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 Limited Duration High Income
Portfolio
(Class
A–ALHAX; Class C–ALHCX; Advisor Class–ALHYX) | |||
AB Sustainable Thematic Credit
Portfolio
(Class
A–STHAX; Advisor Class–STHYX) |
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) | ||||
AB High Yield Portfolio
(Class A–HIAYX;
Advisor Class–HIYYX; Class Z–HIZYX) | ||||
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 | ||||
28 | ||||
33 | ||||
37 | ||||
TAX-AWARE | 42 | |||
42 | ||||
ADDITIONAL INFORMATION ABOUT THE FUNDS’ STRATEGIES, RISKS AND INVESTMENTS | 48 | |||
INVESTING IN THE FUNDS | 64 | |||
64 | ||||
66 | ||||
67 | ||||
68 | ||||
69 | ||||
69 | ||||
71 | ||||
71 | ||||
72 | ||||
73 | ||||
MANAGEMENT OF THE FUNDS | 74 | |||
DIVIDENDS, DISTRIBUTIONS AND TAXES | 77 | |||
GENERAL INFORMATION | 79 | |||
GLOSSARY OF INVESTMENT TERMS | 80 | |||
FINANCIAL HIGHLIGHTS | 82 | |||
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 | |||||
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 | Class K | 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 |
.13% | .14% | .13% | .26% | .20% | .08% | .03% | |||||||||||||||||||||
Other
Expenses |
.23% | .22% | .22% | .22% | .22% | .22% | .22% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
.36% | .36% | .35% | .48% | .42% | .30% | .25% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
1.06% | 1.81% | .80% | 1.43% | 1.12% | .75% | .70% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fee
Waiver and/or Expense Reimbursement(c) |
(.29)% | (.29)% | (.28)% | (.41)% | (.35)% | (.23)% | (.18)% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
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 (“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, 2024 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, 2024 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 |
$ | 720 | $ | 541 | $ | 227 | $ | 412 | $ | 321 | $ | 217 | $ | 206 | |||||||||||||||||||||
After
5 Years |
$ | 958 | $ | 953 | $ | 417 | $ | 743 | $ | 583 | $ | 394 | $ | 372 | |||||||||||||||||||||
After
10 Years |
$ | 1,639 | $ | 1,905 | $ | 964 | $ | 1,678 | $ | 1,332 | $ | 909 | $ | 854 |
* |
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 stock or bond market fluctuates. The value of
its 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 effect of potential central bank monetary
policy, and government fiscal policy, initiatives and resulting 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, 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 | -18.24% | -1.30% | 0.59% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | -19.38% | -2.53% | -0.66% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -10.78% | -1.42% | -0.05% | |||||||||||||
Class C | Return Before Taxes | -16.01% | -1.19% | 0.28% | ||||||||||||
Advisor Class | Return Before Taxes | -14.29% | -0.20% | 1.29% | ||||||||||||
Class R | Return Before Taxes | -14.74% | -0.70% | 0.78% | ||||||||||||
Class K | Return Before Taxes | -14.51% | -0.45% | 1.03% | ||||||||||||
Class I | Return Before Taxes | -14.38% | -0.22% | 1.27% | ||||||||||||
Class Z** | Return Before Taxes | -14.36% | -0.22% | 1.28% | ||||||||||||
Bloomberg
U.S. Aggregate Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
-13.01% | 0.02% | 1.06% |
* |
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 | ||
Janaki Rao | Since 2018 | Senior Vice President of the Adviser |
Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I and 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 R | Class K | Class I | Class Z | ||||||||||||||||||||||
Management
Fees |
.46% | .46% | .46% | .46% | .46% | .46% | .46% | |||||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||||||
Transfer
Agent |
.07% | .07% | .07% | .26% | .20% | .08% | .02% | |||||||||||||||||||||
Other
Expenses(c) |
.02% | .03% | .03% | .03% | .03% | .03% | .03% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
.09% | .10% | .10% | .29% | .23% | .11% | .05% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
.80% | 1.56% | .56% | 1.25% | .94% | .57% | .51% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fee
Waiver and/or Expense Reimbursement(d) |
(.00)% | (e) | (.01)% | (.01)% | (.00)% | (e) | (.00)% | (e) | (.01)% | (.00)% | (e) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.80% | 1.55% | .55% | 1.25% | .94% | .56% | .51% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(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 (“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) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
(d) |
In
connection with the Fund’s investments in AB Government Money Market
Portfolio (the “Money Market Portfolio”) (except for the investment of any
cash collateral from securities lending), the Adviser has contractually
agreed to waive its management fee from the Fund and/or reimburse other
expenses of the Fund in an amount equal to the Fund’s pro rata share of
the Money Market Portfolio’s effective management fee. The agreement may
only be terminated or changed with the consent of the Fund’s Board of
Directors. |
(e) |
Amount
is less than .005%. |
Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
After
1 Year |
$ | 503 | $ | 258 | * | $ | 56 | $ | 127 | $ | 96 | $ | 57 | $ | 52 | |||||||||||||
After
3 Years |
$ | 670 | $ | 492 | $ | 178 | $ | 397 | $ | 300 | $ | 182 | $ | 164 | ||||||||||||||
After
5 Years |
$ | 850 | $ | 849 | $ | 312 | $ | 686 | $ | 520 | $ | 317 | $ | 285 | ||||||||||||||
After
10 Years |
$ | 1,373 | $ | 1,651 | $ | 700 | $ | 1,511 | $ | 1,155 | $ | 713 | $ | 640 |
* |
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 stock or bond market fluctuates. The value of
its 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 effect of potential central bank monetary
policy, and government fiscal policy, initiatives and resulting 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. |
• |
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, 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. 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 | -16.01% | -1.31% | 0.66% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | -18.61% | -2.86% | -0.81% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -9.45% | -1.55% | -0.09% | |||||||||||||
Class C | Return Before Taxes | -13.81% | -1.23% | 0.35% | ||||||||||||
Advisor Class | Return Before Taxes | -11.92% | -0.18% | 1.38% | ||||||||||||
Class R | Return Before Taxes | -12.64% | -0.87% | 0.70% | ||||||||||||
Class K | Return Before Taxes | -12.37% | -0.57% | 1.02% | ||||||||||||
Class I | Return Before Taxes | -11.93% | -0.18% | 1.39% | ||||||||||||
Class Z** | Return Before Taxes | -11.99% | -0.13% | 1.43% | ||||||||||||
Bloomberg
Global Aggregate Bond Index
(U.S.
hedged) (reflects no deduction for fees, expenses, or taxes) |
-11.22% | 0.36% | 1.70% |
* |
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 | ||
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 |
.26% | .26% | ||||||
|
|
|
|
|||||
Total
Other Expenses |
.27% | .27% | ||||||
|
|
|
|
|||||
Total
Annual Fund Operating Expenses |
.97% | .72% | ||||||
|
|
|
|
|||||
Fee
Waiver and/or Expense Reimbursement(b) |
(.12)% | (.12)% | ||||||
|
|
|
|
|||||
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, 2024 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 Mutual 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, 2024 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 |
$ | 709 | $ | 218 | ||||
After
5 Years |
$ | 927 | $ | 389 | ||||
After
10 Years |
$ | 1,554 | $ | 883 |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the stock, bond or currency markets 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 factors and “sustainability”criteria are not uniformly
defined, and 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 effect of potential central bank monetary
policy, and government fiscal policy, initiatives and resulting 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, 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 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. |
• |
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 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 | -21.39% | -12.50% | |||||||||
| ||||||||||||
Return After Taxes on Distributions | -22.26% | -13.40% | ||||||||||
| ||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -12.65% | -9.75% | ||||||||||
Advisor Class | Return Before Taxes | -17.67% | -9.96% | |||||||||
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) |
-15.76% | -8.58% |
* |
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 | ||
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 | |||||
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 | Class K | Class I | Class Z | ||||||||||||||||||||||
Management
Fees |
||||||||||||||||||||||||||||
Distribution
and/or Service (12b-1) Fees |
||||||||||||||||||||||||||||
Other
Expenses: |
||||||||||||||||||||||||||||
Transfer
Agent |
||||||||||||||||||||||||||||
Interest
Expense |
(d) | |||||||||||||||||||||||||||
Other
Expenses(c) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Other Expenses |
(d) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
Annual Fund Operating Expenses |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fee
Waiver and/or Expense Reimbursement(e) |
( |
(f) | ( |
(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 stock or bond market fluctuates. The value of
its 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 effect of potential central bank monetary
policy, and government fiscal policy, initiatives and resulting 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, 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)# | - |
* |
|
|
|
|
** | Inception
date for Class Z shares: |
# |
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% | 1.00% | None | |||||||||
Other
Expenses: |
||||||||||||
Transfer
Agent |
.04% | .04% | .04% | |||||||||
Other
Expenses |
.16% | .16% | .16% | |||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
.20% | .20% | .20% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses |
1.00% | 1.75% | .75% | |||||||||
|
|
|
|
|
|
|||||||
Fee
Waiver and/or Expense Reimbursement(c) |
(.05)% | (.05)% | (.05)% | |||||||||
|
|
|
|
|
|
|||||||
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) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Fund until January 31, 2024 to the
extent necessary to prevent total Fund operating expenses (excluding
acquired fund fees and expenses other than the advisory fees of any AB
Mutual 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, 2024 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 |
$ | 725 | $ | 546 | $ | 235 | ||||||
After
5 Years |
$ | 949 | $ | 944 | $ | 412 | ||||||
After
10 Years |
$ | 1,593 | $ | 1,860 | $ | 926 |
* |
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 stock, bond, currency and commodity markets
fluctuate. The value of its 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 effect of potential central bank monetary
policy, and government fiscal policy, initiatives and resulting 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, 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 | -12.33% | 0.50% | 2.01% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | -14.62% | -1.36% | 0.20% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -7.28% | -0.38% | 0.74% | |||||||||||||
Class C | Return Before Taxes | -10.02% | 0.61% | 1.71% | ||||||||||||
Advisor Class | Return Before Taxes | -8.25% | 1.63% | 2.74% | ||||||||||||
Bloomberg
Global High Yield 1-5 Year Index (U.S. dollar hedged)
(reflects
no deduction for fees, expenses, or taxes) |
-7.35% | 1.63% | 3.71% |
* |
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 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 |
.43% | .43% | .43% | .43% | ||||||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | None | ||||||||||||
Other
Expenses: |
||||||||||||||||
Transfer
Agent |
.08% | .08% | .08% | .02% | ||||||||||||
Interest
Expense |
.28% | .27% | .27% | .29% | ||||||||||||
Other
Expenses |
.04% | .04% | .04% | .04% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Other Expenses |
.40% | .39% | .39% | .35% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Annual Fund Operating Expenses |
1.08% | 1.82% | .82% | .78% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fee
Waiver and/or Expense Reimbursement(c) |
(.04)% | (.03)% | (.03)% | (.00)% | (d) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement(e) |
1.04% | 1.79% | .79% | .78% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(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, 2024 to the
extent necessary to prevent total Fund operating expenses (excluding
acquired fund fees and expenses other than the advisory fees of any AB
Mutual 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”). Any fees
waived and expenses borne by the Adviser through April 22, 2018 under
the expense limitations in effect prior to that date 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 Total
Annual Fund Operating Expenses to exceed the expense limitations. The
expense limitations will remain in effect until January 31, 2024 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) |
Amount
is less than .005%. |
(e) |
If
interest expense were excluded, net expenses would be as
follows: |
Class A | Class C | Advisor Class | Class Z | |||||||||||
.77% | 1.52% | .52% | .49% |
Class A | Class C | Advisor Class | Class Z | |||||||||||||
After
1 Year |
$ | 527 | $ | 282 | * | $ | 81 | $ | 80 | |||||||
After
3 Years |
$ | 750 | $ | 570 | $ | 259 | $ | 249 | ||||||||
After
5 Years |
$ | 991 | $ | 982 | $ | 452 | $ | 433 | ||||||||
After
10 Years |
$ | 1,683 | $ | 1,941 | $ | 1,011 | $ | 966 |
* |
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 bond market fluctuates. The value of its
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 effect of potential central bank monetary
policy, and government fiscal policy, initiatives and resulting 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. |
• |
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. |
• |
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, 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 | -19.11% | -1.33% | 1.00% | ||||||||||||
Class C* | Return Before Taxes | -16.84% | -1.22% | 0.69% | ||||||||||||
Advisor Class** | Return Before Taxes | -15.18% | -0.22% | 1.70% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | -16.57% | -1.79% | -0.35% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -8.95% | -0.76% | 0.41% | |||||||||||||
Class Z* | Return Before Taxes | -15.29% | -0.22% | 1.71% | ||||||||||||
Bloomberg
U.S. Aggregate Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
-13.01% | 0.02% | 1.06% |
* |
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 |
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 |
.06% | .06% | .06% | |||||||||
Interest
Expense |
.30% | .26% | .32% | |||||||||
Other
Expenses |
.75% | .75% | .75% | |||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
1.11% | 1.07% | 1.13% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses |
1.66% | 2.42% | 1.48% | |||||||||
|
|
|
|
|
|
|||||||
Fee
Waiver and/or Expense Reimbursement(c) |
(.71)% | (.71)% | (.71)% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement(d) |
.95% | 1.71% | .77% | |||||||||
|
|
|
|
|
|
|||||||
(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, 2024 to the extent
necessary to prevent total Fund operating expenses (excluding acquired
fund fees and expenses other than the advisory fees of any AB Mutual 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”). 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, 2024 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 |
$ | 320 | $ | 274 | * | $ | 79 | |||||
After
3 Years |
$ | 669 | $ | 687 | $ | 398 | ||||||
After
5 Years |
$ | 1,042 | $ | 1,226 | $ | 740 | ||||||
After
10 Years |
$ | 2,088 | $ | 2,513 | $ | 1,708 |
* |
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 bond market fluctuates. The value of its
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 effect of potential central bank monetary
policy, and government fiscal policy, initiatives and resulting 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, 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 and since inception compare
to those of a broad-based securities market
index. |
1 Year | Since Inception* |
|||||||||||
Class A** |
Return Before Taxes | -8.97% | 0.25% | |||||||||
| ||||||||||||
Return After Taxes on Distributions | -10.19% | -1.35% | ||||||||||
| ||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -5.31% | -0.43% | ||||||||||
Class C | Return Before Taxes | -8.57% | -0.01% | |||||||||
Advisor Class | Return Before Taxes | -6.74% | 0.97% | |||||||||
Bloomberg
1-5 Year U.S. Government/Credit Index
(reflects
no deduction for fees, expenses, or taxes) |
-5.50% | 0.91% |
* |
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 | ||
Scott A. DiMaggio | Since 2018 | Senior Vice President of the Adviser | ||
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 |
Class A Shares |
Advisor Class Shares |
Class Z 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) | None | None | |||
Exchange
Fee |
None | None | None |
Class A | Advisor Class | Class Z | ||||||||||
Management
Fees |
.45% | .45% | .45% | |||||||||
Distribution
and/or Service (12b-1) Fees |
.25% | None | None | |||||||||
Other
Expenses: |
||||||||||||
Transfer
Agent |
.11% | .11% | .02% | |||||||||
Other
Expenses |
.80% | .79% | .80% | |||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
.91% | .90% | .82% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses |
1.61% | 1.35% | 1.27% | |||||||||
|
|
|
|
|
|
|||||||
Fee
Waiver and/or Expense Reimbursement(b) |
(.76)% | (.75)% | (.67)% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.85% | .60% | .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 fees and/or to bear expenses of
the Fund until January 31, 2024 to the extent necessary to prevent
total Fund operating expenses (excluding acquired fund fees and expenses
other than the advisory fees of any AB Mutual 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 0.85%, 0.60% and 0.60% of average daily net assets,
respectively, for Class A, Advisor Class and Class Z shares (“expense
limitations”). The expense limitations will remain in effect until
January 31, 2024 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 | Class Z | ||||||||||
After
1 Year |
$ | 508 | $ | 61 | $ | 61 | ||||||
After
3 Years |
$ | 840 | $ | 354 | $ | 336 | ||||||
After
5 Years |
$ | 1,195 | $ | 668 | $ | 633 | ||||||
After
10 Years |
$ | 2,193 | $ | 1,558 | $ | 1,475 |
• |
Market Risk: The value of the Fund’s
assets will fluctuate as the bond market fluctuates. The value of its
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 effect of potential central bank monetary
policy, and government fiscal policy, initiatives and resulting 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 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. |
• |
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, 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. |
• |
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
in fixed-income securities denominated in foreign currencies or reduce the
Fund’s 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 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 | ||||||||||||||
Advisor Class* | Return Before Taxes | -11.70% | 2.79% | 4.25% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions** | -14.16% | 0.29% | 1.44% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares** | -6.90% | 1.10% | 2.00% | |||||||||||||
Class A*** | Return Before Taxes | -15.66% | 1.64% | 3.99% | ||||||||||||
Class Z**** | Return Before Taxes | -11.70% | 2.78% | 4.25% | ||||||||||||
Bloomberg
U.S. Corporate High Yield 2% Issuer Capped Index*****
(reflects
no deduction for fees, expenses, or taxes) |
-11.18% | 2.30% | 4.03% | |||||||||||||
Markit
iBoxx USD Liquid High Yield Index*****
(reflects
no deduction for fees, expenses, or taxes) |
-10.74% | 1.96% | 3.34% |
* |
For
Advisor Class shares, performance for the period prior to the
Reorganization reflects the performance of the Accounting Survivor’s
shares, adjusted to reflect the expenses of the Advisor Class shares of
the Fund. Advisor Class shares of the Fund have been in operation since
July 26, 2016. |
** |
After-tax
Returns: |
– |
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.
