Core
(Shares
Offered—Exchange Ticker Symbol) |
High
Income
(Shares
Offered—Exchange Ticker Symbol) | |||
AB Total Return Bond Portfolio
(Class A–ABQUX;
Class C–ABQCX; Advisor Class–ABQYX; Class R–ABQRX;
Class K–ABQKX; Class I–ABQIX; Class Z–ABQZX) |
AB High Income Fund
(Class A–AGDAX;
Class C–AGDCX; Advisor Class–AGDYX; Class R–AGDRX;
Class K–AGDKX; Class I–AGDIX; Class Z–AGDZX) | |||
AB Global Bond Fund
(Class A–ANAGX;
Class C–ANACX; Advisor Class–ANAYX; Class R–ANARX;
Class K–ANAKX; Class I–ANAIX; Class Z–ANAZX)
AB Sustainable Thematic Credit
Portfolio
(Class
A–STHAX; Advisor Class–STHYX) |
AB Short Duration High Yield
Portfolio
(formerly AB Limited Duration High Income Portfolio) (Class
A–ALHAX; Class C–ALHCX; Advisor Class–ALHYX) | |||
AB Income Fund
(Class
A–AKGAX; Class C–AKGCX; Advisor Class–ACGYX;
Class Z–ACGZX) | ||||
AB Short Duration Income Portfolio
(Class A–SHUAX;
Class C–SHUCX; Advisor Class–SHUYX) | ||||
Tax-Aware
(Shares
Offered—Exchange Ticker Symbol) | ||||
AB Tax-Aware Fixed Income Opportunities
Portfolio
(Class
A–ATTAX; Class C–ATCCX; Advisor
Class–ATTYX) |
Ø Are Not
FDIC Insured
Ø May
Lose Value
Ø Are Not
Bank Guaranteed |
Page | ||||
SUMMARY INFORMATION | 4 | |||
CORE | 4 | |||
4 | ||||
9 | ||||
14 | ||||
HIGH INCOME | 19 | |||
19 | ||||
24 | ||||
29 | ||||
34 | ||||
TAX-AWARE | 39 | |||
39 | ||||
ADDITIONAL INFORMATION ABOUT THE FUNDS’ STRATEGIES, RISKS AND INVESTMENTS | 45 | |||
INVESTING IN THE FUNDS | 61 | |||
61 | ||||
63 | ||||
64 | ||||
65 | ||||
66 | ||||
66 | ||||
68 | ||||
68 | ||||
69 | ||||
70 | ||||
MANAGEMENT OF THE FUNDS | 72 | |||
DIVIDENDS, DISTRIBUTIONS AND TAXES | 75 | |||
GENERAL INFORMATION | 77 | |||
GLOSSARY OF INVESTMENT TERMS | 78 | |||
FINANCIAL HIGHLIGHTS | 80 | |||
APPENDIX A—BOND RATINGS | A-1 | |||
APPENDIX B—HYPOTHETICAL INVESTMENT AND EXPENSE INFORMATION | B-1 | |||
APPENDIX C—FINANCIAL INTERMEDIARY WAIVERS | C-1 |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class
R, K, I and Z
Shares(c) | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class R(c) | Class K(c) | Class I | Class Z | ||||||||||||||||||||||
Management
Fees |
.45% | .45% | .45% | .45% | .45% | .45% | .45% | |||||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||||||
Transfer
Agent |
.15% | .15% | .15% | .31% | .37% | .12% | .03% | |||||||||||||||||||||
Other
Expenses |
.32% | .32% | .32% | .33% | .32% | .32% | .33% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
.47% | .47% | .47% | .64% | .69% | .44% | .36% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
1.17% | 1.92% | .92% | 1.59% | 1.39% | .89% | .81% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fee
Waiver and/or Expense Reimbursement(d) |
(.40)% | (.40)% | (.40)% | (.57)% | (.62)% | (.37)% | (.29)% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.77% | 1.52% | .52% | 1.02% | .77% | .52% | .52% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight
years. |
(c) |
Class
R shares and Class K shares are no longer offered to new investors.
Outstanding Class R shares and Class K shares will be liquidated on or
about May 21, 2024. |
(d) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Fund until January 31, 2025 to the
extent necessary to prevent total Fund operating expenses (excluding
interest expense), on an annualized basis, from exceeding .77%, 1.52%,
.52%, 1.02%, .77%, .52% and .52% of average daily net assets,
respectively, for Class A, Class C, Advisor Class, Class R,
Class K, Class I and Class Z shares (“expense
limitations”). The expense limitations will remain in effect until
January 31, 2025 and may only be terminated or changed with the
consent of the Fund’s Board of Directors. In addition, the agreement will
be automatically extended for one-year terms unless the Adviser provides
notice of termination to the Fund at least 60 days prior to the end of the
period. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After
1 Year |
$ | 500 | $ | 255 | * | $ | 53 | $ | 104 | $ | 79 | $ | 53 | $ | 53 | |||||||||||||
After
3 Years |
$ | 743 | $ | 564 | $ | 253 | $ | 446 | $ | 379 | $ | 247 | $ | 230 | ||||||||||||||
After
5 Years |
$ | 1,004 | $ | 1,000 | $ | 470 | $ | 812 | $ | 701 | $ | 457 | $ | 421 | ||||||||||||||
After
10 Years |
$ | 1,751 | $ | 2,015 | $ | 1,095 | $ | 1,841 | $ | 1,615 | $ | 1,062 | $ | 975 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the market or markets in which the Fund invests
fluctuate. The value of the Fund’s investments may decline, sometimes
rapidly and unpredictably, simply because of economic changes or other
events, including public health crises (including the occurrence of a
contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. The Fund may be subject to a greater risk of rising interest
rates than would normally be the case due to the recent end of a period of
historically low rates and the effects of potential central bank monetary
policy, and government fiscal policy, initiatives and market reactions to
those initiatives. |
• |
Credit Risk: An issuer or guarantor of a
fixed-income security, or the counterparty to a derivatives or other
contract, may be unable or unwilling to make timely payments of interest
or principal, or to otherwise honor its obligations. The issuer or
guarantor may default, causing a loss of the full principal amount of a
security and accrued interest. The degree of risk for a particular
security may be reflected in its credit rating. There is the possibility
that the credit rating of a fixed-income security may be downgraded after
purchase, which may adversely affect the value of the
security. |
• |
Below Investment Grade Securities Risk:
Investments in fixed-income securities with lower ratings (commonly known
as “junk bonds”) are subject to a higher probability that an issuer will
default or fail to meet its payment obligations. These securities may be
subject to greater price volatility due to such factors as specific
corporate developments and negative perceptions of the junk bond market
generally and may be more difficult to trade than other types of
securities. |
• |
Duration Risk: Duration is a measure that
relates the expected price volatility of a fixed-income security to
changes in interest rates. The duration of a fixed-income security may be
shorter than or equal to full maturity of a fixed-income security.
Fixed-income securities with longer durations have more risk and will
decrease in price as interest rates rise. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Fund’s assets can decline as can the value of the Fund’s
distributions. This risk is significantly greater for fixed-income
securities with longer maturities. The Fund invests in inflation-indexed
securities, the value of which may be vulnerable to changes in
expectations of inflation or interest rates. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Emerging Market Risk: Investments in
emerging market countries may have more risk because the markets are less
developed and less liquid and are subject to increased economic,
political, regulatory or other uncertainties. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. |
• |
Mortgage-Related and/or Other Asset-Backed
Securities Risk: Investments in mortgage-related and other
asset-backed securities are subject to certain additional risks. The value
of these securities may be particularly sensitive to changes in interest
rates. These risks include “extension risk”, which is the risk that, in
periods of rising interest rates, issuers may delay the payment of
principal, and “prepayment risk”, which is the risk that in periods of
falling interest rates, issuers may pay principal sooner than expected,
exposing the Fund to a lower rate of return upon reinvestment of
principal. Mortgage-backed securities offered by non-governmental issuers
and other asset-backed securities may be subject to other risks, such as
higher rates of default in the mortgages or assets backing the securities
or risks associated with the nature and servicing of mortgages or assets
backing the securities. |
• |
Leverage Risk: To the extent the Fund
uses leveraging techniques, its net asset value, or NAV, may be more
volatile because leverage tends to exaggerate the effect of changes in
interest rates and any increase or decrease in the value of the Fund’s
investments. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Fund to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the
Fund. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Fund. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Fund shares. Illiquid
investments risk may be higher in a rising interest rate environment, when
the value and liquidity of fixed-income securities generally
decline. |
• |
Active Trading Risk: The Fund expects to
engage in active and frequent trading of its portfolio securities and its
portfolio turnover rate may greatly exceed 100%. A higher rate of
portfolio turnover increases transaction costs, which may negatively
affect the Fund’s return. In addition, a high rate of portfolio turnover
may result in substantial short-term gains, which may have adverse tax
consequences for Fund shareholders. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions, but there is no guarantee that its techniques will
produce the intended results. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
• |
how
the Fund’s performance changed from year to year over ten years;
and |
• |
how
the Fund’s average annual returns for one, five and ten years compare to
those of a broad-based securities market index. |
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 1.52% | -0.06% | 1.34% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 0.01% | -1.37% | 0.05% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 0.87% | -0.54% | 0.49% | |||||||||||||
Class C | Return Before Taxes | 4.13% | 0.05% | 1.02% | ||||||||||||
Advisor Class | Return Before Taxes | 6.17% | 1.05% | 2.03% | ||||||||||||
Class R | Return Before Taxes | 5.65% | 0.55% | 1.52% | ||||||||||||
Class K | Return Before Taxes | 5.90% | 0.80% | 1.77% | ||||||||||||
Class I | Return Before Taxes | 6.27% | 1.05% | 2.02% | ||||||||||||
Class Z** | Return Before Taxes | 6.27% | 1.05% | 2.03% | ||||||||||||
Bloomberg
U.S. Aggregate Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
5.53% | 1.10% | 1.81% |
* |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense
ratios; |
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown;
and |
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement
accounts. |
** |
Inception
date for Class Z shares: 4/25/14. Performance information for periods
prior to the inception of Class Z shares is the performance of the
Fund’s Class A shares adjusted to reflect the expenses of the
Class Z shares. |
Employee | Length of Service | Title | ||
Michael Canter | Since 2016 | Senior Vice President of the Adviser | ||
Matthew S. Sheridan | Since February 2023 | Senior Vice President of the Adviser | ||
Serena Zhou | Since January 2024 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I and Z Shares(c) | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class R(c) | Class K(c) | Class I | Class Z | ||||||||||||||||||||||
Management
Fees |
.47% | .47% | .47% | .47% | .47% | .47% | .47% | |||||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||||||
Transfer
Agent |
.05% | .05% | .05% | .40% | .30% | .07% | .02% | |||||||||||||||||||||
Other
Expenses(d) |
.03% | .03% | .03% | .03% | .03% | .03% | .03% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
.08% | .08% | .08% | .43% | .33% | .10% | .05% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
.80% | 1.55% | .55% | 1.40% | 1.05% | .57% | .52% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight
years. |
(c) |
Class
R shares and Class K shares are no longer offered to new investors.
Outstanding Class R shares and Class K shares will be liquidated on or
about May 21, 2024. |
(d) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After
1 Year |
$ | 503 | $ | 258 | * | $ | 56 | $ | 143 | $ | 107 | $ | 58 | $ | 53 | |||||||||||||
After
3 Years |
$ | 670 | $ | 490 | $ | 176 | $ | 443 | $ | 334 | $ | 183 | $ | 167 | ||||||||||||||
After
5 Years |
$ | 850 | $ | 845 | $ | 307 | $ | 766 | $ | 579 | $ | 318 | $ | 291 | ||||||||||||||
After
10 Years |
$ | 1,373 | $ | 1,643 | $ | 689 | $ | 1,680 | $ | 1,283 | $ | 714 | $ | 653 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the market or markets in which the Fund invests
fluctuate. The value of the Fund’s investments may decline, sometimes
rapidly and unpredictably, simply because of economic changes or other
events, including public health crises (including the occurrence of a
contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. The Fund may be subject to a greater risk of rising interest
rates than would normally be the case due to the recent end of a period of
historically low rates and the effects of potential central bank monetary
policy, and government fiscal policy, initiatives and market reactions to
those initiatives. |
• |
Credit Risk: An issuer or guarantor of a
fixed-income security, or the counterparty to a derivatives or other
contract, may be unable or unwilling to make timely payments of interest
or principal, or to otherwise honor its obligations. The issuer or
guarantor may default, causing a loss of the full principal amount of a
security and accrued interest. The degree of risk for a particular
security may be reflected in its credit rating. There is the possibility
that the credit rating of a fixed-income security may be downgraded after
purchase, which may adversely affect the value of the
security. |
• |
Below Investment Grade Securities Risk:
Investments in fixed-income securities with lower ratings (commonly known
as “junk bonds”) are subject to a higher probability that an issuer will
default or fail to meet its payment obligations. These securities may be
subject to greater price volatility due to such factors as specific
corporate developments and negative perceptions of the junk bond market
generally and may be more difficult to trade than other types of
securities. |
• |
Duration Risk: Duration is a measure that
relates the expected price volatility of a fixed-income security to
changes in interest rates. The duration of a fixed-income security may be
shorter than or equal to full maturity of a fixed-income security.
Fixed-income securities with longer durations have more risk and will
decrease in price as interest rates rise. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Fund’s assets can decline as can the value of the Fund’s
distributions. This risk is significantly greater for fixed-income
securities with longer maturities. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Mortgage-Related and/or Other Asset-Backed
Securities Risk: Investments in mortgage-related and other
asset-backed securities are subject to certain additional risks. The value
of these securities may be particularly sensitive to changes in interest
rates. These risks include “extension risk”, which is the risk that, in
periods of rising interest rates, issuers may delay the payment of
principal, and “prepayment risk”, which is the risk that in periods of
falling interest rates, issuers may pay principal sooner than expected,
exposing the Fund to a lower rate of return upon reinvestment of
principal. Mortgage-backed securities offered by non-governmental issuers
and other asset-backed securities may be subject to other risks, such as
higher rates of default in the mortgages or assets backing the securities
or risks associated with the nature and servicing of mortgages or assets
backing the securities. |
• |
Emerging Market Risk: Investments in
emerging market countries may have more risk because the markets are less
developed and less liquid and are subject to increased economic,
political, regulatory or other uncertainties. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. |
• |
Leverage Risk: To the extent the Fund
uses leveraging techniques, its net asset value, or NAV, may be more
volatile because leverage tends to exaggerate the effect of changes in
interest rates and any increase or decrease in the value of the Fund’s
investments. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Fund to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the
Fund. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments become difficult to
purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Fund. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemption of Fund shares. Foreign
fixed-income securities may have more illiquid investments risk because
secondary trading markets for these securities may be smaller and less
well-developed and the securities may trade less frequently than domestic
securities. Illiquid investments risk may be higher in I rising interest
rate environment, when the value and liquidity of fixed-income securities
generally decline. |
• |
Active Trading Risk: The Fund expects to
engage in active and frequent trading of its portfolio securities and its
portfolio turnover rate may greatly exceed 100%. A higher rate of
portfolio turnover increases transaction costs, which may negatively
affect the Fund’s return. In addition, a high rate of portfolio turnover
may result in substantial short-term gains, which may have adverse tax
consequences for Fund shareholders. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions, but there is no guarantee that its techniques will
produce the intended results. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
• |
how
the Fund’s performance changed from year to year over ten years;
and |
• |
how
the Fund’s average annual returns for one, five and ten years compare to
those of a broad-based securities market index. |
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 2.27% | 0.02% | 1.54% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 1.21% | -1.53% | 0.06% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 1.32% | -0.59% | 0.55% | |||||||||||||
Class C | Return Before Taxes | 5.01% | 0.09% | 1.22% | ||||||||||||
Advisor Class | Return Before Taxes | 6.95% | 1.11% | 2.25% | ||||||||||||
Class R | Return Before Taxes | 6.04% | 0.37% | 1.54% | ||||||||||||
Class K | Return Before Taxes | 6.52% | 0.72% | 1.88% | ||||||||||||
Class I | Return Before Taxes | 6.93% | 1.10% | 2.25% | ||||||||||||
Class Z** | Return Before Taxes | 6.98% | 1.15% | 2.30% | ||||||||||||
Bloomberg
Global Aggregate Bond Index
(U.S.
hedged) (reflects no deduction for fees, expenses, or taxes) |
7.15% | 1.40% | 2.41% |
* |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense
ratios; |
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown;
and |
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement
accounts. |
** |
Inception
date of Class Z shares: 10/15/13. Performance information for periods
prior to the inception of Class Z shares is the performance of the
Fund’s Class A shares adjusted to reflect the expenses of the
Class Z shares. |
Employee | Length of Service | Title | ||
Christian DiClementi | Since January 2024 | Senior Vice President of the Adviser | ||
Scott A. DiMaggio | Since 2005 | Senior Vice President of the Adviser | ||
Matthew S. Sheridan | Since 2007 | Senior Vice President of the Adviser | ||
John Taylor | Since 2019 | Senior Vice President of the Adviser |
Class A Shares |
Advisor Class Shares | |||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | ||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | None | ||
Exchange
Fee |
None | None |
Class A | Advisor Class | |||||||
Management
Fees |
.45% | .45% | ||||||
Distribution
and/or Service (12b-1) Fees |
.25% | None | ||||||
Other
Expenses: |
||||||||
Transfer
Agent |
.01% | .01% | ||||||
Other
Expenses |
.21% | .21% | ||||||
|
|
|
|
|||||
Total
Other Expenses |
.22% | .22% | ||||||
|
|
|
|
|||||
Total
Annual Fund Operating Expenses |
.92% | .67% | ||||||
|
|
|
|
|||||
Fee
Waiver and/or Expense Reimbursement(b) |
(.07)% | (.07)% | ||||||
|
|
|
|
|||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.85% | .60% | ||||||
|
|
|
|
|||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
The
Adviser has contractually agreed to waive its management fee and/or to
bear certain expenses of the Fund through January 31, 2025 to the
extent necessary to prevent total Fund operating expenses (excluding
expenses associated with acquired fund fees and expenses other than the
advisory fees of any AB Funds in which the Fund may invest, interest
expense and extraordinary expenses), on an annualized basis, from
exceeding .85% and .60% of average daily net assets, respectively, for
Class A and Advisor Class shares (“expense limitations”). Any fees
waived and expenses borne by the Adviser may be reimbursed by the Fund
until the end of the third fiscal year after the fiscal period in which
the fee was waived or the expense was borne, provided that no
reimbursement payment will be made that would cause the Fund’s covered
operating expenses to exceed the applicable expense limitations. The
expense limitations will remain in effect until January 31, 2025 and
may only be terminated or changed with the consent of the Fund’s Board of
Directors. In addition, the expense limitations will be automatically
extended for one-year terms unless the Adviser provides notice of
termination to the Fund at least 60 days prior to the end of the period.
|
Class A | Advisor Class | |||||||
After
1 Year |
$ | 508 | $ | 61 | ||||
After
3 Years |
$ | 699 | $ | 207 | ||||
After
5 Years |
$ | 906 | $ | 366 | ||||
After
10 Years |
$ | 1,502 | $ | 828 |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the market or markets in which the Fund invests
fluctuate. The value of the Fund’s investments may decline, sometimes
rapidly and unpredictably, simply because of economic changes or other
events, including public health crises (including the occurrence of a
contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
• |
ESG Risk: Applying ESG and sustainability
criteria to the investment process may exclude securities of certain
issuers for non-investment reasons and, therefore, the Fund may forgo some
market opportunities available to funds that do not use ESG or
sustainability criteria. Securities of companies with ESG practices may
shift into and out of favor depending on market and economic conditions,
and the Fund’s performance may at times be better or worse than the
performance of funds that do not use ESG or sustainability criteria.
