# EDGAR Filing Document

**Accession Number:** 0000829901
**File Stem:** 0000930413-23-000940
**Filing Date:** 2023-3
**Character Count:** 362990
**Document Hash:** 261292653aa35a79f1c7b8d69b4c6ed8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-23-000940.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0000930413-23-000940

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT GLOBAL FUND INC
- **CENTRAL INDEX KEY:** 0000829901
- **IRS NUMBER:** 133460109
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05476
- **FILM NUMBER:** 23698621

**BUSINESS ADDRESS:**
- **STREET 1:** 90 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 201-827-2000

**MAIL ADDRESS:**
- **STREET 1:** 90 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

### Lord Abbett Emerging Markets Bond Fund (Series ID: S000001454)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003870 | Class I      | LDMYX           |
| C000003871 | Class A      | LDMAX           |
| C000003873 | Class C      | LDMCX           |
| C000003874 | Class P      |  |
| C000054919 | Class F      | LDMFX           |
| C000054920 | Class R2     |  |
| C000054921 | Class R3     | LDMRX           |
| C000158193 | Class R4     | LDMSX           |
| C000158194 | Class R5     | LDMTX           |
| C000158195 | Class R6     | LDMVX           |
| C000188264 | Class F3     | LODMX           |

### Lord Abbett Emerging Markets Corporate Debt Fund (Series ID: S000042725)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000132114 | Class A      | LCDAX           |
| C000132115 | Class C      | LEDCX           |
| C000132116 | Class F      | LCDFX           |
| C000132117 | Class I      | LCDIX           |
| C000132118 | Class R2     |  |
| C000132119 | Class R3     | LCDRX           |
| C000158199 | Class R4     | LCDSX           |
| C000158200 | Class R5     | LCDTX           |
| C000158201 | Class R6     | LCDVX           |
| C000188268 | Class F3     | LCDOX           |

### Lord Abbett Global Bond Fund (Series ID: S000062561)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000202977 | Class A      | LAGGX           |
| C000202978 | Class R6     | LGBWX           |
| C000202980 | Class C      | LGFCX           |
| C000202981 | Class F      | LGBFX           |
| C000202982 | Class F3     | LGBOX           |
| C000202983 | Class I      | LGBYX           |
| C000202984 | Class R2     |  |
| C000202985 | Class R3     | LGBRX           |
| C000202986 | Class R4     | LGBUX           |
| C000202987 | Class R5     | LGBVX           |

**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)

<u>90 Hudson Street, Jersey City, New Jersey 07302-3973</u>

(Address of principal executive offices) (Zip code)

Lawrence B. Stoller, Esq.<br> Vice President, Secretary, and Chief Legal Officer

<u>90 Hudson Street, Jersey City, New Jersey 07302-3973</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: (888) 522-2388

Date of fiscal year end: 12/31

Date of reporting period: 12/31/2022

**Item 1: Report(s) to Shareholders.**

![](x5_c105257x1x1.jpg)

LORD ABBETT<br> ANNUAL REPORT

Lord Abbett

Emerging Markets Bond Fund

Emerging Markets Corporate Debt Fund

Global Bond Fund

*For the fiscal year ended December 31, 2022*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**A Letter to Shareholders**](#x5_c105257a001) |
| 12 | [**Investment Comparisons**](#x5_c105257a002) |
| 15 | [**Information About Your Fund's Expenses and Holdings Presented by Sector**](#x5_c105257a003) |
|  | **Schedules of Investments:** |
| 22 | [Emerging Markets Bond Fund](#x5_c105257a004) |
| 35 | [Emerging Markets Corporate Debt Fund](#x5_c105257a005) |
| 49 | [Global Bond Fund](#x5_c105257a006) |
| 66 | [**Statements of Assets and Liabilities**](#x5_c105257a007) |
| 70 | [**Statements of Operations**](#x5_c105257a008) |
| 72 | [**Statements of Changes in Net Assets**](#x5_c105257a009) |
| 76 | [**Financial Highlights**](#x5_c105257a010) |
| 88 | [**Notes to Financial Statements**](#x5_c105257a011) |
| 114 | [**Report of Independent Registered Public Accounting Firm**](#x5_c105257a012) |
| 116 | [**Supplemental Information to Shareholders**](#x5_c105257a013) |

---

------

**Lord Abbett Emerging Markets Bond Fund, Lord Abbett Emerging Markets Corporate Debt Fund, and Lord Abbett Global Bond Fund<br> Annual Report**

*For the fiscal year ended December 31, 2022*

---

| | |
|:---|:---|
| ![](x5_c105257x3x1.jpg)<br>From left to right: James L.L. Tullis, Independent Chair of the Lord Abbett Funds and Douglas B. Sieg, Director, President and Chief Executive Officer of the Lord Abbett Funds. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dear Shareholders:** We are pleased to provide you with this overview of the performance of the Funds for the fiscal year ended December 31, 2022. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and timely information about the Funds, please visit our website at www.lordabbett.com, where you can also access the quarterly commentaries that provide updates on each Fund's performance and other portfolio related updates.<br> 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.<br>**Best regards,**<br>![](x5_c105257x3x2.jpg)<br>**Douglas B. Sieg**<br> **Director, President and Chief Executive Officer**<br>|

---

**Lord Abbett Emerging Markets Bond Fund**

For the fiscal year ended December 31, 2022, the Emerging Markets Bond Fund returned -15.83%, reflecting performance at the net asset value ("NAV") of Class A shares, with all distributions reinvested, compared to its benchmark, the J.P. Morgan Emerging Markets Bond Global DiversifiedIndex<sup>1</sup>, which returned -17.78% during the same period.

Over the last twelve months, U.S. dollar-denominated emerging markets sovereign debt (as represented by the J.P.

Morgan Emerging Markets Bond Index Global Diversified<sup>1</sup>) underperformed U.S. fixed income markets (as represented by the Bloomberg U.S. Aggregate Bond Index<sup>2</sup>), which returned -13.01%.

At the start of 2022, prospects for emerging markets (EM) debt appeared positive due to an encouraging global growth outlook, an anticipated moderation of supply chain pressures and the continued reopening of developing economies. However, numerous headwinds emerged throughout the period, as inflation expectations began accelerating, leading to

------

increasingly tighter monetary policy by many central banks; an unexpected geopolitical crisis in Ukraine intensified inflationary pressures; and fears of a global growth slowdown emerged.

At the beginning of the period, growing inflationary pressures along with the corresponding tightening of monetary conditions globally was one of the dominant forces impacting emerging market debt. With Consumer Price Index (CPI) readings across developed and emerging economies coming in at higher-than-expected levels at the start of the year, the U.S. Federal Reserve (the Fed) initiated a rate hike of 25 basis points (bps) in March, the first increase to their target Federal Funds Rate since 2018. The Fed continued to increase rates over the next six Federal Open Market Committee (FOMC) meetings to close the year with the target Federal Funds Rate in the 4.25% to 4.50% range. This amounted to the fastest annual pace of rate increases by the Fed since the 1980s. Numerous EM central banks were already well into rate hiking cycles by the time the Fed started tightening monetary policy and many carried out a more aggressive tightening of monetary policy than markets anticipated over the period. Throughout the year, market participants fixated on elevated core yields, the significant appreciation of the U.S. Dollar and how this would impact financing conditions in the developing world as well as global growth.

Despite tightening monetary conditions, inflationary pressures persisted throughout much of the period. The sustained price increases benefitted net commodity-exporting countries,

mainly in Latin America, the Middle East and parts of Africa, at the expense of countries more reliant on imports, particularly in parts of Asia and select regions in Eastern Europe. These price increases came at a time of significantly constrained fiscal budgets for certain countries, limiting the respective governments' ability to alleviate cost burdens. However, by the back half of the year, commodity prices fell off their highs, most notably in industrial metals and energy, which relieved some pressure among net-importing countries.

In late February, the unexpected invasion of Ukraine by Russian forces significantly dampened sentiment for emerging market debt and added to global inflationary pressures as various commodity prices, particularly in energy and food, appreciated significantly, and anxieties heightened over additional supply chain disruptions. This led to a reduction in expectations for global economic growth and an increase in fears of a stagflationary environment. Local economies closely tied to the region were affected immediately and Russia experienced severe negative economic consequences, with its capital markets largely shutting down and the ban of many of the country's banks from global payment systems.

While some expected the war to be short lived, the conflict was still ongoing by the end of the year. In the third quarter, Russia intensified efforts against Ukraine with a partial mobilization and announced it would not be resuming a majority of gas exports to Europe, worrying investors about the implications to European industrial production.

------

In the latter half of the year, many investors shifted focus to the potential for a global growth slowdown, given more restrictive financial conditions and continuing troubles in China, among other factors. After a disappointing second quarter GDP release for China in early July, the Chinese government's supportive signaling somewhat quelled investor worries. However, growth prospects trended lower in the third quarter amid further lockdowns in various Chinese cities after a resurgence of the Covid-19 virus and continued deterioration of the country's Real Estate sector. Lower economic activity from China, the world's second-largest economy, a reduction in global trade volumes, and a general economic slowdown in developed countries worried market participants about the spillover effects into the emerging markets.

The deteriorating fundamental backdrop has brought clear differentiation within the emerging markets. Various countries with high energy exports remained in a strong position due to above-average energy prices and many larger EM economies with more robust fiscal reserves were less affected by worsening economic conditions. Conversely, economies reliant on manufacturing of more cyclical goods and those with higher debt levels appeared more vulnerable.

2022 marked the worst year for emerging market sovereign bonds<sup>1</sup> since the Global Financial Crisis (GFC) of 2008 and the asset class sold off throughout much of the period, despite rebounding somewhat in November after a better-than-expected U.S. CPI report. Investment grade bonds<sup>3</sup> underperformed high yield bonds<sup>4</sup> over the period given the higher quality segment's

longer duration. Similarly, longer-term bonds materially underperformed shorter-term bonds. Given impacts from the Russian invasion, Europe trailed significantly from a regional perspective and Ukraine came in with the worst country performance, while the Middle East outperformed over the period. In terms of technical factors, EM bond funds experienced outflows for much of the period and closed out the year with roughly $87 billion in negative net flows. Supply was more supportive throughout the period, as the year closed out with the lowest level of net issuance since 2008.

In terms of key Fund performance drivers, from a credit quality perspective, security selection within emerging markets high yield sovereign debt was the primary driver of relative outperformance during the period. The Fund's underweight to, as well as security selection within, investment grade sovereign bonds also contributed to relative returns. One of the primary detractors from relative performance was the Fund's overweight to various countries' sovereign bonds that became more distressed throughout the period, such as Sri Lanka, Egypt and El Salvador.

From a regional perspective, positioning within Eastern Europe significantly contributed to relative performance. Given the unanticipated geopolitical crisis in the region, caused by Russia's military invasion of Ukraine and the resulting economic fallout to the region, the Fund's underweight position in the Russian Financial and Sovereign sectors going into the conflict led to a positive impact. Not long after Russia entered Ukraine, the aggressor country experienced severe economic sanctions, significant downgrades

------

to its growth outlook, a flight of foreign capital, and its financial system being disconnected from many parts of the global economy. Our remaining position in various Russian sovereign and corporate bonds became an overweight exposure in the Fund after the indices' removal of all Russian holdings in March 2022. Later in the year, these positions started to recover from depressed levels due to increased demand from Russian issuers and investors, which also contributed to relative performance. The Fund's modest exposure to Ukraine dragged on relative returns due to the deep economic contraction caused by the invasion. While relative performance benefitted from being devoid numerous sectors within the country, an allocation to the Consumer sector more than offset these contributions and led to an overall negative impact.

An overweight to, as well as selection within, the Middle East also contributed to relative performance. Most notably, exposure to the sovereign debt of Saudi Arabia and the United Arab Emirates led to a positive impact on relative returns. Saudi Arabia's strong position in the global energy market drove relative outperformance given the increased demand and elevated prices for oil and gas. As a result, the country's gross domestic product grew at the highest level in over a decade, with much of this growth driven by the Oil sector.

The primary detractor from relative performance from a regional perspective was the Fund's positioning in Latin America, primarily within Ecuador and Colombia. An overweight to Ecuador's sovereign bonds detracted from relative performance as deteriorating economic conditions within the

country as well as elevated political instability led to headwinds. However, we believe the country stands to benefit from being a net exporter of energy in the current environment and, in our view, its fundamental position is stronger than what's reflected by market pricing. An overweight to Columbia's government debt also dragged on relative returns, as the country's fiscal and current account deficits have weighed on the country's financial position.

More generally, the Fund's underweight to various distressed credits across the developing world led to a positive impact on relative returns, particularly in Pakistan, Zambia and Lebanon. For instance, Pakistan's sovereign bonds significantly underperformed over the period and finished the year at extremely depressed prices due to numerous headwinds, including current account pressures, domestic political issues, a high debt burden, natural disasters, power disruptions and food shortages.

**Lord Abbett Emerging Markets Corporate Debt Fund**

For the fiscal year ended December 31, 2022, the Emerging Markets Corporate Debt Fund returned -11.19%, reflecting performance at the net asset value ("NAV") of Class A shares, with all distributions reinvested, compared to its benchmark, the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified<sup>5</sup>, which returned -12.26% during the same period.

Over the last twelve months, U.S. dollar-denominated emerging markets corporate debt (as represented by the J.P.

------

Morgan Corporate Emerging Markets Bond Index Broad Diversified<sup>1</sup>) outperformed U.S. fixed income markets (as represented by the Bloomberg U.S. Aggregate Bond Index<sup>2</sup>), which returned -13.01%.

At the start of 2022, prospects for emerging markets (EM) debt appeared positive due to an encouraging global growth outlook, an anticipated moderation of supply chain pressures and the continued reopening of developing economies. However, numerous headwinds emerged throughout the period, as inflation expectations began accelerating, leading to increasingly tighter monetary policy by many central banks; an unexpected geopolitical crisis in Ukraine intensified inflationary pressures; and fears of a global growth slowdown emerged.

At the beginning of the period, growing inflationary pressures along with the corresponding tightening of monetary conditions globally was one of the dominant forces impacting emerging market debt. With Consumer Price Index (CPI) readings across developed and emerging economies coming in at higher-than-expected levels at the start of the year, the U.S. Federal Reserve (the Fed) initiated a rate hike of 25 basis points (bps) in March, the first increase to their target Federal Funds Rate since 2018. The Fed continued to increase rates over the next six Federal Open Market Committee (FOMC) meetings to close the year with the target Federal Funds Rate in the 4.25% to 4.50% range. This amounted to the fastest annual pace of rate increases by the Fed since the 1980s. Numerous EM central banks were already

well into rate hiking cycles by the time the Fed started tightening monetary policy and many carried out a more aggressive tightening of monetary policy than markets anticipated over the period. Throughout the year, market participants fixated on elevated core yields, the significant appreciation of the U.S. Dollar and how this would impact financing conditions in the developing world as well as global growth.

Despite tightening monetary conditions, inflationary pressures persisted throughout much of the period. The sustained price increases benefitted net commodity-exporting countries, mainly in Latin America, the Middle East and parts of Africa, at the expense of countries more reliant on imports, particularly in parts of Asia and select regions in Eastern Europe. These price increases came at a time of significantly constrained fiscal budgets for certain countries, limiting the respective governments' ability to alleviate cost burdens. However, by the back half of the year, commodity prices fell off their highs, most notably in industrial metals and energy, which relieved some pressure among net-importing countries.

In late February, the unexpected invasion of Ukraine by Russian forces significantly dampened sentiment for emerging market debt and added to global inflationary pressures as various commodity prices, particularly in energy and food, appreciated significantly, and anxieties heightened over additional supply chain disruptions. This led to a reduction in expectations for global economic growth and an increase in fears of a stagflationary

------

environment. Local economies closely tied to the region were affected immediately and Russia experienced severe negative economic consequences, with its capital markets largely shutting down and the ban of many of the country's banks from global payment systems.

While some expected the war to be short lived, the conflict was still ongoing by the end of the year. In the third quarter, Russia intensified efforts against Ukraine with a partial mobilization and announced it would not be resuming a majority of gas exports to Europe, worrying investors about the implications to European industrial production.

In the latter half of the year, many investors shifted focus to the potential for a global growth slowdown, given more restrictive financial conditions and continuing troubles in China, among other factors. After a disappointing second quarter GDP release for China in early July, the Chinese government's supportive signaling somewhat quelled investor worries. However, growth prospects trended lower in the third quarter amid further lockdowns in various Chinese cities after a resurgence of the Covid-19 virus and continued deterioration of the country's Real Estate sector. Lower economic activity from China, the world's second-largest economy, a reduction in global trade volumes, and a general economic slowdown in developed countries worried market participants about the spillover effects into the emerging markets.

The deteriorating fundamental backdrop has brought clear differentiation within the emerging markets. Various countries with high energy exports remained in a strong position due to above-average energy prices and many larger EM economies with more robust fiscal reserves were less affected by worsening economic conditions. Conversely, economies reliant on manufacturing of more cyclical goods and those with higher debt levels appeared more vulnerable.

2022 marked the worst year for emerging market corporate bonds<sup>1</sup> since the Global Financial Crisis (GFC) of 2008 and the asset class sold off throughout much of the period, despite rebounding somewhat in November after a better-than-expected U.S. CPI report. Investment grade bonds<sup>3</sup> underperformed high yield bonds<sup>4</sup> over the period given the higher quality segment's longer duration. Similarly, longer-term bonds materially underperformed shorter-term bonds. The Financial sector led over the period while the Metals & Mining and Oil & Gas segments underperformed. Given impacts from the Russian invasion, Europe trailed significantly from a regional perspective and Ukraine came in with the worst country performance, while Africa outperformed over the period. In terms of technical factors, EM bond funds experienced outflows for much of the period and closed out the year with roughly $87 billion in negative net flows. Supply was more supportive throughout the period, as the year closed out with the lowest level of net issuance since 2008.

------

In terms of key drivers of Fund performance, from a credit quality perspective, security selection within emerging markets high yield corporate debt was the primary driver of relative outperformance during the period. The Fund's underweight to, as well as security selection within, investment grade corporate bonds also contributed to relative returns. Additionally, selection of various commodity-producing firms led to a positive impact on relative performance given heightened prices and strong demand. Rates positioning dragged modestly on relative performance, primarily due to the Fund's slightly longer duration in the first half of the year as yields rose significantly with rising inflation pressures and tightening monetary conditions.

From a regional perspective, positioning within Eastern Europe significantly contributed to relative performance. Given the unanticipated geopolitical crisis in the region, caused by Russia's military invasion of Ukraine and the resulting economic fallout to the region, the Fund's underweight position in Russia going into the conflict led to a positive impact. Not long after Russia entered Ukraine, the aggressor country experienced severe economic sanctions, significant downgrades to its growth outlook, a flight of foreign capital and its financial system being disconnected from many parts of the global economy. Our remaining position in various Russian corporate bonds became an overweight exposure in the Fund after the indices' removal of all Russian holdings in

March 2022. Later in the year, these positions started to recover from depressed levels due to increased demand from Russian issuers and investors, which also contributed to relative performance.

The Fund's modest exposure to Ukraine dragged on relative performance due to the deep economic contraction caused by the invasion. While the Fund benefitted from being void numerous sectors within the country, the relative performance drag from an allocation to the Consumer sector more than offset these contributions and led to an overall negative impact. Also, within Eastern Europe, the Fund's exposure to Turkey modestly contributed to relative returns, primarily due to an overweight to a Turkish state-owned bank, as prices recovered throughout the second half of 2022.

Positioning in Asia benefitted relative performance as well, primarily driven by the Fund's underweight to numerous Gaming issuers within Macau over the first three quarters of the year. Many of these firms experienced severe drops in top line revenue with a resurgence of Covid-19 and the corresponding lockdowns in the region that depressed casinos' customer volumes. However, by the fourth quarter, we began adding to this segment due to our expectations of a potential reopening in China, and by the close of the year, the Fund was overweight the Gaming segment. This led to relative outperformance given the rally of many Gaming issuers in the fourth quarter with the easing of Covid restrictions by the Chinese government. Additionally, the Fund's underweight to the Philippines

------

Utility sector contributed to relative returns, given the high sensitivity of many bonds within the segment to rising global yields.

Within the Middle East, an overweight to, as well as selection within various Gulf Cooperation Council countries led to a positive impact on relative performance. In particular, the Fund's exposure to the Energy sector within Oman, Qatar and the United Arab Emirates led to relative outperformance as various issuers benefitted from elevated energy prices and a positive supply & demand dynamic throughout much of the year. More specifically, energy prices were supported by increased demand with various parts of the emerging markets and developing world reopening and starting to recover from the pandemic while supply was constrained for much of the period, partly due to the European Union's ban on Russian oil imports post invasion.

The primary detractor from relative performance from a regional perspective was the Fund's overweight to Central and Western Asia, particularly within Kazakhstan, which experienced growth headwinds given a disruption to its oil pipelines due to the geopolitical crisis between Ukraine and Russia.

**Lord Abbett Global Bond Fund**

For the fiscal year ended December 31, 2022, the Fund returned -15.44%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the

Bloomberg Global Aggregate Bond Index,<sup>6</sup> which returned -16.25%.

The twelve-month period ending December 31, 2022, introduced meaningful headwinds for U.S. markets that led to selloffs in virtually all asset classes. The major risks over the period were inflationary pressures, which reached multi-decade highs, and the most rapid pace of interest rate hikes implemented in history by the U.S. Federal Reserve (Fed). Rates spiked across the U.S. yield curve as a result, with U.S. Treasury yields at almost all maturities reaching their highest levels in years. Other notable challenges for markets included supply chain dislocations and labor shortages influenced in part by the Omicron variant of COVID-19, as well as escalating geopolitical tensions headlined by Russia's invasion of Ukraine.

The surge in rates over the year caused softness in both major fixed income and equity indices. Equities fared the worst amid the sell-off, with the S&P 500<sup>7</sup> returning -18.11% and experiencing its worst year since the Global Financial Crisis (GFC). The tech-heavy NASDAQ<sup>8</sup> also logged its worst year since 2008, declining -32.54% as growth-related stocks in semiconductor and software sectors suffered in the face of inflationary pressures. Within fixed income, higher rates caused underperformance in longer duration bonds. These included U.S. Treasuries<sup>9</sup> and investment grade bonds<sup>10</sup> which returned -12.46% and -15.76% over the period, respectively. However, high yield bond<sup>11</sup> and leveraged loan<sup>12</sup> indexes outperformed the investment grade index for the period because of their lower

------

duration profiles. Notably, high yield bonds and leveraged loans returned -11.21% and -1.06%, respectively, outperforming higher quality bonds despite recessionary fears in the U.S. economy contributing to wider spreads. Leveraged loans in particular were able to significantly outperform relative to other assets given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 before becoming a dominant storyline in 2022. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate intensified in the beginning of the year as inflation readings continued to climb throughout the first half of 2022, with CPI peaking at 9.1% year-over-year in June. The surge in prices was due primarily to an imbalance between supply and demand dynamics across multiple industries, including energy, food, and used cars.

Inflationary pressures throughout the period were most evident in energy costs, which rose more than 30% year-over-year by the end of June. The Energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine as Russia had been a large exporter of oil and certain minerals. Various sanctions were instilled on Russia from Western nations in response to their aggression towards Ukraine, which contributed to surging prices. Crude oil

specifically reached over $100 per barrel, the highest value since 2014.

The Fed pivoted towards a much more hawkish stance on monetary policy during the period given the surge in inflation. After remaining mostly consistent in its messaging around expectations that price pressures would be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee (FOMC) meeting, the first hike in more than three years. Five additional rate hikes followed in the succeeding months, one of 50 bps, and four consecutive hikes of 75 bps and an additional one of 50 bps as inflation prints continued to come mostly in hotter than expected, resulting in a federal funds rate at a range of 4.25%-4.50% by the end of 2022. Bond yields shot up amid this aggressive policy, leading to a bearish curve flattening and ultimately periods of significant yield curve inversion, with the spread between the 2-year and 10-year Treasury yields hitting its most negative level in more than 40 years.

Key macroeconomic indicators trended lower throughout the period. Most notably, the U.S. reported real GDP decline of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries of an impending recession resulted in consumer sentiment dropping to levels worse than during the height of the COVID-19 pandemic and the GFC of 2008.

------

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. One of the most positive developments seemed to be the traction behind the peak inflation narrative, which gained momentum in the fourth quarter from lower-than-expected CPI prints in both October and November. In addition, energy prices retracted from their multi-year highs, rent prices began to stabilize, and wage growth showed signs of softening. Job growth also remained strong in the period, and the U.S. national unemployment rate continued to hover around pre-COVID lows. Companies also cited relatively stable demand in both second and third quarter earnings seasons as consumers remained resilient despite higher prices. Separately, labor shortages eased, and supply chain frictions moderated, providing added benefits for companies managing generally higher input costs.

For the twelve-month period ended December 31 2022, the Fund's underweight position to duration versus the benchmark was the largest contributor to relative performance as yields rose and interest rate sensitive bonds were negatively affected.

<sup>1</sup> The J.P. Morgan Emerging Markets Bond Global Diversified Index is a uniquely-weighted version of the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global). It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries' eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by the EMBI Global.

Also contributing to relative performance was an off-benchmark allocation to ABS. The short-term, high quality ABS allocation outperformed the benchmark over the period as the sector was better insulated against rising interest rates than other fixed income sectors with longer duration profiles.

Another contributor to relative performance over the period was an underweight to sovereign debt. Sovereign debt was challenged by higher interest rates and a stronger U.S. dollar.

The largest detractor from relative performance over the period was an overweight to both U.S. and non-U.S developed high yield credit. High yield credit underperformed the Fund's benchmark on a duration-adjusted basis, as investors weighed the risks of owning lower quality companies amid rising interest rates and higher financing costs amid less supportive central bank policies.

Also detracting from relative performance was security selection within investment-grade corporate credit.

*The Fund portfolios are actively managed and, therefore, holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.*

<sup>2</sup> The Bloomberg U.S. Aggregate Bond Index is an index of U.S dollar-denominated, investment-grade U.S. government and corporate securities, and mortgage pass-through securities, and asset-backed securities. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and an investor cannot invest directly in an index.

<sup>3</sup> Investment Grade Bonds segment of the EMBI Global Diversified

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<sup>4</sup> High Yield Bonds segment of the EMBI Global Diversified

<sup>5</sup> The J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) is a market capitalization weighted index that tracks total returns of U.S. dollar denominated debt instruments issued by corporate entities in emerging markets countries. The Index limits the current face amount allocations of the bonds in the CEMBI Broad by constraining the total face amount outstanding for countries with larger debt stocks.

<sup>6</sup> The Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment-grade, fixed-income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indexes. The index also includes euro dollar and euro/yen corporate bonds, Canadian government securities, and U.S. dollar investment-grade 144A securities.

<sup>7</sup> The S&P 500<sup>®</sup> Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

<sup>8</sup> The Nasdaq Composite Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange.

<sup>9</sup> As represented by the U.S. Treasury component of the Bloomberg U.S. Government Index as of 12/31/2022.

<sup>10</sup> As represented by the Bloomberg US Corp Investment Grade Index as of 12/31/2022.

<sup>11</sup> As represented by the ICE BofA U.S. High Yield Constrained Index as of 12/31/2022.

<sup>12</sup> As represented by the Credit Suisse Leveraged Loan Index as of 12/31/2022.

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

**Important Performance and Other Information**

**Performance data quoted in the following pages reflect past performance and are no guarantee of**

**future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Funds will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.**

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

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

*The annual commentary above discusses the views of the Funds' management and various portfolio holdings of the Funds as of December 31, 2022. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds' portfolios are actively managed and may change significantly, the Funds may no longer own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds' portfolio holdings, please visit www.lordabbett.com.*

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

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

**Emerging Markets Bond Fund**

**Investment Comparison**

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

![](x5_c105257x14x1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended December 31, 2022** | **Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended December 31, 2022** | **Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended December 31, 2022** | **Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended December 31, 2022** | **Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended December 31, 2022** |
|  | &nbsp;&nbsp;**1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A<sup>3</sup>** | &nbsp;&nbsp;-17.66% | -1.87% | -1.20% | – |
| **Class C<sup>4</sup>** | &nbsp;&nbsp;-17.06% | -2.02% | -1.58% | – |
| **Class F<sup>5</sup>** | &nbsp;&nbsp;-15.45% | -1.22% | -0.81% | – |
| **Class F3<sup>6</sup>** | &nbsp;&nbsp;-15.48% | -1.20% | – | -0.12% |
| **Class I<sup>5</sup>** | &nbsp;&nbsp;-15.49% | -1.20% | -0.75% | – |
| **Class R3<sup>5</sup>** | &nbsp;&nbsp;-15.92% | -1.69% | -1.23% | – |
| **Class R4<sup>7</sup>** | &nbsp;&nbsp;-15.71% | -1.49% | – | 0.20% |
| **Class R5<sup>7</sup>** | &nbsp;&nbsp;-15.47% | -1.18% | – | 0.49% |
| **Class R6<sup>7</sup>** | &nbsp;&nbsp;-15.48% | -1.19% |  | 0.51% |

---

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ending December 31,

2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**Emerging Markets Corporate Debt Fund**

**Investment Comparison**

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

![](x5_c105257x15x1.jpg)

**Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | **5 Years** | **Life of Class** |
| **Class A<sup>3</sup>** | &nbsp;&nbsp;-13.20% | 0.01% | 2.84% |
| **Class C<sup>4</sup>** | &nbsp;&nbsp;-12.58% | -0.15% | 2.42% |
| **Class F<sup>5</sup>** | &nbsp;&nbsp;-11.09% | 0.57% | 3.20% |
| **Class F3<sup>6</sup>** | &nbsp;&nbsp;-10.88% | 0.83% | 1.62% |
| **Class I<sup>5</sup>** | &nbsp;&nbsp;-11.02% | 0.65% | 3.29% |
| **Class R3<sup>5</sup>** | &nbsp;&nbsp;-11.45% | 0.27% | 3.08% |
| **Class R4<sup>7</sup>** | &nbsp;&nbsp;-11.24% | 0.43% | 2.37% |
| **Class R5<sup>7</sup>** | &nbsp;&nbsp;-11.00% | 0.68% | 2.62% |
| **Class R6<sup>7</sup>** | &nbsp;&nbsp;-10.86% | 0.85% | 2.77% |

---

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Class A shares commenced operations on December 6, 2013 and performance for the Class began on December 31, 2013. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the period shown ended December 31, 2022, is calculated using the SEC-required uniform method to compare such return.

<sup>4</sup> Class C shares commenced operations on December 6, 2013 and performance for the Class began on December 31, 2013. The 1% CDSC for Class C normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

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

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**Global Bond Fund**

**Investment Comparison**

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

![](x5_c105257x16x1.jpg)

**Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | **Life of Class** |
| **Class A<sup>3</sup>** | &nbsp;&nbsp;-17.38% | -1.73% |
| **Class C<sup>4</sup>** | &nbsp;&nbsp;-16.79% | -1.88% |
| **Class F<sup>5</sup>** | &nbsp;&nbsp;-15.36% | -1.02% |
| **Class F3<sup>5</sup>** | &nbsp;&nbsp;-15.26% | -0.96% |
| **Class I<sup>5</sup>** | &nbsp;&nbsp;-15.27% | -1.02% |
| **Class R3<sup>5</sup>** | &nbsp;&nbsp;-15.70% | -1.52% |
| **Class R4<sup>5</sup>** | &nbsp;&nbsp;-15.57% | -1.27% |
| **Class R5<sup>5</sup>** | &nbsp;&nbsp;-15.27% | -1.02% |
| **Class R6<sup>5</sup>** | &nbsp;&nbsp;-15.27% | -0.96% |

---

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 2.25%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund's performance.

<sup>3</sup> Class A shares commenced operations on July 26, 2018 and performance for the Class began on July 31, 2018. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all distributions reinvested for the periods shown

ending December 31, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> Class C shares commenced operations on July 26, 2018 and performance for the Class began on July 31, 2018. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Commenced operations on July 26, 2018 and performance for the Class began on July 31, 2018. Performance is at net asset value.

------

**Expense Example**

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 through December 31, 2022).

