and other		3,521,777			12
Total investment income		3,521,777			2,876,760
Expenses:
Management fee		768,321			210,263
12b-1 distribution plan-Class A		117,817			180,250
12b-1 distribution plan-Class B		11,814			55,023
12b-1 distribution plan-Class C		164,562			133,422
12b-1 distribution plan-Class F		38,770			1,345
12b-1 distribution plan-Class P		70			–
12b-1 distribution plan-Class R2		566			3
12b-1 distribution plan-Class R3		884			6,903
Shareholder servicing		143,977			159,430
Professional		32,187			16,753
Reports to shareholders		17,394			12,818
Fund administration		61,466			–
Custody		45,124			2,004
Directors’ fees		4,209			2,367
Registration		52,141			40,814
Subsidy (See Note 3)		65,703			–
Other		5,546			3,662
Gross expenses		1,530,551			825,057
Expense reductions (See Note 7)		(156	)		(100	)
Expenses assumed by Underlying Funds (See Note 3)		–			(237,748	)
Management fee waived (See Note 3)		–			(210,263	)
Net expenses		1,530,395			376,946
Net investment income		1,991,382			2,499,814
Net realized and unrealized gain:
Net realized gain on investments, futures contracts and foreign currency related transactions		8,130,596			96,027	**
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		5,559,167			6,352,546
Net realized and unrealized gain		13,689,763			6,448,573
Net Increase in Net Assets Resulting From Operations	$	15,681,145		$	8,948,387

* Formerly, Developing Local Markets Fund

** Includes net realized gain from affiliated issuers of $89,992 (See Note 9).

See Notes to Financial Statements.

29

Statements of Changes in Net Assets

	Emerging Markets Currency Fund*
INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Operations:
Net investment income	$	1,991,382		$	4,424,088
Net realized gain on investments, futures contracts and foreign currency related transactions		8,130,596			10,989,549
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		5,559,167			(2,261,658	)
Net increase in net assets resulting from operations		15,681,145			13,151,979
Distributions to shareholders from:
Net investment income
Class A		(1,300,665	)		(2,934,278	)
Class B		(20,882	)		(72,968	)
Class C		(341,376	)		(742,063	)
Class F		(1,002,802	)		(1,691,340	)
Class I		(1,137,207	)		(2,251,834	)
Class P		(354	)		(400	)
Class R2		(1,957	)		(1,030	)
Class R3		(3,969	)		(6,710	)
Net realized gain
Class A		–			(2,047,554	)
Class B		–			(56,431	)
Class C		–			(710,145	)
Class F		–			(1,260,389	)
Class I		–			(1,628,592	)
Class P		–			(239	)
Class R2		–			(1,438	)
Class R3		–			(8,168	)
Total distributions to shareholders		(3,809,212	)		(13,413,579	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		124,421,441			214,871,426
Reinvestment of distributions		2,974,562			10,115,662
Cost of shares reacquired		(55,913,309	)		(141,269,836	)
Net increase in net assets resulting from capital share transactions		71,482,694			83,717,252
Net increase in net assets		83,354,627			83,455,652
NET ASSETS:
Beginning of period	$	275,782,547		$	192,326,895
End of period	$	359,137,174		$	275,782,547
Undistributed net investment income	$	157,519		$	1,975,349

* Formerly, Developing Local Markets Fund.

See Notes to Financial Statements.

30

Statements of Changes in Net Assets (concluded)

	Global Allocation Fund
INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Operations:
Net investment income	$	2,499,814		$	3,844,600
Capital gains received from Underlying Funds		–			397,823
Net realized gain (loss) on investments and foreign currency related transactions		96,027			(721,687	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		6,352,546			12,034,420
Net increase in net assets resulting from operations		8,948,387			15,555,156
Distributions to shareholders from:
Net investment income
Class A		(1,797,120	)		(2,865,161	)
Class B		(138,416	)		(284,751	)
Class C		(385,116	)		(601,037	)
Class F		(47,379	)		(50,152	)
Class I		(144,339	)		(158,392	)
Class R2		(150	)		(279	)
Class R3		(45,083	)		(45,322	)
Total distributions to shareholders		(2,557,603	)		(4,005,094	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		33,373,312			63,613,559
Reinvestment of distributions		2,366,758			3,710,387
Cost of shares reacquired		(20,172,325	)		(35,241,387	)
Net increase in net assets resulting from capital share transactions		15,567,745			32,082,559
Net increase in net assets		21,958,529			43,632,621
NET ASSETS:
Beginning of period	$	157,422,069		$	113,789,448
End of period	$	179,380,598		$	157,422,069
Undistributed (distributions in excess of) net investment income	$	(22,242	)	$	35,547

See Notes to Financial Statements.

31

Financial Highlights

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund)

	Class A Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$6.74			$6.70			$5.72			$6.73			$6.84			$6.80
Investment operations:
Net investment income(a)		.04			.11			.17			.24			.22			.18
Net realized and unrealized gain (loss)		.32			.27			.99			(1.01	)		.31			.17
Total from investment operations		.36			.38			1.16			(.77	)		.53			.35
Distributions to shareholders from:
Net investment income		(.08	)		(.20	)		(.18	)		(.14	)		(.64	)		(.31	)
Net realized gain		–			(.14	)		–			–			–			–
Return of capital		–			–			–			(.10	)		–			–
Total distributions		(.08	)		(.34	)		(.18	)		(.24	)		(.64	)		(.31	)
Net asset value, end of period		$7.02			$6.74			$6.70			$5.72			$6.73			$6.84
Total Return(b)		5.45	%(c)		5.79	%		20.53	%		(11.90	)%		7.98	%		5.22	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.50	%(c)		1.17	%		1.27	%		1.23	%		1.14	%		1.30	%
Expenses, including expense reductions and expenses reimbursed		.50	%(c)		1.17	%		1.27	%		1.22	%		1.14	%		1.30	%
Expenses, excluding expense reductions and expenses reimbursed		.50	%(c)		1.17	%		1.27	%		1.27	%		1.83	%		1.43	%
Net investment income		.64	%(c)		1.68	%		2.69	%		3.59	%		3.25	%		2.70	%
Supplemental Data:
Net assets, end of period (000)		$115,685			$98,279			$109,152			$83,426			$44,148			$50,398
Portfolio turnover rate		74.08	%(c)		113.50	%		90.72	%		83.70	%		301.30	%		271.35	%

^(a)  Calculated using average shares outstanding during the period.

^(b)  Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

^(c)  Not annualized.

See Notes to Financial Statements.

32

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund)

	Class B Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$6.77			$6.73			$5.74			$6.74			$6.85			$6.80
Investment operations:
Net investment income(a)		.02			.07			.13			.19			.18			.14
Net realized and unrealized gain (loss)		.32			.26			.99			(1.00	)		.28			.17
Total from investment operations		.34			.33			1.12			(.81	)		.46			.31
Distributions to shareholders from:
Net investment income		(.06	)		(.15	)		(.13	)		(.11	)		(.57	)		(.26	)
Net realized gain		–			(.14	)		–			–			–			–
Return of capital		–			–			–			(.08	)		–			–
Total distributions		(.06	)		(.29	)		(.13	)		(.19	)		(.57	)		(.26	)
Net asset value, end of period		$7.05			$6.77			$6.73			$5.74			$6.74			$6.85
Total Return(b)		5.04	%(c)		5.10	%		19.68	%		(12.37	)%		7.26	%		4.67	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.88	%(c)		1.83	%		1.93	%		1.88	%		1.79	%		1.95	%
Expenses, including expense reductions and expenses reimbursed		.88	%(c)		1.83	%		1.93	%		1.88	%		1.79	%		1.95	%
Expenses, excluding expense reductions and expenses reimbursed		.88	%(c)		1.83	%		1.93	%		1.95	%		2.46	%		2.08	%
Net investment income		.28	%(c)		1.05	%		2.11	%		2.93	%		2.58	%		2.05	%
Supplemental Data:
Net assets, end of period (000)		$2,138			$2,693			$3,884			$4,105			$3,303			$4,184
Portfolio turnover rate		74.08	%(c)		113.50	%		90.72	%		83.70	%		301.30	%		271.35	%

^(a)  Calculated using average shares outstanding during the period.

^(b)  Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

^(c)  Not annualized.