|
*** |
For
Class A shares, performance for the period prior to the
Reorganization reflects the performance of the Accounting Survivor’s
shares and the period from February 26, 2018 until April 30,
2021 reflects the performance of the Fund’s Advisor Class shares, adjusted
to reflect the expenses of the Class A shares of the Fund.
Class A shares of the Fund were in operation during the period from
July 26, 2016, until February 26, 2018, and resumed operations
on April 30, 2021. |
**** |
For
Class Z shares, performance for the period prior to the Reorganization
reflects the performance of the Accounting Survivor’s shares, which were
exchanged for Class Z shares of the Fund in the Reorganization. In
addition, performance for the period from February 26, 2018 until
April 30, 2021 reflects the performance of the Fund’s Advisor Class
shares, adjusted to reflect the expenses of the Class Z shares of the
Fund. Class Z shares of the Fund were in operation during the period from
July 26, 2016, until February 26, 2018, and resumed operations
on April 30, 2021. |
***** |
Effective
April 30, 2021, the broad-based index used for comparing the Fund’s
performance changed from the Markit iBoxx USD Liquid High Yield Index to
the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index in
connection with the elimination of a performance (fulcrum) fee arrangement
for the Fund. |
Employee | Length of Service | Title | ||
Gershon M. Distenfeld | Since 2014 | 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 | ||||
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 |
.02% | .02% | .02% | |||||||||
Interest
Expense |
.01% | .01% | .01% | |||||||||
Other
Expenses |
.18% | .18% | .18% | |||||||||
|
|
|
|
|
|
|||||||
Total
Other Expenses |
.21% | .21% | .21% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses |
.91% | 1.66% | .66% | |||||||||
|
|
|
|
|
|
|||||||
Fee
Waiver and/or Expense Reimbursement(c) |
(.15)% | (.15)% | (.15)% | |||||||||
|
|
|
|
|
|
|||||||
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement(d) |
.76% | 1.51% | .51% | |||||||||
|
|
|
|
|
|
|||||||
(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, 2024 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 Mutual 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, 2024 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 |
$ | 375 | $ | 254 | * | $ | 52 | |||||
After
3 Years |
$ | 567 | $ | 509 | $ | 196 | ||||||
After
5 Years |
$ | 775 | $ | 888 | $ | 353 | ||||||
After
10 Years |
$ | 1,373 | $ | 1,753 | $ | 808 |
* |
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 bond market fluctuates. The value of its
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. For example, the novel coronavirus
(COVID-19) pandemic has significantly stressed the financial resources of
many issuers of municipal securities, which could impair any such issuer’s
ability to meet its financial obligations when due and adversely impact
the value of its securities held by the Fund. As the full effects of the
COVID-19 pandemic on state and local economies and on issuers of municipal
securities are still uncertain, the financial difficulties of issuers of
municipal securities may worsen, adversely affecting the performance of
the Fund. 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 effect of potential central bank monetary
policy, and government fiscal policy, initiatives and resulting 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, 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 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 Years | Since Inception* |
||||||||||||||
Class A** | Return Before Taxes | -12.29% | 0.97% | 2.23% | ||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions | -12.41% | 0.78% | 2.08% | |||||||||||||
| ||||||||||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -6.56% | 1.15% | 2.11% | |||||||||||||
Class C | Return Before Taxes | -11.15% | 0.82% | 1.81% | ||||||||||||
Advisor Class | Return Before Taxes | -9.36% | 1.83% | 2.83% | ||||||||||||
Bloomberg
Municipal Bond Unhedged Index
(reflects
no deduction for fees, expenses or taxes) |
-8.53% | 1.25% | 2.64% |
* |
Inception
date for all Classes is 12/11/13. |
** |
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 September 2022 | Senior Vice President of the Adviser | ||
Terrance T. Hults | Since 2013 | 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 NAV, 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 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 volatility of 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
Instruments. Eurodollar instruments are essentially
U.S. Dollar-denominated futures contracts or options that are linked
to the London Interbank Offered Rate (LIBOR) or other reference rate.
Eurodollar futures contracts enable purchasers to obtain a fixed rate for
the lending of funds and sellers to obtain a fixed rate for borrowings. In
2017, the United Kingdom Financial Conduct Authority (“FCA”), which
regulates LIBOR, announced a desire to phase out the use of LIBOR by the
end of 2021. See “LIBOR Transition and Associated Risk” below for
additional information. |
– |
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). |
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,
AB High Yield Portfolio 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 |
.16 | %* | 10/31/22 | |||||||
AB
Global Bond Fund |
.46 | %* | 9/30/22 | |||||||
AB
Sustainable Thematic Credit Portfolio |
.33 | %* | 10/31/22 | |||||||
AB
High Income Fund |
.48 | %* | 10/31/22 | |||||||
AB
Limited Duration High Income Portfolio |
.50 | %* | 9/30/22 | |||||||
AB
Income Fund |
.39 | %* | 10/31/22 | |||||||
AB
Short Duration Income Portfolio |
.00 | %* | 10/31/22 | |||||||
AB
High Yield Portfolio |
.00 | %* | 10/31/22 | |||||||
AB
Tax-Aware Fixed Income Opportunities Portfolio |
.30 | %* | 10/31/22 |
* |
Fee
stated net of any waivers and/or reimbursements. |
Fund | Annual Report Period | ||||
AB
Total Return Bond Portfolio |
10/31/22 | ||||
AB
Global Bond Fund |
9/30/22 | ||||
AB
Sustainable Thematic Credit Portfolio |
10/31/22 | ||||
AB
High Income Fund |
10/31/22 | ||||
AB
Limited Duration High Income Portfolio |
9/30/22 | ||||
AB
Income Fund |
10/31/22 | ||||
AB
Short Duration Income Portfolio |
10/31/22 | ||||
AB
High Yield Portfolio |
10/31/22 | ||||
AB
Tax-Aware Fixed Income Opportunities Portfolio |
10/31/22 |
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 2018. | ||
Janaki Rao; since 2018; Senior Vice President of the Adviser, and Director of US Multi-Sector Fixed Income Portfolios | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity to his current position since prior to 2018. | |||
AB
Global Bond Fund
Global Fixed Income Investment
Team |
Scott A. DiMaggio; since 2005; Senior Vice President of the Adviser, and Co-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 2018. | ||
Matthew S. Sheridan; since 2007; 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 2018. | |||
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 2018. | |||
AB
Sustainable Thematic Credit Portfolio
Sustainable Thematic Credit Credit
Team |
Gershon M. Distenfeld; since 2021; Senior Vice President, Co-Head of Fixed Income, and Director of Credit 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 2018. | ||
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 and Portfolio Manager of the Adviser, with which she has been associated in a substantially similar capacity to her current position since prior to 2018. | |||
AB
High Income Fund
Global High Income Investment
Team |
Christian DiClementi; 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 2018. | ||
Gershon M. Distenfeld; since 2008; (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 2018. | |||
Matthew S. Sheridan; since 2005; (see above) | (see above) | |||
William Smith; since 2022; 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 2018. | |||
AB
Limited Duration High Income Portfolio
Limited Duration High Income 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
2018. | ||
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) | |||
AB
Short Duration Income Portfolio
Short Duration Income Investment
Team |
Scott A. DiMaggio; since 2018; (see above) | (see above) | ||
Gershon M. Distenfeld; since 2018; (see above) | (see above) | |||
Fahd Malik; since 2022; (see above) | (see above) | |||
Matthew S. Sheridan; since 2018; (see above) | (see above) |
Fund
and
Responsible
Team |
Employee; Year; Title | Principal Occupation(s) During the Past Five (5) Years | ||
AB
High Yield Portfolio
High Yield Investment Team |
Gershon M. Distenfeld; since 2014; (see above) | (see above) | ||
Robert Schwartz; since 2022; (see above) | (see above) | |||
William Smith; since 2018; (see above) | (see above) | |||
AB
Tax-Aware Fixed Income Opportunities Portfolio
Tax-Aware Investment Team |
Daryl Clements; since September 2022; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated since prior to 2018. | ||
Terrance T. Hults; since 2013; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity since prior to 2018. | |||
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 2018. | |||
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 2018. |
CLASS A | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.25 | $ | 11.53 | $ | 11.35 | $ | 10.65 | $ | 11.11 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.26 | .25 | .29 | .33 | .25 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.21 | ) | (.11 | ) | .22 | .74 | (.44 | ) | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | .00 | (c) | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.95 | ) | .14 | .51 | 1.07 | (.19 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.26 | ) | (.28 | ) | (.33 | ) | (.37 | ) | (.27 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
(.02 | ) | (.14 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.28 | ) | (.42 | ) | (.33 | ) | (.37 | ) | (.27 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.02 | $ | 11.25 | $ | 11.53 | $ | 11.35 | $ | 10.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(17.57 | )% | 1.22 | % | 4.60 | % | 10.23 | % | (1.75 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 148,009 | $ | 203,168 | $ | 224,484 | $ | 221,033 | $ | 216,950 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
.77 | % | .77 | % | .77 | % | .77 | % | .77 | % | ||||||||||
Expenses,
before waivers/reimbursements |
1.06 | % | .99 | % | .99 | % | 1.04 | % | 1.01 | % | ||||||||||
Net
investment income(b) |
2.51 | % | 2.23 | % | 2.58 | % | 2.98 | % | 2.29 | % | ||||||||||
Portfolio
turnover rate* |
141 | % | 128 | % | 83 | % | 74 | % | 195 | % |
CLASS C | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.23 | $ | 11.50 | $ | 11.32 | $ | 10.63 | $ | 11.08 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.17 | .17 | .21 | .25 | .17 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.19 | ) | (.11 | ) | .22 | .73 | (.43 | ) | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | .00 | (c) | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(2.02 | ) | .06 | .43 | .98 | (.26 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.19 | ) | (.19 | ) | (.25 | ) | (.29 | ) | (.19 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
(.02 | ) | (.14 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.21 | ) | (.33 | ) | (.25 | ) | (.29 | ) | (.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.00 | $ | 11.23 | $ | 11.50 | $ | 11.32 | $ | 10.63 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(18.22 | )% | .55 | % | 3.83 | % | 9.33 | % | (2.40 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 2,932 | $ | 5,682 | $ | 10,128 | $ | 10,564 | $ | 11,334 | ||||||||||
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 |
1.81 | % | 1.74 | % | 1.75 | % | 1.79 | % | 1.76 | % | ||||||||||
Net
investment income(b) |
1.69 | % | 1.51 | % | 1.84 | % | 2.24 | % | 1.54 | % | ||||||||||
Portfolio
turnover rate* |
141 | % | 128 | % | 83 | % | 74 | % | 195 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.26 | $ | 11.53 | $ | 11.35 | $ | 10.65 | $ | 11.11 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.28 | .28 | .32 | .35 | .28 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.20 | ) | (.10 | ) | .22 | .75 | (.44 | ) | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | .00 | (c) | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.92 | ) | .18 | .54 | 1.10 | (.16 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.29 | ) | (.31 | ) | (.36 | ) | (.40 | ) | (.30 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
(.02 | ) | (.14 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.31 | ) | (.45 | ) | (.36 | ) | (.40 | ) | (.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.03 | $ | 11.26 | $ | 11.53 | $ | 11.35 | $ | 10.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(17.44 | )% | 1.56 | % | 4.86 | % | 10.50 | % | (1.50 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 45,095 | $ | 102,827 | $ | 122,108 | $ | 104,850 | $ | 76,406 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
.52 | % | .52 | % | .52 | % | .52 | % | .52 | % | ||||||||||
Expenses,
before waivers/reimbursements |
.80 | % | .74 | % | .74 | % | .79 | % | .76 | % | ||||||||||
Net
investment income(b) |
2.66 | % | 2.47 | % | 2.82 | % | 3.21 | % | 2.55 | % | ||||||||||
Portfolio
turnover rate* |
141 | % | 128 | % | 83 | % | 74 | % | 195 | % |
CLASS R | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.25 | $ | 11.52 | $ | 11.34 | $ | 10.65 | $ | 11.10 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.23 | .23 | .26 | .30 | .23 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.20 | ) | (.11 | ) | .22 | .74 | (.44 | ) | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | .00 | (c) | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.97 | ) | .12 | .48 | 1.04 | (.21 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.24 | ) | (.25 | ) | (.30 | ) | (.35 | ) | (.24 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