**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 7/1/22 – 12/31/22" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

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

**Emerging Markets Bond Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br> **Period**<sup>†</sup>** |
| | **7/1/22** | **12/31/22** | **7/1/22 -<br> 12/31/22** |
| <br>**Class A** | | | |
| Actual | $1000.00 | $1038.60 | $4.98 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.32 | $4.94 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $1037.70 | $8.32 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1017.04 | $8.24 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $1042.20 | $3.96 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.32 | $3.92 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $1042.40 | $3.91 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.37 | $3.87 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $1042.30 | $3.96 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.32 | $3.92 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $1039.70 | $6.53 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.80 | $6.46 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $1041.00 | $5.25 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.06 | $5.19 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $1042.40 | $3.91 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.37 | $3.87 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $1042.40 | $3.91 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.37 | $3.87 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.97% for Class A, 1.62% for Class C, 0.77% for Class F, 0.76% for Class F3, 0.77% for Class I, 1.27% for Class R3, 1.02% for Class R4, 0.76% for Class R5 and 0.76% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*December 31, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Basic Materials | 0.88% |
| Communications | 0.76% |
| Consumer Non-Cyclical | 1.24% |
| Energy | 16.72% |
| Financial | 4.25% |
| Industrial | 0.34% |
| Utilities | 5.98% |
| U.S. Government | 69.32% |
| Repurchase Agreements | 0.51% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Emerging Markets Corporate Debt Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br> **Period**<sup>†</sup>** |
| | **7/1/22** | **12/31/22** | **7/1/22 -<br> 12/31/22** |
| <br>**Class A** | | | |
| Actual | $1000.00 | $1037.00 | $5.39 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.91 | $5.35 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $1034.60 | $8.56 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1016.79 | $8.49 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $1038.30 | $4.88 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.42 | $4.84 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $1038.80 | $3.65 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.63 | $3.62 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $1038.90 | $4.37 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.92 | $4.33 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $1036.30 | $6.93 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.40 | $6.87 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $1037.60 | $5.65 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.66 | $5.60 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $1038.10 | $4.37 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.92 | $4.33 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $1039.60 | $3.65 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.63 | $3.62 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.67% for Class C, 0.95% for Class F, 0.71% for Class F3, 0.85% for Class I, 1.35% for Class R3, 1.10% for Class R4, 0.85% for Class R5 and 0.71% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*December 31, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Basic Material | 13.31% |
| Communications | 8.14% |
| Consumer Cyclical | 5.35% |
| Consumer Non Cyclical | 6.34% |
| Diversified | 1.24% |
| Energy | 22.95% |
| Financial | 21.53% |
| Foreign Government | 1.35% |
| Industrial | 2.48% |
| Technology | 3.10% |
| U.S. Government | 3.05% |
| Utilities | 10.84% |
| Repurchase Agreements | 0.32% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Global Bond Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Beginning<br> Account<br> Value** | **Ending<br> Account<br> Value** | **Expenses**<br> **Paid During**<br> **Period**<sup>†</sup>** |
| | **7/1/22** | **12/31/22** | **7/1/22 -<br> 12/31/22** |
| <br>**Class A** | | | |
| Actual | $1000.00 | $1001.70 | $3.94 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.27 | $3.97 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $998.60 | $7.05 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.15 | $7.12 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $1002.70 | $2.93 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.28 | $2.96 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $1002.70 | $2.88 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.33 | $2.91 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $1002.70 | $2.93 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.28 | $2.96 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $1000.20 | $5.44 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.76 | $5.50 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $1001.40 | $4.19 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.02 | $4.23 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $1002.70 | $2.93 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.28 | $2.96 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $1002.70 | $2.88 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.33 | $2.91 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.78% for Class A, 1.40% for Class C, 0.58% for Class F, 0.57% for Class F3, 0.58% for Class I, 1.08% for Class R3, 0.83% for Class R4, 0.58% for Class R5 and 0.57% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period). |

---

------

**Portfolio Holdings Presented by Sector**

*December 31, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Asset Backed Securities | 7.70% |
| Basic Material | 1.82% |
| Communications | 6.77% |
| Consumer Cyclical | 4.65% |
| Consumer Non Cyclical | 8.68% |
| Energy | 7.39% |
| Financial | 16.68% |
| Foreign Government | 16.84% |
| Industrial | 6.02% |
| Mortgage Backed Securities | 9.52% |
| Municipal | 0.39% |
| Technology | 1.51% |
| U.S. Government | 3.76% |
| Utilities | 5.22% |
| Repurchase Agreements | 3.05% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Schedule of Investments**

EMERGING MARKETS BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 97.57%** |  |  |  |  |
| **CORPORATE BONDS 30.65%** |  |  |  |  |
| **Bahrain 0.46%** |  |  |  |  |
| *Oil & Gas* |  |  |  |  |
| Oil and Gas Holding Co. BSCC (The) | 7.625% | 11/7/2024 | $550000 | $560686 |
| **Brazil 1.48%** |  |  |  |  |
| *Banks 1.07%* |  |  |  |  |
| Banco do Brasil SA<sup>†</sup> | 3.25% | 9/30/2026 | 850000 | 783513 |
| Itau Unibanco Holding SA<sup>†</sup> | 4.50%<br> (5 Yr. Treasury CMT + 2.82% | 11/21/2029 | 550000 | 527398 |
|  |  |  |  | 1310911 |
| *Media 0.41%* |  |  |  |  |
| Globo Comunicacao e Participacoes SA<sup>†</sup> | 4.875% | 1/22/2030 | 600000 | 503585 |
| *Total Brazil* |  |  |  | 1814496 |
| **Chile 1.64%** |  |  |  |  |
| *Chemicals 0.23%* |  |  |  |  |
| Sociedad Quimica y Minera de Chile SA<sup>†</sup> | 3.50% | 9/10/2051 | 380000 | 280205 |
| *Electric 0.31%* |  |  |  |  |
| Alfa Desarrollo SpA<sup>†</sup> | 4.55% | 9/27/2051 | 498177 | 379435 |
| *Mining 0.41%* |  |  |  |  |
| Corp. Nacional del Cobre de Chile<sup>†</sup> | 3.00% | 9/30/2029 | 575000 | 503286 |
| *Oil & Gas 0.69%* |  |  |  |  |
| Empresa Nacional del Petroleo<sup>†</sup> | 3.45% | 9/16/2031 | 1000000 | 844436 |
| *Total Chile* |  |  |  | 2007362 |
| **China 0.79%** |  |  |  |  |
| *Internet 0.34%* |  |  |  |  |
| Prosus NV<sup>†</sup> | 3.832% | 2/8/2051 | 675000 | 410158 |
| *Investment Companies 0.45%* |  |  |  |  |
| Huarong Finance 2019 Co. Ltd. | 3.375% | 2/24/2030 | 270000 | 206070 |
| Huarong Finance 2019 Co. Ltd. | 5.824%<br> (3 Mo. LIBOR + 1.13% | 2/24/2023 | 350000 | 348895 |
|  |  |  |  | 554965 |
| *Total China* |  |  |  | 965123 |
| **Colombia 0.63%** |  |  |  |  |
| *Oil & Gas 0.36%* |  |  |  |  |
| Ecopetrol SA | 5.875% | 11/2/2051 | 650000 | 438095 |

---

22 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS BOND FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Colombia (continued)** |  |  |  |  |  |
| *Pipelines 0.27%* |  |  |  |  |  |
| AI Candelaria Spain SA<sup>†</sup> | 5.75% |  | 6/15/2033 | $437000 | $333029 |
| *Total Colombia* |  |  |  |  | 771124 |
| **India 1.27%** |  |  |  |  |  |
| *Commercial Services 0.30%* |  |  |  |  |  |
| Adani Ports & Special Economic Zone Ltd.<sup>†</sup> | 3.10% |  | 2/2/2031 | 500000 | 367527 |
| *Oil & Gas 0.63%* |  |  |  |  |  |
| Reliance Industries Ltd.<sup>†</sup> | 2.875% |  | 1/12/2032 | 950000 | 771083 |
| *Transportation 0.34%* |  |  |  |  |  |
| Indian Railway Finance Corp. Ltd. | 2.80% |  | 2/10/2031 | 500000 | 411060 |
| *Total India* |  |  |  |  | 1549670 |
| **Indonesia 2.98%** |  |  |  |  |  |
| *Coal 0.40%* |  |  |  |  |  |
| Indika Energy Capital IV Pte Ltd. | 8.25% |  | 10/22/2025 | 500000 | 494724 |
| *Electric 1.46%* |  |  |  |  |  |
| Perusahaan Perseroan Persero PT |  |  |  |  |  |
| Perusahaan Listrik Negara<sup>†</sup> | 3.00% |  | 6/30/2030 | 600000 | 493223 |
| Perusahaan Perseroan Persero PT |  |  |  |  |  |
| Perusahaan Listrik Negara<sup>†</sup> | 4.00% |  | 6/30/2050 | 560000 | 401798 |
| Perusahaan Perseroan Persero PT |  |  |  |  |  |
| Perusahaan Listrik Negara<sup>†</sup> | 4.125% |  | 5/15/2027 | 930000 | 894934 |
|  |  |  |  |  | 1789955 |
| *Oil & Gas 1.12%* |  |  |  |  |  |
| Pertamina Persero PT<sup>†</sup> | 3.10% |  | 1/21/2030 | 900000 | 785346 |
| Pertamina Persero PT<sup>†</sup> | 5.625% |  | 5/20/2043 | 630000 | 580347 |
|  |  |  |  |  | 1365693 |
| *Total Indonesia* |  |  |  |  | 3650372 |
| **Israel 0.73%** |  |  |  |  |  |
| *Banks* |  |  |  |  |  |
| Bank Hapoalim BM<sup>†</sup> | 3.255%<br> (5 Yr. Treasury CMT + 2.16% |)<sup>#</sup> | 1/21/2032 | 480000 | 415075 |
| Bank Leumi Le-Israel BM<sup>†</sup> | 3.275%<br> (5 Yr. Treasury CMT + 1.63% |)<sup>#</sup> | 1/29/2031 | 200000 | 177921 |
| Bank Leumi Le-Israel BM<sup>†</sup> | 5.125% |  | 7/27/2027 | 300000 | 298363 |
| *Total Israel* |  |  |  |  | 891359 |

---

*See Notes to Financial Statements.* 23

**Schedule of Investments (continued)**

EMERGING MARKETS BOND FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Kazakhstan 1.88%** |  |  |  | | |
| *Oil & Gas 1.06%* |  |  |  |  |  |
| KazMunayGas National Co. JSC<sup>†</sup> | 4.75% |  | 4/19/2027 | $700000 | $647850 |
| KazMunayGas National Co. JSC<sup>†</sup> | 6.375% |  | 10/24/2048 | 300000 | 248921 |
| Tengizchevroil Finance Co. International Ltd.<sup>†</sup> | 3.25% |  | 8/15/2030 | 560000 | 401615 |
|  |  |  |  |  | 1298386 |
| *Pipelines 0.82%* |  |  |  |  |  |
| KazTransGas JSC<sup>†</sup> | 4.375% |  | 9/26/2027 | 1100000 | 996831 |
| *Total Kazakhstan* |  |  |  |  | 2295217 |
| **Kuwait 0.38%** |  |  |  |  |  |
| *Banks* |  |  |  |  |  |
| NBK Tier 1 Financing 2 Ltd.<sup>†</sup> | 4.50%<br> (6 Yr. Treasury CMT + 2.83% |)<sup>#</sup> | – <sup>(a)</sup> | 500000 | 460329 |
| **Malaysia 2.13%** |  |  |  |  |  |
| *Oil & Gas* |  |  |  |  |  |
| Petronas Capital Ltd.<sup>†</sup> | 2.48% |  | 1/28/2032 | 1000000 | 829105 |
| Petronas Capital Ltd.<sup>†</sup> | 3.404% |  | 4/28/2061 | 1300000 | 902763 |
| Petronas Energy Canada Ltd.<sup>†</sup> | 2.112% |  | 3/23/2028 | 1000000 | 875790 |
| *Total Malaysia* |  |  |  |  | 2607658 |
| **Mexico 4.13%** |  |  |  |  |  |
| *Banks 0.29%* |  |  |  |  |  |
| Banco Nacional de Comercio Exterior SNC<sup>†</sup> | 2.72%<br> (5 Yr. Treasury CMT + 2.00% |)<sup>#</sup> | 8/11/2031 | 420000 | 351931 |
| *Electric 0.83%* |  |  |  |  |  |
| Comision Federal de Electricidad<sup>†</sup> | 3.348% |  | 2/9/2031 | 625000 | 490688 |
| Comision Federal de Electricidad<sup>†</sup> | 4.677% |  | 2/9/2051 | 800000 | 524440 |
|  |  |  |  |  | 1015128 |
| *Oil & Gas 3.01%* |  |  |  |  |  |
| Petroleos Mexicanos | 5.35% |  | 2/12/2028 | 1250000 | 1054731 |
| Petroleos Mexicanos | 6.50% |  | 6/2/2041 | 1175000 | 767422 |
| Petroleos Mexicanos | 6.70% |  | 2/16/2032 | 1652000 | 1300458 |
| Petroleos Mexicanos | 6.75% |  | 9/21/2047 | 880000 | 563449 |
|  |  |  |  |  | 3686060 |
| *Total Mexico* |  |  |  |  | 5053119 |
| **Morocco 0.22%** |  |  |  |  |  |
| *Chemicals* |  |  |  |  |  |
| OCP SA<sup>†</sup> | 5.125% |  | 6/23/2051 | 350000 | 267010 |

---

24 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oman 0.94%** |  |  | | |
| *Electric* |  |  |  |  |
| OmGrid Funding Ltd.<sup>†</sup> | 5.196% | 5/16/2027 | $1200000 | $1154700 |
| **Panama 0.68%** |  |  |  |  |
| *Banks 0.33%* |  |  |  |  |
| Banco Nacional de Panama<sup>†</sup> | 2.50% | 8/11/2030 | 500000 | 401638 |
| *Multi-National 0.35%* |  |  |  |  |
| Banco Latinoamericano de Comercio Exterior SA<sup>†</sup> | 2.375% | 9/14/2025 | 478000 | 436997 |
| *Total Panama* |  |  |  | 838635 |
| **Paraguay 0.22%** |  |  |  |  |
| *Banks* |  |  |  |  |
| Banco Continental SAECA<sup>†</sup> | 2.75% | 12/10/2025 | 300000 | 268760 |
| **Peru 0.44%** |  |  |  |  |
| *Banks* |  |  |  |  |
| Banco Internacional del Peru SAA Interbank<sup>†</sup> | 3.25% | 10/4/2026 | 590000 | 537760 |
| **Qatar 1.47%** |  |  |  |  |
| *Oil & Gas* |  |  |  |  |
| Qatar Energy<sup>†</sup> | 2.25% | 7/12/2031 | 1500000 | 1245272 |
| QatarEnergy Trading LLC<sup>†</sup> | 3.30% | 7/12/2051 | 750000 | 555600 |
| *Total Qatar* |  |  |  | 1800872 |
| **Saudi Arabia 1.40%** |  |  |  |  |
| *Electric 0.42%* |  |  |  |  |
| Acwa Power Management and Investments One Ltd.<sup>†</sup> | 5.95% | 12/15/2039 | 548900 | 513496 |
| *Oil & Gas 0.51%* |  |  |  |  |
| SAGlobal Sukuk Ltd.<sup>†</sup> | 1.602% | 6/17/2026 | 240000 | 214802 |
| Saudi Arabian Oil Co. | 2.25% | 11/24/2030 | 300000 | 247874 |
| Saudi Arabian Oil Co.<sup>†</sup> | 3.25% | 11/24/2050 | 225000 | 159094 |
|  |  |  |  | 621770 |
| *Pipelines 0.47%* |  |  |  |  |
| EIG Pearl Holdings Sarl<sup>†</sup> | 3.545% | 8/31/2036 | 685000 | 576518 |
| *Total Saudi Arabia* |  |  |  | 1711784 |
| **South Africa 1.50%** |  |  |  |  |
| *Electric* |  |  |  |  |
| Eskom Holdings SOC Ltd. | 6.35% | 8/10/2028 | 700000 | 649775 |
| Eskom Holdings SOC Ltd.<sup>†</sup> | 7.125% | 2/11/2025 | 1300000 | 1187029 |
| *Total South Africa* |  |  |  | 1836804 |

---

*See Notes to Financial Statements.* 25

**Schedule of Investments (continued)**

EMERGING MARKETS BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **South Korea 1.51%** |  |  |  |  |
| *Electric 0.39%* |  |  |  |  |
| Korea East-West Power Co. Ltd.<sup>†</sup> | 3.60% | 5/6/2025 | $495000 | $479108 |
| *Energy-Alternate Sources 0.40%* |  |  |  |  |
| Hanwha Energy USA Holdings Corp.<sup>†</sup> | 4.125% | 7/5/2025 | 500000 | 485479 |
| *Oil & Gas 0.72%* |  |  |  |  |
| Korea National Oil Corp.<sup>†</sup> | 2.125% | 4/18/2027 | 1000000 | 882202 |
| *Total South Korea* |  |  |  | 1846789 |
| **Supranational 0.37%** |  |  |  |  |
| *Multi-National* |  |  |  |  |
| African Export-Import Bank (The)<sup>†</sup> | 2.634% | 5/17/2026 | 500000 | 450000 |
| **Thailand 0.64%** |  |  |  |  |
| *Oil & Gas* |  |  |  |  |
| Thaioil Treasury Center Co. Ltd.<sup>†</sup> | 3.50% | 10/17/2049 | 1300000 | 780769 |
| **United Arab Emirates 2.59%** |  |  |  |  |
| *Commercial Services 0.92%* |  |  |  |  |
| DP World Crescent Ltd. | 3.875% | 7/18/2029 | 1200000 | 1125089 |
| *Energy-Alternate Sources 0.44%* |  |  |  |  |
| Sweihan PV Power Co. PJSC<sup>†</sup> | 3.625% | 1/31/2049 | 665451 | 536593 |
| *Investment Companies 0.26%* |  |  |  |  |
| MDGH GMTN RSC Ltd.<sup>†</sup> | 5.50% | 4/28/2033 | 300000 | 317842 |
| *Pipelines 0.63%* |  |  |  |  |
| Galaxy Pipeline Assets Bidco Ltd.<sup>†</sup> | 3.25% | 9/30/2040 | 1000000 | 777604 |
| *Sovereign 0.34%* |  |  |  |  |
| Finance Department Government of Sharjah | 3.625% | 3/10/2033 | 500000 | 416305 |
| *Total United Arab Emirates* |  |  |  | 3173433 |
| **United States 0.17%** |  |  |  |  |
| *Oil & Gas* |  |  |  |  |
| Citgo Holding, Inc.<sup>†</sup> | 9.25% | 8/1/2024 | 208000 | 207944 |
| *Total Corporate Bonds* (cost $43,344,531) |  |  |  | 37501775 |
| **FOREIGN GOVERNMENT OBLIGATIONS 66.92%** |  |  |  |  |
| **Angola 1.73%** |  |  |  |  |
| Angolan Government International Bond | 8.75% | 4/14/2032 | 200000 | 173680 |
| Angolan Government International Bond<sup>†</sup> | 9.125% | 11/26/2049 | 850000 | 666315 |
| Republic of Angola<sup>†</sup> | 8.25% | 5/9/2028 | 1400000 | 1280440 |
| *Total Angola* |  |  |  | 2120435 |

---

26 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Argentina 1.66%** |  |  | | |
| Argentine Republic Government International Bond | 1.50% | 7/9/2035 | $2950000 | $755630 |
| Argentine Republic Government International Bond | 3.50% | 7/9/2041 | 2150000 | 611867 |
| Argentine Republic Government International Bond | 3.875% | 1/9/2038 | 2077038 | 662228 |
| *Total Argentina* |  |  |  | 2029725 |
| **Bahrain 2.31%** |  |  |  |  |
| Kingdom of Bahrain<sup>†</sup> | 5.45% | 9/16/2032 | 1550000 | 1373847 |
| Kingdom of Bahrain<sup>†</sup> | 6.00% | 9/19/2044 | 300000 | 235225 |
| Kingdom of Bahrain<sup>†</sup> | 7.00% | 1/26/2026 | 1180000 | 1212890 |
| *Total Bahrain* |  |  |  | 2821962 |
| **Bermuda 0.22%** |  |  |  |  |
| Bermuda Government International Bond<sup>†</sup> | 2.375% | 8/20/2030 | 320000 | 271532 |
| **Brazil 2.22%** |  |  |  |  |
| Federal Republic of Brazil | 3.75% | 9/12/2031 | 1650000 | 1390573 |
| Federal Republic of Brazil | 4.75% | 1/14/2050 | 1431000 | 1007161 |
| Federal Republic of Brazil | 5.00% | 1/27/2045 | 436000 | 324450 |
| *Total Brazil* |  |  |  | 2722184 |
| **Cayman Islands 1.36%** |  |  |  |  |
| KSA Sukuk Ltd.<sup>†</sup> | 5.268% | 10/25/2028 | 1600000 | 1665062 |
| **Chile 1.73%** |  |  |  |  |
| Chile Government International Bond | 2.45% | 1/31/2031 | 850000 | 707351 |
| Chile Government International Bond | 3.10% | 5/7/2041 | 1050000 | 757929 |
| Chile Government International Bond | 3.50% | 1/25/2050 | 900000 | 652386 |
| *Total Chile* |  |  |  | 2117666 |
| **Colombia 2.80%** |  |  |  |  |
| Republic of Colombia | 3.00% | 1/30/2030 | 505000 | 387758 |
| Republic of Colombia | 3.25% | 4/22/2032 | 875000 | 639142 |
| Republic of Colombia | 3.875% | 4/25/2027 | 860000 | 764069 |
| Republic of Colombia | 4.125% | 5/15/2051 | 750000 | 451379 |
| Republic of Colombia | 5.00% | 6/15/2045 | 1735000 | 1186837 |
| *Total Colombia* |  |  |  | 3429185 |
| **Costa Rica 0.81%** |  |  |  |  |
| Costa Rica Government<sup>†</sup> | 5.625% | 4/30/2043 | 862000 | 709294 |
| Costa Rica Government<sup>†</sup> | 6.125% | 2/19/2031 | 285000 | 277843 |
| *Total Costa Rica* |  |  |  | 987137 |

---

*See Notes to Financial Statements.* 27

**Schedule of Investments (continued)**

EMERGING MARKETS BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Dominican Republic 3.33%** |  |  |  |  |
| Dominican Republic<sup>†</sup> | 4.50% | 1/30/2030 | $1200000 | $1026083 |
| Dominican Republic<sup>†</sup> | 5.30% | 1/21/2041 | 750000 | 581530 |
| Dominican Republic<sup>†</sup> | 5.875% | 1/30/2060 | 970000 | 715055 |
| Dominican Republic<sup>†</sup> | 5.95% | 1/25/2027 | 1225000 | 1202963 |
| Dominican Republic International Bond<sup>†</sup> | 5.50% | 2/22/2029 | 600000 | 554317 |
| *Total Dominican Republic* |  |  |  | 4079948 |
| **Ecuador 1.93%** |  |  |  |  |
| Ecuador Government International Bond<sup>†</sup> | 1.50% | 7/31/2040 | 1921077 | 791160 |
| Ecuador Government International Bond<sup>†</sup> | 2.50% | 7/31/2035 | 1275000 | 592541 |
| Ecuador Government International Bond<sup>†</sup> | 5.50% | 7/31/2030 | 1507550 | 976242 |
| *Total Ecuador* |  |  |  | 2359943 |
| **Egypt 2.96%** |  |  |  |  |
| Republic of Egypt<sup>†</sup> | 3.875% | 2/16/2026 | 2400000 | 1987608 |
| Republic of Egypt<sup>†</sup> | 7.30% | 9/30/2033 | 1000000 | 712480 |
| Republic of Egypt<sup>†</sup> | 7.903% | 2/21/2048 | 920000 | 584669 |
| Republic of Egypt<sup>†</sup> | 8.75% | 9/30/2051 | 500000 | 337600 |
| *Total Egypt* |  |  |  | 3622357 |
| **El Salvador 0.77%** |  |  |  |  |
| El Salvador Government International Bond<sup>†</sup> | 8.25% | 4/10/2032 | 1575000 | 701233 |
| Republic of EI Salvador<sup>†</sup> | 6.375% | 1/18/2027 | 550000 | 246125 |
| *Total El Salvador* |  |  |  | 947358 |
| **Gabon 0.65%** |  |  |  |  |
| Gabon Government International Bond<sup>†</sup> | 7.00% | 11/24/2031 | 967000 | 795261 |
| **Ghana 1.10%** |  |  |  |  |
| Ghana Government International Bond | 8.627% | 6/16/2049 | 725000 | 256382 |
| Republic of Ghana<sup>†</sup> | 6.375% | 2/11/2027 | 1625000 | 629736 |
| Republic of Ghana<sup>†</sup> | 7.625% | 5/16/2029 | 730000 | 275648 |
| Republic of Ghana<sup>†</sup> | 8.625% | 4/7/2034 | 500000 | 182800 |
| *Total Ghana* |  |  |  | 1344566 |
| **Guatemala 0.95%** |  |  |  |  |
| Republic of Guatemala<sup>†</sup> | 4.375% | 6/5/2027 | 625000 | 593773 |
| Republic of Guatemala<sup>†</sup> | 6.125% | 6/1/2050 | 600000 | 566858 |
| *Total Guatemala* |  |  |  | 1160631 |
| **Indonesia 2.52%** |  |  |  |  |
| Indonesia Government International Bond | 1.85% | 3/12/2031 | 1600000 | 1296429 |
| Indonesia Government International Bond | 3.05% | 3/12/2051 | 1000000 | 725099 |

---

28 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Indonesia (continued)** |  |  |  |  |
| Indonesia Government International Bond | 3.50% | 2/14/2050 | $500000 | $376295 |
| Perusahaan Penerbit SBSN Indonesia III<sup>†</sup> | 4.70% | 6/6/2032 | 700000 | 690068 |
| *Total Indonesia* |  |  |  | 3087891 |
| **Jordan 0.37%** |  |  |  |  |
| Kingdom of Jordan<sup>†</sup> | 5.85% | 7/7/2030 | 500000 | 449654 |
| **Kazakhstan 1.00%** |  |  |  |  |
| Republic of Kazakhstan<sup>†(b)</sup> | 1.50% | 9/30/2034 | 500000 | 398743 |
| Republic of Kazakhstan<sup>†</sup> | 4.875% | 10/14/2044 | $915000 | 821084 |
| *Total Kazakhstan* |  |  |  | 1219827 |
| **Kenya 1.13%** |  |  |  |  |
| Republic of Kenya<sup>†</sup> | 6.30% | 1/23/2034 | 1000000 | 774990 |
| Republic of Kenya<sup>†</sup> | 7.00% | 5/22/2027 | 500000 | 449609 |
| Republic of Kenya Government International Bond | 8.25% | 2/28/2048 | 200000 | 155749 |
| *Total Kenya* |  |  |  | 1380348 |
| **Lebanon 0.10%** |  |  |  |  |
| Republic of Lebanon<sup>(c)</sup> | 6.65% | 2/26/2030 | 1948000 | 118925 |
| **Mexico 2.32%** |  |  |  |  |
| Mexico Government International Bond | 4.40% | 2/12/2052 | 788000 | 582267 |
| Mexico Government International Bond | 4.875% | 5/19/2033 | 251000 | 230905 |
| United Mexican States | 2.659% | 5/24/2031 | 2064000 | 1669835 |
| United Mexican States | 3.771% | 5/24/2061 | 560000 | 355757 |
| *Total Mexico* |  |  |  | 2838764 |
| **Morocco 0.67%** |  |  |  |  |
| Morocco Government International Bond<sup>†</sup> | 3.00% | 12/15/2032 | 600000 | 479760 |
| Morocco Government International Bond<sup>†</sup> | 4.00% | 12/15/2050 | 500000 | 344215 |
| *Total Morocco* |  |  |  | 823975 |
| **Nigeria 2.46%** |  |  |  |  |
| Nigeria Government International Bond | 8.25% | 9/28/2051 | 250000 | 167723 |
| Republic of Nigeria<sup>†</sup> | 6.50% | 11/28/2027 | 2150000 | 1741435 |
| Republic of Nigeria<sup>†</sup> | 7.375% | 9/28/2033 | 1530000 | 1094539 |
| *Total Nigeria* |  |  |  | 3003697 |
| **Oman 3.03%** |  |  |  |  |
| Oman Government International Bond<sup>†</sup> | 4.75% | 6/15/2026 | 2550000 | 2470557 |
| Oman Government International Bond<sup>†</sup> | 6.25% | 1/25/2031 | 300000 | 302784 |
| Oman Government International Bond<sup>†</sup> | 6.75% | 1/17/2048 | 1000000 | 940020 |
| *Total Oman* |  |  |  | 3713361 |

---

*See Notes to Financial Statements.* 29

**Schedule of Investments (continued)**

EMERGING MARKETS BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Panama 2.79%** |  |  | | |
| Panama Government International Bond | 4.30% | 4/29/2053 | $925000 | $671602 |
| Republic of Panama | 2.252% | 9/29/2032 | 1300000 | 967532 |
| Republic of Panama | 3.87% | 7/23/2060 | 1010000 | 654869 |
| Republic of Panama | 4.50% | 4/16/2050 | 1475000 | 1118175 |
| *Total Panama* |  |  |  | 3412178 |
| **Paraguay 0.84%** |  |  |  |  |
| Paraguay Government International Bond<sup>†</sup> | 3.849% | 6/28/2033 | 500000 | 440788 |
| Republic of Paraguay<sup>†</sup> | 5.40% | 3/30/2050 | 675000 | 584175 |
| *Total Paraguay* |  |  |  | 1024963 |
| **Peru 2.05%** |  |  |  |  |
| Republic of Peru | 1.862% | 12/1/2032 | 1000000 | 731855 |
| Republic of Peru | 2.78% | 12/1/2060 | 465000 | 272775 |
| Republic of Peru | 3.00% | 1/15/2034 | 1900000 | 1502717 |
| *Total Peru* |  |  |  | 2507347 |
| **Philippines 2.88%** |  |  |  |  |
| Philippine Government International Bond | 2.65% | 12/10/2045 | 2800000 | 1894308 |
| Philippine Government International Bond | 3.229% | 3/29/2027 | 1700000 | 1634383 |
| *Total Philippines* |  |  |  | 3528691 |
| **Qatar 2.42%** |  |  |  |  |
| State of Qatar<sup>†</sup> | 4.00% | 3/14/2029 | 1650000 | 1624623 |
| State of Qatar | 4.40% | 4/16/2050 | 500000 | 458876 |
| State of Qatar<sup>†</sup> | 4.40% | 4/16/2050 | 950000 | 871864 |
| *Total Qatar* |  |  |  | 2955363 |
| **Romania 0.49%** |  |  |  |  |
| Romanian Government International Bond<sup>†(b)</sup> | 2.625% | 12/2/2040 | 1000000 | 601425 |
| **Saudi Arabia 2.29%** |  |  |  |  |
| KSA Sukuk Ltd.<sup>†</sup> | 2.25% | 5/17/2031 | $1000000 | 854494 |
| Saudi International Bond<sup>†</sup> | 3.45% | 2/2/2061 | 2700000 | 1941187 |
| *Total Saudi Arabia* |  |  |  | 2795681 |
| **Senegal 0.64%** |  |  |  |  |
| Republic of Senegal<sup>†</sup> | 6.25% | 5/23/2033 | 750000 | 622026 |
| Senegal Government International Bond<sup>†(b)</sup> | 5.375% | 6/8/2037 | 220000 | 159059 |
| *Total Senegal* |  |  |  | 781085 |

---

30 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **South Africa 2.12%** |  |  |  |  |
| Republic of South Africa | 4.30% | 10/12/2028 | $1440000 | $1288800 |
| South Africa Government International Bond | 5.75% | 9/30/2049 | 1760000 | 1300344 |
| *Total South Africa* |  |  |  | 2589144 |
| **Sri Lanka 1.08%** |  |  |  |  |
| Republic of Sri Lanka<sup>†</sup> | 5.75% | 4/18/2023 | 1531000 | 486026 |
| Republic of Sri Lanka<sup>†</sup> | 6.75% | 4/18/2028 | 1130000 | 361885 |
| Republic of Sri Lanka<sup>†</sup> | 7.55% | 3/28/2030 | 550000 | 175494 |
| Sri Lanka Government International Bond<sup>†(c)</sup> | 5.875% | 7/25/2022 | 920000 | 303727 |
| *Total Sri Lanka* |  |  |  | 1327132 |
| **Turkey 3.96%** |  |  |  |  |
| Republic of Turkey | 4.25% | 4/14/2026 | 2100000 | 1876090 |
| Republic of Turkey | 5.25% | 3/13/2030 | 1445000 | 1166837 |
| Republic of Turkey | 5.75% | 5/11/2047 | 1250000 | 856250 |
| Republic of Turkey | 5.95% | 1/15/2031 | 500000 | 415191 |
| Turkiye Ihracat Kredi Bankasi AS<sup>†</sup> | 5.75% | 7/6/2026 | 580000 | 529295 |
| *Total Turkey* |  |  |  | 4843663 |
| **United Arab Emirates 3.05%** |  |  |  |  |
| Abu Dhabi Government International Bond<sup>†</sup> | 1.70% | 3/2/2031 | 1989000 | 1645317 |
| Abu Dhabi Government International Bond<sup>†</sup> | 1.875% | 9/15/2031 | 1000000 | 829881 |
| Abu Dhabi Government International Bond<sup>†</sup> | 3.125% | 9/30/2049 | 1000000 | 742605 |
| UAE International Government Bond<sup>†</sup> | 3.25% | 10/19/2061 | 700000 | 518871 |
| *Total United Arab Emirates* |  |  |  | 3736674 |
| **Uruguay 2.18%** |  |  |  |  |
| Republic of Uruguay | 4.975% | 4/20/2055 | 1428000 | 1369658 |
| Republic of Uruguay | 5.10% | 6/18/2050 | 896000 | 881783 |
| Uruguay Government International Bond | 5.75% | 10/28/2034 | 385000 | 417054 |
| *Total Uruguay* |  |  |  | 2668495 |
| *Total Foreign Government Obligations* (cost $106,172,657) | *Total Foreign Government Obligations* (cost $106,172,657) |  |  | 81883235 |
| *Total Long-Term Investments* (cost $149,517,188) | *Total Long-Term Investments* (cost $149,517,188) |  |  | 119385010 |

---

*See Notes to Financial Statements.* 31

**Schedule of Investments (continued)**

EMERGING MARKETS BOND FUND *December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 0.50%** |  |  |
| **Repurchase Agreements 0.50%** |  |  |
| Repurchase Agreement dated 12/30/2022, 2.050% due 1/3/2023 with Fixed Income Clearing Corp. collateralized by $516,200 of U.S. Treasury Inflation Indexed Note at 0.250% due 1/15/2025; value: $624,210; proceeds: $612,026<br> (cost $611,886) | $611886 | $611886 |
| *Total Investments in Securities 98.07%* (cost $150,129,074) |  | 119996896 |
| *Other Assets and Liabilities – Net<sup>(d)</sup> 1.93* |  | 2365760 |
| *Net Assets 100.00%* |  | $122362656 |

