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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 06/29/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge - 2.81%
w/ sales charge - 2.75%

30-Day Standardized Yield 2 as of 05/31/2016  

1.48%

Expense Ratioas of 05/31/2016

Fund Basicsas of 05/31/2016

Total Net Assets
$445.65 M
Inception Date
09/30/1988
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
702
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 5.74% -1.06% -2.82% -2.66% 1.52% 4.46%
Lipper Category Avg. Alternative Currency Strategies Funds - - - - - -
Blended Index - - - - - -
w/ sales charge 3.31% -3.33% -3.53% -3.10% 1.29% 4.37%

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 5.74% -1.06% -2.82% -2.66% 1.52% 4.46%
Lipper Category Avg. Alternative Currency Strategies Funds - - - - - -
Blended Index - - - - - -
w/ sales charge 3.31% -3.33% -3.53% -3.10% 1.29% 4.37%

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 05/31/2016

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 47 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 06/29/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge - 2.81%
w/ sales charge - 2.75%

30-Day Standardized Yield 2 as of 05/31/2016  

 
w/o sales charge 1.48%

Fund Expense Ratio :

0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/30/1988
w/o sales charge 5.74% -1.06% -2.82% -2.66% 1.52% 4.46%
Lipper Category Avg. Alternative Currency Strategies Funds - - - - - -
Blended Index - - - - - -
w/ sales charge 3.31% -3.33% -3.53% -3.10% 1.29% 4.37%

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 5.74% -1.06% -2.82% -2.66% 1.52% 4.46%
Lipper Category Avg. Alternative Currency Strategies Funds - - - - - -
Blended Index - - - - - -
w/ sales charge 3.31% -3.33% -3.53% -3.10% 1.29% 4.37%

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 Blended Index
2015 -8.95% -7.37%
2014 -5.49% -7.16%
2013 -3.21% -3.48%
2012 10.69% 8.01%
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% - - - 5.74%
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 04/30/2016

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 03/31/2016

  • Earlier in the quarter we continued to increase the portfolio’s exposure to commodity price-driven currencies, such as the Russian ruble and the Colombian peso, as the currencies team expected a general recovery in oil prices and commodities during the period. Later in the quarter we tactically reduced exposure to commodity-sensitive currencies in order to realize gains and reduce portfolio risk.
  • We increased our positioning in Latin American currencies, as Chinese yuan stabilization, the recovery in oil prices, and a dovish U.S. Federal Reserve fueled the rally in higher-beta currencies in the region.
  • The portfolio remained underweight the euro-tied currencies for most of the quarter, as the team expected further stimulus measures to be announced by the European Central Bank.
  • Overall, we decreased the portfolio’s exposure to Asian currencies, as the region typically underperforms in the risk-on environment. 