(.02 | ) | (.14 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.26 | ) | (.39 | ) | (.30 | ) | (.35 | ) | (.24 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.02 | $ | 11.25 | $ | 11.52 | $ | 11.34 | $ | 10.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(17.78 | )% | 1.04 | % | 4.33 | % | 9.86 | % | (1.90 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 379 | $ | 746 | $ | 1,802 | $ | 3,298 | $ | 2,814 | ||||||||||
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 |
1.43 | % | 1.37 | % | 1.37 | % | 1.42 | % | 1.35 | % | ||||||||||
Net
investment income(b) |
2.21 | % | 1.99 | % | 2.34 | % | 2.73 | % | 2.07 | % | ||||||||||
Portfolio
turnover rate* |
141 | % | 128 | % | 83 | % | 74 | % | 195 | % |
CLASS K | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.26 | $ | 11.54 | $ | 11.36 | $ | 10.66 | $ | 11.11 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.25 | .25 | .29 | .33 | .25 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.20 | ) | (.11 | ) | .22 | .74 | (.43 | ) | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | .00 | (c) | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.95 | ) | .14 | .51 | 1.07 | (.18 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.26 | ) | (.28 | ) | (.33 | ) | (.37 | ) | (.27 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
(.02 | ) | (.14 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.28 | ) | (.42 | ) | (.33 | ) | (.37 | ) | (.27 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.03 | $ | 11.26 | $ | 11.54 | $ | 11.36 | $ | 10.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(17.56 | )% | 1.22 | % | 4.59 | % | 10.22 | % | (1.66 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 2,287 | $ | 5,736 | $ | 6,580 | $ | 7,444 | $ | 7,863 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
.77 | % | .77 | % | .77 | % | .77 | % | .77 | % | ||||||||||
Expenses,
before waivers/reimbursements |
1.12 | % | 1.06 | % | 1.07 | % | 1.10 | % | 1.08 | % | ||||||||||
Net
investment income(b) |
2.41 | % | 2.24 | % | 2.59 | % | 2.98 | % | 2.32 | % | ||||||||||
Portfolio
turnover rate* |
141 | % | 128 | % | 83 | % | 74 | % | 195 | % |
CLASS I | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.27 | $ | 11.55 | $ | 11.36 | $ | 10.66 | $ | 11.12 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.28 | .28 | .32 | .36 | .28 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.20 | ) | (.11 | ) | .23 | .74 | (.44 | ) | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | .00 | (c) | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.92 | ) | .17 | .55 | 1.10 | (.16 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.29 | ) | (.31 | ) | (.36 | ) | (.40 | ) | (.30 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
(.02 | ) | (.14 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.31 | ) | (.45 | ) | (.36 | ) | (.40 | ) | (.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.04 | $ | 11.27 | $ | 11.55 | $ | 11.36 | $ | 10.66 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(17.44 | )% | 1.46 | % | 4.93 | % | 10.50 | % | (1.50 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 758 | $ | 1,819 | $ | 2,743 | $ | 4,107 | $ | 2,894 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
.52 | % | .52 | % | .52 | % | .52 | % | .52 | % | ||||||||||
Expenses,
before waivers/reimbursements |
.75 | % | .68 | % | .70 | % | .75 | % | .72 | % | ||||||||||
Net
investment income(b) |
2.67 | % | 2.48 | % | 2.85 | % | 3.22 | % | 2.57 | % | ||||||||||
Portfolio
turnover rate* |
141 | % | 128 | % | 83 | % | 74 | % | 195 | % |
CLASS Z | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.27 | $ | 11.55 | $ | 11.37 | $ | 10.67 | $ | 11.13 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.28 | .29 | .32 | .36 | .27 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.20 | ) | (.12 | ) | .22 | .74 | (.43 | ) | ||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | .00 | (c) | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.92 | ) | .17 | .54 | 1.10 | (.16 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.29 | ) | (.31 | ) | (.36 | ) | (.40 | ) | (.30 | ) | ||||||||||
Distributions
from net realized gain on investment transactions |
(.02 | ) | (.14 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.31 | ) | (.45 | ) | (.36 | ) | (.40 | ) | (.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.04 | $ | 11.27 | $ | 11.55 | $ | 11.37 | $ | 10.67 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(17.34 | )% | 1.46 | % | 4.84 | % | 10.48 | % | (1.49 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 2,234 | $ | 3,193 | $ | 5,824 | $ | 8,059 | $ | 7,274 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements |
.52 | % | .52 | % | .52 | % | .52 | % | .52 | % | ||||||||||
Expenses,
before waivers/reimbursements |
.70 | % | .64 | % | .64 | % | .68 | % | .64 | % | ||||||||||
Net
investment income(b) |
2.70 | % | 2.51 | % | 2.82 | % | 3.22 | % | 2.48 | % | ||||||||||
Portfolio
turnover rate* |
141 | % | 128 | % | 83 | % | 74 | % | 195 | % |
(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
Fund accounts for dollar roll transactions as purchases and
sales. |
CLASS A | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.52 | $ | 8.62 | $ | 8.67 | $ | 8.19 | $ | 8.43 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.11 | .11 | .14 | .17 | .18 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.20 | ) | (.02 | ) | .07 | .52 | (.22 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | .00 | (c) | .00 | (c) | – 0 – | ||||||||||||
Capital
Contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.09 | ) | .09 | .21 | .69 | (.04 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.24 | ) | (.13 | ) | (.26 | ) | (.21 | ) | (.20 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.10 | ) | (.06 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.34 | ) | (.19 | ) | (.26 | ) | (.21 | ) | (.20 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.67 | $ | 8.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(13.27 | )% | .92 | % | 2.44 | %^ | 8.58 | % | (.50 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 409,768 | $ | 580,627 | $ | 656,731 | $ | 758,638 | $ | 810,782 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.80 | % | .80 | % | .80 | % | .81 | % | .81 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.80 | % | .80 | % | .80 | % | .81 | % | .82 | % | ||||||||||
Net
investment income(b) |
1.40 | % | 1.24 | % | 1.62 | % | 2.02 | % | 2.16 | % | ||||||||||
Portfolio
turnover rate* |
159 | % | 130 | % | 135 | % | 126 | % | 369 | % |
CLASS C | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.55 | $ | 8.65 | $ | 8.70 | $ | 8.21 | $ | 8.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.05 | .04 | .08 | .11 | .12 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.20 | ) | (.02 | ) | .06 | .53 | (.23 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | .00 | (c) | .00 | (c) | – 0 – | ||||||||||||
Capital
Contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.15 | ) | .02 | .14 | .64 | (.11 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.18 | ) | (.06 | ) | (.19 | ) | (.15 | ) | (.14 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.10 | ) | (.06 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.28 | ) | (.12 | ) | (.19 | ) | (.15 | ) | (.14 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 7.12 | $ | 8.55 | $ | 8.65 | $ | 8.70 | $ | 8.21 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(13.88 | )% | .27 | % | 1.66 | % | 7.87 | % | (1.36 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 22,599 | $ | 39,929 | $ | 65,949 | $ | 104,089 | $ | 146,309 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
1.55 | % | 1.55 | % | 1.55 | % | 1.56 | % | 1.56 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
1.56 | % | 1.55 | % | 1.55 | % | 1.56 | % | 1.56 | % | ||||||||||
Net
investment income(b) |
.62 | % | .49 | % | .93 | % | 1.26 | % | 1.38 | % | ||||||||||
Portfolio
turnover rate* |
159 | % | 130 | % | 135 | % | 126 | % | 369 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.51 | $ | 8.62 | $ | 8.66 | $ | 8.18 | $ | 8.42 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.13 | .13 | .16 | .19 | .20 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.19 | ) | (.03 | ) | .08 | .52 | (.22 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | .00 | (c) | .00 | (c) | – 0 – | ||||||||||||
Capital
Contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.06 | ) | .10 | .24 | .71 | (.02 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.26 | ) | (.15 | ) | (.28 | ) | (.23 | ) | (.22 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.10 | ) | (.06 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.36 | ) | (.21 | ) | (.28 | ) | (.23 | ) | (.22 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 7.09 | $ | 8.51 | $ | 8.62 | $ | 8.66 | $ | 8.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(12.95 | )% | 1.17 | % | 2.82 | % | 8.86 | % | (.25 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 3,441,514 | $ | 4,707,655 | $ | 4,645,021 | $ | 4,845,448 | $ | 4,570,491 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.55 | % | .55 | % | .55 | % | .56 | % | .56 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.56 | % | .55 | % | .55 | % | .56 | % | .57 | % | ||||||||||
Net
investment income(b) |
1.66 | % | 1.49 | % | 1.91 | % | 2.26 | % | 2.44 | % | ||||||||||
Portfolio
turnover rate* |
159 | % | 130 | % | 135 | % | 126 | % | 369 | % |
CLASS R | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | $ | 8.42 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.08 | .07 | .10 | .13 | .15 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.21 | ) | (.02 | ) | .08 | .53 | (.23 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | .00 | (c) | .00 | (c) | – 0 – | ||||||||||||
Capital
Contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.13 | ) | .05 | .18 | .66 | (.08 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.20 | ) | (.09 | ) | (.22 | ) | (.18 | ) | (.16 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.10 | ) | (.06 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.30 | ) | (.15 | ) | (.22 | ) | (.18 | ) | (.16 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(13.65 | )% | .59 | % | 2.08 | % | 8.13 | % | (.91 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 37,213 | $ | 49,599 | $ | 56,424 | $ | 69,424 | $ | 75,138 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
1.25 | % | 1.24 | % | 1.27 | % | 1.24 | % | 1.23 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
1.25 | % | 1.24 | % | 1.27 | % | 1.24 | % | 1.23 | % | ||||||||||
Net
investment income(b) |
.96 | % | .80 | % | 1.20 | % | 1.59 | % | 1.75 | % | ||||||||||
Portfolio
turnover rate* |
159 | % | 130 | % | 135 | % | 126 | % | 369 | % |
CLASS K | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | $ | 8.42 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.10 | .10 | .13 | .16 | .17 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.20 | ) | (.02 | ) | .07 | .52 | (.22 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | .00 | (c) | .00 | (c) | – 0 – | ||||||||||||
Capital
Contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.10 | ) | .08 | .20 | .68 | (.05 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.23 | ) | (.12 | ) | (.24 | ) | (.20 | ) | (.19 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.10 | ) | (.06 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.33 | ) | (.18 | ) | (.24 | ) | (.20 | ) | (.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(13.38 | )% | .90 | % | 2.39 | % | 8.46 | % | (.60 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 8,420 | $ | 13,249 | $ | 16,627 | $ | 19,576 | $ | 16,642 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.94 | % | .93 | % | .96 | % | .93 | % | .92 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.94 | % | .93 | % | .96 | % | .93 | % | .92 | % | ||||||||||
Net
investment income(b) |
1.24 | % | 1.11 | % | 1.51 | % | 1.89 | % | 2.09 | % | ||||||||||
Portfolio
turnover rate* |
159 | % | 130 | % | 135 | % | 126 | % | 369 | % |
CLASS I | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | $ | 8.42 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.13 | .13 | .16 | .19 | .20 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.20 | ) | (.02 | ) | .07 | .52 | (.22 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | .00 | (c) | .00 | (c) | – 0 – | ||||||||||||
Capital
Contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.07 | ) | .11 | .23 | .71 | (.02 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.26 | ) | (.15 | ) | (.27 | ) | (.23 | ) | (.22 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.10 | ) | (.06 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.36 | ) | (.21 | ) | (.27 | ) | (.23 | ) | (.22 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(13.06 | )% | 1.29 | % | 2.79 | % | 8.87 | % | (.23 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 724,876 | $ | 919,250 | $ | 854,892 | $ | 852,566 | $ | 773,149 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.56 | % | .55 | % | .58 | % | .55 | % | .54 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.57 | % | .55 | % | .58 | % | .56 | % | .55 | % | ||||||||||
Net
investment income(b) |
1.65 | % | 1.49 | % | 1.88 | % | 2.27 | % | 2.46 | % | ||||||||||
Portfolio
turnover rate* |
159 | % | 130 | % | 135 | % | 126 | % | 369 | % |
CLASS Z | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | $ | 8.42 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations |
|
|||||||||||||||||||
Net
investment income(a)(b) |
.14 | .13 | .16 | .19 | .21 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.21 | ) | (.02 | ) | .08 | .53 | (.22 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | .00 | (c) | .00 | (c) | – 0 – | ||||||||||||
Capital
Contributions |
– 0 – | – 0 – | – 0 – | – 0 – | .00 | (c) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.07 | ) | .11 | .24 | .72 | (.01 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions |
|
|||||||||||||||||||
Dividends
from net investment income |