---

---

| | |
|:---|:---|
| EUR | Euro. |
| CMT | Constant Maturity Rate. |
| LIBOR | London Interbank Offered Rate. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2022, the total value of Rule 144A securities was $74,913,472, which represents 61.22% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2022. |
| <sup>(a)</sup> | Security is perpetual in nature and has no stated maturity. |
| <sup>(b)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(c)</sup> | Defaulted (non-income producing security). |
| <sup>(d)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows: |

---

**Forward Foreign Currency Exchange Contracts at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign <br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| Euro | Buy | Morgan Stanley | 3/13/2023 | 35000 | $37523 | $37640 | $117 |
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Euro | Sell | State Street Bank and Trust | 3/13/2023 | 1124000 | $1194144 | $1208781 | $(14637) |

---

32 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS BOND FUND *December 31, 2022*

**Futures Contracts at December 31, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| Euro-Bund | March 2023 | 8 | Short | (1125948) | (1063440) | $66912 |
| Euro-Buxl | March 2023 | 2 | Short | (321877) | (270480) | 55018 |
| U.S. 10-Year Ultra Treasury Note | March 2023 | 143 | Short | $(17032104) | $(16914219) | 117885 |
| U.S. 5-Year Treasury Note | March 2023 | 33 | Short | (3566788) | (3561680) | 5108 |
| U.S. Treasury Bonds | March 2023 | 56 | Short | (7616845) | (7521500) | 95345 |
| U.S. Treasury Bonds | March 2023 | 9 | Short | (1139050) | (1128094) | 10956 |
| U.S. Treasury Notes | March 2023 | 26 | Long | 5325764 | 5332031 | 6267 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  | $357491 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized**<br> **Depreciation** |
| U.S. Long Bond | March 2023 | 136 | Long | $17203827 | $17046750 | $(157077) |
| U.S. Treasury Notes | March 2023 | 8 | Long | 903251 | 898375 | (4876) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  |  | $(161953) |

---

*See Notes to Financial Statements.* 33

**Schedule of Investments (concluded)**

EMERGING MARKETS BOND FUND *December 31, 2022*

The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $37501775 | $– | $37501775 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 81883235 |  | 81883235 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 611886 | – | 611886 |
| Total | $– | $119996896 | $– | $119996896 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $117 | $– | $117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (14637) |  | (14637) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 357491 |  |  | 357491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (161953) | – | – | (161953) |
| Total | $195538 | $(14520) | $– | $181018 |

---

<sup>(1)</sup> Refer to Note 2(s) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

34 *See Notes to Financial Statements.*

**Schedule of Investments**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | | | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 94.64%** |  |  |  |  |
| **COMMON STOCKS 0.26%** |  |  |  |  |
| **China 0.06%** |  |  |  |  |
| *Internet & Catalog Retail* |  |  |  |  |
| Alibaba Group Holding Ltd. ADR\* |  |  | 331 | $29158 |
| **United States 0.20%** |  |  |  |  |
| *Chemicals 0.12%* |  |  |  |  |
| Mosaic Co. (The) |  |  | 1291 | 56636 |
| *Food Products 0.08%* |  |  |  |  |
| Archer-Daniels-Midland Co. |  |  | 412 | 38254 |
| *Total United States* |  |  |  | 94890 |
| *Total Common Stocks* (cost $145,497) |  |  |  | 124048 |
|  | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount** |  |
| **CONVERTIBLE BONDS 0.49%** |  |  |  |  |
| **China 0.09%** |  |  |  |  |
| *Internet* |  |  |  |  |
| Pinduoduo, Inc. | Zero Coupon | 12/1/2025 | $49000 | 45570 |
| **United Arab Emirates 0.40%** |  |  |  |  |
| *Oil & Gas* |  |  |  |  |
| Abu Dhabi National Oil Co. | 0.70% | 6/4/2024 | 200000 | 189200 |
| *Total Convertible Bonds* (cost $246,192) |  |  |  | 234770 |
| **CORPORATE BONDS 93.23%** |  |  |  |  |
| **Argentina 2.39%** |  |  |  |  |
| *Electric 0.39%* |  |  |  |  |
| Pampa Energia SA<sup>†</sup> | 9.125% | 4/15/2029 | 200000 | 183959 |
| *Energy-Alternate Sources 0.72%* |  |  |  |  |
| YPF Energia Electrica SA<sup>†</sup> | 10.00% | 7/25/2026 | 392000 | 340823 |
| *Oil & Gas 1.28%* |  |  |  |  |
| YPF SA<sup>†</sup> | 6.95% | 7/21/2027 | 860000 | 610600 |
| *Total Argentina* |  |  |  | 1135382 |
| **Brazil 5.13%** |  |  |  |  |
| *Airlines 0.34%* |  |  |  |  |
| Azul Investments LLP<sup>†</sup> | 5.875% | 10/26/2024 | 200000 | 161233 |
| *Chemicals 0.42%* |  |  |  |  |
| Braskem Finance Ltd. | 6.45% | 2/3/2024 | 200000 | 200799 |

---

*See Notes to Financial Statements.* 35

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Brazil (continued)** |  |  |  |  |
| *Commercial Services 0.47%* |  |  |  |  |
| Movida Europe SA<sup>†</sup> | 5.25% | 2/8/2031 | $300000 | $225328 |
| *Forest Products & Paper 0.95%* |  |  |  |  |
| Suzano Austria GmbH | 3.125% | 1/15/2032 | 580000 | 453009 |
| *Internet 0.27%* |  |  |  |  |
| B2W Digital Lux Sarl<sup>†</sup> | 4.375% | 12/20/2030 | 200000 | 126787 |
| *Iron-Steel 1.29%* |  |  |  |  |
| CSN Inova Ventures<sup>†</sup> | 6.75% | 1/28/2028 | 200000 | 191284 |
| CSN Resources SA<sup>†</sup> | 4.625% | 6/10/2031 | 200000 | 158654 |
| Vale Overseas Ltd. | 3.75% | 7/8/2030 | 300000 | 263156 |
|  |  |  |  | 613094 |
| *Media 0.36%* |  |  |  |  |
| Globo Comunicacao e Participacoes SA | 5.50% | 1/14/2032 | 200000 | 170846 |
| *Oil & Gas 0.72%* |  |  |  |  |
| MC Brazil Downstream Trading Sarl<sup>†</sup> | 7.25% | 6/30/2031 | 411000 | 339715 |
| *Transportation 0.31%* |  |  |  |  |
| Hidrovias International Finance Sarl<sup>†</sup> | 4.95% | 2/8/2031 | 200000 | 148400 |
| *Total Brazil* |  |  |  | 2439211 |
| **Chile 3.69%** |  |  |  |  |
| *Banks 1.19%* |  |  |  |  |
| Banco de Credito e Inversiones SA<sup>†</sup> | 3.50% | 10/12/2027 | 200000 | 184440 |
| Banco del Estado de Chile<sup>†</sup> | 2.704% | 1/9/2025 | 200000 | 189122 |
| Banco Santander Chile<sup>†</sup> | 2.70% | 1/10/2025 | 200000 | 190065 |
|  |  |  |  | 563627 |
| *Chemicals 0.31%* |  |  |  |  |
| Sociedad Quimica y Minera de Chile SA<sup>†</sup> | 3.50% | 9/10/2051 | 200000 | 147477 |
| *Electric 0.81%* |  |  |  |  |
| Alfa Desarrollo SpA<sup>†</sup> | 4.55% | 9/27/2051 | 249089 | 189717 |
| Engie Energia Chile SA<sup>†</sup> | 4.50% | 1/29/2025 | 200000 | 196677 |
|  |  |  |  | 386394 |
| *Forest Products & Paper 0.71%* |  |  |  |  |
| Inversiones CMPC SA<sup>†</sup> | 3.00% | 4/6/2031 | 400000 | 335392 |
| *Mining 0.34%* |  |  |  |  |
| Antofagasta plc<sup>†</sup> | 2.375% | 10/14/2030 | 200000 | 160834 |
| *Pipelines 0.33%* |  |  |  |  |
| GNL Quintero SA<sup>†</sup> | 4.634% | 7/31/2029 | 164720 | 159341 |
| *Total Chile* |  |  |  | 1753065 |

---

36 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **China 6.27%** |  |  |  |  |  |
| *Gas 0.73%* |  |  |  |  |  |
| ENN Clean Energy International Investment Ltd.<sup>†</sup> | 3.375% |  | 5/12/2026 | $400000 | $348898 |
| *Internet 2.45%* |  |  |  |  |  |
| Baidu, Inc. | 2.375% |  | 10/9/2030 | 200000 | 160966 |
| Meituan <sup>†</sup> | 2.125% |  | 10/28/2025 | 300000 | 265694 |
| Prosus NV<sup>†</sup> | 3.257% |  | 1/19/2027 | 200000 | 179067 |
| Prosus NV<sup>†</sup> | 3.832% |  | 2/8/2051 | 400000 | 243057 |
| Tencent Holdings Ltd. | 3.925% |  | 1/19/2038 | 200000 | 159715 |
| Weibo Corp. | 3.375% |  | 7/8/2030 | 200000 | 155594 |
|  |  |  |  |  | 1164093 |
| *Investment Companies 1.06%* |  |  |  |  |  |
| Huarong Finance 2019 Co. Ltd. | 3.375% |  | 2/24/2030 | 400000 | 305290 |
| Huarong Finance 2019 Co. Ltd. | 5.824%<br> (3 Mo. LIBOR + 1.13% |)<sup>#</sup> | 2/24/2023 | 200000 | 199368 |
|  |  |  |  |  | 504658 |
| *Real Estate 1.72%* |  |  |  |  |  |
| CIFI Holdings Group Co. Ltd. | 6.00% |  | 7/16/2025 | 200000 | 52558 |
| Country Garden Holdings Co. Ltd. | 3.30% |  | 1/12/2031 | 500000 | 264520 |
| Country Garden Holdings Co. Ltd. | 3.875% |  | 10/22/2030 | 200000 | 106282 |
| Kaisa Group Holdings Ltd.<sup>†(a)</sup> | 11.95% |  | 10/22/2022 | 400000 | 56000 |
| Longfor Group Holdings Ltd. | 3.95% |  | 9/16/2029 | 200000 | 147000 |
| Ronshine China Holdings Ltd.<sup>(a)</sup> | 8.10% |  | 6/9/2023 | 200000 | 15150 |
| Shimao Group Holdings Ltd. | 3.45% |  | 1/11/2031 | 400000 | 74805 |
| Sunac China Holdings Ltd. | 7.50% |  | 2/1/2024 | 450000 | 99866 |
|  |  |  |  |  | 816181 |
| *Telecommunications 0.31%* |  |  |  |  |  |
| Xiaomi Best Time International Ltd. | 2.875% |  | 7/14/2031 | 200000 | 145220 |
| *Total China* |  |  |  |  | 2979050 |
| **Colombia 3.73%** |  |  |  |  |  |
| *Banks 1.20%* |  |  |  |  |  |
| Banco de Bogota SA<sup>†</sup> | 6.25% |  | 5/12/2026 | 400000 | 392954 |
| Bancolombia SA | 4.625%<br> (5 Yr. Treasury CMT + 2.94% |)<sup>#</sup> | 12/18/2029 | 200000 | 176109 |
|  |  |  |  |  | 569063 |
| *Oil & Gas 1.23%* |  |  |  |  |  |
| Ecopetrol SA | 4.125% |  | 1/16/2025 | 235000 | 224321 |
| Ecopetrol SA | 5.875% |  | 11/2/2051 | 302000 | 203546 |
| SierraCol Energy Andina LLC<sup>†</sup> | 6.00% |  | 6/15/2028 | 200000 | 157211 |
|  |  |  |  |  | 585078 |

---

*See Notes to Financial Statements.* 37

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Colombia (continued)** |  |  |  |  |  |
| *Pipelines 0.77%* |  |  |  |  |  |
| AI Candelaria Spain SA<sup>†</sup> | 5.75% |  | 6/15/2033 | $250000 | $190520 |
| Oleoducto Central SA<sup>†</sup> | 4.00% |  | 7/14/2027 | 200000 | 176784 |
|  |  |  |  |  | 367304 |
| *Telecommunications 0.53%* |  |  |  |  |  |
| Millicom International Cellular SA<sup>†</sup> | 4.50% |  | 4/27/2031 | 300000 | 252868 |
| *Total Colombia* |  |  |  |  | 1774313 |
| **Dominican Republic 0.77%** |  |  |  |  |  |
| *Energy-Alternate Sources* |  |  |  |  |  |
| Empresa Generadora de Electricidad Haina SA<sup>†</sup> | 5.625% |  | 11/8/2028 | 408000 | 363720 |
| **Ghana 0.69%** |  |  |  |  |  |
| *Oil & Gas* |  |  |  |  |  |
| Kosmos Energy Ltd.<sup>†</sup> | 7.75% |  | 5/1/2027 | 200000 | 167269 |
| Tullow Oil plc<sup>†</sup> | 10.25% |  | 5/15/2026 | 200000 | 160764 |
| *Total Ghana* |  |  |  |  | 328033 |
| **Guatemala 0.74%** |  |  |  |  |  |
| *Beverages 0.37%* |  |  |  |  |  |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL<sup>†</sup> | 5.25% |  | 4/27/2029 | 190000 | 177505 |
| *Telecommunications 0.37%* |  |  |  |  |  |
| CT Trust<sup>†</sup> | 5.125% |  | 2/3/2032 | 200000 | 175907 |
| *Total Guatemala* |  |  |  |  | 353412 |
| **Hong Kong 1.77%** |  |  |  |  |  |
| *Insurance 0.43%* |  |  |  |  |  |
| AIA Group Ltd.<sup>†</sup> | 5.625% |  | 10/25/2027 | 200000 | 204154 |
| *Lodging 1.34%* |  |  |  |  |  |
| Bangkok Bank PCL | 3.733%<br> (5 Yr. Treasury CMT + 1.90% |)<sup>#</sup> | 9/25/2034 | 200000 | 167565 |
| Studio City Finance Ltd. | 5.00% |  | 1/15/2029 | 400000 | 295898 |
| Studio City Finance Ltd. | 6.00% |  | 7/15/2025 | 200000 | 173721 |
|  |  |  |  |  | 637184 |
| *Total Hong Kong* |  |  |  |  | 841338 |
| **India 4.25%** |  |  |  |  |  |
| *Commercial Services 1.02%* |  |  |  |  |  |
| Adani Ports & Special Economic Zone Ltd.<sup>†</sup> | 3.10% |  | 2/2/2031 | 300000 | 220516 |
| Adani Ports & Special Economic Zone Ltd. | 3.375% |  | 7/24/2024 | 280000 | 265500 |
|  |  |  |  |  | 486016 |

---

38 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **India (continued)** |  |  |  |  |  |
| *Electric 1.36%* |  |  |  |  |  |
| Adani Green Energy Ltd. | 4.375% |  | 9/8/2024 | $200000 | $182000 |
| Adani Transmission Step-One Ltd.<sup>†</sup> | 4.00% |  | 8/3/2026 | 300000 | 267874 |
| Greenko Investment Co.<sup>†</sup> | 4.875% |  | 8/16/2023 | 200000 | 196250 |
|  |  |  |  |  | 646124 |
| *Energy-Alternate Sources 0.35%* |  |  |  |  |  |
| Greenko Dutch BV<sup>†</sup> | 3.85% |  | 3/29/2026 | 191000 | 166160 |
| *Engineering & Construction 0.49%* |  |  |  |  |  |
| Summit Digitel Infrastructure Ltd.<sup>†</sup> | 2.875% |  | 8/12/2031 | 300000 | 230838 |
| *Oil & Gas 0.51%* |  |  |  |  |  |
| Reliance Industries Ltd.<sup>†</sup> | 2.875% |  | 1/12/2032 | 300000 | 243500 |
| *Transportation 0.52%* |  |  |  |  |  |
| Indian Railway Finance Corp. Ltd. | 2.80% |  | 2/10/2031 | 300000 | 246636 |
| *Total India* |  |  |  |  | 2019274 |
| **Indonesia 4.08%** |  |  |  |  |  |
| *Coal 1.04%* |  |  |  |  |  |
| Indika Energy Capital IV Pte Ltd. | 8.25% |  | 10/22/2025 | 500000 | 494724 |
| *Electric 1.51%* |  |  |  |  |  |
| Cikarang Listrindo Tbk PT<sup>†</sup> | 4.95% |  | 9/14/2026 | 200000 | 187114 |
| Minejesa Capital BV<sup>†</sup> | 4.625% |  | 8/10/2030 | 600000 | 528120 |
|  |  |  |  |  | 715234 |
| *Mining 0.77%* |  |  |  |  |  |
| Bukit Makmur Mandiri Utama PT<sup>†</sup> | 7.75% |  | 2/10/2026 | 200000 | 172000 |
| Freeport Indonesia PT<sup>†</sup> | 4.763% |  | 4/14/2027 | 200000 | 193000 |
|  |  |  |  |  | 365000 |
| *Oil & Gas 0.76%* |  |  |  |  |  |
| Medco Bell Pte Ltd.<sup>†</sup> | 6.375% |  | 1/30/2027 | 400000 | 362237 |
| *Total Indonesia* |  |  |  |  | 1937195 |
| **Israel 3.81%** |  |  |  |  |  |
| *Banks 1.16%* |  |  |  |  |  |
| Bank Hapoalim BM<sup>†</sup> | 3.255%<br> (5 Yr. Treasury CMT + 2.16% |)<sup>#</sup> | 1/21/2032 | 200000 | 172948 |
| Bank Leumi Le-Israel BM<sup>†</sup> | 3.275%<br> (5 Yr. Treasury CMT + 1.63% |)<sup>#</sup> | 1/29/2031 | 200000 | 177921 |
| Bank Leumi Le-Israel BM<sup>†</sup> | 5.125% |  | 7/27/2027 | 200000 | 198909 |
|  |  |  |  |  | 549778 |
| *Pharmaceuticals 2.65%* |  |  |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV | 3.15% |  | 10/1/2026 | 600000 | 525918 |
| Teva Pharmaceutical Finance Netherlands III BV | 4.10% |  | 10/1/2046 | 292000 | 179171 |

---

*See Notes to Financial Statements.* 39

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Israel (continued)** |  |  |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV | 5.125% |  | 5/9/2029 | $350000 | $312147 |
| Teva Pharmaceutical Finance Netherlands III BV | 6.00% |  | 4/15/2024 | 250000 | 245534 |
|  |  |  |  |  | 1262770 |
| *Total Israel* |  |  |  |  | 1812548 |
| **Kazakhstan 0.91%** |  |  |  |  |  |
| *Oil & Gas* |  |  |  |  |  |
| Tengizchevroil Finance Co. International Ltd.<sup>†</sup> | 3.25% |  | 8/15/2030 | 600000 | 430302 |
| **Kuwait 3.16%** |  |  |  |  |  |
| *Banks 1.69%* |  |  |  |  |  |
| NBK SPC Ltd.<sup>†</sup> | 1.625%<br> (SOFR + 1.05% |)<sup>#</sup> | 9/15/2027 | 600000 | 528703 |
| NBK Tier 1 Financing 2 Ltd.<sup>†</sup> | 4.50%<br> (6 Yr. Treasury CMT + 2.83% |)<sup>#</sup> | – <sup>(b)</sup> | 300000 | 276198 |
|  |  |  |  |  | 804901 |
| *Chemicals 1.47%* |  |  |  |  |  |
| Equate Petrochemical BV<sup>†</sup> | 2.625% |  | 4/28/2028 | 800000 | 699000 |
| *Total Kuwait* |  |  |  |  | 1503901 |
| **Macau 2.51%** |  |  |  |  |  |
| *Lodging* |  |  |  |  |  |
| MGM China Holdings Ltd. | 4.75% |  | 2/1/2027 | 200000 | 177189 |
| Sands China Ltd. | 3.75% |  | 8/8/2031 | 400000 | 315302 |
| Sands China Ltd. | 5.90% |  | 8/8/2028 | 400000 | 375065 |
| Wynn Macau Ltd. | 5.125% |  | 12/15/2029 | 400000 | 324290 |
| *Total Macau* |  |  |  |  | 1191846 |
| **Malaysia 1.50%** |  |  |  |  |  |
| *Oil & Gas 0.74%* |  |  |  |  |  |
| Petronas Energy Canada Ltd.<sup>†</sup> | 2.112% |  | 3/23/2028 | 400000 | 350316 |
| *Transportation 0.76%* |  |  |  |  |  |
| Misc Capital Two Labuan Ltd. | 3.75% |  | 4/6/2027 | 400000 | 362984 |
| *Total Malaysia* |  |  |  |  | 713300 |
| **Mexico 4.15%** |  |  |  |  |  |
| *Banks 1.30%* |  |  |  |  |  |
| Banco Nacional de Comercio Exterior SNC<sup>†</sup> | 2.72%<br> (5 Yr. Treasury CMT + 2.00% |)<sup>#</sup> | 8/11/2031 | 200000 | 167586 |
| BBVA Bancomer SA<sup>†</sup> | 5.125%<br> (5 Yr. Treasury CMT + 2.65% |)<sup>#</sup> | 1/18/2033 | 200000 | 179846 |
| BBVA Bancomer SA/Texas<sup>†</sup> | 1.875% |  | 9/18/2025 | 300000 | 272391 |
|  |  |  |  |  | 619823 |

---

40 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Mexico (continued)** |  |  |  |  |
| *Chemicals 0.33%* |  |  |  |  |
| Braskem Idesa SAPI<sup>†</sup> | 7.45% | 11/15/2029 | $200000 | $158224 |
| *Electric 0.75%* |  |  |  |  |
| Comision Federal de Electricidad<sup>†</sup> | 4.688% | 5/15/2029 | 400000 | 355540 |
| *Mining 0.35%* |  |  |  |  |
| Industrias Penoles SAB de CV<sup>†</sup> | 4.75% | 8/6/2050 | 200000 | 165566 |
| *Oil & Gas 0.36%* |  |  |  |  |
| Petroleos Mexicanos | 5.35% | 2/12/2028 | 200000 | 168757 |
| *REITS 0.68%* |  |  |  |  |
| CIBANCO SA Institucion de Banca Multiple Trust CIB/3332<sup>†</sup> | 4.375% | 7/22/2031 | 200000 | 149832 |
| Trust Fibra Uno<sup>†</sup> | 4.869% | 1/15/2030 | 200000 | 172105 |
|  |  |  |  | 321937 |
| *Telecommunications 0.38%* |  |  |  |  |
| America Movil SAB de CV<sup>†</sup> | 5.375% | 4/4/2032 | 200000 | 180789 |
| *Total Mexico* |  |  |  | 1970636 |
| **Morocco 1.54%** |  |  |  |  |
| *Chemicals* |  |  |  |  |
| OCP SA<sup>†</sup> | 3.75% | 6/23/2031 | 868000 | 730170 |
| **Nigeria 0.45%** |  |  |  |  |
| *Banks* |  |  |  |  |
| BOI FINANCE BV<sup>†(c)</sup> | 7.50% | 2/16/2027 | 250000 | 216124 |
| **Oman 1.40%** |  |  |  |  |
| *Oil & Gas* |  |  |  |  |
| OQ SAOC<sup>†</sup> | 5.125% | 5/6/2028 | $700000 | 665482 |
| **Panama 0.72%** |  |  |  |  |
| *Engineering & Construction 0.34%* |  |  |  |  |
| Aeropuerto Internacional de Tocumen SA<sup>†</sup> | 5.125% | 8/11/2061 | 200000 | 164371 |
| *Media 0.38%* |  |  |  |  |
| Cable Onda SA<sup>†</sup> | 4.50% | 1/30/2030 | 200000 | 180005 |
| *Total Panama* |  |  |  | 344376 |
| **Paraguay 0.99%** |  |  |  |  |
| *Banks 0.38%* |  |  |  |  |
| Banco Continental SAECA<sup>†</sup> | 2.75% | 12/10/2025 | 200000 | 179173 |
| *Telecommunications 0.61%* |  |  |  |  |
| Telefonica Celular del Paraguay SA | 5.875% | 4/15/2027 | 300000 | 290916 |
| *Total Paraguay* |  |  |  | 470089 |

---

*See Notes to Financial Statements.* 41

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Peru 2.84%** |  |  |  |  |
| *Banks 0.74%* |  |  |  |  |
| Banco de Credito del Peru SA<sup>†</sup> | 3.25%<br> (5 Yr. Treasury CMT + 2.45% | 9/30/2031 | $400000 | $352259 |
| *Diversified Financial Services 0.35%* |  |  |  |  |
| Intercorp Peru Ltd.<sup>†</sup> | 3.875% | 8/15/2029 | 200000 | 165158 |
| *Gas 0.84%* |  |  |  |  |
| Gas Natural de Lima y Callao SA<sup>†</sup> | 4.375% | 4/1/2023 | 400000 | 398222 |
| *Mining 0.20%* |  |  |  |  |
| Southern Copper Corp. | 5.25% | 11/8/2042 | 100000 | 95653 |
| *Oil & Gas 0.35%* |  |  |  |  |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru† | 6.375% | 6/1/2028 | 174800 | 166640 |
| *Retail 0.36%* |  |  |  |  |
| InRetail Consumer<sup>†</sup> | 3.25% | 3/22/2028 | 200000 | 172256 |
| *Total Peru* |  |  |  | 1350188 |
| **Philippines 0.37%** |  |  |  |  |
| *Holding Companies-Diversified* San Miguel Corp. | 5.50%<br> (5 Yr. Treasury CMT + 10.24% | 7/29/2025 | 200000 | 175250 |
| **Qatar 4.29%** |  |  |  |  |
| *Banks 1.38%* |  |  |  |  |
| QNB Finance Ltd. | 2.625% | 5/12/2025 | 400000 | 378630 |
| QNB Finance Ltd. | 2.75% | 2/12/2027 | 300000 | 276120 |
|  |  |  |  | 654750 |
| *Gas 0.29%* |  |  |  |  |
| Nakilat, Inc.<sup>†</sup> | 6.267% | 12/31/2033 | 132691 | 138367 |
| *Oil & Gas 0.70%* |  |  |  |  |
| Qatar Energy<sup>†</sup> | 2.25% | 7/12/2031 | 400000 | 332072 |
| *Telecommunications 1.92%* |  |  |  |  |
| Ooredoo International Finance Ltd.<sup>†</sup> | 2.625% | 4/8/2031 | 600000 | 517038 |
| Ooredoo International Finance Ltd.<sup>†</sup> | 3.25% | 2/21/2023 | 400000 | 398802 |
|  |  |  |  | 915840 |
| *Total Qatar* |  |  |  | 2041029 |
| **Russia 0.25%** |  |  |  |  |
| *Banks 0.00%* |  |  |  |  |
| Alfa Bank AO Via Alfa Bond Issuance PLC | 5.50%<br> (5 Yr. Treasury CMT + 4.55% | 10/26/2031 | 300000 | – <sup>(d)</sup> |
| Sberbank of Russia Via SB Capital SA | 5.25% | 5/23/2023 | 450000 | – <sup>(d)</sup> |
|  |  |  |  | – |

---

42 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Russia (continued)** |  |  |  |  |
| *Oil & Gas 0.25%* |  |  |  |  |
| Gazprom PJSC via Gaz Finance PLC | 4.599%<br> (5 Yr. Treasury CMT + 4.26% | 10/26/2025 | $200000 | $119000 |
| *Total Russia* |  |  |  | 119000 |
| **Saudi Arabia 4.31%** |  |  |  |  |
| *Chemicals 0.36%* |  |  |  |  |
| SABIC Capital I BV | 2.15% | 9/14/2030 | 200000 | 169222 |
| *Electric 0.97%* |  |  |  |  |
| Acwa Power Management and Investments One Ltd.<sup>†</sup> | 5.95% | 12/15/2039 | 199600 | 186726 |
| Saudi Electricity Global Sukuk Co. 5 | 1.74% | 9/17/2025 | 300000 | 276781 |
|  |  |  |  | 463507 |
| *Oil & Gas 2.27%* |  |  |  |  |
| SA Global Sukuk Ltd.<sup>†</sup> | 2.694% | 6/17/2031 | 450000 | 385468 |
| Saudi Arabian Oil Co. | 2.25% | 11/24/2030 | 500000 | 413124 |
| Saudi Arabian Oil Co.<sup>†</sup> | 3.25% | 11/24/2050 | 400000 | 282833 |
|  |  |  |  | 1081425 |
| *Pipelines 0.71%* |  |  |  |  |
| EIG Pearl Holdings Sarl† | 3.545% | 8/31/2036 | 400000 | 336653 |
| *Total Saudi Arabia* |  |  |  | 2050807 |
| **Singapore 2.44%** |  |  |  |  |
| *Banks 2.05%* |  |  |  |  |
| DBS Group Holdings Ltd. | 1.822%<br> (5 Yr. Treasury CMT + 1.10% | 3/10/2031 | 900000 | 801063 |
| United Overseas Bank Ltd.<sup>†</sup> | 2.00%<br> (5 Yr. Treasury CMT + 1.23% | 10/14/2031 | 200000 | 174806 |
|  |  |  |  | 975869 |
| *Diversified Financial Services 0.39%* |  |  |  |  |
| BOC Aviation Ltd. | 3.50% | 9/18/2027 | 200000 | 183927 |
| *Total Singapore* |  |  |  | 1159796 |
| **South Africa 2.66%** |  |  |  |  |
| *Chemicals 1.15%* |  |  |  |  |
| Sasol Financing USA LLC | 4.375% | 9/18/2026 | 200000 | 177299 |
| Sasol Financing USA LLC | 5.50% | 3/18/2031 | 450000 | 366986 |
|  |  |  |  | 544285 |
| *Commercial Services 0.57%* |  |  |  |  |
| Bidvest Group UK plc (The)<sup>†</sup> | 3.625% | 9/23/2026 | 300000 | 271086 |

---

*See Notes to Financial Statements.* 43

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **South Africa (continued)** |  |  |  |  |  |
| *Electric 0.38%* |  |  |  |  |  |
| Eskom Holdings SOC Ltd.<sup>†</sup> | 7.125% |  | 2/11/2025 | $200000 | $182620 |
| *Mining 0.56%* |  |  |  |  |  |
| Stillwater Mining Co. | 4.00% |  | 11/16/2026 | 300000 | 265304 |
| *Total South Africa* |  |  |  |  | 1263295 |
| **South Korea 4.18%** |  |  |  |  |  |
| *Electric 1.37%* |  |  |  |  |  |
| Korea East-West Power Co. Ltd.† | 3.60% |  | 5/6/2025 | 200000 | 193579 |
| Korea Hydro & Nuclear Power Co. Ltd.<sup>†</sup> | 4.25% |  | 7/27/2027 | 200000 | 192710 |
| Korea Midland Power Co. Ltd. | 1.25% |  | 8/9/2026 | 300000 | 262961 |
|  |  |  |  |  | 649250 |
| *Energy-Alternate Sources 0.61%* |  |  |  |  |  |
| Hanwha Energy USA Holdings Corp.<sup>†</sup> | 4.125% |  | 7/5/2025 | 300000 | 291287 |
| *Oil & Gas 0.74%* |  |  |  |  |  |
| Korea National Oil Corp.<sup>†</sup> | 2.125% |  | 4/18/2027 | 400000 | 352881 |
| *Semiconductors 1.46%* |  |  |  |  |  |
| SK Hynix, Inc.<sup>†</sup> | 1.50% |  | 1/19/2026 | 800000 | 693653 |
| *Total South Korea* |  |  |  |  | 1987071 |
| **Supranational 0.66%** |  |  |  |  |  |
| *Multi-National* |  |  |  |  |  |
| African Export-Import Bank (The)<sup>†</sup> | 2.634% |  | 5/17/2026 | 350000 | 315000 |
| **Taiwan 1.58%** |  |  |  |  |  |
| *Semiconductors* |  |  |  |  |  |
| TSMC Arizona Corp. | 4.125% |  | 4/22/2029 | 250000 | 238056 |
| TSMC Global Ltd.<sup>†</sup> | 1.75% |  | 4/23/2028 | 200000 | 169477 |
| TSMC Global Ltd.<sup>†</sup> | 4.375% |  | 7/22/2027 | 350000 | 343472 |
| *Total Taiwan* |  |  |  |  | 751005 |
| **Thailand 3.09%** |  |  |  |  |  |
| *Banks 0.49%* |  |  |  |  |  |
| Bangkok Bank pcl/Hong Kong<sup>†</sup> | 3.466%<br> (5 Yr. Treasury CMT + 2.15% |)<sup>#</sup> | 9/23/2036 | 300000 | 235148 |
| *Chemicals 0.68%* |  |  |  |  |  |
| GC Treasury Center Co. Ltd.<sup>†</sup> | 2.98% |  | 3/18/2031 | 400000 | 323610 |
| *Oil & Gas 1.92%* |  |  |  |  |  |
| PTTEP Treasury Center Co. Ltd.<sup>†</sup> | 2.993% |  | 1/15/2030 | 550000 | 478368 |
| Thaioil Treasury Center Co. Ltd.<sup>†</sup> | 2.50% |  | 6/18/2030 | 400000 | 313405 |

