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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 01/20/2017  

  Subsidized3 Un-Subsidized4
w/o sales charge - 3.63%
w/ sales charge - 3.55%

30-Day Standardized Yield 2 as of 12/31/2016  

1.59%

Expense Ratioas of 12/31/2016

Fund Basicsas of 12/30/2016

Total Net Assets
$386.26 M
Inception Date
09/30/1988
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
851
CUSIP
543908867
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/30/1988
w/o sales charge 5.68% 5.68% -3.12% -0.52% 1.07% 4.38%
Lipper Category Avg. Alternative Currency Strategies Funds 1.75% 1.75% -2.49% -1.74% 0.06% -
JPMorgan ELMI+ Index 3.54% 3.54% -3.83% -1.31% 1.57% -
w/ sales charge 3.25% 3.25% -3.83% -0.97% 0.84% 4.29%

Fund Expense Ratio :

0.85%

Fund Expense Ratio :

0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/30/1988
w/o sales charge 5.68% 5.68% -3.12% -0.52% 1.07% 4.38%
Lipper Category Avg. Alternative Currency Strategies Funds 1.75% 1.75% -2.49% -1.74% 0.06% -
JPMorgan ELMI+ Index 3.54% 3.54% -3.83% -1.31% 1.57% -
w/ sales charge 3.25% 3.25% -3.83% -0.97% 0.84% 4.29%

Fund Expense Ratio :

0.85%

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 12/30/2016

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

16 Years of Industry Experience

martini
Giulio Martini

Director of Strategic Asset Allocation

32 Years of Industry Experience

David B. Ritt
David B. Ritt, CFA

Portfolio Manager

19 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 01/20/2017  

  Subsidized3 Un-Subsidized4
w/o sales charge - 3.63%
w/ sales charge - 3.55%

30-Day Standardized Yield 2 as of 12/31/2016  

 
w/o sales charge 1.59%

Fund Expense Ratio :

0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/30/1988
w/o sales charge 5.68% 5.68% -3.12% -0.52% 1.07% 4.38%
Lipper Category Avg. Alternative Currency Strategies Funds 1.75% 1.75% -2.49% -1.74% 0.06% -
JPMorgan ELMI+ Index 3.54% 3.54% -3.83% -1.31% 1.57% -
w/ sales charge 3.25% 3.25% -3.83% -0.97% 0.84% 4.29%

Fund Expense Ratio :

0.85%

Fund Expense Ratio :

0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/30/1988
w/o sales charge 5.68% 5.68% -3.12% -0.52% 1.07% 4.38%
Lipper Category Avg. Alternative Currency Strategies Funds 1.75% 1.75% -2.49% -1.74% 0.06% -
JPMorgan ELMI+ Index 3.54% 3.54% -3.83% -1.31% 1.57% -
w/ sales charge 3.25% 3.25% -3.83% -0.97% 0.84% 4.29%

Fund Expense Ratio :

0.85%

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
2016 5.68% 3.54%
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% -
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% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2017 - - - - 0.98%
2016 4.12% 1.75% 2.30% -2.49% 5.68%
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 12/31/2016