(.26 | ) | (.15 | ) | (.28 | ) | (.24 | ) | (.23 | ) | ||||||||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.10 | ) | (.06 | ) | – 0 – | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.36 | ) | (.21 | ) | (.28 | ) | (.24 | ) | (.23 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 7.09 | $ | 8.52 | $ | 8.62 | $ | 8.66 | $ | 8.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return |
|
|||||||||||||||||||
Total
investment return based on net asset value(d) |
(13.01 | )% | 1.34 | % | 2.84 | % | 8.93 | % | (.18 | )% | ||||||||||
Ratios/Supplemental Data |
|
|||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 755,288 | $ | 717,784 | $ | 579,878 | $ | 580,799 | $ | 489,921 | ||||||||||
Ratio
to average net assets of: |
|
|||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.51 | % | .50 | % | .53 | % | .50 | % | .49 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.51 | % | .50 | % | .53 | % | .50 | % | .50 | % | ||||||||||
Net
investment income(b) |
1.73 | % | 1.53 | % | 1.93 | % | 2.33 | % | 2.54 | % | ||||||||||
Portfolio
turnover rate* |
159 | % | 130 | % | 135 | % | 126 | % | 369 | % |
(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, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
|
|
|
||||||||||||||||||
Class A |
||||||||||||||||||||
Net
of waivers/reimbursements |
.80% | .80% | .80% | .81% | .81% | |||||||||||||||
Before
waivers/reimbursements |
.80% | .80% | .80% | .81% | .82% | |||||||||||||||
Class C |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.55% | 1.55% | 1.55% | 1.56% | 1.56% | |||||||||||||||
Before
waivers/reimbursements |
1.56% | 1.55% | 1.55% | 1.56% | 1.56% | |||||||||||||||
Advisor
Class |
||||||||||||||||||||
Net
of waivers/reimbursements |
.55% | .55% | .55% | .56% | .56% | |||||||||||||||
Before
waivers/reimbursements |
.56% | .55% | .55% | .56% | .57% | |||||||||||||||
Class R |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.25% | 1.24% | 1.27% | 1.24% | 1.23% | |||||||||||||||
Before
waivers/reimbursements |
1.25% | 1.24% | 1.27% | 1.24% | 1.23% | |||||||||||||||
Class K |
||||||||||||||||||||
Net
of waivers/reimbursements |
.94% | .93% | .96% | .93% | .92% | |||||||||||||||
Before
waivers/reimbursements |
.94% | .93% | .96% | .93% | .92% | |||||||||||||||
Class I |
||||||||||||||||||||
Net
of waivers/reimbursements |
.56% | .55% | .58% | .55% | .54% | |||||||||||||||
Before
waivers/reimbursements |
.57% | .55% | .58% | .56% | .55% | |||||||||||||||
Class Z |
||||||||||||||||||||
Net
of waivers/reimbursements |
.51% | .50% | .53% | .50% | .49% | |||||||||||||||
Before
waivers/reimbursements |
.51% | .50% | .53% | .50% | .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, 2022 |
May 10, 2021(a) to October 31, 2021 |
|||||||
Net
asset value, beginning of period |
$ | 10.12 | $ | 10.00 | ||||
|
|
|
|
|||||
Income From Investment Operations | ||||||||
Net
investment income(b)(c) |
.18 | .07 | ||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.32 | ) | .13 | |||||
|
|
|
|
|||||
Net
increase (decrease) in net asset value from operations |
(2.14 | ) | .20 | |||||
|
|
|
|
|||||
Less: Dividends and Distributions | ||||||||
Dividends
from net investment income |
(.23 | ) | (.08 | ) | ||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.01 | ) | – 0 – | |||||
|
|
|
|
|||||
Total
dividends and distributions |
(.24 | ) | (.08 | ) | ||||
|
|
|
|
|||||
Net
asset value, end of period |
$ | 7.74 | $ | 10.12 | ||||
|
|
|
|
|||||
Total Return | ||||||||
Total
investment return based on net asset value(d) |
(21.48 | )% | 2.00 | % | ||||
Ratios/Supplemental Data | ||||||||
Net
assets, end of period (000’s omitted) |
$ | 58 | $ | 74 | ||||
Ratio
to average net assets of: |
||||||||
Expenses,
net of waivers/reimbursements |
.85 | % | .85 | %(e) | ||||
Expenses,
before waivers/reimbursements |
.97 | % | 1.14 | %(e) | ||||
Net
investment income(c) |
2.04 | % | 1.47 | %(e) | ||||
Portfolio
turnover rate |
25 | % | 31 | % |
ADVISOR CLASS | ||||||||
Year
Ended October 31, 2022 |
May 10, 2021(a) to October 31, 2021 |
|||||||
Net
asset value, beginning of period |
$ | 10.12 | $ | 10.00 | ||||
|
|
|
|
|||||
Income From Investment Operations | ||||||||
Net
investment income(b)(c) |
.21 | .08 | ||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(2.33 | ) | .13 | |||||
|
|
|
|
|||||
Net
increase (decrease) in net asset value from operations |
(2.12 | ) | .21 | |||||
|
|
|
|
|||||
Less: Dividends and Distributions | ||||||||
Dividends
from net investment income |
(.25 | ) | (.09 | ) | ||||
Distributions
from net realized gain on investment and foreign currency
transactions |
(.01 | ) | – 0 – | |||||
|
|
|
|
|||||
Total
dividends and distributions |
(.26 | ) | (.09 | ) | ||||
|
|
|
|
|||||
Net
asset value, end of period |
$ | 7.74 | $ | 10.12 | ||||
|
|
|
|
|||||
Total Return | ||||||||
Total
investment return based on net asset value(d) |
(21.29 | )% | 2.12 | % | ||||
Ratios/Supplemental Data | ||||||||
Net
assets, end of period (000’s omitted) |
$ | 177,086 | $ | 169,185 | ||||
Ratio
to average net assets of: |
||||||||
Expenses,
net of waivers/reimbursements |
.60 | % | .60 | %(e) | ||||
Expenses,
before waivers/reimbursements |
.72 | % | .93 | %(e) | ||||
Net
investment income(c) |
2.31 | % | 1.69 | %(e) | ||||
Portfolio
turnover rate |
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, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.98 | $ | 7.53 | $ | 8.19 | $ | 8.14 | $ | 8.91 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.41 | .40 | .41 | .47 | .50 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.48 | ) | .53 | (.59 | ) | .11 | (.71 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.07 | ) | .93 | (.18 | ) | .58 | (.21 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.47 | ) | (.44 | ) | (.48 | ) | (.41 | ) | (.49 | ) | ||||||||||
Return
of capital |
– 0 – | (.04 | ) | – 0 – | (.12 | ) | (.07 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.47 | ) | (.48 | ) | (.48 | ) | (.53 | ) | (.56 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.44 | $ | 7.98 | $ | 7.53 | $ | 8.19 | $ | 8.14 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(13.83 | )% | 12.52 | %^ | (2.02 | )%^ | 7.33 | % | (2.51 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 854,235 | $ | 1,157,302 | $ | 1,143,143 | $ | 1,329,150 | $ | 1,350,517 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
.90 | % | .84 | % | .86 | % | .87 | % | .84 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
.90 | % | .84 | % | .86 | % | .88 | % | .85 | % | ||||||||||
Net
investment income(b) |
5.69 | % | 4.95 | % | 5.43 | % | 5.82 | % | 5.86 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 48 | % | 54 | % | 49 | % | 35 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .01 | % | .00 | % |
CLASS C | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.07 | $ | 7.62 | $ | 8.29 | $ | 8.24 | $ | 9.01 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.35 | .33 | .35 | .41 | .44 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.50 | ) | .54 | (.60 | ) | .10 | (.72 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.15 | ) | .87 | (.25 | ) | .51 | (.28 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.41 | ) | (.38 | ) | (.42 | ) | (.35 | ) | (.43 | ) | ||||||||||
Return
of capital |
– 0 – | (.04 | ) | – 0 – | (.11 | ) | (.06 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.41 | ) | (.42 | ) | (.42 | ) | (.46 | ) | (.49 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.51 | $ | 8.07 | $ | 7.62 | $ | 8.29 | $ | 8.24 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(14.69 | )% | 11.65 | %^ | (2.86 | )%^ | 6.43 | % | (3.21 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 199,870 | $ | 324,644 | $ | 456,375 | $ | 649,108 | $ | 842,095 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
1.64 | % | 1.58 | % | 1.61 | % | 1.62 | % | 1.59 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
1.64 | % | 1.59 | % | 1.61 | % | 1.62 | % | 1.59 | % | ||||||||||
Net
investment income(b) |
4.81 | % | 4.14 | % | 4.56 | % | 5.00 | % | 5.04 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 48 | % | 54 | % | 49 | % | 35 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .01 | % | .00 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.99 | $ | 7.54 | $ | 8.20 | $ | 8.15 | $ | 8.92 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.43 | .42 | .43 | .49 | .52 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.49 | ) | .53 | (.59 | ) | .11 | (.71 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.06 | ) | .95 | (.16 | ) | .60 | (.19 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.48 | ) | (.46 | ) | (.50 | ) | (.42 | ) | (.50 | ) | ||||||||||
Return
of capital |
– 0 – | (.04 | ) | – 0 – | (.13 | ) | (.08 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.48 | ) | (.50 | ) | (.50 | ) | (.55 | ) | (.58 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.45 | $ | 7.99 | $ | 7.54 | $ | 8.20 | $ | 8.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(13.70 | )% | 12.92 | %^ | (1.77 | )%^ | 7.58 | % | (2.26 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,754,072 | $ | 2,579,006 | $ | 3,077,869 | $ | 2,976,343 | $ | 3,185,833 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
.64 | % | .59 | % | .61 | % | .62 | % | .59 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
.65 | % | .59 | % | .61 | % | .63 | % | .60 | % | ||||||||||
Net
investment income(b) |
5.90 | % | 5.20 | % | 5.57 | % | 6.05 | % | 6.10 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 48 | % | 54 | % | 49 | % | 35 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .01 | % | .00 | % |
CLASS R | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.98 | $ | 7.53 | $ | 8.19 | $ | 8.14 | $ | 8.90 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.38 | .36 | .38 | .44 | .47 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.48 | ) | .54 | (.59 | ) | .10 | (.71 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.10 | ) | .90 | (.21 | ) | .54 | (.24 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.44 | ) | (.41 | ) | (.45 | ) | (.38 | ) | (.45 | ) | ||||||||||
Return
of capital |
– 0 – | (.04 | ) | – 0 – | (.11 | ) | (.07 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.44 | ) | (.45 | ) | (.45 | ) | (.49 | ) | (.52 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.44 | $ | 7.98 | $ | 7.53 | $ | 8.19 | $ | 8.14 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(14.30 | )% | 12.17 | %^ | (2.49 | )%^ | 6.89 | % | (2.80 | )%^ | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 20,238 | $ | 32,847 | $ | 38,435 | $ | 57,226 | $ | 69,442 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
1.31 | % | 1.27 | % | 1.32 | % | 1.28 | % | 1.26 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
1.31 | % | 1.27 | % | 1.33 | % | 1.28 | % | 1.26 | % | ||||||||||
Net
investment income(b) |
5.24 | % | 4.53 | % | 4.93 | % | 5.43 | % | 5.47 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 48 | % | 54 | % | 49 | % | 35 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .01 | % | .00 | % |
CLASS K | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.99 | $ | 7.53 | $ | 8.19 | $ | 8.14 | $ | 8.91 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.39 | .39 | .40 | .47 | .50 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.49 | ) | .54 | (.59 | ) | .10 | (.72 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.10 | ) | .93 | (.19 | ) | .57 | (.22 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.45 | ) | (.43 | ) | (.47 | ) | (.40 | ) | (.48 | ) | ||||||||||
Return
of capital |
– 0 – | (.04 | ) | – 0 – | (.12 | ) | (.07 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.45 | ) | (.47 | ) | (.47 | ) | (.52 | ) | (.55 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.44 | $ | 7.99 | $ | 7.53 | $ | 8.19 | $ | 8.14 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(14.07 | )% | 12.53 | %^ | (2.15 | )%^ | 7.25 | % | (2.58 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 5,792 | $ | 38,413 | $ | 68,253 | $ | 110,135 | $ | 122,030 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
.97 | % | .94 | % | .98 | % | .94 | % | .91 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
.97 | % | .94 | % | .98 | % | .94 | % | .91 | % | ||||||||||
Net
investment income(b) |
5.15 | % | 4.87 | % | 5.27 | % | 5.76 | % | 5.83 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 48 | % | 54 | % | 49 | % | 35 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .01 | % | .00 | % |
CLASS I | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.00 | $ | 7.54 | $ | 8.20 | $ | 8.15 | $ | 8.92 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.43 | .42 | .42 | .50 | .53 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.50 | ) | .54 | (.58 | ) | .10 | (.72 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.07 | ) | .96 | (.16 | ) | .60 | (.19 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.48 | ) | (.46 | ) | (.50 | ) | (.42 | ) | (.50 | ) | ||||||||||
Return
of capital |
– 0 – | (.04 | ) | – 0 – | (.13 | ) | (.08 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.48 | ) | (.50 | ) | (.50 | ) | (.55 | ) | (.58 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.45 | $ | 8.00 | $ | 7.54 | $ | 8.20 | $ | 8.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(13.72 | )% | 12.91 | %^ | (1.81 | )%^ | 7.61 | % | (2.23 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 67,757 | $ | 90,893 | $ | 131,550 | $ | 167,518 | $ | 192,941 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
.66 | % | .59 | % | .64 | % | .60 | % | .56 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
.66 | % | .59 | % | .64 | % | .60 | % | .56 | % | ||||||||||
Net
investment income(b) |
5.91 | % | 5.21 | % | 5.57 | % | 6.09 | % | 6.15 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 48 | % | 54 | % | 49 | % | 35 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .01 | % | .00 | % |