---

44 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Thailand (continued)** |  |  |  |  |  |
| Thaioil Treasury Center Co. Ltd.<sup>†</sup> | 3.50% |  | 10/17/2049 | $200000 | $120118 |
|  |  |  |  |  | 911891 |
| *Total Thailand* |  |  |  |  | 1470649 |
| **Turkey 3.45%** |  |  |  |  |  |
| *Banks 2.24%* |  |  |  |  |  |
| Akbank TAS<sup>†</sup> | 5.125% |  | 3/31/2025 | 650000 | 628061 |
| Turkiye Garanti Bankasi AS<sup>†</sup> | 5.875% |  | 3/16/2023 | 250000 | 251077 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>†</sup> | 5.875% |  | 1/14/2026 | 200000 | 186039 |
|  |  |  |  |  | 1065177 |
| *Commercial Services 0.37%* |  |  |  |  |  |
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS<sup>†</sup> | 9.50% |  | 7/10/2036 | 199946 | 172865 |
| *Holding Companies-Diversified 0.84%* |  |  |  |  |  |
| KOC Holding AS<sup>†</sup> | 5.25% |  | 3/15/2023 | 400000 | 399889 |
| *Total Turkey* |  |  |  |  | 1637931 |
| **Ukraine 0.23%** |  |  |  |  |  |
| *Telecommunications* |  |  |  |  |  |
| VF Ukraine PAT via VFU Funding PLC | 6.20% |  | 2/11/2025 | 200000 | 111175 |
| **United Arab Emirates 5.18%** |  |  |  |  |  |
| *Banks 1.42%* |  |  |  |  |  |
| ADCB Finance Cayman Ltd.<sup>†</sup> | 4.00% |  | 3/29/2023 | 200000 | 199572 |
| Fab Sukuk Co. Ltd. | 2.50% |  | 1/21/2025 | 300000 | 285120 |
| First Abu Dhabi Bank PJSC | 4.50%<br> (5 Yr. Treasury CMT + 4.14% |)<sup>#</sup> | 4/5/2026 | 200000 | 192037 |
|  |  |  |  |  | 676729 |
| *Commercial Services 0.67%* |  |  |  |  |  |
| DP World Ltd./United Arab Emirates<sup>†</sup> | 6.85% |  | 7/2/2037 | 300000 | 319734 |
| *Electric 1.12%* |  |  |  |  |  |
| Abu Dhabi National Energy Co. PJSC<sup>†</sup> | 2.00% |  | 4/29/2028 | 600000 | 534179 |
| *Energy-Alternate Sources 0.34%* |  |  |  |  |  |
| Sweihan PV Power Co. PJSC<sup>†</sup> | 3.625% |  | 1/31/2049 | 198642 | 160177 |
| *Pipelines 1.21%* |  |  |  |  |  |
| Abu Dhabi Crude Oil Pipeline LLC<sup>†</sup> | 4.60% |  | 11/2/2047 | 200000 | 184540 |
| Galaxy Pipeline Assets Bidco Ltd.<sup>†</sup> | 3.25% |  | 9/30/2040 | 500000 | 388802 |
|  |  |  |  |  | 573342 |
| *Real Estate 0.42%* |  |  |  |  |  |
| MAF Sukuk Ltd. | 4.50% |  | 11/3/2025 | 200000 | 197025 |
| *Total United Arab Emirates* |  |  |  |  | 2461186 |

---

*See Notes to Financial Statements.* 45

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **United Kingdom 1.33%** |  |  |  |  |
| *Mining 0.29%* |  |  |  |  |
| Vedanta Resources Finance II PLC | 8.95% | 3/11/2025 | $200000 | $136114 |
| *Retail 1.04%* |  |  |  |  |
| CK Hutchison International 21 Ltd. | 2.50% | 4/15/2031 | 600000 | 495543 |
| *Total United Kingdom* |  |  |  | 631657 |
| **United States 0.17%** |  |  |  |  |
| *Chemicals* |  |  |  |  |
| CVR Partners LP/CVR Nitrogen Finance Corp.<sup>†</sup> | 6.125% | 6/15/2028 | 88000 | 79060 |
| **Vietnam 0.50%** |  |  |  |  |
| *Electric* |  |  |  |  |
| Mong Duong Finance Holdings BV<sup>†</sup> | 5.125% | 5/7/2029 | 286000 | 238475 |
| **Zambia 1.05%** |  |  |  |  |
| *Mining* |  |  |  |  |
| First Quantum Minerals Ltd. | 6.875% | 3/1/2026 | 300000 | 284552 |
| First Quantum Minerals Ltd.<sup>†</sup> | 7.50% | 4/1/2025 | 220000 | 214588 |
| *Total Zambia* |  |  |  | 499140 |
| *Total Corporate Bonds* (cost $50,311,165) |  |  |  | 44314481 |
| **FOREIGN GOVERNMENT OBLIGATIONS 0.66%** |  |  |  |  |
| **Ecuador 0.27%** |  |  |  |  |
| Ecuador Government International Bond<sup>†</sup> | 5.50% | 7/31/2030 | 200000 | 129514 |
| **Turkey 0.39%** |  |  |  |  |
| Turkiye Ihracat Kredi Bankasi AS<sup>†</sup> | 5.75% | 7/6/2026 | 200000 | 182516 |
| *Total Foreign Government Obligations* (cost $370,253) |  |  |  | 312030 |
| *Total Long-Term Investments* (cost $51,073,107) |  |  |  | 44985329 |
| **SHORT-TERM INVESTMENTS 3.30%** |  |  |  |  |
| **U.S. TREASURY OBLIGATIONS 2.99%** |  |  |  |  |
| U.S. Treasury Bill (cost $1,420,990) | 4.51% | 4/11/2023 | 1438000 | 1420972 |

---

46 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **REPURCHASE AGREEMENTS 0.31%** |  |  |
| Repurchase Agreement dated 12/30/2022, 2.050% due 1/3/2023 with Fixed Income Clearing Corp. collateralized by $151,900 of U.S. Treasury Note at 4.275% due 4/30/2024; value: $152,638; proceeds: $149,658<br> (cost $149,623) | $149623 | $149623 |
| *Total Short-Term Investments* (cost $1,570,613) |  | 1570595 |
| *Total Investments in Securities 97.94%* (cost $52,643,720) |  | 46555924 |
| *Other Assets and Liabilities – Net*<sup>(e)</sup> *2.06* |  | 977256 |
| *Net Assets 100.00%* |  | $47533180 |

---

---

| | |
|:---|:---|
| EUR | Euro. |
| ADR | American Depositary Receipt. |
| CMT | Constant Maturity Rate. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| \* | Non-income producing security. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2022, the total value of Rule 144A securities was $30,044,132, which represents 63.21% of net assets. |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2022. |
| (a) | Defaulted (non-income producing security). |
| (b) | Security is perpetual in nature and has no stated maturity. |
| (c) | Investment in non-U.S. dollar denominated securities. |
| (d) | Level 3 Investment as described in Note 2(s) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| (e) | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows: |

---

**Forward Foreign Currency Exchange Contracts at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Euro | Sell | State Street Bank and Trust | 3/13/2023 | 214000 | $227355 | $230142 | $(2787) |

---

*See Notes to Financial Statements.* 47

**Schedule of Investments (concluded)**

EMERGING MARKETS CORPORATE DEBT FUND *December 31, 2022*

**Futures Contracts at December 31, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 10-Year Treasury Note | March 2023 | 9 | Short | $(1015943) | $(1010672) | $5271 |
| U.S. 10-Year Ultra Treasury Note | March 2023 | 22 | Short | (2620324) | (2602188) | 18136 |
| U.S. 5-Year Treasury Note | March 2023 | 26 | Short | (2829328) | (2806172) | 23156 |
| U.S. 2-Year Treasury Notes | March 2023 | 27 | Long | 5530608 | 5537109 | 6501 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  | $53064 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. Long Bond | March 2023 | 3 | Long | $379496 | $376031 | $(3465) |
| U.S. Ultra Treasury Bond | March 2023 | 7 | Long | 946485 | 940188 | (6297) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  |  |  | $(9762) |

---

The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | $124048 | $– | $– | $124048 |
| &nbsp;&nbsp;Convertible Bonds |  | 234770 |  | 234770 |
| &nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banks |  | 7462421 | –<sup>(3)</sup> | 7462421 |
| &nbsp;&nbsp;&nbsp;Remaining Industries |  | 36852060 |  | 36852060 |
| &nbsp;&nbsp;Foreign Government Obligations |  | 312030 |  | 312030 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury Obligations |  | 1420972 |  | 1420972 |
| &nbsp;&nbsp;Repurchase Agreements | – | 149623 | – | 149623 |
| Total | $124048 | $46431876 | $– | $46555924 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Liabilities |  | (2787) |  | (2787) |
| &nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | 53064 |  |  | 53064 |
| &nbsp;&nbsp;&nbsp;Liabilities | (9762) | – | – | (9762) |
| Total | $43302 | $(2787) | $– | $40515 |

---

<sup>(1)</sup> Refer to Note 2(s) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

<sup>(3)</sup> Includes securities with zero market value.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the year.

48 *See Notes to Financial Statements.*

**Schedule of Investments**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.22%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 7.88%** |  |  |  |  |  |
| **Cayman Islands 3.02%** |  |  |  |  |  |
| Other |  |  |  |  |  |
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL2 A<sup>†</sup> | 6.186%<br> (1 Mo. Term SOFR + 1.85% |)<sup>#</sup> | 5/15/2037 | $100000 | $97552 |
| Venture 33 CLO Ltd. 2018-33A A1LR<sup>†</sup> | 5.139%<br> (3 Mo. LIBOR + 1.06% |)<sup>#</sup> | 7/15/2031 | 100000 | 98599 |
| VERDE CLO Ltd. 2019-1A AR<sup>†</sup> | 5.179%<br> (3 Mo. LIBOR + 1.10% |)<sup>#</sup> | 4/15/2032 | 100000 | 98297 |
|  |  |  |  |  | 294448 |
| **United States 4.86%** |  |  |  |  |  |
| Automobiles 1.41% |  |  |  |  |  |
| Avid Automobile Receivables Trust 2019-1 C<sup>†</sup> | 3.14% |  | 7/15/2026 | 87347 | 86911 |
| Ford Credit Auto Owner Trust 2022-D A3 | 5.27% |  | 5/17/2027 | 50000 | 50530 |
|  |  |  |  |  | 137441 |
| Credit Card 2.46% |  |  |  |  |  |
| BA Credit Card Trust 2022-A2 A2 | 5.00% |  | 4/17/2028 | 50000 | 50528 |
| Discover Card Execution Note Trust 2022-A3 A3 | 3.56% |  | 7/15/2027 | 50000 | 48581 |
| Discover Card Execution Note Trust 2022-A4 Class A | 5.03% |  | 10/15/2027 | 50000 | 50540 |
| Perimeter Master Note Business Trust 2019-2A A<sup>†</sup> | 4.23% |  | 5/15/2024 | 91204 | 90259 |
|  |  |  |  |  | 239908 |
| Other 0.99% |  |  |  |  |  |
| ME Funding LLC 2019-1 A2<sup>†</sup> | 6.448% |  | 7/30/2049 | 48500 | 46697 |
| Verizon Master Trust 2022-7 A1A | 5.23% |  | 11/22/2027 | 50000 | 50316 |
|  |  |  |  |  | 97013 |
| Total United States |  |  |  |  | 474362 |
| *Total Asset-Backed Securities* (cost $778,635) |  |  |  |  | 768810 |
| **CONVERTIBLE BONDS 0.27%** |  |  |  |  |  |
| **United States** |  |  |  |  |  |
| Energy-Alternate Sources |  |  |  |  |  |
| Enphase Energy, Inc. | Zero Coupon |  | 3/1/2026 | 9000 | 10183 |
| SolarEdge Technologies, Inc. | Zero Coupon |  | 9/15/2025 | 7000 | 8725 |
| Sunrun, Inc. | Zero Coupon |  | 2/1/2026 | 11000 | 7684 |
| *Total Convertible Bonds* (cost $29,215) |  |  |  |  | 26592 |

---

*See Notes to Financial Statements.* 49

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **CORPORATE BONDS 53.28%** |  |  |  |  |  |
| **Australia 0.31%** |  |  |  |  |  |
| Mining |  |  |  |  |  |
| FMG Resources August 2006 Pty Ltd.<sup>†</sup> | 4.50% |  | 9/15/2027 | $11000 | $10166 |
| Glencore Funding LLC<sup>†</sup> | 4.875% |  | 3/12/2029 | 21000 | 20171 |
| Total Australia |  |  |  |  | 30337 |
| **Bermuda 0.99%** |  |  |  |  |  |
| Insurance |  |  |  |  |  |
| PartnerRe Ireland Finance DAC<sup>(a)</sup> | 1.25% |  | 9/15/2026 | 100000 | 96563 |
| **Brazil 0.05%** |  |  |  |  |  |
| *Forest Products & Paper* Suzano Austria GmbH | 3.125% |  | 1/15/2032 | $6000 | 4686 |
| **Canada 0.65%** |  |  |  |  |  |
| Aerospace/Defense 0.10% |  |  |  |  |  |
| Bombardier, Inc.<sup>†</sup> | 6.00% |  | 2/15/2028 | 11000 | 10186 |
| Banks 0.18% |  |  |  |  |  |
| Toronto-Dominion Bank (The) | 4.456% |  | 6/8/2032 | 18000 | 17211 |
| Electric 0.14% |  |  |  |  |  |
| TransAlta Corp. | 7.75% |  | 11/15/2029 | 13000 | 13294 |
| Oil & Gas Services 0.23% |  |  |  |  |  |
| Enerflex Ltd. | 9.00% |  | 10/15/2027 | 23000 | 22967 |
| Total Canada |  |  |  |  | 63658 |
| **Cayman Islands 0.98%** |  |  |  |  |  |
| Media |  |  |  |  |  |
| UPCB Finance VII Ltd.<sup>(a)</sup> | 3.625% |  | 6/15/2029 | 100000 | 95442 |
| **Colombia 0.24%** |  |  |  |  |  |
| Oil & Gas |  |  |  |  |  |
| Ecopetrol SA | 4.625% |  | 11/2/2031 | $30000 | 22977 |
| **France 4.04%** |  |  |  |  |  |
| Banks 1.02% |  |  |  |  |  |
| Societe Generale SA<sup>(a)</sup> | 1.125%<br> (3 Mo. EURIBOR + 1.50% |)<sup>#</sup> | 4/21/2026 | 100000 | 99694 |
| Distribution/Wholesale 0.95% |  |  |  |  |  |
| Rexel SA<sup>(a)</sup> | 2.125% |  | 12/15/2028 | 100000 | 93267 |
| Transportation 1.07% |  |  |  |  |  |
| Getlink SE<sup>(a)</sup> | 3.50% |  | 10/30/2025 | 100000 | 104455 |

---

50 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **France (continued)** |  |  |  |  |
| Water 1.00% |  |  |  |  |
| Suez SACA<sup>(a)</sup> | 1.875% | 5/24/2027 | 100000 | $97280 |
| Total France |  |  |  | 394696 |
| **Germany 1.74%** |  |  |  |  |
| Banks 0.73% |  |  |  |  |
| Kreditanstalt fuer Wiederaufbau | 0.375% | 7/18/2025 | $78000 | 70582 |
| Commercial Services 1.01% |  |  |  |  |
| Techem Verwaltungsgesellschaft 675 mbH<sup>(a)</sup> | 2.00% | 7/15/2025 | 100000 | 98722 |
| Total Germany |  |  |  | 169304 |
| **Guatemala 0.19%** |  |  |  |  |
| Beverages |  |  |  |  |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL<sup>†</sup> | 5.25% | 4/27/2029 | $20000 | 18685 |
| **Mexico 0.22%** |  |  |  |  |
| Oil & Gas |  |  |  |  |
| Petroleos Mexicanos | 6.70% | 2/16/2032 | 27000 | 21254 |
| **Netherlands 5.27%** |  |  |  |  |
| Electric 1.64% |  |  |  |  |
| Ren Finance BV<sup>(a)</sup> | 0.50% | 4/16/2029 | 100000 | 85814 |
| TenneT Holding BV<sup>(a)</sup> | 0.125% | 11/30/2032 | 100000 | 73767 |
|  |  |  |  | 159581 |
| Energy-Alternate Sources 0.96% |  |  |  |  |
| Vestas Wind Systems Finance BV<sup>(a)</sup> | 1.50% | 6/15/2029 | 100000 | 94010 |
| Food 0.82% |  |  |  |  |
| Mondelez International Holdings Netherlands BV<sup>(a)</sup> | 0.625% | 9/9/2032 | 100000 | 80167 |
| Internet 0.79% |  |  |  |  |
| United Group B.V.<sup>†(a)</sup> | 5.25% | 2/1/2030 | 100000 | 77527 |
| Packaging & Containers 1.06% |  |  |  |  |
| OI European Group BV<sup>(a)</sup> | 2.875% | 2/15/2025 | 100000 | 103298 |
| Total Netherlands |  |  |  | 514583 |
| **Spain 2.89%** |  |  |  |  |
| Engineering & Construction 0.90% |  |  |  |  |
| Cellnex Telecom SA<sup>(a)</sup> | 1.875% | 6/26/2029 | 100000 | 87499 |
| Pharmaceuticals 1.01% |  |  |  |  |
| Almirall SA<sup>(a)</sup> | 2.125% | 9/30/2026 | 100000 | 98192 |

---

*See Notes to Financial Statements.* 51

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Spain (continued)** |  |  |  |  |  |
| Telecommunications 0.98% |  |  |  |  |  |
| Lorca Telecom Bondco SA<sup>†(a)</sup> | 4.00% |  | 9/18/2027 | 100000 | $96206 |
| Total Spain |  |  |  |  | 281897 |
| **Supranational 2.08%** |  |  |  |  |  |
| *Multi-National* |  |  |  |  |  |
| International Bank for Reconstruction & Development<sup>(a)</sup> | 0.25% |  | 1/29/2029 | 260000 | 20574 |
| International Bank for Reconstruction & Development | 4.448%<br> (SOFR Index + 0.29% |)<sup>#</sup> | 11/22/2028 | $40000 | 39660 |
| International Finance Corp.<sup>(a)</sup> | 0.375% |  | 9/10/2025 | 65000 | 36174 |
| International Finance Corp. | 4.413%<br> (SOFR Index + 0.09% |)<sup>#</sup> | 6/30/2023 | $65000 | 64987 |
| Nordic Investment Bank<sup>(a)</sup> | 0.125% |  | 6/10/2024 | 41000 | 42024 |
| Total Supranational |  |  |  |  | 203419 |
| **United Arab Emirates 1.54%** |  |  |  |  |  |
| Pipelines |  |  |  |  |  |
| Galaxy Pipeline Assets Bidco Ltd.<sup>†</sup> | 1.75% |  | 9/30/2027 | $162398 | 150710 |
| **United Kingdom 4.40%** |  |  |  |  |  |
| Aerospace/Defense 1.03% |  |  |  |  |  |
| Rolls-Royce PLC<sup>(a)</sup> | 0.875% |  | 5/9/2024 | 100000 | 101025 |
| Agriculture 0.25% |  |  |  |  |  |
| BAT Capital Corp. | 3.222% |  | 8/15/2024 | $25000 | 24088 |
| Chemicals 0.85% |  |  |  |  |  |
| Linde Finance BV<sup>(a)</sup> | 0.55% |  | 5/19/2032 | 100000 | 82938 |
| Entertainment 1.15% |  |  |  |  |  |
| Pinewood Finance Co. Ltd.<sup>(a)</sup> | 3.25% |  | 9/30/2025 | 100000 | 111858 |
| Retail 1.12% |  |  |  |  |  |
| Stonegate Pub Co. Financing 2019 plc<sup>(a)</sup> | 8.25% |  | 7/31/2025 | 100000 | 109770 |
| Total United Kingdom |  |  |  |  | 429679 |
| **United States 27.69%** |  |  |  |  |  |
| Aerospace/Defense 0.14% |  |  |  |  |  |
| TransDigm, Inc. | 4.625% |  | 1/15/2029 | $15000 | 13215 |
| Agriculture 0.50% |  |  |  |  |  |
| Cargill, Inc.<sup>†</sup> | 4.00% |  | 6/22/2032 | 27000 | 24949 |
| Philip Morris International, Inc. | 5.625% |  | 11/17/2029 | 23000 | 23387 |
|  |  |  |  |  | 48336 |

---

52 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **United States (continued)** |  |  |  |  |  |
| Airlines 0.10% |  |  |  |  |  |
| United Airlines, Inc.<sup>†</sup> | 4.375% |  | 4/15/2026 | $11000 | $10215 |
| Auto Manufacturers 0.32% |  |  |  |  |  |
| Ford Motor Co. | 3.25% |  | 2/12/2032 | 42000 | 31572 |
| Banks 3.90% |  |  |  |  |  |
| Bank of America Corp. | 2.687%<br> (SOFR + 1.32% |)<sup>#</sup> | 4/22/2032 | 37000 | 29703 |
| Bank of America Corp. | 3.97%<br> (3 Mo. LIBOR + 1.07% |)<sup>#</sup> | 3/5/2029 | 25000 | 23112 |
| Bank of New York Mellon Corp.(The) | 4.596%<br> (SOFR + 1.76% |)<sup>#</sup> | 7/26/2030 | 20000 | 19351 |
| Citigroup, Inc. | 2.561%<br> (SOFR + 1.17% |)<sup>#</sup> | 5/1/2032 | 70000 | 55429 |
| Citigroup, Inc. | 4.14%<br> (SOFR + 1.37% |)<sup>#</sup> | 5/24/2025 | 10000 | 9812 |
| Goldman Sachs Group, Inc. (The) | 2.383%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 39000 | 30355 |
| JPMorgan Chase & Co. | 2.58%<br> (SOFR + 1.25% |)<sup>#</sup> | 4/22/2032 | 76000 | 61063 |
| JPMorgan Chase & Co. | 2.963%<br> (SOFR + 1.26% |)<sup>#</sup> | 1/25/2033 | 25000 | 20413 |
| Morgan Stanley | 2.239%<br> (SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 25000 | 19240 |
| Morgan Stanley | 2.484%<br> (SOFR + 1.36% |)<sup>#</sup> | 9/16/2036 | 44000 | 32005 |
| Morgan Stanley | 4.431%<br> (3 Mo. LIBOR + 1.63% |)<sup>#</sup> | 1/23/2030 | 25000 | 23318 |
| US Bancorp | 4.967%<br> (SOFR + 2.11% |)<sup>#</sup> | 7/22/2033 | 38000 | 36166 |
| Wells Fargo & Co. | 3.35%<br> (SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 25000 | 21127 |
|  |  |  |  |  | 381094 |
| Beverages 1.06% |  |  |  |  |  |
| Molson Coors Beverage Co.<sup>(a)</sup> | 1.25% |  | 7/15/2024 | 100000 | 103487 |
| Building Materials 0.27% |  |  |  |  |  |
| Eco Material Technologies, Inc.<sup>†</sup> | 7.875% |  | 1/31/2027 | $12000 | 11479 |
| Standard Industries, Inc.<sup>†</sup> | 4.375% |  | 7/15/2030 | 18000 | 14706 |
|  |  |  |  |  | 26185 |
| Chemicals 0.43% |  |  |  |  |  |
| CVR Partners LP/CVR Nitrogen Finance Corp.<sup>†</sup> | 6.125% |  | 6/15/2028 | 11000 | 9882 |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% |  | 10/1/2025 | 36000 | 31835 |
|  |  |  |  |  | 41717 |

---

*See Notes to Financial Statements.* 53

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br>Rate** | | **Maturity <br>Date** | **Principal <br>Amount** | **Fair <br>Value** |
| **United States (continued)** |  |  |  |  |  |
| *Coal 0.11%* |  |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% |  | 6/30/2029 | $12000 | $10316 |
| *Commercial Services 0.31%* |  |  |  |  |  |
| Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.<sup>†</sup> | 5.00% |  | 2/1/2026 | 12000 | 10695 |
| Service Corp. International | 3.375% |  | 8/15/2030 | 12000 | 9775 |
| United Rentals North America, Inc. | 4.00% |  | 7/15/2030 | 11000 | 9422 |
|  |  |  |  |  | 29892 |
| *Computers 0.11%* |  |  |  |  |  |
| Booz Allen Hamilton, Inc.<sup>†</sup> | 3.875% |  | 9/1/2028 | 12000 | 10653 |
| *Diversified Financial Services 1.15%* |  |  |  |  |  |
| AG Issuer LLC<sup>†</sup> | 6.25% |  | 3/1/2028 | 14000 | 12888 |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | 20000 | 16388 |
| Ally Financial, Inc. | 8.00% |  | 11/1/2031 | 16000 | 16561 |
| American Express Co. | 4.42%<br> (SOFR + 1.76% |)<sup>#</sup> | 8/3/2033 | 21000 | 19900 |
| Intercontinental Exchange, Inc. | 4.00% |  | 9/15/2027 | 48000 | 46423 |
|  |  |  |  |  | 112160 |
| *Electric 1.85%* |  |  |  |  |  |
| AEP Transmission Co. LLC | 4.50% |  | 6/15/2052 | 11000 | 9737 |
| Baltimore Gas & Electric Co. | 4.55% |  | 6/1/2052 | 25000 | 22221 |
| Calpine Corp.<sup>†</sup> | 5.125% |  | 3/15/2028 | 11000 | 9838 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 18000 | 18440 |
| Duke Energy Corp. | 4.50% |  | 8/15/2032 | 19000 | 17854 |
| IPALCO Enterprises, Inc. | 4.25% |  | 5/1/2030 | 25000 | 22268 |
| Leeward Renewable Energy Operations LLC<sup>†</sup> | 4.25% |  | 7/1/2029 | 23000 | 19680 |
| NextEra Energy Capital Holdings, Inc. | 5.00% |  | 7/15/2032 | 11000 | 10822 |
| Southern Co. (The) | 4.475% |  | 8/1/2024 | 42000 | 41500 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.375% |  | 5/1/2029 | 10000 | 8636 |
|  |  |  |  |  | 180996 |
| *Electrical Components & Equipment 1.06%* |  |  |  |  |  |
| Schneider Electric SE<sup>(a)</sup> | 1.841% |  | 10/13/2025 | 100000 | 103221 |
| *Electronics 0.11%* |  |  |  |  |  |
| Atkore, Inc.<sup>†</sup> | 4.25% |  | 6/1/2031 | $12000 | 10307 |
| *Energy-Alternate Sources 0.16%* |  |  |  |  |  |
| Sunnova Energy Corp.<sup>†</sup> | 5.875% |  | 9/1/2026 | 11000 | 9841 |
| TerraForm Power Operating LLC<sup>†</sup> | 4.75% |  | 1/15/2030 | 7000 | 6102 |
|  |  |  |  |  | 15943 |

---

54 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **United States (continued)** |  |  |  |  |
| *Engineering & Construction 0.12%* |  |  |  |  |
| Weekley Homes LLC/Weekley Finance Corp.<sup>†</sup> | 4.875% | 9/15/2028 | $14000 | $11789 |
| *Entertainment 0.42%* |  |  |  |  |
| Jacobs Entertainment, Inc.<sup>†</sup> | 6.75% | 2/15/2029 | 11000 | 9943 |
| Live Nation Entertainment, Inc.<sup>†</sup> | 4.75% | 10/15/2027 | 12000 | 10702 |
| Penn Entertainment, Inc.<sup>†</sup> | 5.625% | 1/15/2027 | 11000 | 9992 |
| WMG Acquisition Corp.<sup>†</sup> | 3.75% | 12/1/2029 | 12000 | 10336 |
|  |  |  |  | 40973 |
| *Food 0.10%* |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 3.50% | 3/15/2029 | 12000 | 10094 |
| *Forest Products & Paper 0.12%* |  |  |  |  |
| Sylvamo Corp.<sup>†</sup> | 7.00% | 9/1/2029 | 12000 | 11439 |
| *Gas 0.72%* |  |  |  |  |
| CenterPoint Energy Resources Corp. | 4.40% | 7/1/2032 | 25000 | 24048 |
| NiSource, Inc. | 2.95% | 9/1/2029 | 19000 | 16519 |
| Southwest Gas Corp. | 4.05% | 3/15/2032 | 34000 | 29947 |
|  |  |  |  | 70514 |
| *Health Care-Products 0.10%* |  |  |  |  |
| Medline Borrower LP<sup>†</sup> | 3.875% | 4/1/2029 | 12000 | 9693 |
| *Health Care-Services 2.25%* |  |  |  |  |
| Centene Corp. | 3.375% | 2/15/2030 | 38000 | 32210 |
| Centene Corp. | 4.25% | 12/15/2027 | 15000 | 14101 |
| Charles River Laboratories International, Inc.<sup>†</sup> | 4.00% | 3/15/2031 | 12000 | 10397 |
| Elevance Health, Inc. | 2.25% | 5/15/2030 | 8000 | 6636 |
| Elevance Health, Inc. | 2.875% | 9/15/2029 | 27000 | 23781 |
| Elevance Health, Inc. | 5.50% | 10/15/2032 | 14000 | 14376 |
| Humana, Inc. | 5.875% | 3/1/2033 | 30000 | 31066 |
| ModivCare Escrow Issuer, Inc.<sup>†</sup> | 5.00% | 10/1/2029 | 12000 | 10135 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% | 11/15/2030 | 17000 | 14432 |
| UnitedHealth Group, Inc. | 4.00% | 5/15/2029 | 40000 | 38288 |
| UnitedHealth Group, Inc. | 5.25% | 2/15/2028 | 24000 | 24579 |
|  |  |  |  | 220001 |
| *Insurance 0.10%* |  |  |  |  |
| Assurant, Inc. | 2.65% | 1/15/2032 | 13000 | 9646 |
| *Internet 1.03%* |  |  |  |  |
| Amazon.com, Inc. | 4.70% | 12/1/2032 | 64000 | 63557 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>†</sup> | 3.50% | 3/1/2029 | 12000 | 10062 |
| Netflix, Inc. | 5.875% | 2/15/2025 | 15000 | 15213 |

---

*See Notes to Financial Statements.* 55

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **United States (continued)** |  |  |  |  |
| Netflix, Inc. | 5.875% | 11/15/2028 | $12000 | $12192 |
|  |  |  |  | 101024 |
| *Iron-Steel 0.11%* |  |  |  |  |
| United States Steel Corp. | 6.65% | 6/1/2037 | 12000 | 11001 |
| *Leisure Time 0.17%* |  |  |  |  |
| Life Time, Inc.<sup>†</sup> | 5.75% | 1/15/2026 | 12000 | 11181 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 8.25% | 1/15/2029 | 5000 | 5031 |
|  |  |  |  | 16212 |
| *Lodging 0.22%* |  |  |  |  |
| Wyndham Hotels & Resorts, Inc.<sup>†</sup> | 4.375% | 8/15/2028 | 12000 | 10785 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>†</sup> | 5.25% | 5/15/2027 | 12000 | 10849 |
|  |  |  |  | 21634 |
| *Media 2.39%* |  |  |  |  |
| AMC Networks, Inc. | 4.25% | 2/15/2029 | 12000 | 7495 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 22000 | 19023 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 2.25% | 1/15/2029 | 25000 | 20168 |
| Comcast Corp.<sup>(a)</sup> | 1.50% | 2/20/2029 | 100000 | 99534 |
| Comcast Corp. | 5.50% | 11/15/2032 | $47000 | 49159 |
| FactSet Research Systems, Inc. | 3.45% | 3/1/2032 | 45000 | 37848 |
|  |  |  |  | 233227 |
| *Metal Fabricate-Hardware 0.12%* |  |  |  |  |
| Advanced Drainage Systems, Inc.<sup>†</sup> | 6.375% | 6/15/2030 | 12000 | 11676 |
| *Oil & Gas 3.32%* |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 8.25% | 2/15/2026 | 11000 | 10924 |
| Callon Petroleum Co.<sup>†</sup> | 8.00% | 8/1/2028 | 11000 | 10500 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 17000 | 15564 |
| Colgate Energy Partners III LLC<sup>†</sup> | 7.75% | 2/15/2026 | 11000 | 10724 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% | 3/1/2029 | 12000 | 10852 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 57000 | 53171 |
| Diamondback Energy, Inc. | 3.125% | 3/24/2031 | 40000 | 33219 |
| Earthstone Energy Holdings LLC<sup>†</sup> | 8.00% | 4/15/2027 | 10000 | 9579 |
| EQT Corp. | 7.00% | 2/1/2030 | 55000 | 57134 |
| Gulfport Energy Corp.<sup>†</sup> | 8.00% | 5/17/2026 | 11510 | 11237 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.00% | 2/1/2031 | 17000 | 14727 |
| Laredo Petroleum, Inc. | 9.50% | 1/15/2025 | 10000 | 9872 |
| Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 16000 | 16178 |