Portfolio Details as of 05/31/2016

Total Net Assets
$445.65 M
Number of Issues
702
Average Modified Duration
1.01 Years
Currency Assets
Argentina 7.8%
Philippines 7.6%
Poland 7.1%
India 7.1%
Brazil 7.1%
Russian Federation 7.0%
Indonesia 6.7%
Chile 6.0%
Colombia 5.9%
Mexico 5.5%
Hungary 5.1%
Turkey 5.0%
South Africa 5.0%
Republic of Korea 4.3%
Peru 3.7%
China 3.4%
Thailand 3.2%
Romania 2.4%
Israel 2.1%
Czech Republic 1.8%
Malaysia 1.5%
Singapore 0.6%
Taiwan -0.5%
Canada -1.0%
Euro -3.3%
Currency Name Position Expiration Date Current MV (USD)
Argentine Peso Total Contracts: $31,734,621
Argentine Peso Long 07/05/2016 $3,905,950
Argentine Peso Long 07/05/2016 $8,266,080
Argentine Peso Long 06/15/2016 $11,249,695
Argentine Peso Short 06/15/2016 $-1,259,826
Argentine Peso Long 05/31/2016 $9,572,722
Australian Dollar Total Contracts: $4,516,492
Australian Dollar Long 06/10/2016 $8,044,526
Australian Dollar Long 06/10/2016 $539,850
Australian Dollar Short 06/10/2016 $-4,067,884
Baht Total Contracts: $19,164,045
Baht Long 07/13/2016 $458,059
Baht Long 06/10/2016 $2,241,626
Baht Long 06/10/2016 $15,631,265
Baht Short 05/12/2016 $-4,806,757
Baht Long 05/12/2016 $5,639,852
Brazilian Real Total Contracts: $26,287,709
Brazilian Real Long 07/13/2016 $10,292,942
Brazilian Real Long 06/10/2016 $4,332,340
Brazilian Real Long 06/10/2016 $2,455,477
Brazilian Real Long 06/10/2016 $924,620
Brazilian Real Long 06/10/2016 $3,160,573
Brazilian Real Long 05/12/2016 $324,199
Brazilian Real Long 05/12/2016 $4,797,558
Canadian Dollar Total Contracts: $-9,404,638
Canadian Dollar Short 06/10/2016 $-8,368,534
Canadian Dollar Short 06/10/2016 $-1,036,104
Chilean Peso Total Contracts: $30,508,500
Chilean Peso Long 06/10/2016 $1,543,872
Chilean Peso Short 06/10/2016 $-2,459,600
Chilean Peso Long 06/10/2016 $28,266,480
Chilean Peso Long 06/10/2016 $3,157,748
Colombian Peso Total Contracts: $33,847,353
Colombian Peso Long 06/10/2016 $19,482,720
Colombian Peso Long 06/10/2016 $3,077,076
Colombian Peso Long 05/12/2016 $12,419,795
Colombian Peso Short 05/12/2016 $-1,411,181
Colombian Peso Long 05/12/2016 $278,943
Czech Koruna Total Contracts: $4,013,701
Czech Koruna Long 07/13/2016 $4,013,701
Euro Total Contracts: $-10,190,995
Euro Short 07/13/2016 $-10,190,995
Forint Total Contracts: $27,724,029
Forint Long 07/13/2016 $5,046,938
Forint Long 06/10/2016 $419,766
Forint Long 06/10/2016 $3,132,919
Forint Long 05/12/2016 $158,933
Forint Short 05/12/2016 $-4,415,612
Forint Long 05/12/2016 $23,381,085
Indian Rupee Total Contracts: $35,807,015
Indian Rupee Long 06/10/2016 $3,712,648
Indian Rupee Long 06/10/2016 $206,543
Indian Rupee Long 06/10/2016 $12,211,665
Indian Rupee Long 05/12/2016 $22,719,728
Indian Rupee Long 05/12/2016 $243,027
Indian Rupee Short 05/12/2016 $-3,286,596
Malaysian Ringgit Total Contracts: $3,524,894
Malaysian Ringgit Long 07/13/2016 $3,524,894
Mexican Peso Total Contracts: $34,199,476
Mexican Peso Long 06/10/2016 $206,921
Mexican Peso Long 06/10/2016 $3,618,208
Mexican Peso Long 06/10/2016 $4,184,915
Mexican Peso Long 05/12/2016 $467,897
Mexican Peso Long 05/12/2016 $28,248,177
Mexican Peso Long 05/12/2016 $394,080
Mexican Peso Short 05/12/2016 $-2,920,722
New Israeli Sheqel Total Contracts: $4,710,353
New Israeli Sheqel Long 07/13/2016 $4,710,353
New Leu Total Contracts: $15,979,552
New Leu Long 06/10/2016 $5,697,124
New Leu Long 06/10/2016 $1,139,936
New Leu Long 06/10/2016 $9,142,492
New Taiwan Dollar Total Contracts: $-6,384,523
New Taiwan Dollar Short 06/13/2016 $-1,088,271
New Taiwan Dollar Long 06/13/2016 $3,788,175
New Taiwan Dollar Short 06/13/2016 $-9,084,427
Nuevo Sol Total Contracts: $-680,282
Nuevo Sol Long 06/10/2016 $8,728,009
Nuevo Sol Short 06/10/2016 $-8,522,554
Nuevo Sol Short 06/10/2016 $-885,737
Philippine Peso Total Contracts: $38,272,704
Philippine Peso Long 07/13/2016 $16,635,567
Philippine Peso Long 07/13/2016 $460,677
Philippine Peso Long 06/10/2016 $4,022,395
Philippine Peso Long 06/10/2016 $8,360,439
Philippine Peso Long 06/10/2016 $201,760
Philippine Peso Long 05/12/2016 $320,555
Philippine Peso Short 05/12/2016 $-3,928,105
Philippine Peso Long 05/12/2016 $12,199,416
Rand Total Contracts: $28,599,779
Rand Long 07/13/2016 $4,601,254
Rand Long 06/10/2016 $1,777,278
Rand Long 06/10/2016 $3,185,754
Rand Long 06/10/2016 $14,541,367
Rand Long 06/10/2016 $218,823
Rand Short 05/12/2016 $-2,006,287
Rand Long 05/12/2016 $179,133
Rand Long 05/12/2016 $5,881,878
Rand Long 05/12/2016 $220,579
Rupiah Total Contracts: $33,681,714
Rupiah Long 06/10/2016 $20,398,270
Rupiah Long 06/10/2016 $3,431,383
Rupiah Long 06/10/2016 $1,268,257
Rupiah Long 06/10/2016 $414,638
Rupiah Long 05/12/2016 $10,565,394
Rupiah Short 05/12/2016 $-2,396,228
Russian Ruble Total Contracts: $33,185,532
Russian Ruble Long 07/13/2016 $586,669
Russian Ruble Long 06/10/2016 $3,593,191
Russian Ruble Long 06/10/2016 $19,360,067
Russian Ruble Long 05/12/2016 $496,816
Russian Ruble Short 05/12/2016 $-1,055,232
Russian Ruble Long 05/12/2016 $289,320
Russian Ruble Long 05/12/2016 $9,914,701
Singapore Dollar Total Contracts: $-2,048,556
Singapore Dollar Long 05/12/2016 $4,825,817
Singapore Dollar Short 05/12/2016 $-866,268
Singapore Dollar Short 05/12/2016 $-6,008,105
Turkish Lira Total Contracts: $31,989,993
Turkish Lira Long 07/13/2016 $2,985,347
Turkish Lira Long 06/10/2016 $3,145,104
Turkish Lira Long 06/10/2016 $1,786,991
Turkish Lira Long 06/10/2016 $3,223,731
Turkish Lira Long 06/10/2016 $212,652
Turkish Lira Short 05/12/2016 $-1,987,134
Turkish Lira Long 05/12/2016 $22,623,302
Won Total Contracts: $28,309,236
Won Long 06/10/2016 $3,602,753
Won Long 06/10/2016 $21,546,308
Won Long 06/10/2016 $276,460
Won Long 05/12/2016 $8,074,380
Won Short 05/12/2016 $-7,709,345
Won Long 05/12/2016 $247,322
Won Short 05/12/2016 $-4,591,865
Won Long 05/12/2016 $6,863,223
Yen Total Contracts: $0
Yen Short 05/12/2016 $-4,093,987
Yen Long 05/12/2016 $4,814,852
Yen Short 05/12/2016 $-720,865
Yuan Renminbi Total Contracts: $7,765,903
Yuan Renminbi Long 07/13/2016 $7,765,903
Zloty Total Contracts: $26,391,491
Zloty Long 07/13/2016 $6,182,947
Zloty Long 06/10/2016 $3,201,509
Zloty Long 06/10/2016 $1,388,543
Zloty Long 05/12/2016 $121,825
Zloty Long 05/12/2016 $15,889,650
Zloty Short 05/12/2016 $-4,388,320
Zloty Long 05/12/2016 $3,995,337

