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Emerging Markets Currency Fund

Summary

Summary

What is the Emerging Markets Currency Fund?

The Fund seeks to produce a high total return primarily through exposure to currencies of emerging market countries.

Yield

Dividend Yield 1 as of 12/09/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge - 3.77%
w/ sales charge - 3.68%

30-Day Standardized Yield 2 as of 11/30/2016  

1.31%

Expense Ratioas of 11/30/2016

Fund Basicsas of 10/31/2016

Total Net Assets
$481.00 M
Inception Date
09/30/1988
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
815
CUSIP
543908867
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/30/1988
w/o sales charge 4.35% 3.98% -3.51% -1.08% 0.81% 4.34%
Lipper Category Avg. Alternative Currency Strategies Funds 1.40% 0.14% -2.76% -1.92% 0.04% -
JPMorgan ELMI+ Index 3.04% 1.89% -3.99% -1.71% 1.67% -
w/ sales charge 1.96% 1.60% -4.22% -1.52% 0.58% 4.26%

Fund Expense Ratio :

0.98%

Fund Expense Ratio :

0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/30/1988
w/o sales charge 8.39% 9.35% -2.19% -0.24% 1.51% 4.51%
Lipper Category Avg. Alternative Currency Strategies Funds 2.98% 2.93% -2.25% -1.43% 0.61% -
JPMorgan ELMI+ Index 7.40% 7.25% -2.71% -0.79% 2.61% -
w/ sales charge 5.89% 6.83% -2.90% -0.68% 1.28% 4.42%

Fund Expense Ratio :

0.98%

RELATED CONTENT

Emerging Markets: Reading the Tea Leaves on China's Currency Moves
Emerging Markets: Reading the Tea Leaves on China's Currency Moves

China first devalues - then supports- its currency. What exactly is going on?

Regional Allocation as of 10/31/2016

Rating Assets
Latin America
Asia Pacific
Europe
Middle East and Africa
United States
Other

Investment Team

Leah G. Traub
Leah G. Traub, Ph.D.

Partner & Portfolio Manager

15 Years of Industry Experience

martini
Giulio Martini

Director of Strategic Asset Allocation

31 Years of Industry Experience

David B. Ritt
David B. Ritt, CFA

Portfolio Manager

18 Years of Industry Experience

Supported By 54 Investment Professionals and 13 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 12/09/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge - 3.77%
w/ sales charge - 3.68%

30-Day Standardized Yield 2 as of 11/30/2016  

 
w/o sales charge 1.31%

Fund Expense Ratio :

0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/30/1988
w/o sales charge 4.35% 3.98% -3.51% -1.08% 0.81% 4.34%
Lipper Category Avg. Alternative Currency Strategies Funds 1.40% 0.14% -2.76% -1.92% 0.04% -
JPMorgan ELMI+ Index 3.04% 1.89% -3.99% -1.71% 1.67% -
w/ sales charge 1.96% 1.60% -4.22% -1.52% 0.58% 4.26%

Fund Expense Ratio :

0.98%

Fund Expense Ratio :

0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/30/1988
w/o sales charge 8.39% 9.35% -2.19% -0.24% 1.51% 4.51%
Lipper Category Avg. Alternative Currency Strategies Funds 2.98% 2.93% -2.25% -1.43% 0.61% -
JPMorgan ELMI+ Index 7.40% 7.25% -2.71% -0.79% 2.61% -
w/ sales charge 5.89% 6.83% -2.90% -0.68% 1.28% 4.42%

Fund Expense Ratio :