---

56 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br>Rate** | | **Maturity <br>Date** | **Principal <br>Amount** | **Fair <br>Value** |
| **United States (continued)** |  |  |  |  |  |
| Ovintiv, Inc. | 6.50% |  | 2/1/2038 | $21000 | $20888 |
| Permian Resources Operating LLC<sup>†</sup> | 5.375% |  | 1/15/2026 | 15000 | 13678 |
| SM Energy Co. | 6.75% |  | 9/15/2026 | 10000 | 9724 |
| Southwestern Energy Co. | 5.375% |  | 2/1/2029 | 17000 | 15785 |
|  |  |  |  |  | 323756 |
| *Oil & Gas Services 0.10%* |  |  |  |  |  |
| Oceaneering International, Inc. | 6.00% |  | 2/1/2028 | 11000 | 10149 |
| *Packaging & Containers 0.19%* |  |  |  |  |  |
| Ball Corp. | 2.875% |  | 8/15/2030 | 23000 | 18405 |
| *Pharmaceuticals 1.14%* |  |  |  |  |  |
| BellRing Brands, Inc.<sup>†</sup> | 7.00% |  | 3/15/2030 | 10000 | 9635 |
| Cigna Corp. | 2.40% |  | 3/15/2030 | 21000 | 17640 |
| Cigna Corp. | 4.375% |  | 10/15/2028 | 11000 | 10631 |
| CVS Health Corp. | 3.25% |  | 8/15/2029 | 57000 | 51116 |
| Option Care Health, Inc.<sup>†</sup> | 4.375% |  | 10/31/2029 | 12000 | 10512 |
| Owens & Minor, Inc.<sup>†</sup> | 6.625% |  | 4/1/2030 | 14000 | 12050 |
|  |  |  |  |  | 111584 |
| *Pipelines 0.40%* |  |  |  |  |  |
| Buckeye Partners LP | 6.375%<br> (3 Mo. LIBOR + 4.02% |)<sup>#</sup> | 1/22/2078 | 12000 | 10231 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 24000 | 19584 |
| Venture Global Calcasieu Pass LLC<sup>†</sup> | 4.125% |  | 8/15/2031 | 11000 | 9391 |
|  |  |  |  |  | 39206 |
| *REITS 0.52%* |  |  |  |  |  |
| American Tower Corp. | 3.80% |  | 8/15/2029 | 22000 | 20005 |
| Crown Castle, Inc. | 3.30% |  | 7/1/2030 | 29000 | 25438 |
| GLP Capital LP/GLP Financing II, Inc. | 5.75% |  | 6/1/2028 | 5000 | 4925 |
|  |  |  |  |  | 50368 |
| *Retail 0.30%* |  |  |  |  |  |
| Gap, Inc. (The)<sup>†</sup> | 3.875% |  | 10/1/2031 | 13000 | 9088 |
| Macy's Retail Holdings LLC<sup>†</sup> | 5.875% |  | 4/1/2029 | 11000 | 9756 |
| Murphy Oil USA, Inc. | 4.75% |  | 9/15/2029 | 11000 | 10085 |
|  |  |  |  |  | 28929 |
| *Semiconductors 0.32%* |  |  |  |  |  |
| Entegris, Inc.<sup>†</sup> | 3.625% |  | 5/1/2029 | 12000 | 9786 |
| Xilinx, Inc. | 2.375% |  | 6/1/2030 | 26000 | 21923 |
|  |  |  |  |  | 31709 |

---

*See Notes to Financial Statements.* 57

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **United States (continued)** |  |  |  |  |  |
| *Software 1.11%* |  |  |  |  |  |
| Oracle Corp. | 6.25% |  | 11/9/2032 | $47000 | $49340 |
| ROBLOX Corp.<sup>†</sup> | 3.875% |  | 5/1/2030 | 12000 | 9474 |
| Twilio, Inc. | 3.625% |  | 3/15/2029 | 8000 | 6510 |
| Twilio, Inc. | 3.875% |  | 3/15/2031 | 9000 | 7153 |
| Workday, Inc. | 3.80% |  | 4/1/2032 | 40000 | 35421 |
|  |  |  |  |  | 107898 |
| *Telecommunications 0.74%* |  |  |  |  |  |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.00% |  | 5/1/2028 | 15000 | 13110 |
| Sprint Capital Corp. | 6.875% |  | 11/15/2028 | 15000 | 15603 |
| T-Mobile USA, Inc. | 3.875% |  | 4/15/2030 | 48000 | 43592 |
|  |  |  |  |  | 72305 |
| *Total United States* |  |  |  |  | 2702541 |
| *Total Corporate Bonds* (cost $5,617,616) |  |  |  |  | 5200431 |
| **FLOATING RATE LOANS<sup>(b)</sup> 0.15%** |  |  |  |  |  |
| **Health Services** |  |  |  |  |  |
| Wellpath Holdings, Inc. 2018 1st Lien Term Loan (cost $17,946) | 9.915%<br> (3 Mo. LIBOR + 5.50% |)<sup>#</sup> | 10/1/2025 | 18122 | 14426 |
| **FOREIGN GOVERNMENT OBLIGATIONS 23.43%** |  |  |  |  |  |
| **Australia 0.96%** |  |  |  |  |  |
| Australia Government Bond<sup>(a)</sup> | 3.00% |  | 3/21/2047 | 19000 | 10289 |
| Queensland Treasury Corp.<sup>†(a)</sup> | 1.50% |  | 3/2/2032 | 70000 | 36534 |
| Queensland Treasury Corp.<sup>†(a)</sup> | 3.25% |  | 7/21/2026 | 70000 | 46493 |
| *Total Australia* |  |  |  |  | 93316 |
| **Canada 2.22%** |  |  |  |  |  |
| Province of Ontario Canada<sup>(c)</sup> | 3.10% |  | 5/19/2027 | $81000 | 76951 |
| Province of Quebec Canada<sup>(a)</sup> | 0.875% |  | 1/15/2025 | 100000 | 101975 |
| Province of Saskatchewan<sup>(a)</sup> | 4.75% |  | 6/1/2040 | 49000 | 37872 |
| *Total Canada* |  |  |  |  | 216798 |
| **China 5.64%** |  |  |  |  |  |
| China Development Bank<sup>(a)</sup> | 3.07% |  | 3/10/2030 | 650000 | 93878 |
| China Development Bank<sup>(a)</sup> | 3.09% |  | 6/18/2030 | 1300000 | 187716 |
| China Development Bank<sup>(a)</sup> | 3.48% |  | 1/8/2029 | 1000000 | 148194 |
| China Development Bank<sup>(a)</sup> | 3.68% |  | 2/26/2026 | 600000 | 88944 |
| China Government Bond<sup>(a)</sup> | 3.86% |  | 7/22/2049 | 200000 | 31848 |
| *Total China* |  |  |  |  | 550580 |

---

58 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Fair <br>Value** |
| **Colombia 1.49%** |  |  |  |  |
| Colombia Government International Bond<sup>(a)</sup> | 3.875% | 3/22/2026 | 100000 | $100944 |
| Colombian TES<sup>(a)</sup> | 7.50% | 8/26/2026 | 250000000 | 44125 |
| *Total Colombia* |  |  |  | 145069 |
| **Dominican Republic 1.42%** |  |  |  |  |
| Dominican Republic International Bond<sup>†(c)</sup> | 5.50% | 2/22/2029 | $150000 | 138579 |
| **France 1.51%** |  |  |  |  |
| Action Logement Services<sup>(a)</sup> | 0.50% | 10/30/2034 | 100000 | 75250 |
| French Republic Government Bond OAT<sup>(a)</sup> | 0.75% | 5/25/2052 | 40000 | 23043 |
| French Republic Government Bond OAT<sup>(a)</sup> | 2.00% | 11/25/2032 | 50000 | 48845 |
| *Total France* |  |  |  | 147138 |
| **Germany 0.88%** |  |  |  |  |
| Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup> | Zero Coupon | 8/15/2052 | 40000 | 21446 |
| Bundesrepublik Deutschland Bundesanleihe<sup>(a)</sup> | 1.00% | 5/15/2038 | 75000 | 64260 |
| *Total Germany* |  |  |  | 85706 |
| **Indonesia 0.79%** |  |  |  |  |
| Indonesia Government International Bond<sup>(a)</sup> | 1.30% | 3/23/2034 | 100000 | 77510 |
| **Italy 0.40%** |  |  |  |  |
| Italy Buoni Poliennali Del Tesoro<sup>†(a)</sup> | 2.45% | 9/1/2033 | 45000 | 39291 |
| **Japan 4.03%** |  |  |  |  |
| Japan Bank for International Cooperation<sup>(a)</sup> | 1.50% | 6/1/2029 | 100000 | 95583 |
| Japan Government Ten Year Bond<sup>(a)</sup> | 0.10% | 3/20/2028 | 18000000 | 135861 |
| Japan Government Ten Year Bond<sup>(a)</sup> | 0.10% | 12/20/2031 | 14000000 | 103140 |
| Japan Government Thirty Year Bond<sup>(a)</sup> | 1.40% | 9/20/2052 | 8000000 | 58337 |
| *Total Japan* |  |  |  | 392921 |
| **Luxembourg 1.56%** |  |  |  |  |
| European Investment Bank<sup>(a)</sup> | 2.25% | 3/15/2030 | 50000 | 50872 |
| European Stability Mechanism<sup>(a)</sup> | 1.00% | 9/23/2025 | 100000 | 101728 |
| *Total Luxembourg* |  |  |  | 152600 |
| **Netherlands 1.09%** |  |  |  |  |
| Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV<sup>(a)</sup> | 3.00% | 10/25/2027 | 100000 | 106783 |

---

*See Notes to Financial Statements.* 59

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **South Africa 0.19%** |  |  |  |  |
| Republic of South Africa Government Bond<sup>(a)</sup> | 8.75% | 2/28/2048 | 396000 | $18223 |
| **Spain 0.14%** |  |  |  |  |
| Spain Government Bond<sup>†(a)</sup> | 1.00% | 7/30/2042 | 21000 | 13779 |
| **Turkey 0.57%** |  |  |  |  |
| Republic of Turkey<sup>(c)</sup> | 7.375% | 2/5/2025 | $55000 | 55317 |
| **United Kingdom 0.54%** |  |  |  |  |
| European Bank for Reconstruction & Development<sup>(a)</sup> | 0.01% | 1/10/2024 | 51000 | 52887 |
| *Total Foreign Government Obligations* (cost $2,524,676) | *Total Foreign Government Obligations* (cost $2,524,676) |  |  | 2286497 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 6.43%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 6.43%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 6.43%** |  |  |
| Fannie Mae or Freddie Mac<sup>(d)</sup> | 4.00% | TBA | $25000 | 23455 |
| Fannie Mae or Freddie Mac<sup>(d)</sup> | 4.50% | TBA | 12000 | 11551 |
| Fannie Mae or Freddie Mac<sup>(d)</sup> | 5.00% | TBA | 48000 | 48225 |
| Fannie Mae or Freddie Mac<sup>(d)</sup> | 6.50% | TBA | 61000 | 62450 |
| Fannie Mae Pool | 2.50% | 9/1/2051 | 88880 | 75934 |
| Fannie Mae Pool | 3.00% | 10/1/2050 | 102581 | 91394 |
| Fannie Mae Pool | 3.50% | 4/1/2052 | 39594 | 36356 |
| Fannie Mae Pool | 4.00% | 5/1/2052 | 39169 | 37309 |
| Federal Home Loan Mortgage Corp. | 3.50% | 2/1/2046 | 19114 | 17882 |
| Ginnie Mae<sup>(d)</sup> | 3.00% | TBA | 31000 | 27631 |
| Ginnie Mae<sup>(d)</sup> | 3.50% | TBA | 15000 | 13784 |
| Ginnie Mae<sup>(d)</sup> | 4.00% | TBA | 13000 | 12303 |
| Ginnie Mae<sup>(d)</sup> | 4.50% | TBA | 4000 | 3882 |
| Ginnie Mae<sup>(d)</sup> | 5.00% | TBA | 81000 | 80265 |
| Ginnie Mae<sup>(d)</sup> | 5.50% | TBA | 8000 | 8041 |
| Ginnie Mae<sup>(d)</sup> | 6.00% | TBA | 76000 | 77077 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $638,364) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $638,364) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $638,364) |  | 627539 |
| **MUNICIPAL BONDS 0.62%** |  |  |  |  |
| **Government 0.40%** |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 1.95% | 8/1/2034 | 30000 | 21303 |
| Regional Transportation District Sales Tax Revenue CO | 2.337% | 11/1/2036 | 25000 | 17954 |
| *Total* |  |  |  | 39257 |

---

60 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation 0.22%** |  |  |  |  |  |
| Metropolitan Transportation Authority NY | 6.668% |  | 11/15/2039 | $20000 | $20714 |
| *Total Municipal Bonds* (cost $82,107) |  |  |  |  | 59971 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.31%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.31%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.31%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.31%** |  |  |
| BBCMS Mortgage Trust 2019-BWAY A<sup>†</sup> | 5.274%<br> (1 Mo. LIBOR + .96% |)<sup>#</sup> | 11/15/2034 | 11000 | 10211 |
| BBCMS Mortgage Trust 2019-BWAY B<sup>†</sup> | 5.628%<br> (1 Mo. LIBOR + 1.31% |)<sup>#</sup> | 11/15/2034 | 10000 | 9195 |
| Commercial Mortgage Pass-Through Certificates 2015-PC1 C | 4.293% | <sup>#(e)</sup> | 7/10/2050 | 25000 | 22212 |
| Connecticut Avenue Securities Trust 2022-R08 1M1<sup>†</sup> | 6.478%<br> (1 Mo. SOFR + 2.55% |)<sup>#</sup> | 7/25/2042 | 18566 | 18637 |
| Freddie Mac STACR REMIC Trust 2021-DNA6 M2<sup>†</sup> | 5.428%<br> (1 Mo. SOFR + 1.50% |)<sup>#</sup> | 10/25/2041 | 30000 | 28537 |
| Freddie Mac STACR REMIC Trust 2021-HQA4 M1<sup>†</sup> | 4.878%<br> (1 Mo. SOFR + 0.95% |)<sup>#</sup> | 12/25/2041 | 28523 | 27093 |
| Freddie Mac STACR REMIC Trust 2022-HQA3 M1A<sup>†</sup> | 6.228%<br> (1 Mo. SOFR + 2.30% |)<sup>#</sup> | 8/25/2042 | 28723 | 28708 |
| Great Wolf Trust 2019-WOLF A<sup>†</sup> | 5.352%<br> (1 Mo. LIBOR + 1.03% |)<sup>#</sup> | 12/15/2036 | 33000 | 32084 |
| Life Mortgage Trust 2022-BMR2 A1<sup>†</sup> | 5.631%<br> (1 Mo. Term SOFR + 1.30% |)<sup>#</sup> | 5/15/2039 | 100000 | 97675 |
| Residential Mortgage Loan Trust 2020-1 A1<sup>†</sup> | 2.376% | <sup>#(e)</sup> | 1/26/2060 | 18446 | 17639 |
| Verus Securitization Trust 2020-5 A1<sup>†</sup> | 1.218% |  | 5/25/2065 | 34380 | 31341 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $333,167) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $333,167) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $333,167) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $333,167) |  | 323332 |
| **U.S. TREASURY OBLIGATIONS 3.85%** |  |  |  |  |  |
| U.S. Treasury Bond | 2.00% |  | 11/15/2041 | 40000 | 28581 |
| U.S. Treasury Bond | 3.00% |  | 8/15/2052 | 267000 | 220066 |
| U.S. Treasury Bond | 4.00% |  | 11/15/2042 | 130000 | 127319 |
| *Total U.S. Treasury Obligations* (cost $382,843) |  |  |  |  | 375966 |
| *Total Long-Term Investments* (cost $10,404,569) |  |  |  |  | 9683564 |

---

*See Notes to Financial Statements.* 61

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 3.12%** |  |  |
| **REPURCHASE AGREEMENTS 3.12%** |  |  |
| Repurchase Agreement dated 12/30/2022, 2.050% due 1/3/2023 with Fixed Income Clearing Corp. collateralized by $309,400 of U.S. Treasury Note at 4.275% due 4/30/2024; value: $310,902; proceeds: $304,805 <br> (cost $304,736) | $304736 | $304736 |
| *Total Investments in Securities 102.34%* (cost $10,709,305) |  | 9988300 |
| *Other Assets and Liabilities – Net<sup>(f)</sup> (2.34)* |  | (228447) |
| *Net Assets 100.00%* |  | $9759853 |

---

---

| | |
|:---|:---|
| AUD | Australian Dollar. |
| CAD | Canadian Dollar. |
| CNY | Chinese Yuan Renminbi. |
| COP | Colombian Peso. |
| EUR | Euro. |
| GBP | British Pound. |
| JPY | Japanese Yen. |
| NZD | New Zealand Dollar. |
| SEK | Swedish Krona. |
| ZAR | South African Rand. |
| EURIBOR | Euro Interbank Offered Rate. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2022, the total value of Rule 144A securities was $2,177,073, which represents 22.31% of net assets. |
| # | Variable rate security. The interest rate represents the rate in effect at December 31, 2022. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(b)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate ("LIBOR") or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at December 31, 2022. |
| <sup>(c)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(d)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(e)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(f)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows: |

---

**Centrally Cleared Credit Default Swaps on Indexes - Sell Protection at December 31, 2022**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes** | **Central<br> Clearing Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments**<br> **Upfront**<sup>(2)</sup> | **Value** | **Unrealized**<br> **Appreciation**<sup>(3)</sup> |
| Markit CDX.EM.38<sup>(4)(5)</sup> | Goldman Sachs | 1.00% | 12/20/2027 | $210000 | $(13204) | $(12275) | $929 |
| Markit CDX.NA.HY.S39<sup>(4)(6)</sup> | Goldman Sachs | 5.00% | 12/20/2027 | 125000 | 245 | 728 | 483 |
|  |  |  |  |  | $(12959) | $(11547) | $1412 |

---

62 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $1,412. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

<sup>(5)</sup> The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of emerging markets securities.

<sup>(6)</sup> The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of high yield securities.

**Forward Foreign Currency Exchange Contracts at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange <br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign <br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| Australian dollar | Buy | Morgan Stanley | 2/27/2023 | 55000 | $36663 | $37528 | $865 |
| Brazilian real | Buy | State Street Bank and Trust | 3/7/2023 | 428000 | 79672 | 80138 | 466 |
| British pound | Buy | State Street Bank and Trust | 3/8/2023 | 4000 | 4838 | 4843 | 5 |
| Canadian dollar | Buy | Bank of America | 1/20/2023 | 199000 | 145132 | 146984 | 1852 |
| Canadian dollar | Buy | Bank of America | 1/20/2023 | 106000 | 77991 | 78293 | 302 |
| Chinese yuan renminbi | Buy | State Street Bank and Trust | 1/20/2023 | 1790000 | 247463 | 259212 | 11749 |
| Chinese yuan renminbi | Buy | State Street Bank and Trust | 1/20/2023 | 83000 | 11911 | 12019 | 108 |
| Euro | Buy | Bank of America | 3/13/2023 | 57000 | 61285 | 61299 | 14 |
| Euro | Buy | State Street Bank and Trust | 3/13/2023 | 81000 | 86116 | 87110 | 994 |
| Indian rupee | Buy | Bank of America | 2/16/2023 | 8000000 | 96141 | 96470 | 329 |
| Indonesian rupiah | Buy | J.P. Morgan | 2/16/2023 | 653474000 | 41777 | 42201 | 424 |
| Indonesian rupiah | Buy | Morgan Stanley | 2/16/2023 | 780000000 | 50066 | 50372 | 306 |
| Japanese yen | Buy | Toronto Dominion Bank | 2/14/2023 | 141825000 | 1021899 | 1086377 | 64478 |
| Mexican peso | Buy | State Street Bank and Trust | 3/21/2023 | 538000 | 26716 | 27227 | 511 |
| South Korean won | Buy | State Street Bank and Trust | 3/23/2023 | 140000000 | 109341 | 111385 | 2044 |
| Swedish krona | Buy | Bank of America | 1/23/2023 | 157000 | 14084 | 15062 | 978 |
| Swiss franc | Buy | State Street Bank and Trust | 1/23/2023 | 44000 | 44227 | 47682 | 3456 |
| British pound | Sell | Toronto Dominion Bank | 3/8/2023 | 45000 | 54749 | 54488 | 261 |
| Indian rupee | Sell | Bank of America | 2/16/2023 | 8000000 | 98066 | 96470 | 1596 |
| *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* |  |  | $90738 |

---

*See Notes to Financial Statements.* 63

**Schedule of Investments (continued)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br>Foreign<br> Currency<br> Exchange<br>Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign** <br> **Currency** | **U.S. $**<br> **Cost on**<br> **Origination**<br> **Date** | **U.S. $**<br> **Current**<br> **Value** | **Unrealized**<br> **Depreciation** |
| Colombian peso | Buy | Toronto Dominion Bank | 4/3/2023 | 56872000 | $11654 | $11533 | $(121) |
| Norwegian krone | Buy | Bank of America | 3/15/2023 | 90000 | 9240 | 9214 | (26) |
| Euro | Sell | State Street Bank and Trust | 3/13/2023 | 953000 | 1012473 | 1024882 | (12410) |
| Euro | Sell | State Street Bank and Trust | 3/13/2023 | 40000 | 42760 | 43017 | (257) |
| Euro | Sell | State Street Bank and Trust | 3/13/2023 | 4000 | 4288 | 4302 | (14) |
| Japanese yen | Sell | Bank of America | 2/6/2023 | 6203000 | 42389 | 47462 | (5073) |
| Japanese yen | Sell | Bank of America | 2/6/2023 | 18012000 | 123956 | 137819 | (13863) |
| Japanese yen | Sell | Morgan Stanley | 2/6/2023 | 3687000 | 27838 | 28211 | (373) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* |  |  | $(32137) |

---

**Futures Contracts at December 31, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized**<br> **Appreciation** |
| Euro-Bobl | March 2023 | 3 | Short | (357594) | (347250) | $11073 |
| Euro-Bund | March 2023 | 1 | Short | (136079) | (132930) | 3370 |
| Euro-Schatz | March 2023 | 5 | Short | (532618) | (527100) | 5906 |
| U.S. 10-Year Ultra Treasury Note | March 2023 | 3 | Short | $(357317) | $(354844) | 2473 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  | $22822 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. Treasury Notes | March 2023 | 1 | Long | $114017 | $112297 | $(1720) |

---

The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $768810 | $– | $768810 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 26592 |  | 26592 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 5200431 |  | 5200431 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 14426 |  | 14426 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 2286497 |  | 2286497 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 627539 |  | 627539 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 59971 |  | 59971 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 323332 |  | 323332 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 375966 |  | 375966 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 304736 | – | 304736 |
| Total | $– | $9988300 | $– | $9988300 |

---

64 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

GLOBAL BOND FUND *December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** | | | | |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Liabilities |  | (11547) |  | (11547) |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets |  | 90738 |  | 90738 |
| &nbsp;&nbsp;&nbsp;Liabilities |  | (32137) |  | (32137) |
| &nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | 22822 |  |  | 22822 |
| &nbsp;&nbsp;&nbsp;Liabilities | (1720) | – | – | (1720) |
| Total | $21102 | $47054 | $– | $68156 |

---

<sup>(1)</sup> Refer to Note 2(s) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the year.

*See Notes to Financial Statements.* 65

**Statements of Assets and Liabilities**

*December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **Emerging<br> Markets Bond<br> Fund** | **Emerging Markets<br> Corporate Debt<br> Fund** |
| **ASSETS:** |  |  |
| Investments in securities, at cost | $150129074 | $52643720 |
| Investments in securities, at fair value | $119996896 | $46555924 |
| Cash | 7 | 14911 |
| Deposits with brokers for futures collateral | 555969 | 87347 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 1987968 | 737135 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 557395 | 2076721 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 56536 | 18536 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 98 | 27770 |
| Unrealized appreciation on forward foreign currency exchange contracts | 117 |  |
| Prepaid expenses and other assets | 23140 | 43176 |
| **Total assets** | 123178126 | 49561520 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Management fee | 53056 | 28061 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 50626 | 5719 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 35596 | 367930 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 9261 | 5033 |
| &nbsp;&nbsp;&nbsp;Fund administration | 4244 | 1604 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 1377862 |
| Unrealized depreciation on forward foreign currency exchange contracts | 14637 | 2787 |
| Foreign currency overdraft (cost $7,629 and $0, respectively) | 1 |  |
| Distributions payable | 531481 | 167385 |
| Accrued expenses and other liabilities | 116568 | 71959 |
| **Total liabilities** | 815470 | 2028340 |
| **NET ASSETS** | $122362656 | $47533180 |
| **COMPOSITION OF NET ASSETS:** |  |  |
| Paid-in capital | $278654132 | $64320478 |
| Total distributable earnings (loss) | (156291476) | (16787298) |
| **Net Assets** | $122362656 | $47533180 |

---

66 *See Notes to Financial Statements.*

**Statements of Assets and Liabilities (continued)**

*December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **Emerging<br> Markets Bond<br> Fund** | **Emerging Markets<br> Corporate Debt<br> Fund** |
| **Net assets by class:** |  |  |
| Class A Shares | $8419666 | $6702553 |
| Class C Shares | $546460 | $1511322 |
| Class F Shares | $939769 | $19603086 |
| Class F3 Shares | $753049 | $9741 |
| Class I Shares | $111028645 | $19229184 |
| Class R3 Shares | $129622 | $131283 |
| Class R4 Shares | $34642 | $11222 |
| Class R5 Shares | $9155 | $17290 |
| Class R6 Shares | $501648 | $317499 |
| **Outstanding shares by class:** |  |  |
| Class A Shares (534 and 513 million shares of common stock authorized, $.001 par value) | 2118817 | 521248 |
| Class C Shares (100 and 85 million shares of common stock authorized, $.001 par value) | 136696 | 117515 |
| Class F Shares (200.25 and 114 million shares of common stock authorized, $.001 par value) | 236274 | 1523789 |
| Class F3 Shares (66.75 and 57 million shares of common stock authorized, $.001 par value) | 189817 | 758 |
| Class I Shares (300.37 and 228 million shares of common stock authorized, $.001 par value) | 27985931 | 1497358 |
| Class R3 Shares (26.72 and 28.6 million shares of common stock authorized, $.001 par value) | 32673 | 10211 |
| Class R4 Shares (26.72 and 28.6 million shares of common stock authorized, $.001 par value) | 8733 | 873 |
| Class R5 Shares (26.72 and 28.6 million shares of common stock authorized, $.001 par value) | 2308 | 1345 |
| Class R6 Shares (26.72 and 28.6 million shares of common stock authorized, $.001 par value) | 126387 | 24688 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):** | **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):** | **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):** |
| Class A Shares-Net asset value | $3.97 | $12.86 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%) | $4.06 | $13.16 |
| Class C Shares-Net asset value | $4.00 | $12.86 |
| Class F Shares-Net asset value | $3.98 | $12.86 |
| Class F3 Shares-Net asset value\* | $3.97 | $12.86 |
| Class I Shares-Net asset value | $3.97 | $12.84 |
| Class R3 Shares-Net asset value | $3.97 | $12.86 |
| Class R4 Shares-Net asset value | $3.97 | $12.85 |
| Class R5 Shares-Net asset value | $3.97 | $12.86 |
| Class R6 Shares-Net asset value | $3.97 | $12.86 |

---

\* Net asset value may not recalculate due to rounding of fractional shares.

*See Notes to Financial Statements.* 67

**Statements of Assets and Liabilities (continued)**

*December 31, 2022*

---

| | |
|:---|:---|
|  | **Global Bond<br> Fund** |
| **ASSETS:** |  |
| Investments in securities, at cost | $10709305 |
| Investments in securities, at fair value | $9988300 |
| Cash | 610 |
| Deposits with brokers for futures collateral | 27403 |
| Deposits with brokers for forwards and swaps collateral | 39155 |
| Foreign cash, at value (cost $1,952) | 2412 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 103755 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 3390 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 3499 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 16128 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 822748 |
| Unrealized appreciation on forward foreign currency exchange contracts | 90738 |
| Prepaid expenses and other assets | 42823 |
| **Total assets** | 11140961 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Management fee | 3654 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 1122 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 159132 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 979 |
| &nbsp;&nbsp;&nbsp;Fund administration | 340 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 1076659 |
| &nbsp;&nbsp;&nbsp;Variation margin payable for centrally cleared swap agreements | 426 |
| Unrealized depreciation on forward foreign currency exchange contracts | 32137 |
| Distributions payable | 29871 |
| Accrued expenses and other liabilities | 76788 |
| **Total liabilities** | 1381108 |
| **NET ASSETS** | $9759853 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $11909804 |
| Total distributable earnings (loss) | (2149951) |
| **Net Assets** | $9759853 |

---

68 *See Notes to Financial Statements.*

**Statements of Assets and Liabilities (concluded)**

*December 31, 2022*

---

| | |
|:---|:---|
|  | **Global Bond<br> Fund** |
| **Net assets by class:** |  |
| Class A Shares | $2332347 |
| Class C Shares | $238684 |
| Class F Shares | $1920343 |
| Class F3 Shares | $1298411 |
| Class I Shares | $1727560 |
| Class R3 Shares | $249374 |
| Class R4 Shares | $215026 |
| Class R5 Shares | $215954 |
| Class R6 Shares | $1562154 |
| **Outstanding shares by class:** |  |
| Class A Shares (770 million shares of common stock authorized, $.001 par value) | 288475 |
| Class C Shares (100 million shares of common stock authorized, $.001 par value) | 29525 |
| Class F Shares (192.5 million shares of common stock authorized, $.001 par value) | 237520 |
| Class F3 Shares (192.5 million shares of common stock authorized, $.001 par value) | 160608 |
| Class I Shares (385 million shares of common stock authorized, $.001 par value) | 213693 |
| Class R3 Shares (28.87 million shares of common stock authorized, $.001 par value) | 30844 |
| Class R4 Shares (28.87 million shares of common stock authorized, $.001 par value) | 26595 |
| Class R5 Shares (28.87 million shares of common stock authorized, $.001 par value) | 26712 |
| Class R6 Shares (178.37 million shares of common stock authorized, $.001 par value) | 193237 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):** | **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):** |
| Class A Shares-Net asset value | $8.09 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%) | $8.28 |
| Class C Shares-Net asset value | $8.08 |
| Class F Shares-Net asset value | $8.08 |
| Class F3 Shares-Net asset value | $8.08 |
| Class I Shares-Net asset value | $8.08 |
| Class R3 Shares-Net asset value | $8.09 |
| Class R4 Shares-Net asset value | $8.09 |
| Class R5 Shares-Net asset value | $8.08 |
| Class R6 Shares-Net asset value | $8.08 |

---

*See Notes to Financial Statements.* 69

**Statements of Operations**

*For the Year Ended December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **Emerging<br> Markets Bond<br> Fund** | **Emerging Markets<br> Corporate Debt<br> Fund** |
| **Investment income:** |  |  |
| Dividends | $– | $1221 |
| Interest and other (net of foreign withholding taxes of $1,282 and $423, respectively) | 8919805 | 3603756 |
| **Total investment income** | 8919805 | 3604977 |
| **Expenses:** |  |  |
| Management fee | 809257 | 477110 |
| 12b-1 distribution plan–Class A | 19606 | 16237 |
| 12b-1 distribution plan–Class C | 6421 | 12426 |
| 12b-1 distribution plan–Class F | 1543 | 41253 |
| 12b-1 distribution plan–Class R3 | 726 | 936 |
| 12b-1 distribution plan–Class R4 | 138 | 33 |
| Registration | 114020 | 117027 |
| Professional | 88593 | 47375 |
| Fund administration | 64740 | 27263 |
| Reports to shareholders | 41484 | 23406 |
| Shareholder servicing | 35508 | 108391 |
| Custody | 9098 | 11783 |
| Directors' fees | 3044 | 1267 |
| Other | 40709 | 25103 |
| Gross expenses | 1234887 | 909610 |
| &nbsp;&nbsp;&nbsp;Expense reductions (See Note 9) | (189) | (745) |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (10641) | (258990) |
| **Net expenses** | 1224057 | 649875 |
| **Net investment income** | 7695748 | 2955102 |
| **Net realized and unrealized gain (loss):** |  |  |
| Net realized gain (loss) on investments | (16460615) | (8052762) |
| Net realized gain (loss) on futures contracts | 1139548 | 212469 |
| Net realized gain (loss) on forward foreign currency exchange contracts | 37932 | 17333 |
| Net realized gain (loss) on OTC written options | 16663 |  |
| Net realized gain (loss) on swap contracts | (1928) | (386) |
| Net realized gain (loss) on foreign currency related transactions | (19160) | (2440) |
| Net change in unrealized appreciation/depreciation on investments | (25545037) | (5983562) |
| Net change in unrealized appreciation/depreciation on futures contracts | 364324 | 160607 |
| Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts | 2383 | 1903 |
| Net change in unrealized appreciation/depreciation on OTC written options | (16640) |  |
| Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies | 8925 | 440 |
| **Net realized and unrealized gain (loss)** | (40473605) | (13646398) |
| **Net Decrease in Net Assets Resulting From Operations** | $(32777857) | $(10691296) |

---

70 *See Notes to Financial Statements.*

**Statements of Operations (concluded)**

*For the Year Ended December 31, 2022*

---

| | |
|:---|:---|
|  | **Global Bond<br> Fund** |
| **Investment income:** |  |
| Interest and other (net of foreign withholding taxes of $324) | $365206 |
| **Total investment income** | 365206 |
| **Expenses:** |  |
| Management fee | 45014 |
| 12b-1 distribution plan–Class A | 5249 |
| 12b-1 distribution plan–Class C | 2196 |
| 12b-1 distribution plan–Class F | 2030 |
| 12b-1 distribution plan–Class R3 | 1300 |
| 12b-1 distribution plan–Class R4 | 568 |
| Registration | 114866 |
| Professional | 64027 |
| Fund administration | 4187 |
| Reports to shareholders | 10307 |
| Shareholder servicing | 847 |
| Custody | 15487 |
| Directors' fees | 443 |
| Other | 12932 |
| Gross expenses | 279453 |
| &nbsp;&nbsp;&nbsp;Expense reductions (See Note 9) | (93) |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (209630) |
| **Net expenses** | 69730 |
| **Net investment income** | 295476 |
| **Net realized and unrealized gain (loss):** |  |
| Net realized gain (loss) on investments | (1290105) |
| Net realized gain (loss) on futures contracts | 109560 |
| Net realized gain (loss) on forward foreign currency exchange contracts | (314529) |
| Net realized gain (loss) on swap contracts | (12255) |
| Net realized gain (loss) on foreign currency related transactions | (4601) |
| Net change in unrealized appreciation/depreciation on investments | (744600) |
| Net change in unrealized appreciation/depreciation on futures contracts | 28318 |
| Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts | 90297 |
| Net change in unrealized appreciation/depreciation on swap contracts | 4040 |
| Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies | 2075 |
| Net change in unrealized appreciation/depreciation on unfunded commitments | (12) |
| **Net realized and unrealized gain (loss)** | (2131812) |
| **Net Decrease in Net Assets Resulting From Operations** | $(1836336) |

