abrdn
Funds |
|
Prospectus |
|
|
|
Summary
- abrdn
Focused U.S. Small Cap Equity Fund |
abrdn
Focused U.S. Small Cap Equity Fund |
|
Class
A Shares |
Class
R Shares |
Institutional
Class
Shares |
Institutional
Service
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage
of offering price) |
%
|
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering
or sale price, whichever is less) |
%
(1)
|
|
|
|
Small
Account Fee(2)
|
$
|
|
$
|
$
|
| ||||
Management
Fees |
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
|
|
Other
Expenses |
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(3)
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements |
%
|
%
|
%
|
%
|
(1) |
(2) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(3) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.90% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
CLASS
R SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
SERVICE CLASS SHARES |
$ |
$ |
$ |
$ |
● |
the
company is organized under the laws of, or has its principal office in the
United States; |
● |
the
company has its principal securities trading market in the United States;
and/or |
● |
the
company derives the majority of its annual revenue or earnings or assets
from goods produced, sales made or services
performed in the United
States. |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
%
|
%
|
%
|
Class
R shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Service Class shares – Before Taxes |
%
|
%
|
%
|
Russell
3000®
Index (reflects no deduction for fees, expenses or taxes) |
%
|
%
|
%
|
Russell
2000®
Index |
%
|
%
|
%
|
Russell
2500®
Index (reflects no deduction for fees, expenses or taxes) |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Christopher
Colarik |
Head
of U.S. Smaller Companies |
2023
|
Scott
Eun |
Senior
Investment Director |
2024
|
CLASS
A SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
CLASS
R SHARES | |
To
open an account |
No
Minimum |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
SERVICE CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
U.S. Small Cap Equity Fund |
abrdn
U.S. Small Cap Equity Fund |
|
Class
A Shares |
Class
C Shares |
Class
R Shares |
Institutional
Class
Shares |
Institutional
Service
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases
(as a percentage of offering price) |
%
|
|
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage
of offering or sale price, whichever is less)
|
%
(1)
|
%
(2)
|
|
|
|
Small
Account Fee(3)
|
$
|
$
|
|
$ |
$
|
| |||||
Management
Fees |
%
|
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
%
|
|
|
Other
Expenses |
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
%
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(4)
|
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements |
%
|
%
|
%
|
%
|
%
|
(1) |
(2) |
(3) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(4) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.99% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
CLASS
R SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
SERVICE CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
● |
the
company is organized under the laws of, or has its principal office in the
United States; |
● |
the
company has its principal securities trading market in the United States;
and/or |
● |
the
company derives the majority of its annual revenue or earnings or assets
from goods produced, sales made or services
performed in the United
States. |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
%
|
%
|
%
|
Class
C shares – Before Taxes |
%
|
%
|
%
|
Class
R shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Service Class shares – Before Taxes |
%
|
%
|
%
|
Russell
3000®
Index |
%
|
%
|
%
|
Russell
2000®
Index (reflects no deduction for fees, expenses or taxes) |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Christopher
Colarik |
Head
of U.S. Smaller Companies |
2023
|
Scott
Eun |
Senior
Investment Director |
2024
|
CLASS
A and CLASS C SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
CLASS
R SHARES | |
To
open an account |
No
Minimum |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
SERVICE CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
China A Share Equity Fund |
abrdn
China A Share Equity Fund |
|
Class
A Shares |
Class
C Shares |
Class
R Shares |
Institutional
Class
Shares |
Institutional
Service
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases
(as a percentage of offering price) |
%
|
|
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage
of offering or sale price, whichever is less)
|
%
(1)
|
%
(2)
|
|
|
|
Small
Account Fee(3)
|
$
|
$
|
|
$
|
$
|
| |||||
Management
Fees |
%
|
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
%
|
|
|
Other
Expenses |
%
|
%
|
%
|
%
|
%
|
Acquired
Fund Fees and Expenses(4)
|
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses(5)
|
%
|
%
|
%
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(6)
|
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements(5)
|
%
|
%
|
%
|
%
|
%
|
(1) |
(2) |
(3) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(4) | Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. |
(5) |
(6) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.99% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
CLASS
R SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
SERVICE CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
-
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions |
-
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
-
%
|
%
|
%
|
Class
C shares – Before Taxes |
-
%
|
%
|
%
|
Class
R shares – Before Taxes |
-
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
-
%
|
%
|
%
|
Institutional
Service Class shares – Before Taxes |
-
%
|
%
|
%
|
MSCI
China A (Onshore) Index (Net Daily Total Return) |
-
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Pruksa
Iamthongthong, CFA®
|
Senior
Investment Director |
2009
|
Jim
Jiang |
Investment
Manager |
2018
|
Elizabeth
Kwik, CFA®
|
Investment
Director |
2013
|
Nicholas
Yeo, CFA®
|
Director
and Head of Equities – China |
2009
|
CLASS
A and CLASS C SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
CLASS
R SHARES | |
To
open an account |
No
Minimum |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
INSTITUTIONAL
SERVICE CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Emerging Markets Sustainable Leaders Fund |
abrdn
Emerging Markets Sustainable Leaders Fund |
|
Class
A Shares |
Class
C Shares |
Class
R Shares |
Institutional Class Shares |
Institutional Service Class Shares |
Maximum
Sales Charge (Load) imposed upon purchases
(as a percentage of offering price) |
%
|
|
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage
of offering or sale price, whichever is less)
|
%
(1)
|
%
(2)
|
|
|
|
Small
Account Fee(3)
|
$
|
$
|
|
$
|
$
|
| |||||
Management
Fees |
%
|
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
%
|
|
|
Other
Expenses |
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
%
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(4)
|
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements |
%
|
%
|
%
|
%
|
%
|
(1) |
(2) |
(3) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(4) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 1.10% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
CLASS
R SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
SERVICE CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
● |
Corporate
Governance |
● |
Carbon
Emissions |
● |
Air
Quality |
● |
Energy
Management |
● |
Water
& Wastewater
Management |
● |
Waste
& Hazardous Materials
Management |
● |
Ecological
Impacts |
● |
Human
Rights & Community
Relations |
● |
Customer
Privacy |
● |
Data
Security |
● |
Access
&
Affordability |
● |
Product
Quality &
Safety |
● |
Customer
Welfare |
● |
Selling
Practices & Product
Labelling |
● |
Labor
Practices |
● |
Employee
Health &
Safety |
● |
Employee
Engagement |
● |
Diversity
& Inclusion |
● |
Product
Design & Lifecycle
Management |
● |
Business
Model Resilience |
● |
Supply
Chain Management |
● |
Materials
Sourcing &
Efficiency |
● |
Physical
Impacts of Climate
Change |
● |
Business
Ethics |
● |
Competitive
Behavior |
● |
Management
of the Legal & Regulatory
Environment |
● |
Critical
Incident Risk
Management |
● |
Systemic
Risk Management |
● |
failed
to uphold one or more principles of the UN Global
Compact; |
● |
an
industry tie to (including companies that provide support systems and
services, as well as those with direct (i.e., owners
and producers) and indirect (i.e., parents and subsidiaries) involvement
in) controversial weapons (cluster munitions,
landmines, biological / chemical weapons, depleted uranium weapons,
blinding laser weapons, incendiary weapons,
and/or non-detectable
fragments); |
● |
a
revenue contribution of 10% or more from the manufacture or sale of
conventional weapons or weapons
systems; |
● |
a
revenue contribution of 10% or more from tobacco or are tobacco
manufacturers; |
● |
a
revenue contribution of 10% or more from the extraction of unconventional
oil and gas (including oil sands, oil shale (kerogen-rich
deposits), shale gas, shale oil, coal seam gas, and coal bed methane and
excluding conventional oil and gas
productions); |
● |
or
a revenue contribution from thermal coal
extraction. |
● |
the
company is organized under the laws of, or has its principal office in an
emerging market
country; |
● |
the
company has its principal securities trading market in an emerging market
country; and/or |
● |
the
company derives the majority of its annual revenue or earnings or assets
from goods produced, sales made or services
performed in an emerging market
country. |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
-
%
|
Class
A shares – After Taxes on Distributions |
%
|
-
%
|
-
%
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
%
|
%
|
-
%
|
Class
C shares – Before Taxes |
%
|
%
|
-
%
|
Class
R shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Service Class shares – Before Taxes |
%
|
%
|
%
|
MSCI
Emerging Markets Index (Net Daily Total Return) |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Nick
Robinson, CFA®
|
Senior
Investment Director |
2022
|
Nina
Petry, CFA®
|
Investment
Manager |
2023
|
Kristy
Fong, CFA®
|
Senior
Investment Director |
2022
|
CLASS
A and CLASS C SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
CLASS
R SHARES | |
To
open an account |
No
Minimum |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
INSTITUTIONAL
SERVICE CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Emerging Markets ex-China Fund |
abrdn
Emerging Markets ex-China Fund |
|
Class
A Shares |
Class
C Shares |
Class
R Shares |
Institutional Class Shares |
Institutional
Service Class Shares |
Maximum
Sales Charge (Load) imposed upon purchases
(as a percentage of offering price) |
%
|
|
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage
of offering or sale price, whichever is less)
|
%
(1)
|
%
(2)
|
|
|
|
Small
Account Fee(3)
|
$
|
$
|
|
$
|
$
|
| |||||
Management
Fees(4)
|
%
|
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
%
|
|
|
Other
Expenses |
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
%
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(5)
|
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements |
%
|
%
|
%
|
%
|
%
|
(1) |
(2) |
(3) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(4) | Management fees have been restated to reflect current fees as a result of a reduction in the Fund’s contractual management fee rate effective February 29, 2024. |
(5) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.99% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
CLASS
R SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
SERVICE CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
● |
the
company is organized under the laws of or has its principal office in an
emerging market country (excluding China); |
● |
the
company has its principal securities trading market in an emerging market
country (excluding China);
and/or |
● |
the
company derives the majority of its annual revenue or earnings or assets
from goods produced, sales made or services
performed in an emerging market country (excluding
China). |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
%
|
%
|
%
|
Class
C shares – Before Taxes |
%
|
%
|
%
|
Class
R shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Service Class shares – Before Taxes |
%
|
%
|
%
|
MSCI
Emerging Markets ex-China Index (Net Daily Total Return)
|
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Kristy
Fong, CFA®
|
Senior
Investment Director |
2022
|
Nick
Robinson, CFA®
|
Senior
Investment Director |
2022
|
CLASS
A and CLASS C SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
CLASS
R SHARES | |
To
open an account |
No
Minimum |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
SERVICE CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Emerging Markets Fund |
abrdn
Emerging Markets Fund |
|
Class
A Shares |
Class
C Shares |
Class
R Shares |
Institutional Class Shares |
Institutional
Service Class Shares |
Maximum
Sales Charge (Load) imposed upon purchases
(as a percentage of offering price) |
%
|
|
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage
of offering or sale price, whichever is less)
|
%
(1)
|
%
(2)
|
|
|
|
Small
Account Fee(3)
|
$
|
$
|
|
$
|
$
|
| |||||
Management
Fees |
%
|
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
%
|
|
|
Other
Expenses |
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
%
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(4)
|
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements |
%
|
%
|
%
|
%
|
%
|
(1) |
(2) |
(3) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(4) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 1.10% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
CLASS
R SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
SERVICE CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
● |
the
company is organized under the laws of, or has its principal office in an
emerging market
country; |
● |
the
company has its principal securities trading market in an emerging market
country; and/or |
● |
the
company derives the majority of its annual revenue or earnings or assets
from goods produced, sales made or services
performed in an emerging market
country. |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