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of06/29/2016
$0.065
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 06/30/2016
Daily Daily 07/31/2016
Daily Daily 08/31/2016
Daily Daily 09/30/2016
Daily Daily 10/31/2016
Daily Daily 11/30/2016
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
07/28/2016 07/29/2016

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/29/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $5.43
$100,000 to $249,999 1.75% 1.50% $5.40
$250,000 to $499,999 1.25% 1.00% $5.38
$500,000 to $999,999 0.00% 1.00% $5.31
$1,000,000 to $5,000,000 0.00% 1.00% $5.31

Expense Ratioas of 05/31/2016

Fund Review

Fund Review

Market Review as of 03/31/2016

Although major sectors of U.S. fixed income securities posted positive returns in the first quarter of 2016, the period saw a sharp increase in volatility. Securities markets in January continued their sell-off from the end of 2015, as investors continued to grapple with a strengthening U.S. dollar, a slowdown in Chinese economic growth, and a renewed slump in commodity prices. However, early February marked a reversal in U.S. dollar strength and commodity prices began a sharp rebound. A dovish tone coming from the U.S. Federal Reserve (Fed), combined with the European Central Bank’s unexpected interest rate cut in March, further eased investor concerns, sparking a significant rally for risk assets through the second half of the quarter. Speculation still remains, however, regarding the future pace of interest rate hikes and the quality and persistence of the recent rally. 