Furthermore, ESG and sustainability criteria are not uniformly defined,
and the Fund’s ESG and sustainability criteria may differ from those used
by other funds. In addition, in evaluating an investment, the Adviser is
dependent upon information and data that may be incomplete, inaccurate or
unavailable, which could adversely affect the analysis of the ESG and
sustainability factors relevant to a particular investment.
|
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. The Fund may be subject to a greater risk of rising interest
rates than would normally be the case due to the recent end of a period of
historically low rates and the effects of potential central bank monetary
policy, and government fiscal policy, initiatives and market reactions to
those initiatives. |
• |
Credit Risk: An issuer or guarantor of a
fixed-income security, or the counterparty to a derivatives or other
contract, may be unable or unwilling to make timely payments of interest
or principal, or to otherwise honor its obligations. The issuer or
guarantor may default, causing a loss of the full principal amount of a
security and accrued interest. The degree of risk for a particular
security may be reflected in its credit rating. There is the possibility
that the credit rating of a fixed-income security may be downgraded after
purchase, which may adversely affect the value of the security.
|
• |
Below Investment Grade Securities Risk:
Investments in fixed-income securities with lower ratings (commonly known
as “junk bonds”) tend to have a higher probability that an issuer will
default or fail to meet its payment obligations. These securities may be
subject to greater price volatility due to factors such as specific
corporate developments, interest rate sensitivity and negative perceptions
of the junk bond market generally, and may be more difficult to trade than
other types of securities. |
• |
Duration Risk: Duration is a measure that
relates the expected price volatility of a fixed-income security to
changes in interest rates. The duration of a fixed-income security may be
shorter than or equal to full maturity of a fixed-income security.
Fixed-income securities with longer durations have more risk and will
decrease in price as interest rates rise. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Fund’s assets can decline as can the value of the Fund’s
distributions. This risk is significantly greater for fixed-income
securities with longer maturities. The Fund invests in inflation-indexed
securities, the value of which may be vulnerable to changes in
expectations of inflation or interest rates. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Emerging Market Risk: Investments in
emerging market countries may have more risk because the markets are less
developed and less liquid and are subject to increased economic,
political, regulatory or other uncertainties. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. Emerging market currencies may be more volatile and
less liquid, and subject to significantly greater risk of currency
controls and convertibility restrictions, than currencies of developed
countries. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Fund to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Fund.
|
• |
Leverage Risk: To the extent the Fund
uses leveraging techniques, its net asset value, or NAV, may be more
volatile because leverage tends to exaggerate the effect of changes in
interest rates and any increase or decrease in the value of the Fund’s
investments. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Fund. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Fund shares. Illiquid
investments risk may be higher in a rising interest rate environment, when
the value and liquidity of fixed-income securities generally decline.
|
• |
Non-Diversification Risk: The Fund may
have more risk because it is “non-diversified”, meaning that it can invest
more of its assets in a smaller number of issuers. Accordingly, changes in
the value of a single security may have a more significant effect, either
negative or positive, on the Fund’s NAV. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions, but there is no guarantee that its techniques will
produce the intended results. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
• |
how
the Fund’s performance changed from year to year over the life of the
Fund; and |
• |
how
the Fund’s average annual returns for one year and since inception compare
to those of a broad-based securities market index.
|
1 Year | Since Inception* |
|||||||||||
Class A** | Return Before Taxes | 3.83% | -5.09% | |||||||||
| ||||||||||||
Return After Taxes on Distributions | 2.40% | -6.19% | ||||||||||
| ||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 2.22% | -4.29% | ||||||||||
Advisor Class | Return Before Taxes | 8.62% | -3.34% | |||||||||
Bloomberg
U.S. Corporate Total Return Value Unhedged USD Index (also known as the
“Bloomberg U.S. Corporate Bond Index”)
(reflects
no deduction for fees, expenses, or taxes) |
8.52% | -2.45% |
* |
Inception
date is 5/10/21. |
** |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the Advisor Class
shares because the Advisor Class shares have a different expense ratio;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Gershon M. Distenfeld | Since 2021 | Senior Vice President of the Adviser | ||
Timothy Kurpis | Since January 2024 | Senior Vice President of the Adviser | ||
Tiffanie Wong | Since 2021 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I and Z Shares(c) | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
||||||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
||||||||
Exchange
Fee |
Class A | Class C | Advisor Class | Class R(c) | Class K(c) | Class I | Class Z | ||||||||||||||||||||||
Management
Fees |
||||||||||||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
||||||||||||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||||||
Transfer
Agent |
||||||||||||||||||||||||||||
Interest
Expense |
||||||||||||||||||||||||||||
Other
Expenses(d) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fee
Waiver and/or Expense Reimbursement(e) |
( |
(f) | ( |
(f) | ( |
( |
(f) | ( |
( |
(f) | ( |
(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) |
|
(b) |
|
(c) |
|
(d) |
|
(e) |
|
(f) |
|
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After
1 Year |
$ | $ | * | $ | $ | $ | $ | $ | ||||||||||||||||||||
After
3 Years |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
After
5 Years |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
After
10 Years |
$ | $ | $ | $ | $ | $ | $ |
* |
|
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the market or markets in which the Fund invests
fluctuate. The value of the Fund’s investments may decline, sometimes
rapidly and unpredictably, simply because of economic changes or other
events, including public health crises (including the occurrence of a
contagious disease or illness) and regional and global conflicts, that
affect large portions of the
market. |
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. The Fund may be subject to a greater risk of rising interest
rates than would normally be the case due to the recent end of a period of
historically low rates and the effects of potential central bank monetary
policy, and government fiscal policy, initiatives and market reactions to
those initiatives. |
• |
Credit Risk: An issuer or guarantor of a
fixed-income security, or the counterparty to a derivatives or other
contract, may be unable or unwilling to make timely payments of interest
or principal, or to otherwise honor its obligations. The issuer or
guarantor |
may
default, causing a loss of the full principal amount of a security and
accrued interest. The degree of risk for a particular security may be
reflected in its credit rating. There is the possibility that the credit
rating of a fixed-income security may be downgraded after purchase, which
may adversely affect the value of the
security. |
• |
Below Investment Grade Securities Risk:
Investments in fixed-income securities with lower ratings (commonly known
as “junk bonds”) tend to have a higher probability that an issuer will
default or fail to meet its payment obligations. These securities may be
subject to greater price volatility due to such factors as specific
corporate developments and negative perceptions of the junk bond market
generally and may be more difficult to trade than other types of
securities. |
• |
Duration Risk: Duration is a measure that
relates the expected price volatility of a fixed-income security to
changes in interest rates. The duration of a fixed-income security may be
shorter than or equal to full maturity of a fixed-income security.
Fixed-income securities with longer durations have more risk and will
decrease in price as interest rates
rise. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Fund’s assets can decline as can the value of the Fund’s
distributions. This risk is significantly greater for fixed-income
securities with longer
maturities. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Emerging Market Risk: Investments in
emerging market countries may have more risk because the markets are less
developed and less liquid and are subject to increased economic,
political, regulatory or other
uncertainties. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. |
• |
Mortgage-Related and/or Other Asset-Backed
Securities Risk: Investments in mortgage-related and other
asset-backed securities are subject to certain additional risks. The value
of these securities may be particularly sensitive to changes in interest
rates. These risks include “extension risk”, which is the risk that, in
periods of rising interest rates, issuers may delay the payment of
principal, and “prepayment risk”, which is the risk that in periods of
falling interest rates, issuers may pay principal sooner than expected,
exposing the Fund to a lower rate of return upon reinvestment of
principal. Mortgage-backed securities offered by non-governmental issuers
and other asset-backed securities may be subject to other risks, such as
higher rates of default in the mortgages or assets backing the securities
or risks associated with the nature and servicing of mortgages or assets
backing the securities. |
• |
Loan Participations and Assignments Risk:
When the Fund purchases loan participations and assignments, it is subject
to the credit risk associated with the underlying corporate borrower.
In addition, the lack of a liquid secondary market for loan participations
and assignments may have an adverse impact on the value of such
investments and the Fund’s ability to dispose of particular assignments or
participations when necessary to meet the Fund’s liquidity needs or in
response to a specific economic event such as a deterioration in the
creditworthiness of the
borrower. |
• |
Leverage Risk: To the extent the Fund
uses leveraging techniques, its net asset value, or NAV, may be more
volatile because leverage tends to exaggerate the effect of changes in
interest rates and any increase or decrease in the value of the Fund’s
investments. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Fund to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the
Fund. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments become difficult to
purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Fund. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Fund shares. Illiquid
investments risk may be higher in a rising interest rate environment, when
the value and liquidity of fixed-income securities generally
decline. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions, but there is no guarantee that its techniques will
produce the intended results. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
• |
|
• |
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | |||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | ||||||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | ||||||||||||||||
Class C | Return Before Taxes | |||||||||||||||
Advisor Class | Return Before Taxes | |||||||||||||||
Class R | Return Before Taxes | |||||||||||||||
Class K | Return Before Taxes | |||||||||||||||
Class I | Return Before Taxes | |||||||||||||||
Class Z** | Return Before Taxes | |||||||||||||||
Bloomberg
Global High Yield Index (USD Hedged)
(reflects
no deduction for fees, expenses, or taxes) |
||||||||||||||||
JPMorgan
Emerging Markets Bond Index Global (“EMBI Global”) (U.S.
Dollar-denominated)
(reflects
no deduction for fees, expenses, or taxes) |
||||||||||||||||
JPMorgan
Government Bond Index-Emerging Markets (“GBI-EM”) (local
currency-denominated)
(reflects
no deduction for fees, expenses, or taxes) |
- |
|||||||||||||||
Bloomberg
U.S. Corporate High Yield 2% Issuer Capped Index (“BC High Yield”)
(reflects
no deduction for fees, expenses, or taxes) |
||||||||||||||||
Composite Benchmark (equal weighted blend of EMBI Global, GBI-EM and BC High Yield)# |
* |
|
|
|
|
** |
|
# |
|
Employee | Length of Service | Title | ||
Christian DiClementi | Since 2021 | Senior Vice President of the Adviser | ||
Gershon M. Distenfeld | Since 2008 | Senior Vice President of the Adviser | ||
Fahd Malik | Since 2021 | Senior Vice President of the Adviser | ||
Matthew S. Sheridan | Since 2005 | Senior Vice President of the Adviser | ||
William Smith | Since 2022 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares | ||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | |||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | |||
Exchange
Fee |
None | None | None |
Class A | Class C | Advisor Class | ||||||||||
Management
Fees |
.55% | .55% | .55% | |||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | (c) | 1.00% | None | ||||||||
Other
Expenses: |
||||||||||||
Transfer
Agent |
.06% | .06% | .06% | |||||||||
Other
Expenses |
.16% | .16% | .17% | |||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
.22% | .22% | .23% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses |
1.02% | 1.77% | .78% | |||||||||
|
|
|
|
|
|
|||||||
Fee
Waiver and/or Expense Reimbursement(d) |
(.07)% | (.07)% | (.08)% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.95% | 1.70% | .70% | |||||||||
|
|
|
|
|
|
|||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
(c) |
Restated
to reflect current expenses. |
(d) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Fund until January 31, 2025 to the
extent necessary to prevent total Fund operating expenses (excluding
acquired fund fees and expenses other than the advisory fees of any AB
Funds in which the Fund may invest, interest expense, taxes, extraordinary
expenses, and brokerage commissions and other transaction costs), on an
annualized basis, from exceeding .95%, 1.70% and .70% of average daily net
assets, respectively, for Class A, Class C and Advisor
Class shares (“expense limitations”). The expense limitations will
remain in effect until January 31, 2025 and may only be terminated or
changed with the consent of the Fund’s Board of Directors. In addition,
the expense limitations will be automatically extended for one-year terms
unless the Adviser provides notice of termination to the Fund at least 60
days prior to the end of the period. |
Class A | Class C | Advisor Class | ||||||||||
After
1 Year |
$ | 518 | $ | 273 | * | $ | 72 | |||||
After
3 Years |
$ | 729 | $ | 550 | $ | 241 | ||||||
After
5 Years |
$ | 958 | $ | 953 | $ | 425 | ||||||
After
10 Years |
$ | 1,614 | $ | 1,880 | $ | 959 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the market or markets in which the Fund invests
fluctuate. The value of the Fund’s investments may decline, sometimes
rapidly and unpredictably, simply because of economic changes or other
events, including public health crises (including the occurrence of a
contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. The Fund may be subject to a greater risk of rising interest
rates than would normally be the case due to the recent end of a period of
historically low rates and the effects of potential central bank monetary
policy, and government fiscal policy, initiatives and market reactions to
those initiatives. |
• |
Credit Risk: An issuer or guarantor of a
fixed-income security, or the counterparty to a derivatives or other
contract, may be unable or unwilling to make timely payments of interest
or principal, or to otherwise honor its obligations. The issuer, guarantor
or counterparty may default, causing a loss of the full principal amount
of a security and accrued interest. The degree of risk for a particular
security may be reflected in its credit rating. There is the possibility
that the credit rating of a fixed-income security may be downgraded after
purchase, which may adversely affect the value of the security.
|
• |
Below Investment Grade Securities Risk:
Investments in fixed-income securities with lower ratings (commonly known
as “junk bonds”) are subject to a higher probability that an issuer will
default or fail to meet its payment obligations. These securities may be
subject to greater price volatility due to such factors as specific
corporate developments and negative perceptions of the junk bond market
generally and may be more difficult to trade than other types of
securities. |
• |
Duration Risk: Duration is a measure that
relates the expected price volatility of a fixed-income security to
changes in interest rates. The duration of a fixed-income security may be
shorter than or equal to full maturity of a fixed-income security. Fixed-
income securities with longer durations have more risk and will decrease
in price as interest rates rise. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Fund’s assets can decline as can the value of the Fund’s
distributions. This risk is significantly greater for fixed-income
securities with longer maturities. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Fund to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Fund.
|
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Emerging Market Risk: Investments in
emerging market countries may have more risk because the markets are less
developed and less liquid and are subject to increased economic,
political, regulatory and other uncertainties. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. |
• |
Loan Participations and Assignments Risk:
When the Fund purchases loan participations and assignments, it is subject
to the credit risk associated with the underlying corporate borrower. In
addition, the lack of a liquid secondary market for loan participations
and assignments may have an adverse impact on the value of such
investments and the Fund’s ability to dispose of particular assignments or
participations when necessary to meet the Fund’s liquidity needs or in
response to a specific economic event such as a deterioration in the
creditworthiness of the borrower. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments become difficult to
purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Fund. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Fund shares. Illiquid
investments risk may be higher in a rising interest rate environment, when
the value and liquidity of fixed-income securities generally decline.
|
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions, but there is no guarantee that its techniques will
produce the intended results. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
• |
how
the Fund’s performance changed from year to year over ten years; and
|
• |
how
the Fund’s average annual returns for one, five and ten years compare to
those of a broad-based securities market index. |
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 6.90% | 2.88% | 2.61% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 4.40% | 0.83% | 0.76% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 4.00% | 1.31% | 1.15% | |||||||||||||
Class C | Return Before Taxes | 9.69% | 3.01% | 2.30% | ||||||||||||
Advisor Class | Return Before Taxes | 11.82% | 4.05% | 3.32% | ||||||||||||
Bloomberg
US High Yield 1-5 Year Cash Pay 2% Total Return Index
(reflects
no deduction for fees, expenses, or taxes)** |
12.20% | 5.16% | 4.28% | |||||||||||||
Bloomberg
Global High Yield 1-5 Year Index (U.S. dollar hedged)
(reflects
no deduction for fees, expenses, or taxes)** |
11.89% | 4.01% | 4.07% |
* |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
** |
Effective
July 5, 2023 the broad-based index used for comparison with the
Fund’s performance has changed from the Bloomberg Global High Yield 1-5
Year Index (U.S. dollar hedged) to the Bloomberg US High Yield 1-5 Year
Cash Pay 2% Total Return Index because the Adviser believes the new index
better reflects the Fund’s revised investment strategies.
|
Employee | Length of Service | Title | ||
Gershon M. Distenfeld | Since 2011 | Senior Vice President of the Adviser | ||
Robert Schwartz | Since 2022 | Senior Vice President of the Adviser | ||
William Smith | Since 2018 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class Z Shares | |||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
4.25% | None | None | None | ||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | None | ||||
Exchange
Fee |
None | None | None | None |
Class A | Class C | Advisor Class | Class Z | |||||||||||||
Management
Fees |
.45% | .45% | .45% | .45% | ||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | None | ||||||||||||
Other
Expenses: |
||||||||||||||||
Transfer
Agent |
.08% | .08% | .08% | .02% | ||||||||||||
Interest
Expense |
1.04% | 1.03% | 1.04% | 1.04% | ||||||||||||
Other
Expenses |
.04% | .04% | .04% | .04% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Other Expenses |
1.16% | 1.15% | 1.16% | 1.10% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Annual Fund Operating Expenses |
1.86% | 2.60% | 1.61% | 1.55% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fee
Waiver and/or Expense Reimbursement(c) |
(.05)% | (.06)% | (.06)% | (.00)% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement(d) |
1.81% | 2.54% | 1.55% | 1.55% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) |
Purchases
of Class A shares in amounts of $1,000,000 or more, or by certain
group retirement plans, may be subject to a 1%, 1-year contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight
years. |
(c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Fund until January 31, 2025 to the
extent necessary to prevent total Fund operating expenses (excluding
acquired fund fees and expenses other than the advisory fees of any AB
Funds in which the Fund may invest, interest expense, taxes, extraordinary
expenses, and brokerage commissions and other transaction costs), on an
annualized basis, from exceeding .77%, 1.52%, .52% and .52% of average
daily net assets, respectively, for Class A, Class C, Advisor
Class and Class Z shares (“expense limitations”). The expense
limitations will remain in effect until January 31, 2025 and may only
be terminated or changed with the consent of the Fund’s Board of
Directors. In addition, the agreement will be automatically extended for
one-year terms unless the Adviser provides notice of termination to the
Fund at least 60 days prior to the end of the
period. |
(d) |
If
interest expense were excluded, net expenses would be as
follows: |
Class A | Class C | Advisor Class | Class Z | |||||||||||
.77% | 1.52% | .52% | .51% |
Class A | Class C | Advisor Class | Class Z | |||||||||||||
After
1 Year |
$ | 601 | $ | 357 | * | $ | 158 | $ | 158 | |||||||
After
3 Years |
$ | 980 | $ | 803 | $ | 502 | $ | 490 | ||||||||
After
5 Years |
$ | 1,384 | $ | 1,375 | $ | 870 | $ | 845 | ||||||||
After
10 Years |
$ | 2,508 | $ | 2,750 | $ | 1,906 | $ | 1,845 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the market or markets in which the Fund invests
fluctuate. The value of the Fund’s investments may decline, sometimes
rapidly and unpredictably, simply because of economic changes or other
events, including public health crises (including the occurrence of a
contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
• |
Credit Risk: An issuer or guarantor of a
fixed-income security, or the counterparty to a derivatives or other
contract, may be unable or unwilling to make timely payments of interest
or principal, or to otherwise honor its obligations. The issuer or
guarantor may default, causing a loss of the full principal amount of a
security and accrued interest. The degree of risk for a particular
security may be reflected in its credit rating. There is the possibility
that the credit rating of a fixed-income security may be downgraded after
purchase, which may adversely affect the value of the
security. |
• |
Below Investment Grade Securities Risk:
Investments in fixed-income securities with lower ratings (commonly known
as “junk bonds”) are subject to higher probability that an issuer will
default or fail to meet its payment obligations. These securities may be
subject to greater price volatility due to such factors as specific
corporate developments and negative perceptions of the junk bond market
generally and may be more difficult to trade than other types of
securities. |
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. The Fund may be subject to a greater risk of rising interest
rates than would normally be the case due to the recent end of a period of
historically low rates and the effects of potential central bank monetary
policy, and government fiscal policy, initiatives and market reactions to
those initiatives. |
• |
Duration Risk: Duration is a measure that
relates the expected price volatility of a fixed-income security to
changes in interest rates. The duration of a fixed-income security may be
shorter than or equal to the full maturity of a fixed-income security.