-
%
|
%
|
%
|
Class
C shares – Before Taxes |
%
|
%
|
%
|
Class
R shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions and Sales of
Shares(1)
|
%
|
%
|
%
|
Institutional
Service Class shares – Before Taxes |
%
|
%
|
%
|
MSCI
Emerging Markets Index (Net Daily Total Return) |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Kristy
Fong, CFA®
|
Senior
Investment Director |
Inception
*
|
Joanne
Irvine |
Deputy
Head of Global Emerging Markets |
Inception
*
|
Devan
Kaloo |
Global
Head of Public Markets |
Inception
*
|
Nick
Robinson, CFA®
|
Senior
Investment Director |
2023
|
* | Includes Predecessor Fund (inception date: May 11, 2007) |
CLASS
A and CLASS C SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
CLASS
R SHARES | |
To
open an account |
No
Minimum |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
SERVICE CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Infrastructure Debt Fund |
abrdn
Infrastructure Debt Fund |
|
Class
A Shares |
Institutional
Class
Shares |
Institutional
Service
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage of
offering
price) |
%
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering or sale
price,
whichever is less) |
%
(1)
|
|
|
Small
Account Fee(2)
|
$
|
$
|
$
|
| |||
Management
Fees |
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
|
|
Other
Expenses |
%
|
%
|
%
|
Acquired
Fund Fees and Expenses(3)
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses(4)
|
%
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(5)
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements(4)
|
%
|
%
|
%
|
(1) |
(2) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(3) | Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. |
(4) |
(5) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.65% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
SERVICE CLASS SHARES |
$ |
$ |
$ |
$ |
● |
by
companies or other issuers to finance (or re-finance) the ownership,
development, construction, maintenance, renovation,
enhancement, or operation of infrastructure
assets; |
● |
by
companies or other issuers that invest in, own, lease or hold
infrastructure assets;
and |
● |
by
companies or other issuers that operate infrastructure assets or provide
services, products or raw materials related to
the development, construction, maintenance, renovation, enhancement or
operation of infrastructure
assets. |
● |
transportation
(e.g., airports, metro systems, subways, railroads, ports, toll
roads); |
● |
transportation
equipment (e.g., shipping, aircraft, railcars,
containers); |
● |
electric
utilities and power (e.g., power generation, transmission and
distribution); |
● |
energy
(e.g., exploration and production, pipeline, storage, refining and
distribution of energy), including renewable energies
(e.g., wind, solar, hydro,
geothermal); |
● |
communication
networks and
equipment; |
● |
water
and sewage
treatment; |
● |
social
infrastructure (e.g., health care facilities, government buildings and
other public service facilities);
and |
● |
metals,
mining, and other resources and services related to infrastructure assets
(e.g., cement, chemical
companies). |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
-
%
|
-
%
|
-
%
|
Institutional
Class shares – Before Taxes |
-
%
|
-
%
|
%
|
Institutional
Service Class shares – Before Taxes |
-
%
|
-
%
|
%
|
Institutional
Service Class shares – After Taxes on Distributions
|
-
%
|
-
%
|
-
%
|
Institutional
Service Class shares – After Taxes on Distributions and Sales of
Shares(1)
|
-
%
|
-
%
|
%
|
Bloomberg
U.S. Aggregate Bond Index |
%
|
%
|
%
|
ICE
BofA Merrill Lynch 3-Month US Treasury Note Index (reflects no deduction
for fees,
expenses or taxes) |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Matthew
Kence |
Investment
Director |
2023
|
Jonathan
Mondillo |
Head
of U.S. Fixed Income |
2023
|
CLASS
A SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
SERVICE CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
International Small Cap Fund |
abrdn
International Small Cap Fund |
|
Class
A Shares |
Class
C Shares |
Class
R Shares |
Institutional
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage
of offering price) |
%
|
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering
or sale price, whichever is less) |
%
(1)
|
%
(2)
|
|
|
Small
Account Fee(3)
|
$
|
$
|
|
$
|
| ||||
Management
Fees |
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
%
|
|
Other
Expenses |
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(4)
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements |
%
|
%
|
%
|
%
|
(1) |
(2) |
(3) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(4) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.99% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
CLASS
R SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
● |
the
company is organized under the laws of or has its principal office in a
country outside the
U.S.; |
● |
the
company has its principal securities trading market in a country outside
the U.S.; and/or |
● |
the
company derives the majority of its annual revenue or earnings or assets
from goods produced, sales made or services
performed in a country outside the
U.S. |
● |
up
to 20% of net assets in debt
securities; |
● |
up
to 10% of net assets in private funds that invest in private equity and in
venture-capital
companies; |
● |
up
to 35% of net assets in emerging markets securities;
and |
● |
without
limit in foreign
securities. |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
%
|
%
|
%
|
Class
C shares – Before Taxes |
%
|
%
|
%
|
Class
R shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
MSCI
AC World Ex USA Index (Net Total Return) (reflects no deduction for fees,
expenses
or taxes) |
%
|
%
|
%
|
MSCI
AC World Ex USA Small Cap Index (Net Total Return) |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Kirsty
Desson |
Investment
Director |
2023
|
Liam
Patel |
Investment
Analyst Asia/GEM |
2023
|
CLASS
A and CLASS C SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
CLASS
R SHARES | |
To
open an account |
No
Minimum |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Intermediate Municipal Income Fund |
abrdn
Intermediate Municipal Income Fund |
|
Class
A Shares |
Institutional
Class
Shares |
Institutional
Service
Class Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage
of offering price) |
%
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering
or
sale price, whichever is less) |
%
(1)
|
|
|
Small
Account Fee(2)
|
$
|
$
|
$
|
| |||
Management
Fees |
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
|
|
Other
Expenses |
%
|
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(3)
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements |
%
|
%
|
%
|
(1) |
(2) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(3) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.50% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
SERVICE CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Service Class shares – Before Taxes |
%
|
%
|
%
|
Bloomberg
Municipal Bond Index |
%
|
%
|
%
|
ICE
BofA Merrill Lynch 1-22 Year U.S. Municipal Securities Index (reflects no
deduction
for fees, expenses or taxes) |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Miguel
Laranjeiro |
Investment
Director |
2018
|
Jonathan
Mondillo |
Head
of U.S. Fixed Income |
2018
|
CLASS
A SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
SERVICE CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
U.S. Sustainable Leaders Fund |
abrdn
U.S. Sustainable Leaders Fund |
|
Class
A Shares |
Class
C Shares |
Institutional
Class
Shares |
Institutional
Service
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage
of offering price) |
%
|
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering
or sale price, whichever is less) |
%
(1)
|
%
(2)
|
|
|
Small
Account Fee(3)
|
$
|
$
|
$
|
$
|
| ||||
Management
Fees(4)
|
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
|
|
Other
Expenses |
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(5)
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements |
%
|
%
|
%
|
%
|
(1) |
(2) |
(3) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(4) | Management fees have been restated to reflect current fees as a result of a reduction in the Fund’s contractual management fee rate effective February 29, 2024. |
(5) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.90% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
SERVICE CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
● |
Corporate
Governance |
● |
Carbon
Emissions |
● |
Air
Quality |
● |
Energy
Management |
● |
Water
& Wastewater
Management |
● |
Waste
& Hazardous Materials
Management |
● |
Ecological
Impacts |
● |
Human
Rights & Community
Relations |
● |
Customer
Privacy |
● |
Data
Security |
● |
Access
&
Affordability |
● |
Product
Quality &
Safety |
● |
Customer
Welfare |
● |
Selling
Practices & Product
Labelling |
● |
Labor
Practices |
● |
Employee
Health &
Safety |
● |
Employee
Engagement |
● |
Diversity
& Inclusion |
● |
Product
Design & Lifecycle
Management |
● |
Business
Model Resilience |
● |
Supply
Chain Management |
● |
Materials
Sourcing &
Efficiency |
● |
Physical
Impacts of Climate
Change |
● |
Business
Ethics |
● |
Competitive
Behavior |
● |
Management
of the Legal & Regulatory
Environment |
● |
Critical
Incident Risk
Management |
● |
Systemic
Risk Management |
● |
failed
to uphold one or more principles of the UN Global
Compact; |
● |
an
industry tie to (including companies that provide support systems and
services, as well as those with direct (i.e., owners
and producers) and indirect (i.e., parents and subsidiaries) involvement
in) controversial weapons (cluster munitions,
landmines, biological / chemical weapons, depleted uranium weapons,
blinding laser weapons, incendiary weapons,
and/or non-detectable
fragments); |
● |
a
revenue contribution of 10% or more from the manufacture or sale of
conventional weapons or weapons
systems; |
● |
a
revenue contribution of 10% or more from tobacco or are tobacco
manufacturers; |
● |
a
revenue contribution of 10% or more from the extraction of unconventional
oil and gas (including oil sands, oil shale (kerogen-rich
deposits), shale gas, shale oil, coal seam gas, and coal bed methane and
excluding conventional oil and gas
productions); |
● |
or
a revenue contribution from thermal coal
extraction. |
● |
the
company is organized under the laws of, or has its principal office in the
United States; |
● |
the
company has its principal securities trading market in the United States;
and/or |
● |
the
company derives the majority of its annual revenue or earnings or assets
from goods produced, sales made or services
performed in the United
States. |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
%
|
%
|
%
|
Class
C shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Service Class shares – Before Taxes |
%
|
%
|
%
|
Russell
3000®
Index |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Dominic
Byrne, CFA®
|
Deputy
Head of Developed Markets |
2023
|
Chris
Haimendorf, CFA®
|
Senior
Investment Director |
2020
|
Joanna
McIntyre, CFA®
|
Investment
Director |
2023
|
Jamie
Mills O’Brien, CFA®
|
Investment
Director |
2023
|
CLASS
A and CLASS C SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
SERVICE CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Dynamic Dividend Fund |
abrdn
Dynamic Dividend Fund |
|
Class
A Shares |
Institutional Class Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage of offering
price) |
%
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering or sale price,
whichever is less)
|
%
(1)
|
|
Small
Account Fee(2)
|
$
|
$
|
| ||
Management
Fees |
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
|
Other
Expenses |
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(3)
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements(4)
|
%
|
%
|
(1) |
(2) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. |
(3) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 1.50% for Class A shares
and 1.25%
for Institutional Class shares. This contractual limitation may not be
terminated without the approval of the Independent Trustees before
|
(4) | The Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements do not correlate to the Fund’s Ratio of Expenses to Average Net Assets (Net of Reimbursements/Waivers), included in the Fund’s Financial Highlights in the Fund’s prospectus, as this ratio does not reflect non-recurring expenses, such as extraordinary expenses. |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions and Sales of
Shares |
%
|
%
|
%
|
MSCI
All Country World Index (Net Daily Total Return) |
%
|
%
|
%
|
Name
|
Title |
Served
on the Fund Since |
Martin
Connaghan |
Investment
Director |
2018
|
Josh
Duitz |
Head
of Global Income |
2012
*
|
Ruairidh
Finlayson, CFA®
|
Investment
Director |
2020
|
* | Includes service with unaffiliated investment adviser to Predecessor Fund |
CLASS
A SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Global Infrastructure Fund |
abrdn
Global Infrastructure Fund |
|
Class
A Shares |
Institutional
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage of offering
price) |
%
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering or sale price,
whichever is less)
|
%
(1)
|
|
Small
Account Fee(2)
|
$
|
$
|
| ||
Management
Fees(3)
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
|
Other
Expenses |
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(4)
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements |
%
|
%
|
(1) |
(2) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. |
(3) | Management fees have been restated to reflect current fees as a result of a reduction in the Fund’s contractual management fee rate effective February 29, 2024. |
(4) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 1.24% for Class A shares
and 0.99%
for Institutional Class shares. This contractual limitation may not be
terminated without the approval of the Independent Trustees before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions and Sales of
Shares |
%
|
%
|
%
|
MSCI
All Country World Index (Net Daily Total Return) |
%
|
%
|
%
|
S&P
Global Infrastructure Index (Net Total Return) (reflects no deduction for
fees or expenses)
|
%
|
%
|
%
|
Name
|
Title |
Served
on the Fund Since |
Josh
Duitz |
Head
of Global Income |
2008