CLASS Z | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 8.00 | $ | 7.54 | $ | 8.20 | $ | 8.15 | $ | 8.92 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.43 | .42 | .43 | .50 | .54 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.49 | ) | .55 | (.59 | ) | .10 | (.73 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | .00 | (c) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.06 | ) | .97 | (.16 | ) | .60 | (.19 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.49 | ) | (.47 | ) | (.50 | ) | (.42 | ) | (.50 | ) | ||||||||||
Return
of capital |
– 0 – | (.04 | ) | – 0 – | (.13 | ) | (.08 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.49 | ) | (.51 | ) | (.50 | ) | (.55 | ) | (.58 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.45 | $ | 8.00 | $ | 7.54 | $ | 8.20 | $ | 8.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(13.64 | )% | 12.99 | %^ | (1.76 | )%^ | 7.68 | % | (2.18 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 155,009 | $ | 266,052 | $ | 307,946 | $ | 330,538 | $ | 359,903 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e)† |
.57 | % | .53 | % | .59 | % | .54 | % | .52 | % | ||||||||||
Expenses,
before waivers/reimbursements(e)† |
.57 | % | .53 | % | .59 | % | .54 | % | .52 | % | ||||||||||
Net
investment income(b) |
5.96 | % | 5.26 | % | 5.66 | % | 6.16 | % | 6.27 | % | ||||||||||
Portfolio
turnover rate |
28 | % | 48 | % | 54 | % | 49 | % | 35 | % | ||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .01 | % | .00 | % |
(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, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Class A |
||||||||||||||||||||
Net
of waivers/reimbursements |
.87 | % | .84 | % | .86 | % | .85 | % | .82 | % | ||||||||||
Before
waivers/reimbursements |
.87 | % | .84 | % | .86 | % | .86 | % | .83 | % | ||||||||||
Class C |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.61 | % | 1.58 | % | 1.60 | % | 1.60 | % | 1.57 | % | ||||||||||
Before
waivers/reimbursements |
1.61 | % | 1.59 | % | 1.60 | % | 1.60 | % | 1.57 | % | ||||||||||
Advisor
Class |
||||||||||||||||||||
Net
of waivers/reimbursements |
.62 | % | .59 | % | .60 | % | .60 | % | .57 | % | ||||||||||
Before
waivers/reimbursements |
.63 | % | .59 | % | .60 | % | .61 | % | .58 | % | ||||||||||
Class R |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.28 | % | 1.27 | % | 1.32 | % | 1.26 | % | 1.24 | % | ||||||||||
Before
waivers/reimbursements |
1.28 | % | 1.27 | % | 1.33 | % | 1.26 | % | 1.24 | % | ||||||||||
Class K |
||||||||||||||||||||
Net
of waivers/reimbursements |
.97 | % | .94 | % | .97 | % | .92 | % | .89 | % | ||||||||||
Before
waivers/reimbursements |
.97 | % | .94 | % | .97 | % | .92 | % | .89 | % | ||||||||||
Class I |
||||||||||||||||||||
Net
of waivers/reimbursements |
.63 | % | .59 | % | .64 | % | .58 | % | .54 | % | ||||||||||
Before
waivers/reimbursements |
.63 | % | .59 | % | .64 | % | .58 | % | .54 | % | ||||||||||
Class Z |
||||||||||||||||||||
Net
of waivers/reimbursements |
.54 | % | .53 | % | .58 | % | .52 | % | .50 | % | ||||||||||
Before
waivers/reimbursements |
.54 | % | .53 | % | .58 | % | .52 | % | .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. |
CLASS A | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 10.36 | $ | 9.95 | $ | 10.36 | $ | 10.24 | $ | 10.40 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.36 | .36 | .37 | .39 | .38 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.57 | ) | .45 | (.33 | ) | .16 | (.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.21 | ) | .81 | .04 | .55 | .22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.40 | ) | (.40 | ) | (.45 | ) | (.43 | ) | (.36 | ) | ||||||||||
Return
of capital |
– 0 – | – 0 – | – 0 – | – 0 – | (.02 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.40 | ) | (.40 | ) | (.45 | ) | (.43 | ) | (.38 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.75 | $ | 10.36 | $ | 9.95 | $ | 10.36 | $ | 10.24 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(11.98 | )% | 8.23 | % | .54 | % | 5.54 | % | 2.23 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 27,201 | $ | 31,087 | $ | 24,393 | $ | 19,487 | $ | 17,897 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.95 | % | .95 | % | .95 | % | .95 | % | .95 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
1.00 | % | 1.02 | % | 1.04 | % | 1.05 | % | 1.05 | % | ||||||||||
Net
investment income(b) |
3.71 | % | 3.52 | % | 3.71 | % | 3.85 | % | 3.69 | % | ||||||||||
Portfolio
turnover rate |
62 | % | 57 | % | 60 | % | 37 | % | 39 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .01 | % | .01 | % |
CLASS C | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 10.35 | $ | 9.94 | $ | 10.35 | $ | 10.23 | $ | 10.40 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.29 | .29 | .29 | .32 | .30 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.58 | ) | .44 | (.32 | ) | .16 | (.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.29 | ) | .73 | (.03 | ) | .48 | .14 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.32 | ) | (.32 | ) | (.38 | ) | (.36 | ) | (.30 | ) | ||||||||||
Return
of capital |
– 0 – | – 0 – | – 0 – | – 0 – | (.01 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.32 | ) | (.32 | ) | (.38 | ) | (.36 | ) | (.31 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.74 | $ | 10.35 | $ | 9.94 | $ | 10.35 | $ | 10.23 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(12.66 | )% | 7.43 | % | (.21 | )% | 4.76 | % | 1.37 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 7,335 | $ | 10,038 | $ | 11,105 | $ | 17,617 | $ | 21,412 | ||||||||||
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)‡ |
1.75 | % | 1.77 | % | 1.79 | % | 1.80 | % | 1.80 | % | ||||||||||
Net
investment income(b) |
2.95 | % | 2.78 | % | 2.96 | % | 3.11 | % | 2.95 | % | ||||||||||
Portfolio
turnover rate |
62 | % | 57 | % | 60 | % | 37 | % | 39 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .01 | % | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 10.34 | $ | 9.93 | $ | 10.35 | $ | 10.22 | $ | 10.39 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.38 | .39 | .39 | .42 | .41 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.57 | ) | .45 | (.33 | ) | .17 | (.17 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.19 | ) | .84 | .06 | .59 | .24 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.42 | ) | (.43 | ) | (.48 | ) | (.46 | ) | (.39 | ) | ||||||||||
Return
of capital |
– 0 – | – 0 – | – 0 – | – 0 – | (.02 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.42 | ) | (.43 | ) | (.48 | ) | (.46 | ) | (.41 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 8.73 | $ | 10.34 | $ | 9.93 | $ | 10.35 | $ | 10.22 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(c) |
(11.78 | )% | 8.52 | % | .70 | % | 5.91 | % | 2.38 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 283,354 | $ | 334,801 | $ | 256,070 | $ | 238,350 | $ | 225,703 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(d)‡ |
.70 | % | .70 | % | .70 | % | .70 | % | .69 | % | ||||||||||
Expenses,
before waivers/reimbursements(d)‡ |
.75 | % | .77 | % | .79 | % | .80 | % | .80 | % | ||||||||||
Net
investment income(b) |
3.97 | % | 3.77 | % | 3.97 | % | 4.10 | % | 3.94 | % | ||||||||||
Portfolio
turnover rate |
62 | % | 57 | % | 60 | % | 37 | % | 39 | % | ||||||||||
‡
Expense ratios exclude the estimated acquired fund fees of the
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | % | .00 | % | .01 | % | .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 years ended September 30, 2019 and
September 30, 2018, such waiver amounted to .01% and .01%,
respectively. |
CLASS A | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.89 | $ | 7.96 | $ | 7.98 | $ | 7.49 | $ | 8.09 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.23 | .24 | .26 | .31 | .29 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.69 | ) | (.04 | ) | .02 | (c) | .53 | (.50 | ) | |||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (d) | – 0 – | .00 | (d) | .00 | (d) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.46 | ) | .20 | .28 | .84 | (.21 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.24 | ) | (.27 | ) | (.30 | ) | (.30 | ) | (.36 | ) | ||||||||||
Return
of capital |
– 0 – | – 0 – | – 0 – | (.05 | ) | (.03 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.24 | ) | (.27 | ) | (.30 | ) | (.35 | ) | (.39 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.19 | $ | 7.89 | $ | 7.96 | $ | 7.98 | $ | 7.49 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(e)* |
(18.83 | )% | 2.48 | % | 3.55 | % | 11.50 | % | (2.71 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 159,887 | $ | 265,990 | $ | 289,619 | $ | 240,567 | $ | 232,931 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(f) |
1.04 | % | .79 | % | .78 | % | .77 | % | 1.08 | % | ||||||||||
Expenses,
before waivers/reimbursements(f) |
1.08 | % | .80 | % | .80 | % | .83 | % | 1.16 | % | ||||||||||
Net
investment income(b) |
3.15 | % | 3.04 | % | 3.24 | % | 4.02 | % | 3.73 | % | ||||||||||
Portfolio
turnover rate** |
167 | % | 166 | % | 246 | % | 270 | % | 105 | % |
CLASS C | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.90 | $ | 7.97 | $ | 7.99 | $ | 7.50 | $ | 8.10 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.17 | .18 | .20 | .25 | .23 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.68 | ) | (.04 | ) | .02 | (c) | .53 | (.50 | ) | |||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (d) | – 0 – | .00 | (d) | .00 | (d) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.51 | ) | .14 | .22 | .78 | (.27 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.19 | ) | (.21 | ) | (.24 | ) | (.25 | ) | (.30 | ) | ||||||||||
Return
of capital |
– 0 – | – 0 – | – 0 – | (.04 | ) | (.03 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.19 | ) | (.21 | ) | (.24 | ) | (.29 | ) | (.33 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.20 | $ | 7.90 | $ | 7.97 | $ | 7.99 | $ | 7.50 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(e)* |
(19.41 | )% | 1.71 | % | 2.77 | % | 10.65 | % | (3.43 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 113,982 | $ | 194,363 | $ | 217,968 | $ | 164,413 | $ | 82,283 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(f) |
1.79 | % | 1.54 | % | 1.53 | % | 1.52 | % | 1.83 | % | ||||||||||
Expenses,
before waivers/reimbursements(f) |
1.82 | % | 1.55 | % | 1.55 | % | 1.57 | % | 1.92 | % | ||||||||||
Net
investment income(b) |
2.39 | % | 2.29 | % | 2.49 | % | 3.21 | % | 2.98 | % | ||||||||||
Portfolio
turnover rate** |
167 | % | 166 | % | 246 | % | 270 | % | 105 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 7.90 | $ | 7.97 | $ | 7.99 | $ | 7.50 | $ | 8.10 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.24 | .26 | .27 | .33 | .31 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.68 | ) | (.04 | ) | .03 | (c) | .53 | (.50 | ) | |||||||||||
Contributions
from Affiliates |
– 0 – | .00 | (d) | – 0 – | .00 | (d) | .00 | (d) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.44 | ) | .22 | .30 | .86 | (.19 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends
from net investment income |
(.26 | ) | (.29 | ) | (.32 | ) | (.31 | ) | (.38 | ) | ||||||||||
Return
of capital |
– 0 – | – 0 – | – 0 – | (.06 | ) | (.03 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
dividends and distributions |
(.26 | ) | (.29 | ) | (.32 | ) | (.37 | ) | (.41 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 6.20 | $ | 7.90 | $ | 7.97 | $ | 7.99 | $ | 7.50 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(e)* |
(18.60 | )% | 2.73 | % | 3.80 | % | 11.76 | % | (2.46 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000,000’s omitted) |
$ | 2,334 | $ | 4,152 | $ | 4,097 | $ | 3,562 | $ | 2,222 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(f) |
.79 | % | .54 | % | .53 | % | .52 | % | .83 | % | ||||||||||
Expenses,
before waivers/reimbursements(f) |
.82 | % | .55 | % | .55 | % | .58 | % | .91 | % | ||||||||||
Net
investment income(b) |
3.38 | % | 3.28 | % | 3.48 | % | 4.24 | % | 3.98 | % | ||||||||||
Portfolio
turnover rate** |
167 | % | 166 | % | 246 | % | 270 | % | 105 | % |
CLASS Z | ||||||||||||
Year Ended October 31, |
November 20,
2019(g) to
October 31, |
|||||||||||
2022 | 2021 | 2020 | ||||||||||
Net
asset value, beginning of period |
$ | 7.90 | $ | 7.97 | $ | 7.97 | ||||||
|
|
|
|
|
|
|||||||
Income From Investment Operations | ||||||||||||
Net
investment income(a)(b) |
.25 | .27 | .27 | |||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.69 | ) | (.05 | ) | .03 | (c) | ||||||
|
|
|
|
|
|
|||||||
Net
increase (decrease) in net asset value from operations |
(1.44 | ) | .22 | .30 | ||||||||
|
|
|
|
|
|
|||||||
Less: Dividends | ||||||||||||
Dividends
from net investment income |
(.26 | ) | (.29 | ) | (.30 | ) | ||||||
|
|
|
|
|
|
|||||||
Net
asset value, end of period |
$ | 6.20 | $ | 7.90 | $ | 7.97 | ||||||
|
|
|
|
|
|
|||||||
Total Return | ||||||||||||
Total
investment return based on net asset value(e)* |
(18.57 | )% | 2.78 | % | 3.89 | % | ||||||
Ratios/Supplemental Data | ||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 21,026 | $ | 30,118 | $ | 18,492 | ||||||
Ratio
to average net assets of: |
||||||||||||
Expenses,
net of waivers/reimbursements(f) |
.78 | % | .49 | % | .48 | %^ | ||||||
Expenses,
before waivers/reimbursements(f) |
.78 | % | .49 | % | .48 | %^ | ||||||
Net
investment income(b) |
3.44 | % | 3.32 | % | 3.49 | %^ | ||||||
Portfolio
turnover rate** |
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, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Class A |
||||||||||||||||||||
Net
of waivers/reimbursements |
.77 | % | .77 | % | .77 | % | .77 | % | .77 | % | ||||||||||
Before
waivers/reimbursements |
.80 | % | .78 | % | .79 | % | .82 | % | .85 | % | ||||||||||
Class C |
||||||||||||||||||||
Net
of waivers/reimbursements |
1.52 | % | 1.52 | % | 1.52 | % | 1.52 | % | 1.52 | % | ||||||||||
Before
waivers/reimbursements |
1.55 | % | 1.53 | % | 1.54 | % | 1.57 | % | 1.60 | % | ||||||||||
Advisor
Class |
||||||||||||||||||||
Net
of waivers/reimbursements |
.52 | % | .52 | % | .52 | % | .52 | % | .52 | % | ||||||||||
Before
waivers/reimbursements |
.55 | % | .53 | % | .54 | % | .57 | % | .60 | % | ||||||||||
Class