See Notes to Financial Statements.

33

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund)

	Class C Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$6.78			$6.74			$5.74			$6.75			$6.86			$6.81
Investment operations:
Net investment income(a)		.02			.07			.13			.19			.18			.14
Net realized and unrealized gain (loss)		.32			.26			1.00			(1.01	)		.30			.17
Total from investment operations		.34			.33			1.13			(.82	)		.48			.31
Distributions to shareholders from:
Net investment income		(.06	)		(.15	)		(.13	)		(.11	)		(.59	)		(.26	)
Net realized gain		–			(.14	)		–			–			–			–
Return of capital		–			–			–			(.08	)		–			–
Total distributions		(.06	)		(.29	)		(.13	)		(.19	)		(.59	)		(.26	)
Net asset value, end of period		$7.06			$6.78			$6.74			$5.74			$6.75			$6.86
Total Return(b)		5.08	%(c)		5.09	%		19.85	%		(12.50	)%		7.27	%		4.66	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.82	%(c)		1.82	%		1.91	%		1.87	%		1.79	%		1.95	%
Expenses, including expense reductions and expenses reimbursed		.82	%(c)		1.82	%		1.91	%		1.87	%		1.79	%		1.95	%
Expenses, excluding expense reductions and expenses reimbursed		.82	%(c)		1.82	%		1.91	%		1.91	%		2.47	%		2.08	%
Net investment income		.31	%(c)		1.02	%		2.03	%		2.95	%		2.60	%		2.05	%
Supplemental Data:
Net assets, end of period (000)		$43,201			$34,232			$27,512			$18,407			$5,952			$6,608
Portfolio turnover rate		74.08	%(c)		113.50	%		90.72	%		83.70	%		301.30	%		271.35	%

^(a)  Calculated using average shares outstanding during the period.

^(b)  Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

^(c)  Not annualized.

See Notes to Financial Statements.

34

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund)

	Class F Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31									9/28/2007(a) to 12/31/2007
				2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$6.74			$6.69			$5.71			$6.73			$6.92
Investment operations:
Net investment income(b)		.05			.13			.18			.25			.07
Net realized and unrealized gain (loss)		.31			.27			.99			(1.01	)		.17
Total from investment operations		.36			.40			1.17			(.76	)		.24
Distributions to shareholders from:
Net investment income		(.09	)		(.21	)		(.19	)		(.15	)		(.43	)
Net realized gain		–			(.14	)		–			–			–
Return of capital		–			–			–			(.11	)		–
Total distributions		(.09	)		(.35	)		(.19	)		(.26	)		(.43	)
Net asset value, end of period		$7.01			$6.74			$6.69			$5.71			$6.73
Total Return(c)		5.37	%(d)		6.20	%		20.82	%		(11.76	)%		3.56	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.43	%(d)		.92	%		.98	%		.96	%		.16	%(d)
Expenses, including expense reductions and expenses reimbursed		.43	%(d)		.92	%		.98	%		.96	%		.16	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.43	%(d)		.92	%		.98	%		.98	%		.17	%(d)
Net investment income		.69	%(d)		1.88	%		2.72	%		3.94	%		1.02	%(d)
Supplemental Data:
Net assets, end of period (000)		$109,097			$61,059			$24,463			$710			$10
Portfolio turnover rate		74.08	%(d)		113.50	%		90.72	%		83.70	%		301.30	%

^(a)  Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.

^(b)  Calculated using average shares outstanding during the period.

^(c)  Total return assumes the reinvestment of all distributions.

^(d)  Not annualized.

See Notes to Financial Statements.

35

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund)

	Class I Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$6.73			$6.69			$5.72			$6.73			$6.85			$6.80
Investment operations:
Net investment income(a)		.05			.13			.19			.26			.25			.21
Net realized and unrealized gain (loss)		.31			.27			.98			(1.00	)		.29			.17
Total from investment operations		.36			.40			1.17			(.74	)		.54			.38
Distributions to shareholders from:
Net investment income		(.09	)		(.22	)		(.20	)		(.15	)		(.66	)		(.33	)
Net realized gain		–			(.14	)		–			–			–			–
Return of capital		–			–			–			(.12	)		–			–
Total distributions		(.09	)		(.36	)		(.20	)		(.27	)		(.66	)		(.33	)
Net asset value, end of period		$7.00			$6.73			$6.69			$5.72			$6.73			$6.85
Total Return(b)		5.43	%(c)		6.17	%		20.89	%		(11.47	)%		8.20	%		5.75	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.39	%(c)		.83	%		.92	%		.88	%		.77	%		.95	%
Expenses, including expense reductions and expenses reimbursed		.39	%(c)		.83	%		.92	%		.87	%		.77	%		.95	%
Expenses, excluding expense reductions and expenses reimbursed		.39	%(c)		.83	%		.92	%		.90	%		1.45	%		1.08	%
Net investment income		.76	%(c)		2.00	%		3.06	%		3.96	%		3.64	%		3.03	%
Supplemental Data:
Net assets, end of period (000)		$88,327			$79,092			$27,176			$19,830			$888			$1,041
Portfolio turnover rate		74.08	%(c)		113.50	%		90.72	%		83.70	%		301.30	%		271.35	%

^(a) Calculated using average shares outstanding during the period.

^(b) Total return assumes the reinvestment of all distributions.

^(c) Not annualized.

See Notes to Financial Statements.

36

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund)

	Class P Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$6.74			$6.69			$5.71			$6.71			$6.82			$6.77
Investment operations:
Net investment income(a)		.04			.11			.16			.24			.22			.18
Net realized and unrealized gain (loss)		.31			.27			.99			(1.01	)		.30			.17
Total from investment operations		.35			.38			1.15			(.77	)		.52			.35
Distributions to shareholders from:
Net investment income		(.08	)		(.19	)		(.17	)		(.13	)		(.63	)		(.30	)
Net realized gain		–			(.14	)		–			–			–			–
Return of capital		–			–			–			(.10	)		–			–
Total distributions		(.08	)		(.33	)		(.17	)		(.23	)		(.63	)		(.30	)
Net asset value, end of period		$7.01			$6.74			$6.69			$5.71			$6.71			$6.82
Total Return(b)		5.20	%(c)		5.87	%		20.43	%		(11.91	)%		7.96	%		5.34	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.60	%(c)		1.27	%		1.32	%		1.30	%		1.17	%		1.22	%
Expenses, including expense reductions and expenses reimbursed		.60	%(c)		1.27	%		1.32	%		1.30	%		1.17	%		1.22	%
Expenses, excluding expense reductions and expenses reimbursed		.60	%(c)		1.27	%		1.32	%		1.37	%		1.93	%		1.50	%
Net investment income		.55	%(c)		1.61	%		2.50	%		3.52	%		3.30	%		2.60	%
Supplemental Data:
Net assets, end of period (000)		$31			$32			$16			$4			$9			$2
Portfolio turnover rate		74.08	%(c)		113.50	%		90.72	%		83.70	%		301.30	%		271.35	%

^(a) Calculated using average shares outstanding during the period.

^(b) Total return assumes the reinvestment of all distributions.

^(c) Not annualized.

See Notes to Financial Statements.

37

Financial Highlights (continued)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund)

	Class R2 Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31									9/28/2007(a) to 12/31/2007
				2010			2009			2008
Per Share Operating Performance(a)
Net asset value, beginning of period		$6.75			$6.71			$5.72			$6.73			$6.92
Investment operations:
Net investment income(b)		.03			.09			.15			.25			.06
Net realized and unrealized gain (loss)		.32			.27			1.00			(1.01	)		.17
Total from investment operations		.35			.36			1.15			(.76	)		.23
Distributions to shareholders from:
Net investment income		(.07	)		(.18	)		(.16	)		(.14	)		(.42	)
Net realized gain		–			(.14	)		–			–			–
Return of capital		–			–			–			(.11	)		–
Total distributions		(.07	)		(.32	)		(.16	)		(.25	)		(.42	)
Net asset value, end of period		$7.03			$6.75			$6.71			$5.72			$6.73
Total Return(c)		5.25	%(d)		5.54	%		20.12	%		(11.63	)%		3.45	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.68	%(d)		1.42	%		1.50	%		1.08	%		.27	%(d)
Expenses, including expense reductions and expenses reimbursed		.68	%(d)		1.42	%		1.50	%		1.07	%		.27	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.68	%(d)		1.42	%		1.50	%		1.15	%		.28	%(d)
Net investment income		.43	%(d)		1.39	%		2.44	%		3.74	%		.92	%(d)
Supplemental Data:
Net assets, end of period (000)		$315			$70			$23			$12			$10
Portfolio turnover rate		74.08	%(d)		113.50	%		90.72	%		83.70	%		301.30	%

^(a) Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.

