For a locally compact Hausdorff abelian topological group $G$, let $G^\vee = \mathrm{Hom}_{cts}(G, \mathbb{R}/\mathbb{Z})$ denote its Pontryagin dual, endowed with the compact-open topology. It is more or less easy to show that, if $(M_i)_i$ is a directed system of such groups, then $$ (\varinjlim M_i)^\vee \cong \varprojlim M_i^\vee $$ with the obvious morphisms on the RHS. I am interested in the somehow dual question: if $\{M_i\}$ is an inverse system of such groups, is it true that $$ (\varprojlim M_i)^\vee \cong \varinjlim M_i^\vee $$ ? On one hand, Pontryagin duality (the double dual of something is isomorphic to that thing) would seem to indicate that the above is true: $$ (\varprojlim M_i)^\vee \cong (\varprojlim M_i^{\vee\vee})^\vee \color{blue}{\cong} (\varinjlim M_i^\vee)^{\vee\vee} \color{blue}{\cong} (\varinjlim M_i^\vee). $$
However this seems to contradict the following example: consider the inverse system $(\mathbb{Z})_i$ with $i \in \mathbb{N}$ and transition maps equal to multiplication by e.g. $p$ a prime. Here $\mathbb{Z}$ is given the discrete topology. Then on one hand we have $\mathbb{Z}^\vee \cong \mathbb{R}/\mathbb{Z}$ and on the other $\varprojlim \mathbb{Z} = \{0\}$. How can it be that $$ (\varprojlim \mathbb{Z})^\vee = \{0\}^\vee = 0 \stackrel{?}{\cong} \varinjlim \mathbb{R}/\mathbb{Z} $$ ? If my computations are correct, the transition maps on the RHS are multiplication by $p$, and that direct limit certainly does not seem trivial.
P.S.: I guess for the two duality properties of limits stated at the beginning, one needs to ask the corresponding direct/inverse limit to be locally compact (in order to take duals). I'm not sure if that is really an extra condition or always the case, but it holds in the example at any rate.
Edit: In the two isomorphisms highlighted in blue, one is tacitly assuming that the inverse/direct limit in question is indeed (locally compact, abelian) Hausdorff to apply Pontryagin duality. This is what fails in the example.