Z |
||||||||||||||||||||
Net
of waivers/reimbursements |
.49 | % | .47 | % | .46 | % | N/A | N/A | ||||||||||||
Before
waivers/reimbursements |
.49 | % | .47 | % | .46 | % | N/A | 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 |
|||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||
Net
asset value, beginning of period |
$ | 9.90 | $ | 9.95 | $ | 10.35 | $ | 10.00 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income From Investment Operations | ||||||||||||||||
Net
investment income(b)(c) |
.18 | .22 | .23 | .28 | ||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.05 | ) | .02 | (d) | (.28 | )(d) | .42 | |||||||||
Contributions
from Affiliates |
.00 | (e) | – 0 – | – 0 – | – 0 – | |||||||||||
Capital
contributions |
– 0 – | – 0 – | .16 | – 0 – | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
increase (decrease) in net asset value from operations |
(.87 | ) | .24 | .11 | .70 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less: Dividends and Distributions | ||||||||||||||||
Dividends
from net investment income |
(.22 | ) | (.29 | ) | (.38 | ) | (.35 | ) | ||||||||
Distributions
from net realized gain on investment transactions |
(.11 | ) | – 0 – | (.13 | ) | – 0 – | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
dividends and distributions |
(.33 | ) | (.29 | ) | (.51 | ) | (.35 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
asset value, end of period |
$ | 8.70 | $ | 9.90 | $ | 9.95 | $ | 10.35 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return | ||||||||||||||||
Total
investment return based on net asset value(f) |
(8.94 | )% | 2.37 | % | 1.17 | % | 7.09 | % | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 4,364 | $ | 5,528 | $ | 371 | $ | 10 | ||||||||
Ratio
to average net assets of: |
||||||||||||||||
Expenses,
net of waivers/reimbursements(g) |
.95 | % | .68 | % | .68 | % | .70 | %^ | ||||||||
Expenses,
before waivers/reimbursements(g) |
1.66 | % | 1.26 | % | 1.77 | % | 3.18 | %^ | ||||||||
Net
investment income(c) |
1.95 | % | 2.24 | % | 2.28 | % | 3.14 | %^ | ||||||||
Portfolio
turnover rate* |
60 | % | 163 | % | 336 | % | 178 | % | ||||||||
Portfolio
turnover rate (including securities sold short)* |
N/A | N/A | 336 | % | 181 | % |
CLASS C | ||||||||||||||||
Year Ended October 31, |
December 12,
2018(a) to October 31, 2019 |
|||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||
Net
asset value, beginning of period |
$ | 9.89 | $ | 9.95 | $ | 10.34 | $ | 10.00 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income From Investment Operations | ||||||||||||||||
Net
investment income(b)(c) |
.10 | .15 | .09 | .21 | ||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.04 | ) | .00 | (d)(e) | (.04 | )(d) | .41 | |||||||||
Contributions
from Affiliates |
.00 | (e) | – 0 – | – 0 – | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
increase (decrease) in net asset value from operations |
(.94 | ) | .15 | .05 | .62 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less: Dividends and Distributions | ||||||||||||||||
Dividends
from net investment income |
(.15 | ) | (.21 | ) | (.31 | ) | (.28 | ) | ||||||||
Distributions
from net realized gain on investment transactions |
(.11 | ) | – 0 – | (.13 | ) | – 0 – | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
dividends and distributions |
(.26 | ) | (.21 | ) | (.44 | ) | (.28 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
asset value, end of period |
$ | 8.69 | $ | 9.89 | $ | 9.95 | $ | 10.34 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return | ||||||||||||||||
Total
investment return based on net asset value(f) |
(9.67 | )% | 1.46 | % | .51 | % | 6.23 | % | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 292 | $ | 730 | $ | 730 | $ | 10 | ||||||||
Ratio
to average net assets of: |
||||||||||||||||
Expenses,
net of waivers/reimbursements(g) |
1.71 | % | 1.47 | % | 1.48 | % | 1.49 | %^ | ||||||||
Expenses,
before waivers/reimbursements(g) |
2.42 | % | 2.19 | % | 2.57 | % | 4.02 | %^ | ||||||||
Net
investment income(c) |
1.10 | % | 1.53 | % | .93 | % | 2.34 | %^ | ||||||||
Portfolio
turnover rate* |
60 | % | 163 | % | 336 | % | 178 | % | ||||||||
Portfolio
turnover rate (including securities sold short)* |
N/A | N/A | 336 | % | 181 | % |
ADVISOR CLASS | ||||||||||||||||
Year Ended October 31, |
December 12,
2018(a) to October 31, 2019 |
|||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||
Net
asset value, beginning of period |
$ | 9.89 | $ | 9.95 | $ | 10.35 | $ | 10.00 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income From Investment Operations | ||||||||||||||||
Net
investment income(b)(c) |
.20 | .25 | .21 | .30 | ||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.05 | ) | .00 | (d)(e) | (.08 | )(d) | .41 | |||||||||
Contributions
from Affiliates |
.00 | (e) | – 0 – | – 0 – | – 0 – | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
increase (decrease) in net asset value from operations |
(.85 | ) | .25 | .13 | .71 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less: Dividends and Distributions | ||||||||||||||||
Dividends
from net investment income |
(.24 | ) | (.31 | ) | (.40 | ) | (.36 | ) | ||||||||
Distributions
from net realized gain on investment transactions |
(.11 | ) | – 0 – | (.13 | ) | – 0 – | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
dividends and distributions |
(.35 | ) | (.31 | ) | (.53 | ) | (.36 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
asset value, end of period |
$ | 8.69 | $ | 9.89 | $ | 9.95 | $ | 10.35 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return | ||||||||||||||||
Total
investment return based on net asset value(f) |
(8.76 | )% | 2.48 | % | 1.34 | % | 7.25 | % | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 64,972 | $ | 56,593 | $ | 41,681 | $ | 15,498 | ||||||||
Ratio
to average net assets of: |
||||||||||||||||
Expenses,
net of waivers/reimbursements(g) |
.77 | % | .47 | % | .48 | % | .49 | %^ | ||||||||
Expenses,
before waivers/reimbursements(g) |
1.48 | % | 1.18 | % | 1.68 | % | 2.99 | %^ | ||||||||
Net
investment income(c) |
2.17 | % | 2.52 | % | 2.13 | % | 3.31 | %^ | ||||||||
Portfolio
turnover rate* |
60 | % | 163 | % | 336 | % | 178 | % | ||||||||
Portfolio
turnover rate (including securities sold short)* |
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
expense: |
Year Ended October 31, | December 12, 2018(a) to October 31, |
|||||||||||||||
2022 | 2021 | 2020 | 2019 | |||||||||||||
Class A |
| |||||||||||||||
Net
of waivers/reimbursements |
.65 | % | .65 | % | .65 | % | .65 | %^ | ||||||||
Before
waivers/reimbursements |
1.35 | % | 1.23 | % | 1.73 | % | 3.13 | %^ | ||||||||
Class C |
| |||||||||||||||
Net
of waivers/reimbursements |
1.45 | % | 1.45 | % | 1.45 | % | 1.45 | %^ | ||||||||
Before
waivers/reimbursements |
2.16 | % | 2.18 | % | 2.54 | % | 3.97 | %^ | ||||||||
Advisor
Class |
| |||||||||||||||
Net
of waivers/reimbursements |
.45 | % | .45 | % | .45 | % | .45 | %^ | ||||||||
Before
waivers/reimbursements |
1.16 | % | 1.16 | % | 1.64 | % | 2.95 | %^ |
^ |
Annualized. |
* |
The
Fund accounts for dollar roll transactions as purchases and
sales. |
CLASS A | ||||||||||||||||
Year
Ended
October 31, 2022 |
April 30,
2021(a) to
October 31,
2021(b) |
November 1, 2017 to February 26, 2018(a) |
Year
Ended
October 31, 2017 |
|||||||||||||
Net
asset value, beginning of period |
$ | 9.98 | $ | 9.98 | $ | 9.71 | $ | 9.46 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income From Investment Operations | ||||||||||||||||
Net
investment income(c)(d) |
.44 | .17 | .15 | .46 | ||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.69 | ) | .05 | (.18 | ) | .25 | ||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | .00 | (e) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
increase (decrease) in net asset value from operations |
(1.25 | ) | .22 | (.03 | ) | .71 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less: Dividends and Distributions | ||||||||||||||||
Dividends
from net investment income |
(.52 | ) | (.22 | ) | (.12 | ) | (.42 | ) | ||||||||
Return
of capital |
– 0 – | – 0 – | – 0 – | (.04 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
dividends and distributions |
(.52 | ) | (.22 | ) | (.12 | ) | (.46 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
asset value, end of period |
$ | 8.21 | $ | 9.98 | $ | 9.56 | $ | 9.71 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return | ||||||||||||||||
Total
investment return based on net asset value(f)* |
(12.89 | )% | 2.23 | % | (.02 | )% | 7.61 | %+ | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 1,001 | $ | 158 | $ | 3,131 | $ | 5,150 | ||||||||
Ratio
to average net assets of: |
||||||||||||||||
Expenses,
net of waivers/reimbursements(g)(h)† |
.85 | % | .85 | %^ | .95 | %^ | .95 | % | ||||||||
Expenses,
before waivers/reimbursements(g)(h)† |
1.61 | % | 2.28 | %^ | 3.27 | %^ | 2.64 | % | ||||||||
Net
investment income(d) |
4.88 | % | 3.43 | %^ | 4.70 | %^ | 4.82 | % | ||||||||
Portfolio
turnover rate+++ |
48 | % | 36 | % | 75 | % | 65 | % | ||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | %^ | .00 | %^ | .01 | % |
ADVISOR CLASS | ||||||||||||||||||||||||
Year
Ended October 31, 2022 |
January 1, 2021 to October 31, 2021(b) |
Year Ended December 31, |
November 1, 2018 to December 31, 2018(i) |
Year
Ended October 31, 2018 |
||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||
Net
asset value, beginning of period |
$ | 9.98 | $ | 9.86 | $ | 9.63 | $ | 8.90 | $ | 9.36 | $ | 9.71 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net
investment income(c)(d) |
.45 | .38 | .50 | .52 | .09 | .50 | ||||||||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.68 | ) | .16 | .30 | .77 | (.41 | ) | (.37 | ) | |||||||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | – 0 – | – 0 – | .00 | (e) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net
increase (decrease) in net asset value from operations |
(1.23 | ) | .54 | .80 | 1.29 | (.32 | ) | .13 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends
from net investment income |
(.54 | ) | (.42 | ) | (.57 | ) | (.56 | ) | (.14 | ) | (.48 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net
asset value, end of period |
$ | 8.21 | $ | 9.98 | $ | 9.86 | $ | 9.63 | $ | 8.90 | $ | 9.36 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Return | ||||||||||||||||||||||||
Total
investment return based on net asset value(f)* |
(12.68 | )% | 5.56 | % | 8.95 | %+ | 14.77 | %+ | (3.45 | )% | 1.32 | %** | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 67,249 | $ | 63,608 | $ | 38,751 | $ | 40,218 | $ | 30,509 | $ | 33,990 | ||||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||||||
Expenses,
net of waivers/reimbursements(g)(h)† |
.60 | % | .51 | %^ | .70 | % | .29 | %++ | .29 | %^++ | .33 | % | ||||||||||||
Expenses,
before waivers/reimbursements(g)(h)† |
1.35 | % | 1.74 | %^ | 2.17 | % | 1.84 | %++ | 3.25 | %^++ | 2.56 | % | ||||||||||||
Net
investment income(d) |
5.00 | % | 4.60 | %^ | 5.41 | % | 5.45 | % | 5.73 | %^ | 5.20 | % | ||||||||||||
Portfolio
turnover rate+++ |
48 | % | 36 | % | 75 | % | 40 | % | 5 | % | 75 | % | ||||||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | %^ | .00 | % | .01 | % | .01 | %^ | .01 | % |
CLASS Z | ||||||||||||||||
Year
Ended
October 31, 2022 |
April 30,
2021(a) to
October 31 2021(b) |
November 1, 2017 to February 26, 2018(a) |
Year
Ended
October 31,
2017 |
|||||||||||||
Net
asset value, beginning of period |
$ | 9.98 | $ | 9.98 | $ | 9.70 | $ | 9.45 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income From Investment Operations | ||||||||||||||||
Net
investment income(c)(d) |
.44 | .18 | .16 | .49 | ||||||||||||
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(1.67 | ) | .05 | (.18 | ) | .24 | ||||||||||
Contributions
from Affiliates |
– 0 – | – 0 – | – 0 – | .00 | (e) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
increase (decrease) in net asset value from operations |
(1.23 | ) | .23 | (.02 | ) | .73 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less: Dividends and Distributions | ||||||||||||||||
Dividends
from net investment income |
(.54 | ) | (.23 | ) | (.13 | ) | (.43 | ) | ||||||||
Return
of capital |
– 0 – | – 0 – | – 0 – | (.05 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
dividends and distributions |
(.54 | ) | (.23 | ) | (.13 | ) | (.48 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
asset value, end of period |
$ | 8.21 | $ | 9.98 | $ | 9.55 | $ | 9.70 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return | ||||||||||||||||
Total
investment return based on net asset value(f)* |
(12.67 | )% | 2.36 | % | .14 | % | 7.91 | %+ | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 48 | $ | 59 | $ | 417 | $ | 499 | ||||||||
Ratio
to average net assets of: |
||||||||||||||||
Expenses,
net of waivers/reimbursements(g)(h)† |
.60 | % | .60 | %^ | .70 | %^ | .73 | % | ||||||||
Expenses,
before waivers/reimbursements(g)(h)† |
1.27 | % | 1.92 | %^ | 2.78 | %^ | 1.41 | % | ||||||||
Net
investment income(d) |
4.87 | % | 3.61 | %^ | 5.04 | %^ | 5.12 | % | ||||||||
Portfolio
turnover rate+++ |
48 | % | 36 | % | 75 | % | 65 | % | ||||||||
†
Expense ratios exclude the estimated acquired fund fees of
affiliated/unaffiliated underlying portfolios |
.00 | % | .00 | %^ | .00 | %^ | .01 | % |
(a) |
Class A
and Class Z shares of the Fund were not in operation from
February 26, 2018 until April 30,
2021. |
(b) |
The
Fund changed its fiscal year end from December 31 to October
31. |
(c) |
Based
on average shares outstanding. |
(d) |
Net
of expenses waived/reimbursed by the Adviser. |
(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 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. |
(g) |
The
expense ratios presented below exclude interest
expense: |
Year Ended October 31, |
January 1, 2021 to October 31, |
Year Ended December 31, |
November 1, 2018 to December 31, |
Year Ended October 31, |
||||||||||||||||||||||||
2022 | 2021(b) | 2020 | 2019 | 2018(i) | 2018 | 2017 | ||||||||||||||||||||||
Class A |