0.98%

Best returns

Durations Fund Returns Blended Index
3-Mo 17.79 13.11
1-Yr 28.58 20.29

Worst returns

Durations Fund Returns Blended Index
3-Mo -19.87 -13.27
1-Yr -18.73 -13.87
Year Fund Returns JPMorgan ELMI+ Index
2015 -8.95% -7.61%
2014 -5.49% -7.03%
2013 -3.21% -2.05%
2012 10.69% 7.45%
2011 -5.87% -5.20%
2010 5.79% 5.68%
2009 20.53% 11.71%
2008 -11.90% -3.84%
2007 7.98% 16.04%
2006 5.22% 12.30%
2005 -5.61% -
2004 8.40% -
2003 12.79% -
2002 14.90% -
2001 1.87% -
2000 -0.04% -
1999 -9.47% -
1998 10.78% -
1997 4.23% -
1996 6.12% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 4.12% 1.75% 2.30% - 5.24%
2015 -2.81% 0.13% -7.26% 0.89% -8.95%
2014 0.91% 2.50% -4.40% -4.42% -5.49%
2013 -0.12% -3.92% 0.51% 0.34% -3.21%
2012 7.01% -2.09% 4.16% 1.43% 10.69%
2011 3.47% 1.91% -9.74% -1.10% -5.87%
2010 2.31% -5.38% 9.00% 0.26% 5.79%
2009 -1.24% 13.14% 6.53% 1.26% 20.53%
2008 2.77% 4.65% -6.46% -12.43% -11.90%
2007 1.20% -1.31% 4.46% 3.51% 7.98%
2006 -0.56% 1.93% 1.95% 1.82% 5.22%
2005 -2.61% -0.81% -1.23% -1.08% -5.61%
2004 1.64% -3.20% 3.15% 6.80% 8.40%
2003 2.68% 4.26% 1.07% 4.24% 12.79%
2002 -0.97% 7.94% 3.19% 4.14% 14.90%
2001 -1.19% -0.88% 6.04% -1.93% 1.87%
2000 -1.33% -0.20% -2.37% 3.97% -0.04%
1999 -4.26% -3.89% 1.44% -2.98% -9.47%
1998 2.03% 1.15% 5.78% 1.50% 10.78%
1997 -2.46% 3.00% 1.80% 1.90% 4.23%
1996 -2.82% 1.29% 3.61% 4.05% 6.12%
1995 7.90% 3.86% 0.88% 4.25% 17.86%
1994 -4.16% -0.62% 0.93% 0.45% -3.40%
1993 5.41% 1.79% 3.16% 0.13% 10.78%
1992 -3.13% 7.11% 4.32% -2.28% 5.76%
1991 -1.46% -1.68% 9.21% 8.06% 14.33%
1990 -2.74% 4.95% 3.37% 6.00% 11.82%
1989 -1.31% 3.47% 2.33% 5.85% 10.61%
1988 - - - 1.41% 1.38%

Growth of $10,000 as of 11/30/2016

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 09/30/2016

  • We increased the portfolio’s risk exposure during the quarter, as emerging markets currencies continued to rally, following a short period of volatility after the surprising decision by the United Kingdom to exit the European Union. 
  • We increased the portfolio’s exposure to commodity price-driven currencies, such as the Colombian peso and the Russian ruble. Despite oil price volatility, these currencies generated strong returns during the period, due to elevated interest rates in both countries.
  • We decreased portfolio’s positioning in Asian currencies overall, as lower-yielding currencies in the region tend to underperform in risk-on environments.
  • We decreased portfolio’s positioning in the euro-tied currencies during the quarter, as we expected the European Central Bank to continue monetary easing in order to support economic growth in the European Union. 