*
|
Donal
Reynolds, CFA®
|
Investment
Director |
2022
|
* | Includes service with unaffiliated investment adviser to Predecessor Fund |
CLASS
A SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Short Duration High Yield Municipal Fund |
abrdn
Short Duration High Yield Municipal Fund |
|
Class
A Shares |
Class
C Shares |
Institutional
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage of
offering
price) |
%
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering or sale
price,
whichever is less) |
%
(1)
|
%
(2)
|
|
Small
Account Fee(3)
|
$
|
$
|
$
|
| |||
Management
Fees(4)
|
%
|
%
|
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
|
Other
Expenses |
%
|
%
|
|
Total
Annual Fund Operating Expenses |
%
|
%
|
|
Less:
Amount of Fee Limitations/Expense Reimbursements(5)
|
%
|
%
|
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements
|
%
|
%
|
|
(1) |
(2) |
(3) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. |
(4) | Management fees have been restated to reflect current fees as a result of a reduction in the Fund’s contractual management fee rate effective February 29, 2024. |
(5) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.90% for Class A shares,
1.65% for
Class C shares and 0.65% for Institutional Class shares. This contractual
limitation may not be terminated without the approval of the Independent
Trustees
before |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
C SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
-
%
|
%
|
%
|
Class
C shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions and Sales of
Shares(1)
|
%
|
%
|
%
|
Bloomberg
Municipal Bond Index |
%
|
%
|
%
|
S&P
Municipal Bond Short Intermediate Index (reflects no deduction for fees,
expenses
or taxes) |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Miguel
Laranjeiro |
Investment
Director |
2016
*
|
Jonathan
Mondillo |
Head
of U.S. Fixed Income |
2013
*
|
* | Includes service with unaffiliated investment adviser to Predecessor Fund |
CLASS
A and CLASS C SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Realty Income & Growth Fund |
abrdn
Realty Income & Growth Fund |
|
Class
A Shares |
Institutional
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage of offering
price) |
%
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering or sale price,
whichever is less)
|
%
(1)
|
|
Small
Account Fee(2)
|
$
|
$
|
| ||
Management
Fees(3)
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
|
Other
Expenses |
%
|
%
|
Total
Annual Fund Operating Expenses
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(4)
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements
|
%
|
%
|
(1) |
(2) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. |
(3) | Management fees have been restated to reflect current fees as a result of a reduction in the Fund’s contractual management fee rate effective February 29, 2024. |
(4) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 1.24% for Class A shares
and 0.99%
for Institutional Class shares. This contractual limitation may not be
terminated without the approval of the Independent Trustees before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions and Sales of
Shares(1)
|
%
|
%
|
%
|
S&P
500®
Index |
%
|
%
|
%
|
MSCI
US REIT Index (reflects no deduction for fees, expenses or
taxes) |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Jay
Carlington, CFA®
|
Portfolio
Manager |
2018
|
Svitlana
Gubriy |
Head
of Indirect Real Assets |
2018
|
Bill
Pekowitz |
REIT
Analyst / Portfolio Manager |
2018
|
CLASS
A SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Ultra Short Municipal Income Fund |
abrdn
Ultra Short Municipal Income Fund |
|
Class
A Shares |
Class
A1 Shares |
Institutional
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage of
offering
price) |
|
%
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering or sale
price,
whichever is less) |
|
%
(1)
|
|
Small
Account Fee(2)
|
$
|
$
|
$
|
| |||
Management
Fees(3)
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
|
Other
Expenses |
%
|
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(4)
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements |
%
|
%
|
%
|
(1) |
(2) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. |
(3) | Management fees have been restated to reflect current fees as a result of a reduction in the Fund’s contractual management fee rate effective February 29, 2024. |
(4) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.70% for Class A and
Class A1 shares
and 0.45% for Institutional Class shares. This contractual limitation may
not be terminated without the approval of the Independent Trustees before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
CLASS
A1 SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Class
A1 shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions |
%
|
%
|
%
|
Institutional
Class shares – After Taxes on Distributions and Sales of
Shares(1)
|
%
|
%
|
%
|
Bloomberg
Municipal Bond Index (reflects no deduction for fees, expenses or
taxes)
|
%
|
%
|
%
|
Bloomberg
Barclays Municipal Bond: 1 Year (1-2) Index |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Miguel
Laranjeiro |
Investment
Director |
2016
*
|
Jonathan
Mondillo |
Head
of U.S. Fixed Income |
2015
*
|
* | Includes service with unaffiliated investment adviser to Predecessor Fund |
CLASS
A and CLASS A1 SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Emerging Markets Dividend Fund |
abrdn
Emerging Markets Dividend Fund |
|
Class
A Shares |
Institutional
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage of offering
price) |
%
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering or sale price,
whichever is less)
|
%
(1)
|
|
Small
Account Fee(2)
|
$
|
$
|
| ||
Management
Fees |
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
|
Other
Expenses |
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(3)
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements(4)
|
%
|
%
|
(1) |
(2) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(3) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.90% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
(4) | The Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements do not correlate to the Fund’s Ratio of Expenses to Average Net Assets (Net of Reimbursements/Waivers), included in the Fund’s Financial Highlights in the Fund’s prospectus, as this ratio does not reflect non-recurring expenses, such as extraordinary expenses. |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
● |
the
company is organized under the laws of or has its principal office in an
emerging market
country; |
● |
the
company has its principal securities trading market in an emerging market
country; and/or |
● |
the
company derives the majority of its annual revenue or earnings or assets
from goods produced, sales made or services
performed in an emerging market
country. |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
MSCI
Emerging Markets Index (Net Daily Total Return) (reflects deductions for
expenses
and taxes) |
%
|
%
|
%
|
MSCI
All Country World ex USA Index (Net Daily Total Return)
|
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Matt
Williams, CFA®
|
Senior
Investment Director |
2024
|
Gabriel
Sacks, CFA®
|
Investment
Director |
2024
|
CLASS
A SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
Global Equity Impact Fund |
abrdn
Global Equity Impact Fund |
|
Class
A Shares |
Institutional
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage of offering
price) |
%
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering or sale price,
whichever is less)
|
%
(1)
|
|
Small
Account Fee(2)
|
$
|
$
|
| ||
Management
Fees |
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
|
Other
Expenses |
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(3)
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements(4)
|
%
|
%
|
(1) |
(2) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(3) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.90% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
(4) | The Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements do not correlate to the Fund’s Ratio of Expenses to Average Net Assets (Net of Reimbursements/Waivers), included in the Fund’s Financial Highlights in the Fund’s prospectus, as this ratio does not reflect non-recurring expenses, such as extraordinary expenses. |
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
● |
the
company is organized under the laws of, or has its principal office in, a
country outside the
U.S.; |
● |
the
company has its principal securities trading market in a country outside
the U.S.; and/or |
● |
the
company derives the majority of its annual revenue or earnings or assets
from goods produced, sales made or services
performed in a country outside the
U.S. |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions |
-
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
MSCI
All Country World Index (Net Daily Total Return) |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Dominic
Byrne, CFA®
|
Deputy
Head of Developed Markets |
2019
*
|
Sarah
Norris |
Head
of ESG - Equities |
2019
*
|
* | Includes service to Predecessor Fund. |
CLASS
A SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Summary
- abrdn
High Income Opportunities Fund |
abrdn
High Income Opportunities Fund |
|
Class
A Shares |
Institutional Class Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage of offering
price) |
%
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage of offering or sale price,
whichever is less)
|
%
(1)
|
|
Small
Account Fee(2)
|
$
|
$
|
| ||
Management
Fees |
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
|
Other
Expenses |
%
|
%
|
Acquired
Fund Fees and Expenses(3)
|
%
|
%
|
Total
Annual Fund Operating Expenses(4)
|
%
|
%
|
Less:
Amount of Fee Limitations/Expense Reimbursements(5)
|
%
|
%
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements(4)
|
%
|
%
|
(1) |
(2) | Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. |
(3) | Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. |
(4) |
(5) | abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.70% for all classes of
the Fund.
This contractual limitation may not be terminated before
|
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES |
$ |
$ |
$ |
$ |
INSTITUTIONAL
CLASS SHARES |
$ |
$ |
$ |
$ |
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
%
|
%
|
%
|
Class
A shares – After Taxes on Distributions |
%
|
%
|
-
%
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
%
|
%
|
%
|
Institutional
Class shares – Before Taxes |
%
|
%
|
%
|
Bloomberg
Global Aggregate Bond Index |
%
|
-
%
|
%
|
ICE
BofA Merrill Lynch Global High Yield Constrained Index (Hedged to USD)
(reflects
no deductions for expenses or taxes) |
%
|
%
|
%
|
(1) | Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. |
Name
|
Title |
Served
on the Fund Since |
Ben
Pakenham |
Head
of European High Yield and Global Loans |
2016
*
|
George
Westervelt, CFA®
|
Head
of Global High Yield |
2019
*
|
Matthew
Kence |
Investment
Director |
2019
*
|
Adam
Tabor, CFA®
|
Investment
Director |
2023
|
* | Includes service to Predecessor Fund. |
CLASS
A SHARES | |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
INSTITUTIONAL
CLASS SHARES | |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
Fund
Details |
● |
have
failed to uphold one or more principles of the UN Global
Compact; |
● |
are
majority state-owned enterprises in countries subject to international
sanctions or that materially violate universal
basic principles; |
● |
appear
on the Norges Bank Investment Management (NBIM) exclusions
list; |
● |
have
an “industry tie” (defined below) to controversial weapons (cluster
munitions, anti-personnel landmines, nuclear
weapons, chemical and biological weapons, white phosphorous, depleted
uranium ammunition, blinding lasers,
incendiary devices, and/or non-detectable fragments) and have a revenue
contribution of 5% or more from conventional
weapons or 20% from weapons systems; |
● |
have
a revenue contribution of 5% or more from from tobacco or are tobacco
manufacturers; |
● |
have
a revenue contribution of 5% or more from
gambling; |
● |
have
revenue exposure to thermal coal or have a tie to thermal coal unless the
company meets at least one of the following
criteria: |
○ |
have
a Science Based Target Initiative (“SBTi”) 5 target set below 2°C or
1.5°C, or have a SBTi ‘Business Ambition for 1.5°C’
commitment; |
○ |
have
less than 10% of capital expenditure (“CapEx”) dedicated to thermal
coal-related activities and not with the objective
of increasing revenue; or |
○ |
have
more than 50% of CapEx dedicated to “contributing activities” (defined
below); |
● |
have
revenue exposure to unconventional oil and gas unless production capacity
is not increasing and the company
meets at least one of the following three
criteria: |
○ |
have
a SBTi target set below 2°C or 1.5°C, or have a SBTi ‘Business Ambition
for 1.5°C’ commitment; |
○ |
derive
less than 5% of its revenues from unconventional oil and gas-related
activities; or |
○ |
have
more than 50% of CapEx dedicated to activities which contribute positively
to environmental objectives; |
● |
are
allocated the Global Industry Classification Standards (GICS) sector
designation “Energy” unless the company meets
at least one of the following four
criteria: |
○ |
has
a revenue contribution of less than 5% from oil and gas-related
activities; |
○ |
has
set SBTi target at well-below 2°C or 1.5°C, or have a SBTi ‘Business
Ambition for 1.5°C’ commitment; |
○ |
has
less than 15% of CapEx dedicated to oil & gas related activities and
are not intending to increase revenue; |
○ |
has
more than 15% of CapEx dedicated to activities which contribute positively
to environmental objectives; |
● |
are
directly involved in electricity generation which has a carbon emission
intensity inconsistent with the Paris Agreement
2 degrees scenario; or |
● |
are
directly involved in electricity generation and are making new investments
in thermal coal or nuclear energy generation
capacity. |
abrdn
Global Equity Impact Fund (“GEI”) and abrdn Emerging
Markets Dividend (“EMD”).
The total return in the financial
highlights reflects the receipt of the recognition
of Article 63 EU Tax Reclaims net of estimated taxes payable
to the Internal
Revenue Service (“IRS”)
on behalf of shareholders.