---

*See Notes to Financial Statements.* 71

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Emerging Markets Bond Fund** | **Emerging Markets Bond Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended<br> December 31, 2022** | **For the Year Ended<br> December 31, 2021** |
| **Operations:** |  |  |
| Net investment income | $7695748 | $9410441 |
| Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, OTC written options, swap contracts and foreign currency related transactions | (15287560) | 3201219 |
| Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, OTC written options, swap contracts and translation of assets and liabilities denominated in foreign currencies | (25186045) | (21646171) |
| **Net decrease in net assets resulting from operations** | (32777857) | (9034511) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (467848) | (536688) |
| &nbsp;&nbsp;&nbsp;Class C | (31036) | (33288) |
| &nbsp;&nbsp;&nbsp;Class F | (75877) | (127855) |
| &nbsp;&nbsp;&nbsp;Class F3 | (48988) | (49132) |
| &nbsp;&nbsp;&nbsp;Class I | (7344392) | (9247192) |
| &nbsp;&nbsp;&nbsp;Class R3 | (6471) | (7824) |
| &nbsp;&nbsp;&nbsp;Class R4 | (2591) | (2624) |
| &nbsp;&nbsp;&nbsp;Class R5 | (479) | (516) |
| &nbsp;&nbsp;&nbsp;Class R6 | (20864) | (19715) |
| **Total distributions to shareholders** | (7998546) | (10024834) |
| **Capital share transactions (Net of share conversions) (See Note 15):** |  |  |
| Net proceeds from sales of shares | 5435537 | 9133196 |
| Reinvestment of distributions | 7949236 | 9969054 |
| Cost of shares reacquired | (57985684) | (93849821) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (44600911) | (74747571) |
| **Net increase (decrease) in net assets** | (85377314) | (93806916) |
| **NET ASSETS:** |  |  |
| Beginning of year | $207739970 | $301546886 |
| **End of year** | $122362656 | $207739970 |

---

72 *See Notes to Financial Statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Emerging Markets Corporate Debt Fund** | **Emerging Markets Corporate Debt Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended<br> December 31, 2022** | **For the Year Ended<br> December 31, 2021** |
| **Operations:** |  |  |
| Net investment income | $2955102 | $2636924 |
| Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swap contracts and foreign currency related transactions | (7825786) | 1471537 |
| Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swap contracts and translation of assets and liabilities denominated in foreign currencies | (5820612) | (4254875) |
| **Net decrease in net assets resulting from operations** | (10691296) | (146414) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (363722) | (381814) |
| &nbsp;&nbsp;&nbsp;Class C | (58085) | (55843) |
| &nbsp;&nbsp;&nbsp;Class F | (1861492) | (2242881) |
| &nbsp;&nbsp;&nbsp;Class F3 | (485) | (482) |
| &nbsp;&nbsp;&nbsp;Class I | (807883) | (146587) |
| &nbsp;&nbsp;&nbsp;Class R3 | (7844) | (6318) |
| &nbsp;&nbsp;&nbsp;Class R4 | (571) | (747) |
| &nbsp;&nbsp;&nbsp;Class R5 | (815) | (4359) |
| &nbsp;&nbsp;&nbsp;Class R6 | (11621) | (5766) |
| **Total distributions to shareholders** | (3112518) | (2844797) |
| **Capital share transactions (Net of share conversions) (See Note 15):** |  |  |
| Net proceeds from sales of shares | 37650078 | 30997015 |
| Reinvestment of distributions | 3101086 | 2839906 |
| Cost of shares reacquired | (58601991) | (16575176) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (17850827) | 17261745 |
| **Net increase (decrease) in net assets** | (31654641) | 14270534 |
| **NET ASSETS:** |  |  |
| Beginning of year | $79187821 | $64917287 |
| **End of year** | $47533180 | $79187821 |

---

*See Notes to Financial Statements.* 73

**Statements of Changes in Net Assets (concluded)**

---

| | | |
|:---|:---|:---|
|  | **Global Bond Fund** | **Global Bond Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended<br> December 31, 2022** | **For the Year Ended<br> December 31, 2021** |
| **Operations:** |  |  |
| Net investment income | $295476 | $284127 |
| Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swap contracts and foreign currency related transactions | (1511930) | 149398 |
| Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swap contracts unfunded commitments and translation of assets and liabilities denominated in foreign currencies | (619882) | (783535) |
| **Net decrease in net assets resulting from operations** | (1836336) | (350010) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;A | (45739) | (139484) |
| &nbsp;&nbsp;&nbsp;C | (3620) | (13014) |
| &nbsp;&nbsp;&nbsp;F | (37748) | (115135) |
| &nbsp;&nbsp;&nbsp;F3 | (25624) | (79779) |
| &nbsp;&nbsp;&nbsp;I | (33984) | (105634) |
| &nbsp;&nbsp;&nbsp;R3 | (4064) | (11729) |
| &nbsp;&nbsp;&nbsp;R4 | (3889) | (12919) |
| &nbsp;&nbsp;&nbsp;R5 | (4249) | (13202) |
| &nbsp;&nbsp;&nbsp;R6 | (30492) | (94890) |
| **Return of Capital:** |  |  |
| &nbsp;&nbsp;&nbsp;**A** | **(30189)** | **–** |
| &nbsp;&nbsp;&nbsp;**C** | **(2389)** | **–** |
| &nbsp;&nbsp;&nbsp;**F** | **(24915)** | **–** |
| &nbsp;&nbsp;&nbsp;**F3** | **(16913)** | **–** |
| &nbsp;&nbsp;&nbsp;**I** | **(22430)** | **–** |
| &nbsp;&nbsp;&nbsp;**R3** | **(2683)** | **–** |
| &nbsp;&nbsp;&nbsp;**R4** | **(2566)** | **–** |
| &nbsp;&nbsp;&nbsp;**R5** | **(2805)** | **–** |
| &nbsp;&nbsp;&nbsp;**R6** | **(20126)** | **–** |
| **Total distributions to shareholders** | **(314425)** | **(585786)** |
| **Capital share transactions (Net of share conversions) (See Note 15):** |  |  |
| Net proceeds from sales of shares | 209827 | 1223731 |
| Reinvestment of distributions | 27897 | 43413 |
| Cost of shares reacquired | (332345) | (571362) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (94621) | 695782 |
| **Net decrease in net assets** | (2245382) | (240014) |
| **NET ASSETS:** |  |  |
| Beginning of year | $12005235 | $12245249 |
| **End of year** | $9759853 | $12005235 |

---

74 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Financial Highlights**

EMERGING MARKETS BOND FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** |
|  |<br>**Net asset<br>value,<br>beginning<br>of period** | **Net**<br>**invest-**<br>**ment**<br>**income**<sup>(a)</sup> | **Net<br>realized<br>and<br>unrealized<br>gain (loss)** | **Total<br>from<br>invest-<br>ment<br>opera-<br>tions** | **Net<br>investment <br>income** | **Return of<br>capital** | **Total<br>distri-<br>butions** |
| **Class A** |  |  |  |  |  |  |  |
| 12/31/2022 | $4.95 | $0.19 | $(0.97) | $(0.78) | $(0.20) | $– | $(0.20) |
| 12/31/2021 | 5.31 | 0.20 | (0.35) | (0.15) | (0.21) |  | (0.21) |
| 12/31/2020 | 5.29 | 0.21 | 0.03 | 0.24 | (0.22) |  | (0.22) |
| 12/31/2019 | 4.80 | 0.25 | 0.50 | 0.75 | (0.26) |  | (0.26) |
| 12/31/2018 | 5.42 | 0.18 | (0.53) | (0.35) | (0.22) | (0.05) | (0.27) |
| **Class C** |  |  |  |  |  |  |  |
| 12/31/2022 | 4.98 | 0.16 | (0.97) | (0.81) | (0.17) |  | (0.17) |
| 12/31/2021 | 5.34 | 0.17 | (0.35) | (0.18) | (0.18) |  | (0.18) |
| 12/31/2020 | 5.33 | 0.19 | 0.01 | 0.20 | (0.19) |  | (0.19) |
| 12/31/2019 | 4.83 | 0.22 | 0.51 | 0.73 | (0.23) |  | (0.23) |
| 12/31/2018 | 5.45 | 0.15 | (0.53) | (0.38) | (0.20) | (0.04) | (0.24) |
| **Class F** |  |  |  |  |  |  |  |
| 12/31/2022 | 4.95 | 0.20 | (0.96) | (0.76) | (0.21) |  | (0.21) |
| 12/31/2021 | 5.31 | 0.21 | (0.35) | (0.14) | (0.22) |  | (0.22) |
| 12/31/2020 | 5.29 | 0.22 | 0.03 | 0.25 | (0.23) |  | (0.23) |
| 12/31/2019 | 4.80 | 0.26 | 0.50 | 0.76 | (0.27) |  | (0.27) |
| 12/31/2018 | 5.42 | 0.17 | (0.51) | (0.34) | (0.24) | (0.04) | (0.28) |
| **Class F3** |  |  |  |  |  |  |  |
| 12/31/2022 | 4.94 | 0.20 | (0.96) | (0.76) | (0.21) |  | (0.21) |
| 12/31/2021 | 5.30 | 0.21 | (0.35) | (0.14) | (0.22) |  | (0.22) |
| 12/31/2020 | 5.29 | 0.22 | 0.03 | 0.25 | (0.24) |  | (0.24) |
| 12/31/2019 | 4.80 | 0.26 | 0.50 | 0.76 | (0.27) |  | (0.27) |
| 12/31/2018 | 5.41 | 0.20 | (0.53) | (0.33) | (0.23) | (0.05) | (0.28) |
| **Class I** |  |  |  |  |  |  |  |
| 12/31/2022 | 4.94 | 0.20 | (0.96) | (0.76) | (0.21) |  | (0.21) |
| 12/31/2021 | 5.30 | 0.21 | (0.35) | (0.14) | (0.22) |  | (0.22) |
| 12/31/2020 | 5.28 | 0.22 | 0.03 | 0.25 | (0.23) |  | (0.23) |
| 12/31/2019 | 4.80 | 0.26 | 0.49 | 0.75 | (0.27) |  | (0.27) |
| 12/31/2018 | 5.41 | 0.20 | (0.53) | (0.33) | (0.23) | (0.05) | (0.28) |
| **Class R3** |  |  |  |  |  |  |  |
| 12/31/2022 | 4.94 | 0.18 | (0.96) | (0.78) | (0.19) |  | (0.19) |
| 12/31/2021 | 5.30 | 0.18 | (0.34) | (0.16) | (0.20) |  | (0.20) |
| 12/31/2020 | 5.28 | 0.20 | 0.03 | 0.23 | (0.21) |  | (0.21) |
| 12/31/2019 | 4.80 | 0.24 | 0.49 | 0.73 | (0.25) |  | (0.25) |
| 12/31/2018 | 5.41 | 0.17 | (0.52) | (0.35) | (0.22) | (0.04) | (0.26) |

---

76 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br>asset<br>value,<br>end of<br>period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br>expenses<br>after<br>waivers<br>and/or reim-<br>bursements<br>(%)** | **Total<br>expenses<br>(%)** | **Net<br>invest-<br>ment<br>income<br>(%)** | **Net<br>assets,<br>end of<br>period<br>(000)** | **Portfolio<br>turnover<br>rate<br>(%)** |
| $3.97 | (15.83) | 0.94 | 0.95 | 4.59 | $8420 | 33 |
| 4.95 | (2.81) | 0.87 | 0.87 | 3.89 | 13738 | 56 |
| 5.31 | 4.99 | 0.90 | 0.91 | 4.22 | 13811 | 49 |
| 5.29 | 15.91 | 0.96 | 0.96 | 4.89 | 13433 | 47 |
| 4.80 | (6.55) | 0.98 | 0.98 | 3.41 | 9636 | 135 |
| 4.00 | (16.26) | 1.59 | 1.60 | 3.94 | 546 | 33 |
| 4.98 | (3.41) | 1.52 | 1.52 | 3.24 | 906 | 56 |
| 5.34 | 4.13 | 1.54 | 1.55 | 3.68 | 1074 | 49 |
| 5.33 | 15.34 | 1.58 | 1.58 | 4.32 | 1441 | 47 |
| 4.83 | (7.06) | 1.59 | 1.59 | 2.84 | 1769 | 135 |
| 3.98 | (15.45) | 0.73 | 0.84 | 4.75 | 940 | 33 |
| 4.95 | (2.63) | 0.66 | 0.77 | 4.07 | 2581 | 56 |
| 5.31 | 5.17 | 0.70 | 0.81 | 4.37 | 2802 | 49 |
| 5.29 | 16.08 | 0.76 | 0.86 | 5.02 | 5064 | 47 |
| 4.80 | (6.44) | 0.84 | 0.87 | 3.36 | 3821 | 135 |
| 3.97 | (15.48) | 0.73 | 0.73 | 4.79 | 753 | 33 |
| 4.94 | (2.63) | 0.65 | 0.66 | 4.06 | 1493 | 56 |
| 5.30 | 5.01 | 0.70 | 0.71 | 4.45 | 694 | 49 |
| 5.29 | 16.15 | 0.75 | 0.75 | 5.08 | 710 | 47 |
| 4.80 | (6.19) | 0.76 | 0.76 | 3.84 | 429 | 135 |
| 3.97 | (15.49) | 0.74 | 0.75 | 4.78 | 111029 | 33 |
| 4.94 | (2.63) | 0.67 | 0.67 | 4.09 | 188299 | 56 |
| 5.30 | 5.19 | 0.70 | 0.71 | 4.36 | 282521 | 49 |
| 5.28 | 15.92 | 0.76 | 0.76 | 5.13 | 160122 | 47 |
| 4.80 | (6.19) | 0.78 | 0.78 | 3.81 | 164990 | 135 |
| 3.97 | (15.92) | 1.24 | 1.25 | 4.28 | 130 | 33 |
| 4.94 | (3.12) | 1.16 | 1.17 | 3.60 | 203 | 56 |
| 5.30 | 4.68 | 1.21 | 1.22 | 3.92 | 198 | 49 |
| 5.28 | 15.59 | 1.26 | 1.26 | 4.63 | 194 | 47 |
| 4.80 | (6.85) | 1.28 | 1.28 | 3.39 | 255 | 135 |

---

*See Notes to Financial Statements.* 77

**Financial Highlights (concluded)**

EMERGING MARKETS BOND FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** |
|  |<br>**Net asset<br>value,<br>beginning<br>of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br>realized<br>and<br>unrealized<br>gain (loss)** | **Total<br>from<br>invest-<br>ment<br>opera-<br>tions** | **Net<br>investment<br>income** | **Return of<br>capital** | **Total<br>distri-<br>butions** |
| **Class R4** |  |  |  |  |  |  |  |
| 12/31/2022 | $4.94 | $0.19 | $(0.96) | $(0.77) | $(0.20) | $– | $(0.20) |
| 12/31/2021 | 5.30 | 0.20 | (0.35) | (0.15) | (0.21) |  | (0.21) |
| 12/31/2020 | 5.29 | 0.22 | 0.01 | 0.23 | (0.22) |  | (0.22) |
| 12/31/2019 | 4.80 | 0.25 | 0.50 | 0.75 | (0.26) |  | (0.26) |
| 12/31/2018 | 5.42 | 0.18 | (0.53) | (0.35) | (0.22) | (0.05) | (0.27) |
| **Class R5** |  |  |  |  |  |  |  |
| 12/31/2022 | 4.94 | 0.20 | (0.96) | (0.76) | (0.21) |  | (0.21) |
| 12/31/2021 | 5.30 | 0.21 | (0.35) | (0.14) | (0.22) |  | (0.22) |
| 12/31/2020 | 5.28 | 0.22 | 0.04 | 0.26 | (0.24) |  | (0.24) |
| 12/31/2019 | 4.80 | 0.26 | 0.49 | 0.75 | (0.27) |  | (0.27) |
| 12/31/2018 | 5.41 | 0.20 | (0.52) | (0.32) | (0.24) | (0.05) | (0.29) |
| **Class R6** |  |  |  |  |  |  |  |
| 12/31/2022 | 4.94 | 0.20 | (0.96) | (0.76) | (0.21) |  | (0.21) |
| 12/31/2021 | 5.30 | 0.21 | (0.35) | (0.14) | (0.22) |  | (0.22) |
| 12/31/2020 | 5.29 | 0.22 | 0.03 | 0.25 | (0.24) |  | (0.24) |
| 12/31/2019 | 4.80 | 0.26 | 0.50 | 0.76 | (0.27) |  | (0.27) |
| 12/31/2018 | 5.41 | 0.19 | (0.51) | (0.32) | (0.24) | (0.05) | (0.29) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

78 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br>asset<br>value,<br>end of<br>period** |<br>**Total**<br>**return**<br>**(%)**<sup>(b)</sup> | **Total<br>expenses<br>after<br>waivers<br>and/or reim-<br>bursements<br>(%)** | **Total<br>expenses<br>(%)** | **Net<br>invest-<br>ment<br>income<br>(%)** | **Net<br>assets,<br>end of<br>period<br>(000)** | **Portfolio<br>turnover<br>rate<br>(%)** |
| $3.97 | (15.71) | 0.99 | 1.00 | 4.50 | $35 | 33 |
| 4.94 | (2.88) | 0.92 | 0.93 | 3.84 | 64 | 56 |
| 5.30 | 4.74 | 0.96 | 0.97 | 4.32 | 71 | 49 |
| 5.29 | 15.85 | 1.02 | 1.02 | 4.81 | 138 | 47 |
| 4.80 | (6.60) | 1.03 | 1.03 | 3.53 | 55 | 135 |
| 3.97 | (15.47) | 0.72 | 0.72 | 4.82 | 9 | 33 |
| 4.94 | (2.60) | 0.64 | 0.64 | 4.13 | 11 | 56 |
| 5.30 | 5.22 | 0.68 | 0.69 | 4.47 | 12 | 49 |
| 5.28 | 15.92 | 0.74 | 0.74 | 5.14 | 12 | 47 |
| 4.80 | (6.17) | 0.76 | 0.76 | 4.03 | 18 | 135 |
| 3.97 | (15.48) | 0.73 | 0.74 | 4.81 | 502 | 33 |
| 4.94 | (2.62) | 0.66 | 0.66 | 4.10 | 445 | 56 |
| 5.30 | 5.01 | 0.70 | 0.71 | 4.46 | 363 | 49 |
| 5.29 | 16.15 | 0.75 | 0.75 | 5.11 | 430 | 47 |
| 4.80 | (6.17) | 0.76 | 0.76 | 3.74 | 317 | 135 |

---

<br> *See Notes to Financial Statements.* 79

**Financial Highlights**

EMERGING MARKETS CORPORATE DEBT FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** |
|  |<br>**Net asset<br>value,<br>beginning<br>of period** | **Net**<br>**invest-**<br>**ment**<br>**income**<sup>(a)</sup> | **Net<br>realized<br>and<br>unrealized<br>gain (loss)** | **Total<br>from<br>invest-<br>ment<br>opera-<br>tions** | **Net<br>investment <br>income** | **Net<br>realized<br>gain** | **Total<br>distri-<br>butions** |
| **Class A** |  |  |  |  |  |  |  |
| 12/31/2022 | $15.14 | $0.57 | $(2.26) | $(1.69) | $(0.59) | $– | $(0.59) |
| 12/31/2021 | 15.78 | 0.53 | (0.59) | (0.06) | (0.58) |  | (0.58) |
| 12/31/2020 | 15.54 | 0.56 | 0.29 <sup>(c)</sup> | 0.85 | (0.61) |  | (0.61) |
| 12/31/2019 | 14.31 | 0.64 | 1.27 | 1.91 | (0.68) |  | (0.68) |
| 12/31/2018 | 15.54 | 0.61 | (1.16) | (0.55) | (0.65) | (0.03) | (0.68) |
| **Class C** |  |  |  |  |  |  |  |
| 12/31/2022 | 15.15 | 0.48 | (2.26) | (1.78) | (0.51) |  | (0.51) |
| 12/31/2021 | 15.78 | 0.44 | (0.59) | (0.15) | (0.48) |  | (0.48) |
| 12/31/2020 | 15.54 | 0.46 | 0.29 <sup>(c)</sup> | 0.75 | (0.51) |  | (0.51) |
| 12/31/2019 | 14.31 | 0.55 | 1.26 | 1.81 | (0.58) |  | (0.58) |
| 12/31/2018 | 15.55 | 0.52 | (1.18) | (0.66) | (0.55) | (0.03) | (0.58) |
| **Class F** |  |  |  |  |  |  |  |
| 12/31/2022 | 15.15 | 0.58 | (2.26) | (1.68) | (0.61) |  | (0.61) |
| 12/31/2021 | 15.79 | 0.55 | (0.60) | (0.05) | (0.59) |  | (0.59) |
| 12/31/2020 | 15.54 | 0.57 | 0.30 <sup>(c)</sup> | 0.87 | (0.62) |  | (0.62) |
| 12/31/2019 | 14.31 | 0.65 | 1.27 | 1.92 | (0.69) |  | (0.69) |
| 12/31/2018 | 15.55 | 0.63 | (1.18) | (0.55) | (0.66) | (0.03) | (0.69) |
| **Class F3** |  |  |  |  |  |  |  |
| 12/31/2022 | 15.14 | 0.61 | (2.25) | (1.64) | (0.64) |  | (0.64) |
| 12/31/2021 | 15.78 | 0.59 | (0.59) |  | (0.64) |  | (0.64) |
| 12/31/2020 | 15.54 | 0.61 | 0.30 <sup>(c)</sup> | 0.91 | (0.67) |  | (0.67) |
| 12/31/2019 | 14.31 | 0.70 | 1.26 | 1.96 | (0.73) |  | (0.73) |
| 12/31/2018 | 15.55 | 0.67 | (1.18) | (0.51) | (0.70) | (0.03) | (0.73) |
| **Class I** |  |  |  |  |  |  |  |
| 12/31/2022 | 15.13 | 0.59 | (2.26) | (1.67) | (0.62) |  | (0.62) |
| 12/31/2021 | 15.77 | 0.56 | (0.59) | (0.03) | (0.61) |  | (0.61) |
| 12/31/2020 | 15.53 | 0.58 | 0.30 <sup>(c)</sup> | 0.88 | (0.64) |  | (0.64) |
| 12/31/2019 | 14.31 | 0.68 | 1.24 | 1.92 | (0.70) |  | (0.70) |
| 12/31/2018 | 15.55 | 0.64 | (1.17) | (0.53) | (0.68) | (0.03) | (0.71) |
| **Class R3** |  |  |  |  |  |  |  |
| 12/31/2022 | 15.14 | 0.53 | (2.26) | (1.73) | (0.55) |  | (0.55) |
| 12/31/2021 | 15.78 | 0.48 | (0.59) | (0.11) | (0.53) |  | (0.53) |
| 12/31/2020 | 15.54 | 0.51 | 0.30 <sup>(c)</sup> | 0.81 | (0.57) |  | (0.57) |
| 12/31/2019 | 14.31 | 0.60 | 1.26 | 1.86 | (0.63) |  | (0.63) |
| 12/31/2018 | 15.54 | 0.64 | (1.16) | (0.52) | (0.68) | (0.03) | (0.71) |

---

<br> 80 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br>asset<br>value,<br>end of<br>period** |<br>**Total**<br>**return**<br>**(%)**<sup>(b)</sup> | **Total<br>expenses<br>after<br>waivers<br>and/or reim-<br>bursements<br>(%)** | **Total<br>expenses<br>(%)** | **Net<br>invest-<br>ment<br>income<br>(%)** | **Net<br>assets,<br>end of<br>period<br>(000)** | **Portfolio<br>turnover<br>rate<br>(%)** |
| $12.86 | (11.19) | 1.05 | 1.44 | 4.27 | $6703 | 55 |
| 15.14 | (0.39) | 1.05 | 1.35 | 3.46 | 10050 | 83 |
| 15.78 | 5.78 | 1.05 | 1.47 | 3.73 | 9218 | 66 |
| 15.54 | 13.56 | 1.05 | 1.62 | 4.24 | 11660 | 64 |
| 14.31 | (3.65) | 1.05 | 1.54 | 4.14 | 8729 | 56 |
| 12.86 | (11.73) | 1.68 | 2.08 | 3.66 | 1511 | 55 |
| 15.15 | (0.94) | 1.67 | 1.97 | 2.84 | 1748 | 83 |
| 15.78 | 5.09 | 1.71 | 2.13 | 3.08 | 1840 | 66 |
| 15.54 | 12.85 | 1.68 | 2.25 | 3.61 | 2307 | 64 |
| 14.31 | (4.28) | 1.71 | 2.20 | 3.50 | 1926 | 56 |
| 12.86 | (11.09) | 0.95 | 1.31 | 4.28 | 19603 | 55 |
| 15.15 | (0.23) | 0.95 | 1.25 | 3.55 | 61510 | 83 |
| 15.79 | 5.87 | 0.95 | 1.37 | 3.80 | 50424 | 66 |
| 15.54 | 13.66 | 0.95 | 1.51 | 4.30 | 42660 | 64 |
| 14.31 | (3.63) | 0.95 | 1.44 | 4.22 | 24115 | 56 |
| 12.86 | (10.88) | 0.70 | 1.06 | 4.63 | 10 | 55 |
| 15.14 | (0.02) | 0.68 | 0.99 | 3.83 | 11 | 83 |
| 15.78 | 6.16 | 0.69 | 1.07 | 4.10 | 12 | 66 |
| 15.54 | 13.94 | 0.70 | 1.25 | 4.61 | 12 | 64 |
| 14.31 | (3.32) | 0.68 | 1.21 | 4.49 | 10 | 56 |
| 12.84 | (11.02) | 0.85 | 1.28 | 4.57 | 19229 | 55 |
| 15.13 | (0.14) | 0.85 | 1.15 | 3.63 | 5449 | 83 |
| 15.77 | 5.90 | 0.85 | 1.26 | 3.85 | 2850 | 66 |
| 15.53 | 13.69 | 0.85 | 1.45 | 4.51 | 5635 | 64 |
| 14.31 | (3.46) | 0.85 | 1.35 | 4.35 | 8891 | 56 |
| 12.86 | (11.45) | 1.35 | 1.74 | 3.97 | 131 | 55 |
| 15.14 | (0.68) | 1.35 | 1.65 | 3.14 | 228 | 83 |
| 15.78 | 5.46 | 1.35 | 1.77 | 3.43 | 153 | 66 |
| 15.54 | 13.31 | 1.35 | 1.92 | 3.96 | 147 | 64 |
| 14.31 | (3.53) | 0.85 | 1.85 | 4.35 | 125 | 56 |

---

<br> *See Notes to Financial Statements.* 81

**Financial Highlights (concluded)**

EMERGING MARKETS CORPORATE DEBT FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** |
|  |<br>**Net asset<br>value,<br>beginning<br>of period** | **Net**<br>**invest-**<br>**ment**<br>**income**<sup>(a)</sup> | **Net<br>realized<br>and<br> unrealized<br>gain (loss)** | **Total<br>from<br>invest-<br>ment <br>opera-<br>tions** | **Net<br>investment<br>income** | **Net<br>realized<br>gain** | **Total<br>distri-<br>butions** |
| **Class R4** |  |  |  |  |  |  |  |
| 12/31/2022 | $15.13 | $0.56 | $(2.25) | $(1.69) | $(0.59) | $– | $(0.59) |
| 12/31/2021 | 15.77 | 0.53 | (0.60) | (0.07) | (0.57) |  | (0.57) |
| 12/31/2020 | 15.53 | 0.55 | 0.29 <sup>(c)</sup> | 0.84 | (0.60) |  | (0.60) |
| 12/31/2019 | 14.30 | 0.64 | 1.26 | 1.90 | (0.67) |  | (0.67) |
| 12/31/2018 | 15.54 | 0.60 | (1.17) | (0.57) | (0.64) | (0.03) | (0.67) |
| **Class R5** |  |  |  |  |  |  |  |
| 12/31/2022 | 15.15 | 0.59 | (2.26) | (1.67) | (0.62) |  | (0.62) |
| 12/31/2021 | 15.78 | 0.60 | (0.62) | (0.02) | (0.61) |  | (0.61) |
| 12/31/2020 | 15.54 | 0.59 | 0.29 <sup>(c)</sup> | 0.88 | (0.64) |  | (0.64) |
| 12/31/2019 | 14.31 | 0.67 | 1.27 | 1.94 | (0.71) |  | (0.71) |
| 12/31/2018 | 15.55 | 0.65 | (1.18) | (0.53) | (0.68) | (0.03) | (0.71) |
| **Class R6** |  |  |  |  |  |  |  |
| 12/31/2022 | 15.15 | 0.62 | (2.27) | (1.65) | (0.64) |  | (0.64) |
| 12/31/2021 | 15.78 | 0.59 | (0.58) | 0.01 | (0.64) |  | (0.64) |
| 12/31/2020 | 15.54 | 0.61 | 0.30 <sup>(c)</sup> | 0.91 | (0.67) |  | (0.67) |
| 12/31/2019 | 14.31 | 0.69 | 1.27 | 1.96 | (0.73) |  | (0.73) |
| 12/31/2018 | 15.54 | 0.67 | (1.17) | (0.50) | (0.70) | (0.03) | (0.73) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the year ended December 31, 2020, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

<br> 82 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br>asset<br>value,<br>end of<br>period** |<br>**Total**<br>**return**<br>**(%)**<sup>(b)</sup> | **Total<br>expenses<br>after<br>waivers<br>and/or reim-<br>bursements<br>(%)** | **Total<br>expenses<br>(%)** | **Net<br>invest-<br>ment<br>income<br>(%)** | **Net<br>assets,<br>end of<br>period<br>(000)** | **Portfolio<br>turnover<br>rate<br>(%)** |
| $12.85 | (11.24) | 1.10 | 1.47 | 4.17 | $11 | 55 |
| 15.13 | (0.37) | 1.10 | 1.40 | 3.42 | 21 | 83 |
| 15.77 | 5.74 | 1.10 | 1.53 | 3.68 | 20 | 66 |
| 15.53 | 13.52 | 1.10 | 1.67 | 4.23 | 15 | 64 |
| 14.30 | (3.77) | 1.10 | 1.57 | 4.08 | 14 | 56 |
| 12.86 | (11.00) | 0.85 | 1.25 | 4.50 | 17 | 55 |
| 15.15 | (0.20) | 0.85 | 1.18 | 3.83 | 20 | 83 |
| 15.78 | 5.99 | 0.85 | 1.27 | 3.93 | 268 | 66 |
| 15.54 | 13.79 | 0.85 | 1.42 | 4.47 | 248 | 64 |
| 14.31 | (3.45) | 0.85 | 1.39 | 4.43 | 240 | 56 |
| 12.86 | (10.86) | 0.70 | 1.13 | 4.75 | 317 | 55 |
| 15.15 | 0.05 | 0.68 | 1.02 | 3.83 | 150 | 83 |
| 15.78 | 6.16 | 0.69 | 1.10 | 4.09 | 133 | 66 |
| 15.54 | 13.94 | 0.71 | 1.26 | 4.59 | 128 | 64 |
| 14.31 | (3.31) | 0.69 | 1.28 | 4.60 | 96 | 56 |