||||||||||||||||||||||||||||
Net
of waivers/reimbursements |
.85 | % | .85 | %^ | N/A | N/A | N/A | .95 | %(a)^ | .95 | % | |||||||||||||||||
Before
waivers/reimbursements |
1.61 | % | 2.28 | %^ | N/A | N/A | N/A | 3.27 | %(a)^ | 2.69 | % | |||||||||||||||||
Advisor
Class |
||||||||||||||||||||||||||||
Net
of waivers/reimbursements |
.60 | % | .51 | %^ | .70 | % | .29 | % | .29 | %^ | .31 | % | .70 | % | ||||||||||||||
Before
waivers/reimbursements |
1.35 | % | 1.74 | %^ | 2.17 | % | 1.84 | % | 3.25 | %^ | 2.54 | % | 2.54 | % | ||||||||||||||
Class Z |
||||||||||||||||||||||||||||
Net
of waivers/reimbursements |
.60 | % | .60 | %^ | N/A | N/A | N/A | .70 | %(a)^ | .73 | % | |||||||||||||||||
Before
waivers/reimbursements |
1.27 | % | 1.92 | %^ | N/A | N/A | N/A | 2.77 | %(a)^ | 1.47 | % |
(h) |
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 December 31, 2019, period ended
December 31, 2018, years ended October 31, 2018 and
October 31, 2017, such waivers amounted to .01%, .01% (annualized),
.01% and .01%, respectively. |
(i) |
The
Fund changed its fiscal year end from October 31 to December
31. |
^ |
Annualized. |
* |
Includes
the impact of proceeds received and credited to the Fund resulting from
class action settlements, which enhanced the Fund’s performance for the
years ended December 31, 2019, October 31, 2018 and
October 31, 2017 by .01%, .03% and .07%,
respectively. |
** |
Includes
the impact of reimbursements from the Adviser which enhanced the Fund’s
performance for the year ended October 31, 2018 by
.01%. |
+ |
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
advisory fee reflected in the Fund’s expense ratio may be higher or lower
than the Base Fee plus Performance Adjustment due to the different time
periods over which the fee is calculated (i.e., the financial reporting vs. the
Performance Period). |
+++ |
Portfolio
turnover is calculated for the Fund as a whole for the full fiscal year or
period, as applicable, and is not annualized. |
CLASS A | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.56 | $ | 10.82 | $ | 11.09 | $ | 10.46 | $ | 10.77 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.21 | .22 | .29 | .30 | .24 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(1.69 | ) | .75 | (.23 | ) | .65 | (.30 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.48 | ) | .97 | .06 | .95 | (.06 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends | ||||||||||||||||||||
Dividends
from net investment income |
(.21 | ) | (.23 | ) | (.33 | ) | (.32 | ) | (.25 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.87 | $ | 11.56 | $ | 10.82 | $ | 11.09 | $ | 10.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(12.93 | )% | 9.02 | % | .63 | % | 9.15 | % | (.55 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 29,037 | $ | 29,381 | $ | 16,463 | $ | 11,932 | $ | 5,666 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.76 | % | .76 | % | .77 | % | .76 | % | .75 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.91 | % | 1.08 | % | 1.26 | % | 1.30 | % | 1.27 | % | ||||||||||
Net
investment income(b) |
1.91 | % | 1.88 | % | 2.68 | % | 2.78 | % | 2.26 | % | ||||||||||
Portfolio
turnover rate |
33 | % | 30 | % | 63 | % | 52 | % | 68 | % |
CLASS C | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.56 | $ | 10.83 | $ | 11.09 | $ | 10.46 | $ | 10.77 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net
investment income(a)(b) |
.12 | .11 | .20 | .22 | .16 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(1.68 | ) | .77 | (.21 | ) | .65 | (.30 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.56 | ) | .88 | (.01 | ) | .87 | (.14 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends | ||||||||||||||||||||
Dividends
from net investment income |
(.13 | ) | (.15 | ) | (.25 | ) | (.24 | ) | (.17 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.87 | $ | 11.56 | $ | 10.83 | $ | 11.09 | $ | 10.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return | ||||||||||||||||||||
Total
investment return based on net asset value(d) |
(13.59 | )% | 8.22 | % | (.03 | )%+ | 8.33 | % | (1.29 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 5,964 | $ | 7,943 | $ | 1,794 | $ | 1,596 | $ | 769 | ||||||||||
Ratio
to average net assets of: |
||||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
1.51 | % | 1.51 | % | 1.52 | % | 1.51 | % | 1.50 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
1.66 | % | 1.81 | % | 2.00 | % | 2.06 | % | 2.02 | % | ||||||||||
Net
investment income(b) |
1.08 | % | .96 | % | 1.91 | % | 2.05 | % | 1.52 | % | ||||||||||
Portfolio
turnover rate |
33 | % | 30 | % | 63 | % | 52 | % | 68 | % |
ADVISOR CLASS | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net
asset value, beginning of period |
$ | 11.56 | $ | 10.83 | $ | 11.09 | $ | 10.46 | $ | 10.77 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income From Investment Operations |
|
|||||||||||||||||||
Net
investment income(a)(b) |
.24 | .24 | .31 | .33 | .27 | |||||||||||||||
Net
realized and unrealized gain (loss) on investment transactions |
(1.69 | ) | .75 | (.21 | ) | .64 | (.30 | ) | ||||||||||||
Contributions
from Affiliates |
.00 | (c) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
increase (decrease) in net asset value from operations |
(1.45 | ) | .99 | .10 | .97 | (.03 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Dividends |
|
|||||||||||||||||||
Dividends
from net investment income |
(.24 | ) | (.26 | ) | (.36 | ) | (.34 | ) | (.28 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of period |
$ | 9.87 | $ | 11.56 | $ | 10.83 | $ | 11.09 | $ | 10.46 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return |
|
|||||||||||||||||||
Total
investment return based on net asset value(d) |
(12.71 | )% | 9.20 | % | .97 | % | 9.42 | % | (.30 | )% | ||||||||||
Ratios/Supplemental Data |
|
|||||||||||||||||||
Net
assets, end of period (000’s omitted) |
$ | 276,044 | $ | 159,988 | $ | 57,110 | $ | 67,119 | $ | 57,432 | ||||||||||
Ratio
to average net assets of: |
|
|||||||||||||||||||
Expenses,
net of waivers/reimbursements(e) |
.51 | % | .51 | % | .52 | % | .51 | % | .50 | % | ||||||||||
Expenses,
before waivers/reimbursements(e) |
.66 | % | .82 | % | .99 | % | 1.05 | % | 1.02 | % | ||||||||||
Net
investment income(b) |
2.23 | % | 2.05 | % | 2.87 | % | 3.04 | % | 2.52 | % | ||||||||||
Portfolio
turnover rate |
33 | % | 30 | % | 63 | % | 52 | % | 68 | % |
(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, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Class A |
| |||||||||||||||||||
Net
of waivers/reimbursements |
.75% | .75% | .75% | .75% | .75% | |||||||||||||||
Before
waivers/reimbursements |
.90% | 1.07% | 1.23% | 1.29% | 1.27% | |||||||||||||||
Class C |
| |||||||||||||||||||
Net
of waivers/reimbursements |
1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||
Before
waivers/reimbursements |
1.65% | 1.79% | 1.98% | 2.04% | 2.02% | |||||||||||||||
Advisor
Class |
| |||||||||||||||||||
Net
of waivers/reimbursements |
.50% | .50% | .50% | .50% | .50% | |||||||||||||||
Before
waivers/reimbursements |
.65% | .80% | .96% | 1.04% | 1.02% |
+ |
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 | 111.04 | 10,364.12 | ||||||||||||||||||||
3 |
10,364.12 | 518.21 | 10,882.33 | 115.35 | 10,766.98 | ||||||||||||||||||||
4 |
10,766.98 | 538.35 | 11,305.33 | 119.84 | 11,185.49 | ||||||||||||||||||||
5 |
11,185.49 | 559.27 | 11,744.76 | 124.49 | 11,620.27 | ||||||||||||||||||||
6 |
11,620.27 | 581.01 | 12,201.28 | 129.33 | 12,071.95 | ||||||||||||||||||||
7 |
12,071.95 | 603.60 | 12,675.55 | 134.36 | 12,541.19 | ||||||||||||||||||||
8 |
12,541.19 | 627.06 | 13,168.25 | 139.58 | 13,028.67 | ||||||||||||||||||||
9 |
13,028.67 | 651.43 | 13,680.10 | 145.01 | 13,535.09 | ||||||||||||||||||||
10 |
13,535.09 | 676.75 | 14,211.84 | 150.65 | 14,061.19 | ||||||||||||||||||||
Cumulative |
$ | 5,733.25 | $ | 1,672.06 |
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 | 101.53 | 10,365.17 | ||||||||||||||||||||
3 |
10,365.17 | 518.26 | 10,883.43 | 105.57 | 10,777.86 | ||||||||||||||||||||
4 |
10,777.86 | 538.89 | 11,316.75 | 109.77 | 11,206.98 | ||||||||||||||||||||
5 |
11,206.98 | 560.35 | 11,767.33 | 114.14 | 11,653.19 | ||||||||||||||||||||
6 |
11,653.19 | 582.66 | 12,235.85 | 118.69 | 12,117.16 | ||||||||||||||||||||
7 |
12,117.16 | 605.86 | 12,723.02 | 123.41 | 12,599.61 | ||||||||||||||||||||
8 |
12,599.61 | 629.98 | 13,229.59 | 128.33 | 13,101.26 | ||||||||||||||||||||
9 |
13,101.26 | 655.06 | 13,756.32 | 133.44 | 13,622.88 | ||||||||||||||||||||
10 |
13,622.88 | 681.14 | 14,304.02 | 138.75 | 14,165.27 | ||||||||||||||||||||
Cumulative |
$ | 5,749.36 | $ | 1,584.09 |
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 | 104.56 | 10,351.59 | ||||||||||||||||||||
3 |
10,351.59 | 517.58 | 10,869.17 | 108.69 | 10,760.48 | ||||||||||||||||||||
4 |
10,760.48 | 538.02 | 11,298.50 | 112.99 | 11,185.51 | ||||||||||||||||||||
5 |
11,185.51 | 559.28 | 11,744.79 | 117.45 | 11,627.34 | ||||||||||||||||||||
6 |
11,627.34 | 581.37 | 12,208.71 | 122.09 | 12,086.62 | ||||||||||||||||||||
7 |
12,086.62 | 604.33 | 12,690.95 | 126.91 | 12,564.04 | ||||||||||||||||||||
8 |
12,564.04 | 628.20 | 13,192.24 | 131.92 | 13,060.32 | ||||||||||||||||||||
9 |
13,060.32 | 653.02 | 13,713.34 | 137.13 | 13,576.21 | ||||||||||||||||||||
10 |
13,576.21 | 678.81 | 14,255.02 | 142.55 | 14,112.47 | ||||||||||||||||||||
Cumulative |
$ | 5,737.27 | $ | 1,624.80 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 478.75 | $ | 10,053.75 | $ | 529.56 | $ | 9,949.19 | |||||||||||||||
2 |
9,949.19 | 497.46 | 10,446.65 | 112.82 | 10,333.83 | ||||||||||||||||||||
3 |
10,333.83 | 516.69 | 10,850.52 | 117.19 | 10,733.33 | ||||||||||||||||||||
4 |
10,733.33 | 536.67 | 11,270.00 | 121.72 | 11,148.28 | ||||||||||||||||||||
5 |
11,148.28 | 557.41 | 11,705.69 | 126.42 | 11,579.27 | ||||||||||||||||||||
6 |
11,579.27 | 578.96 | 12,158.23 | 131.31 | 12,026.92 | ||||||||||||||||||||
7 |
12,026.92 | 601.35 | 12,628.27 | 136.39 | 12,491.88 | ||||||||||||||||||||
8 |
12,491.88 | 624.59 | 13,116.47 | 141.66 | 12,974.81 | ||||||||||||||||||||
9 |
12,974.81 | 648.74 | 13,623.55 | 147.13 | 13,476.42 | ||||||||||||||||||||
10 |
13,476.42 | 673.82 | 14,150.24 | 152.82 | 13,997.42 | ||||||||||||||||||||
Cumulative |
$ | 5,714.44 | $ | 1,717.02 |
Year | Hypothetical Investment |
Hypothetical Performance Earnings |
Investment After Returns |
Hypothetical Expenses* |
Hypothetical Ending Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 488.75 | $ | 10,263.75 | $ | 322.51 | $ | 10,166.24 | |||||||||||||||
2 |
10,166.24 | 508.31 | 10,674.55 | 177.20 | 10,497.35 | ||||||||||||||||||||
3 |
10,497.35 | 524.87 | 11,022.22 | 182.97 | 10,839.25 | ||||||||||||||||||||
4 |
10,839.25 | 541.96 | 11,381.21 | 188.93 | 11,192.28 | ||||||||||||||||||||
5 |
11,192.28 | 559.61 | 11,751.89 | 195.08 | 11,556.81 | ||||||||||||||||||||
6 |
11,556.81 | 577.84 | 12,134.65 | 201.44 | 11,933.21 | ||||||||||||||||||||
7 |
11,933.21 | 596.66 | 12,529.87 | 208.00 | 12,321.87 | ||||||||||||||||||||
8 |
12,321.87 | 616.09 | 12,937.96 | 214.77 | 12,723.19 | ||||||||||||||||||||
9 |
12,723.19 | 636.16 | 13,359.35 | 221.77 | 13,137.58 | ||||||||||||||||||||
10 |
13,137.58 | 656.88 | 13,794.46 | 228.99 | 13,565.47 | ||||||||||||||||||||
Cumulative |
$ | 5,707.13 | $ | 2,141.66 |
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 | 168.51 | 10,298.19 | ||||||||||||||||||||
3 |
10,298.19 | 514.91 | 10,813.10 | 174.09 | 10,639.01 | ||||||||||||||||||||
4 |
10,639.01 | 531.95 | 11,170.96 | 179.85 | 10,991.11 | ||||||||||||||||||||
5 |
10,991.11 | 549.56 | 11,540.67 | 185.80 | 11,354.87 | ||||||||||||||||||||
6 |
11,354.87 | 567.74 | 11,922.61 | 191.95 | 11,730.66 | ||||||||||||||||||||
7 |
11,730.66 | 586.53 | 12,317.19 | 198.31 | 12,118.88 | ||||||||||||||||||||
8 |
12,118.88 | 605.94 | 12,724.82 | 204.87 | 12,519.95 | ||||||||||||||||||||
9 |
12,519.95 | 626.00 | 13,145.95 | 211.65 | 12,934.30 | ||||||||||||||||||||
10 |
12,934.30 | 646.72 | 13,581.02 | 218.65 | 13,362.37 | ||||||||||||||||||||
Cumulative |
$ | 5,606.51 | $ | 2,244.14 |
Year | Hypothetical Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 377.41 | $ | 10,107.59 | |||||||||||||||
2 |
10,107.59 | 505.38 | 10,612.97 | 96.58 | 10,516.39 | ||||||||||||||||||||
3 |
10,516.39 | 525.82 | 11,042.21 | 100.48 | 10,941.73 | ||||||||||||||||||||
4 |
10,941.73 | 547.09 | 11,488.82 | 104.55 | 11,384.27 | ||||||||||||||||||||
5 |
11,384.27 | 569.21 | 11,953.48 | 108.78 | 11,844.70 | ||||||||||||||||||||
6 |
11,844.70 | 592.24 | 12,436.94 | 113.18 | 12,323.76 | ||||||||||||||||||||
7 |
12,323.76 | 616.19 | 12,939.95 | 117.75 | 12,822.20 | ||||||||||||||||||||
8 |
12,822.20 | 641.11 | 13,463.31 | 122.52 | 13,340.79 | ||||||||||||||||||||
9 |
13,340.79 | 667.04 | 14,007.83 | 127.47 | 13,880.36 | ||||||||||||||||||||
10 |
13,880.36 | 694.02 | 14,574.38 | 132.63 | 14,441.75 | ||||||||||||||||||||
Cumulative |
$ | 5,843.10 | $ | 1,401.35 |
* |
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. |
• |
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including
health savings accounts) and trusts used to fund those plans, provided
that the shares are not held in a commission-based brokerage account and
shares are held for the benefit of the plan |
• |
Shares
purchased by a 529 Plan (does not include 529 Plan units or 529-specific
share classes or equivalents) |
• |
Shares
purchased through a Merrill Lynch affiliated investment advisory
program |
• |
Shares
exchanged due to the holdings moving from a Merrill Lynch affiliated
investment advisory program to a Merrill Lynch brokerage (non-advisory)
account pursuant to Merrill Lynch’s policies relating to sales load
discounts and waivers |
• |
Shares
purchased by third-party investment advisors on behalf of their advisory
clients through Merrill Lynch’s platform |
• |
Shares
of funds purchased through the Merrill Edge Self-Directed platform (if
applicable) |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the fund family) |
• |
Shares
exchanged from Class C (i.e.