Portfolio Details as of 10/31/2016

Total Net Assets
$481.00 M
Number of Issues
815
Average Modified Duration
0.76 Years
Currency Assets
Indonesia 8.3%
Argentina 8.1%
India 7.8%
Brazil 7.3%
Russian Federation 6.8%
Colombia 6.5%
Turkey 5.9%
Peru 5.5%
Philippines 5.0%
Mexico 4.9%
South Africa 4.6%
China 4.6%
Chile 4.6%
Romania 4.6%
Malaysia 4.5%
Poland 4.2%
Hungary 2.9%
Israel 2.1%
Czech Republic 2.1%
Republic of Korea 1.7%
Thailand 1.2%
Singapore 0.3%
CNH -1.0%
Euro -1.3%
Japan -2.0%
Currency Name Position Expiration Date Current MV (USD)
Argentine Peso Total Contracts: $39,234,450
Argentine Peso Long 01/27/2017 $19,864,709
Argentine Peso Long 12/12/2016 $10,559,314
Argentine Peso Long 11/25/2016 $8,810,427
Baht Total Contracts: $5,677,549
Baht Long 01/13/2017 $428,602
Baht Long 01/13/2017 $828,631
Baht Long 12/09/2016 $2,000,143
Baht Short 11/14/2016 $-11,009,358
Baht Long 11/14/2016 $13,429,531
Brazilian Real Total Contracts: $27,462,407
Brazilian Real Long 02/14/2017 $3,496,241
Brazilian Real Long 02/14/2017 $494,987
Brazilian Real Long 01/13/2017 $7,111,529
Brazilian Real Long 12/09/2016 $11,278,196
Brazilian Real Long 12/09/2016 $322,682
Brazilian Real Short 11/14/2016 $-219,298
Brazilian Real Short 11/14/2016 $-407,268
Brazilian Real Short 11/14/2016 $-222,431
Brazilian Real Long 11/14/2016 $5,607,769
Canadian Dollar Total Contracts: $0
Canadian Dollar Short 12/09/2016 $-4,377,842
Canadian Dollar Long 12/09/2016 $4,377,842
Chilean Peso Total Contracts: $22,381,465
Chilean Peso Long 01/13/2017 $2,449,408
Chilean Peso Long 12/09/2016 $15,645,594
Chilean Peso Short 11/14/2016 $-394,967
Chilean Peso Long 11/14/2016 $277,089
Chilean Peso Short 11/14/2016 $-3,423,048
Chilean Peso Short 11/14/2016 $-179,113
Chilean Peso Short 11/14/2016 $-183,706
Chilean Peso Long 11/14/2016 $8,190,208
Colombian Peso Total Contracts: $31,252,543
Colombian Peso Long 01/13/2017 $1,496,610
Colombian Peso Long 01/13/2017 $3,578,561
Colombian Peso Long 12/09/2016 $17,693,256
Colombian Peso Long 11/15/2016 $355,861
Colombian Peso Short 11/15/2016 $-419,051
Colombian Peso Long 11/15/2016 $8,547,306
Czech Koruna Total Contracts: $10,100,834
Czech Koruna Long 01/13/2017 $7,374,251
Czech Koruna Long 12/09/2016 $1,117,003
Czech Koruna Short 12/09/2016 $-128,882
Czech Koruna Short 12/09/2016 $-129,979
Czech Koruna Long 12/09/2016 $1,868,441
Euro Total Contracts: $-6,081,563
Euro Short 01/13/2017 $-680,608
Euro Short 01/13/2017 $-5,400,955
Forint Total Contracts: $13,997,696
Forint Long 12/09/2016 $1,459,566
Forint Short 11/14/2016 $-128,001
Forint Long 11/14/2016 $130,134
Forint Short 11/14/2016 $-85,334
Forint Long 11/14/2016 $16,160,111
Forint Short 11/14/2016 $-3,235,578
Forint Short 11/14/2016 $-86,312
Forint Short 11/14/2016 $-216,890
Indian Rupee Total Contracts: $37,872,935
Indian Rupee Long 01/13/2017 $4,150,541
Indian Rupee Long 01/13/2017 $652,827
Indian Rupee Long 12/09/2016 $14,598,763
Indian Rupee Short 11/15/2016 $-262,927
Indian Rupee Short 11/15/2016 $-431,824
Indian Rupee Long 11/15/2016 $19,165,555
Malaysian Ringgit Total Contracts: $21,847,437
Malaysian Ringgit Long 02/14/2017 $2,302,741
Malaysian Ringgit Long 01/13/2017 $6,626,937
Malaysian Ringgit Long 01/13/2017 $2,121,573
Malaysian Ringgit Long 12/09/2016 $2,164,482
Malaysian Ringgit Long 12/09/2016 $9,017,878
Malaysian Ringgit Short 12/09/2016 $-214,541
Malaysian Ringgit Short 12/09/2016 $-171,633
Mexican Peso Total Contracts: $23,853,762
Mexican Peso Long 01/13/2017 $2,592,455
Mexican Peso Long 12/09/2016 $4,243,161
Mexican Peso Short 11/14/2016 $-441,246
Mexican Peso Long 11/14/2016 $17,459,392
New Israeli Sheqel Total Contracts: $10,254,672
New Israeli Sheqel Long 01/13/2017 $8,758,439
New Israeli Sheqel Long 12/09/2016 $599,536
New Israeli Sheqel Short 12/09/2016 $-172,041