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 12/30/2016

Total Net Assets
$386.26 M
Number of Issues
851
Average Modified Duration
0.79 Years
Currency Assets
Argentina 7.9%
Indonesia 7.2%
Brazil 7.1%
Russian Federation 7.1%
Turkey 6.7%
India 6.7%
Peru 6.6%
Mexico 5.8%
China 5.7%
Philippines 5.7%
Chile 5.5%
Singapore 4.4%
South Africa 4.2%
Poland 4.1%
Hungary 4.1%
Colombia 3.7%
Romania 3.6%
Thailand 3.2%
Czech Republic 2.2%
Malaysia 1.7%
Israel 1.2%
Republic of Korea 0.2%
Canada -2.0%
CNH -2.0%
Currency Name Position Expiration Date Current MV (USD)
Argentine Peso Total Contracts: $38,953,671
Argentine Peso Long 02/22/2017 $8,792,940
Argentine Peso Long 02/22/2017 $1,103,057
Argentine Peso Long 01/27/2017 $18,972,581
Argentine Peso Long 12/12/2016 $10,085,093
Baht Total Contracts: $5,857,706
Baht Long 02/14/2017 $2,376,715
Baht Long 02/14/2017 $285,878
Baht Long 01/13/2017 $812,792
Baht Long 01/13/2017 $420,410
Baht Long 12/09/2016 $1,961,911
Brazilian Real Total Contracts: $26,537,160
Brazilian Real Long 02/14/2017 $393,253
Brazilian Real Long 02/14/2017 $4,376,044
Brazilian Real Long 02/14/2017 $3,299,774
Brazilian Real Long 02/14/2017 $340,030
Brazilian Real Long 02/14/2017 $467,172
Brazilian Real Long 01/13/2017 $6,711,906
Brazilian Real Long 12/09/2016 $304,549
Brazilian Real Long 12/09/2016 $10,644,432
Canadian Dollar Total Contracts: $-9,513,884
Canadian Dollar Long 02/14/2017 $186,109
Canadian Dollar Short 02/14/2017 $-9,699,993
Canadian Dollar Long 12/09/2016 $4,371,324
Canadian Dollar Short 12/09/2016 $-4,371,324
Chilean Peso Total Contracts: $22,040,091
Chilean Peso Long 02/14/2017 $9,369,886
Chilean Peso Long 02/14/2017 $428,997
Chilean Peso Long 01/13/2017 $2,366,880
Chilean Peso Short 12/09/2016 $-5,244,118
Chilean Peso Long 12/09/2016 $15,118,446
Colombian Peso Total Contracts: $16,509,182
Colombian Peso Short 02/14/2017 $-8,404,202
Colombian Peso Long 02/14/2017 $735,042
Colombian Peso Long 02/14/2017 $8,404,202
Colombian Peso Short 01/13/2017 $-4,963,162
Colombian Peso Long 01/13/2017 $3,499,582
Colombian Peso Long 01/13/2017 $1,463,580
Colombian Peso Short 12/09/2016 $-1,528,628
Colombian Peso Long 12/09/2016 $17,302,768
Czech Koruna Total Contracts: $9,932,143
Czech Koruna Long 01/13/2017 $189,234
Czech Koruna Long 01/13/2017 $7,112,942
Czech Koruna Short 12/09/2016 $-124,315
Czech Koruna Long 12/09/2016 $1,802,233
Czech Koruna Short 12/09/2016 $-125,373
Czech Koruna Long 12/09/2016 $1,077,422
Euro Total Contracts: $-1
Euro Short 01/13/2017 $-3,529,300
Euro Long 01/13/2017 $9,400,867
Euro Short 01/13/2017 $-5,214,461
Euro Short 01/13/2017 $-657,107
Forint Total Contracts: $19,544,053
Forint Long 03/09/2017 $284,578
Forint Long 03/09/2017 $5,806,741
Forint Long 02/14/2017 $136,868
Forint Long 02/14/2017 $11,925,162
Forint Long 12/09/2016 $1,390,704
Indian Rupee Total Contracts: $37,600,290
Indian Rupee Long 02/14/2017 $17,998,818
Indian Rupee Long 02/14/2017 $286,345
Indian Rupee Long 02/14/2017 $384,228
Indian Rupee Long 01/13/2017 $4,049,734
Indian Rupee Long 01/13/2017 $636,971
Indian Rupee Long 12/09/2016 $14,244,194
Malaysian Ringgit Total Contracts: $9,605,910
Malaysian Ringgit Long 02/14/2017 $479,176
Malaysian Ringgit Long 02/14/2017 $2,163,009
Malaysian Ringgit Long 01/13/2017 $1,992,835
Malaysian Ringgit Long 01/13/2017 $6,224,810
Malaysian Ringgit Short 01/13/2017 $-1,253,919
Malaysian Ringgit Short 12/09/2016 $-10,141,066
Malaysian Ringgit Short 12/09/2016 $-201,523
Malaysian Ringgit Long 12/09/2016 $2,033,139
Malaysian Ringgit Short 12/09/2016 $-161,218
Malaysian Ringgit Long 12/09/2016 $8,470,667
Mexican Peso Total Contracts: $26,214,035
Mexican Peso Long 02/14/2017 $15,746,500
Mexican Peso Long 02/14/2017 $3,567,263
Mexican Peso Long 01/13/2017 $381,026
Mexican Peso Long 01/13/2017 $2,381,415
Mexican Peso Long 01/13/2017 $240,086
Mexican Peso Long 12/09/2016 $3,897,745
New Israeli Sheqel Total Contracts: $10,693,498
New Israeli Sheqel Long 01/13/2017 $190,536
New Israeli Sheqel Long 01/13/2017 $234,907
New Israeli Sheqel Long 01/13/2017 $8,769,869
New Israeli Sheqel Long 12/09/2016 $600,318