^(b) Calculated using average shares outstanding during the period.

^(c) Total return assumes the reinvestment of all distributions.

^(d) Not annualized.

See Notes to Financial Statements.

38

Financial Highlights (concluded)

EMERGING MARKETS CURRENCY FUND (formerly, Developing Local Markets Fund)

	Class R3 Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31									9/28/2007(a) to 12/31/2007
				2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$6.73			$6.70			$5.72			$6.73			$6.92
Investment operations:
Net investment income(b)		.04			.10			.16			.23			.07
Net realized and unrealized gain (loss)		.31			.26			.99			(.99	)		.17
Total from investment operations		.35			.36			1.15			(.76	)		.24
Distributions to shareholders from:
Net investment income		(.08	)		(.19	)		(.17	)		(.14	)		(.43	)
Net realized gain		–			(.14	)		–			–			–
Return of capital		–			–			–			(.11	)		–
Total distributions		(.08	)		(.33	)		(.17	)		(.25	)		(.43	)
Net asset value, end of period		$7.00			$6.73			$6.70			$5.72			$6.73
Total Return(c)		5.17	%(d)		5.49	%		20.33	%		(11.76	)%		3.48	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.63	%(d)		1.33	%		1.41	%		1.26	%		.25	%(d)
Expenses, including expense reductions and expenses reimbursed		.63	%(d)		1.33	%		1.41	%		1.26	%		.25	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.63	%(d)		1.33	%		1.41	%		1.30	%		.25	%(d)
Net investment income		.51	%(d)		1.48	%		2.52	%		3.50	%		.95	%(d)
Supplemental Data:
Net assets, end of period (000)		$343			$326			$103			$57			$10
Portfolio turnover rate		74.08	%(d)		113.50	%		90.72	%		83.70	%		301.30	%

^(a) Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.

^(b) Calculated using average shares outstanding during the period.

^(c) Total return assumes the reinvestment of all distributions.

^(d) Not annualized.

See Notes to Financial Statements.

39

Financial Highlights

GLOBAL ALLOCATION FUND

	Class A Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$11.41			$10.56			$  7.95			$13.15			$13.17			$12.23
Investment operations:
Net investment income(a)		.18			.33			.28			.26			.06			.05
Net realized and unrealized gain (loss)		.46			.84			2.66			(5.10	)		1.48			2.13
Total from investment operations		.64			1.17			2.94			(4.84	)		1.54			2.18
Distributions to shareholders from:
Net investment income		(.18	)		(.32	)		(.33	)		(.17	)		(.03	)		(.04	)
Net realized gain		–			–			–			(.19	)		(1.53	)		(1.20	)
Total distributions		(.18	)		(.32	)		(.33	)		(.36	)		(1.56	)		(1.24	)
Net asset value, end of period		$11.87			$11.41			$10.56			$  7.95			$13.15			$13.17
Total Return(b)		5.60	%(c)		11.36	%		37.83	%		(37.33	)%		11.82	%		18.12	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.16	%(c)(d)		.35	%(d)		.35	%(d)		1.07	%(d)		1.60	%		1.60	%
Expenses, including expense reductions, expenses assumed and management fee waived		.16	%(c)(d)		.35	%(d)		.35	%(d)		1.06	%(d)		1.60	%		1.60	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.42	%(c)(d)		.94	%(d)		1.17	%(d)		1.60	%(d)		1.71	%		1.83	%
Net investment income		1.54	%(c)(d)		3.07	%(d)		3.15	%(d)		2.40	%(d)		.45	%		.36	%
Supplemental Data:
Net assets, end of period (000)		$123,553			$107,234			$83,625			$53,568			$94,321			$83,067
Portfolio turnover rate		1.30	%(c)		9.48	%		6.81	%		147.44	%		87.01	%		95.23	%

^(a)  Calculated using average shares outstanding during the period.

^(b)  Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

^(c)  Not annualized.

^(d)  Does not include expenses of the Underlying Funds in which the Fund invests.

See Notes to Financial Statements.

40

Financial Highlights (continued)

GLOBAL ALLOCATION FUND

	Class B Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.57			$  9.81			$7.38			$12.25			$12.42			$11.65
Investment operations:
Net investment income (loss)(a)		.12			.23			.21			.18			(.03	)		(.04	)
Net realized and unrealized gain (loss)		.44			.79			2.48			(4.74	)		1.39			2.02
Total from investment operations		.56			1.02			2.69			(4.56	)		1.36			1.98
Distributions to shareholders from:
Net investment income		(.14	)		(.26	)		(.26	)		(.12	)		–			(.01	)
Net realized gain		–			–			–			(.19	)		(1.53	)		(1.20	)
Total distributions		(.14	)		(.26	)		(.26	)		(.31	)		(1.53	)		(1.21	)
Net asset value, end of period		$10.99			$10.57			$9.81			$  7.38			$12.25			$12.42
Total Return(b)		5.31	%(c)		10.60	%		37.10	%		(37.74	)%		11.08	%		17.28	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.49	%(c)(d)		1.00	%(d)		1.00	%(d)		1.72	%(d)		2.25	%		2.25	%
Expenses, including expense reductions, expenses assumed and management fee waived		.49	%(c)(d)		1.00	%(d)		1.00	%(d)		1.72	%(d)		2.25	%		2.25	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.75	%(c)(d)		1.59	%(d)		1.82	%(d)		2.26	%(d)		2.36	%		2.48	%
Net investment income (loss)		1.13	%(c)(d)		2.35	%(d)		2.49	%(d)		1.74	%(d)		(.20	)%		(.29	)%
Supplemental Data:
Net assets, end of period (000)		$10,710			$11,389			$10,668			$7,194			$12,653			$11,502
Portfolio turnover rate		1.30	%(c)		9.48	%		6.81	%		147.44	%		87.01	%		95.23	%

^(a)  Calculated using average shares outstanding during the period.

^(b)  Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

^(c)  Not annualized.

^(d)  Does not include expenses of the Underlying Funds in which the Fund invests.

See Notes to Financial Statements.

41

Financial Highlights (continued)

GLOBAL ALLOCATION FUND

	Class C Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.59			$  9.83			$7.40			$12.28			$12.44			$11.67
Investment operations:
Net investment income (loss)(a)		.13			.24			.22			.18			(.03	)		(.04	)
Net realized and unrealized gain (loss)		.44			.78			2.47			(4.75	)		1.40			2.02
Total from investment operations		.57			1.02			2.69			(4.57	)		1.37			1.98
Distributions to shareholders from:
Net investment income		(.15	)		(.26	)		(.26	)		(.12	)		–			(.01	)
Net realized gain		–			–			–			(.19	)		(1.53	)		(1.20	)
Total distributions		(.15	)		(.26	)		(.26	)		(.31	)		(1.53	)		(1.21	)
Net asset value, end of period		$11.01			$10.59			$9.83			$  7.40			$12.28			$12.44
Total Return(b)		5.34	%(c)		10.58	%		37.00	%		(37.73	)%		11.14	%		17.25	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.47	%(c)(d)		1.00	%(d)		1.00	%(d)		1.71	%(d)		2.25	%		2.25	%
Expenses, including expense reductions, expenses assumed and management fee waived		.47	%(c)(d)		1.00	%(d)		1.00	%(d)		1.71	%(d)		2.25	%		2.25	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.74	%(c)(d)		1.59	%(d)		1.80	%(d)		2.25	%(d)		2.36	%		2.48	%
Net investment income (loss)		1.22	%(c)(d))		2.46	%(d)		2.55	%(d)		1.76	%(d)		(.20	)%		(.30	)%
Supplemental Data:
Net assets, end of period (000)		$29,778			$25,893			$17,741			$9,428			$16,104			$12,681
Portfolio turnover rate		1.30	%(c)		9.48	%		6.81	%		147.44	%		87.01	%		95.23	%

^(a)  Calculated using average shares outstanding during the period.