At the time of receipt, those payments, net of
applicable tax, resulted in an increase in net assets of
approximately
3.1%, 0.3%, 0.9%, and 2.1% in 2017, 2018, 2019
and 2022, respectively for GEI and an increase in net assets of
approximately 5.4% 2.1%, and
1.4%
in 2017, 2019
and 2022, respectively for EMD,
based upon the net asset value as of the date of receipt. Without these
payments,
GEI’s and EMD’s
performance would have been lower during each respective period in which
the refunds
and/or interest was received or recognized under U.S. GAAP. Additionally,
past returns would have been higher
had each Predecessor Fund not originally paid the withholding taxes that
relate to the Article 63 EU reclaims that
have been returned. There can be no assurance that the Funds
will receive additional Article 63 EU Tax Reclaim payments
or maintain this level of performance in the future.
|
Consistent
with U.S. GAAP accrual requirements, for uncertain tax positions, each
fund recognizes
Article 63 EU Tax Reclaims
when more likely than not that the fund will sustain its position that it
is due the reclaim During the year ended
October 31, 2023, Article 63 EU Tax reclaims
and interest, as applicable, were paid to each Fund related to
Spain
dividend withholding tax,
representing 3.85% and 3.82% on receipt date, respectively, of
net assets of GEI and EMD,
which had had been previously recorded in each fund’s
respective
net asset value during
the fiscal year 2022.
|
Article
63 EU Tax reclaims
for each Fund related to France dividend withholding, previously
recognized in 2022 remain
open. |
As
of October 31, 2023, GEI and EMD have remaining Article 63 EU Tax
Reclaims, primarily related to France, Germany,
and Spain. For the year ended October 31, 2023, based upon evaluation of
facts and circumstances related
to the outstanding claims, the outstanding reclaims related to France
remain accrued as a receivable, and are
reflected as Article 63 EU Tax Reclaims Receivable on the accompanying
statements of assets and liabilities. Certain
of the outstanding Article 63 EU Tax Reclaims related to Germany and Spain
are not deemed to meet the recognition
criteria under U.S. GAAP as of October 31, 2023,
and have not been recorded in each fund’s respective net
asset value. As of October 31, 2023,
the total amount of outstanding reclaims (before the impact of interest or
any
tax or additional costs incurred in the pursuit of such reclaims) filed
with Germany and Spain represents 4.04%
and
3.85%
on a gross basis,
respectively, of net assets of GEI and EMD.
These amounts net of estimated taxes represent
2.23%
and 2.21%,
respectively, of net assets of GEI and EMD.
Recognition by GEI
or EMD
of these amounts would
have a positive impact on either
fund’s
performance. |
The
receipt of Article 63 EU reclaims from these jurisdictions also results in
a tax liability to the shareholders to offset the
tax benefits that shareholders received in the past. Such amounts are
based on a closing agreement template created
by the IRS, that is applicable to all industry participants, in relation
to the remittance by a fund of taxes due by
its shareholders and paid on their behalf by the fund. The Funds accrue
this tax liability which each intends to settle
on behalf of its shareholders in accordance with U.S. GAAP. For tax
accounting purposes, interest payments received
on these payments (if any) are treated as income and are distributed in
due course. Additionally, fluctuations
in the value of foreign currencies may affect the Funds’ tax liability,
because the IRS requires a Fund to pay
any taxes owed on interest payments on Article 63 EU Tax Reclaims amounts
in U.S Dollars based on the foreign currency
exchange rate with the applicable jurisdiction that was in effect at the
time the Article 63 EU Tax Reclaims amounts
were incurred by the Predecessor Fund. |
In
October 2023, the Funds executed a closing agreement with the IRS which
finalized the amount of taxes to be paid
on behalf of shareholders related to the reclaims and interest received
from France and Sweden in 2022. The amounts
paid to the IRS in EMD and GEI were $1,178,490 and $1,134,388,
respectively, which were previously recorded
in each fund’s respective net asset
value. |
Based
on information available as of the date of this Annual Report, an
estimated tax amount has been accrued and
is reflected (approx. 3.00% and 3.03% of net assets in GEI and EMD,
respectively) related to the reclaims recorded
associated with Spain and France. This amount is reflected as Payable to
IRS on behalf of shareholders related
to Article 63 EU Tax reclaims on the accompanying statements of asset and
liabilities of the financial statements. |
abrdn
Emerging Markets Sustainable Leaders Fund.
The Emerging Markets Sustainable Leaders Fund filed for Article
63 EU Tax Reclaims in France and Germany. As of October 31, 2023, the
total amount of outstanding reclaims (before
the impact of interest or any tax or additional costs incurred in the
pursuit of such reclaims) filed with France and
Germany represents 1.85% of net assets. These amounts net of estimated
taxes represent 1.07% of net assets. Recognition
by the Fund of these amounts would have a positive impact on the Fund’s
performance. Based upon evaluation
of facts and circumstances related to the outstanding claims, the claims
were deemed to not meet the recognition
criteria under U.S. GAAP as of October 31, 2023, and have not been
recorded in the Fund’s net asset value. |
|
Dynamic
Dividend
Fund |
Global
Equity Impact
Fund |
Global Infrastructure Fund |
International Small Cap Fund |
Realty
Income &
Growth Fund |
Active
Management Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Concentration
Risk |
|
|
✔ |
|
✔ |
Cybersecurity
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Dividend
Strategy Risk |
✔ |
|
|
|
✔ |
Emerging
Markets Risk |
✔ |
✔ |
✔ |
✔ |
|
Equity-Linked
Notes |
|
|
|
|
|
Equity
Securities Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
ESG
Integration Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Exchange-Traded
Fund Risk |
|
|
|
|
|
Foreign
Currency Exposure Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Foreign
Securities Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Illiquid
Securities Risk |
|
|
|
|
|
Impact
Investing Risk |
|
✔ |
|
|
|
Impact
of Large Redemptions and Purchases of Fund Shares
|
|
|
✔ |
|
|
Infrastructure-Related
Investment Risk |
|
|
✔ |
|
|
Issuer
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Market
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Mid-Cap
Securities Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Non-Diversified
Fund Risk |
|
|
|
|
✔ |
Portfolio
Turnover Risk |
✔ |
|
|
|
|
Qualified
Dividend Tax Risk |
✔ |
|
|
|
|
REIT
and Real Estate Risk |
|
|
✔ |
|
✔ |
Sector
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Small-Cap
Securities Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Sustainable
Investing Risk |
|
|
|
|
|
Temporary
Investments |
✔ |
✔ |
✔ |
✔ |
✔ |
Valuation
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
|
China
A Fund |
Emerging
Markets
Dividend
Fund |
Emerging
Markets
ex-China
Fund |
Emerging
Markets
Fund |
Emerging
Markets
Sustainable
Leaders
Fund |
Focused
U.S. Small
Cap Equity
Fund |
U.S.
Small Cap Equity
Fund |
U.S.
Sustainable
Leaders
Fund |
Active
Management Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
Cybersecurity
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
Dividend
Strategy Risk |
|
✔ |
|
|
|
|
|
|
Emerging
Markets Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
|
|
|
Equity-Linked
Notes |
✔ |
|
|
|
|
|
|
|
Equity
Securities Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
ESG
Integration Risk |
✔ |
✔ |
✔ |
✔ |
|
✔ |
✔ |
|
Exchange-Traded
Fund Risk |
✔ |
|
|
|
|
|
|
|
Focus
Risk |
|
|
|
|
|
✔ |
|
|
Foreign
Currency Exposure Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
Foreign
Securities Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
Frontier
Markets Risk |
|
✔ |
|
|
|
|
|
|
Illiquid
Securities Risk |
✔ |
|
|
|
|
|
|
|
Impact
of Large Redemptions and Purchases
of Fund Shares |
✔ |
|
✔ |
|
✔ |
|
|
|
Issuer
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
Market
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
Mid-Cap
Securities Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
|
|
✔ |
Sector
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
Small-Cap
Securities Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
Sustainable
Investing Risk |
|
|
|
|
✔ |
|
|
✔ |
Temporary
Investments |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
Valuation
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
|
Infrastructure
Debt
Fund |
High
Income Opportunities
Fund |
Intermediate
Municipal
Income Fund |
Short
Duration High Yield Municipal Fund |
Ultra
Short Municipal
Income Fund |
Active
Management Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Auction
Rate Securities Risk |
|
|
✔ |
✔ |
✔ |
Bank
Loan Risk |
✔ |
✔ |
|
|
|
Cybersecurity
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Derivatives
Risk (including Options, Futures and Swaps) |
✔ |
✔ |
|
|
|
Emerging
Markets Risk |
✔ |
✔ |
|
|
|
ESG
Integration Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Fixed
Income Securities Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Foreign
Currency Exposure Risk |
✔ |
✔ |
|
|
|
Foreign
Securities Risk |
✔ |
✔ |
|
|
|
Green,
Social and Sustainability Bond Risk |
✔ |
|
|
|
|
High-Yield
Bonds and Other Lower-Rated Securities Risk |
✔ |
✔ |
✔ |
✔ |
|
Illiquid
Securities Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Impact
of Large Redemptions and Purchases of Fund Shares
|
|
✔ |
✔ |
✔ |
|
Infrastructure-Related
Investments Risk |
✔ |
|
|
|
|
Interest
Rate Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Investment-Grade
Debt Securities |
✔ |
✔ |
✔ |
✔ |
✔ |
Issuer
Risk |
✔ |
✔ |
|
|
|
Infrastructure
Debt
Fund |
High
Income Opportunities
Fund |
Intermediate
Municipal
Income Fund |
Short
Duration High Yield Municipal Fund |
Ultra
Short Municipal
Income Fund
|
Market
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Municipal
Securities Risk |
✔ |
|
✔ |
✔ |
✔ |
Portfolio
Turnover Risk |
|
✔ |
|
✔ |
✔ |
Private
Placements and Other Restricted Securities Risk |
|
✔ |
|
✔ |
|
Sector
Risk |
✔ |
✔ |
|
|
|
Sovereign
Debt Risk |
|
✔ |
|
|
|
Temporary
Investments |
✔ |
✔ |
✔ |
✔ |
✔ |
Tender
Option Bonds Risk |
|
|
✔ |
✔ |
✔ |
Tobacco
Related Bonds Risk |
|
|
|
✔ |
|
Valuation
Risk |
✔ |
✔ |
✔ |
✔ |
✔ |
Variable
and Floating Rate Securities Risk |
✔ |
✔ |
✔ |
|
✔ |
Yield
Risk |
|
✔ |
|
|
✔ |
(i)
to manage a Fund’s interest rate, credit and currency
exposure; (ii) as a substitute for taking a position in the underlying asset (where a Fund’s Adviser or Sub-adviser, as the case may be, believes that a derivative exposure to the underlying asset represents better value than a direct exposure); (iii) to gain an exposure to the composition and performance of a particular index; and (iv) to take short positions via derivatives in securities, interest rates, credits, currencies and markets. |
● |
the
other party to the derivatives contract may fail to fulfill its
obligations; |
● |
their
use may reduce liquidity or present mispricing or valuation complexity and
make a Fund harder to value, especially
in declining markets; |
● |
a
Fund may need to sell portfolio securities at an inopportune time to
satisfy margin or payment obligations under derivatives
transactions; |
● |
a
Fund may suffer disproportionately heavy losses relative to the amount
invested; and |
● |
changes
in the value of derivatives may not match or fully offset changes in the
value of the hedged portfolio securities,
thereby failing to achieve the original purpose for using the
derivatives. |
● |
purchases
and sales of notes, including the possibility that exchange rate
fluctuations may negatively affect the value of
a note and |
● |
the
credit quality of the note’s issuer. |
● |
political
and economic changes and/or instability, including adverse consequences
stemming from war, terrorism, market
manipulation, government interventions, defaults and shutdowns, political
changes or diplomatic developments,
public health emergencies, natural/environmental disasters, recessions,
inflation, rapid interest rate changes
and supply chain disruptions; |
● |
the
impact of currency exchange rate
fluctuations; |
● |
reduced
information about issuers; |
● |
higher
transaction costs; |
● |