Following its policy meeting on March 15–16, the Fed released a statement suggesting that U.S. economic growth has continued to expand at a moderate pace, noting that the labor market continues to improve, though business investment and net exports have been soft. The Fed again noted that inflation continues to run below policymakers’ longer-run objective of 2%. During the March meeting, the Fed decided to maintain the targeted fed funds rate in the range of 0.25–0.50%, and declared: “The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2% inflation.”1 Fed policymakers’ median projected estimate for the fed funds remains at 1.4% for the end of 2016.2

U.S. Treasuries (as represented by the BofA Merrill Lynch U.S. Treasury Index3) posted a return of 3.35% for the three-month period ended March 31, 2016.  The high yield bond market (as represented by the BofA Merrill Lynch U.S. High Yield Constrained Index4) posted a positive return of 3.25% for the quarter after beginning 2016 down over 5% through early February. The floating rate loan market (as represented by the Credit Suisse Leveraged Loan Index5) returned 1.33%, which trailed the returns of the high yield bond market, although with less volatility for the period.  The convertible bond market (as represented by the BofA Merrill Lynch All Convertibles, All Qualities Index6) returned ‑1.56%, lagging other fixed income assets due to the underperformance of the underlying equities.

Among higher credit quality securities, investment grade corporate debt (as represented by the Barclays U.S. Corporate Bond Index7) posted a return of 3.97%. Agency mortgage-backed securities (as represented by the Barclays MBS Index8) returned 1.98%. Commercial MBS (CMBS) (as represented by the Barclays U.S. CMBS Investment Grade Index9) returned 3.56%.

The municipal bond market (as represented by the BofA Merrill Lynch U.S. Municipal Securities Index10), posted a 1.64% return. Given the favorable tax treatment of many municipal bonds, the after-tax returns were comparable with other fixed income asset classes during the period, although municipals exhibited much less volatility. Overall creditworthiness in the municipal bond market continues to improve, as most states’ finances experienced rising revenues, while maintaining balanced budgets.

Within emerging markets, the major drivers of strong performance included a dovish Fed, weaker U.S. dollar, and a strong rally in commodity prices. Thus, U.S. dollar-denominated emerging markets corporate debt (as measured by the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified Index11) returned 3.89%, outperforming most U.S.-centric, fixed-income asset classes.                                                        

U.S. inflation continued to struggle to reach the Fed’s 2% inflation target, as overall Consumer Price Index (CPI)12 increased just 1.0% over the 12-month period ended February 2016. The CPI (excluding food and energy prices), however, increased 2.3% over the same 12-month period.13 Increases in prices in February were offset due to a decline in the energy index. The CPI for all items (excluding food and energy) increased 0.3 % in February, the same increase as in January.

The U.S. labor market continued to strengthen in the fourth quarter of 2015, albeit at a slower pace. The U.S. Bureau of Labor Statistics reported that non-farm payrolls increased by 215,000 in March, above the trailing three-month average monthly gain of 209,000, while the unemployment rate held steady 5.0%.14

According to J.P. Morgan Securities, high yield new issue volume reached a 10-month high in March, totaling $28.2 billion in March alone. High yield issuance totaled $51.2 billion for first quarter 2016, which was a 46% decrease from the year-ago quarter, but a 21% improvement from fourth quarter 2015. Institutional loan issuance, however, decreased 41% in first quarter 2016 from fourth quarter 2015, posting a modest $35.2 billion in new issuance. Default activity notably increased over the period, with the majority of defaults expectedly coming from the energy and metals and mining sectors. During the first quarter of 2016, $24.1 billion par value of high yield bonds and $7.2 billion of par value loans defaulted for a total of $31.4 billion of defaults.  This compares to a trailing five-year quarterly average of $8.5 billion of par value defaults, according to J.P. Morgan Securities.