level-load) shares of the same fund pursuant to Merrill Lynch’s policies
relating to sales load discounts and waivers |
• |
Employees
and registered representatives of Merrill Lynch or its affiliates and
their family members |
• |
Directors
or Trustees of the Fund, and employees of the Fund’s investment adviser or
any of its affiliates, as described in the
Prospectus |
• |
Eligible
shares purchased from the proceeds of redemptions within the same fund
family, provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in
the same account, and (3) redeemed shares were subject to a front-end
or deferred sales load (known as Rights of Reinstatement). Automated
transactions (i.e., systematic
purchases and withdrawals) and purchases made after shares are
automatically sold to pay Merrill Lynch’s account maintenance fees are not
eligible for reinstatement |
• |
Death
or disability of the shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Return
of excess contributions from an IRA Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue Code |
• |
Shares
sold to pay Merrill Lynch fees but only if the transaction is initiated by
Merrill Lynch |
• |
Shares
acquired through a right of reinstatement |
• |
Shares
held in retirement brokerage accounts that are exchanged for a lower cost
share class due to transfer to a fee-based account or
platforms |
• |
Shares
received through an exchange due to the holdings moving from a Merrill
Lynch affiliated investment advisory program to a Merrill Lynch brokerage
(non-advisory) account pursuant to Merrill Lynch’s policies relating to
sales load discounts and waivers |
• |
Breakpoints
as described in the Prospectus |
• |
Rights
of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts
as described in the Fund’s Prospectus will be automatically calculated
based on the aggregated holding of fund family assets held by accounts
(including 529 program holdings, where applicable) within the purchaser’s
household at Merrill Lynch. Eligible fund family assets not held at
Merrill Lynch may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such
assets |
• |
Letters
of Intent (“LOI”) which allow for breakpoint discounts based on
anticipated purchases within a fund family, through Merrill Lynch, over a
13-month period of time (if applicable) |
• |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans,
employer-sponsored 403(b) plans, profit sharing and money purchase pension
plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include SEP IRAs, Simple
IRAs, SAR-SEPs or Keogh plans |
• |
Morgan
Stanley employee and employee-related accounts according to Morgan
Stanley’s account linking rules |
• |
Shares
purchased through reinvestment of dividends and capital gains
distributions when purchasing shares of the same
fund |
• |
Shares
purchased through a Morgan Stanley self-directed brokerage
account |
• |
Class C
(i.e., level-load) shares
that are no longer subject to a contingent deferred sales charge and are
converted to Class A shares of the same fund pursuant to Morgan
Stanley Wealth Management’s share class conversion
program |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided that (i) the repurchase occurs within 90 days following the
redemption, (ii) the redemption and purchase occur in the same
account, and (iii) redeemed shares were subject to
a front-end or deferred sales charge |
• |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans,
employer-sponsored 403(b) plans, profit sharing and money purchase pension
plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs
or SAR-SEPs |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the same fund family) |
• |
Shares
exchanged from Class C shares of the same fund in the month of or
following the 7-year anniversary of the purchase date. To the
extent that this Prospectus elsewhere provides for a waiver with respect
to exchanges of Class C shares or conversion of Class C shares
following a shorter holding period, that waiver will
apply |
• |
Employees
and registered representatives of Ameriprise Financial or its affiliates
and their immediate family members |
• |
Shares
purchased by or through qualified accounts (including IRAs, Coverdell
Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and
defined benefit plans) that are held by a covered family member, defined
as an Ameriprise financial advisor and/or the advisor’s spouse,
advisor’s lineal ascendant (mother, father, grandmother, grandfather,
great grandmother, great grandfather), advisor’s lineal descendant
(son, step-son, daughter, step-daughter, grandson,
granddaughter, great grandson, great granddaughter) or any spouse of a
covered family member who is a lineal descendant |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to
a front-end or deferred sales load (i.e., Rights of
Reinstatement) |
• |
Shares
purchased in an investment advisory program |
• |
Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions |
• |
Employees
and registered representatives of Raymond James or its affiliates and
their family members as designated by Raymond
James |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided that (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front-end or
deferred sales load (known as Rights of
Reinstatement) |
• |
A
shareholder in the Fund’s Class C shares will have their shares
converted at net asset value to Class A shares (or the appropriate
share class) of the Fund if the shares are no longer subject to a CDSC and
the conversion is in line with the policies and procedures of Raymond
James |
• |
Death
or disability of the shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Return
of excess contributions from an IRA Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on
applicable IRS regulations as described in the Fund’s
Prospectus |
• |
Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James |
• |
Shares
acquired through a right of reinstatement |
• |
Breakpoints
as described in the Prospectus |
• |
Rights
of Accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of fund family
assets held by accounts within the purchaser’s household at Raymond James.
Eligible fund family assets not held at Raymond James may be included in
the calculation of Rights of Accumulation only if the shareholder notifies
his or her financial advisor about such assets |
• |
Letters
of Intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period. Eligible fund
family assets not held at Raymond James may be included in the calculation
of Letters of Intent only if the shareholder notifies his or her financial
advisor about such assets |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the fund family) |
• |
Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by
Janney |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within ninety (90) days
following the redemption, (2) the redemption and purchase occur in
the same account, and (3) redeemed shares were subject to a front-end
or deferred sales load (i.e.,
right of reinstatement) |
• |
Employer-sponsored
retirement plans (e.g., 401(k)
plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and
money purchase pension plans and defined benefit plans). For purposes of
this provision, employer-sponsored retirement plans do not include SEP
IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
• |
Shares
acquired through a right of reinstatement |
• |
Class
C shares that are no longer subject to a CDSC and are converted to
Class A shares of the same fund pursuant to Janney’s policies and
procedures |
• |
Shares
sold upon the death or disability of the
shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Shares
purchased in connection with a return of excess contributions from an IRA
account |
• |
Shares
sold as part of a required minimum distribution for IRA and other
retirement accounts due to the shareholder reaching the required age based
on applicable rules |
• |
Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney |
• |
Shares
acquired through a right of reinstatement |
• |
Shares
exchanged into the same share class of a different
fund |
• |
Breakpoints
as described in the Fund’s Prospectus |
• |
Rights
of Accumulation (“ROA”), which entitle shareholders to breakpoint
discounts, will be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Janney. Eligible fund family assets not held at Janney may be
included in the ROA calculation only if the shareholder notifies his or
her financial advisor about such assets |
• |
Letters
of Intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period. Eligible fund
family assets not held at Janney may be included in the calculation of
Letters of Intent only if the shareholder notifies his or her financial
advisor about such assets |
* |
Also,
referred to as an “initial sales charge” |
• |
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including
health savings accounts) and trusts used to fund those plans, provided
that the shares are not held in a commission-based brokerage account and
shares are held for the benefit of the plan |
• |
Shares
purchased by or through a 529 Plan |
• |
Shares
purchased through an OPCO affiliated investment advisory
program |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the fund family) |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front-end or
deferred sales load (known as Rights of
Reinstatement) |
• |
A
shareholder in the Fund’s Class C shares will have their shares converted
at net asset value to Class A shares (or the appropriate share class)
of the Fund if the shares are no longer subject to a CDSC and the
conversion is in line with the policies and procedures of
OPCO |
• |
Employees
and registered representatives of OPCO or its affiliates and their family
members |
• |
Directors
or Trustees of the Fund, and employees of the Fund’s investment adviser or
any of its affiliates, as described in the
Prospectus |
• |
Death
or disability of the shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Return
of excess contributions from an IRA Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on
applicable IRS regulations as described in the
Prospectus |
• |
Shares
sold to pay OPCO fees but only if the transaction is initiated by
OPCO |
• |
Shares
acquired through a right of reinstatement |
• |
Breakpoints
as described in the Prospectus |
• |
Rights
of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts
will be automatically calculated based on the aggregated holding of fund
family assets held by accounts within the purchaser’s household at OPCO.
Eligible fund family assets not held at OPCO may be included in the ROA
calculation only if the shareholder notifies his or her financial advisor
about such assets |
• |
Breakpoint
pricing, otherwise known as volume pricing, at dollar thresholds as
described in the Prospectus |
• |
The
applicable sales charge on a purchase of Class A shares is determined
by taking into account all share classes (except certain money market
funds and any assets held in group retirement plans) of AB Mutual Funds
held by the shareholder or in an account grouped by Edward Jones with
other accounts for the purpose of providing certain pricing considerations
(“pricing |
groups”).
If grouping assets as a shareholder, that includes all share classes held
on the Edward Jones platform and/or held on another platform. The
inclusion of eligible fund family assets in the ROA calculation is
dependent on the shareholder notifying Edward Jones of such assets at the
time of calculation. Money market funds are included only if such shares
were sold with a sales charge at the time of purchase or acquired in
exchange for shares purchased with a sales
charge |
• |
The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping as opposed to including all share classes at a
shareholder or pricing group level |
• |
ROA
is determined by calculating the higher of cost minus redemptions or
market value (current shares x NAV) |
• |
Through
a LOI, shareholders can receive the sales charge and breakpoint discounts
for purchases shareholders intend to make over a 13-month period from the
date Edward Jones receives the LOI. The LOI is determined by calculating
the higher of cost or market value of qualifying holdings at LOI
initiation in combination with the value that the shareholder intends to
buy over a 13-month period to calculate the front-end sales charge and any
breakpoint discounts. Each purchase the shareholder makes during that
13-month period will receive the sales charge and breakpoint discount that
applies to the total amount. The inclusion of eligible fund family assets
in the LOI calculation is dependent on the shareholder notifying Edward
Jones of such assets at the time of calculation. Purchases made before the
LOI is received by Edward Jones are not adjusted under the LOI and will
not reduce the sales charge previously paid. Sales charges will be
adjusted if LOI is not met |
• |
If
the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected
to establish or change ROA for the IRA accounts associated with the plan
to a plan-level grouping, LOIs will also be at the plan-level and may only
be established by the employer |
• |
Associates
of Edward Jones and its affiliates and their family members who are in the
same pricing group (as determined by Edward Jones under its policies and
procedures) as the associate. This waiver will continue for the remainder
of the associate’s life if the associate retires from Edward Jones in
good-standing and remains in good standing pursuant to Edward Jones’
policies and procedures |
• |
Shares
purchased in an Edward Jones fee-based program |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment |
• |
Shares
purchased from the proceeds of redeemed shares of the same fund family so
long as the following conditions are met: 1) the proceeds are from
the sale of shares within 60 days of the purchase, and 2) the sale and
purchase are made in the same share class and the same account or the
purchase is made in an individual retirement account with proceeds from
the liquidations in a non-retirement account |
• |
Shares
exchanged into Class A shares from another share class so long as the
exchange is into the same fund and was initiated at the discretion of
Edward Jones. Edward Jones is responsible for any remaining CDSC due to
the fund company, if applicable. Any future purchases are subject to the
applicable sales charge as disclosed in the
Prospectus |
• |
Exchanges
from Class C shares to Class A shares of the same fund, generally, in
the 84th month following the anniversary of the purchase date or earlier
at the discretion of Edward Jones |
• |
The
death or disability of the shareholder |
• |
Systematic
withdrawals with up to 10% per year of the account
value |
• |
Return
of excess contributions from an Individual Retirement Account
(IRA) |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS
regulations |
• |
Shares
sold to pay Edward Jones fees or costs in such cases where the transaction
is initiated by Edward Jones |
• |
Shares
exchanged in an Edwards Jones fee-based program |
• |
Shares
acquired through NAV reinstatement |
• |
Shares
redeemed at the discretion of Edward Jones for Minimum Balances, as
described below |
• |
Initial
purchase minimum: $250 |
• |
Subsequent
purchases minimum: none |
• |
Edward
Jones has the right to redeem at its discretion fund holdings with a
balance of $250 or less. The following are examples of accounts that are
not included in this policy: |
• |
A
fee-based account held on an Edward Jones
platform |
• |
A
529 account held on an Edward Jones platform |
• |
An
account with an active systematic investment plan or
LOI |
• |
At
any time it deems necessary, Edward Jones has the authority to exchange at
NAV a shareholder’s holdings in a fund to Class A shares of the same
fund |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund |
• |
Shares
purchased by employees and registered representatives of Baird or its
affiliate and their family members as designated by
Baird |
• |
Shares
purchased from the proceeds of redemptions from another AB Mutual Fund,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
accounts, and (3) redeemed shares were subject to a front-end or
deferred sales charge (known as rights of
reinstatement) |
• |
A
shareholder in the Fund’s Class C shares will have their shares converted
at net asset value to Class A shares of the Fund if the shares are no
longer subject to a CDSC and the conversion is in line with the policies
and procedures of Baird |
• |
Employer-sponsored
retirement plans or charitable accounts in a transactional brokerage
account at Baird, including 401(k) plans, 457 plans, employer-sponsored
403(b) plans, profit sharing and money purchase pension plans and defined
benefit plans. For purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs or
SAR-SEPs |
• |
Shares
sold due to death or disability of the
shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Shares
bought due to returns of excess contributions from an IRA
account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the required age based on
applicable rules |
• |
Shares
sold to pay Baird fees but only if the transaction is initiated by
Baird |
• |
Shares
acquired through a right of reinstatement |
• |
Breakpoints
as described in the Prospectus |
• |
Rights
of Accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of AB Mutual Fund
assets held by accounts within the purchaser’s household at Baird.
Eligible AB Mutual Fund assets not held at Baird may be included in the
Rights of Accumulation calculation only if the shareholder notifies his or
her financial advisor about such assets |
• |
Letters
of Intent (LOI) allow for breakpoint discounts based on anticipated
purchases of AB Mutual Funds through Baird, over a 13-month period of
time |
• |
Class
C shares that have been held for more than seven (7) years will be
converted to Class A shares of the same Fund pursuant to Stifel’s
policies and procedures |
• |
Class
C (i.e., level-load) shares that
are no longer subject to a contingent deferred sales charge are
systematically converted to the Class A shares of the same fund
pursuant to USBI’s share class exchange policy |
• |
ANNUAL/SEMI-ANNUAL
REPORTS TO SHAREHOLDERS |
• |
STATEMENT
OF ADDITIONAL INFORMATION (SAI) |
By Mail: |
c/o
AllianceBernstein Investor Services, Inc.
P.O.
Box 786003
San
Antonio, TX 78278-6003 | |
By Phone: |
For
Information: (800) 221-5672
For
Literature: (800) 227-4618 | |
On the Internet: | www.abfunds.com |
Fund | SEC File No. | ||||
AB
Total Return Bond Portfolio |
811-02383 | ||||
AB
Global Bond Fund |
811-06554 | ||||
AB
Sustainable Thematic Credit Portfolio |
811-02383 | ||||
AB
High Income Fund |
811-08188 | ||||
AB
Limited Duration High Income Portfolio |
811-02383 | ||||
AB
Income Fund |
811-02383 | ||||
AB
Short Duration Income Portfolio |
811-02383 | ||||
AB
High Yield Portfolio |
811-02383 | ||||
AB
Tax-Aware Fixed Income Opportunities Portfolio |
811-02383 |