less
stringent regulatory and accounting standards;
and |
● |
delayed
settlement. |
● |
greater
risk of loss due to default because of the increased likelihood that
adverse economic or company specific events
will make the issuer unable to pay interest and/or principal when
due; |
● |
wider
price fluctuations due to changing interest rates and/or adverse economic
and business developments; and |
● |
greater
risk of loss due to declining credit
quality. |
● |
corporate
earnings; |
● |
production; |
● |
management; |
● |
sales;
and |
● |
market
trends, including investor demand for a particular type of stock, such as
growth or value stocks, small or large stocks,
or stocks within a particular industry. |
● |
short-term
U.S. Government securities; |
● |
certificates
of deposit, bankers’ acceptances, and interest-bearing savings deposits of
commercial banks; |
● |
prime
quality commercial paper; |
● |
repurchase
agreements covering any of the securities in which the Fund may invest
directly; and |
● |
shares
of money market funds. |
Fund
Assets |
Management
Fee |
Actual
Rate for
Fiscal Year
Ended October
31, 2023 |
abrdn
Focused U.S. Small Cap Equity Fund |
|
|
On
assets up to $500 million |
0.75
%
|
0.00
%
|
On
assets of $500 million up to $2 billion |
0.70
%
|
|
On
assets of $2 billion and more |
0.65
%
|
|
|
|
|
abrdn
U.S. Small Cap Equity Fund |
|
|
On
assets up to $100 million |
0.95
%
|
0.71
%
|
On
assets of $100 million and more |
0.80
%
|
|
|
|
|
abrdn
U.S. Sustainable Leaders Fund |
|
|
On
assets up to $500 million |
0.70
%
|
0.67
%
|
On
assets of $500 million up to $2 billion |
0.65
%
|
|
On
assets of $2 billion and more |
0.60
%
|
|
|
|
|
abrdn
China A Share Equity Fund |
|
|
On
assets up to $500 million |
0.85
%
|
0.41
%
|
On
assets of $500 million up to $2 billion |
0.80
%
|
|
On
assets of $2 billion and more |
0.75
%
|
|
|
|
|
abrdn
Emerging Markets Sustainable Leaders Fund |
|
|
On
all assets |
0.80
%
|
0.57
%
|
|
|
|
abrdn
Emerging Markets ex-China Fund |
|
|
On
assets up to $500 million |
0.80
%
|
0.00
%
|
On
assets of $500 million up to $2 billion |
0.75
%
|
|
On
assets of $2 billion and more |
0.70
%
|
|
|
|
|
abrdn
Emerging Markets Fund |
|
|
On
all assets |
0.90
%
|
0.84
%
|
|
|
|
abrdn
Infrastructure Debt Fund |
|
|
On
assets up to $500 million |
0.50
%
|
0.00
%
(1)
|
On
assets of $500 million up to $1 billion |
0.475
%
|
|
On
assets of $1 billion and more |
0.45
%
|
|
|
|
|
abrdn
International Small Cap Fund |
|
|
On
assets up to $100 million |
0.85
%
|
0.60
%
|
On
assets of $100 million and more |
0.75
%
|
|
|
|
|
Fund
Assets |
Management
Fee |
Actual
Rate for
Fiscal Year
Ended October
31, 2023
|
abrdn
Intermediate Municipal Income Fund |
|
|
On
assets up to $250 million |
0.425
%
|
0.00
%
|
On
assets of $250 million up to $1 billion |
0.375
%
|
|
On
assets of $1 billion and more |
0.355
%
|
|
|
|
|
abrdn
Dynamic Dividend Fund |
|
|
On
assets up to $250 million |
1.00
%
|
0.88
%
|
On
assets of $250 million and more |
0.95
%
|
|
|
|
|
abrdn
Global Infrastructure Fund |
|
|
On
assets up to $250 million |
0.75
%
|
0.51
%
|
On
assets of $250 million up to $750 million |
0.70
%
|
|
On
assets of $750 million up to $1 billion |
0.65
%
|
|
On
assets of $1 billion and more |
0.55
%
|
|
|
|
|
abrdn
Short Duration High Yield Municipal Fund |
|
|
On
assets up to $250 million |
0.55
%
|
0.34
%
|
On
assets of $250 million and more |
0.50
%
|
|
|
|
|
abrdn
Realty Income & Growth Fund |
|
|
On
all assets |
0.80
%
|
0.54
%
|
|
|
|
abrdn
Ultra Short Municipal Income Fund |
|
|
On
all assets |
0.40
%
|
0.21
%
|
|
|
|
abrdn
Emerging Markets Dividend Fund |
|
|
On
assets up to $500 million |
0.75
%
|
0.44
%
|
On
assets of $500 million up to $2 billion |
0.73
%
|
|
On
assets of $2 billion and more |
0.70
%
|
|
|
|
|
abrdn
Global Equity Impact Fund |
|
|
On
assets up to $500 million |
0.75
%
|
0.34
%
|
On
assets of $500 million up to $2 billion |
0.73
%
|
|
On
assets of $2 billion and more |
0.70
%
|
|
|
|
|
Fund
Assets |
Management
Fee |
Actual
Rate for
Fiscal Year
Ended October
31, 2023
|
abrdn
High Income Opportunities Fund |
|
|
On
assets up to $500 million |
0.55
%
|
0.30
%
(2)
|
On
assets of $500 million up to $1 billion |
0.525
%
|
|
On
assets of $1 billion and more |
0.50
%
|
|
(1) | Prior to August 18, 2022, the management fee rate for the Fund was 0.60% on assets up to $500 million, 0.55% on assets of $500 million up to $1 billion and 0.50% on assets of $1 billion and more. |
(2) | Prior to August 18, 2023, the management fee rate for the Fund was 0.65% on assets up to $5 billion, 0.63% on assets of $5 billion up to $7.5 billion, 0.60% on assets of $7.5 billion up to $10 billion and 0.59% on assets of $10 billion and more. Effective August 18, 2023, the Fund’s expense limitation was reduced to 0.70% from 0.75%. |
Name
of Fund |
Expense
Limitation |
abrdn
China A Share Equity Fund |
0.99
%
|
abrdn
Emerging Markets Fund |
1.10
%
|
abrdn
Emerging Markets ex-China Fund |
0.99
%
|
abrdn
Emerging Markets Sustainable Leaders Fund |
1.10
%
|
abrdn
Infrastructure Debt Fund |
0.65
%
|
abrdn
Intermediate Municipal Income Fund |
0.50
%
|
abrdn
International Small Cap Fund |
0.99
%
|
abrdn
U.S. Small Cap Equity Fund |
0.99
%
|
abrdn
U.S. Sustainable Leaders Fund |
0.90
%
|
abrdn
Focused U.S. Small Cap Equity Fund |
0.90
%
|
Name
of Fund/Class |
Class |
Expense
Limitation |
abrdn
Dynamic Dividend Fund |
Institutional |
1.25
%
|
|
Class
A |
1.50
%
|
abrdn
Global Infrastructure Fund |
Institutional |
0.99
%
|
|
Class
A |
1.24
%
|
abrdn
Realty Income & Growth Fund |
Institutional |
0.99
%
|
|
Class
A |
1.24
%
|
abrdn
Short Duration High Yield Municipal Fund |
Institutional |
0.65
%
|
|
Class
A |
0.90
%
|
|
Class
C |
1.65
%
|
abrdn
Ultra Short Municipal Income Fund |
Institutional |
0.45
%
|
|
Class
A |
0.70
%
|
|
Class
A1 |
0.70
%
|
Name
of Fund |
Expense
Limitation |
abrdn
Emerging Markets Dividend Fund |
0.90
%
|
abrdn
Global Equity Impact Fund |
0.90
%
|
abrdn
High Income Opportunities Fund |
0.70
%
|
Portfolio
Manager |
Funds |
|
|
Dominic
Byrne, CFA®,
Deputy Head of Developed Markets Dominic is Deputy Head of Developed Markets and a portfolio manager on our global and responsible range of equity funds. Dominic joined the firm in 2000 as part of our UK Equity Team. In December 2008, he joined the Global Equity Team and has managed a range of global equity strategies. In 2020, Dominic was appointed Head of Global Equity at the company. Dominic graduated with a MEng in Engineering Science and is a CFA charterholder. |
abrdn
Global Equity Impact Fund abrdn U.S. Sustainable Leaders Fund |
|
|
Christopher
Colarik, Head of U.S. Smaller Companies Chris Colarik is the Head of U.S. Smaller Companies responsible for US Small and Smid Cap strategies. Chris joins abrdn after having spent over two decades at Glenmede Investment Management as a portfolio manager on the Small Cap Equity strategy. Prior to joining Glenmede in 1997, he was at Brandywine Asset Management, now Brandywine Global. Chris earned a BS in Economics from the University of Delaware. He is a member of the CFA Institute and the CFA Society of Philadelphia. |
abrdn
Focused U.S. Small Cap Equity Fund abrdn U.S. Small Cap Equity Fund |
|
|
Scott
Eun, Senior Investment Director Scott Eun is a Senior Investment Director at abrdn responsible for the US Small and Mid-Cap strategies. Scott began his career in management consulting with APM Incorporated in New York before getting his MBA. After business school, Scott began his investment career in venture capital at Atlantic Medical Capital. He then began his public investing career at AIG/SunAmerica Asset Management as a healthcare equity analyst and then moved to mutual fund family, The Dreyfus Corporation. Prior to joining the company in 2007, Scott was at Lehman Brothers Equity Strategies, where he was a co-manager of a long/ short equity fund. Scott has an MBA from The Wharton School of Business, University of Pennsylvania and a BA in Economics from Harvard College. |
abrdn
Focused U.S. Small Cap Equity Fund abrdn U.S. Small Cap Equity Fund |
|
Portfolio
Manager |
Funds
|
Martin
Connaghan, Investment Director Martin Connaghan is an Investment Director on the Developed Markets Team at abrdn. Martin joined Murray Johnstone in 1998, which was subsequently acquired by Aberdeen Asset Management in 2001. Martin has held a number of roles including Trader and ESG Analyst on the Global Equity Team; he also spent two years as a Portfolio Analyst on the Fixed Income Team in London. Martin primarily focuses on global and global income mandates. |
abrdn
Dynamic Dividend Fund |
|
|
Kirsty
Desson, Investment Director Kirsty Desson is an Investment Director within the Smaller Companies Team (which sits within the Developed Markets Team) at abrdn. She manages the global small cap strategies and leads discussions on the team’s global small-cap stock selection. Kirsty joined the company in September 2012 after a break from the industry. Prior to that, Kirsty started her career as a graduate at Martin Currie in October 2000. Following a stint on the US Equity desk, she moved to the Asia and Emerging Markets Team as Investment Manager. Kirsty graduated with a MA (Hons) in French from the University of St Andrews and holds the IMC. |
abrdn
International Small Cap Fund |
|
|
Josh
Duitz, Head of Global Income Josh Duitz is Head of Global Income at abrdn. Josh joined the company in 2018 from Alpine Woods Capital Management where he was a Portfolio Manager. Previously, Josh worked for Bear Stearns where he was a Managing Director, Principal and traded international equities. Prior to that, Josh worked for Arthur Andersen where he was a senior auditor. |
abrdn
Dynamic Dividend Fund abrdn Global Infrastructure Fund |
|
|
Ruairidh
Finlayson, CFA®,
Investment Director Ruairidh Finlayson is an Investment Director on the Developed Markets Team at abrdn. Ruairidh joined the company in 2018 from Polar Capital Partners where he worked as an Equity Analyst for the North America and Global Alpha funds. Previously, Ruairidh worked as an Equity Analyst for Brewin Dolphin after qualifying as a Chartered Accountant with Ernst & Young. |
abrdn
Dynamic Dividend Fund |
|
|
Christopher
Haimendorf, CFA®,
Senior Investment Director Christopher Haimendorf is a Senior Investment Director on the Developed Markets Team at abrdn. In this role, Chris analyzes current and prospective holdings and assists with the management of client portfolios. Chris brings a wealth of experience to the firm. He moved from the European Equities team where he worked as an Investment Director since 2001, having previously covered UK Equities. Chris joined the company in 1998 after graduating from the University of Cambridge with a BA (Hons) in Natural Sciences (Physiology) and is a CFA charterholder. |
abrdn
U.S. Sustainable Leaders Fund |
|
|
Joanna
McIntyre, CFA®,
Investment Director Joanna is an Investment Director in the Developed Markets Team at abrdn. Joanna joined the company in 2010 on the graduate program from Ernst and Young where she qualified as a Chartered Certified Accountant in 2009. She has worked across several areas of the business including Marketing, Product Development and the Real Estate Investment Specialists before joining the Multi-Asset Investment Specialists in early 2013. In January 2015, Joanna joined the Asia & GEM Equity Team before transferring to the Global Equity Team in April 2018. Joanna graduated with a MA in in Econometrics and Information Technology from University of Szczecin, Poland. Additionally she is a Chartered Certified Accountant, ACCA; holds the Investment Management Certificate and is a CFA® charterholder. |
abrdn
U.S. Sustainable Leaders Fund |
|
Portfolio
Manager |
Funds
|
Sarah
Norris, Head of ESG – Equities Sarah is Head of ESG – Equities. Sarah joined the company in 2011 as a member of the European Equity Team before transferring the Global Equity team in 2021. Sarah previously worked at Referendum Ready, a non-profit campaign that partnered with the Government of Southern Sudan Mission prior to independence. She continues to work with Impact Sudan, a non-profit organisation based in the US that supports education and community development projects in South Sudan. Sarah has an MA (Hons) in International Relations and MLitt Post Graduate studies, both from St Andrews University |
abrdn
Global Equity Impact Fund |
|
|
Jamie
Mills O’Brien, CFA®,