Fixed-income securities with longer durations have more risk and will
decrease in price as interest rates rise. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Fund’s assets can decline, as can the value of the Fund’s
distributions. This risk is significantly greater for fixed-income
securities with longer maturities. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Mortgage-Related and/or Other Asset-Backed
Securities Risk: Investments in mortgage-related and other
asset-backed securities are subject to certain additional risks. The value
of these securities may be particularly sensitive to changes in interest
rates. These risks include “extension risk”, which is the risk that, in
periods of rising interest rates, issuers may delay the payment of
principal, and “prepayment risk”, which is the risk that in periods of
falling interest rates, issuers may pay principal sooner than expected,
exposing the Fund to a lower rate of return upon reinvestment of
principal. Mortgage-backed securities offered by non-governmental issuers
and other asset-backed securities may be subject to other risks, such as
higher rates of default in the mortgages or assets backing the securities
or risks associated with the nature and servicing of mortgages or assets
backing the securities. |
• |
Emerging Market Risk: Investments in
emerging market countries may have more risk because the markets are less
developed and less liquid and are subject to increased economic,
political, regulatory or other uncertainties. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments become difficult to
purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Fund. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Fund shares. Illiquid
investments risk may be higher in a rising interest rate environment, when
the value and liquidity of fixed-income securities generally
decline. |
• |
Leverage Risk: To the extent the Fund
uses leveraging techniques, its net asset value, or NAV, may be more
volatile because leverage tends to exaggerate the effect of changes in
interest rates and any increase or decrease in the value of the Fund’s
investments. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Fund to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the
Fund. |
• |
Active Trading Risk: The Fund expects to
engage in active and frequent trading of its portfolio securities and its
portfolio turnover rate may greatly exceed 100%. A higher rate of
portfolio turnover increases transaction costs, which may negatively
affect the Fund’s return. In addition, a high rate of portfolio turnover
may result in substantial short-term gains, which may have adverse tax
consequences for Fund shareholders. |
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions, but there is no guarantee that its techniques will
produce the intended results. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
• |
how
the Fund’s performance changed from year to year over ten years;
and |
• |
how
the Fund’s average annual returns for one, five and ten years compare to
those of a broad-based securities market index. |
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 2.42% | 0.30% | 1.99% | ||||||||||||
Class C* | Return Before Taxes | 5.09% | 0.41% | 1.68% | ||||||||||||
Advisor Class** | Return Before Taxes | 7.16% | 1.41% | 2.70% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 5.34% | -0.19% | 0.72% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 4.19% | 0.43% | 1.19% | |||||||||||||
Class Z* | Return Before Taxes | 7.33% | 1.45% | 2.73% | ||||||||||||
Bloomberg
U.S. Aggregate Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
5.53% | 1.10% | 1.81% |
* |
Performance
information for Class A and Class C shares prior to
April 22, 2016 and for Class Z shares prior to November 20,
2019 (Class Z inception date) reflects the performance of the Fund’s
Advisor Class shares adjusted to reflect the expense differences
between these Classes of shares. |
** |
After-tax
returns: |
– |
Are
shown for Advisor Class shares only and will vary for the other
Classes of shares because these Classes have different expense
ratios; |
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown;
and |
– |
Are
not relevant to investors who hold fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement
accounts. |
Employee | Length of Service | Title | ||
Scott A. DiMaggio | Since 2019 | Senior Vice President of the Adviser | ||
Gershon M. Distenfeld | Since 2016 | Senior Vice President of the Adviser | ||
Fahd Malik | Since 2022 | Senior Vice President of the Adviser | ||
Matthew S. Sheridan | Since 2016 | Senior Vice President of the Adviser | ||
William Smith | Since January 2024 | Senior Vice President of the Adviser |
Class A
Shares |
Class C
Shares |
Advisor Class
Shares | ||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
2.25% | None | None | |||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | |||
Exchange
Fee |
None | None | None |
Class A | Class C | Advisor Class | ||||||||||
Management
Fees |
.35% | .35% | .35% | |||||||||
Distribution
and/or Service (12b-1) Fees |
.20% | 1.00% | None | |||||||||
Other
Expenses: |
||||||||||||
Transfer
Agent |
.04% | .05% | .03% | |||||||||
Interest
Expense |
.35% | .33% | .26% | |||||||||
Other
Expenses |
.59% | .63% | .62% | |||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
.98% | 1.01% | .91% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses |
1.53% | 2.36% | 1.26% | |||||||||
|
|
|
|
|
|
|||||||
Fee
Waiver and/or Expense Reimbursement(c) |
(.53)% | (.58)% | (.55)% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement(d) |
1.00% | 1.78% | .71% | |||||||||
|
|
|
|
|
|
|||||||
(a) |
Purchases
of Class A shares in amounts of $500,000 or more, or by certain group
retirement plans, may be subject to a 1%, 18-month contingent deferred
sales charge, or CDSC, which may be subject to waiver in certain
circumstances. |
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C shares
automatically convert to Class A shares after eight years.
|
(c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear expenses of the Fund until January 31, 2025 to the extent
necessary to prevent total Fund operating expenses (excluding acquired
fund fees and expenses other than the advisory fees of any AB Funds in
which the Fund may invest, interest expense, taxes, extraordinary
expenses, and brokerage commissions and other transaction costs), on an
annualized basis, from exceeding .65%, 1.45% and .45% of average daily net
assets, respectively, for Class A, Class C and Advisor
Class shares (“expense limitations”). The expense limitations will
remain in effect until January 31, 2025 and may only be terminated or
changed with the consent of the Fund’s Board of Directors. In addition,
the agreement will be automatically extended for one-year terms unless the
Adviser provides notice of termination to the Fund at least 60 days prior
to the end of the period. |
(d) |
If
interest expense were excluded, net expenses would be as follows:
|
Class A | Class C | Advisor Class | ||||||||
.65% | 1.45% | .45% |
Class A | Class C | Advisor Class | ||||||||||
After
1 Year |
$ | 325 | $ | 281 | * | $ | 73 | |||||
After
3 Years |
$ | 647 | $ | 681 | $ | 345 | ||||||
After
5 Years |
$ | 991 | $ | 1,208 | $ | 639 | ||||||
After
10 Years |
$ | 1,963 | $ | 2,444 | $ | 1,474 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the market or markets in which the Fund invests
fluctuate. The value of the Fund’s investments may decline, sometimes
rapidly and unpredictably, simply because of economic changes or other
events, including public health crises (including the occurrence of a
contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
• |
Credit Risk: An issuer or guarantor of a
fixed-income security, or the counterparty to a derivatives or other
contract, may be unable or unwilling to make timely payments of interest
or principal, or to otherwise honor its obligations. The issuer or
guarantor may default, causing a loss of the full principal amount of a
security and accrued interest. The degree of risk for a particular
security may be reflected in its credit rating. There is the possibility
that the credit rating of a fixed-income security may be downgraded after
purchase, which may adversely affect the value of the security.
|
• |
Below Investment Grade Securities Risk:
Investments in fixed-income securities with lower ratings (commonly known
as “junk bonds”) are subject to a higher probability that an issuer will
default or fail to meet its payment obligations. These securities may be
subject to greater price volatility due to such factors as specific
corporate developments and negative perceptions of the junk bond market
generally and may be more difficult to trade than other types of
securities. |
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. The Fund may be subject to a greater risk of rising interest
rates than would normally be the case due to the recent end of a period of
historically low rates and the effects of potential central bank monetary
policy, and government fiscal policy, initiatives and market reactions to
those initiatives. |
• |
Duration Risk: Duration is a measure that
relates the expected price volatility of a fixed-income security to
changes in interest rates. The duration of a fixed-income security may be
shorter than or equal to the full maturity of a fixed-income security.
Fixed-income securities with longer durations have more risk and will
decrease in price as interest rates rise. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Fund’s assets can decline as can the value of the Fund’s
distributions. This risk is significantly greater for fixed-income
securities with longer maturities. |
• |
Mortgage-Related and/or Other Asset-Backed
Securities Risk: Investments in mortgage-related and other
asset-backed securities are subject to certain additional risks. The value
of these securities may be particularly sensitive to changes in interest
rates. These risks include “extension risk”, which is the risk that, in
periods of rising interest rates, issuers may delay the payment of
principal, and “prepayment risk”, which is the risk that in periods of
falling interest rates, issuers may pay principal sooner than expected,
exposing the Fund to a lower rate of return upon reinvestment of
principal. Mortgage-backed securities offered by non-governmental issuers
and other asset-backed securities may be subject to other risks, such as
higher rates of default in the mortgages or assets backing the securities
or risks associated with the nature and servicing of mortgages or assets
backing the securities. |
• |
Foreign (Non-U.S.) Risk: Investments in
securities of non-U.S. issuers may involve more risk than those of U.S.
issuers. These securities may fluctuate more widely in price and may be
more difficult to trade due to adverse market, economic, political,
regulatory or other factors. |
• |
Emerging Market Risk: Investments in
emerging market countries may have more risk because the markets are less
developed and less liquid and are subject to increased economic,
political, regulatory or other uncertainties. |
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Fund to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Fund.
|
• |
Leverage Risk: To the extent the Fund
uses leveraging techniques, its net asset value, or NAV, may be more
volatile because leverage tends to exaggerate the effect of changes in
interest rates and any increase or decrease in the value of the Fund’s
investments. |
• |
Currency Risk: Fluctuations in currency
exchange rates may negatively affect the value of the Fund’s investments
or reduce its returns. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments become difficult to
purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Fund. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Fund shares. Illiquid
investments risk may be higher in a rising interest rate environment, when
the value and liquidity of fixed-income securities generally decline.
|
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions, but there is no guarantee that its techniques will
produce the intended results. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
• |
how
the Fund’s performance changed from year to year over the life of the
Fund; and |
• |
how
the Fund’s average annual returns for one year, five years and since
inception compare to those of a broad-based securities market index.
|
1 Year | 5 Year | Since Inception* |
||||||||||||
Class A** | Return Before Taxes | 4.25% | 1.39% | 1.48% | ||||||||||
|
||||||||||||||
Return After Taxes on Distributions | 2.26% | -0.28% | -0.20% | |||||||||||
|
||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 2.48% | 0.37% | 0.43% | |||||||||||
Class C | Return Before Taxes | 4.77% | 1.03% | 1.11% | ||||||||||
Advisor Class | Return Before Taxes | 6.96% | 2.05% | 2.13% | ||||||||||
Bloomberg
1-5 Year U.S. Government/Credit Index
(reflects
no deduction for fees, expenses, or taxes) |
4.89% | 1.54% | 1.69% |
* |
Inception
date for all Classes is 12/12/18. |
** |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates, and do not reflect the impact of state and
local taxes; actual after-tax returns depend on an individual investor’s
tax situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Gershon M. Distenfeld | Since 2018 | Senior Vice President of the Adviser | ||
Fahd Malik | Since 2022 | Senior Vice President of the Adviser | ||
Matthew S. Sheridan | Since 2018 | Senior Vice President of the Adviser | ||
William Smith | Since February 2023 | Senior Vice President of the Adviser |
Class A Shares |
Class C
Shares |
Advisor Class
Shares | ||||
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
3.00% | None | None | |||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None(a) | 1.00%(b) | None | |||
Exchange
Fee |
None | None | None |
Class A | Class C | Advisor Class | ||||||||||
Management
Fees |
.45% | .45% | .45% | |||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | |||||||||
Other
Expenses: |
||||||||||||
Transfer
Agent |
.04% | .04% | .04% | |||||||||
Interest
Expense |
.13% | .13% | .13% | |||||||||
Other
Expenses |
.13% | .13% | .13% | |||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
.30% | .30% | .30% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses |
1.00% | 1.75% | .75% | |||||||||
|
|
|
|
|
|
|||||||
Fee
Waiver and/or Expense Reimbursement(c) |
(.12)% | (.12)% | (.12)% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement(d) |
.88% | 1.63% | .63% | |||||||||
|
|
|
|
|
|
|||||||
(a) |
Purchases
of Class A shares in amounts of $500,000 or more, or by certain group
retirement plans, may be subject to a 1%, 1-year contingent deferred sales
charge, or CDSC, which may be subject to waiver in certain circumstances.
|
(b) |
For
Class C shares, the CDSC is 0% after the first year. Class C
shares automatically convert to Class A shares after eight years.
|
(c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear expenses of the Fund until January 31, 2025 to the extent
necessary to prevent total Fund operating expenses (excluding expenses
associated with securities sold short, acquired fund fees and expenses
other than the advisory fees of any AB Funds in which the Fund may invest,
interest expense, taxes, extraordinary expenses, and brokerage commissions
and other transaction costs), on an annualized basis, from exceeding .75%,
1.50% and .50% of average daily net assets, respectively, for
Class A, Class C and Advisor Class shares (“expense
limitations”). The expense limitations will remain in effect until
January 31, 2025 and may only be terminated or changed with the
consent of the Fund’s Board of Directors. In addition, the agreement will
be automatically extended for one-year terms unless the Adviser provides
notice of termination to the Fund at least 60 days prior to the end of the
period. |
(d) |
If
interest expense were excluded, net expenses would be as follows:
|
Class A | Class C | Advisor Class | ||||||||
.75% | 1.50% | .50% |
Class A | Class C | Advisor Class | ||||||||||
After
1 Year |
$ | 387 | $ | 266 | * | $ | 64 | |||||
After
3 Years |
$ | 597 | $ | 539 | $ | 228 | ||||||
After
5 Years |
$ | 825 | $ | 938 | $ | 405 | ||||||
After
10 Years |
$ | 1,477 | $ | 1,854 | $ | 919 |
* |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the market or markets in which the Fund invests
fluctuate. The value of the Fund’s investments may decline, sometimes
rapidly and unpredictably, simply because of economic changes or other
events, including public health crises (including the occurrence of a
contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
• |
Credit Risk: An issuer or guarantor of a
fixed-income security, or the counterparty to a derivatives or other
contract, may be unable or unwilling to make timely payments of interest
or principal, or to otherwise honor its obligations. The issuer or
guarantor may default, causing a loss of the full principal amount of a
security and accrued interest. The degree of risk for a particular
security may be reflected in its credit rating. There is the possibility
that the credit rating of a fixed-income security may be downgraded after
purchase, which may adversely affect the value of the security.
|
• |
Below Investment Grade Securities Risk:
Investments in fixed-income securities with lower ratings (commonly known
as “junk bonds”) are subject to a higher probability that an issuer will
default or fail to meet its payment obligations. These securities may be
subject to greater price volatility due to such factors as specific
municipal or corporate developments and negative performance of the junk
bond market generally and may be more difficult to trade than other types
of securities. |
• |
Municipal Market Risk: This is the risk
that special factors may adversely affect the value of municipal
securities and have a significant effect on the yield or value of the
Fund’s investments in municipal securities. These factors include economic
conditions, political or legislative changes, public health crises,
uncertainties related to the tax status of municipal securities, and the
rights of investors in these securities. To the extent that the Fund
invests more of its assets in a particular state’s municipal securities,
the Fund may be vulnerable to events adversely affecting that state,
including economic, political and regulatory occurrences, court decisions,
terrorism, public health crises (including the occurrence of a contagious
disease or illness) and catastrophic natural disasters, such as
hurricanes, fires or earthquakes. The Fund’s investments in certain
municipal securities with principal and interest payments that are made
from the revenues of a specific project or facility, and not general tax
revenues, may have increased risks. Factors affecting the project or
facility, such as local business or economic conditions, could have a
significant effect on the project’s ability to make payments of principal
and interest on these securities. |
• |
Tax Risk: From time to time, the U.S.
Government and the U.S. Congress consider changes in federal tax law that
could limit or eliminate the federal tax exemption for municipal bond
income, which would in effect reduce the income received by shareholders
from the Fund by increasing taxes on that income. In such event, the
Fund’s net asset value, or NAV, could also decline as yields on municipal
bonds, which are typically lower than those on taxable bonds, would be
expected to increase to approximately the yield of comparable taxable
bonds. Actions or anticipated actions affecting the tax exempt status of
municipal bonds could also result in significant shareholder redemptions
of Fund shares as investors anticipate adverse effects on the Fund or seek
higher yields to offset the potential loss of the tax deduction. As a
result, the Fund would be required to maintain higher levels of cash to
meet the redemptions, which would negatively affect the Fund’s yield.
|
• |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing investments in
fixed-income securities tends to fall and this decrease in value may not
be offset by higher income from new investments. Interest rate risk is
generally greater for fixed-income securities with longer maturities or
durations. The Fund may be subject to a greater risk of rising interest
rates than would normally be the case due to the recent end of a period of
historically low rates and the effects of potential central bank monetary
policy, and government fiscal policy, initiatives and market reactions to
those initiatives. |
• |
Duration Risk: Duration is a measure that
relates the expected price volatility of a fixed-income security to
changes in interest rates. The duration of a fixed-income security may be
shorter than or equal to full maturity of a fixed-income security.
Fixed-income securities with longer durations have more risk and will
decrease in price as interest rates rise. |
• |
Inflation Risk: This is the risk that the
value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the value
of the Fund’s assets can decline as can the value of the Fund’s
distributions. This risk is significantly greater for fixed-income
securities with longer maturities. |
• |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments become difficult to
purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Fund. Causes of illiquid investments risk may include low trading
volumes and large positions. Municipal securities may have more illiquid
investments risk than other fixed-income securities because they trade
less frequently and the market for municipal securities is generally
smaller than many other markets. |
• |
Leverage Risk: To the extent the Fund
uses leveraging techniques, its NAV may be more volatile because leverage
tends to exaggerate the effect of changes in interest rates and any
increase or decrease in the value of the Fund’s investments.
|
• |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Fund to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Fund.
|
• |
Management Risk: The Fund is subject to
management risk because it is an actively-managed investment fund. The
Adviser will apply its investment techniques and risk analyses in making
investment decisions, but there is no guarantee that its techniques will
produce the intended results. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
• |
how
the Fund’s performance changed from year to year over ten years; and
|
• |
how
the Fund’s average annual returns for one, five and ten years and since
inception compare to those of a broad-based securities market index.
|
1 Year | 5 Years | 10 Years | ||||||||||||||
Class A* | Return Before Taxes | 3.50% | 2.23% | 2.68% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | 3.34% | 2.03% | 2.53% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 3.41% | 2.15% | 2.48% | |||||||||||||
Class C | Return Before Taxes | 4.92% | 2.09% | 2.23% | ||||||||||||
Advisor Class | Return Before Taxes | 6.99% | 3.12% | 3.25% | ||||||||||||
Bloomberg
Municipal Bond Unhedged Index
(reflects
no deduction for fees, expenses or taxes) |
6.40% | 2.25% | 3.03% |
* |
After-tax
returns: |
– |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different expense ratios;
|
– |
Are
an estimate, which is based on the highest historical individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes; actual after-tax returns depend on an individual investor’s tax
situation and are likely to differ from those shown; and
|
– |
Are
not relevant to investors who hold Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
Employee | Length of Service | Title | ||
Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
Matthew J. Norton | Since 2017 | Senior Vice President of the Adviser | ||
Andrew D. Potter | Since 2018 | Vice President of the Adviser |
• |
PURCHASE
AND SALE OF FUND SHARES |
Initial | Subsequent | |||
Class A/Class C shares, including traditional IRAs and Roth IRAs | $2,500 | $50 | ||
Automatic Investment Program | None |
$50
If
initial minimum investment is
less
than $2,500, then $200
monthly
until account balance
reaches
$2,500 | ||
Advisor Class shares (only available to fee-based programs or through other limited arrangements and certain commission-based brokerage arrangements) | None | None | ||
Class A, Class R, Class K, Class I and Class Z shares are available at net asset value, without an initial sales charge, to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, and non-qualified deferred compensation plans and, for Class Z shares, to persons participating in certain fee-based programs sponsored by a financial intermediary, where in each case plan level or omnibus accounts are held on the books of a Fund. | None | None |
• |
TAX
INFORMATION |
• |
PAYMENTS
TO BROKER-DEALERS AND OTHER FINANCIAL
INTERMEDIARIES |
• |
Forward Contracts. A forward contract is
an agreement that obligates one party to buy, and the other party to sell,
a specific quantity of an underlying commodity or other tangible asset for
an agreed-upon price at a future date. A forward contract generally is
settled by physical delivery of the commodity or tangible asset to an
agreed-upon location (rather than settled by cash), or is rolled forward
into a new forward contract or, in the case of a non-deliverable forward,
by a cash payment at maturity. The Funds’ investments in forward contracts
may include the following: |
– |
Forward
Currency Exchange Contracts. A Fund may purchase or sell forward currency
exchange contracts for hedging purposes to minimize the risk from adverse
changes in the relationship between the U.S. Dollar and other
currencies or for non-hedging purposes as a means of making direct
investments in foreign currencies as described below under “Other
Derivatives and Strategies—Currency Transactions”. A Fund, for example,
may enter into a forward contract as a transaction hedge (to “lock in” the
U.S. Dollar price of a non-U.S. Dollar security), as a position
hedge (to protect the value of securities the Fund owns that are
denominated in a foreign currency against substantial changes in the value
of the foreign currency) or as a cross-hedge (to protect the value of
securities the Fund owns that are denominated in a foreign currency
against substantial changes in the value of that foreign currency by
entering into a forward contract for a different foreign currency that is
expected to change in the same direction as the currency in which the
securities are denominated). |
• |
Futures Contracts and Options on Futures
Contracts. A futures contract is a standardized, exchange-traded
agreement that obligates the buyer to buy and the seller to sell a
specified quantity of an underlying asset (or settle for cash the value of
a contract based on an underlying asset, rate or index) at a specific
price on the contract maturity date. Options on futures contracts are
options that call for the delivery of futures contracts upon exercise. A
Fund may purchase or sell futures contracts and options thereon to hedge
against changes in interest rates, securities (through index futures or
options) or currencies. A Fund may also purchase or sell futures contracts
for foreign currencies or options thereon for non-hedging purposes as a
means of making direct investments in foreign currencies, as described
below under “Other Derivatives and Strategies—Currency
Transactions”. |
• |
Options. An option is an agreement that,
for a premium payment or fee, gives the option holder (the buyer) the
right but not the obligation to buy (a “call option”) or sell (a “put
option”) the underlying asset (or settle for cash an amount based on an
underlying asset, rate or index) at a |
specified
price (the exercise price) during a period of time or on a specified date.