^(b)  Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

^(c)  Not annualized.

^(d)  Does not include expenses of the Underlying Funds in which the Fund invests.

See Notes to Financial Statements.

42

Financial Highlights (continued)

GLOBAL ALLOCATION FUND

	Class F Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31									9/28/2007(a) to 12/31/2007
				2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$11.41			$10.56			$  7.95			$13.12			$14.71
Investment operations:
Net investment income(b)		.20			.39			.35			.32			.01
Net realized and unrealized gain (loss)		.46			.80			2.61			(5.11	)		(.26	)
Total from investment operations		.66			1.19			2.96			(4.79	)		(.25	)
Distributions to shareholders from:
Net investment income		(.19	)		(.34	)		(.35	)		(.19	)		(.07	)
Net realized gain		–			–			–			(.19	)		(1.27	)
Total distributions		(.19	)		(.34	)		(.35	)		(.38	)		(1.34	)
Net asset value, end of period		$11.88			$11.41			$10.56			$  7.95			$13.12
Total Return(c)		5.79	%(d)		11.57	%		38.16	%		(37.09	)%		(1.67	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.05	%(d)(e)		.10	%(e)		.10	%(e)		.62	%(e)		.30	%(d)
Expenses, including expense reductions, expenses assumed and management fee waived		.05	%(d)(e)		.10	%(e)		.10	%(e)		.61	%(e)		.30	%(d)
Expenses, excluding expense reductions, expenses assumed and management fee waived		.32	%(d)(e)		.69	%(e)		.83	%(e)		1.26	%(e)		.39	%(d)
Net investment income		1.72	%(d)(e)		3.63	%(e)		3.66	%(e)		3.02	%(e)		.040	%(d)
Supplemental Data:
Net assets, end of period (000)		$3,198			$2,256			$641			$9			$10
Portfolio turnover rate		1.30	%(d)		9.48	%		6.81	%		147.44	%		87.01	%

^(a) Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.

^(b) Calculated using average shares outstanding during the period.

^(c) Total return assumes the reinvestment of all distributions.

^(d) Not annualized.

^(e) Does not include expenses of Underlying Funds in which the Fund invests.

See Notes to Financial Statements.

43

Financial Highlights (continued)

GLOBAL ALLOCATION FUND

	Class I Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$11.47			$10.61			$  7.98			$13.18			$13.19			$12.25
Investment operations:
Net investment income(a)		.20			.37			.32			.31			.11			.09
Net realized and unrealized gain (loss)		.47			.84			2.67			(5.13	)		1.49			2.14
Total from investment operations		.67			1.21			2.99			(4.82	)		1.60			2.23
Distributions to shareholders from:
Net investment income		(.20	)		(.35	)		(.36	)		(.19	)		(.08	)		(.09	)
Net realized gain		–			–			–			(.19	)		(1.53	)		(1.20	)
Total distributions		(.20	)		(.35	)		(.36	)		(.38	)		(1.61	)		(1.29	)
Net asset value, end of period		$11.94			$11.47			$10.61			$  7.98			$13.18			$13.19
Total Return(b)		5.81	%(c)		11.69	%		38.39	%		(37.10	)%		12.25	%		18.46	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.00	%(c)(d)		.00	%(d)		.00	%(d)		.69	%(d)		1.25	%		1.25	%
Expenses, including expense reductions, expenses assumed and management fee waived		.00	%(c)(d)		.00	%(d)		.00	%(d)		.69	%(d)		1.25	%		1.25	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.26	%(c)(d)		.60	%(d)		.80	%(d)		1.25	%(d)		1.36	%		1.48	%
Net investment income		1.66	%(c)(d)		3.40	%(d)		3.55	%(d)		2.85	%(d)		.78	%		.70	%
Supplemental Data:
Net assets, end of period (000)		$8,851			$8,460			$1,055			$557			$804			$582
Portfolio turnover rate		1.30	%(c)		9.48	%		6.81	%		147.44	%		87.01	%		95.23	%

^(a)  Calculated using average shares outstanding during the period.

^(b)  Total return assumes the reinvestment of all distributions.

^(c)  Not annualized.

^(d)  Does not include expenses of the Underlying Funds in which the Fund invests.

See Notes to Financial Statements.

44

Financial Highlights (continued)

GLOBAL ALLOCATION FUND

	Class R2 Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31						6/23/2008(a) to 12/31/2008
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period		$11.55			$10.64			$  7.96			$  11.83
Investment operations:
Net investment income(b)		.20			.36			.31			.18
Net realized and unrealized gain (loss)		.47			.85			2.68			(3.70	)
Total from investment operations		.67			1.21			2.99			(3.52	)
Distributions to shareholders from:
Net investment income		(.16	)		(.30	)		(.31	)		(.16	)
Net realized gain		–			–			–			(.19	)
Total distributions		(.16	)		(.30	)		(.31	)		(.35	)
Net asset value, end of period		$12.06			$11.55			$10.64			$7.96
Total Return(c)		5.81	%(d)		11.63	%		38.36	%		(30.36	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.01	%(d)(e)		.05	%(e)		.00	%(e)		.32	%(d)(e)
Expenses, including expense reductions, expenses assumed and management fee waived		.01	%(d)(e)		.05	%(e)		.00	%(e)		.32	%(d)(e)
Expenses, excluding expense reductions, expenses assumed and management fee waived		.28	%(d)(e)		.65	%(e)		.81	%(e)		.87	%(d)(e)
Net investment income		1.65	%(d)(e)		3.38	%(e)		3.46	%(e)		1.88	%(d)(e)
Supplemental Data:
Net assets, end of period (000)		$11			$11			$10			$7
Portfolio turnover rate		1.30	%(d)		9.48	%		6.81	%		147.44	%

^(a) Commencement of operations was 6/23/2008, SEC effective date was 9/14/2007 and date shares first became available to the public was 7/1/2008.

^(b) Calculated using average shares outstanding during the period.

^(c) Total return assumes the reinvestment of all distributions.

^(d) Not annualized.

^(e) Does not include expenses of Underlying Funds in which the Fund invests.

See Notes to Financial Statements.

45

Financial Highlights (concluded)

GLOBAL ALLOCATION FUND

	Class R3 Shares
	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31						6/23/2008(a) to 12/31/2008
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period		$11.47			$10.62			$7.95			$11.83
Investment operations:
Net investment income(b)		.18			.34			.37			.18
Net realized and unrealized gain (loss)		.45			.82			2.62			(3.70	)
Total from investment operations		.63			1.16			2.99			(3.52	)
Distributions to shareholders from:
Net investment income		(.17	)		(.31	)		(.32	)		(.17	)
Net realized gain		–			–			–			(.19	)
Total distributions		(.17	)		(.31	)		(.32	)		(.36	)
Net asset value, end of period		$11.93			$11.47			$10.62			$7.95
Total Return(c)		5.50	%(d)		11.17	%		38.40	%		(30.40	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.24	%(d)(e)		.50	%(e)		.26	%(e)		.27	%(d)(e)
Expenses, including expense reductions, expenses assumed and management fee waived		.24	%(d)(e)		.50	%(e)		.26	%(e)		0.26	%(d)(e)
Expenses, excluding expense reductions, expenses assumed and management fee waived		.51	%(d)(e)		1.10	%(e)		.92	%(e)		.82	%(d)(e)
Net investment income		1.54	%(d)(e)		3.20	%(e)		3.79	%(e)		1.93	%(d)(e)
Supplemental Data:
Net assets, end of period (000)		$3,278			$2,179			$51			$7
Portfolio turnover rate		1.30	%(d)		9.48	%		6.81	%		147.44	%

^(a) Commencement of operations was 6/23/2008, SEC effective date was 9/14/2007 and date shares first became available to the public was 7/1/2008.

^(b) Calculated using average shares outstanding during the period.

^(c) Total return assumes the reinvestment of all distributions.

^(d) Not annualized.

^(e) Does not include expenses of Underlying Funds in which the Fund invests.

See Notes to Financial Statements.