---

<br> *See Notes to Financial Statements.* 83

**Financial Highlights**

GLOBAL BOND FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** |
|  |<br>**Net asset<br>value,<br>beginning<br>of period** | **Net**<br>**investment**<br>**income**<sup>(a)</sup> | **Net<br>realized<br>and<br>unrealized<br>gain (loss)** | **Total<br>from<br>invest-<br>ment<br>opera-<br>tions** | **Net<br>investment<br>income** | **Net<br>realized<br>gain** | **Return<br>of<br>capital** |
| **Class A** |  |  |  |  |  |  |  |
| 12/31/2022 | $9.85 | $0.23 | $(1.74) | $(1.51) | $(0.15) | $– | $(0.10) |
| 12/31/2021 | 10.63 | 0.22 | (0.52) | (0.30) | (0.40) | (0.08) |  |
| 12/31/2020 | 10.13 | 0.24 | 0.56 | 0.80 | (0.30) |  |  |
| 12/31/2019 | 9.71 | 0.26 | 0.54 | 0.80 | (0.33) | (0.05) |  |
| 7/26/2018 to |  |  |  |  |  |  |  |
| 12/31/2018<sup>(c)(d)</sup> | 10.00 | 0.11 | (0.26) | (0.15) | (0.14) |  |  |
| **Class C** |  |  |  |  |  |  |  |
| 12/31/2022 | 9.85 | 0.18 | (1.76) | (1.58) | (0.09) |  | (0.10) |
| 12/31/2021 | 10.63 | 0.16 | (0.53) | (0.37) | (0.33) | (0.08) |  |
| 12/31/2020 | 10.13 | 0.18 | 0.56 | 0.74 | (0.24) |  |  |
| 12/31/2019 | 9.71 | 0.18 | 0.54 | 0.72 | (0.25) | (0.05) |  |
| 7/26/2018 to |  |  |  |  |  |  |  |
| 12/31/2018<sup>(c)(d)</sup> | 10.00 | 0.08 | (0.27) | (0.19) | (0.10) |  |  |
| **Class F** |  |  |  |  |  |  |  |
| 12/31/2022 | 9.85 | 0.25 | (1.76) | (1.51) | (0.16) |  | (0.10) |
| 12/31/2021 | 10.63 | 0.25 | (0.53) | (0.28) | (0.42) | (0.08) |  |
| 12/31/2020 | 10.13 | 0.25 | 0.57 | 0.82 | (0.32) |  |  |
| 12/31/2019 | 9.71 | 0.28 | 0.54 | 0.82 | (0.35) | (0.05) |  |
| 7/26/2018 to |  |  |  |  |  |  |  |
| 12/31/2018<sup>(c)(d)</sup> | 10.00 | 0.12 | (0.26) | (0.14) | (0.15) |  |  |
| **Class F3** |  |  |  |  |  |  |  |
| 12/31/2022 | 9.85 | 0.25 | (1.76) | (1.51) | (0.16) |  | (0.10) |
| 12/31/2021 | 10.63 | 0.25 | (0.53) | (0.28) | (0.42) | (0.08) |  |
| 12/31/2020 | 10.13 | 0.26 | 0.57 | 0.83 | (0.33) |  |  |
| 12/31/2019 | 9.71 | 0.29 | 0.54 | 0.83 | (0.36) | (0.05) |  |
| 7/26/2018 to |  |  |  |  |  |  |  |
| 12/31/2018<sup>(c)(d)</sup> | 10.00 | 0.13 | (0.27) | (0.14) | (0.15) |  |  |
| **Class I** |  |  |  |  |  |  |  |
| 12/31/2022 | 9.85 | 0.25 | (1.76) | (1.51) | (0.16) |  | (0.10) |
| 12/31/2021 | 10.63 | 0.25 | (0.53) | (0.28) | (0.42) | (0.08) |  |
| 12/31/2020 | 10.13 | 0.26 | 0.56 | 0.82 | (0.32) |  |  |
| 12/31/2019 | 9.71 | 0.28 | 0.54 | 0.82 | (0.35) | (0.05) |  |
| 7/26/2018 to |  |  |  |  |  |  |  |
| 12/31/2018<sup>(c)(d)</sup> | 10.00 | 0.12 | (0.26) | (0.14) | (0.15) |  |  |

---

<br> 84 *See Notes to Financial Statements.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br>distri-<br>butions** |<br>**Net<br>asset<br>value,<br>end of<br>period** | **Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br>expenses<br>after waivers<br>and/or<br> reimburse-<br>ments<br>(%)** | **Total<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(%)** | **Net<br>assets,<br>end of<br>period<br>(000)** | **Portfolio<br>turnover<br>rate<br>(%)** |
| $(0.25) | $8.09 | (15.44) | 0.78 | 2.76 | 2.71 | $2332 | 179 |
| (0.48) | 9.85 | (3.02) | 0.78 | 2.78 | 2.17 | 2965 | 126 |
| (0.30) | 10.63 | 8.18 | 0.78 | 2.44 | 2.38 | 2737 | 239 |
| (0.38) | 10.13 | 8.32 | 0.78 | 3.03 | 2.56 | 2151 | 315 |
| (0.14) | 9.71 | (1.42)<sup>(e)(f)</sup> | 0.78 <sup>(g)</sup> | 2.77 <sup>(g)</sup> | 2.64 <sup>(g)</sup> | 1969 | 123 |
| (0.19) | 8.08 | (15.97) | 1.40 | 3.38 | 2.07 | 239 | 179 |
| (0.41) | 9.85 | (3.62) | 1.40 | 3.42 | 1.56 | 330 | 126 |
| (0.24) | 10.63 | 7.52 | 1.39 | 3.05 | 1.77 | 294 | 239 |
| (0.30) | 10.13 | 7.48 | 1.56 | 3.81 | 1.78 | 277 | 315 |
| (0.10) | 9.71 | (1.76)<sup>(e)(f)</sup> | 1.58 <sup>(g)</sup> | 3.57 <sup>(g)</sup> | 1.84 <sup>(g)</sup> | 245 | 123 |
| (0.26) | 8.08 | (15.36) | 0.58 | 2.66 | 2.91 | 1920 | 179 |
| (0.50) | 9.85 | (2.73) | 0.58 | 2.67 | 2.38 | 2336 | 126 |
| (0.32) | 10.63 | 8.39 | 0.58 | 2.25 | 2.45 | 2365 | 239 |
| (0.40) | 10.13 | 8.53 | 0.58 | 2.93 | 2.76 | 2139 | 315 |
| (0.15) | 9.71 | (1.33)<sup>(e)(f)</sup> | 0.58 <sup>(g)</sup> | 2.67 <sup>(g)</sup> | 2.84 <sup>(g)</sup> | 1971 | 123 |
| (0.26) | 8.08 | (15.26) | 0.57 | 2.57 | 2.92 | 1298 | 179 |
| (0.50) | 9.85 | (2.72) | 0.56 | 2.57 | 2.41 | 1581 | 126 |
| (0.33) | 10.63 | 8.37 | 0.51 | 2.23 | 2.65 | 1707 | 239 |
| (0.41) | 10.13 | 8.66 | 0.46 | 2.78 | 2.88 | 1607 | 315 |
| (0.15) | 9.71 | (1.28)<sup>(e)(f)</sup> | 0.46 <sup>(g)</sup> | 2.55 <sup>(g)</sup> | 2.96 <sup>(g)</sup> | 1479 | 123 |
| (0.26) | 8.08 | (15.27) | 0.58 | 2.56 | 2.91 | 1728 | 179 |
| (0.50) | 9.85 | (2.74) | 0.58 | 2.57 | 2.38 | 2104 | 126 |
| (0.32) | 10.63 | 8.29 | 0.58 | 2.25 | 2.58 | 2271 | 239 |
| (0.40) | 10.13 | 8.53 | 0.58 | 2.83 | 2.76 | 2139 | 315 |
| (0.15) | 9.71 | (1.33)<sup>(e)(f)</sup> | 0.58 <sup>(g)</sup> | 2.57 <sup>(g)</sup> | 2.84 <sup>(g)</sup> | 1971 | 123 |

---

**Financial Highlights (concluded)**

GLOBAL BOND FUND

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** |
|  |<br>**Net asset<br>value,<br>beginning<br>of period** | **Net**<br>**investment** <br>**income**<sup>(a)</sup> | **Net<br>realized<br>and<br>unrealized<br>gain (loss)** | **Total<br>from<br>invest-<br>ment<br>opera-<br>tions** | **Net<br>investment<br>income** | **Net<br>realized<br>gain** | **Return<br>of<br>capital** |
| **Class R3** |  |  |  |  |  |  |  |
| 12/31/2022 | $9.85 | $0.21 | $(1.75) | $(1.54) | $(0.12) | $– | $(0.10) |
| 12/31/2021 | 10.63 | 0.19 | (0.52) | (0.33) | (0.37) | (0.08) |  |
| 12/31/2020 | 10.13 | 0.21 | 0.56 | 0.77 | (0.27) |  |  |
| 12/31/2019 | 9.71 | 0.23 | 0.54 | 0.77 | (0.30) | (0.05) |  |
| 7/26/2018 to |  |  |  |  |  |  |  |
| 12/31/2018<sup>(c)(d)</sup> | 10.00 | 0.10 | (0.26) | (0.16) | (0.13) |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| 12/31/2022 | 9.85 | 0.23 | (1.75) | (1.52) | (0.14) |  | (0.10) |
| 12/31/2021 | 10.63 | 0.22 | (0.53) | (0.31) | (0.39) | (0.08) |  |
| 12/31/2020 | 10.13 | 0.23 | 0.57 | 0.80 | (0.30) |  |  |
| 12/31/2019 | 9.71 | 0.25 | 0.54 | 0.79 | (0.32) | (0.05) |  |
| 7/26/2018 to |  |  |  |  |  |  |  |
| 12/31/2018<sup>(c)(d)</sup> | 10.00 | 0.11 | (0.26) | (0.15) | (0.14) |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| 12/31/2022 | 9.85 | 0.25 | (1.76) | (1.51) | (0.16) |  | (0.10) |
| 12/31/2021 | 10.63 | 0.25 | (0.53) | (0.28) | (0.42) | (0.08) |  |
| 12/31/2020 | 10.13 | 0.26 | 0.56 | 0.82 | (0.32) |  |  |
| 12/31/2019 | 9.71 | 0.28 | 0.54 | 0.82 | (0.35) | (0.05) |  |
| 7/26/2018 to |  |  |  |  |  |  |  |
| 12/31/2018<sup>(c)(d)</sup> | 10.00 | 0.12 | (0.26) | (0.14) | (0.15) |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| 12/31/2022 | 9.85 | 0.25 | (1.76) | (1.51) | (0.16) |  | (0.10) |
| 12/31/2021 | 10.63 | 0.25 | (0.53) | (0.28) | (0.42) | (0.08) |  |
| 12/31/2020 | 10.13 | 0.26 | 0.57 | 0.83 | (0.33) |  |  |
| 12/31/2019 | 9.71 | 0.29 | 0.54 | 0.83 | (0.36) | (0.05) |  |
| 7/26/2018 to |  |  |  |  |  |  |  |
| 12/31/2018<sup>(c)(d)</sup> | 10.00 | 0.13 | (0.27) | (0.14) | (0.15) |  |  |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Commenced on 07/26/2018, SEC effective date and date shares first became available to the public was 8/1/2018.

<sup>(d)</sup> Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 7/26/2018 through 8/1/2018.

<sup>(e)</sup> Total return for the period 8/1/2018 through 12/31/2018 was (1.51)% for Class A, (1.85)% for Class C, (1.43)% for Class F, (1.38)% for Class F3, (1.43)% for Class I, (1.64)% for Class R3, (1.53)% for Class R4, (1.43)% for Class R5 and (1.38)% for Class R6.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Annualized.

<br> 86 *See Notes to Financial Statements.*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br>distri-<br>butions** |<br>**Net<br>asset<br>value,<br>end of<br>period** | **Total**<br>**return**<br> **(%)**<sup>(b)</sup> | **Total<br>expenses<br>after waivers<br>and/or<br>reimburse-<br>ments<br>(%)** | **Total<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(%)** | **Net<br>assets,<br>end of<br>period<br>(000)** | **Portfolio<br> turnover<br>rate<br>(%)** |
| $(0.22) | $8.09 | (15.70) | 1.08 | 3.06 | 2.41 | $249 | 179 |
| (0.45) | 9.85 | (3.23) | 1.08 | 3.07 | 1.88 | 294 | 126 |
| (0.27) | 10.63 | 7.75 | 1.08 | 2.75 | 2.08 | 281 | 239 |
| (0.35) | 10.13 | 8.00 | 1.08 | 3.33 | 2.26 | 265 | 315 |
| (0.13) | 9.71 | (1.54)<sup>(e)(f)</sup> | 1.08 <sup>(g)</sup> | 3.07 <sup>(g)</sup> | 2.34 <sup>(g)</sup> | 246 | 123 |
| (0.24) | 8.09 | (15.57) | 0.83 | 2.81 | 2.66 | 215 | 179 |
| (0.47) | 9.85 | (2.98) | 0.83 | 2.80 | 2.14 | 262 | 126 |
| (0.30) | 10.63 | 8.13 | 0.83 | 2.50 | 2.33 | 303 | 239 |
| (0.37) | 10.13 | 8.26 | 0.83 | 3.08 | 2.51 | 266 | 315 |
| (0.14) | 9.71 | (1.44)<sup>(e)(f)</sup> | 0.83 <sup>(g)</sup> | 2.82 <sup>(g)</sup> | 2.59 <sup>(g)</sup> | 246 | 123 |
| (0.26) | 8.08 | (15.27) | 0.58 | 2.56 | 2.91 | 216 | 179 |
| (0.50) | 9.85 | (2.74) | 0.58 | 2.57 | 2.38 | 263 | 126 |
| (0.32) | 10.63 | 8.29 | 0.58 | 2.25 | 2.58 | 284 | 239 |
| (0.40) | 10.13 | 8.53 | 0.58 | 2.83 | 2.76 | 267 | 315 |
| (0.15) | 9.71 | (1.33)<sup>(e)(f)</sup> | 0.58 <sup>(g)</sup> | 2.57 <sup>(g)</sup> | 2.84 <sup>(g)</sup> | 246 | 123 |
| (0.26) | 8.08 | (15.27) | 0.57 | 2.57 | 2.92 | 1562 | 179 |
| (0.50) | 9.85 | (2.72) | 0.56 | 2.56 | 2.40 | 1870 | 126 |
| (0.33) | 10.63 | 8.37 | 0.51 | 2.22 | 2.65 | 2002 | 239 |
| (0.41) | 10.13 | 8.66 | 0.46 | 2.78 | 2.88 | 1782 | 315 |
| (0.15) | 9.71 | (1.28)<sup>(e)(f)</sup> | 0.46 <sup>(g)</sup> | 2.56 <sup>(g)</sup> | 2.96 <sup>(g)</sup> | 1611 | 123 |

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<br> *See Notes to Financial Statements.* 87

**Notes to Financial Statements**

**1.** **ORGANIZATION** 

Lord Abbett Global Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and was incorporated under Maryland law on February 23, 1988.

The Company consists of the following three funds (separately, a "Fund" and collectively, the "Funds") and their respective active share classes:

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| | |
|:---|:---|
| **Funds** | **Classes** |
| Lord Abbett Emerging Markets Bond Fund ("Emerging Markets Bond Fund") | A, C, F, F3, I, R3, R4, R5 and R6 |
| Lord Abbett Emerging Markets Corporate Debt Fund ("Emerging Markets Corporate Debt Fund") | A, C, F, F3, I, R3, R4, R5 and R6 |
| Lord Abbett Global Bond Fund ("Global Bond Fund") | A, C, F, F3, I, R3, R4, R5 and R6 |

---

Each Fund is diversified as defined in the Act.

Emerging Markets Bond Fund's investment objective is to seek high total return. Emerging Markets Corporate Debt Fund's and Global Bond Fund's investment objective is total return.

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 C, F, F3, I, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); Class C shares redeemed before the first anniversary of purchase. Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the Class C shares have been held at least eight years.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. These Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

(a) **Investment Valuation** **–** Under procedures approved by the Funds' Board of Directors (the "Board"),
 the Board has designated the determination of fair value of the Funds' portfolio investments to Lord, Abbett & Co.
 LLC ("Lord Abbett"), as valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing
 and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services.

**Notes to Financial Statements (continued)**

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| | |
|:---|:---|
|  | Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|  | Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued 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 ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services' own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available. Options and options on swaps ("swaptions") are valued daily using independent pricing services or quotations from broker/dealers to the extent available. |
|  | Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
|  | Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |
| (b) | **Security Transactions** **–**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
| (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, if applicable, on the Statements of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country's tax rules and rates. 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 each Fund's filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2019 through December 31, 2022. The statutes of limitations on each Fund'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. In addition, Class F3 and R6 bear only their class-specific shareholder servicing expenses. Class A, C, F, R3 and R4 shares bear their class- specific share of all expenses and fees relating to the Funds' 12b-1 Distribution Plan. |
| (f) | **Foreign Transactions** **–**The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on each Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on each Fund's Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | Each 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** **–**Each Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts in each Fund's Statement of Operations. The gain (loss) arising from the difference |

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**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | between the U.S. dollar cost of the original contract and the value of the forward foreign currency in U.S. dollars upon closing of such contracts is included, if applicable, in Net realized gain (loss) on forward foreign currency exchange contracts in each Fund's Statement of Operations. |
| (h) | **Futures Contracts** **–**Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called "initial margin." Subsequent payments made or received by the Fund called "variation margin" are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. |
| (i) | **Credit Default Swaps** **–**Each Fund may enter into credit default swap contracts in order to hedge credit risk or for speculation purposes. As a seller of a credit default swap contract ("seller of protection"), a Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund receives from the counterparty a periodic stream of payments over the term of the contract. |
|  | As a purchaser of a credit default swap contract ("buyer of protection"), a Fund would receive the notional amount or other agreed upon value of a referenced debt obligation from the counterparty in the event of default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund makes periodic payments to the counterparty over the term of the contracts, provided no event of default has occurred. |
|  | These credit default swaps may have as a reference obligation corporate or sovereign issuers or credit indexes. These credit indexes are comprised of a basket of securities representing a particular sector of the market. |
|  | Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as unrealized appreciation or depreciation. For a credit default swap sold by a Fund, payment of the agreed-upon amount made by a Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by a Fund, the agreed-upon amount received by a Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by a Fund. |
|  | Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit rating of each credit default swap where a Fund is the seller of protection, are both measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. |

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**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities. |
|  | Entering into credit default swaps involves credit and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, and that Lord Abbett does not correctly predict the creditworthiness of the issuers of the reference obligation on which the credit default swap is based. For the centrally cleared credit default swaps, there was minimal counterparty risk to the Funds, since such credit default swaps entered into were traded through a central clearinghouse, which guarantees against default. |
| (j) | **Options** **–**Each Fund may purchase and write exchange-listed and over-the-counter put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility. When a fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, each Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by each Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts. Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that each Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. |
| (k) | **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. |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
| (l) | **When-Issued, Forward Transactions or To-Be-Announced ("TBA") Transactions** **–**Each Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by a Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund's custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. Each Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date. |
| (m) | **Mortgage Dollar Rolls** **–**Each Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, each Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold. |
| (n) | **Commercial Paper** **–**Each Fund may purchase commercial paper. Commercial paper consists of unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is issued in bearer form with maturities generally not exceeding nine months. Commercial paper obligations may include variable amount master demand notes. |
| (o) | **Reverse Repurchase Agreements** **–**Each Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security to a securities dealer or bank for cash and also agrees to repurchase the same security later at a set price. Reverse repurchase agreements expose each Fund to credit risk (that is, the risk that the counterparty will fail to resell the security to each Fund). Engaging in reverse repurchase agreements also may involve the use of leverage, in that a Fund may reinvest the cash it receives in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities to be repurchased by each Fund may decline below the repurchase price. |
|  | For the fiscal year ended December 31, 2022, the Funds did not have reverse repurchase agreements. |
| (p) | **Floating Rate Loans** **–**Each Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. Each Fund records an investment when the Borrower withdraws |

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**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. Bank or London InterBank Offered Rate ("LIBOR"). |
|  | The loans in which each Fund invests may be subject to some restrictions on resale. For example, each Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. Each Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, each Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. |
|  | Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statements of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented, if any, on the Statements of Assets and Liabilities represent mark to market of the unfunded portion of each Fund's floating rate notes. |
|  | As of December 31, 2022, the Funds did not have unfunded loan commitments. |
| (q) | **Inflation-Linked Derivatives** **–**Each Fund may invest in inflation-linked derivatives, such as Consumer Price Index Swap Agreements ("CPI swaps"). A CPI swap is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during the life of the contract. Payments are based on a notional amount of principal. A fund will normally enter into CPI swap contracts on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and the fixed rate will compound until the swap's maturity date, at which point the payments are netted. The swaps are valued daily and any unrealized gain (loss) is included in the Net change in unrealized appreciation/depreciation on swap contracts in the Fund's Statement of Operations. A liquidation payment received or made at the termination or maturity of the swap is recorded in realized gain (loss) and is included in Net realized gain (loss) on swap contracts in the Fund's Statement of Operations. Daily changes in valuation of centrally cleared CPI swaps, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statements of Assets and Liabilities. For the centrally cleared CPI swaps, there was minimal counterparty risk to the Fund, since such CPI swaps entered into were traded through a central clearinghouse, which guarantees against default. |
| (r) | **Interest Rate Swaps** **–**Each Fund may enter into interest rate swap agreements. Pursuant to interest rate swap agreements, a Fund either makes floating-rate payments to the counterparty (or Central counterparty clearing house ("CCP") in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or a Fund makes fixed-rate payments to the counterparty or CCP in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. A Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates. |
| (s) | **Fair Value Measurements** **–**Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below: |

---

&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 – unadjusted quoted prices in active markets for identical investments;

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

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

---

| |
|:---|
| A summary of inputs used in valuing each Fund's investments and other financial instruments as of December 31, 2022 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in each Fund's Schedule of Investments. |
| Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |

---

**3.** **MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Management Fee**

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

**Notes to Financial Statements (continued)**

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

Emerging Markets Bond Fund

---

| | |
|:---|:---|
| First $1 billion | .50% |
| Over $1 billion | .45% |

---

Emerging Markets Corporate Debt Fund

---

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

---

Global Bond Fund

---

| | |
|:---|:---|
| First $3 billion | .43% |
| Over $3 billion | .40% |

---

For the fiscal year ended December 31, 2022, the effective management fee, net of any applicable waivers, was the following annualized rate of each Fund's average daily net assets:

---

| | |
|:---|:---|
|  | **Net Effective**<br> **Management Fee** |
| Emerging Markets Bond Fund | .50% |
| Emerging Markets Corporate Debt Fund | .34% |
| Global Bond Fund | .00% |

---

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 fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administration fees during the fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| **Fund** | **Fund**<br> **Administration Fee** |
| Emerging Markets Bond Fund | $9098 |
| Emerging Markets Corporate Debt Fund | 11783 |
| Global Bond Fund | 15487 |

---

For the fiscal year ended December 31, 2022 and continuing through April 30, 2023, Lord Abbett has contractually agreed to waive its fees and reimburse its expenses to the extent necessary to limit the total net annual operating expenses, excluding certain of the Funds' expenses to the following annual rates:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Effective May 1, 2022** | **Effective May 1, 2022** | **Prior to May 1, 2022** | **Prior to May 1, 2022** |
|  | **Classes\*** | **Classes\*** | **Classes\*** | **Classes\*** |
| **Fund** | **A, C, F, I,<br> R3, R4, R5** | **F3 and R6** | **A, C, F, I,<br> R3, R4, R5** | **F3 and R6** |
| Emerging Markets Corporate Debt Fund | .85% | .71% | .85% | .68% |
| Global Bond Fund | .58% | .57% | .58% | .57% |

---

<br> \* If applicable.

All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.

**12b-1 Distribution Plan**

Each Fund has adopted a distribution plan with respect to Class A, Class C, Class F, Class R3 and Class R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the "Distributor"), an affiliate of

**Notes to Financial Statements (continued)**

Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees\*** | **Class A** | **Class C** | <sup>(1)</sup> | **Class F** | <sup>(2)(3)</sup> | **Class R3\*\*** | **Class R4** |
| Service | .15% | .25% |  |  |  | .25% | .25% |
| Distribution | .05% | .75% |  | .10% |  | .25% |  |

---

\* The Funds may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.

\*\* Prior to the sale of shares to unaffiliated investors, service and distribution fees were fully waived.

<sup>(1)</sup> Each Fund's Class C 12b-1 fee is a blended rate calculated based on 1.00% of the Fund's average daily net assets attributable to Class C shares held for less than one year and .80% (.25% service, .55% distribution) of the Fund's average daily net assets attributable to Class C shares held for one year or more. All Class C shareholders of the Funds will bear 12b-1 fees at the same rate.

<sup>(2)</sup> The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds' prospectus.

<sup>(3)</sup> For the fiscal year ended December 31, 2022 and continuing through April 30, 2023, the Distributor has contractually agreed to waive Emerging Markets Bond Fund's and Global Bond Fund's 0.10% Rule 12b-1 fee for Class F. These agreements may be terminated only by the Board.

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

**Commissions**

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the fiscal year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| | **Distributor**<br> **Commissions** | **Dealers'**<br> **Concessions** |
| Emerging Markets Bond Fund | $276 | $1453 |
| Emerging Markets Corporate Debt Fund | 319 | 1617 |
| Global Bond Fund |  |  |

---

Distributor received the following amount of CDSCs for the fiscal year ended December 31, 2022 :

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| Emerging Markets Bond Fund | $1177 | $3 |
| Emerging Markets Corporate Debt Fund |  |  |
| Global Bond Fund |  |  |

---

**Other Related Parties**

As of December 31, 2022, the percentages of Emerging Markets Bond Fund's outstanding shares owned by Lord Abbett Multi-Asset Balanced Opportunity Fund and Lord Abbett Multi-Asset Income Fund were 63% and 25% respectively.

One Director 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 Bond Fund, Emerging Markets Corporate Debt Fund and Global Bond Fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such

**Notes to Financial Statements (continued)**

amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions that exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets**<br> **Bond Fund** | **Emerging Markets**<br> **Bond Fund** | **Emerging Markets**<br> **Corporate Debt Fund** | **Emerging Markets**<br> **Corporate Debt Fund** |
|  | **Year Ended**<br> **12/31/2022** | **Year Ended**<br> **12/31/2021** | **Year Ended**<br> **12/31/2022** | **Year Ended**<br> **12/31/2021** |
| Distributions paid from: |  |  |  |  |
| Ordinary income | $7998546 | $10024834 | $3112518 | $2844797 |
| &nbsp;&nbsp;&nbsp;Total distributions paid | $7998546 | $10024834 | $3112518 | $2844797 |

---

---

| | | |
|:---|:---|:---|
|  | **Global Bond Fund** | **Global Bond Fund** |
|  | **Year Ended**<br> **12/31/2022** | **Year Ended**<br> **12/31/2021** |
| Distributions paid from: |  |  |
| Ordinary income | $189409 | $494231 |
| Net long-term capital gains |  | 91555 |
| Return of capital | 125016 | – |
| &nbsp;&nbsp;&nbsp;Total distributions paid | $314425 | $585786 |

---

As of December 31, 2022, the components of accumulated gains (losses) on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
| | **Emerging<br> Markets<br> Bond Fund** | **Emerging Markets<br> Corporate<br> Debt Fund** |
| Capital loss carryforwards\* | $(125102249) | $(10502302) |
| Temporary differences | (584638) | (35461) |
| Unrealized gains (losses) – net | (30604589) | (6249535) |
| &nbsp;&nbsp;&nbsp;Total accumulated gains (losses) – net | $(156291476) | $(16787298) |

---

---

| | |
|:---|:---|
| | **Global Bond Fund** |
| Capital loss carryforwards\* | $(1324790) |
| Temporary differences | (75950) |
| Unrealized gains (losses) – net | (749211) |
| &nbsp;&nbsp;&nbsp;Total accumulated gains (losses) – net | $(2149951) |

---

<br> \* The capital losses will carry forward indefinitely.

At each Fund's election, certain losses incurred within the taxable year (Qualified Late-Year Losses) are deemed to arise on the first business day of the Fund's next taxable year. The following Funds incurred and will elect to defer late-year losses for 2022 as follows:

---

| | |
|:---|:---|
| | **Late-Year<br> Ordinary Losses** |
| Emerging Markets Bond Fund | $2531 |
| Emerging Markets Corporate Debt Fund | 491 |
| Global Bond Fund | 15717 |

---

**Notes to Financial Statements (continued)**

As of December 31, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Emerging<br> Markets<br> Bond Fund** | **Emerging Markets<br> Corporate<br> Debt Fund** | **Global<br> Bond Fund** |
| Tax cost | $150790601 | $52846434 | $10820182 |
| Gross unrealized gain | 581468 | 529488 | 233912 |
| Gross unrealized loss | (31194155) | (6779483) | (984679) |
| &nbsp;&nbsp;&nbsp;Net unrealized security gain (loss) | $(30612687) | $(6249995) | $(750767) |

---

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

Permanent items identified during the fiscal year ended December 31, 2022 have been reclassified among the components of net assets based on their tax basis treatment as follows:

---

| | | |
|:---|:---|:---|
| | **Total distributable<br> earnings (loss** | **Paid-in Capital** |
| Emerging Markets Bond Fund | 137498 | (137498) |

---

The permanent differences are primarily attributable to the tax treatment of certain distributions.

**5.** **PORTFOLIO SECURITIES TRANSACTIONS** 

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S.<br> Government<br> Purchases\*** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales\*** | **Non-U.S.<br> Government <br> Sales** |
| Emerging Markets Bond Fund | $– | $50075263 | $– | $89366555 |
| Emerging Markets Corporate Debt Fund |  | 34629476 |  | 53505482 |
| Global Bond Fund | 9932724 | 8526501 | 9566917 | 8574010 |

---

<br> \* Includes U.S. Government sponsored enterprises securities.

Each Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2022, the following Fund engaged in cross-trades:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Gain (Loss)** |
| Emerging Markets Corporate Debt Fund | $205500 | $171005 | $(30621) |

---

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES** 

Each Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2022 (as described in Note 2(g)). A forward foreign currency exchange contract reduces each Fund's exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. Each Fund's use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund's returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. Each Fund's risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts and deposits with brokers as collateral.

Each Fund entered into futures contracts for the fiscal year ended December 31, 2022 (as described in Note 2(h)) to economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default. There is minimal counterparty credit risk to each Fund since centrally cleared credit default swaps are traded through a central clearinghouse. As the counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

Each Fund entered into CPI swaps for the fiscal year ended December 31, 2022 (as described in Note 2(q)) to speculate the rate of inflation in the U.S. economy. The Funds' use of CPI swaps involves the risk that Lord Abbett will not accurately predict expectations of inflation or interest rates, and the Funds' returns could be reduced as a result. The Funds' risk of loss from counterparty credit risk is the unrealized appreciation on CPI swaps. For the centrally cleared CPI swaps, there is minimal counterparty credit risk to the Funds since these CPI swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared CPI swaps, the clearinghouse guarantees CPI swaps against default.

Global Bond Fund entered into credit default swaps for the fiscal year ended December 31, 2022 (as described in Note 2(i)) to hedge credit risk. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of underlying securities within an index or the referenced obligation in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par or the referenced obligation if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap's notional amount is recorded as realized gain or loss on swap contracts in the Statements of Operations. The Fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. There is minimal counterparty credit risk to the Fund since centrally cleared credit default swaps are traded through a central clearinghouse. As the counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

**Notes to Financial Statements (continued)**

Emerging Markets Bond Fund entered into interest rate swaps for the fiscal year ended December 31, 2022 (as described in Note 2(r)) to economically hedge against interest rate risk. The Fund's use of interest rate swaps involves the risk that Lord Abbett will not accurately predict expectations of interest rates, and the Fund's returns could be reduced as a result. There is minimal counterparty credit risk to the Fund since centrally cleared interest rate swaps are traded through a central clearinghouse. As the counterparty to all centrally cleared interest rate swaps, the clearinghouse guarantees interest rate swaps against default.

Emerging Markets Bond Fund entered into options on foreign currencies for the fiscal year ended December 31, 2022 (as described in Note 2(j)) to obtain exposure to an issuer (the Reference Entity). The Fund's use of swaptions and options involves the risk that Lord Abbett will not accurately predict expectations of market value of the Reference Entity, and the Fund's returns could be reduced as a result. The Fund's risk of loss from counterparty credit risk is the notional value of the contract.

As of December 31, 2022, each Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Funds' use of derivative instruments:

---

| | | |
|:---|:---|:---|
| **Emerging Markets Bond Fund** | **Emerging Markets Bond Fund** | **Emerging Markets Bond Fund** |
| **Asset Derivatives** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | $117 |
| Futures Contracts<sup>(2)</sup> | $357491 | – |
| **Liability Derivatives** |  |  |
| Forward Foreign Currency Exchange Contracts<sup>(3)</sup> |  | $14637 |
| Futures Contracts<sup>(2)</sup> | $161953 | – |

---

---

| | | |
|:---|:---|:---|
| **Emerging Markets Corporate Debt Fund** | **Emerging Markets Corporate Debt Fund** | **Emerging Markets Corporate Debt Fund** |
| **Asset Derivatives** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| Futures Contracts<sup>(2)</sup> | $53064 | – |
| **Liability Derivatives** |  |  |
| Forward Foreign Currency Exchange Contracts<sup>(3)</sup> |  | $2787 |
| Futures Contracts<sup>(2)</sup> | $9762 | – |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Global Bond Fund** | **Global Bond Fund** |
| **Asset Derivatives** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | $90738 |  |
| Futures Contracts<sup>(2)</sup> | $22822 | – | – |
| **Liability Derivatives** |  |  |  |
| Centrally Cleared Credit Default Swap Contracts<sup>(4)</sup> |  |  | $11547 |
| Forward Foreign Currency Exchange Contracts<sup>(3)</sup> |  | $32137 |  |
| Futures Contracts<sup>(2)</sup> | $1720 | – | – |

---

 

<sup>(1)</sup> Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.

<sup>(2)</sup> Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only the current day's variation margin is reported within the Statements of Assets and Liabilities.