Investments in options are considered speculative. A Fund may lose the
premium paid for them if the price of the underlying security or other
asset decreased or remained the same (in the case of a call option) or
increased or remained the same (in the case of a put option). If a put or
call option purchased by a Fund were permitted to expire without being
sold or exercised, its premium would represent a loss to the Fund. The
Funds’ investments in options include the
following: |
– |
Options
on Foreign Currencies—A Fund may invest in options on foreign currencies
that are privately negotiated or traded on U.S. or foreign exchanges for
hedging purposes to protect against declines in the U.S. Dollar value
of foreign currency denominated securities held by a Fund and against
increases in the U.S. Dollar cost of securities to be acquired. The
purchase of an option on a foreign currency may constitute an effective
hedge against fluctuations in exchange rates, although if rates move
adversely, a Fund may forfeit the entire amount of the premium plus
related transaction costs. A Fund may also invest in options on foreign
currencies for non-hedging purposes as a means of making direct
investments in foreign currencies, as described below under “Other
Derivatives and Strategies—Currency
Transactions”. |
– |
Options
on Securities. A Fund may purchase or write a put or call option on
securities. A Fund may write covered options, which means writing an
option for securities the Fund owns, and uncovered
options. |
– |
Options
on Securities Indices. An option on a securities index is similar to an
option on a security except that, rather than taking or making delivery of
a security at a specified price, an option on a securities index gives the
holder the right to receive, upon exercise of the option, an amount of
cash if the closing level of the chosen index is greater than (in the case
of a call) or less than (in the case of a put) the exercise price of the
option. |
• |
Swap Transactions. A swap is an agreement
that obligates two parties to exchange a series of cash flows at specified
intervals (payment dates) based upon or calculated by reference to changes
in specified prices or rates (e.g.,
interest rates in the case of interest rate swaps or currency
exchange rates in the case of currency swaps) for a specified amount of an
underlying asset (the “notional” principal amount). Generally, the
notional principal amount is used solely to calculate the payment stream,
but is not exchanged. Most swaps are entered into on a net basis (i.e., the two payment streams are netted
out, with a Fund receiving or paying, as the case may be, only the net
amount of the two payments). Payments received by AB Tax-Aware Fixed Income Opportunities
Portfolio from swap agreements will result in taxable income,
either as ordinary income or capital gains, rather than tax-exempt income,
which will increase the amount of taxable distributions received by
shareholders. Certain standardized swaps, including certain interest rate
swaps and credit default swaps, are subject to mandatory central clearing
and are required to be executed through a regulated swap execution
facility. Cleared swaps are transacted through futures commission
merchants (“FCMs”) that are members of central clearinghouses with the
clearinghouse serving as central counterparty, similar to transactions in
futures contracts. Funds post initial and variation margin to support
their obligations under cleared swaps by making payments to their clearing
member FCMs. Central clearing is intended to reduce counterparty
credit risks and increase liquidity, but central clearing does not make
swap transactions risk free. The Securities and Exchange Commission (the
“SEC”) may adopt similar clearing and execution requirements in respect of
certain security-based swaps under its jurisdiction. Privately negotiated
swap agreements are two-party contracts entered into primarily by
institutional investors and are not cleared through a third party, nor are
these required to be executed on a regulated swap execution facility. The
Funds’ investments in swap transactions include the
following: |
– |
Interest
Rate Swaps, Swaptions, Caps and Floors. Interest rate swaps involve the
exchange by a Fund with another party of payments calculated by reference
to specified interest rates (e.g.,
an exchange of floating-rate payments for fixed-rate payments). Unless
there is a counterparty default, the risk of loss to the Fund from
interest rate swap transactions is limited to the net amount of interest
payments that the Fund is contractually obligated to make. If the
counterparty to an interest rate swap transaction defaults, the Fund’s
risk of loss consists of the net amount of interest payments that the Fund
contractually is entitled to receive. |
– |
Inflation
(CPI) Swaps. Inflation swap agreements are contracts in which one party
agrees to pay the cumulative percentage increase in a price index (the
Consumer Price Index with respect to CPI swaps) over the term of the swap
(with some lag on the inflation index), and the other pays a compounded
fixed rate. Inflation swap agreements may be used to protect the net asset
value, or NAV, of a Fund against an unexpected change in the rate of
inflation measured by an inflation index since the value of these
agreements is expected to increase if inflation increases. A Fund will
enter into inflation swaps on a net basis. The values of inflation swap
agreements are expected to change in response to changes in real interest
rates. Real interest rates are tied to the relationship between nominal
interest rates and the rate of inflation. If nominal interest rates
increase at a faster rate than inflation, real interest rates may rise,
leading to a decrease in value of an inflation swap
agreement. |
– |
Credit
Default Swap Agreements. The “buyer” in a credit default swap contract is
obligated to pay the “seller” a periodic stream of payments over the term
of the contract in return for a contingent payment upon the occurrence of
a credit event with respect to an underlying reference obligation.
Generally, a credit event means bankruptcy, failure to pay, obligation
acceleration or restructuring. A Fund may be either the buyer or seller in
the transaction. If a Fund is a seller, the Fund receives a fixed rate of
income throughout the term of the contract, which typically is between one
month and ten years, provided that no credit event occurs. If a credit
event occurs, a Fund, as seller, typically must pay the contingent payment
to the buyer, which will be either (i) the “par value” (face amount)
of the reference obligation, in which case the Fund will receive the
reference obligation in return or (ii) an amount equal to the
difference between the face amount and the current market value of the
reference obligation. As a buyer, if a credit event occurs, the Fund would
be the receiver of such contingent payments, either delivering the
reference obligation in exchange for the full notional (face) value of a
reference obligation that may have little or no value, or receiving a
payment equal to the difference between the face amount and the current
market value of the obligation. The current market value of the reference
obligation is typically determined via an auction process sponsored by the
International Swaps and Derivatives Association, Inc. The periodic
payments previously received by the Fund, coupled with the value of any
reference obligation received, may be less than the full amount it pays to
the buyer, resulting in a loss to the Fund. If a Fund is a buyer and no
credit event occurs, the Fund will lose its periodic stream of payments
over the term of the contract. However, if a credit event occurs, the
buyer typically receives full notional value for a reference obligation
that may have little or no value. |
– |
Currency
Swaps. A Fund may invest in currency swaps for hedging purposes to protect
against adverse changes in exchange rates between the U.S. Dollar and
other currencies or for non-hedging purposes as a means of making direct
investments in foreign currencies, as described below under “Other
Derivatives and Strategies—Currency Transactions”. Currency swaps involve
the exchange by a Fund with another party of a series of payments in
specified currencies. Currency swaps may be bilateral and privately
negotiated with the Fund expecting to achieve an acceptable degree of
correlation between its portfolio investments and its currency swaps
position. Currency swaps may involve the exchange of actual principal
amounts of currencies by the counterparties at the initiation, and again
upon the termination, of the transaction. |
– |
Total
Return Swaps. A Fund may enter into total return swaps, under which one
party agrees to pay the other the total return of a defined underlying
asset, such as a security or basket of securities, or non-asset reference,
such as a securities index, during the specified period in return for
periodic payments based on a fixed or variable interest rate or the total
return from different underlying assets or references. Total return swaps
could result in losses if the underlying asset or reference does not
perform as anticipated. Total return swaps may reflect a leveraged
investment and incorporate borrowing costs which are borne by the Fund.
There is no guarantee that the Fund’s investment via a total return swap
will deliver returns in excess of the embedded borrowing costs and,
accordingly, the Fund’s performance may be less than would be achieved by
a direct investment in the underlying reference
asset. |
– |
Variance
and Correlation Swaps. A Fund may enter into variance or correlation swaps
to hedge market risk or adjust exposure to the securities markets.
Variance swaps are contracts in which two parties agree to exchange cash
payments based on the difference between the stated level of variance and
the actual variance realized on an underlying asset or index. “Variance”
as used here is defined as the sum of the square of the returns on the
reference asset or index (which in effect is a measure of its
“volatility”) over the length of the contract term. The parties to a
variance swap can be said to exchange actual volatility for a
contractually stated rate of volatility. Correlation swaps
are |
contracts
in which two parties agree to exchange cash payments based on the
differences between the stated and the actual correlation realized on the
underlying securities within a given index. “Correlation” as used here is
defined as the weighted average of the correlations between the daily
returns of each pair of securities within a given index. If two assets are
said to be closely correlated, it means that their daily returns vary in
similar proportions or along similar
trajectories. |
• |
Other
Derivatives and Strategies |
– |
Eurodollar
Contracts. Eurodollars are time deposits denominated in U.S. dollars and
are held at banks outside the U.S., which could be foreign banks or
overseas branches of U.S. banks. Eurodollar contracts are
U.S. Dollar-denominated futures contracts or options thereon that are
tied to a reference rate, such as the Secured Overnight Financing Rate
(SOFR), paid on such deposits. Eurodollar futures contracts enable
purchasers to obtain a fixed rate for the lending of funds and sellers to
obtain a fixed rate for borrowings. A Fund may use Eurodollar instruments
to hedge against changes in the reference rate. See “LIBOR Replacement
Risk” below for additional information about those instruments that were
tied to the London Interbank Offered Rate
(LIBOR). |
– |
Currency
Transactions. A Fund may invest in non-U.S. Dollar-denominated
securities on a currency hedged or un-hedged basis. The Adviser may
actively manage a Fund’s currency exposures and may seek investment
opportunities by taking long or short positions in currencies through the
use of currency-related derivatives, including forward currency exchange
contracts, futures contracts and options on futures contracts, swaps and
options. The Adviser may enter into transactions for investment
opportunities when it anticipates that a foreign currency will appreciate
or depreciate in value but securities denominated in that currency are not
held by a Fund and do not present attractive investment opportunities.
Such transactions may also be used when the Adviser believes that it may
be more efficient than a direct investment in a foreign
currency-denominated security. A Fund may also conduct currency
exchange contracts on a spot basis (i.e., for cash at the spot rate
prevailing in the currency exchange market for buying or selling
currencies). |
By Mail: |
c/o
Foreside Fund Services, LLC
Three
Canal Plaza, Suite 100
Portland,
Maine 04101 | |||
By Phone: |
For
Information and Literature:
(800) 243‑5994 | |||
On the Internet: | www.abfunds.com |
Argentina
Bangladesh
Belize
Brazil
Bulgaria
Chile
China
Colombia
Croatia
Czech
Republic
Dominican Republic
Ecuador
Egypt
El
Salvador
Gabon
Georgia
Ghana
Greece |
Hungary
India
Indonesia
Iraq
Ivory
Coast
Jamaica
Jordan
Kazakhstan
Kenya
Lebanon
Lithuania
Malaysia
Mexico
Mongolia
Nigeria
Pakistan
Panama
Peru |
Philippines
Poland
Qatar
Saudi
Arabia
Senegal
Serbia
South
Africa
South
Korea
Sri
Lanka
Taiwan
Thailand
Turkey
Ukraine
United Arab Emirates
Uruguay
Venezuela
Vietnam |
• |
Are
signed and dated by the person(s) authorized in accordance with the Fund’s
policies and procedures to access the account and request
transactions; |
• |
Include
the fund and account number; and |
• |
Include
the amount of the transaction (stated in dollars, shares, or
percentage). |
• |
Medallion
signature guarantees or notarized signatures, if required for the type of
transaction. (Requirements are detailed on AllianceBernstein Investor
Services, Inc., or ABIS, service forms; Please contact ABIS with any
questions) |
• |
Any
supporting documentation that may be required. |
Purchase Minimums and Maximums |
—Initial: |
$ | 2,500 | ||
—Subsequent: |
$ | 50 |
* |
Purchase
minimums may not apply to some accounts established in connection with the
Automatic Investment Program and to some retirement-related investment
programs. These investment minimums also do not apply to persons
participating in a fee-based program or “Mutual Fund Only” brokerage
program which is sponsored and maintained by a registered broker-dealer or
other financial intermediary with omnibus account or “network level”
account arrangements with a Fund. |
—Class A
shares |
None | |||
—Class C
shares: |
||||
—AB
Tax-Aware Fixed Income Opportunities Portfolio |
$ | 500,000 | ||
—AB Short
Duration Income Portfolio |
$ | 500,000 | ||
—All
Other Funds |
$ | 1,000,000 |
• |
Traditional
and Roth IRAs (minimums listed in the table above
apply); |
• |
SEPs,
SAR-SEPs, SIMPLE IRAs, and individual 403(b) plans (no investment
minimum); and |
• |
AllianceBernstein-sponsored
Coverdell Education Savings Accounts ($2,000 initial investment minimum,
$150 Automatic Investment Program monthly
minimum). |
• |
through
accounts established under a fee-based program, sponsored and maintained
by a registered broker-dealer or other financial intermediary and approved
by ABI; |
• |
through
a defined contribution employee benefit plan (e.g., a 401(k) plan) that purchases
shares directly without the involvement of a financial
intermediary; |
• |
by
investment advisory clients of, and certain other persons associated with,
the Adviser and its affiliates or the Funds; and |
• |
with
respect to AB Income Fund, through
certain special arrangements approved by the Adviser, such as purchases by
shareholders of the Predecessor Fund. |
Distribution and/or Service (Rule 12b‑1) Fee (as a Percentage of Aggregate Average Daily Net Assets) | |||||
Class A |
0.25 | %* | |||
Class C |
1.00 | % | |||
Advisor
Class |
None | ||||
Class R |
0.50 | % | |||
Class K |
0.25 | % | |||
Class I |
None | ||||
Class Z |
None |
* |
The
maximum fee allowed under any Rule 12b-1 Plan for the Class A shares
is .30% (.25% for AB Short Duration Income
Portfolio, AB Income
Fund and AB Sustainable Thematic Credit
Portfolio) of the aggregate average daily net assets. The Board
currently limits the payments to .25% (.20% for AB Short Duration Income
Portfolio). |
Initial Sales Charge | ||||||||||
Amount Purchased | as % of Net Amount Invested |
as % of Offering Price | ||||||||
Up
to $100,000 |
2.30 | % | 2.25 | % | ||||||
$100,000
up to $250,000 |
2.04 | 2.00 | ||||||||
$250,000
up to $500,000 |
1.27 | 1.25 | ||||||||
$500,000
and above |
0.00 | 0.00 |
Initial Sales Charge | ||||||||||
Amount Purchased | as % of Net Amount Invested |
as % of Offering Price | ||||||||
Up
to $100,000 |
3.09 | % | 3.00 | % | ||||||
$100,000
up to $250,000 |
2.04 | 2.00 | ||||||||
$250,000
up to $500,000 |
1.01 | 1.00 | ||||||||
$500,000
and above |
0.00 | 0.00 |
Initial Sales Charge | ||||||||||
Amount Purchased | as % of Net Amount Invested |
as % of Offering Price | ||||||||
Up
to $100,000 |
4.44 | % | 4.25 | % | ||||||
$100,000
up to $250,000 |
3.36 | 3.25 | ||||||||
$250,000
up to $500,000 |
2.30 | 2.25 | ||||||||
$500,000
up to $1,000,000 |
1.78 | 1.75 | ||||||||
$1,000,000
and above |
0.00 | 0.00 |
– |
persons
participating in a fee-based program, sponsored and maintained by a
registered broker-dealer or other financial intermediary, under which
persons pay an asset-based fee for services in the nature of investment
advisory or administrative services or clients of broker-dealers or other
financial intermediaries who purchase Class A shares for their own
accounts through self-directed and/or non-discretionary brokerage accounts
with the broker-dealers or other financial intermediaries that may or may
not charge a transaction fee to its customers; |
– |
plan
participants who roll over amounts distributed from employer maintained
retirement plans to AllianceBernstein-sponsored IRAs where the plan is a
client of or serviced by the Adviser’s Institutional Investment Management
Division or Bernstein Global Wealth Management Division, including
subsequent contributions to those IRAs; |
– |
certain
other investors, such as investment management clients of the Adviser or
its affiliates, including clients and prospective clients of the Adviser’s
Institutional Investment Management Division, employees of selected
dealers authorized to sell a Fund’s shares, and employees of the Adviser;
or |
– |
persons
participating in a “Mutual Fund Only” brokerage program, sponsored and
maintained by a registered broker-dealer or other financial
intermediary. |
• |
an
individual, his or her spouse or domestic partner, or the individual’s
children under the age of 21 purchasing shares for his, her or their own
account(s); |
• |
a
trustee or other fiduciary purchasing shares for a single trust, estate or
single fiduciary account with one or more beneficiaries
involved; |
• |
the
employee benefit plans of a single employer; or |
• |
any
company that has been in existence for at least six months or has a
purpose other than the purchase of shares of the
Fund. |
• |
all
of the shareholder’s accounts at the Funds or a financial intermediary;
and |
• |
accounts
of related parties of the shareholder, such as members of the same family,
at any financial intermediary. |
• |
permitted
exchanges of shares; |
• |
following
the death or disability of a shareholder; |
• |
if
the redemption represents a minimum required distribution from an IRA or
other retirement plan to a shareholder who has attained the age of 73;
or |
• |
if
the redemption is necessary to meet a plan participant’s or beneficiary’s
request for a distribution or loan from a group retirement plan or to
accommodate a plan participant’s or beneficiary’s direction to reallocate
his or her plan account among other investment alternatives available
under a group retirement plan. |
• |
the
amount you intend to invest; |
• |
how
long you expect to own shares; |
• |
expenses
associated with owning a particular class of
shares; |
• |
whether
you qualify for any reduction or waiver of sales charges (for example, if
you are making a large investment that qualifies for a Quantity Discount, you might consider
purchasing Class A shares); and |
• |
whether
a share class is available for purchase (Class R, K and I shares are only
offered to group retirement plans, not
individuals). |
- |
upfront
sales commissions; |
- |
Rule
12b-1 fees; |
- |
additional
distribution support; |
- |
defrayal
of costs for educational seminars and training; and |
- |
payments
related to providing shareholder recordkeeping and/or transfer agency
services. |
• |
Send
a signed letter of instruction or stock power, along with certificates,
to: |
• |
For
certified or overnight deliveries, send to: |
• |
For
your protection, a bank, a member firm of a national stock exchange or
another eligible guarantor institution must guarantee signatures. Stock
power forms are available from your financial intermediary, ABIS and many
commercial banks. Additional documentation is required for the sale of
shares by corporations, intermediaries, fiduciaries and surviving joint
owners. If you have any questions about these procedures, contact
ABIS. |
• |
You
may redeem your shares for which no stock certificates have been issued by
telephone request. Call ABIS at (800) 221-5672 with instructions on
how you wish to receive your sale proceeds. |
• |
ABIS
must receive and confirm a telephone redemption request by the Fund
Closing Time, for you to receive that day’s NAV, less any applicable
CDSC. |
• |
For
your protection, ABIS will request personal or other information from you
to verify your identity and will generally record the calls. Neither the
Fund nor the Adviser, ABIS, ABI or other Fund agent will be liable for any
loss, injury, damage or expense as a result of acting upon telephone
instructions purporting to be on your behalf that ABIS reasonably believes
to be genuine. |
• |
If
you have selected electronic funds transfer in your Mutual Fund
Application, the redemption proceeds will be sent directly to your bank.