46

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Global Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law on February 23, 1988. The Company consists of the following two portfolios (the “Funds”) and their respective classes: Lord Abbett Emerging Markets Currency Fund (“Emerging Markets Currency Fund”, formerly, Developing Local Markets Fund), Class A, B, C, F, I, P, R2 and R3 shares; and Lord Abbett Global Allocation Fund (“Global Allocation Fund”), Class A, B, C, F, I, R2 and R3 shares. As of the date of this report, Global Allocation has not issued Class P shares. Global Allocation Fund is diversified as defined in the Act and Emerging Markets Currency Fund is non-diversified as defined in the Act. Effective January 31, 2011, Developing Local Markets Fund changed its name to Emerging Markets Currency Fund.

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

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC (“NYSE”). Each Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued at the mean between the bid and asked prices on the basis of prices supplied by independent pricing

47

Notes to Financial Statements (unaudited)(continued)

services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Forward foreign currency exchange contracts are valued using daily forward exchange rates. 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. Securities for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. 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. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current fair value.

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

(c) Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

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

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds’ U.S. federal tax returns remains open for the fiscal years ended December 31, 2007 through December 31, 2010. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e) Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A, B, C, F, P, R2 and R3 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.

(f) Foreign Transactions–The books and records of Emerging Markets Currency Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized

48

Notes to Financial Statements (unaudited)(continued)

gain on investments, futures contracts and foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g) Forward Foreign Currency Exchange Contracts–Emerging Markets Currency Fund may enter into forward foreign currency exchange contracts in order to reduce its exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or gain or reduce exposure to foreign currency for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized gain on investments, futures contracts and foreign currency related transactions on the Fund’s Statement of Operations.

(h) Futures Contracts–Emerging Markets Currency Fund may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position for holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

(i) When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–Emerging Markets Currency Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by 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 the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund generally has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

49

Notes to Financial Statements (unaudited)(continued)

(j) Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a Fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2011 in valuing each Fund’s investments carried at fair value:

Emerging Markets Currency Fund
Investment Type*	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	–	$	57,039,967	$	–	$	57,039,967
Corporate Bonds		–		149,748,775		–		149,748,775
Foreign Government Obligations		–		35,587,537		–		35,587,537
Government Sponsored Enterprises Collateralized Mortgage Obligations		–		9,298,404		–		9,298,404
Government Sponsored Enterprises Pass-Throughs		–		20,998,789		–		20,998,789
Non-Agency Commercial Mortgage-Backed Securities		–		75,830,119		–		75,830,119
Total	$	–	$	348,503,591	$	–	$	348,503,591

50

Notes to Financial Statements (unaudited)(continued)

Emerging Markets Currency Fund
Other Financial Instruments	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Exchange Contracts
Asset	$	–		$	7,243,050		$	–	$	7,243,050
Liabilities		–			(2,175,754	)		–		(2,175,754	)
Futures Contracts
Asset		–			–			–		–
Liabilities		(337,708	)		–			–		(337,708	)
Total	$	(337,708	)	$	5,067,296		$	–	$	4,729,588

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

Global Allocation Fund
Investment Type	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Investment in Underlying Funds	$	178,969	$	–	$	–	$	178,969
Repurchase Agreement		–		155		–		155
Total	$	178,969	$	155	$	–	$	179,124

(l) Disclosures about Derivative Instruments and Hedging Activities–Emerging Markets Currency Fund entered into forward foreign currency exchange contracts during the six months ended June 30, 2011 (as described in note 2(g)). A forward foreign currency exchange contract reduces the Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. The Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and the Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on foreign currency exchange contracts and deposits as collateral.

Emerging Markets Currency Fund entered into U.S. Treasury futures contracts during the for the six months ended June 30, 2011 (as described in note 2(h)) to hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

51

Notes to Financial Statements (unaudited)(continued)

At June 30, 2011, the Emerging Markets Currency Fund had the following derivatives, grouped into appropriate risk categories that illustrate how and why the Funds use derivative instruments.

Asset Derivatives	Interest Rate Contracts		Forward Foreign Currency Exchange Contracts		Fair Value
Forward Foreign Currency Exchange Contracts(1)	$	–	$	7,243,050	$	7,243,050
Total	$	–	$	7,243,050	$	7,243,050
Liability Derivatives
Futures Contracts(2)	$	337,708	$	–	$	337,708
Forward Foreign Currency Exchange Contracts(3)		–		2,175,754		2,175,754
Total	$	337,708	$	2,175,754	$	2,513,462

⁽¹⁾  Statement of Assets & Liabilities location: Unrealized appreciation on forward foreign currency contracts.

⁽²⁾  Statement of Assets & 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 statement of assets and liabilities.

⁽³⁾  Statement of Assets & Liabilities location: Unrealized depreciation on forward currency contracts.

Transactions in derivative instruments during the six months ended June 30, 2011, were as follows:

	Interest Rate Contracts			Forward Foreign Currency Exchange Contracts		Total
Net Realized Gain (Loss)(1)
Futures Contracts	$	(783,420	)	$	–	$	(783,420	)
Forward Foreign Currency Exchange Contracts	$	–		$	9,079,648	$	9,079,648
Net Change in Unrealized Appreciation/Depreciation(2)
Futures Contracts	$	(845,065	)	$	–	$	(845,065	)
Forward Foreign Currency Exchange Contracts	$	–		$	5,632,202	$	5,632,202
Average Number of Contracts/ Notional Amounts*
Futures Contracts(3)		489			–		489
Forward Foreign Currency Exchange Contracts(4)	$	–		$	363,176,176	$	363,176,176

* Calculated based on the number of contracts or notional amounts for the six months ended June 30, 2011.

⁽¹⁾  Statement of Operations location: Net realized gain (loss) on investments, futures contracts, and foreign currency related transactions.

⁽²⁾  Statement of Operations location: Net change in unrealized appreciation/depreciation on investments, futures contracts, and translation of assets and liabilities denominated in foreign currencies.

⁽³⁾  Amount represents number of contracts.

⁽⁴⁾  Amount represents notional amount in U.S. dollars.

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

52

Notes to Financial Statements (unaudited)(continued)

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

Emerging Markets Currency Fund
First $1 billion	.50%
Next $1 billion	.45%
Global Allocation Fund	.25%	(1)

⁽¹⁾ For the period January 1, 2010 through April 30, 2011, Lord Abbett contractually agreed to waive all of its management fee for Global Allocation Fund. For the period May 1, 2011 through April 30, 2012, Lord Abbett has contractually agreed to waive .20% of its management fee. This agreement may be terminated only upon approval of the Board of Directors. Effective May 1, 2011, Lord Abbett voluntarily agreed to waive an additional .05% of its management fee. Lord Abbett may discontinue the voluntary waiver or change the level of its voluntary waiver at any time.

For the six months ended June 30, 2011, the effective management fee paid to Lord Abbett was at an annualized rate of .50% and .00% of average daily net assets for the Emerging Markets Currency Fund and Global Allocation Fund, respectively.

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

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

As of June 30, 2011, the percentages of Emerging Markets Currency Fund’s outstanding shares owned by Lord Abbett Balanced Strategy Fund, Lord Abbett Diversified Income Strategy Fund, Lord Abbett Global Allocation Fund and Lord Abbett Growth & Income Strategy Fund were 8.11%, 2.23%, 5.96% and 3.81%, respectively.

12b-1 Distribution Plan

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

Emerging Markets Currency Fund
Fees*	Class A(1)	Class B	Class C(2)	Class F	Class P	Class R2	Class R3
Service	.15%	.25%	.25%	–	.25%	.25%	.25%
Distribution	.05%	.75%	.75%	.10%	.20%	.35%	.25%

53

Notes to Financial Statements (unaudited)(continued)

Global Allocation Fund
Fees*	Class A(3)	Class B	Class C	Class F	Class P	Class R2	Class R3
Service	.25%	.25%	.25%	–	.25%	.25%	.25%
Distribution	–	.75%	.75%	.10%	.20%	.35%	.25%

* The Fund may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. (“FINRA”) sales charge limitations.

⁽¹⁾ For the period January 1, 2011 though January 31, 2011, the Class A 12b-1 fee was .35% (.25% service, .10% distribution) of the Fund’s average daily net assets attributable to Class A shares. Effective February 1, 2011, this 12b-1 fee was reduced to .20% (.15% service, .05% distribution) of the Fund’s average daily net assets attributable to Class A shares.