Investment Manager Jamie Mills O’Brien is an Investment Manager in the Developed Markets Team at abrdn. Jamie joined the company on the graduate scheme in 2015 after completing an internship. Jamie holds an MA in History from the University of St Andrews, and gained a distinction from BPP in the Graduate Diploma in Law and Legal Practice Course. He is also a CFA Charterholder. |
abrdn
U.S. Sustainable Leaders Fund |
|
|
Liam
Patel, Investment Analyst Asia/GEM Liam is an investment analyst in the Smaller Companies Team (which sits within the Developed Markets Team) at abrdn. He is responsible for providing research on Asia (ex Japan) and Emerging Market Small and Mid-Caps. Liam joined the Company in November 2020 from Kingfisher plc where he worked in corporate investor relations for one year. Previously he gained 5 years of experience as an Emerging Market Equity Analyst at British Airways Pension Fund where he focused on stock selection across Emerging Markets. Liam has a Master’s (MEng) and Bachelor’s (BEng) in Chemical Engineering, IMC and CFA UK Certificate in ESG Investing. |
abrdn
International Small Cap Fund |
|
|
Donal
Reynolds, CFA®,
Investment Director Donal is an Investment Director on the Developed Markets Team. Donal joined abrdn in 2006 as an Investment Process Analyst. In 2010, he transferred to the US Equity Team in Boston as Vice President. In 2014, he was promoted to Senior Vice President, Global Equities. Prior to this Donal worked for a number of firms, including BIL-Dexia, ING, JP Morgan and Aegon. Donal graduated with an MA in Chinese Studies and a BSC in Management. Additionally he holds the Investment Management Certificate and is a CFA Charterholder. |
abrdn
Global Infrastructure Fund |
|
|
Portfolio
Manager |
Funds |
Pruksa
Iamthongthong, CFA®,
Senior Investment Director Pruksa Iamthongthong is Senior Investment Director on the Asian equities team. Pruksa joined the company in 2007. Pruksa graduated with a BA in Business Administration from Chulalongkorn University, Thailand and is a CFA charterholder. |
abrdn
China A Share Equity Fund |
|
Portfolio
Manager |
Funds
|
Jim
Jiang, Investment Manager Jim Jiang is an Investment Manager on the Chinese equities team. Jim joined the company in 2018 after graduation. Jim graduated with a BSc in Quantitative Finance from the Hong Kong University of Science and Technology. |
abrdn
China A Share Equity Fund |
|
|
Elizabeth
Kwik, CFA®,
Investment Director Elizabeth Kwik is an Investment Director on the Chinese equities team. She is responsible for conducting investment research on Chinese companies and managing our Chinese equity portfolios. She joined the company in 2013, based in Hong Kong. Elizabeth graduated with a Bachelor of Science in Economics from the London School of Economics and is a CFA Charterholder. |
abrdn
China A Share Equity Fund |
|
|
Nicholas
Yeo, CFA®,
Director and Head of Equities – China Nicholas Yeo is Director and Head of Equities - China at abrdn. Nicholas joined the company in 2000 via the acquisition of Murray Johnstone. He was seconded to the London Global Emerging Market team for two years where he covered EMEA and Latin American companies, before returning to the Asian Equities team in Singapore in March 2004. In March 2007, he transferred to Hong Kong to lead Chinese equity research. Nicholas holds a BA (Hons) in Accounting and Finance from The University of Manchester and an MSc in Financial Mathematics from Warwick Business School. Nicholas is a CFA® charterholder. |
abrdn
China A Share Equity Fund |
|
|
Kristy
Fong, CFA®,
Senior Investment Director Kristy Fong is a Senior Investment Director on the Asian equities team. Kristy joined the company in 2004 from UOB KayHian Pte Ltd where she was an Analyst. Kristy graduated with a BA (Hons) in Accountancy from Nanyang Technological University, Singapore and is a CFA charterholder. |
abrdn
Emerging Markets ex-China Fund abrdn Emerging Markets Fund abrdn Emerging Markets Sustainable Leaders Fund |
|
|
Joanne
Irvine, Deputy Head of Global Emerging Markets Joanne Irvine is Deputy Head of Global Emerging Markets on the Global Emerging Markets Equity Team in London at abrdn. Joanne joined the company in 1996 in a group development role, and moved to the Global Emerging Markets Equity Team in 1997. Prior to abrdn, Joanne was with Rutherford Manson Dowds (subsequently acquired by Deloitte), specializing in raising private equity and bank funding for private companies. |
abrdn
Emerging Markets Fund |
|
|
Devan
Kaloo, Global Head of Public Markets Devan Kaloo is Global Head of Public Markets for abrdn. Devan joined the company in 2000 as part of the Asian equities team in Singapore, before later transferring to London where he took up the position of Head of Global Emerging Markets Equities in 2005. In 2015 he was promoted to Global Head of Equities and joined the company’s Group management board. Devan started in fund management with Martin Currie in 1994 covering Latin America, before subsequently working with the North American equities, global asset allocation and eventually the Asian equities teams. Devan graduated with an MA (Hons) in International Relations and Management from the University of St Andrews and has a postgraduate diploma in Investment Analysis from the University of Stirling. |
abrdn
Emerging Markets Fund |
|
|
Nick
Robinson, CFA®,
Senior Investment Director Nick Robinson is a Senior Investment Director on the Global Emerging Markets Equity Team at abrdn. Nick joined the company in 2000 and spent eight years on the North American Equities team, including three years based in the company‘s US offices. In 2008 he joined the Global Emerging Markets Equity team. Nick relocated to São Paulo in 2009 to start abrdn’s operations in Brazil. In 2016 he returned to London. Nick graduated with an MSc in Chemistry from Lincoln College, Oxford and is a CFA charterholder. |
abrdn
Emerging Markets ex-China Fund abrdn Emerging Markets Fund abrdn Emerging Markets Sustainable Leaders Fund |
|
Portfolio
Manager |
Funds
|
Nina
Petry, CFA®,
Investment Manager Nina Petry is an Investment Manager in the Global Emerging Markets team. She co-manages all EM Sustainable strategies and is a member of abrdn’s Impact Management Group. As an analyst, she is responsible for the Consumer Staples, Consumer Discretionary and Real Estate sectors. Nina joined the GEM team in 2018 and the company in 2016 as a Graduate Analyst, during which time she worked in Philadelphia, New York, São Paulo and Edinburgh before settling in London. Nina is a CFA Charterholder. She graduated in 2016 with a BA in Literature and a minor concentration in Finance & Accounting from Ursinus College in Pennsylvania, U.S. |
abrdn
Emerging Markets Sustainable Leaders Fund |
|
Portfolio
Manager |
Funds |
Gabriel
Sacks, CFA®,
Investment Manager Gabriel is an Investment Director on the GEM team at abrdn and leads the portfolio construction group responsible for managing the abrdn Emerging Markets Dividend Fund. Gabriel joined the company in 2008 and is based in London but spent 5 years in Singapore from 2018 to 2023, where he was focused primarily on Asian smaller companies. Gabriel is currently a member of the investment teams for the GEM Income strategy, the GEM Smaller Companies strategy, the Asia Focus Investment Trust as well as abrdn’s GEM ADR strategy. During his time in Singapore, Gabriel led the team managing the Asian Smaller Companies strategy (until December 2022) and was also a member of the team managing the New Dawn Investment Trust. In terms of sector research, Gabriel is currently responsible for Information Technology and Insurance & Capital Markets. Gabriel graduated with an MA (Hons) in Land Economy from Selwyn College, Cambridge University and is a CFA charterholder. |
abrdn
Emerging Markets Dividend Fund |
|
|
Matt
Williams, CFA®,
Senior Investment Director Matt is a Senior Investment Director on the Global Emerging Markets (GEM) team at abrdn, where he is the lead portfolio manager to the abrdn Emering Markets Dividend Fund. Matt is also responsible for the abrdn Emerging Markets Income Equity Fund, the Standard Life Emerging Markets Pension Fund and a segregated account. In terms of research responsibilities, Matt is currently sector lead for Industrials and also Communication Services. Matthew joined the company in 1998. He has managed country funds in both Japan and Asia Pacific. He moved from the GEM and Asia Pacific team based in Edinburgh to the London based GEM team in April 2018 following the restructuring of the equity division. Matthew holds a BA in Economics from Durham University in 1998 and a Diploma in Investment Analysis Associate of the Society of Investment Professionals (formerly AIIMR). He is also a CFA charterholder. |
abrdn
Emerging Markets Dividend Fund |
Portfolio
Manager |
Funds |
Jonathan
Mondillo, Head of U.S. Fixed Income Jonathan Mondillo is Head of U.S. Fixed Income at abrdn, having previously served as Head of Municipals. He is responsible for overseeing three municipal bond mutual funds that span investment grade ultra-short maturities to high yield credits. Jonathan joined the firm in 2018 from Alpine Woods Capital Investors, LLC, when two mutual funds he managed were acquired by abrdn. Prior to that, Jonathan worked for Fidelity Capital Markets. Jonathan graduated with a B.S. in Finance from Bentley University. |
abrdn
Infrastructure Debt Fund |
|
|
Matthew
Kence, Investment Director Matthew Kence is an Investment Director at abrdn. He is also responsible for covering U.S. high yield energy companies. Matt joined the company in 2010 from Gannet Welsh & Kotler where he was a Vice President, Credit. Previously, Matt also worked for MFS Investment Management as a high yield analyst. Matt graduated with a BS Mechanical Engineering from Ohio University and received his MBA from the Haas School of Business at the University of California, Berkeley. |
abrdn
Infrastructure Debt Fund |
Portfolio
Manager |
Funds |
Miguel
Laranjeiro, Investment Director Miguel Laranjeiro is an Investment Director within the Municipals team at abrdn where he is responsible for asset allocation and investment managment decisions for the abrdn Ultra Short Municipal Income Fund, abrdn Short Duration High Yield Municipal Fund and abrdn Intermediate Municipal Income Fund. Miguel’s experience includes municipal credit analysis in the high yield sector as well as high grade tax backed sectors. Miguel joined the company in 2018 from Alpine Woods Capital Investors where he was focused on credit analysis in the Public Finance sector for Alpine’s two municipal mutual funds, which were acquired by abrdn. Previously, Miguel worked for Thomson Reuters as a an analyst focused primarily on Fundamentals Analysis in the Emerging Markets sectors. |
abrdn
Intermediate Municipal Income Fund abrdn Short Duration High Yield Municipal Fund abrdn Ultra Short Municipal Income Fund |
|
|
Jonathan
Mondillo, Head of U.S. Fixed Income Jonathan Mondillo is Head of U.S. Fixed Income at abrdn, having previously served as Head of Municipals. He is responsible for overseeing three municipal bond mutual funds that span investment grade ultra-short maturities to high yield credits. Jonathan joined the firm in 2018 from Alpine Woods Capital Investors, LLC, when two mutual funds he managed were acquired by abrdn. Prior to that, Jonathan worked for Fidelity Capital Markets. Jonathan graduated with a B.S. in Finance from Bentley University. |
abrdn
Intermediate Municipal Income Fund abrdn Short Duration High Yield Municipal Fund abrdn Ultra Short Municipal Income Fund |
Portfolio
Manager |
Funds |
Ben
Pakenham, Head of European High Yield and Global Loans Ben Pakenham is Head of European High Yield & Global Leveraged Loans at abrdn. Ben joined abrdn in 2011 from Henderson Global Investors where he was the lead fund manager on the Extra Monthly Income Bond Fund and a named manager on various other credit portfolios including the High Yield Monthly Income Bond Fund. Previously, Ben worked for New Star Asset Management as a high yield analyst and assistant fund manager. Ben holds a BS (Hons) in History from Leeds Metropolitan University. |
abrdn
High Income Opportunities Fund |
|
|
George
Westervelt, CFA®,
Head of Global High Yield George Westervelt is Head of Global High Yield and Head of US High Yield Research. George joined abrdn in 2009 as a Credit Analyst and joined the portfolio management group in 2011. Prior to joining abrdn, George worked at MFS Investment Management in Boston and Citigroup in New York. He earned a BA in English from the University of Vermont and is a CFA charterholder. |