Otherwise, the proceeds will be mailed to you. |
• |
Redemption
requests by electronic funds transfer or check may not exceed $100,000 per
Fund account per day. |
• |
Telephone
redemption is not available for shares held in nominee or “street name”
accounts, retirement plan accounts, or shares held by a shareholder who
has changed his or her address of record within the previous 30 calendar
days. |
• |
Transaction Surveillance Procedures. The
Funds, through their agents, ABI and ABIS, maintain surveillance
procedures to detect excessive or short-term trading in Fund shares. This
surveillance process involves several factors, which include scrutinizing
transactions in Fund shares that exceed certain monetary thresholds or
numerical limits within a specified period of time. Generally, more than
two exchanges of Fund shares during any 60-day period or purchases of
shares followed by a sale within 60 days will be identified by these
surveillance procedures. For purposes of these transaction surveillance
procedures, the Funds may consider trading activity in multiple accounts
under common ownership, control, or influence. Trading activity identified
by either, or a combination, of these factors, or as a result of any other
information available at the time, will be |
evaluated
to determine whether such activity might constitute excessive or
short-term trading. With respect to managed or discretionary accounts for
which the account owner gives his/her broker, investment adviser or other
third party authority to buy and sell Fund shares, the Funds may consider
trades initiated by the account owner, such as trades initiated in
connection with bona fide cash management purposes, separately in their
analysis. These surveillance procedures may be modified from time to time,
as necessary or appropriate to improve the detection of excessive or
short-term trading or to address specific
circumstances. |
• |
Account Blocking Procedures. If the Funds
determine, in their sole discretion, that a particular transaction or
pattern of transactions identified by the transaction surveillance
procedures described above is excessive or short-term trading in nature,
the Funds will take remedial actions that may include issuing a warning,
revoking certain account-related activities (such as the ability to place
purchase, sale and exchange orders over the internet or by phone) or
prohibiting or “blocking” future purchase or exchange activity. However,
sales of Fund shares back to a Fund or redemptions will continue to be
permitted in accordance with the terms of the Fund’s current Prospectus.
As a result, unless the shareholder redeems his or her shares, which may
have consequences if the shares have declined in value, a CDSC is
applicable or adverse tax consequences may result, the shareholder may be
“locked” into an unsuitable investment. A blocked account will generally
remain blocked for 90 days. Subsequent detections of excessive or
short-term trading may result in an indefinite account block, or an
account block until the account holder or the associated broker, dealer or
other financial intermediary provides evidence or assurance acceptable to
the Fund that the account holder did not or will not in the future engage
in excessive or short-term trading. |
• |
Applications of Surveillance Procedures and
Restrictions to Omnibus Accounts. Omnibus account arrangements are
common forms of holding shares of the Funds, particularly among
certain brokers, dealers and other financial intermediaries, including
sponsors of retirement plans. The Funds apply their surveillance
procedures to these omnibus account arrangements. As required by SEC
rules, the Funds have entered into agreements with all of their financial
intermediaries that require the financial intermediaries to provide the
Funds, upon the request of the Funds or their agents, with individual
account level information about their transactions. If the Funds detect
excessive trading through their monitoring of omnibus accounts, including
trading at the individual account level, the financial intermediaries will
also execute instructions from the Funds to take actions to curtail the
activity, which may include applying blocks to accounts to prohibit future
purchases and exchanges of Fund shares. For certain retirement plan
accounts, the Funds may request that the retirement plan or other
intermediary revoke the relevant participant’s privilege to effect
transactions in Fund shares via the internet or telephone, in which case
the relevant participant must submit future transaction orders via the
U.S. Postal Service (i.e., regular
mail). |
Fund | Fee as a Percentage of Average Daily Net Assets* |
Fiscal Year or Period Ended | ||||||||
AB
Total Return Bond Portfolio |
.45 | % | 10/31/23 | |||||||
AB
Global Bond Fund |
.47 | % | 9/30/23 | |||||||
AB
Sustainable Thematic Credit Portfolio |
.45 | % | 10/31/23 | |||||||
AB
High Income Fund |
.49 | % | 10/31/23 | |||||||
AB
Short Duration High Yield Portfolio |
.55 | % | 9/30/23 | |||||||
AB
Income Fund |
.45 | % | 10/31/23 | |||||||
AB
Short Duration Income Portfolio |
.35 | % | 10/31/23 | |||||||
AB
Tax-Aware Fixed Income Opportunities Portfolio |
.45 | % | 10/31/23 |
* |
Fee
stated net of any waivers and/or reimbursements. See “Fees and Expenses of
the Fund” in the Summary Information at the beginning of this Prospectus
for more information about the
waivers/reimbursements. |
Fund | Annual Report Period | ||||
AB
Total Return Bond Portfolio |
10/31/23 | ||||
AB
Global Bond Fund |
9/30/23 | ||||
AB
Sustainable Thematic Credit Portfolio |
10/31/23 | ||||
AB
High Income Fund |
10/31/23 | ||||
AB
Short Duration High Yield Portfolio |
9/30/23 | ||||
AB
Income Fund |
10/31/23 | ||||
AB
Short Duration Income Portfolio |
10/31/23 | ||||
AB
Tax-Aware Fixed Income Opportunities Portfolio |
10/31/23 |
Fund
and
Responsible
Team |
Employee; Year; Title | Principal Occupation(s) During the Past Five (5) Years | ||
AB
Total Return Bond Portfolio
U.S. Investment Grade Core Fixed Income
Team |
Michael Canter; since 2016; Senior Vice President of the Adviser, and Director and Chief Investment Officer of Securitized Assets | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity to his current position since prior to 2019. | ||
Matthew S. Sheridan; since February 2023; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity to his current position since prior to 2019. | |||
Serena Zhou; since January 2024; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which she has been associated in a substantially similar capacity to her current position since prior to 2019. | |||
AB
Global Bond Fund
Global Fixed Income Investment
Team |
Christian DiClementi; since January 2024; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity to his current position since prior to 2019. | ||
Scott A. DiMaggio; since 2005; Senior Vice President of the Adviser, and Head of Fixed Income | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity to his current position since prior to 2019. | |||
Matthew S. Sheridan; since 2007; (see above) | (see above) | |||
John Taylor; since 2019; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity to his current position since prior to 2019. | |||
AB
Sustainable Thematic Credit Portfolio
Sustainable Thematic Credit Credit
Team |
Gershon M. Distenfeld; since 2021; Senior Vice President, Director of Income Strategies | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity to his current position since prior to 2019. | ||
Timothy Kurpis; since January 2024; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity to his current position since prior to 2019. | |||
Tiffanie Wong; since 2021; Senior Vice President and Portfolio Manager of the Adviser, Director of Fixed Income Responsible Investing Portfolio Management, and Director of US Investment Grade Credit | Senior Vice President of the Adviser, with which she has been associated in a substantially similar capacity to her current position since prior to 2019. | |||
AB
High Income Fund
Global High Income Investment
Team |
Christian
DiClementi; since 2021; (see above)
Gershon
M. Distenfeld; since 2008; (see above) |
(see
above)
(see
above) | ||
Fahd Malik; since 2021; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity to his current position since prior to 2019. | |||
Matthew S. Sheridan; since 2005; (see above) | (see above) | |||
William Smith; since 2022; Senior Vice President of the Adviser and Director of US High Yield Credit | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity to his current position since prior to 2019. | |||
AB
Short Duration High Yield Portfolio
Short Duration High Yield Investment
Team |
Gershon
M. Distenfeld; since 2011; (see above)
Robert
Schwartz; since 2022; Senior Vice President of the Adviser |
(see
above)
Senior
Vice President of the Adviser, with which he has been associated in a
substantially similar capacity to his current position since prior to
2019. | ||
William Smith; since 2018; (see above) | (see above) | |||
AB
Income Fund
U.S. Investment Grade: Core Fixed Income
Investment Team |
Scott A. DiMaggio; since 2019; (see above) | (see above) | ||
Gershon M. Distenfeld; since 2016; (see above) | (see above) | |||
Fahd Malik; since 2022; (see above) | (see above) | |||
Matthew S. Sheridan; since 2016; (see above) | (see above) | |||
William Smith; since February 2023; (see above) | (see above) |
Fund
and
Responsible
Team |
Employee; Year; Title | Principal Occupation(s) During the Past Five (5) Years | ||
AB
Short Duration Income Portfolio
Short Duration Income Investment
Team |
Gershon
M. Distenfeld; since 2018; (see above)
Fahd
Malik; since 2022; (see above) |
(see
above)
(see
above) | ||
Matthew S. Sheridan; since 2018; (see above) | (see above) | |||
William Smith; since February 2023; (see above) | (see above) | |||
AB
Tax-Aware Fixed Income Opportunities Portfolio
Tax-Aware Investment Team |
Daryl Clements; since 2022; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated since prior to 2019. | ||
Matthew J. Norton; since 2017; Senior Vice President of the Adviser, and Chief Investment Officer—Municipal Bonds | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity since prior to 2019. | |||
Andrew D. Potter; since 2018; Vice President of the Adviser | Vice President of the Adviser, with which he has been associated in a substantially similar capacity to his current position as a portfolio manager since prior to 2019. |
CLASS A | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 9.02 | $ | 11.25 | $ | 11.53 | $ | 11.35 | $ | 10.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.37 | .26 | .25 | .29 | .33 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.25 | ) | (2.21 | ) | (.11 | ) | .22 | .74 | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.12 | (1.95 | ) | .14 | .51 | 1.07 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.39 | ) | (.26 | ) | (.28 | ) | (.33 | ) | (.37 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
– 0 – | (.02 | ) | (.14 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital Distributions |
(.03 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.42 | ) | (.28 | ) | (.42 | ) | (.33 | ) | (.37 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.72 | $ | 9.02 | $ | 11.25 | $ | 11.53 | $ | 11.35 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
1.13 | % | (17.57 | )% | 1.22 | % | 4.60 | % | 10.23 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 127,732 | $ | 148,009 | $ | 203,168 | $ | 224,484 | $ | 221,033 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
.77 | % | .77 | % | .77 | % | .77 | % | .77 | % | ||||||||||
Expenses,
before waivers/reimbursements |
1.17 | % | 1.06 | % | .99 | % | .99 | % | 1.04 | % | ||||||||||
Net
investment income(b) |
4.05 | % | 2.51 | % | 2.23 | % | 2.58 | % | 2.98 | % | ||||||||||
Portfolio
turnover rate** |
197 | % | 141 | % | 128 | % | 83 | % | 74 | % |
CLASS C | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 9.00 | $ | 11.23 | $ | 11.50 | $ | 11.32 | $ | 10.63 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.30 | .17 | .17 | .21 | .25 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.25 | ) | (2.19 | ) | (.11 | ) | .22 | .73 | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.05 | (2.02 | ) | .06 | .43 | .98 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.32 | ) | (.19 | ) | (.19 | ) | (.25 | ) | (.29 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
– 0 – | (.02 | ) | (.14 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital Distributions |
(.03 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.35 | ) | (.21 | ) | (.33 | ) | (.25 | ) | (.29 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.70 | $ | 9.00 | $ | 11.23 | $ | 11.50 | $ | 11.32 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
.37 | % | (18.22 | )% | .55 | % | 3.83 | % | 9.33 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,855 | $ | 2,932 | $ | 5,682 | $ | 10,128 | $ | 10,564 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
1.52 | % | 1.52 | % | 1.52 | % | 1.52 | % | 1.52 | % | ||||||||||
Expenses,
before waivers/reimbursements |
1.92 | % | 1.81 | % | 1.74 | % | 1.75 | % | 1.79 | % | ||||||||||
Net
investment income(b) |
3.29 | % | 1.69 | % | 1.51 | % | 1.84 | % | 2.24 | % | ||||||||||
Portfolio
turnover rate** |
197 | % | 141 | % | 128 | % | 83 | % | 74 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 9.03 | $ | 11.26 | $ | 11.53 | $ | 11.35 | $ | 10.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.40 | .28 | .28 | .32 | .35 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.26 | ) | (2.20 | ) | (.10 | ) | .22 | .75 | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.14 | (1.92 | ) | .18 | .54 | 1.10 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.41 | ) | (.29 | ) | (.31 | ) | (.36 | ) | (.40 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
– 0 – | (.02 | ) | (.14 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital Distributions |
(.03 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.44 | ) | (.31 | ) | (.45 | ) | (.36 | ) | (.40 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.73 | $ | 9.03 | $ | 11.26 | $ | 11.53 | $ | 11.35 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
1.38 | %+ | (17.44 | )% | 1.56 | % | 4.86 | % | 10.50 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 32,248 | $ | 45,095 | $ | 102,827 | $ | 122,108 | $ | 104,850 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
.52 | % | .52 | % | .52 | % | .52 | % | .52 | % | ||||||||||
Expenses,
before waivers/reimbursements |
.92 | % | .80 | % | .74 | % | .74 | % | .79 | % | ||||||||||
Net
investment income(b) |
4.28 | % | 2.66 | % | 2.47 | % | 2.82 | % | 3.21 | % | ||||||||||
Portfolio
turnover rate** |
197 | % | 141 | % | 128 | % | 83 | % | 74 | % |
CLASS R | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 9.02 | $ | 11.25 | $ | 11.52 | $ | 11.34 | $ | 10.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.35 | .23 | .23 | .26 | .30 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.26 | ) | (2.20 | ) | (.11 | ) | .22 | .74 | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.09 | (1.97 | ) | .12 | .48 | 1.04 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.36 | ) | (.24 | ) | (.25 | ) | (.30 | ) | (.35 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
– 0 – | (.02 | ) | (.14 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital Distributions |
(.03 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.39 | ) | (.26 | ) | (.39 | ) | (.30 | ) | (.35 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.72 | $ | 9.02 | $ | 11.25 | $ | 11.52 | $ | 11.34 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
.88 | % | (17.78 | )% | 1.04 | % | 4.33 | % | 9.86 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 431 | $ | 379 | $ | 746 | $ | 1,802 | $ | 3,298 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
1.02 | % | 1.02 | % | 1.02 | % | 1.02 | % | 1.02 | % | ||||||||||
Expenses,
before waivers/reimbursements |
1.59 | % | 1.43 | % | 1.37 | % | 1.37 | % | 1.42 | % | ||||||||||
Net
investment income(b) |
3.81 | % | 2.21 | % | 1.99 | % | 2.34 | % | 2.73 | % | ||||||||||
Portfolio
turnover rate** |
197 | % | 141 | % | 128 | % | 83 | % | 74 | % |
CLASS K | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 9.03 | $ | 11.26 | $ | 11.54 | $ | 11.36 | $ | 10.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.37 | .25 | .25 | .29 | .33 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.25 | ) | (2.20 | ) | (.11 | ) | .22 | .74 | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.12 | (1.95 | ) | .14 | .51 | 1.07 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.39 | ) | (.26 | ) | (.28 | ) | (.33 | ) | (.37 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
– 0 – | (.02 | ) | (.14 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital Distributions |
(.03 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.42 | ) | (.28 | ) | (.42 | ) | (.33 | ) | (.37 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.73 | $ | 9.03 | $ | 11.26 | $ | 11.54 | $ | 11.36 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
1.13 | % | (17.56 | )% | 1.22 | % | 4.59 | % | 10.22 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 2,390 | $ | 2,287 | $ | 5,736 | $ | 6,580 | $ | 7,444 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
.77 | % | .77 | % | .77 | % | .77 | % | .77 | % | ||||||||||
Expenses,
before waivers/reimbursements |
1.39 | % | 1.12 | % | 1.06 | % | 1.07 | % | 1.10 | % | ||||||||||
Net
investment income(b) |
4.05 | % | 2.41 | % | 2.24 | % | 2.59 | % | 2.98 | % | ||||||||||
Portfolio
turnover rate** |
197 | % | 141 | % | 128 | % | 83 | % | 74 | % |
CLASS I | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 9.04 | $ | 11.27 | $ | 11.55 | $ | 11.36 | $ | 10.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.40 | .28 | .28 | .32 | .36 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.27 | ) | (2.20 | ) | (.11 | ) | .23 | .74 | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.13 | (1.92 | ) | .17 | .55 | 1.10 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.41 | ) | (.29 | ) | (.31 | ) | (.36 | ) | (.40 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
– 0 – | (.02 | ) | (.14 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital Distributions |
(.03 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.44 | ) | (.31 | ) | (.45 | ) | (.36 | ) | (.40 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.73 | $ | 9.04 | $ | 11.27 | $ | 11.55 | $ | 11.36 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
1.26 | %+ | (17.44 | )% | 1.46 | % | 4.93 | % | 10.50 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 543 | $ | 758 | $ | 1,819 | $ | 2,743 | $ | 4,107 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
.52 | % | .52 | % | .52 | % | .52 | % | .52 | % | ||||||||||
Expenses,
before waivers/reimbursements |
.89 | % | .75 | % | .68 | % | .70 | % | .75 | % | ||||||||||
Net
investment income(b) |
4.29 | % | 2.67 | % | 2.48 | % | 2.85 | % | 3.22 | % | ||||||||||
Portfolio
turnover rate** |
197 | % | 141 | % | 128 | % | 83 | % | 74 | % |
CLASS Z | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 9.04 | $ | 11.27 | $ | 11.55 | $ | 11.37 | $ | 10.67 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.40 | .28 | .29 | .32 | .36 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.26 | ) | (2.20 | ) | (.12 | ) | .22 | .74 | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.14 | (1.92 | ) | .17 | .54 | 1.10 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.41 | ) | (.29 | ) | (.31 | ) | (.36 | ) | (.40 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
– 0 – | (.02 | ) | (.14 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital Distributions |
(.03 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.44 | ) | (.31 | ) | (.45 | ) | (.36 | ) | (.40 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.74 | $ | 9.04 | $ | 11.27 | $ | 11.55 | $ | 11.37 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
1.38 | % | (17.34 | )% | 1.46 | % | 4.84 | % | 10.48 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 2,877 | $ | 2,234 | $ | 3,193 | $ | 5,824 | $ | 8,059 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
.52 | % | .52 | % | .52 | % | .52 | % | .52 | % | ||||||||||
Expenses,
before waivers/reimbursements |