New Israeli Sheqel Long 12/09/2016 $1,068,738
New Leu Total Contracts: $22,178,775
New Leu Long 02/14/2017 $2,277,932
New Leu Long 01/13/2017 $6,346,538
New Leu Long 12/09/2016 $10,987,672
New Leu Short 11/14/2016 $-127,905
New Leu Long 11/14/2016 $2,823,661
New Leu Short 11/14/2016 $-129,123
New Taiwan Dollar Total Contracts: $0
New Taiwan Dollar Long 12/09/2016 $5,078,666
New Taiwan Dollar Short 12/09/2016 $-578,943
New Taiwan Dollar Short 12/09/2016 $-4,499,723
Nuevo Sol Total Contracts: $26,444,180
Nuevo Sol Long 01/13/2017 $2,913,632
Nuevo Sol Long 12/09/2016 $15,965,512
Nuevo Sol Short 11/14/2016 $-267,578
Nuevo Sol Long 11/14/2016 $133,789
Nuevo Sol Short 11/14/2016 $-217,036
Nuevo Sol Long 11/14/2016 $4,511,669
Nuevo Sol Short 11/14/2016 $-222,982
Nuevo Sol Long 11/14/2016 $3,627,174
Offshore Renminbi Total Contracts: $-4,847,108
Offshore Renminbi Short 01/11/2017 $-4,410,485
Offshore Renminbi Short 01/11/2017 $-436,623
Philippine Peso Total Contracts: $24,416,339
Philippine Peso Long 02/14/2017 $2,622,748
Philippine Peso Long 01/13/2017 $8,789,304
Philippine Peso Long 12/09/2016 $7,641,077
Philippine Peso Short 11/14/2016 $-259,074
Philippine Peso Long 11/14/2016 $213,434
Philippine Peso Short 11/14/2016 $-2,438,123
Philippine Peso Short 11/14/2016 $-174,093
Philippine Peso Short 11/14/2016 $-177,603
Philippine Peso Long 11/14/2016 $8,198,669
Rand Total Contracts: $22,455,176
Rand Long 01/13/2017 $2,447,390
Rand Short 12/09/2016 $-133,494
Rand Long 12/09/2016 $17,168,813
Rand Long 11/14/2016 $289,237
Rand Short 11/14/2016 $-275,888
Rand Short 11/14/2016 $-897,376
Rand Long 11/14/2016 $3,856,494
Rupiah Total Contracts: $40,298,845
Rupiah Long 01/13/2017 $4,276,512
Rupiah Long 01/13/2017 $1,149,600
Rupiah Long 12/09/2016 $31,079,053
Rupiah Long 11/14/2016 $272,072
Rupiah Short 11/14/2016 $-131,821
Rupiah Short 11/14/2016 $-308,859
Rupiah Short 11/14/2016 $-344,880
Rupiah Long 11/14/2016 $4,307,168
Russian Ruble Total Contracts: $33,136,256
Russian Ruble Long 01/13/2017 $3,570,908
Russian Ruble Long 12/09/2016 $22,507,443
Russian Ruble Short 11/14/2016 $-430,591
Russian Ruble Long 11/14/2016 $233,434
Russian Ruble Short 11/14/2016 $-137,221
Russian Ruble Short 11/14/2016 $-175,075
Russian Ruble Short 11/14/2016 $-224,286
Russian Ruble Short 11/14/2016 $-220,816
Russian Ruble Long 11/14/2016 $8,012,460
Singapore Dollar Total Contracts: $1,459,120
Singapore Dollar Short 11/14/2016 $-215,633
Singapore Dollar Short 11/14/2016 $-129,380
Singapore Dollar Long 11/14/2016 $1,804,133
Turkish Lira Total Contracts: $28,614,366
Turkish Lira Long 01/13/2017 $2,036,035
Turkish Lira Long 01/13/2017 $3,037,893
Turkish Lira Long 12/09/2016 $12,552,315
Turkish Lira Long 12/09/2016 $2,090,975
Turkish Lira Short 11/14/2016 $-129,272
Turkish Lira Short 11/14/2016 $-87,259
Turkish Lira Long 11/14/2016 $2,068,353
Turkish Lira Long 11/14/2016 $7,045,326
Won Total Contracts: $8,237,664
Won Long 01/13/2017 $1,003,272
Won Short 12/09/2016 $-1,057,455
Won Long 12/09/2016 $6,335,992
Won Long 12/09/2016 $1,955,855
Won Short 11/14/2016 $-1,354,592
Won Long 11/14/2016 $1,354,592
Yen Total Contracts: $-9,612,860
Yen Short 11/14/2016 $-216,459
Yen Long 11/14/2016 $129,684
Yen Short 11/14/2016 $-915,420
Yen Short 11/14/2016 $-8,610,665
Yuan Renminbi Total Contracts: $22,393,218
Yuan Renminbi Long 02/14/2017 $2,340,935
Yuan Renminbi Long 01/13/2017 $14,651,149
Yuan Renminbi Short 12/09/2016 $-259,940
Yuan Renminbi Short 12/09/2016 $-172,801
Yuan Renminbi Long 12/09/2016 $5,833,875
Zloty Total Contracts: $20,136,368
Zloty Long 01/13/2017 $7,825,145
Zloty Long 12/09/2016 $407,825
Zloty Long 12/09/2016 $2,100,300
Zloty Short 11/14/2016 $-127,445
Zloty Short 11/14/2016 $-5,439,368
Zloty Short 11/14/2016 $-127,445
Zloty Long 11/14/2016 $15,497,356