New Israeli Sheqel Long 12/09/2016 $1,070,133
New Israeli Sheqel Short 12/09/2016 $-172,265
New Leu Total Contracts: $16,959,518
New Leu Long 02/14/2017 $2,305,177
New Leu Long 02/14/2017 $2,199,327
New Leu Long 02/14/2017 $235,222
New Leu Long 02/14/2017 $141,133
New Leu Long 01/13/2017 $6,127,538
New Leu Long 12/09/2016 $10,608,520
New Leu Short 12/09/2016 $-4,657,399
New Taiwan Dollar Total Contracts: $0
New Taiwan Dollar Short 12/09/2016 $-573,212
New Taiwan Dollar Long 12/09/2016 $5,028,394
New Taiwan Dollar Short 12/09/2016 $-4,455,182
Nuevo Sol Total Contracts: $36,138,294
Nuevo Sol Long 02/14/2017 $480,516
Nuevo Sol Long 02/14/2017 $7,530,032
Nuevo Sol Long 01/13/2017 $9,522,414
Nuevo Sol Long 01/13/2017 $2,871,374
Nuevo Sol Long 12/09/2016 $15,733,958
Offshore Renminbi Total Contracts: $-9,408,158
Offshore Renminbi Short 01/11/2017 $-4,845,751
Offshore Renminbi Short 01/11/2017 $-4,322,433
Offshore Renminbi Long 01/11/2017 $187,932
Offshore Renminbi Short 01/11/2017 $-427,906
Philippine Peso Total Contracts: $24,170,525
Philippine Peso Long 02/14/2017 $144,782
Philippine Peso Long 02/14/2017 $285,542
Philippine Peso Long 02/14/2017 $5,188,016
Philippine Peso Long 02/14/2017 $2,553,791
Philippine Peso Long 01/13/2017 $8,558,216
Philippine Peso Long 12/09/2016 $7,440,178
Rand Total Contracts: $22,046,528
Rand Long 02/14/2017 $291,245
Rand Long 02/14/2017 $2,898,242
Rand Long 02/14/2017 $196,058
Rand Long 01/13/2017 $2,344,166
Rand Long 12/09/2016 $16,444,681
Rand Short 12/09/2016 $-127,864
Rupiah Total Contracts: $39,519,710
Rupiah Long 02/14/2017 $484,800
Rupiah Long 02/14/2017 $3,837,080
Rupiah Long 01/13/2017 $981,407
Rupiah Long 01/13/2017 $1,106,850
Rupiah Long 01/13/2017 $4,117,482
Rupiah Short 12/09/2016 $-931,230
Rupiah Long 12/09/2016 $29,923,321
Russian Ruble Total Contracts: $33,559,450
Russian Ruble Long 02/14/2017 $290,058
Russian Ruble Long 02/14/2017 $7,485,379
Russian Ruble Long 01/13/2017 $3,530,604
Russian Ruble Long 12/09/2016 $22,253,409
Singapore Dollar Total Contracts: $18,257,928
Singapore Dollar Long 02/14/2017 $139,533
Singapore Dollar Long 02/14/2017 $1,604,633
Singapore Dollar Long 02/14/2017 $16,513,762
Turkish Lira Total Contracts: $26,742,732
Turkish Lira Long 02/14/2017 $8,091,510
Turkish Lira Long 02/14/2017 $328,900
Turkish Lira Long 02/14/2017 $273,598
Turkish Lira Long 02/14/2017 $291,062
Turkish Lira Long 01/13/2017 $1,833,687
Turkish Lira Long 01/13/2017 $2,735,978
Turkish Lira Long 12/09/2016 $11,304,829
Turkish Lira Long 12/09/2016 $1,883,168
Won Total Contracts: $8,302,512
Won Long 01/13/2017 $239,512
Won Long 01/13/2017 $981,999
Won Long 12/09/2016 $1,914,385
Won Short 12/09/2016 $-1,035,034
Won Long 12/09/2016 $6,201,650
Yuan Renminbi Total Contracts: $22,541,018
Yuan Renminbi Long 02/14/2017 $2,301,437
Yuan Renminbi Long 02/14/2017 $336,867
Yuan Renminbi Long 02/14/2017 $188,761
Yuan Renminbi Long 01/13/2017 $14,403,949
Yuan Renminbi Short 12/09/2016 $-255,554
Yuan Renminbi Short 12/09/2016 $-169,885
Yuan Renminbi Long 12/09/2016 $5,735,443
Zloty Total Contracts: $19,234,338
Zloty Long 02/14/2017 $9,065,169
Zloty Long 02/14/2017 $333,103
Zloty Long 02/14/2017 $190,345
Zloty Long 01/13/2017 $7,304,480
Zloty Long 12/09/2016 $380,690
Zloty Long 12/09/2016 $1,960,551

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 01/20/2017
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2016 $0.01559 $5.11
12/15/2016 12/16/2016 12/16/2016 $0.10920 $5.07
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

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.

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 01/20/2017

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $5.27
$100,000 to $249,999 1.75% 1.50% $5.24
$250,000 to $499,999 1.25% 1.00% $5.22
$500,000 to $999,999 0.00% 1.00% $5.15
$1,000,000 to $5,000,000 0.00% 1.00% $5.15

Expense Ratioas of 12/31/2016

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
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
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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