.81 | % | .70 | % | .64 | % | .64 | % | .68 | % | ||||||||||
Net
investment income(b) |
4.30 | % | 2.70 | % | 2.51 | % | 2.82 | % | 3.22 | % | ||||||||||
Portfolio
turnover rate** |
197 | % | 141 | % | 128 | % | 83 | % | 74 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Amount
is less than $.005. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on portfolio distributions or the
redemption of portfolio shares. Total investment return calculated for a
period of less than one year is not annualized. |
+ |
The
net asset value and total return include adjustments in accordance with
accounting principles generally accepted in the United States of America
for financial reporting purposes. As such, the net asset value and total
return for shareholder transactions may differ from financial
statements. |
** |
The
Fund accounts for dollar roll transactions as purchases and
sales. |
CLASS A | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.67 | $ | 8.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.21 | .11 | .11 | .14 | .17 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.11 | ) | (1.20 | ) | (.02 | ) | .07 | .52 | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | – 0 – | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.10 | (1.09 | ) | .09 | .21 | .69 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.57 | ) | (.24 | ) | (.13 | ) | (.26 | ) | (.21 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | (.10 | ) | (.06 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital |
(.05 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.62 | ) | (.34 | ) | (.19 | ) | (.26 | ) | (.21 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.57 | $ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.67 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
1.27 | % | (13.27 | )% | .92 | % | 2.44 | %^ | 8.58 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 332,871 | $ | 409,768 | $ | 580,627 | $ | 656,731 | $ | 758,638 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.80 | % | .80 | % | .80 | % | .80 | % | .81 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.80 | % | .80 | % | .80 | % | .80 | % | .81 | % | ||||||||||
Net
investment income(b) |
3.06 | % | 1.40 | % | 1.24 | % | 1.62 | % | 2.02 | % | ||||||||||
Portfolio
turnover rate* |
177 | % | 159 | % | 130 | % | 135 | % | 126 | % |
CLASS C | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.12 | $ | 8.55 | $ | 8.65 | $ | 8.70 | $ | 8.21 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.16 | .05 | .04 | .08 | .11 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.12 | ) | (1.20 | ) | (.02 | ) | .06 | .53 | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | – 0 – | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.04 | (1.15 | ) | .02 | .14 | .64 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.52 | ) | (.18 | ) | (.06 | ) | (.19 | ) | (.15 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | (.10 | ) | (.06 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital |
(.05 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.57 | ) | (.28 | ) | (.12 | ) | (.19 | ) | (.15 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.59 | $ | 7.12 | $ | 8.55 | $ | 8.65 | $ | 8.70 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
.36 | % | (13.88 | )% | .27 | % | 1.66 | % | 7.87 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 14,099 | $ | 22,599 | $ | 39,929 | $ | 65,949 | $ | 104,089 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
1.55 | % | 1.55 | % | 1.55 | % | 1.55 | % | 1.56 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
1.55 | % | 1.56 | % | 1.55 | % | 1.55 | % | 1.56 | % | ||||||||||
Net
investment income(b) |
2.26 | % | .62 | % | .49 | % | .93 | % | 1.26 | % | ||||||||||
Portfolio
turnover rate* |
177 | % | 159 | % | 130 | % | 135 | % | 126 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.09 | $ | 8.51 | $ | 8.62 | $ | 8.66 | $ | 8.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.23 | .13 | .13 | .16 | .19 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.12 | ) | (1.19 | ) | (.03 | ) | .08 | .52 | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | – 0 – | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.11 | (1.06 | ) | .10 | .24 | .71 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.59 | ) | (.26 | ) | (.15 | ) | (.28 | ) | (.23 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | (.10 | ) | (.06 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital |
(.05 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.64 | ) | (.36 | ) | (.21 | ) | (.28 | ) | (.23 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.56 | $ | 7.09 | $ | 8.51 | $ | 8.62 | $ | 8.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
1.38 | % | (12.95 | )% | 1.17 | % | 2.82 | % | 8.86 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 3,549,674 | $ | 3,441,514 | $ | 4,707,655 | $ | 4,645,021 | $ | 4,845,448 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.55 | % | .55 | % | .55 | % | .55 | % | .56 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.55 | % | .56 | % | .55 | % | .55 | % | .56 | % | ||||||||||
Net
investment income(b) |
3.33 | % | 1.66 | % | 1.49 | % | 1.91 | % | 2.26 | % | ||||||||||
Portfolio
turnover rate* |
177 | % | 159 | % | 130 | % | 135 | % | 126 | % |
CLASS R | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.17 | .08 | .07 | .10 | .13 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.12 | ) | (1.21 | ) | (.02 | ) | .08 | .53 | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | – 0 – | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.05 | (1.13 | ) | .05 | .18 | .66 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.54 | ) | (.20 | ) | (.09 | ) | (.22 | ) | (.18 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | (.10 | ) | (.06 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital |
(.05 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.59 | ) | (.30 | ) | (.15 | ) | (.22 | ) | (.18 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.55 | $ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
.50 | % | (13.65 | )% | .59 | % | 2.08 | % | 8.13 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 31,164 | $ | 37,213 | $ | 49,599 | $ | 56,424 | $ | 69,424 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
1.40 | % | 1.25 | % | 1.24 | % | 1.27 | % | 1.24 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
1.40 | % | 1.25 | % | 1.24 | % | 1.27 | % | 1.24 | % | ||||||||||
Net
investment income(b) |
2.46 | % | .96 | % | .80 | % | 1.20 | % | 1.59 | % | ||||||||||
Portfolio
turnover rate* |
177 | % | 159 | % | 130 | % | 135 | % | 126 | % |
CLASS K | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.19 | .10 | .10 | .13 | .16 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.11 | ) | (1.20 | ) | (.02 | ) | .07 | .52 | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | – 0 – | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.08 | (1.10 | ) | .08 | .20 | .68 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.56 | ) | (.23 | ) | (.12 | ) | (.24 | ) | (.20 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | (.10 | ) | (.06 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital |
(.05 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.61 | ) | (.33 | ) | (.18 | ) | (.24 | ) | (.20 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.56 | $ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
.97 | % | (13.38 | )% | .90 | % | 2.39 | % | 8.46 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 8,085 | $ | 8,420 | $ | 13,249 | $ | 16,627 | $ | 19,576 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
1.05 | % | .94 | % | .93 | % | .96 | % | .93 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
1.05 | % | .94 | % | .93 | % | .96 | % | .93 | % | ||||||||||
Net
investment income(b) |
2.83 | % | 1.24 | % | 1.11 | % | 1.51 | % | 1.89 | % | ||||||||||
Portfolio
turnover rate* |
177 | % | 159 | % | 130 | % | 135 | % | 126 | % |
CLASS I | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.23 | .13 | .13 | .16 | .19 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.13 | ) | (1.20 | ) | (.02 | ) | .07 | .52 | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | – 0 – | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.10 | (1.07 | ) | .11 | .23 | .71 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.58 | ) | (.26 | ) | (.15 | ) | (.27 | ) | (.23 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | (.10 | ) | (.06 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital |
(.05 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.63 | ) | (.36 | ) | (.21 | ) | (.27 | ) | (.23 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.56 | $ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
1.36 | % | (13.06 | )% | 1.29 | % | 2.79 | % | 8.87 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 670,854 | $ | 724,876 | $ | 919,250 | $ | 854,892 | $ | 852,566 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.57 | % | .56 | % | .55 | % | .58 | % | .55 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.57 | % | .57 | % | .55 | % | .58 | % | .56 | % | ||||||||||
Net
investment income(b) |
3.31 | % | 1.65 | % | 1.49 | % | 1.88 | % | 2.27 | % | ||||||||||
Portfolio
turnover rate* |
177 | % | 159 | % | 130 | % | 135 | % | 126 | % |
CLASS Z | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations |
|
|||||||||||||||||||
Net
investment income(a)(b) |
.23 | .14 | .13 | .16 | .19 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.12 | ) | (1.21 | ) | (.02 | ) | .08 | .53 | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | – 0 – | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.11 | (1.07 | ) | .11 | .24 | .72 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions |
|
|||||||||||||||||||
Dividends
from net investment income |
(.59 | ) | (.26 | ) | (.15 | ) | (.28 | ) | (.24 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | (.10 | ) | (.06 | ) | – 0 – | – 0 – | |||||||||||||
Return
of Capital |
(.05 | ) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.64 | ) | (.36 | ) | (.21 | ) | (.28 | ) | (.24 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.56 | $ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return |
|
|||||||||||||||||||
Total
investment return based on net asset value(d) |
1.40 | % | (13.01 | )% | 1.34 | % | 2.84 | % | 8.93 | % | ||||||||||
Ratios/Supplemental Data |
|
|||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 813,849 | $ | 755,288 | $ | 717,784 | $ | 579,878 | $ | 580,799 | ||||||||||
Ratio
to average net assets of: |
|
|||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.52 | % | .51 | % | .50 | % | .53 | % | .50 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.52 | % | .51 | % | .50 | % | .53 | % | .50 | % | ||||||||||
Net
investment income(b) |
3.37 | % | 1.73 | % | 1.53 | % | 1.93 | % | 2.33 | % | ||||||||||
Portfolio
turnover rate* |
177 | % | 159 | % | 130 | % | 135 | % | 126 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Amount
is less than $0.005. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charge or
contingent deferred sales charge is not reflected in the calculation of
total investment return. Total investment return does not reflect the
deduction of taxes that a shareholder would pay on fund distributions or
the redemption of fund shares. Total investment return for a period of
less than one year is not annualized. |
(e) |
The
expense ratios presented below exclude interest
expense: |
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
|
|
|
||||||||||||||||||
Class A |
||||||||||||||||||||
Net
of waivers/reimbursements |
.80% | .80% | .80% | .80% | .81% | |||||||||||||||
Before
waivers/reimbursements |
.80% | .80% | .80% | .80% | .81% | |||||||||||||||
Class C |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.55% | 1.55% | 1.55% | 1.55% | 1.56% | |||||||||||||||
Before
waivers/reimbursements |
1.55% | 1.56% | 1.55% | 1.55% | 1.56% | |||||||||||||||
Advisor
Class |
||||||||||||||||||||
Net
of waivers/reimbursements |
.55% | .55% | .55% | .55% | .56% | |||||||||||||||
Before
waivers/reimbursements |
.55% | .56% | .55% | .55% | .56% | |||||||||||||||
Class R |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.39% | 1.25% | 1.24% | 1.27% | 1.24% | |||||||||||||||
Before
waivers/reimbursements |
1.39% | 1.25% | 1.24% | 1.27% | 1.24% | |||||||||||||||
Class K |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.05% | .94% | .93% | .96% | .93% | |||||||||||||||
Before
waivers/reimbursements |
1.05% | .94% | .93% | .96% | .93% | |||||||||||||||
Class I |
||||||||||||||||||||
Net
of waivers/reimbursements |
.57% | .56% | .55% | .58% | .55% | |||||||||||||||
Before
waivers/reimbursements |
.57% | .57% | .55% | .58% | .56% | |||||||||||||||
Class Z |
||||||||||||||||||||
Net
of waivers/reimbursements |
.52% | .51% | .50% | .53% | .50% | |||||||||||||||
Before
waivers/reimbursements |
.52% | .51% | .50% | .53% | .50% |
^ |
The
net asset value and total return include adjustments in accordance with
accounting principles generally accepted in the United States of America
for financial reporting purposes. As such, the net asset value and total
return for shareholder transactions may differ from financial
statements. |
* |
The
Fund accounts for dollar roll transactions as purchases and
sales. |
CLASS A | ||||||||||||
Year Ended October 31, |
May 10,
2021(a) to
October 31, 2021 |
|||||||||||
2023 | 2022 | |||||||||||
Net
asset value, beginning of period |
$ | 7.74 | $ | 10.12 | $ | 10.00 | ||||||
|
|
|
|
|
|
|||||||
Income From Investment Operations | ||||||||||||
Net
investment income(b)(c) |
.26 | .18 | .07 | |||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.06 | ) | (2.32 | ) | .13 | |||||||
|
|
|
|
|
|
|||||||
Net
increase (decrease) in net asset value from operations |
.20 | (2.14 | ) | .20 | ||||||||
|
|
|
|
|
|
|||||||
Less: Dividends and Distributions | ||||||||||||
Dividends
from net investment income |
(.29 | ) | (.23 | ) | (.08 | ) | ||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | (.01 | ) | – 0 – | ||||||||
|
|
|
|
|
|
|||||||
Total
dividends and distributions |
(.29 | ) | (.24 | ) | (.08 | ) | ||||||
|
|
|
|
|
|
|||||||
Net
asset value, end of period |
$ | 7.65 | $ | 7.74 | $ | 10.12 | ||||||
|
|
|
|
|
|
|||||||
Total Return | ||||||||||||
Total
investment return based on net asset value(d) |
2.42 | % | (21.48 | )% | 2.00 | % | ||||||
Ratios/Supplemental Data | ||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 59 | $ | 58 | $ | 74 | ||||||
Ratio
to average net assets of: |
||||||||||||
Expenses,
net of waivers/reimbursements |
.85 | % | .85 | % | .85 | %(e) | ||||||
Expenses,
before waivers/reimbursements |
.92 | % | .97 | % | 1.14 | %(e) | ||||||
Net
investment income(c) |
3.20 | % | 2.04 | % | 1.47 | %(e) | ||||||
Portfolio
turnover rate |
30 | % | 25 | % | 31 | % |
ADVISOR CLASS | ||||||||||||
Year Ended October 31, |
May 10,
2021(a) to October 31, 2021 |
|||||||||||
2023 | 2022 | |||||||||||
Net
asset value, beginning of period |
$ | 7.74 | $ | 10.12 | $ | 10.00 | ||||||
|
|
|
|
|
|
|||||||
Income From Investment Operations | ||||||||||||
Net
investment income(b)(c) |
.28 | .21 | .08 | |||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.06 | ) | (2.33 | ) | .13 | |||||||
|
|
|
|
|
|
|||||||
Net
increase (decrease) in net asset value from operations |
.22 | (2.12 | ) | .21 | ||||||||
|
|
|
|
|
|
|||||||
Less: Dividends and Distributions | ||||||||||||
Dividends
from net investment income |
(.31 | ) | (.25 | ) | (.09 | ) | ||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
– 0 – | (.01 | ) | – 0 – | ||||||||
|
|
|
|
|
|
|||||||
Total
dividends and distributions |
(.31 | ) | (.26 | ) | (.09 | ) | ||||||
|
|
|
|
|
|
|||||||
Net
asset value, end of period |
$ | 7.65 | $ | 7.74 | $ | 10.12 | ||||||
|
|
|
|
|
|
|||||||
Total Return | ||||||||||||
Total
investment return based on net asset value(d) |
2.67 | % | (21.29 | )% | 2.12 | % | ||||||
Ratios/Supplemental Data | ||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 213,281 | $ | 177,086 | $ | 169,185 | ||||||
Ratio
to average net assets of: |
||||||||||||
Expenses,
net of waivers/reimbursements |
.60 | % | .60 | % | .60 | %(e) | ||||||
Expenses,
before waivers/reimbursements |
.67 | % | .72 | % | .93 | %(e) | ||||||
Net
investment income(c) |
3.46 | % | 2.31 | % | 1.69 | %(e) | ||||||
Portfolio
turnover rate |
30 | % | 25 | % | 31 | % |
(a) |
Commencement
of operations. |
(b) |
Based
on average shares outstanding. |
(c) |
Net
of expenses waived/reimbursed by the Adviser. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charge or
contingent deferred sales charge is not reflected in the calculation of
total investment return. Total investment return does not reflect the
deduction of taxes that a shareholder would pay on fund distributions or
the redemption of fund shares. Total investment return for a period of
less than one year is not annualized. |
(e) |
Annualized. |
CLASS A | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 6.44 | $ | 7.98 | $ | 7.53 | $ | 8.19 | $ | 8.14 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.47 | .41 | .40 | .41 | .47 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.05 | (1.48 | ) | .53 | (.59 | ) | .11 | |||||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.52 | (1.07 | ) | .93 | (.18 | ) | .58 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.48 | ) | (.47 | ) | (.44 | ) | (.48 | ) | (.41 | ) | ||||||||||
Return
of capital |
(.03 | ) | – 0 – | (.04 | ) | – 0 – | (.12 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.51 | ) | (.47 | ) | (.48 | ) | (.48 | ) | (.53 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.45 | $ | 6.44 | $ | 7.98 | $ | 7.53 | $ | 8.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
8.21 | % | (13.83 | )% | 12.52 | %^ | (2.02 | )%^ | 7.33 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 795,930 | $ | 854,235 | $ | 1,157,302 | $ | 1,143,143 | $ | 1,329,150 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
.90 | % | .90 | % | .84 | % | .86 | % | .87 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
.90 | % | .90 | % | .84 | % | .86 | % | .88 | % | ||||||||||
Net
investment income(b) |
7.11 | % | 5.69 | % | 4.95 | % | 5.43 | % | 5.82 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 48 | % | 54 | % | 49 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 6.51 | $ | 8.07 | $ | 7.62 | $ | 8.29 | $ | 8.24 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.42 | .35 | .33 | .35 | .41 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.05 | (1.50 | ) | .54 | (.60 | ) | .10 | |||||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.47 | (1.15 | ) | .87 | (.25 | ) | .51 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.43 | ) | (.41 | ) | (.38 | ) | (.42 | ) | (.35 | ) | ||||||||||
Return
of capital |
(.03 | ) | – 0 – | (.04 | ) | – 0 – | (.11 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.46 | ) | (.41 | ) | (.42 | ) | (.42 | ) | (.46 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.52 | $ | 6.51 | $ | 8.07 | $ | 7.62 | $ | 8.29 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
7.29 | %^ | (14.69 | )% | 11.65 | %^ | (2.86 | )%^ | 6.43 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 160,725 | $ | 199,870 | $ | 324,644 | $ | 456,375 | $ | 649,108 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
1.64 | % | 1.64 | % | 1.58 | % | 1.61 | % | 1.62 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
1.64 | % | 1.64 | % | 1.59 | % | 1.61 | % | 1.62 | % | ||||||||||
Net
investment income(b) |
6.26 | % | 4.81 | % | 4.14 | % | 4.56 | % | 5.00 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 48 | % | 54 | % | 49 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 6.45 | $ | 7.99 | $ | 7.54 | $ | 8.20 | $ | 8.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.49 | .43 | .42 | .43 | .49 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.05 | (1.49 | ) | .53 | (.59 | ) | .11 | |||||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.54 | (1.06 | ) | .95 | (.16 | ) | .60 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.50 | ) | (.48 | ) | (.46 | ) | (.50 | ) | (.42 | ) | ||||||||||
Return
of capital |
(.03 | ) | – 0 – | (.04 | ) | – 0 – | (.13 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.53 | ) | (.48 | ) | (.50 | ) | (.50 | ) | (.55 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.46 | $ | 6.45 | $ | 7.99 | $ | 7.54 | $ | 8.20 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