Fund Review as of 03/31/2016

The Fund returned 4.12%, reflecting performance at net asset value (NAV) of Class A shares, with all distributions reinvested, for the three-month period ended March 31, 2016. The Fund’s benchmark, the Barclays Global Emerging Market Strategy (GEMS) Index1, returned 4.52% in the same period. The Fund’s average annual total returns, which reflect performance at the maximum 2.25% sales charge applicable to Class A share investments and include the reinvestment of all distributions, as of March 31, 2016, are: one year: -4.68%; five years: -3.12%; and 10 years: 1.27%. Expense ratio: 0.98%.

Performance data quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end call Lord Abbett at 888-522-2388 or visit us at www.lordabbett.com.

Overall, we increased the risk in the Fund at the beginning of the quarter in anticipation of the rebound in EM currencies. As the sentiment improved toward the middle of the period, we added risk in higher beta names in Latin America and trimmed our defensive positions in Asia.

We expected some stabilization in oil prices and commodities in general during the quarter; hence, the Fund’s overweight positioning in the Russian ruble and Colombian peso was a detriment to relative performance in the beginning of the quarter, as oil prices continued to decline in January. The Fund remained underweight the euro-tied currencies for most of the quarter, which hurt performance, as the currencies team expected the ECB to announce further stimulus measures targeting the euro.

The Fund positions in commodity linked currencies, such as Russian ruble and Colombian peso, were the biggest contributors to performance in the second half of the period, more than offsetting losses incurred in January. We increased the Fund’s positioning in Latin American currencies, which contributed to performance, as stabilization of the Chinese yuan, the recovery in oil prices, and a dovish Fed fueled the rally in higher beta currencies in the region. We increased the Fund’s position in the Korean won at the beginning of February, which helped performance. In our view, fears of a slowdown of the Chinese economy were overblown, and the South Korean currency benefited from the relative stabilization of yuan and stimulus measures announced by PBC.

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

The U.S. Federal Reserve remained a driving force within fixed income markets in the first quarter of 2016. While the Fed’s liftoff provided some clarity at the end of 2015, it was followed by mostly dovish statements by Fed officials, which eventually proved to be beneficial for risk assets this quarter. We think there still remains much uncertainty regarding the pace at which the Federal Open Market Committee, the Fed’s policy-setting arm, will continue to raise rates. Most market participants expect a slow and gradual rise, as has been indicated by Fed statements.  However, the effectiveness of the tools at the Fed’s disposal, coupled with increased instability in the global financial markets, China in particular, remain a cause for concern, as Fed officials seek to normalize policy after unprecedented levels of quantitative easing in recent years.

Despite the initial overall positive market reaction to the Fed’s decision to raise rates in December 2015, investor sentiment soon turned negative, as worries about China’s sluggish growth and continued uncertainty regarding deflation in the eurozone resurfaced at the beginning of the year. The subsequent sell-off in risk assets raised doubts about the pace of the monetary policy normalization plan as laid out by the Fed late in 2015. As sentiment improved toward the end of the quarter, investors likely will continue to monitor closely key economic data, with a particular focus on inflation, for an indication that the Fed might have sufficient justification to accelerate its interest rate tightening cycle. Similarly, investors will be looking for reassurance that if U.S. growth stagnates, the Fed will slow its progression in order to support the economy. Finally, although fears have abated about China’s economic slowdown, and a consequent “hard landing,” the economic situation there remains an area of concern, as the country has the ability to disrupt global markets, including U.S.-centric fixed income and equity markets.

Emerging markets have been the biggest beneficiary in the recent reduction in volatility and we are near term constructive on the asset class. Although fundamentals remain lackluster, we think that the risk sentiment turned more supportive, as commodity prices rebounded from the lows and stabilization in the Chinese currency should continue to serve as a major positive contributor to the performance of emerging markets. It remains to be seen, however, if the current positive sentiment is sustainable in the long run, thus later in the quarter we started to tactically reduce exposure to commodity sensitive currencies in order to realize gains and reduce portfolio risk.  

Fund Documents

Fund Documents

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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 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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