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/09/2016
$0.152
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2016 $0.01636 $5.17
Daily Daily 10/31/2016 $0.01328 $5.38
Daily Daily 09/30/2016 $0.01396 $5.40
Daily Daily 08/31/2016 $0.01537 $5.34
Daily Daily 07/31/2016 $0.01259 $5.33
Daily Daily 06/30/2016 $0.01465 $5.32
Daily Daily 05/31/2016 $0.01244 $5.18
Daily Daily 04/30/2016 $0.01490 $5.36
Daily Daily 03/31/2016 $0.01281 $5.27
Daily Daily 02/29/2016 $0.01180 $4.94
Daily Daily 01/31/2016 $0.01401 $4.97

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2016

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
07/28/2011 07/29/2011 - $0.0337 $0.0337 $6.96

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
12/15/2016 12/16/2016

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/09/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $5.33
$100,000 to $249,999 1.75% 1.50% $5.30
$250,000 to $499,999 1.25% 1.00% $5.28
$500,000 to $999,999 0.00% 1.00% $5.21
$1,000,000 to $5,000,000 0.00% 1.00% $5.21

Expense Ratioas of 11/30/2016

Fund Review

Fund Review

Market Review

Overall, the economic fundamental backdrop in the emerging markets (EM) continued to improve in the third quarter, with several major EM countries, such as Brazil and Russia, climbing out of sharp recessions experienced over the last two years. Despite the rally in EM local-currency assets since February, valuations remain attractive, with major indexes still below the levels seen five years ago. With significant portions of the global bond markets trading at negative yields, emerging markets continued to offer attractive yields, and investors kept flocking to the asset class in the third quarter.