8.46 | % | (13.70 | )% | 12.92 | %^ | (1.77 | )%^ | 7.58 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,701,261 | $ | 1,754,072 | $ | 2,579,006 | $ | 3,077,869 | $ | 2,976,343 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
.64 | % | .64 | % | .59 | % | .61 | % | .62 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
.65 | % | .65 | % | .59 | % | .61 | % | .63 | % | ||||||||||
Net
investment income(b) |
7.34 | % | 5.90 | % | 5.20 | % | 5.57 | % | 6.05 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 48 | % | 54 | % | 49 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS R | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 6.44 | $ | 7.98 | $ | 7.53 | $ | 8.19 | $ | 8.14 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.42 | .38 | .36 | .38 | .44 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.06 | (1.48 | ) | .54 | (.59 | ) | .10 | |||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.48 | (1.10 | ) | .90 | (.21 | ) | .54 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.45 | ) | (.44 | ) | (.41 | ) | (.45 | ) | (.38 | ) | ||||||||||
Return
of capital |
(.03 | ) | – 0 – | (.04 | ) | – 0 – | (.11 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.48 | ) | (.44 | ) | (.45 | ) | (.45 | ) | (.49 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.44 | $ | 6.44 | $ | 7.98 | $ | 7.53 | $ | 8.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
7.56 | %^ | (14.30 | )% | 12.17 | %^ | (2.49 | )%^ | 6.89 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 16,542 | $ | 20,238 | $ | 32,847 | $ | 38,435 | $ | 57,226 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
1.62 | % | 1.31 | % | 1.27 | % | 1.32 | % | 1.28 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
1.62 | % | 1.31 | % | 1.27 | % | 1.33 | % | 1.28 | % | ||||||||||
Net
investment income(b) |
6.38 | % | 5.24 | % | 4.53 | % | 4.93 | % | 5.43 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 48 | % | 54 | % | 49 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS K | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 6.44 | $ | 7.99 | $ | 7.53 | $ | 8.19 | $ | 8.14 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.44 | .39 | .39 | .40 | .47 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.06 | (1.49 | ) | .54 | (.59 | ) | .10 | |||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.50 | (1.10 | ) | .93 | (.19 | ) | .57 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.47 | ) | (.45 | ) | (.43 | ) | (.47 | ) | (.40 | ) | ||||||||||
Return
of capital |
(.03 | ) | – 0 – | (.04 | ) | – 0 – | (.12 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.50 | ) | (.45 | ) | (.47 | ) | (.47 | ) | (.52 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.44 | $ | 6.44 | $ | 7.99 | $ | 7.53 | $ | 8.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
7.89 | % | (14.07 | )% | 12.53 | %^ | (2.15 | )%^ | 7.25 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 4,401 | $ | 5,792 | $ | 38,413 | $ | 68,253 | $ | 110,135 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
1.27 | % | .97 | % | .94 | % | .98 | % | .94 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
1.28 | % | .97 | % | .94 | % | .98 | % | .94 | % | ||||||||||
Net
investment income(b) |
6.73 | % | 5.15 | % | 4.87 | % | 5.27 | % | 5.76 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 48 | % | 54 | % | 49 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS I | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 6.45 | $ | 8.00 | $ | 7.54 | $ | 8.20 | $ | 8.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.48 | .43 | .42 | .42 | .50 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.06 | (1.50 | ) | .54 | (.58 | ) | .10 | |||||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.54 | (1.07 | ) | .96 | (.16 | ) | .60 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.50 | ) | (.48 | ) | (.46 | ) | (.50 | ) | (.42 | ) | ||||||||||
Return
of capital |
(.03 | ) | – 0 – | (.04 | ) | – 0 – | (.13 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.53 | ) | (.48 | ) | (.50 | ) | (.50 | ) | (.55 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.46 | $ | 6.45 | $ | 8.00 | $ | 7.54 | $ | 8.20 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
8.42 | % | (13.72 | )% | 12.91 | %^ | (1.81 | )%^ | 7.61 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 64,806 | $ | 67,757 | $ | 90,893 | $ | 131,550 | $ | 167,518 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
.69 | % | .66 | % | .59 | % | .64 | % | .60 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
.69 | % | .66 | % | .59 | % | .64 | % | .60 | % | ||||||||||
Net
investment income(b) |
7.30 | % | 5.91 | % | 5.21 | % | 5.57 | % | 6.09 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 48 | % | 54 | % | 49 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS Z | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 6.45 | $ | 8.00 | $ | 7.54 | $ | 8.20 | $ | 8.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.49 | .43 | .42 | .43 | .50 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.05 | (1.49 | ) | .55 | (.59 | ) | .10 | |||||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.54 | (1.06 | ) | .97 | (.16 | ) | .60 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.50 | ) | (.49 | ) | (.47 | ) | (.50 | ) | (.42 | ) | ||||||||||
Return
of capital |
(.03 | ) | – 0 – | (.04 | ) | – 0 – | (.13 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.53 | ) | (.49 | ) | (.51 | ) | (.50 | ) | (.55 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.46 | $ | 6.45 | $ | 8.00 | $ | 7.54 | $ | 8.20 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
8.51 | % | (13.64 | )% | 12.99 | %^ | (1.76 | )%^ | 7.68 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 112,725 | $ | 155,009 | $ | 266,052 | $ | 307,946 | $ | 330,538 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
.59 | % | .57 | % | .53 | % | .59 | % | .54 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
.59 | % | .57 | % | .53 | % | .59 | % | .54 | % | ||||||||||
Net
investment income(b) |
7.37 | % | 5.96 | % | 5.26 | % | 5.66 | % | 6.16 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 28 | % | 48 | % | 54 | % | 49 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Amount
is less than $0.005. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charge or
contingent deferred sales charge is not reflected in the calculation of
total investment return. Total investment return does not reflect the
deduction of taxes that a shareholder would pay on fund distributions or
the redemption of fund shares. Total investment return for a period of
less than one year is not annualized. |
(e) |
The
expense ratios presented below exclude interest
expense: |
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Class A |
||||||||||||||||||||
Net
of waivers/reimbursements |
.85 | % | .87 | % | .84 | % | .86 | % | .85 | % | ||||||||||
Before
waivers/reimbursements |
.85 | % | .87 | % | .84 | % | .86 | % | .86 | % | ||||||||||
Class C |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.60 | % | 1.61 | % | 1.58 | % | 1.60 | % | 1.60 | % | ||||||||||
Before
waivers/reimbursements |
1.60 | % | 1.61 | % | 1.59 | % | 1.60 | % | 1.60 | % | ||||||||||
Advisor
Class |
||||||||||||||||||||
Net
of waivers/reimbursements |
.60 | % | .62 | % | .59 | % | .60 | % | .60 | % | ||||||||||
Before
waivers/reimbursements |
.61 | % | .63 | % | .59 | % | .60 | % | .61 | % | ||||||||||
Class R |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.58 | % | 1.28 | % | 1.27 | % | 1.32 | % | 1.26 | % | ||||||||||
Before
waivers/reimbursements |
1.58 | % | 1.28 | % | 1.27 | % | 1.33 | % | 1.26 | % | ||||||||||
Class K |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.23 | % | .97 | % | .94 | % | .97 | % | .92 | % | ||||||||||
Before
waivers/reimbursements |
1.24 | % | .97 | % | .94 | % | .97 | % | .92 | % | ||||||||||
Class I |
||||||||||||||||||||
Net
of waivers/reimbursements |
.64 | % | .63 | % | .59 | % | .64 | % | .58 | % | ||||||||||
Before
waivers/reimbursements |
.64 | % | .63 | % | .59 | % | .64 | % | .58 | % | ||||||||||
Class Z |
||||||||||||||||||||
Net
of waivers/reimbursements |
.55 | % | .54 | % | .53 | % | .58 | % | .52 | % | ||||||||||
Before
waivers/reimbursements |
.55 | % | .54 | % | .53 | % | .58 | % | .52 | % |
^ |
The
net asset value and total return include adjustments in accordance with
accounting principles generally accepted in the United States of America
for financial reporting purposes. As such, the net asset value and total
return for shareholder transactions may differ from financial
statements. |
CLASS A | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.75 | $ | 10.36 | $ | 9.95 | $ | 10.36 | $ | 10.24 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.48 | .36 | .36 | .37 | .39 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.34 | (1.57 | ) | .45 | (.33 | ) | .16 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.82 | (1.21 | ) | .81 | .04 | .55 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends | ||||||||||||||||||||
Dividends
from net investment income |
(.68 | ) | (.40 | ) | (.40 | ) | (.45 | ) | (.43 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.89 | $ | 8.75 | $ | 10.36 | $ | 9.95 | $ | 10.36 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
9.63 | % | (11.98 | )% | 8.23 | % | .54 | % | 5.54 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 24,670 | $ | 27,201 | $ | 31,087 | $ | 24,393 | $ | 19,487 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.95 | % | .95 | % | .95 | % | .95 | % | .95 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.98 | % | 1.00 | % | 1.02 | % | 1.04 | % | 1.05 | % | ||||||||||
Net
investment income(b) |
5.36 | % | 3.71 | % | 3.52 | % | 3.71 | % | 3.85 | % | ||||||||||
Portfolio
turnover rate |
67 | % | 62 | % | 57 | % | 60 | % | 37 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.74 | $ | 10.35 | $ | 9.94 | $ | 10.35 | $ | 10.23 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.42 | .29 | .29 | .29 | .32 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.33 | (1.58 | ) | .44 | (.32 | ) | .16 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.75 | (1.29 | ) | .73 | (.03 | ) | .48 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends | ||||||||||||||||||||
Dividends
from net investment income |
(.61 | ) | (.32 | ) | (.32 | ) | (.38 | ) | (.36 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.88 | $ | 8.74 | $ | 10.35 | $ | 9.94 | $ | 10.35 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
8.81 | % | (12.66 | )% | 7.43 | % | (.21 | )% | 4.76 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 9,653 | $ | 7,335 | $ | 10,038 | $ | 11,105 | $ | 17,617 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
1.70 | % | 1.70 | % | 1.70 | % | 1.70 | % | 1.70 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
1.77 | % | 1.75 | % | 1.77 | % | 1.79 | % | 1.80 | % | ||||||||||
Net
investment income(b) |
4.66 | % | 2.95 | % | 2.78 | % | 2.96 | % | 3.11 | % | ||||||||||
Portfolio
turnover rate |
67 | % | 62 | % | 57 | % | 60 | % | 37 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.73 | $ | 10.34 | $ | 9.93 | $ | 10.35 | $ | 10.22 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.51 | .38 | .39 | .39 | .42 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.34 | (1.57 | ) | .45 | (.33 | ) | .17 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.85 | (1.19 | ) | .84 | .06 | .59 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends | ||||||||||||||||||||
Dividends
from net investment income |
(.70 | ) | (.42 | ) | (.43 | ) | (.48 | ) | (.46 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.88 | $ | 8.73 | $ | 10.34 | $ | 9.93 | $ | 10.35 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
10.04 | % | (11.78 | )% | 8.52 | % | .70 | % | 5.91 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 484,876 | $ | 283,354 | $ | 334,801 | $ | 256,070 | $ | 238,350 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.70 | % | .70 | % | .70 | % | .70 | % | .70 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.78 | % | .75 | % | .77 | % | .79 | % | .80 | % | ||||||||||
Net
investment income(b) |
5.71 | % | 3.97 | % | 3.77 | % | 3.97 | % | 4.10 | % | ||||||||||
Portfolio
turnover rate |
67 | % | 62 | % | 57 | % | 60 | % | 37 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .00 | % | .01 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
(d) |
In
connection with the Fund’s investments in affiliated underlying
portfolios, the Fund incurs no direct expenses, but bears proportionate
shares of the fees and expenses (i.e., operating, administrative and
investment advisory fees) of the affiliated underlying portfolios. The
Adviser has contractually agreed to waive its fees from the Fund in an
amount equal to the Fund’s pro rata share of certain acquired fund fees
and expenses, and for the year ended September 30, 2019, such waiver
amounted to .01%. |
CLASS A | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 6.19 | $ | 7.89 | $ | 7.96 | $ | 7.98 | $ | 7.49 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.28 | .23 | .24 | .26 | .31 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.16 | ) | (1.69 | ) | (.04 | ) | .02 | (c) | .53 | |||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (d) | – 0 – | .00 | (d) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.12 | (1.46 | ) | .20 | .28 | .84 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.26 | ) | (.24 | ) | (.27 | ) | (.30 | ) | (.30 | ) | ||||||||||
Return
of capital |
(.05 | ) | – 0 – | – 0 – | – 0 – | (.05 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.31 | ) | (.24 | ) | (.27 | ) | (.30 | ) | (.35 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.00 | $ | 6.19 | $ | 7.89 | $ | 7.96 | $ | 7.98 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(e)* |
1.76 | % | (18.83 | )% | 2.48 | % | 3.55 | % | 11.50 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 126,078 | $ | 159,887 | $ | 265,990 | $ | 289,619 | $ | 240,567 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(f) |
1.81 | % | 1.04 | % | .79 | % | .78 | % | .77 | % | ||||||||||
Expenses,
before waivers/reimbursements(f) |
1.86 | % | 1.08 | % | .80 | % | .80 | % | .83 | % | ||||||||||
Net
investment income(b) |
4.30 | % | 3.15 | % | 3.04 | % | 3.24 | % | 4.02 | % | ||||||||||
Portfolio
turnover rate** |
231 | % | 167 | % | 166 | % | 246 | % | 270 | % |
CLASS C | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 6.20 | $ | 7.90 | $ | 7.97 | $ | 7.99 | $ | 7.50 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.23 | .17 | .18 | .20 | .25 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.16 | ) | (1.68 | ) | (.04 | ) | .02 | (c) | .53 | |||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (d) | – 0 – | .00 | (d) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.07 | (1.51 | ) | .14 | .22 | .78 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.22 | ) | (.19 | ) | (.21 | ) | (.24 | ) | (.25 | ) | ||||||||||
Return
of capital |
(.04 | ) | – 0 – | – 0 – | – 0 – | (.04 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.26 | ) | (.19 | ) | (.21 | ) | (.24 | ) | (.29 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.01 | $ | 6.20 | $ | 7.90 | $ | 7.97 | $ | 7.99 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(e)* |
1.00 | % | (19.41 | )% | 1.71 | % | 2.77 | % | 10.65 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 85,418 | $ | 113,982 | $ | 194,363 | $ | 217,968 | $ | 164,413 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(f) |
2.54 | % | 1.79 | % | 1.54 | % | 1.53 | % | 1.52 | % | ||||||||||
Expenses,
before waivers/reimbursements(f) |
2.60 | % | 1.82 | % | 1.55 | % | 1.55 | % | 1.57 | % | ||||||||||
Net
investment income(b) |
3.57 | % | 2.39 | % | 2.29 | % | 2.49 | % | 3.21 | % | ||||||||||
Portfolio
turnover rate** |
231 | % | 167 | % | 166 | % | 246 | % | 270 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 6.20 | $ | 7.90 | $ | 7.97 | $ | 7.99 | $ | 7.50 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.29 | .24 | .26 | .27 | .33 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.15 | ) | (1.68 | ) | (.04 | ) | .03 | (c) | .53 | |||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | .00 | (d) | – 0 – | .00 | (d) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.14 | (1.44 | ) | .22 | .30 | .86 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.27 | ) | (.26 | ) | (.29 | ) | (.32 | ) | (.31 | ) | ||||||||||
Return
of capital |
(.06 | ) | – 0 – | – 0 – | – 0 – | (.06 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.33 | ) | (.26 | ) | (.29 | ) | (.32 | ) | (.37 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.01 | $ | 6.20 | $ | 7.90 | $ | 7.97 | $ | 7.99 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on: | ||||||||||||||||||||
Net
asset value(e)* |
2.02 | % | (18.60 | )% | 2.73 | % | 3.80 | % | 11.76 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000,000’s omitted) |
$ | 2,172 | $ | 2,334 | $ | 4,152 | $ | 4,097 | $ | 3,562 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(f) |
1.55 | % | .79 | % | .54 | % | .53 | % | .52 | % | ||||||||||
Expenses,
before waivers/reimbursements(f) |
1.61 | % | .82 | % | .55 | % | .55 | % | .58 | % | ||||||||||
Net
investment income(b) |
4.54 | % | 3.38 | % | 3.28 | % | 3.48 | % | 4.24 | % | ||||||||||
Portfolio
turnover rate** |
231 | % | 167 | % | 166 | % | 246 | % | 270 | % |
CLASS Z | ||||||||||||||||
Year Ended October 31, |
November 20,
2019(g) to October 31, 2020 |
|||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||
Net
asset value, beginning of period |
$ | 6.20 | $ | 7.90 | $ | 7.97 | $ | 7.97 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income From Investment Operations | ||||||||||||||||
Net
investment income(a)(b) |
.29 | .25 | .27 | .27 | ||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(.15 | ) | (1.69 | ) | (.05 | ) | .03 | (c) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
increase (decrease) in net asset value from operations |
.14 | (1.44 | ) | .22 | .30 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less: Dividends and Distributions | ||||||||||||||||
Dividends
from net investment income |
(.27 | ) | (.26 | ) | (.29 | ) | (.30 | ) | ||||||||
Return
of Capital |
(.06 | ) | – 0 – | – 0 – | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
dividends and distributions |
(.33 | ) | (.26 | ) | (.29 | ) | (.30 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
asset value, end of period |
$ | 6.01 | $ | 6.20 | $ | 7.90 | $ | 7.97 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return | ||||||||||||||||
Total
investment return based on net asset value(e)* |
2.02 | % | (18.57 | )% | 2.78 | % | 3.89 | % | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 18,861 | $ | 21,026 | $ | 30,118 | $ | 18,492 | ||||||||
Ratio
to average net assets of: |
||||||||||||||||
Expenses,
net of waivers/reimbursements(f) |
1.55 | % | .78 | % | .49 | % | .48 | %^ | ||||||||
Expenses,
before waivers/reimbursements(f) |
1.55 | % | .78 | % | .49 | % | .48 | %^ | ||||||||
Net
investment income(b) |
4.56 | % | 3.44 | % | 3.32 | % | 3.49 | %^ | ||||||||
Portfolio
turnover rate** |
231 | % | 167 | % | 166 | % | 246 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Due
to timing of sales and repurchase of capital shares, the net realized and
unrealized gain (loss) per share is not in accordance with the Fund’s
change in net realized and unrealized gain (loss) on investment
transactions for the period. |
(d) |
Amount
is less than $.005. |
(e) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
(f) |
The
expense ratios, excluding interest expense
are: |
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Class A |
||||||||||||||||||||
Net
of waivers/reimbursements |
.77 | % | .77 | % | .77 | % | .77 | % | .77 | % | ||||||||||
Before
waivers/reimbursements |
.83 | % | .80 | % | .78 | % | .79 | % | .82 | % | ||||||||||
Class C |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.52 | % | 1.52 | % | 1.52 | % | 1.52 | % | 1.52 | % | ||||||||||
Before
waivers/reimbursements |
1.58 | % | 1.55 | % | 1.53 | % | 1.54 | % | 1.57 | % | ||||||||||
Advisor
Class |
||||||||||||||||||||
Net
of waivers/reimbursements |