⁽²⁾ Effective February 1, 2011, Class C 12b-1 fee was reduced to a blended rate calculated based on 1.00% of the Fund’s average daily net assets attributable to Class C shares held for less than one year and .80% (.05% service, .75% distribution) of the Fund’s average daily net assets attributable to Class C shares held for one year or more. All Class C shareholders of the Fund bear Rule 12b-1 fees at the same rate.

⁽³⁾ For the period January 1, 2011 though April 30, 2011, the Class A 12b-1 fee was .35% (.25% service, .10% distribution) of the Fund’s average daily net assets attributable to Class A shares. Effective May 1, 2011, this 12b-1 fee was reduced to .25% (.25% service, .00% distribution) of the Fund’s average daily net assets attributable to Class A shares.

Class I shares do not have a distribution plan.

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended June 30, 2011:

	Distributor Commissions		Dealers’ Concessions
Emerging Markets Currency Fund	$	14,368	$	94,003
Global Allocation Fund		83,250		473,855

Distributor received the following amount of CDSCs for the six months ended June 30, 2011:

	Class A		Class C
Emerging Markets Currency Fund	$	690	$	5,095
Global Allocation Fund		602		2,225

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

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

54

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended June 30, 2011 and the fiscal year ended December 31, 2010 was as follows:

			Emerging Markets Currency Fund		Global Allocation Fund
	Six Months Ended 6/30/2011 (unaudited)		Year Ended 12/31/2010		Six Months Ended 6/30/2011 (unaudited)		Year Ended 12/31/2010
Distributions paid from:
Ordinary income	$	3,809,212	$	10,064,119	$	2,557,603	$	4,005,094
Net long-term capital gains		–		3,349,460		–		–
Total distributions paid	$	3,809,212	$	13,413,579	$	2,557,603	$	4,005,094

As of December 31, 2010, the capital loss carryforwards, along with the related expiration dates, were as follows:

	2016		2017		2018		Total
Global Allocation Fund	$	3,583,054	$	1,738,042	$	8,248	$	5,329,344

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Emerging Markets Currency Fund			Global Allocation Fund
Tax cost	$	348,648,573		$	166,055,049
Gross unrealized gain		914,179			13,069,076
Gross unrealized loss		(1,059,161	)		–
Net unrealized security gain (loss)	$	(144,982	)	$	13,069,076

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

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Funds.

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2011 were as follows:

	U.S. Government Purchases*		Non-U.S. Government Purchases		U.S. Government Sales*		Non-U.S. Government Sales
Emerging Markets Currency Fund	$	75,227,646	$	260,430,171	$	69,450,272	$	147,574,816
Global Allocation Fund		–		17,587,122		–		2,221,708

* Includes U.S. Government sponsored enterprises securities.

55

Notes to Financial Statements (unaudited)(continued)

6.    DIRECTORS’ REMUNERATION

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

7.    EXPENSE REDUCTIONS

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

8.    CUSTODIAN AND ACCOUNTING AGENT

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

9.    TRANSACTIONS WITH AFFILIATED ISSUERS

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. The Fund had the following transactions with affiliated issuers (i.e., the Underlying Funds) during the six months ended June 30, 2011:

Affiliated Issuer	Balance of Shares Held at 12/31/2010		Gross Additions		Gross Sales			Balance of Shares Held at 6/30/2011		Value at 6/30/2011		Net Realized Gain (Loss) 1/1/2011 to 6/30/2011			Dividend Income 1/1/2011 to 6/30/2011
Lord Abbett Affiliated Fund, Inc. – Class I		763,461		48,004		(3,156	)		808,309	$	9,602,717	$	1,483		$	61,814
Lord Abbett Research Fund, Inc. – Classic Stock Fund – Class I		402,492		48,144		–			450,636		13,379,387		–			–
Lord Abbett Global Fund, Inc. – Emerging Markets Currency Fund – Class I		2,764,281		333,838		(49,477	)		3,048,642		21,340,493		(17,812	)		272,823
Lord Abbett Investment Trust – Floating Rate Fund – Class I		312,207		63,324		–			375,531		3,496,194		–			81,020
Lord Abbett Securities Trust – Fundamental Equity Fund – Class I		924,563		65,694		(10,846	)		979,411		13,417,925		24,729			–
Lord Abbett Research Fund, Inc. – Growth Opportunities Fund – Class I		510,928		39,022		(16,240	)		533,710		13,646,963		93,523			–
Lord Abbett Investment Trust – High Yield Fund – Class I		2,637,434		334,417		(45,692	)		2,926,159		23,116,655		28,264			830,447

56

Notes to Financial Statements (unaudited)(continued)

Affiliated Issuer	Balance of Shares Held at 12/31/2010		Gross Additions		Gross Sales			Balance of Shares Held at 6/30/2011		Value at 6/30/2011		Net Realized Gain (Loss) 1/1/2011 to 6/30/2011			Dividend Income 1/1/2011 to 6/30/2011
Lord Abbett Securities Trust – International Core Equity Fund – Class I		761,449		56,802		–			818,251	$	10,669,989	$	–		$	–
Lord Abbett Securities Trust – International Dividend Income Fund – Class I		5,613,950		702,787		(100,578	)		6,216,159		56,069,755		(40,195	)		1,630,644
Lord Abbett Securities Trust – International Opportunities Fund – Class I		915,238		84,012		–			999,250		14,229,314		–			–
Total										$	178,969,392	$	89,992		$	2,876,748

10.    INVESTMENT RISKS

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

Foreign securities may pose greater risks than domestic securities, including greater price fluctuations, less government regulation, and higher transaction costs. 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.

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

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

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

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

57

Notes to Financial Statements (unaudited)(continued)

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.

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

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

These factors can affect each Fund’s performance.

11.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

Emerging Markets Currency Fund	Six Months Ended June 30, 2011 (unaudited)						Year Ended December 31, 2010
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		5,248,645		$	36,256,196			6,566,758		$	44,499,819
Converted from Class B*		32,074			219,323			47,734			321,296
Reinvestment of distributions		152,411			1,059,912			594,344			3,973,169
Shares reacquired		(3,526,366	)		(24,330,958	)		(8,912,116	)		(59,781,744	)
Increase (decrease)		1,906,764		$	13,204,473			(1,703,280	)	$	(10,987,460	)
Class B Shares
Shares sold		44,852		$	308,927			60,033		$	408,491
Reinvestment of distributions		2,539			17,674			17,198			115,437
Shares reacquired		(109,828	)		(758,609	)		(208,818	)		(1,405,725	)
Converted to Class A*		(31,925	)		(219,323	)		(47,515	)		(321,296	)
Decrease		(94,362	)	$	(651,331	)		(179,102	)	$	(1,203,093	)
Class C Shares
Shares sold		1,943,696		$	13,591,612			2,134,426		$	14,509,471
Reinvestment of distributions		28,941			202,437			107,336			721,292
Shares reacquired		(900,294	)		(6,259,659	)		(1,274,574	)		(8,651,113	)
Increase		1,072,343		$	7,534,390			967,188		$	6,579,650

58

Notes to Financial Statements (unaudited)(continued)

Emerging Markets Currency Fund	Six Months Ended June 30, 2011 (unaudited)						Year Ended December 31, 2010
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		9,595,173		$	66,634,725			15,142,311		$	102,132,204
Reinvestment of distributions		79,334			551,385			206,507			1,381,209
Shares reacquired		(3,179,728	)		(21,886,493	)		(9,937,218	)		(66,098,586	)
Increase		6,494,779		$	45,299,617			5,411,600		$	37,414,827
Class I Shares
Shares sold		1,006,186		$	6,900,304			7,816,703		$	52,460,142
Reinvestment of distributions		164,410			1,139,143			586,121			3,911,634
Shares reacquired		(314,052	)		(2,182,216	)		(706,923	)		(4,742,905	)
Increase		856,544		$	5,857,231			7,695,901		$	51,628,871
Class P Shares
Shares sold		–		$	–			3,536		$	23,731
Reinvestment of distributions		50			347			80			534
Shares reacquired		(308	)		(2,113	)		(1,221	)		(8,256	)
Increase (decrease)		(258	)	$	(1,766	)		2,395		$	16,009
Class R2 Shares
Shares sold		43,287		$	299,462			7,454		$	50,087
Reinvestment of distributions		18			126			83			558
Shares reacquired		(8,927	)		(62,570	)		(609	)		(3,974	)
Increase		34,378		$	237,018			6,928		$	46,671
Class R3 Shares
Shares sold		62,396		$	430,215			116,194		$	787,481
Reinvestment of distributions		510			3,538			1,771			11,829
Shares reacquired		(62,245	)		(430,691	)		(84,924	)		(577,533	)
Increase		661		$	3,062			33,041		$	221,777