**Notes to Financial Statements (continued)**

<sup>(3)</sup> Statements of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

<sup>(4)</sup> Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of centrally cleared swap contracts as reported in the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

Transactions in derivative investments for the fiscal year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| | **Emerging Markets Bond Fund** | **Emerging Markets Bond Fund** |
| | **Inflation<br> Linked/<br> Interest Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(1)</sup> | $(1928) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $37932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(3)</sup> | $1139548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options<sup>(4)</sup> |  | $(54825) |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC Written Options<sup>(5)</sup> | $16663 |  |
| **Net Change in Unrealized Appreciation/ Depreciation** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(6)</sup> |  | $2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $364324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options<sup>(8)</sup> |  | $53763 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC Written Options<sup>(9)</sup> |  | $(16640) |
| **Average Number of Contracts/Notional Amounts\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(10)</sup> | $112636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(10)</sup> |  | $1886882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(11)</sup> | 417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options<sup>(10)</sup> |  | $192308 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC Written Options<sup>(10)</sup> | – | $(192308) |

---

---

| | | |
|:---|:---|:---|
| **Emerging Markets Corporate Debt Fund** | **Emerging Markets Corporate Debt Fund** | **Emerging Markets Corporate Debt Fund** |
| | **Inflation<br> Linked/<br> Interest Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(1)</sup> | $(386) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $17333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(3)</sup> | $212469 |  |
| **Net Change in Unrealized Appreciation/ Depreciation** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(6)</sup> |  | $1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $160607 |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(10)</sup> | $52031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(10)</sup> |  | $506871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(11)</sup> | 113 | – |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Global Bond Fund** | **Global Bond Fund** |
| | **Inflation<br> Linked/<br> Interest Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Net Realized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(1)</sup> | $5363 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(1)</sup> |  |  | $(17618) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $(314529) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(3)</sup> | $109560 |  |  |
| **Net Change in Unrealized Appreciation/ Depreciation** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(12)</sup> |  |  | $4040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(6)</sup> |  | $90297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(7)</sup> | $28318 |  |  |
| **Average Number of Contracts/Notional Amounts\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(10)</sup> | $34537 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Default Swap Contracts<sup>(10)</sup> |  |  | $406608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(10)</sup> |  | $3614839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(11)</sup> | 11 | – | – |

---

\* Calculated based on the number of contracts or notional amounts for the fiscal year ended December 31, 2022.

<sup>(1)</sup> Statements of Operations location: Net realized gain (loss) on swap contracts.

<sup>(2)</sup> Statements of Operations location: Net realized gain (loss) on forward foreign currency exchange contracts.

<sup>(3)</sup> Statements of Operations location: Net realized gain (loss) on futures contracts.

<sup>(4)</sup> Statements of Operations location: Net realized gain (loss) on investments includes options purchased.

<sup>(5)</sup> Statements of Operations location: Net realized gain (loss) on OTC written options.

<sup>(6)</sup> Statements of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts.

<sup>(7)</sup> Statements of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.

<sup>(8)</sup> Statements of Operations location: Net change in unrealized appreciation/depreciation on investments includes options purchased.

<sup>(9)</sup> Statements of Operations location: Net change in unrealized appreciation/depreciation on OTC written options.

<sup>(10)</sup> Amount represents notional amounts in U.S. dollars.

<sup>(11)</sup> Amount represents number of contracts.

<sup>(12)</sup> Statements of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES** 

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

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Emerging Markets Bond Fund** | **Emerging Markets Bond Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | $117 |
| Repurchase Agreements | 611886 | $– | 611886 |
| &nbsp;&nbsp;&nbsp;Total | $612003 | $– | $612003 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount <br> of Assets <br> Presented in<br> the Statement <br>of Assets and<br> Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** |
| <br>**Counterparty** | **Net Amount <br> of Assets <br> Presented in<br> the Statement <br>of Assets and<br> Liabilities** | **Financial <br> Instruments** | **Cash**<br> **Collateral** <br> **Received**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Received**<sup>(a)</sup> | **Net** <br> **Amount**<sup>(b)</sup> |
| Morgan Stanley | $117 | $– | $– | $– | $117 |
| Fixed Income Clearing Corp. | 611886 | – | – | (611886) | – |
| &nbsp;&nbsp;&nbsp;Total | $612003 | $– | $– | $(611886) | $117 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency |  |  |  |
| Exchange Contracts | $14637 | $– | $14637 |
| &nbsp;&nbsp;&nbsp;Total | $14637 | $– | $14637 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities <br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities <br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral** <br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Net**<br> **Amount**<sup>(c)</sup> |
| State Street Bank and Trust | $14637 | $– | $– | $– | $14637 |
| &nbsp;&nbsp;&nbsp;Total | $14637 | $– | $– | $– | $14637 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Emerging Markets Corporate Debt Fund** | **Emerging Markets Corporate Debt Fund** | **Emerging Markets Corporate Debt Fund** |
| **Description** | **Gross Amounts of <br> Recognized Assets** | **Gross Amounts <br> Offset in the <br> Statement of Assets <br> and Liabilities** | **Net Amounts of <br> Assets Presented <br> in the Statement of <br> Assets and Liabilities** |
| Repurchase Agreements | $149623 | $– | $149623 |
| &nbsp;&nbsp;&nbsp;Total | $149623 | $– | $149623 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets<br> Presented in<br> the Statement of Assets and <br> Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** |
| <br>**Counterparty** | **Net Amount<br> of Assets<br> Presented in<br> the Statement of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash** <br> **Collateral** <br> **Received**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Received**<sup>(a)</sup> | **Net** <br> **Amount**<sup>(b)</sup> |
| Fixed Income Clearing Corp. | $149623 | $– | $– | $(149623) | $– |
| &nbsp;&nbsp;&nbsp;Total | $149623 | $– | $– | $(149623) | $– |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Emerging Markets Corporate Debt Fund** | **Emerging Markets Corporate Debt Fund** |
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets <br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $2787 | $– | $2787 |
| &nbsp;&nbsp;&nbsp;Total | $2787 | $– | $2787 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts <br> of Liabilities <br> Presented in<br> the Statement<br> of Assets and <br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** |
| <br>**Counterparty** | **Net Amounts <br> of Liabilities <br> Presented in<br> the Statement<br> of Assets and <br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Net**<br> **Amount**<sup>(c)</sup> |
| State Street Bank and Trust | $2787 | $– | $– | $– | $2787 |
| &nbsp;&nbsp;&nbsp;Total | $2787 | $– | $– | $– | $2787 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | | **Global Bond Fund** |
| **Description** | **Gross Amounts of <br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $90738 | $– | $90738 |
| Repurchase Agreements | 304736 | – | 304736 |
| &nbsp;&nbsp;&nbsp;Total | $395474 | $– | $395474 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount<br> of Assets <br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount<br> of Assets <br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Received**<sup>(a)</sup> | <br>**Net** <br> **Amount**<sup>(b)</sup> |
| Bank of America | $5071 | $(5071) | $– | $– | $– |
| J.P. Morgan | 424 |  |  |  | 424 |
| Morgan Stanley | 1171 | (373) |  |  | 798 |
| State Street Bank and Trust | 19333 | (12681) |  |  | 6652 |
| Toronto Dominion Bank | 64739 | (121) |  |  | 64618 |
| Fixed Income Clearing Corp. | 304736 | – | – | (304736) | – |
| &nbsp;&nbsp;&nbsp;Total | $395474 | $(18246) | $– | $(304736) | $72492 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of <br> Recognized Liabilities** | **Gross Amounts <br> Offset in the <br> Statement of Assets <br> and Liabilities** | **Net Amounts of<br> Liabilities Presented <br> in the Statement of <br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $32137 | $– | $32137 |
| &nbsp;&nbsp;&nbsp;Total | $32137 | $– | $32137 |

---

**Notes to Financial Statements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** |
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | <br>**Net**<br> **Amount**<sup>(c)</sup> |
| Bank of America | $18962 | $(5071) | $– | $– | $13891 |
| Morgan Stanley | 373 | (373) |  |  |  |
| State Street Bank and Trust | 12681 | (12681) |  |  |  |
| Toronto Dominion Bank | 121 | (121) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $32137 | $(18246) | $– | $– | $13891 |

---

<sup>(a)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.

<sup>(b)</sup> Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2022.

<sup>(c)</sup> Net amount represents the amount owed by the Fund to the counterparty as of December 31, 2022.

**8.** **DIRECTORS' REMUNERATION** 

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

**9.** **EXPENSE REDUCTIONS** 

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

**10.** **LINE OF CREDIT** 

For the period ended August 3, 2022, the Funds and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") entered into a syndicated line of credit facility with various lenders for $1.275 billion (the "Syndicated Facility") whereas State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 4, 2022, the Participating Funds entered into a Syndicated Facility with various lenders for $1.625 billion whereas SSB participates as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

**Notes to Financial Statements (continued)**

For the period ended August 3, 2022, the Participating Funds were party to an additional line of credit facility with SSB for $330 million (the "Bilateral Facility"), $250 million committed and $80 million uncommitted. Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of fund net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 4, 2022, the Participating Funds are party to an additional uncommitted line of credit facility with SSB for $330 million. Under the Bilateral Facility, the Participating Funds are subject to borrowing limits of one-third of fund net assets (if net assets are less than $750 million), or $250 million based on past borrowings and likelihood of future borrowings, among other factors.

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the fiscal year ended December 31, 2022, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

**11.** **INTERFUND LENDING PROGRAM** 

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended December 31, 2022, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

**12.** **CUSTODIAN AND ACCOUNTING AGENT** 

SSB is the Company's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund's NAV.

**13.** **SECURITIES LENDING AGREEMENT** 

The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds' securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income on each Fund's Statement of Operations.

The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will

**Notes to Financial Statements (continued)**

bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of December 31, 2022, the Funds did not loan any securities.

**14.** **INVESTMENT RISKS** 

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

Certain instruments in which the Funds may invest may rely in some fashion upon LIBOR. On March 5, 2021 the United Kingdom Financial Conduct Authority and LIBOR's administrator, ICE Benchmark Administration, announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR setting will no longer be published after June 30, 2023. Abandonment of or modification to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR and lead to significant short-term and long-term uncertainty and market instability. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations, less government regulation, higher transaction costs and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. Foreign securities may also be subject to inadequate exchange control regulations and the imposition of economic sanctions or other government restrictions. These risks generally are greater for emerging markets securities. Foreign investments also may be affected by changes in currency rates or currency controls.

The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities. Derivatives are subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate, or index. Whether a Fund's use of derivatives is successful will depend on, among other things, the Fund's ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. Losses may also arise from the failure of a derivative counterparty to meet its contractual obligations. If a Fund incorrectly forecasts these and other factors, its performance could suffer. A Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

Each Fund may invest in swap contracts. Swap contracts are bilateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other. In addition, swap contracts may involve a small investment of cash compared to the risk assumed, with the result that small changes may produce disproportionate and substantial gains or losses to a Fund. Each Fund may invest in convertible securities, which have both equity and fixed income risk characteristics. Generally, convertible securities offer lower interest or dividend yields than nonconvertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities and the market for convertible securities may be less liquid than markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

**Notes to Financial Statements (continued)**

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

Each Fund may invest in senior loans, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships, or other business entities. The senior loans in which a Fund invests may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. In addition, senior loans may be subject to structural subordination. Illiquid securities may lower a Fund's returns since it may be unable to sell these securities at its desired time or price. To the extent illiquid securities can be sold, a Fund may have to do so at disadvantageous prices in order to meet requests for the redemption of Fund shares.

Leverage, including borrowing, may increase volatility in a Fund by magnifying the effect of changes in the value of each Fund's holdings. The use of leverage may cause investors in a Fund to lose more money in adverse environments than would be the case in the absence of leverage. Each Fund is subject to the general risks and considerations associated with investing in debt securities and to the changing prospects of individual companies and/or sectors in which a Fund invests, including interest rate risk. When interest rates rise, the prices of debt securities and an investment in a Fund are likely to decline. In times of economic uncertainty, high-yield debt securities ("lower-rated bonds" or "junk bonds") may decline in price, even when interest rates are falling. There is also the risk that an issuer of a debt security will fail to make timely payments of principal or interest to a Fund, a risk that is greater with junk bonds. A default, or concerns in the market about an increase in risk of default, may result in losses to a Fund. High-yield securities are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

Each Fund is subject to the risk of investing in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), or the Federal Home Loan Mortgage Corporation ("Freddie Mac"). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, each Fund may be required to look principally to the agency issuing or guaranteeing the obligation. The mortgage-related and asset-backed securities in which a Fund may invest may be particularly sensitive to changes in prevailing interest rates, economic conditions, including delinquencies and/or defaults. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive a Fund of income payments above current market

**Notes to Financial Statements (continued)**

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

The cost of a Fund's potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period, and the market conditions prevailing. Foreign currency exchange rates may fluctuate significantly over short periods of time. Each Fund's use of currency-related transactions involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund's returns could be reduced as a result. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by the Funds that are denominated in those currencies. The securities markets of developing or emerging countries tend to be more vulnerable to economic, political and social instability, less liquid, are especially subject to greater price volatility, have a smaller market capitalization, have less government regulation and may not be subject to as extensive and frequent accounting, financial, and other reporting requirements as securities issued in more developed countries.

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

The Funds believe that their investment strategies with respect to foreign currencies will generate qualifying income under current U.S. federal income tax law. However, there can be no assurance that the U.S. Treasury Department will not issue regulations in the future (possibly with retroactive effect) that would treat some or all of each Fund's foreign currency gains as nonqualifying income. Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics such as the COVID-19 outbreak which began in late 2019) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of each Fund's investments. Market disruptions can also prevent the Funds from implementing its investment strategies and achieving its investment objective.

The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak has, and could again, negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways.

The COVID-19 pandemic and its effects may last for an extended period of time. Although the long-term economic fallout of COVID-19 is difficult to predict, it has contributed to, and is likely to continue to contribute to, market volatility, inflation, and systemic economic weakness. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund's investments, and negatively impact each Fund's performance and your investment in each Fund.

These factors, and others, can affect each Fund's performance.

**Notes to Financial Statements (continued)**

**15.** **SUMMARY OF CAPITAL TRANSACTIONS** 

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Bond Fund** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **Year Ended<br> December 31, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 984978 | $3845017 | 814054 | $4114832 |
| Converted from Class C\* | 5663 | 22975 | 3826 | 19412 |
| Reinvestment of distributions | 107729 | 443547 | 99752 | 506408 |
| Shares reacquired | (1756876) | (7263366) | (743618) | (3791616) |
| Increase (decrease) | (658506) | $(2951827) | 174014 | $849036 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 18349 | $83655 | 31813 | $164354 |
| Reinvestment of distributions | 7499 | 30993 | 6503 | 33209 |
| Shares reacquired | (65577) | (269078) | (53732) | (275657) |
| Converted to Class A\* | (5630) | (22975) | (3803) | (19412) |
| Decrease | (45359) | $(177405) | (19219) | $(97506) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 91611 | $366261 | 166209 | $857679 |
| Reinvestment of distributions | 16642 | 69410 | 23655 | 120194 |
| Shares reacquired | (393548) | (1656034) | (196275) | (1001267) |
| Decrease | (285295) | $(1220363) | (6411) | $(23394) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 15841 | $65669 | 208310 | $1064605 |
| Reinvestment of distributions | 11813 | 48988 | 9743 | 49269 |
| Shares reacquired | (140172) | (589052) | (46733) | (237272) |
| Increase (decrease) | (112518) | $(474395) | 171320 | $876602 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 204829 | $871337 | 522783 | $2689143 |
| Reinvestment of distributions | 1787074 | 7344061 | 1823373 | 9247488 |
| Shares reacquired | (12130872) | (48091041) | (17565954) | (88415911) |
| Decrease | (10138969) | $(39875643) | (15219798) | $(76479280) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 4824 | $20020 | 5970 | $30385 |
| Reinvestment of distributions | 1561 | 6434 | 1542 | 7814 |
| Shares reacquired | (14785) | (63494) | (3896) | (19599) |
| Increase (decrease) | (8400) | $(37040) | 3616 | $18600 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 5380 | $22368 | 2892 | $14779 |
| Reinvestment of distributions | 629 | 2591 | 517 | 2619 |
| Shares reacquired | (10166) | (40187) | (3839) | (19265) |
| Decrease | (4157) | $(15228) | (430) | $(1867) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 39182 | $161210 | 38382 | $197419 |
| Reinvestment of distributions | 786 | 3212 | 406 | 2053 |
| Shares reacquired | (3620) | (13432) | (17343) | (89234) |
| Increase | 36348 | $150990 | 21445 | $110238 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Corporate Debt Fund** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **Year Ended<br> December 31, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 33578 | $451344 | 168667 | $2617679 |
| Converted from Class C\* | 2798 | 36852 | 611 | 9441 |
| Reinvestment of distributions | 27493 | 360604 | 24589 | 379136 |
| Shares reacquired | (206199) | (2674749) | (114391) | (1762844) |
| Increase (decrease) | (142330) | $(1825949) | 79476 | $1243412 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 18751 | $239454 | 14430 | $223594 |
| Reinvestment of distributions | 4445 | 58071 | 3622 | 55876 |
| Shares reacquired | (18309) | (239672) | (18633) | (288427) |
| Converted to Class A\* | (2797) | (36852) | (611) | (9441) |
| Increase (decrease) | 2090 | $21001 | (1192) | $(18398) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 1020914 | $13899730 | 1607335 | $24882901 |
| Reinvestment of distributions | 140017 | 1859680 | 145660 | 2246033 |
| Shares reacquired | (3697362) | (48023200) | (887111) | (13715920) |
| Increase (decrease) | (2536431) | $(32263790) | 865884 | $13413014 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 1664516 | $22839894 | 205147 | $3154390 |
| Reinvestment of distributions | 62663 | 807799 | 9562 | 147072 |
| Shares reacquired | (589968) | (7558670) | (35305) | (544332) |
| Increase | 1137211 | $16089023 | 179404 | $2757130 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 417 | $5624 | 5257 | $81321 |
| Reinvestment of distributions | 182 | 2427 | 91 | 1391 |
| Shares reacquired | (5442) | (66753) | – | – |
| Increase (decrease) | (4843) | $(58702) | 5348 | $82712 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 64 | $883 | 141 | $2206 |
| Reinvestment of distributions | 5 | 69 | 18 | 271 |
| Shares reacquired | (591) | (8003) | (2) | (34) |
| Increase (decrease) | (522) | $(7051) | 157 | $2443 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 1 | $– | 648 | $10003 |
| Reinvestment of distributions | 62 | 815 | 281 | 4359 |
| Shares reacquired | (6) | (79) | (16621) | (256051) |
| Increase (decrease) | 57 | $736 | (15692) | $(241689) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 16136 | $213149 | 1610 | $24921 |
| Reinvestment of distributions | 903 | 11621 | 374 | 5768 |
| Shares reacquired | (2250) | (30865) | (489) | (7568) |
| Increase | 14789 | $193905 | 1495 | $23121 |

---

**Notes to Financial Statements (concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Bond Fund** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **Year Ended<br> December 31, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 15601 | $129798 | 61934 | $636838 |
| Converted from Class C\* |  |  | 75 | 762 |
| Reinvestment of distributions | 2783 | 23360 | 3225 | 32540 |
| Shares reacquired | (31082) | (251058) | (21592) | (219493) |
| Increase (decrease) | (12698) | $(97900) | 43642 | $450647 |
| **Class C Shares** |  |  |  |  |
| Shares sold |  | $– | 5623 | $58515 |
| Reinvestment of distributions | 104 | 890 | 222 | 2234 |
| Shares reacquired | (4057) | (35454) |  |  |
| Converted to Class A\* | – | – | (75) | (762) |
| Increase (decrease) | (3953) | $(34564) | 5770 | $59987 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 1748 | $16210 | 40633 | $419246 |
| Reinvestment of distributions | 115 | 965 | 591 | 6076 |
| Shares reacquired | (1596) | (14629) | (26527) | (271751) |
| Increase | 267 | $2546 | 14697 | $153571 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 3904 | $35382 | 3429 | $33745 |
| Reinvestment of distributions | 106 | 885 | 1 | 7 |
| Shares reacquired | (3074) | (28066) | – | – |
| Increase | 936 | $8201 | 3430 | $33752 |
| **Class R4 Shares** |  |  |  |  |
| Reinvestment of distributions |  |  | 43 | 454 |
| Shares reacquired | – | – | (1955) | (20238) |
| Decrease | – | $– | (1912) | $(19784) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 3459 | $28437 | 7273 | $75387 |
| Reinvestment of distributions | 214 | 1797 | 208 | 2102 |
| Shares reacquired | (382) | (3138) | (5940) | (59880) |
| Increase | 3291 | $27096 | 1541 | $17609 |

---

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

**Report of Independent Registered Public Accounting Firm**

**To the shareholders and the Board of Directors of Lord Abbett Global Fund, Inc.**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Lord Abbett Global Fund, Inc. comprising the Lord Abbett Emerging Markets Bond Fund, Lord Abbett Emerging Markets Corporate Debt Fund, and Lord Abbett Global Bond Fund (the "Funds"), including the schedules of investments, as of December 31, 2022; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for the Funds, except Lord Abbett Global Bond Fund; and the financial highlights for the periods indicated in the table below for Lord Abbett Global Bond Fund; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting Lord Abbett Global Fund, Inc. as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Individual Fund Comprising the**<br> **Lord Abbett Global Fund, Inc.** | &nbsp;&nbsp;&nbsp;**Financial Highlights** |
| Lord Abbett Global Bond Fund | &nbsp;&nbsp;&nbsp;For the years ended December 31, 2022, 2021, 2020, 2019, and the period from July 26, 2018 (commencement of operations) through December 31, 2018 |

---

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

**Report of Independent Registered Public Accounting Firm**

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP<br> New York, New York<br> February 24, 2023

We have served as the auditor of one or more Lord Abbett Family of Funds' investment companies since 1932.

**Basic Information About Management**

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

Lord, Abbett & Co. LLC ("Lord Abbett"), a Delaware limited liability company, is the Fund's investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

**Independent Board Members**

The following Independent Board Members also are board members of each of the 15 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios.

---

| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Current Position and**<br> **Length of Service**<br> **with the Fund** | **Principal Occupation and Other Directorships**<br> **During the Past Five Years** |
| **Evelyn E. Guernsey**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1955) | Board member since 2011;<br> Vice Chair since 2023 | **Principal Occupation:** None.<br>**Other Directorships:** None. |
| **Julie A. Hill**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1946) | Board member since 2004 | **Principal Occupation:** Owner and CEO of The Hill Company, a business consulting firm (since 1998).<br>**Other Directorships:** Previously served as director of Anthem, Inc., a health benefits company (1994–2021). |
| **Kathleen M. Lutito**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1963) | Board member since 2017 | **Principal Occupation:** President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006).<br>**Other Directorships:** None. |
| **James M. McTaggart**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1947) | Board member since 2012 | **Principal Occupation:** Owner of McTaggart LLC (since 2011).<br>**Other Directorships:** None. |
| **Charles O. Prince**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1950) | Board member since 2019 | **Principal Occupation:** None. Formerly Chair and Chief Executive Officer, Citigroup, Inc. (Retired 2007).<br>**Other Directorships:** Previously served as director of Johnson & Johnson (2005–2022). Previously served as director of Xerox Corporation (2007–2018). |

---

**Basic Information About Management (continued)**

---

| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Current Position and**<br> **Length of Service**<br> **with the Fund** | **Principal Occupation and Other Directorships**<br> **During the Past Five Years** |
| **Karla M. Rabusch**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1959) | Board member since 2017 | **Principal Occupation:** President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016).<br>**Other Directorships:** None. |
| **Lorin Patrick Taylor Radtke**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1968) | Board member since 2021 | **Principal Occupation:** Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly Partner, Goldman Sachs (1992–2016).<br>**Other Directorships:** Currently serves as director of Assured Guaranty (2021–Present), Virtual Combine (2018–Present), and Mariposa Family Learning Center (2021–Present). Previously served as director of SummerMoon Coffee (2022). |
| **Leah Song Richardson**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1966) | Board member since 2021 | **Principal Occupation:** President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine–School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017).<br>**Other Directorships:** None.<br>|
| **Mark A. Schmid**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1959) | Board member since 2016 | **Principal Occupation:** Vice President and Chief Investment Officer of the University of Chicago (2009–2021).<br>**Other Directorships:** None. |
| **James L.L. Tullis**<br> Lord, Abbett & Co. LLC<br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1947) | Board member since 2006;<br> Chair since 2017 | **Principal Occupation:** Chair of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (1990–2016).<br>**Other Directorships:** Currently serves as Chair of Crane Co. (since 2020, director since 1998), Director of Alphatec Spine (since 2018), and Director of Exagen Inc. (since 2019). Previously served as director of electroCore, Inc. (2018–2020). |

---

**Interested Board Members**

Mr. Sieg is affiliated with Lord Abbett and is an "interested person" of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 15 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

**Basic Information About Management (continued)**

---

| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Current Position and**<br> **Length of Service**<br> **with the Fund** | **Principal Occupation and Other Directorships**<br> **During the Past Five Years** |
| **Douglas B. Sieg**<br> Lord, Abbett & Co. LLC<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1969) | Board member since 2016 | **Principal Occupation:** Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.<br>**Other Directorships:** None. |

---

**Officers**

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

---

| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Current Position**<br> **with the Fund** | **Length of Service**<br> **of Current**<br> **Position** | **Principal Occupation**<br> **During the Past Five Years** |
| **Douglas B. Sieg**<br> (1969) | President and Chief Executive Officer | Elected as President and Chief Executive Officer in 2018 | Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. |
| **Jackson C. Chan**<br> (1964)<br>| AML Compliance Officer | Elected in 2018 | Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014. |
| **Michael J. Hebert**<br> (1976) | Chief Financial Officer and Treasurer | Elected as Chief Financial Officer and Treasurer in 2021 | Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014–2021) and Calvert Research & Management (CRM) (2016–2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years. |
| **Jennifer C. Karam**<br> (1970) | Vice President and Assistant Secretary | Elected in 2022 | Partner and Senior Deputy General Counsel, joined Lord Abbett in 2012. |
| **Joseph M. McGill**<br> (1962) | Chief Compliance Officer | Elected in 2014 | Partner and Chief Compliance Officer, joined Lord Abbett in 2014. |
| **Parker J. Milender**<br> (1989) | Vice President and Assistant Secretary | Elected in 2023 | Counsel, joined Lord Abbett in 2021 and was formerly an Associate at Milbank LLP (2017–2021). |

---

**Basic Information About Management (concluded)**

---

| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Current Position**<br> **with the Fund** | **Length of Service**<br> **of Current**<br> **Position** | **Principal Occupation**<br> **During the Past Five Years** |
| **Matthew A. Press**<br> (1987) | Vice President, and Assistant Secretary | Elected in 2023 | Counsel, joined Lord Abbett in 2022 and was formerly an Associate at Clifford Chance US LLP (2014–2022). |
| **Lawrence B. Stoller**<br> (1963) | Vice President, Secretary and Chief Legal Officer | Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019 | Partner and General Counsel, joined Lord Abbett in 2007. |
| **Victoria Zozulya**<br> (1983) | Vice President and Assistant Secretary | Elected in 2022 | Counsel, joined Lord Abbett in 2022 and was formerly Senior Director and Counsel at Equitable (2018–2022) and Assistant General Counsel at Neuberger Berman (2014–2018). |
| **Nicholas D. Emguschowa**<br> (1986) | Data Protection Officer | Elected in 2022 | Assistant General Counsel, joined Lord Abbett in 2018 and was formerly Associate at Shearman & Sterling (2014–2018). |

---

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund's Board members. It is available free upon request.

**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 (or related notice of internet availability of 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 as an attachment to Form N-PORT. 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.

---

| | |
|:---|:---|
| **Tax Information (unaudited)**<br>For foreign shareholders, the percentages below reflect the portion of net investment income distributions that represent interest-related dividends for the fiscal year ended December 31, 2022: | **Tax Information (unaudited)**<br>For foreign shareholders, the percentages below reflect the portion of net investment income distributions that represent interest-related dividends for the fiscal year ended December 31, 2022: |
| **Fund Name** | |
| Emerging Markets Bond Fund | 7% |
| Emerging Markets Corporate Debt Fund | 14% |
| Global Bond Fund | 100% |

---

![](x5_c105257x123x1.jpg)

![](x5_c105257x123x2.jpg)

---

| | | |
|:---|:---|:---|
| 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.<br>Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | **Lord Abbett Global Fund, Inc.**<br>Lord Abbett Emerging Markets Bond Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lord Abbett Emerging Markets Corporate Debt Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lord Abbett Global Bond Fund | LAGF-2<br> (02/23) |

---

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies
to the principal executive officer and senior financial officers of the Registrant ("Code of Ethics"). The Code of
Ethics was in effect during the fiscal year ended December 31, 2022 (the "Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) See Item 13(a)(1) concerning the filing of the Code of Ethics.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Expert.** |

---

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

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services.** |

---

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended December 31, 2022 and 2021 by the Registrant's principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, "Deloitte") were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Fiscal year ended:* | &nbsp;&nbsp;*Fiscal year ended:* |
|  | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| Audit Fees {a} | &nbsp;&nbsp;$166000 | &nbsp;&nbsp;$157500 |
| Audit-Related Fees | &nbsp;&nbsp; - 0 - | &nbsp;&nbsp; - 0 - |
| Total audit and audit-related fees | &nbsp;&nbsp;166000 | &nbsp;&nbsp; 157500 |
| Tax Fees {b} | &nbsp;&nbsp; - 0 - | &nbsp;&nbsp;21692 |
| All Other Fees | &nbsp;&nbsp; - 0 - | &nbsp;&nbsp; - 0 - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Fees | &nbsp;&nbsp;$166000 | &nbsp;&nbsp;$179192 |

---

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

{b} Fees for the fiscal year ended December 31, 2021 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns.

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

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

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

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

(e) (2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

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

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant's investment adviser, Lord, Abbett & Co. LLC ("Lord Abbett"), for the fiscal years ended December 31, 2022 and 2021 were:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Fiscal year ended:* | &nbsp;&nbsp;*Fiscal year ended:* |
|  | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| All Other Fees {a} | &nbsp;&nbsp;$270000 | &nbsp;&nbsp;$220000 |

---

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

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended December 31, 2022 and 2021 were:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Fiscal year ended:* | &nbsp;&nbsp;*Fiscal year ended:* |
|  | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$- 0 - | &nbsp;&nbsp;$- 0- |

---

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

(i) Not Applicable.

(j) Not Applicable.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 6:** | **Investments.** |

---

The Schedule of Investments is included as part of the Reports to Shareholders under Item 1.

---

| | |
|:---|:---|
| **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.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days
of the filing date of this report, 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), that the design of such procedures is effective to provide reasonable
assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized
and reported within the time periods specified in the Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 13:** | **Exhibits.** |

---

(a)(1) [The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.](c105257_ex99-codeeth.htm)

(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.](c105257_ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](c105257_ex99-906cert.htm)

**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: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |

---

Date: February 24, 2023

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: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |

---

Date: February 24, 2023

---

| | |
|:---|:---|
| By: | <u>/s/ Michael J. Hebert</u> |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer |

---

Date: February 24, 2023

## Ex-99.Code

ex-99.codeeth

**THE LORD ABBETT FAMILY OF FUNDS**

**SARBANES-OXLEY CODE OF ETHICS** 

**FOR THE PRINCIPAL EXECUTIVE OFFICER** 

**AND SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

**The Lord Abbett Family of Funds'** code of ethics (the "Code") for the investment companies within the complex (collectively, "Funds" and each individually a "Fund"), applies to each Fund's Principal Executive Officer and Senior Financial Officers (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and
professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits
to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC ("Lord Abbett") are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds

June 2003

and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather
than the benefit the Fund.

There are some potential conflict of interest situations that should be discussed with Lord Abbett's General Counsel if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any direct ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers,
other than Lord Abbett or any affiliated person of Lord Abbett;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio
transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment, such
as compensation or as a member of Lord Abbett.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure & Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize him/herself with the disclosure requirements generally applicable to the Funds;

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether
within or outside Lord Abbett or a Fund, including to a Fund's independent directors/trustees and auditors, and to governmental
regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and
employees of the Funds and Lord Abbett with the goal of promoting full, fair, accurate, timely and understandable disclosure in
the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable
laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code, affirm in writing to the Audit Committee (the "Committee") of a Fund that he/she has
received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Committee that he/she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually such affiliations or other relationships related to conflicts of interest as covered by the Funds'
Annual Directors & Officers Questionnaire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or member of Lord Abbett for reports of potential violations that are made in good faith;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify Lord Abbett's General Counsel<sup></sup>promptly if he/she alleges any violation of this Code. Failure to do
so is itself a violation of this Code.

Lord Abbett's General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The General Counsel may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.

June 2003

Each of the Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lord Abbett's General Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required
to take any further action, but he shall discuss with the Committee at its next regularly scheduled meeting his investigation and
conclusion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the General Counsel believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Committee concurs that a violation has occurred, it will consider appropriate action, which may include review of, and
appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of Lord Abbett; or a recommendation
to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and Lord Abbett's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of a Fund's independent directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee and its counsel.

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: June 19, 2003

June 2003

**Exhibit A**

---

| | | |
|:---|:---|:---|
| <u><u>Persons Covered by this Code of Ethics</u></u> | <u><u>Persons Covered by this Code of Ethics</u></u> | <u><u>Position With Funds</u></u> |
| Douglas B. Sieg | Principal Executive Officer | President and Chief Executive Officer |
| Michael J. Hebert | Principal Financial Officer and Principal Accounting Officer | Chief Financial Officer and Treasurer |

---

July 2022

## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Global Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: February 24, 2023

<u>/s/ Douglas B. Sieg</u>

Douglas B. Sieg

President and Chief Executive Officer

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Global Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: February 24, 2023

<u>/s/ Michael J. Hebert</u>

Michael J. Hebert

Chief Financial Officer and Treasurer

## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Global Fund, Inc. (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: February 24, 2023

---

| | |
|:---|:---|
| By: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
| By: | <u>/s/ Michael J. Hebert</u> |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.