Dovish monetary policies by major central banks following the surprising decision by the United Kingdom to exit the European Union were the main factor that aided the performance of EM currencies during the period. Relative stabilization of economic situation in China provided another tailwind for EM currencies in the third quarter. Last, despite oil price volatility, the majority of the higher-yielding currencies posted strong returns for the quarter, as higher interest rates in these countries offset the effects of oil price swings.  

Fund Review as of 09/30/2016

The Fund* modestly outperformed its benchmark, the J.P. Morgan Emerging Local Markets Index Plusfor the quarter ended September 30, 2016.

We increased the Fund’s risk exposure during the quarter, as EM currencies continued to rally, following a short period of volatility after the surprising decision by the United Kingdom to exit the European Union.

The Fund’s positions in commodity-linked currencies, such as the Russian ruble and the Colombian peso, were the biggest contributors to performance in the third quarter. Despite oil price volatility, these currencies generated strong returns during the period due to elevated interest rates in both countries. In addition, our positioning in Asian currencies such as the Indian rupee and the Indonesian rupiah helped the performance, as both countries recorded strong quarters in terms of economic growth.

The Fund’s underweight to the euro-tied currencies detracted from relative performance during the period, as we expected the European Central Bank to announce deeper stimulus measures targeting the euro. In addition, the Fund’s underweight to the Taiwan dollar hurt performance, as the country recorded strong foreign inflows during the quarter. The island’s technology companies, including the major suppliers to the I-phone maker Apple, drove the advances in Taiwanese assets, including the currency.

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Outlook

Emerging markets have been the biggest beneficiary in the recent rally in risky assets, and we are near-term constructive on the asset class. We think that the risk sentiment turned more supportive, as commodity prices continued to rebound and the fundamentals started to show signs of improvement. In addition, emerging-markets assets remain attractive in the world of negative yields and continued monetary easing by the major central banks.

Broadly speaking, we remain generally optimistic that the U.S. economy will continue to grow at a steady, albeit subpar, pace, which should be supportive of emerging markets. We still believe that credit-sensitive sectors of the market represent attractive relative value, although we think that there is the potential for episodes of further spread widening as the market continues to struggle with low global growth. Many commodity export-oriented economies in the emerging markets benefited from relative stabilization in the economic situation in China, and, absent any major shocks in the world second- largest economy, we expect this tailwind to continue. 

While our overall view remains positive, a number of short-term risks cause us to be cautious with the end of the year approaching. Potential risk events include elections in the United States and a referendum in Italy, signs of mounting dislocations in interbank funding markets, and indications that a broad swath of institutional investors were acting to reduce their risk exposure across a broad set of markets. As such, we are monitoring the underlying fundamentals and underlying liquidity conditions in the markets very closely and will adjust the Fund’s weightings as the underlying risks we have identified change.

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
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SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
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Publish Date:11/03/2015
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Publish Date:11/03/2015

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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

The J.P. Morgan Emerging Local Markets Index Plus (ELMI+) tracks total returns for local currency-denominated money market instruments in 23 emerging markets countries.

The Blended index consists of the following components: J.P. Morgan ELMI+ from inception to 05/31/2012, Barclays GEMS from 06/01/2012 forward. The J.P. Morgan Emerging Local Markets Index Plus (ELMI+) tracks total returns for local currency-denominated money market instruments in 23 emerging markets countries.

The Barclays Global Emerging Market Strategy (GEMS) Index is based on investing in 1-month synthetic money market deposits across 15 diversified Emerging Market currencies.

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