.52 | % | .52 | % | .52 | % | .52 | % | .52 | % | ||||||||||
Before
waivers/reimbursements |
.58 | % | .55 | % | .53 | % | .54 | % | .57 | % | ||||||||||
Class Z |
||||||||||||||||||||
Net
of waivers/reimbursements |
.51 | % | .49 | % | .47 | % | .46 | % | N/A | |||||||||||
Before
waivers/reimbursements |
.52 | % | .49 | % | .47 | % | .46 | % | N/A |
(g) |
Commencement
of distributions. |
* |
Includes
the impact of proceeds received by the Fund in connection with a
trade-error reimbursement from the Adviser, which enhanced performance by
.04% for the year ended October 31, 2021. |
** |
The
Fund accounts for dollar roll transactions as purchases and
sales. |
^ |
Annualized. |
CLASS A | ||||||||||||||||||||
Year
Ended October 31, |
December 12,
2018(a) to
October 31,
2019 |
|||||||||||||||||||
2023 | 2022 | 2021 | 2020 | |||||||||||||||||
Net
asset value, beginning of period |
$ | 8.70 | $ | 9.90 | $ | 9.95 | $ | 10.35 | $ | 10.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(b)(c) |
.34 | .18 | .22 | .23 | .28 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.09 | (d) | (1.05 | ) | .02 | (d) | (.28 | )(d) | .42 | |||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (e) | – 0 – | – 0 – | – 0 – | ||||||||||||||
Capital
contributions |
– 0 – | – 0 – | – 0 – | .16 | – 0 – | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.43 | (.87 | ) | .24 | .11 | .70 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.45 | ) | (.22 | ) | (.29 | ) | (.38 | ) | (.35 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
– 0 – | (.11 | ) | – 0 – | (.13 | ) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.45 | ) | (.33 | ) | (.29 | ) | (.51 | ) | (.35 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.68 | $ | 8.70 | $ | 9.90 | $ | 9.95 | $ | 10.35 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(f) |
5.01 | % | (8.94 | )% | 2.37 | % | 1.17 | % | 7.09 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 2,599 | $ | 4,364 | $ | 5,528 | $ | 371 | $ | 10 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(g) |
1.00 | % | .95 | % | .68 | % | .68 | % | .70 | %^ | ||||||||||
Expenses,
before waivers/reimbursements(g) |
1.53 | % | 1.66 | % | 1.26 | % | 1.77 | % | 3.18 | %^ | ||||||||||
Net
investment income(c) |
3.89 | % | 1.95 | % | 2.24 | % | 2.28 | % | 3.14 | %^ | ||||||||||
Portfolio
turnover rate* |
185 | % | 60 | % | 163 | % | 336 | % | 178 | % | ||||||||||
Portfolio
turnover rate (including securities sold short)* |
N/A | N/A | N/A | 336 | % | 181 | % |
CLASS C | ||||||||||||||||||||
Year
Ended October 31, |
December 12,
2018(a) to
October 31,
2019 |
|||||||||||||||||||
2023 | 2022 | 2021 | 2020 | |||||||||||||||||
Net
asset value, beginning of period |
$ | 8.69 | $ | 9.89 | $ | 9.95 | $ | 10.34 | $ | 10.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(b)(c) |
.28 | .10 | .15 | .09 | .21 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.08 | (d) | (1.04 | ) | .00 | (d)(e) | (.04 | )(d) | .41 | |||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (e) | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.36 | (.94 | ) | .15 | .05 | .62 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.38 | ) | (.15 | ) | (.21 | ) | (.31 | ) | (.28 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
– 0 – | (.11 | ) | – 0 – | (.13 | ) | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.38 | ) | (.26 | ) | (.21 | ) | (.44 | ) | (.28 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.67 | $ | 8.69 | $ | 9.89 | $ | 9.95 | $ | 10.34 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(f) |
4.18 | % | (9.67 | )% | 1.46 | % | .51 | % | 6.23 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 438 | $ | 292 | $ | 730 | $ | 730 | $ | 10 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(g) |
1.78 | % | 1.71 | % | 1.47 | % | 1.48 | % | 1.49 | %^ | ||||||||||
Expenses,
before waivers/reimbursements(g) |
2.36 | % | 2.42 | % | 2.19 | % | 2.57 | % | 4.02 | %^ | ||||||||||
Net
investment income(c) |
3.16 | % | 1.10 | % | 1.53 | % | .93 | % | 2.34 | %^ | ||||||||||
Portfolio
turnover rate* |
185 | % | 60 | % | 163 | % | 336 | % | 178 | % | ||||||||||
Portfolio
turnover rate (including securities sold short)* |
N/A | N/A | N/A | 336 | % | 181 | % |
ADVISOR CLASS | |||||||||||||||||||||||||
Year Ended October 31, | December 12, 2018(a) to October 31, | ||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||
Net
asset value, beginning of period |
$ | 8.69 | $ | 9.89 | $ | 9.95 | $ | 10.35 | $ | 10.00 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income From Investment Operations | |||||||||||||||||||||||||
Net
investment income(b)(c) |
.38 | .20 | .25 | .21 | .30 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
.07 | (d) | (1.05 | ) | .00 | (d)(e) | (.08 | )(d) | .41 | ||||||||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (e) | – 0 – | – 0 – | – 0 – | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
increase (decrease) in net asset value from operations |
.45 | (.85 | ) | .25 | .13 | .71 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less: Dividends and Distributions | |||||||||||||||||||||||||
Dividends
from net investment income |
(.47 | ) | (.24 | ) | (.31 | ) | (.40 | ) | (.36 | ) | |||||||||||||||
Distributions
from net realized gain on investment transactions |
– 0 – | (.11 | ) | – 0 – | (.13 | ) | – 0 – | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
dividends and distributions |
(.47 | ) | (.35 | ) | (.31 | ) | (.53 | ) | (.36 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
asset value, end of period |
$ | 8.67 | $ | 8.69 | $ | 9.89 | $ | 9.95 | $ | 10.35 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total Return | |||||||||||||||||||||||||
Total
investment return based on net asset value(f) |
5.22 | % | (8.76 | )% | 2.48 | % | 1.34 | % | 7.25 | % | |||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 105,618 | $ | 64,972 | $ | 56,593 | $ | 41,681 | $ | 15,498 | |||||||||||||||
Ratio
to average net assets of: |
|||||||||||||||||||||||||
Expenses,
net of waivers/reimbursements(g) |
.71 | % | .77 | % | .47 | % | .48 | % | .49 | %^ | |||||||||||||||
Expenses,
before waivers/reimbursements(g) |
1.26 | % | 1.48 | % | 1.18 | % | 1.68 | % | 2.99 | %^ | |||||||||||||||
Net
investment income(c) |
4.29 | % | 2.17 | % | 2.52 | % | 2.13 | % | 3.31 | %^ | |||||||||||||||
Portfolio
turnover rate* |
185 | % | 60 | % | 163 | % | 336 | % | 178 | % | |||||||||||||||
Portfolio
turnover rate (including securities sold short)* |
N/A | N/A | N/A | 336 | % | 181 | % |
(a) |
Commencement
of operations. |
(b) |
Based
on average shares outstanding. |
(c) |
Net
of expenses waived/reimbursed by the Adviser. |
(d) |
Due
to timing of sales and repurchase of capital shares, the net realized and
unrealized gain (loss) per share is not in accordance with the Fund’s
change in net realized and unrealized gain (loss) on investment
transactions for the period. |
(e) |
Amount
is less than $.005. |
(f) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Total return does not reflect
the deduction of taxes that a shareholder would pay on fund distributions
or the redemption of fund shares. Total investment return calculated for a
period of less than one year is not annualized. |
(g) |
The
expense ratios presented below exclude interest/bank overdraft
expense: |
Year Ended October 31, |
December 12,
2018(a) to October 31, |
|||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Class A |
| |||||||||||||||||||
Net
of waivers/reimbursements |
.65% | .65% | .65% | .65% | .65%^ | |||||||||||||||
Before
waivers/reimbursements |
1.18% | 1.35% | 1.23% | 1.73% | 3.13%^ | |||||||||||||||
Class C |
| |||||||||||||||||||
Net
of waivers/reimbursements |
1.45% | 1.45% | 1.45% | 1.45% | 1.45%^ | |||||||||||||||
Before
waivers/reimbursements |
2.03% | 2.16% | 2.18% | 2.54% | 3.97%^ | |||||||||||||||
Advisor
Class |
| |||||||||||||||||||
Net
of waivers/reimbursements |
.45% | .45% | .45% | .45% | .45%^ | |||||||||||||||
Before
waivers/reimbursements |
1.00% | 1.16% | 1.16% | 1.64% | 2.95%^ |
* |
The
Fund accounts for dollar roll transactions as purchases and
sales. |
^ |
Annualized. |
CLASS A | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 9.87 | $ | 11.56 | $ | 10.82 | $ | 11.09 | $ | 10.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.36 | .21 | .22 | .29 | .30 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(.10 | ) | (1.69 | ) | .75 | (.23 | ) | .65 | ||||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (c) | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.26 | (1.48 | ) | .97 | .06 | .95 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends | ||||||||||||||||||||
Dividends
from net investment income |
(.37 | ) | (.21 | ) | (.23 | ) | (.33 | ) | (.32 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.76 | $ | 9.87 | $ | 11.56 | $ | 10.82 | $ | 11.09 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
2.43 | % | (12.93 | )% | 9.02 | % | .63 | % | 9.15 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 44,249 | $ | 29,037 | $ | 29,381 | $ | 16,463 | $ | 11,932 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.88 | % | .76 | % | .76 | % | .77 | % | .76 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
1.00 | % | .91 | % | 1.08 | % | 1.26 | % | 1.30 | % | ||||||||||
Net
investment income(b) |
3.48 | % | 1.91 | % | 1.88 | % | 2.68 | % | 2.78 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 33 | % | 30 | % | 63 | % | 52 | % |
CLASS C | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 9.87 | $ | 11.56 | $ | 10.83 | $ | 11.09 | $ | 10.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.28 | .12 | .11 | .20 | .22 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(.09 | ) | (1.68 | ) | .77 | (.21 | ) | .65 | ||||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (c) | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.19 | (1.56 | ) | .88 | (.01 | ) | .87 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends | ||||||||||||||||||||
Dividends
from net investment income |
(.30 | ) | (.13 | ) | (.15 | ) | (.25 | ) | (.24 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.76 | $ | 9.87 | $ | 11.56 | $ | 10.83 | $ | 11.09 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
1.67 | % | (13.59 | )% | 8.22 | % | (.03 | )%+ | 8.33 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 8,042 | $ | 5,964 | $ | 7,943 | $ | 1,794 | $ | 1,596 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
1.63 | % | 1.51 | % | 1.51 | % | 1.52 | % | 1.51 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
1.75 | % | 1.66 | % | 1.81 | % | 2.00 | % | 2.06 | % | ||||||||||
Net
investment income(b) |
2.73 | % | 1.08 | % | .96 | % | 1.91 | % | 2.05 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 33 | % | 30 | % | 63 | % | 52 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 9.87 | $ | 11.56 | $ | 10.83 | $ | 11.09 | $ | 10.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.38 | .24 | .24 | .31 | .33 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(.09 | ) | (1.69 | ) | .75 | (.21 | ) | .64 | ||||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (c) | .00 | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
.29 | (1.45 | ) | .99 | .10 | .97 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends | ||||||||||||||||||||
Dividends
from net investment income |
(.40 | ) | (.24 | ) | (.26 | ) | (.36 | ) | (.34 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.76 | $ | 9.87 | $ | 11.56 | $ | 10.83 | $ | 11.09 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
2.80 | % | (12.71 | )% | 9.20 | % | .97 | % | 9.42 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 357,411 | $ | 276,044 | $ | 159,988 | $ | 57,110 | $ | 67,119 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.63 | % | .51 | % | .51 | % | .52 | % | .51 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.75 | % | .66 | % | .82 | % | .99 | % | 1.05 | % | ||||||||||
Net
investment income(b) |
3.72 | % | 2.23 | % | 2.05 | % | 2.87 | % | 3.04 | % | ||||||||||
Portfolio
turnover rate |
34 | % | 33 | % | 30 | % | 63 | % | 52 | % |
(a) |
Based
on average shares outstanding. |
(b) |
Net
of expenses waived/reimbursed by the Adviser. |
(c) |
Amount
is less than $.005. |
(d) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
(e) |
The
expense ratios presented below exclude interest/bank overdraft
expense: |
Year Ended October 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Class A |
| |||||||||||||||||||
Net
of waivers/reimbursements |
.75% | .75% | .75% | .75% | .75% | |||||||||||||||
Before
waivers/reimbursements |
.87% | .90% | 1.07% | 1.23% | 1.29% | |||||||||||||||
Class C |
| |||||||||||||||||||
Net
of waivers/reimbursements |
1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||
Before
waivers/reimbursements |
1.62% | 1.65% | 1.79% | 1.98% | 2.04% | |||||||||||||||
Advisor
Class |
| |||||||||||||||||||
Net
of waivers/reimbursements |
.50% | .50% | .50% | .50% | .50% | |||||||||||||||
Before
waivers/reimbursements |
.62% | .65% | .80% | .96% | 1.04% |
+ |
The
net asset value and total return include adjustments in accordance with
accounting principles generally accepted in the United States of America
for financial reporting purposes. As such, the net asset value and total
return for shareholder transactions may differ from financial
statements. |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 502.41 | $ | 9,976.34 | |||||||||||||||
2 |
9,976.34 | 498.82 | 10,475.16 | 122.56 | 10,352.60 | ||||||||||||||||||||
3 |
10,352.60 | 517.63 | 10,870.23 | 127.18 | 10,743.05 | ||||||||||||||||||||
4 |
10,743.05 | 537.15 | 11,280.20 | 131.98 | 11,148.22 | ||||||||||||||||||||
5 |
11,148.22 | 557.41 | 11,705.63 | 136.96 | 11,568.67 | ||||||||||||||||||||
6 |
11,568.67 | 578.43 | 12,147.10 | 142.12 | 12,004.98 | ||||||||||||||||||||
7 |
12,004.98 | 600.25 | 12,605.23 | 147.48 | 12,457.75 | ||||||||||||||||||||
8 |
12,457.75 | 622.89 | 13,080.64 | 153.04 | 12,927.60 | ||||||||||||||||||||
9 |
12,927.60 | 646.38 | 13,573.98 | 158.82 | 13,415.16 | ||||||||||||||||||||
10 |
13,415.16 | 670.76 | 14,085.92 | 164.81 | 13,921.11 | ||||||||||||||||||||
Cumulative |
$ | 5,708.47 | $ | 1,787.36 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 505.43 | $ | 9,973.32 | |||||||||||||||
2 |
9,973.32 | 498.67 | 10,471.99 | 83.78 | 10,388.21 | ||||||||||||||||||||
3 |
10,388.21 | 519.41 | 10,907.62 | 87.26 | 10,820.36 | ||||||||||||||||||||
4 |
10,820.36 | 541.02 | 11,361.38 | 90.89 | 11,270.49 | ||||||||||||||||||||
5 |
11,270.49 | 563.52 | 11,834.01 | 94.67 | 11,739.34 | ||||||||||||||||||||
6 |
11,739.34 | 586.97 | 12,326.31 | 98.61 | 12,227.70 | ||||||||||||||||||||
7 |
12,227.70 | 611.39 | 12,839.09 | 102.71 | 12,736.38 | ||||||||||||||||||||
8 |
12,736.38 | 636.82 | 13,373.20 | 106.99 | 13,266.21 | ||||||||||||||||||||
9 |
13,266.21 | 663.31 | 13,929.52 | 111.44 | 13,818.08 | ||||||||||||||||||||
10 |
13,818.08 | 690.90 | 14,508.98 | 116.07 | 14,392.91 | ||||||||||||||||||||
Cumulative |
$ | 5,790.76 | $ | 1,397.85 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 510.46 | $ | 9,968.29 | |||||||||||||||
2 |
9,968.29 | 498.41 | 10,466.70 | 96.29 | 10,370.41 | ||||||||||||||||||||
3 |
10,370.41 | 518.52 | 10,888.93 | 100.18 | 10,788.75 | ||||||||||||||||||||
4 |
10,788.75 | 539.44 | 11,328.19 | 104.22 | 11,223.97 | ||||||||||||||||||||
5 |
11,223.97 | 561.20 | 11,785.17 | 108.42 | 11,676.75 | ||||||||||||||||||||
6 |
11,676.75 | 583.84 | 12,260.59 | 112.80 | 12,147.79 | ||||||||||||||||||||
7 |
12,147.79 | 607.39 | 12,755.18 | 117.35 | 12,637.83 | ||||||||||||||||||||
8 |
12,637.83 | 631.89 | 13,269.72 | 122.08 | 13,147.64 | ||||||||||||||||||||
9 |
13,147.64 | 657.38 | 13,805.02 | 127.01 | 13,678.01 | ||||||||||||||||||||
10 |
13,678.01 | 683.90 | 14,361.91 | 132.13 | 14,229.78 | ||||||||||||||||||||
Cumulative |
$ | 5,760.72 | $ | 1,530.94 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 515.48 | $ | 9,963.27 | |||||||||||||||
2 |
9,963.27 | 498.16 | 10,461.43 | 94.15 | 10,367.28 | ||||||||||||||||||||
3 |
10,367.28 | 518.36 | 10,885.64 | 97.97 | 10,787.67 | ||||||||||||||||||||
4 |
10,787.67 | 539.38 | 11,327.05 | 101.94 | 11,225.11 | ||||||||||||||||||||
5 |
11,225.11 | 561.26 | 11,786.37 | 106.08 | 11,680.29 | ||||||||||||||||||||
6 |
11,680.29 | 584.01 | 12,264.30 | 110.38 | 12,153.92 | ||||||||||||||||||||
7 |
12,153.92 | 607.70 | 12,761.62 | 114.85 | 12,646.77 | ||||||||||||||||||||
8 |
12,646.77 | 632.34 | 13,279.11 | 119.51 | 13,159.60 | ||||||||||||||||||||
9 |
13,159.60 | 657.98 | 13,817.58 | 124.36 | 13,693.22 | ||||||||||||||||||||
10 |
13,693.22 | 684.66 | 14,377.88 | 129.40 | 14,248.48 | ||||||||||||||||||||
Cumulative |
$ | 5,762.60 | $ | 1,514.12 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 520.51 | $ | 9,958.24 | |||||||||||||||
2 |
9,958.24 | 497.91 | 10,456.15 | 106.65 | 10,349.50 | ||||||||||||||||||||
3 |
10,349.50 | 517.48 | 10,866.98 | 110.84 | 10,756.14 | ||||||||||||||||||||
4 |
10,756.14 | 537.81 | 11,293.95 | 115.20 | 11,178.75 | ||||||||||||||||||||
5 |
11,178.75 | 558.94 | 11,737.69 | 119.72 | 11,617.97 | ||||||||||||||||||||
6 |
11,617.97 | 580.90 | 12,198.87 | 124.43 | 12,074.44 | ||||||||||||||||||||
7 |
12,074.44 | 603.72 | 12,678.16 | 129.32 | 12,548.84 | ||||||||||||||||||||
8 |
12,548.84 | 627.44 | 13,176.28 | 134.40 | 13,041.88 | ||||||||||||||||||||
9 |
13,041.88 | 652.09 | 13,693.97 | 139.68 | 13,554.29 | ||||||||||||||||||||
10 |
13,554.29 | 677.71 | 14,232.00 | 145.17 | 14,086.83 | ||||||||||||||||||||
Cumulative |
$ | 5,732.75 | $ | 1,645.92 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 606.97 | $ | 9,871.78 | |||||||||||||||
2 |
9,871.78 | 493.59 | 10,365.37 | 192.80 | 10,172.57 | ||||||||||||||||||||
3 |
10,172.57 | 508.63 | 10,681.20 | 198.67 | 10,482.53 | ||||||||||||||||||||
4 |
10,482.53 | 524.13 | 11,006.66 | 204.72 | 10,801.94 | ||||||||||||||||||||
5 |
10,801.94 | 540.10 | 11,342.04 | 210.96 | 11,131.08 | ||||||||||||||||||||
6 |
11,131.08 | 556.55 | 11,687.63 | 217.39 | 11,470.24 | ||||||||||||||||||||
7 |
11,470.24 | 573.51 | 12,043.75 | 224.01 | 11,819.74 | ||||||||||||||||||||
8 |
11,819.74 | 590.99 | 12,410.73 | 230.84 | 12,179.89 | ||||||||||||||||||||
9 |
12,179.89 | 608.99 | 12,788.88 | 237.87 | 12,551.01 | ||||||||||||||||||||
10 |
12,551.01 | 627.55 | 13,178.56 | 245.12 | 12,933.44 | ||||||||||||||||||||
Cumulative |
$ | 5,502.79 | $ | 2,569.35 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 488.75 | $ | 10,263.75 | $ | 327.64 | $ | 10,161.11 | |||||||||||||||
2 |
10,161.11 | 508.06 | 10,669.17 | 163.24 | 10,505.93 | ||||||||||||||||||||
3 |
10,505.93 | 525.30 | 11,031.23 | 168.78 | 10,862.45 | ||||||||||||||||||||
4 |
10,862.45 | 543.12 | 11,405.57 | 174.51 | 11,231.06 | ||||||||||||||||||||
5 |
11,231.06 | 561.55 | 11,792.61 | 180.43 | 11,612.18 | ||||||||||||||||||||
6 |
11,612.18 | 580.61 | 12,192.79 | 186.55 | 12,006.24 | ||||||||||||||||||||
7 |
12,006.24 | 600.31 | 12,606.55 | 192.88 | 12,413.67 | ||||||||||||||||||||
8 |
12,413.67 | 620.68 | 13,034.35 | 199.43 | 12,834.92 | ||||||||||||||||||||
9 |
12,834.92 | 641.75 | 13,476.67 | 206.19 | 13,270.48 | ||||||||||||||||||||
10 |
13,270.48 | 663.52 | 13,934.00 | 213.19 | 13,720.81 | ||||||||||||||||||||
Cumulative |
$ | 5,733.65 | $ | 2,012.84 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 389.63 | $ | 10,095.37 | |||||||||||||||
2 |
10,095.37 | 504.77 | 10,600.14 | 106.00 | 10,494.14 | ||||||||||||||||||||
3 |
10,494.14 | 524.71 | 11,018.85 | 110.19 | 10,908.66 | ||||||||||||||||||||
4 |
10,908.66 | 545.43 | 11,454.09 | 114.54 | 11,339.55 | ||||||||||||||||||||
5 |
11,339.55 | 566.98 | 11,906.53 | 119.07 | 11,787.46 | ||||||||||||||||||||
6 |
11,787.46 | 589.37 | 12,376.83 | 123.77 | 12,253.06 | ||||||||||||||||||||
7 |
12,253.06 | 612.65 | 12,865.71 | 128.66 | 12,737.05 | ||||||||||||||||||||
8 |
12,737.05 | 636.85 | 13,373.90 | 133.74 | 13,240.16 | ||||||||||||||||||||
9 |
13,240.16 | 662.01 | 13,902.17 | 139.02 | 13,763.15 | ||||||||||||||||||||
10 |
13,763.15 | 688.16 | 14,451.31 | 144.51 | 14,306.80 | ||||||||||||||||||||
Cumulative |
$ | 5,815.93 | $ | 1,509.13 |
* |
Expenses
are net of any fee waiver or expense waiver for the first year.
Thereafter, the expense ratio reflects the Fund’s operating expenses as
reflected under “Fees and Expenses of the Fund” before fee waiver in the
Summary Information at the beginning of this
Prospectus. |