abrdn
High Income Opportunities Fund |
|
Portfolio
Manager |
Funds
|
Matthew
Kence, Investment Director Matthew Kence is an Investment Director and at abrdn. He is also responsible for covering US high yield Energy companies. Matt joined the company in 2010 from Gannet Welsh & Kotler where he was a Vice President, Credit. Previously, Matt also worked for MFS Investment Management as a high yield analyst. Matt graduated with a BS Mechanical Engineering from Ohio University and received his MBA from the Haas School of Business at the University of California, Berkeley. |
abrdn
High Income Opportunities Fund |
|
|
Adam
Tabor, CFA®,
Investment Director Adam Tabor is an Investment Director on the Global High Yield team at abrdn. Adam joined the company in 2010 on a graduate rotation scheme having previously interned in 2009. Adam graduated with an MA in Financial Economics from the University of St Andrews. He is a CFA Charterholder. |
abrdn
High Income Opportunities Fund |
Portfolio
Manager |
Funds |
Jay
Carlington, CFA®,
Portfolio Manager Jay Carlington is a Portfolio Manager and is responsible for providing investment recommendations for abrdn’s Listed Real Estate Funds, with primary coverage in North America. Jay joined the company in 2017 from Green Street Advisors in Newport Beach, CA where he was lead analyst covering the U.S. Strip Center REIT Sector. Previously, Jay worked for Credit Suisse in New York as a sell side analyst covering consumer staples and healthcare. Prior to that, Jay worked for Moody’s Investors Service where he rated high-yield credits in the consumer sector. Jay graduated with a BBA in Finance from Pace University in New York City and is a CFA® charterholder. Jay also holds his Series 7 license. |
abrdn
Realty Income & Growth Fund |
|
|
Svitlana
Gubriy, Head of Indirect Real Assets Svitlana Gubriy is Head of Indirect Real Assets at abrdn. abrdn’s Indirect Real Assets comprises global listed real estate, real estate multi-manager and indirect infrastructure platforms within the wider Real Assets team that manages over $70bn of real estate and infrastructure assets globally. Svitlana is responsible for the team based in Boston, London, Edinburgh, Singapore and Hong Kong manging the indirect real assets’ investments across a number of global and regional mandates. In addition, Svitlana has primary responsibilities for managing investments, identifying new investment opportunities and implementing our strategy for a number listed real estate strategies. Prior to joining the company in 2005, Ms. Gubriy worked in real estate investment banking division of Lehman Brothers in New York. Svitlana graduated with a Diploma with Honours in Applied Mathematics, an MA in Applied Economics and an MBA in Finance and Corporate Accounting. Svitlana also holds the Investment Management Certificate (IMC). |
abrdn
Realty Income & Growth Fund |
|
Portfolio
Manager |
Funds
|
Bill
Pekowitz, REIT Analyst / Portfolio Manager Bill Pekowitz is a REIT Analyst / Portfolio Manager at abrdn. Bill is responsible for providing research and analysis of the North American real estate market. In this capacity, Bill is responsible for fundamental equity research of listed real estate companies, as well as analysis of underlying property markets across the region. In addition, his responsibilities include making investment recommendations and identifying new investment opportunities for the Funds. Bill has significant investment experience, initially working as an equity analyst for Value Line Inc.’s research department, before joining Prudential Equity Group as an associate analyst for REITs in 2004, and finally working for Cornerstone Real Estate Advisers from 2006 to 2012 as a senior analyst prior to joining Standard Life Investments. Bill graduated with a Bachelor of Science in Business and Economics and has completed Level II of the CFA designation. |
abrdn
Realty Income & Growth Fund |
● |
initial
due diligence on prospective Fund
sub-advisers; |
● |
monitoring
sub-adviser performance, including ongoing analysis and periodic
consultations; |
● |
communicating
performance expectations and evaluations to the sub-advisers;
and |
● |
making
recommendations to the Board of Trustees regarding renewal, modification
or termination of a sub-adviser’s contract. |
Investing
with abrdn Funds |
● |
which
share classes are available to you; |
● |
how
long you expect to own your shares; |
● |
how
much you intend to invest; |
● |
total
costs and expenses associated with a particular share class;
and |
● |
whether
you qualify for any reduction or waiver of sales
charges. |
Class
A Shares |
|
Front-end
sales charge up to 5.75% (equity funds), 3.00% (Infrastructure
Debt Fund and High Income Opportunities Fund), 2.50%
(Intermediate Municipal Income Fund and Short Duration High
Yield Municipal Fund) for Class A Shares |
The
offering price of the shares includes a front-end sales charge
which means that a portion of your initial investment goes
toward the sales charge and is not invested. |
Contingent
deferred sales charge (CDSC) up to 1.00%(1)
|
Reduction
and waivers of sales charges may be available. |
Annual
service and/or 12b-1 fee of 0.25% |
Total
annual operating expenses are lower than Class C expenses
which means higher dividends and/or NAV per share. |
Administrative
services fee of up to 0.25% |
No
conversion feature.
No
maximum investment amount. |
Class
A1 Shares (for Ultra Short Municipal Fund only)
|
|
Front-end
sales charge up to 0.50% for Class A1 Shares |
The
offering price of the shares includes a front-end sales charge
which means that a portion of your initial investment goes
toward the sales charge and is not invested. |
CDSC
up to 0.25%(2)
|
Reduction
and waivers of sales charges may be available. |
Annual
service and/or 12b-1 fee of 0.25% |
No
conversion feature. |
Administrative
services fee of up to 0.25% |
No
maximum investment amount.
Only
available for purchase through financial
intermediaries. |
Class
C Shares |
|
No
front-end sales charge. |
No
front-end sales charge means your full investment immediately
goes toward buying shares. |
CDSC
of 1.00%(3)
|
No
reduction of CDSC, but waivers may be available.
The
CDSC declines to zero after one year. |
Annual
service and/or 12b-1 fee of 1.00% |
Total
annual operating expenses are higher than Class A expenses,
which means lower dividends and/or NAV per share. |
No
administrative services fee |
Converts
to Class A shares after approximately 8 years
Maximum
investment amount of $1,000,000(4).
Larger investments
may be rejected. |
(1) | Unless you are otherwise eligible to purchase Class A shares without a sales charge, for all Funds, except the Ultra Short Municipal Income Fund, a CDSC of up to 1.00% (up to 0.75% for the Intermediate Municipal Income Fund and Short Duration High Yield Municipal Fund) will be charged on Class A shares redeemed within 18 months of purchase (12 months for the Intermediate Municipal Income Fund and Short Duration High Yield Municipal Fund) if you paid no sales charge on the original purchase and a finder’s fee was paid. Class A shares of the Ultra Short Municipal Income Fund are not subject to a CDSC. |
(2) | Unless you are otherwise eligible to purchase Class A1 shares without a sales charge, a CDSC of up to 0.25% will be charged on Class A1 shares redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. |
(3) | A 1.00% CDSC will be assessed when Class C shares are redeemed within 12 months of purchase; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker-dealer was not paid a commission at the time of purchase. |
(4) | This limit was calculated based on a one-year holding period. |
|
Sales
Charge as a Percentage of |
||
Amount
of Purchase |
Offering
Price* |
Net
Amount Invested
(Approximately) |
Dealer
Commissions
as Percentage
of Offering
Price |
Less
than $50,000 |
5.75
%
|
6.10
%
|
5.00
%
|
$50,000
up to $100,000 |
4.75
|
4.99
|
4.00
|
$100,000
up to $250,000 |
3.50
|
3.63
|
3.00
|
$250,000
up to $500,000 |
2.50
|
2.56
|
2.00
|
$500,000
up to $1 million |
2.00
|
2.04
|
1.75
|
$1
million or more |
None
|
None
|
None
**
|
* | The offering price of Class A1 Shares of the Fund is the next determined NAV per share plus the initial sales charge listed in the table above which is paid to the Fund’s distributor at the time of purchase of shares. |
** | Dealer may be eligible for a finder’s fee as described in “Purchasing Class A Shares without a Sales Charge” below. |
|
Sales
Charge as a Percentage of |
||
Amount
of Purchase |
Offering
Price* |
Net
Amount Invested
(Approximately) |
Dealer Commissions as Percentage of Offering Price |
Less
than $100,000 |
3.00
%
|
3.10
%
|
2.50
%
|
$100,000
up to $250,000 |
2.50
|
2.56
|
2.00
|
$250,000
up to $1 million |
2.00
|
2.04
|
1.75
|
$1
million or more |
None
|
None
|
None
**
|
* | The offering price of Class A Shares of the Fund is the next determined NAV per share plus the initial sales charge listed in the table above which is paid to the Fund’s distributor at the time of purchase of shares. |
** | Dealer may be eligible for a finder’s fee as described in “Purchasing Class A Shares without a Sales Charge” below. |
|
Sales
Charge as a Percentage of |
||
Amount
of Purchase |
Offering
Price* |
Net
Amount Invested
(Approximately) |
Dealer
Commission
as Percentage
of Offering
Price |
Less
than $100,000 |
2.50
%
|
2.56
%
|
2.00
%
|
$100,000
up to $250,000 |
2.00
|
2.04
|
1.75
|
$250,000
or more |
None
|
None
|
None
**
|
* | The offering price of Class A Shares of the Fund is the next determined NAV per share plus the initial sales charge listed in the table above which is paid to the Fund’s distributor at the time of purchase of shares. |
** | Dealer may be eligible for a finder’s fee as described in “Purchasing Class A Shares without a Sales Charge” below. |
|
Sales
Charge as a Percentage of |
||
Amount
of Purchase |
Offering
Price* |
Net
Amount Invested
(Approximately) |
Dealer
Commission
as Percentage
of Offering
Price |
Less
than $250,000 |
0.50
%
|
0.50
%
|
0.50
%
|
$250,000
or more |
None
|
None
|
None
**
|
* | The offering price of Class A1 Shares of the Fund is the next determined NAV per share plus the initial sales charge listed in the table above which is paid to the Fund’s distributor at the time of purchase of shares. |
** | Dealer may be eligible for a finder’s fee as described in “Purchasing Class A Shares without a Sales Charge” below. |
● |
A
Larger Investment.
The sales charge decreases as the amount of your investment
increases. |
● |
Rights
of Accumulation.
To qualify for the reduced Class A or Class A1 sales charge that would
apply to a larger purchase
than you are currently making (as shown in the tables above), you and
other family members living at the same
address can add the value of any Class A, Class A1 or Class C shares in
the Trust (each, an “abrdn Fund” and collectively,
the “abrdn Funds”) that you currently own or are currently purchasing to
the value of your Class A or Class A1
purchase, as applicable. |
● |
Share
Repurchase Privilege.
If you redeem Fund shares from your account, you qualify for a one-time
reinvestment privilege.
You may reinvest some or all of the proceeds in shares of the same class
without paying an additional sales charge
within 30 days of redeeming shares on which you previously paid a sales
charge. (Reinvestment does not affect
the amount of any capital gains tax due. However, if you realize a loss on
your redemption and then reinvest all or
some of the proceeds, all or a portion of that loss may not be tax
deductible.) |
● |
Letter
of Intent Discount.
If you declare in writing that you or a group of family members living at
the same address intend
to purchase at least $50,000 in Class A shares (at least $100,000 in Class
A shares of the Infrastructure
Debt
Fund,
Intermediate Municipal Income Fund and Short Duration High Yield Municipal
Fund and at least $250,000 in Class A1
shares of the Ultra Short Municipal Income Fund) during a 13-month period,
your sales charge is based on the total amount
you intend to invest. You can also combine your holdings of Class A, Class
A1 and Class C shares in the abrdn Funds
to fulfill your Letter of Intent. You are not legally required to complete
the purchases indicated in your Letter of Intent.