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

Global Allocation Fund	Six Months Ended June 30, 2011 (unaudited)						Year Ended December 31, 2010
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,903,386		$	22,535,280			3,467,075		$	37,037,293
Converted from Class B*		40,473			477,762			79,770			846,262
Reinvestment of distributions		142,056			1,686,656			249,943			2,678,411
Shares reacquired		(1,079,708	)		(12,758,208	)		(2,315,635	)		(24,460,274	)
Increase		1,006,207		$	11,941,490			1,481,153		$	16,101,692

59

Notes to Financial Statements (unaudited)(concluded)

Global Allocation Fund	Six Months Ended June 30, 2011 (unaudited)						Year Ended December 31, 2010
Class B Shares	Shares			Amount			Shares			Amount
Shares sold		55,258		$	601,026			343,477		$	3,411,858
Reinvestment of distributions		11,947			131,372			26,945			269,525
Shares reacquired		(126,217	)		(1,382,696	)		(294,926	)		(2,912,260	)
Converted to Class A*		(43,745	)		(477,762	)		(85,959	)		(846,262	)
Decrease		(102,757	)	$	(1,128,060	)		(10,463	)	$	(77,139	)
Class C Shares
Shares sold		565,321		$	6,200,514			1,259,557		$	12,551,632
Reinvestment of distributions		31,028			341,803			53,598			538,259
Shares reacquired		(335,838	)		(3,689,665	)		(673,674	)		(6,658,784	)
Increase		260,511		$	2,852,652			639,481		$	6,431,107
Class F Shares
Shares sold		103,107		$	1,226,667			211,385		$	2,247,733
Reinvestment of distributions		2,482			29,493			1,874			20,335
Shares reacquired		(34,054	)		(401,196	)		(76,231	)		(811,751	)
Increase		71,535		$	854,964			137,028		$	1,456,317
Class I Shares
Shares sold		117,113		$	1,399,240			643,481		$	6,255,937
Reinvestment of distributions		11,069			132,200			14,323			158,272
Shares reacquired		(124,435	)		(1,486,834	)		(19,571	)		(206,081	)
Increase		3,747		$	44,606			638,233		$	6,208,128
Class R2 Shares
Shares sold		–		$	–			–	(a)	$	1
Reinvestment of distributions		12			150			26			279
Increase		12		$	150			26		$	280
Class R3 Shares
Shares sold		118,916		$	1,410,585			199,141		$	2,109,105
Reinvestment of distributions		3,778			45,084			4,174			45,306
Shares reacquired		(37,968	)		(453,726	)		(18,095	)		(192,237	)
Increase		84,726		$	1,001,943			185,220		$	1,962,174

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

^(a)  Value is less than 1 share.

60

Investments in Underlying Funds (unaudited)

Global Allocation Fund invests in Underlying Funds managed by Lord Abbett. As of June 30, 2011, Global Allocation Fund’s long-term investments were allocated among the Underlying Funds as follows:

Underlying Fund Name	% of Investments
Lord Abbett Affiliated Fund, Inc. – Class I		5.37%
Lord Abbett Research Fund, Inc. – Classic Stock Fund – Class I		7.48%
Lord Abbett Global Fund, Inc. – Emerging Markets Currency Fund (formerly, Developing Local Markets Fund) – Class I		11.92%
Lord Abbett Investment Trust – Floating Rate Fund – Class I		1.95%
Lord Abbett Securities Trust – Fundamental Equity Fund – Class I		7.50%
Lord Abbett Research Fund, Inc. – Growth Opportunities Fund – Class I		7.62%
Lord Abbett Investment Trust – High Yield Fund – Class I		12.92%
Lord Abbett Securities Trust – International Core Equity Fund – Class I		5.96%
Lord Abbett Securities Trust – International Dividend Income Fund – Class I		31.33%
Lord Abbett Securities Trust – International Opportunities Fund – Class I		7.95%

The Ten Largest Holdings and the Holdings by Sector, as of June 30, 2011, 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 Fund’s portfolio holdings, including a complete schedule of holdings. A complete schedule of holdings for each Underlying Fund is also filed with the SEC on Form N-Q as of the end of each respective Underlying Fund’s first and third quarters. In addition, on or about the first day of the second month following each calendar quarter-end, each Fund makes publicly available a complete schedule of its portfolio holdings as of the last day of each such quarter. The information for the most recently ended calendar quarter may be viewed at www.lordabbett.com or requested at no charge by calling Lord Abbett at 888-522-2388.

Lord Abbett Affiliated Fund, Inc.

Ten Largest Holdings	% of Investments
JPMorgan Chase & Co.		3.35%
Chevron Corp.		3.07%
Wells Fargo & Co.		2.92%
Pfizer, Inc.		2.67%
Bank of America Corp.		2.42%
Goldman Sachs Group, Inc. (The)		2.28%
AT&T, Inc.		2.15%
General Electric Co.		1.87%
Hertz Global Holdings, Inc.		1.83%
Dow Chemical Co. (The)		1.76%

61

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Consumer Discretionary		13.22%
Consumer Staples		5.24%
Energy		15.09%
Financials		23.77%
Health Care		12.26%
Industrials		9.01%
Information Technology		6.30%
Materials		7.97%
Telecommunication Services		4.09%
Utilities		1.40%
Short-Term Investment		1.65%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Research Fund, Inc. – Classic Stock Fund

Ten Largest Holdings	% of Investments
Apple, Inc.		3.74%
JPMorgan Chase & Co.		1.99%
Union Pacific Corp.		1.84%
Exxon Mobil Corp.		1.80%
Pfizer, Inc.		1.73%
Google, Inc., Class A		1.72%
Johnson & Johnson		1.62%
QUALCOMM, Inc.		1.62%
Bank of America Corp.		1.58%
Goldman Sachs Group, Inc. (The)		1.55%

Holdings by Sector*	% of Investments
Consumer Discretionary		12.25%
Consumer Staples		6.23%
Energy		11.66%
Financials		16.19%
Health Care		11.74%
Industrials		12.37%
Information Technology		16.61%
Materials		7.65%
Telecommunication Services		2.90%
Utilities		1.21%
Short-Term Investment		1.19%
Total		100.00%

* A sector may comprise several industries.

62

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Global Fund, Inc. – Emerging Markets Currency Fund (formerly, Developing Local Markets Fund)

Ten Largest Holdings	% of Investments
Poland Government Bond, Zero Coupon, 1/25/2012		3.93%
Turkey Government Bond, Zero Coupon, 8/3/2011		3.09%
Hungary Treasury Bill, Zero Coupon, 7/27/2011		2.11%
Vodafone Group plc (United Kingdom), 0.535%, 2/27/2012		1.15%
Southern Co., 0.674%, 10/21/2011		1.04%
Federal National Mortgage Assoc., 5.50%, 11/1/2034		1.00%
Comcast Cable Communications Holdings, Inc., 8.375%, 3/15/2013		0.96%
Mosaic Co. (The), 7.625%, 12/1/016		0.96%
DirecTV Holdings LLC/DirecTV Financing Co., Inc., 7.625%, 5/15/2016		0.94%
Federal National Mortgage Assoc., 5.50%, 2/1/2034		0.91%

Holdings by Sector*	% of Investments
Asset-Backed		16.10%
Automotive		0.66%
Banking		5.27%
Basic Industry		3.52%
Capital Goods		0.44%
Consumer Cyclical		0.15%
Consumer Non-Cyclical		4.06%
Energy		5.63%
Financial Services		1.47%
Foreign Government		10.71%
Health Care		2.06%
Insurance		0.89%
Media		2.48%
Mortgage-Backed		30.16%
Real Estate		2.21%
Services		3.10%
Technology & Electronics		3.21%
Telecommunications		3.76%
Utility		4.12%
Total		100.00%

* A sector may comprise several industries.

63

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Investment Trust – Floating Rate Fund

Ten Largest Holdings	% of Investments
HCA, Inc. Extended Term Loan B2, 3.496%, 5/1/2018		1.24%
CommScope, Inc. New Term Loan B, 5.00%, 1/14/2018		1.17%
Intelsat Jackson Holdings SA Tranche B Term Loan, 5.25%, 4/5/2018		1.07%
Del Monte Foods Co. Term Loan, 4.50%, 2/26/2018		0.99%
Freescale Semiconductor, Inc. Extended Term Loan B, 4.441%, 12/1/2016		0.99%
Texas Competitive Electric Holdings Co. LLC Extended Term Loan, 4.69%-4.768%, 10/10/2017		0.94%
Avaya, Inc. Term Loan, 3.01%, 10/24/2014		0.90%
Allison Transmission, Inc. Term Loan B, 2.94%, 8/7/2014		0.90%
CIT Group, Inc. Term Loan 3, 6.25%, 8/11/2015		0.90%
Springleaf Finance Corp. Term Loan, 5.50%, 5/5/2017		0.86%

Holdings by Sector*	% of Investments
Aerospace		2.07%
Chemicals		3.85%
Consumer Durables		0.30%
Consumer Non-Durables		1.74%
Energy		2.12%
Financials		5.51%
Food/Tobacco		5.88%
Forest Products		1.65%
Gaming/Leisure		4.00%
Healthcare		11.32%
Housing		2.55%
Information Technology		10.24%
Manufacturing		4.07%
Media/Telecommunications		17.93%
Metals/Minerals		2.44%
Retail		5.16%
Services		12.00%
Transportation		4.08%
Utility		1.94%
Short-Term Investments		1.15%
Total		100.00%

64

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Securities Trust – Fundamental Equity Fund

Ten Largest Holdings	% of Investments
Exxon Mobil Corp.		4.36%
Interpublic Group of Cos., Inc. (The)		2.04%
State Street Corp.		2.03%
Omnicom Group, Inc.		2.02%
UnitedHealth Group, Inc.		2.00%
Amgen, Inc.		1.96%
Anadarko Petroleum Corp.		1.95%
Bunge Ltd.		1.89%
Archer Daniels Midland Co.		1.84%
Thermo Fisher Scientific, Inc.		1.78%

Holdings by Sector*	% of Investments
Consumer Discretionary		10.06%
Consumer Staples		7.68%
Energy		19.26%
Financials		14.34%
Health Care		20.94%
Industrials		11.12%
Information Technology		5.49%
Materials		6.92%
Technology		0.27%
Utilities		1.37%
Short-Term Investment		2.55%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Research Fund, Inc. – Growth Opportunities Fund

Ten Largest Holdings	% of Investments
Agilent Technologies, Inc.		1.68%
Citrix Systems, Inc		1.67%
Rockwell Automation, Inc.		1.62%
Green Mountain Coffee Roasters, Inc.		1.61%
CB Richard Ellis Group, Inc. Class A		1.40%
Whole Foods Market, Inc.		1.39%
Ross Stores, Inc.		1.37%
Ingersoll-Rand plc		1.31%
CONSOL Energy, Inc.		1.29%
Macy’s, Inc.		1.28%

65

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Consumer Discretionary		22.31%
Consumer Staples		2.99%
Energy		7.84%
Financials		7.11%
Health Care		10.01%
Industrials		16.55%
Information Technology		24.75%
Materials		8.44%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Investment Trust – High Yield Fund

Ten Largest Holdings	% of Investments
Ford Motor Credit Co. LLC, 12.00%, 5/15/2015		1.21%
OGX Petroleo e Gas Participacoes SA, 8.50%, 6/1/2018		1.06%
El Paso Corp., 8.05%, 10/15/2030		1.01%
Republic of Brazil, 12.50%, 1/5/2016		0.93%
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.63%, 4/1/2017		0.93%
Liberty Mutual Group, Inc., 10.75%, 6/15/2058		0.87%
United Airlines, Inc., 12.00%, 1/15/2016		0.75%
Anheuser-Busch InBev Worldwide, Inc., 9.75%, 11/17/2020		0.70%
HCA, Inc., 7.88%, 2/15/2020		0.67%
Ally Financial, Inc., 8.30%, 2/12/2015		0.60%

Holdings by Sector*	% of Investments
Agency		0.00%	**
Automotive		7.26%
Banking		1.92%
Basic Industry		10.14%
Capital Goods		5.73%
Consumer Cyclical		5.93%
Consumer Non-Cyclical		5.10%
Energy		11.83%
Financial Services		5.31%
Foreign Government		1.28%
Healthcare		3.69%
Insurance		1.20%
Local-Authority		0.48%
Media		5.37%
Real Estate		0.75%
Services		17.62%
Technology & Electronics		5.21%
Telecommunications		5.73%
Utility		3.52%
Short-Term Investment		1.93%
Total		100.00%

* A sector may comprise several industries.

** Amount is less than .01%.

66

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Securities Trust – International Core Equity Fund

Ten Largest Holdings	% of Investments
Novartis AG Registered Shares		1.95%
Hyundai Mobis		1.85%
Tullow Oil plc		1.84%
Vodafone Group plc		1.73%
Honda Motor Co., Ltd.		1.73%
Intesa Sanpaolo SpA		1.61%
Telefonaktiebolaget LM Ericsson ADR		1.59%
Bridgestone Corp.		1.54%
Safran SA		1.52%
SAP AG		1.51%

Holdings by Sector*	% of Investments
Consumer Discretionary		11.68%
Consumer Staples		8.56%
Energy		7.32%
Financials		20.71%
Health Care		6.00%
Industrials		13.42%
Information Technology		8.03%
Materials		9.90%
Telecommunication Services		5.04%
Utilities		6.67%
Short-Term Investment		2.67%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Securities Trust – International Dividend Income Fund

Ten Largest Holdings	% of Investments
CEZ AS		2.83%
Enel SpA		2.47%
Vodafone Group plc		1.70%
Seadrill Ltd.		1.67%
Telstra Corp., Ltd.		1.63%
Nippon Telegraph & Telephone Corp.		1.56%
Catlin Group Ltd.		1.55%
Turk Telekomunikasyon AS		1.53%
GlaxoSmithKline plc		1.52%
Novartis AG Registered Shares		1.52%

67

Investments in Underlying Funds (unaudited)(concluded)

Holdings by Sector*	% of Investments
Consumer Discretionary		7.35%
Consumer Staples		6.39%
Energy		6.00%
Financials		23.77%
Health Care		4.05%
Industrials		6.76%
Information Technology		4.76%
Materials		5.14%
Telecommunication Services		12.36%
Utilities		15.80%
Short-Term Investment		7.62%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Securities Trust – International Opportunities Fund

Ten Largest Holdings	% of Investments
Incitec Pivot Ltd.		1.59%
Mando Corp.		1.57%
FP Corp.		1.50%
Gerresheimer AG		1.45%
Aegis Group plc		1.43%
Nabtesco Corp.		1.40%
Minth Group Ltd.		1.39%
Brasil Insurance Participacoes e Administracao SA		1.38%
MTU Aero Engines Holding AG		1.37%
Rheinmetall AG		1.32%

Holdings by Sector*	% of Investments
Consumer Discretionary		24.27%
Consumer Staples		7.19%
Energy		5.24%
Financials		13.70%
Health Care		2.47%
Industrials		23.25%
Information Technology		7.84%
Materials		9.62%
Telecommunication Services		0.57%
Utilities		2.38%
Short-Term Investment		3.47%
Total		100.00%

* A sector may comprise several industries.

68

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 (i) 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); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

69

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

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

Lord Abbett Global Fund, Inc.

Lord Abbett Emerging Markets Currency Fund

Lord Abbett Global Allocation Fund

LAGF-3-0611

(08/11)

Item 2: Code of Ethics.

Not applicable.

Item 3: Audit Committee Financial Expert.

Not applicable.

Item 4: Principal Accountant Fees and Services.

Not applicable.

Item 5: Audit Committee of Listed Registrants.

Not applicable.

Item 6: Investments.

Not applicable.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10: Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11: Controls and Procedures.

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

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

Item 12: Exhibits.

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

SIGNATURES

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

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

Date: August 22, 2011

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

Date: August 22, 2011

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

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

Date: August 22, 2011

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

Date: August 22, 2011