However, if you do not fulfill your Letter of Intent, additional sales
charges may be due and shares in your account
would be liquidated to cover those sales
charges. |
● |
“Retirement
Plans”; |
○ |
“Retirement
Plans” include 401(a) plans, 401(k) plans, SIMPLE 401(k) plans, 457 plans,
employer-sponsored 403(b) plans,
profit-sharing and money purchase pension plans, non-qualified deferred
compensation plans, employer sponsored
benefit plans (including health savings accounts), defined benefit plans,
and other similar employer sponsored
retirement and benefit plans. “Retirement Plans” do not include individual retirement vehicles, such as traditional and Roth IRAs, Coverdell education savings accounts, individual 401(k) plans, individual 403(b)(7) custodial accounts, one-person Keogh plans, SEPs, SARSEPs, SIMPLE IRAs or similar accounts. |
● |
investment
advisory clients of the Adviser’s
affiliates; |
● |
any
life insurance company separate account registered as a unit investment
trust; |
● |
directors,
officers, full-time employees (and their spouses, children or immediate
relatives) of companies that may be affiliated
with the Adviser from time to time; |
● |
directors,
officers, full-time employees and sales representatives and their
employees of a broker-dealer that has a dealer/selling
agreement with the Funds’ distributor; |
● |
investors
purchasing on a periodic fee, asset-based fee or no transaction fee basis
through a broker-dealer sponsored mutual
fund purchase program; and |
● |
financial
institutions as shareholders of record on behalf of investment advisers or
financial planners for their clients, and
who charge a separate fee for their
services. |
● |
if
you are eligible to purchase Class A or Class A1 shares without a sales
charge for another reason; or |
● |
if
no finder’s fee was paid; or |
● |
to
shares acquired through reinvestment of dividends or capital gains
distributions. |
● |
The
purchase can be made in any combination of the funds of the Trust. The
amount of the finder’s fee will be determined
based on the particular combination of the funds purchased. The applicable
finder’s fee will be determined
on a pro rata basis to the purchase of each particular
fund. |
● |
The
shareholder will be subject to a CDSC for shares redeemed in any
redemption within the first 12 months of purchase. |
Amount
of Purchase |
Amount
of CDSC |
$1
Million up to $4 Million |
1.00
%
|
$4
Million up to $25 Million |
0.50
%
|
$25
Million or More |
0.25
%
|
Amount
of Purchase |
Amount
of CDSC |
$250,000
up to $4 Million |
0.75
%
|
$4
Million up to $25 Million |
0.50
%
|
$25
Million or More |
0.25
%
|
Amount
of Purchase |
Amount
of CDSC |
$250,000
or more |
0.25
%
|
● |
the
redemption of Class A, Class A1 or Class C shares purchased through
reinvested dividends or distributions; |
● |
Class
A, Class A1 or Class C shares sold following the death or disability of a
shareholder, provided the redemption occurs
within one year of the shareholder’s death or
disability; |
○ |
mandatory
withdrawals of Class A, Class A1 or Class C shares from traditional IRA
accounts after age 72 (73
if you reach
72
after December 31, 2022)
and for other required distributions from retirement
accounts; |
○ |
redemptions
of Class C shares from “Retirement Plans,” as defined on page 164, if no
commission was paid by the Adviser
on the purchase of the shares being redeemed;
and |
● |
redemptions
of Class C shares purchased through financial intermediaries who did not
receive advanced sales commission
payments. |
● |
the
level of distribution and administrative services the plan
requires; |
● |
the
total expenses of the share class; and |
● |
the
appropriate level and type of fee to compensate the intermediary. An
intermediary may receive different compensation
depending on which class is chosen. |
● |
401(a)
plans; |
● |
401(k)
plans; |
● |
457
plans; |
● |
403(b)
plans; |
● |
profit
sharing and money purchase pension plans; |
● |
defined
benefit plans; |
● |
non-qualified
deferred compensation plans; and |
● |
other
retirement accounts in which the retirement plan or the retirement plan’s
financial services firm has an agreement
with the Fund, the Funds’ Adviser or the Funds’ distributor to use Class R
shares. |
● |
institutional
non-retirement accounts; |
● |
traditional
and Roth IRAs; |
● |
Coverdell
Education Savings Accounts; |
● |
SEPs
and SAR-SEPs; |
● |
SIMPLE
IRAs; |
● |
one-person
Keogh plans; |
● |
individual
403(b) plans; or |
● |
529
Plan accounts. |
● |
retirement
plans advised by financial professionals who are not associated with
brokers or dealers primarily engaged in
the retail securities business and rollover individual retirement accounts
from such plans; |
● |
retirement
plans for which third-party administrators provide recordkeeping services
and are compensated by the Funds
for these services; |
● |
a
bank, trust company or similar financial institution investing for its own
account or for trust accounts for which it has authority
to make investment decisions as long as the accounts are part of a program
that collects an administrative services
fee; |
● |
registered
investment advisers investing on behalf of institutions and high net worth
individuals. This may also include registered
investment advisers as well as financial intermediaries with clients
enrolled in certain fee-based/advisory platforms
where compensation for advisory services is derived exclusively from
clients; |
● |
financial
intermediaries that have entered into an agreement with the Distributor to
offer Institutional Service Class shares
through a no-transaction fee platform; or |
● |
life
insurance separate accounts using the investment to fund benefits for
variable annuity contracts issued to governmental
entities as an investment option for 457 or 401(k)
plans. |
● |
funds
of funds offered by affiliates of the
Funds; |
● |
independent
directors, officers, full-time employees (and their spouses, children or
immediate relatives) of the Advisor and
its affiliates; |
● |
retirement
plans for which no third-party administrator receives compensation from
the Funds; |
● |
institutional
advisory accounts of the Adviser’s affiliates, those accounts which have
client relationships with an affiliate of
the Adviser, its affiliates and their corporate sponsors, subsidiaries;
and related retirement plans; |
● |
rollover
individual retirement accounts from such institutional advisory
accounts; |
● |
a
bank, trust company or similar financial institution investing for its own
account or for trust accounts for which it has authority
to make investment decisions as long as the accounts are not part of a
program that requires payment of Rule
12b-1 or administrative services fees to the financial
institution; |
● |
registered
investment advisers investing on behalf of institutions and high net-worth
individuals. This may also include registered
investment advisers as well as financial intermediaries with clients
enrolled in certain fee-based/advisory platforms
where compensation for advisory services is derived exclusively from
clients; |
● |
financial
intermediaries that have entered into an agreement with the Distributor to
offer Institutional Class shares through
a no-transaction fee platform; |
● |
high
net-worth individuals who invest directly without using the services of a
broker, investment adviser or other financial
intermediary; or |
● |
brokerage
platforms of firms that have agreements with the fund’s distributor to
offer such shares solely when acting as
an agent for the investor. An investor transacting in Institutional Class
shares in these programs may be required to pay
a commission and/or other forms of compensation to the
broker. |
Class
|
As
a % of Daily Net Assets |
Class
A |
0.25% |
|
(distribution
or service fee) |
Class
A1 |
0.25% |
|
(distribution
or service fee) |
Class
C |
1.00% |
|
(0.25%
service fee) |
Class
R |
0.50% |
|
(0.25%
of which will be a distribution fee and 0.25% of which will be a service
fee) |
● |
the
Funds’ distributor and other affiliates of the
Adviser; |
● |
broker-dealers; |
● |
financial
institutions; and |
● |
other
financial intermediaries through which investors may purchase shares of a
Fund. |
● |
A
Fund will be deemed to have received an order that is in good form when
the order is received by the financial intermediary
on a business day, and the order will be priced at a Fund’s net asset
value per share (adjusted for any applicable
sales charge) next determined after such
receipt. |
● |
Financial
intermediaries are responsible for transmitting received orders to a Fund
within the time period agreed upon by
them. |
● |
make
transactions; |
● |
hear
fund price information; and |
● |
obtain
mailing and wiring instructions. |
● |
download
Fund prospectuses; |
● |
obtain
information on the abrdn Funds; |
● |
access
your account information; and |
● |
request
transactions, including purchases, redemptions and
exchanges. |
● |
calculated
at the close of regular trading (usually 4 p.m. Eastern Time) each day the
New York Stock Exchange is open. |
● |
generally
determined by dividing the total net market value of the securities and
other assets owned by a Fund allocated
to a particular class, less the liabilities allocated to that class, by
the total number of outstanding shares of that
class. |
● |
New
Year’s Day |
● |
Martin
Luther King, Jr. Day |
● |
Presidents’
Day |
● |
Good
Friday |
● |
Memorial
Day |
● |
Juneteenth
National Independence Day |
● |
Independence
Day |
● |
Labor
Day |
● |
Thanksgiving
Day |
● |
Christmas
Day |
● |
Other
days as determined by the New York Stock
Exchange. |
● |
if
you choose this method to open a new account, you must call our toll-free
number before you wire your investment and
arrange to fax your completed
application. |
● |
your
bank may charge a fee to wire funds. |
● |
the
wire must be received by 4:00 p.m. Eastern
Time in
order to receive the current day’s NAV. |
* | Exchange privileges may be amended or discontinued upon 60 days written notice to shareholders. |
** | A medallion signature guarantee may be required. See “Medallion Signature Guarantee” below. |
● |
your
proceeds typically will be wired to your bank on the next business day
after your order has been processed. |
● |
abrdn
Funds deducts a $20 service fee from the redemption proceeds for this
service. |
● |
your
financial institution may also charge a fee for receiving the
wire. |
● |
funds
sent outside the U.S. may be subject to higher
fees. |
● |
name; |
● |
date
of birth (for individuals); |
● |
residential
or business street address (although post office boxes are still permitted
for mailing); and |
● |
Social
Security number, taxpayer identification number, or other identifying
number. |
● |
If
the value of your account falls below $1,000, you are generally subject to
a $5 quarterly fee (with an annual maximum
of $20 per account). Shares from your account are redeemed each quarter to
cover the fee, which is returned
to the Fund to offset small account expenses. Under some circumstances,
each Fund may waive the quarterly
fee. See the SAI for information about the circumstances under which this
fee will not be assessed. |
● |
Each
Fund reserves the right to redeem your remaining shares and close your
account if a redemption of shares brings
the value of your account below $1,000. In such cases, you will be
notified and given 60 days to purchase additional
shares before the account is closed. |
● |
your
financial intermediary’s policies and procedures permit
exchanges; |
● |
both
accounts have the same registration; |
● |
your
first purchase in the new fund meets its minimum investment requirement;
and |
● |
you
purchase the same class of shares. For example, you may exchange between
Class A shares of any Fund of the Trust,
but may not exchange between Class A shares and Class C
shares. |
● |
if
you exchange Class A shares that are subject to a CDSC, and then redeem
those shares within 18 months of the original
purchase (within 12 months of the original purchase of the Intermediate
Municipal Income Fund and Short Duration
High Yield Municipal Fund, or with respect to Class A1 of the Ultra Short
Municipal Income Fund), the CDSC applicable
to the original purchase is charged. |
● |
the
New York Stock Exchange is closed (other than customary weekend and
holiday closings); |
● |
trading
is restricted; or |
● |
an
emergency exists (as determined by the Securities and Exchange
Commission). |
● |
if
the account holder is engaged in excessive trading
or |
● |
if
the amount of the redemption request would disrupt efficient portfolio
management or adversely affect the Fund. |
● |
if
ownership is being changed on your
account; |
● |
the
redemption check is made payable to anyone other than the registered
shareholder; |
● |
the
proceeds are mailed to an address other than the address of
record; |
● |
your
account address has changed within the last 15 calendar
days; |
● |
the
redemption proceeds are being wired or sent by ACH to a bank for which
instructions are currently not on your account;
or |
● |
the
redemption proceeds are being wired or sent by ACH to a bank account that
has been added or changed within the
past 15 calendar days. |
● |
disrupt
portfolio management strategies; |
● |
increase
brokerage and other transaction costs;
and |
● |
negatively
affect fund performance. |
● |
restrict
purchases or exchanges that the Fund or its agents believe constitute
excessive trading and |
● |
reject
transactions that violate a Fund’s excessive trading policies or its
exchange limits. |
● |
distributions
are taxable to you at either ordinary income or capital gains tax rates
(except as described below with respect
to exempt-interest dividends); |
● |
distributions
of short-term capital gains are paid to you as ordinary income that is
taxable at applicable ordinary income
tax rates; |
● |
distributions
of long-term capital gains are taxable to you as long-term capital gains
no matter how long you have owned
your Fund shares; |
● |
for
individuals, a portion of the income dividends paid may be qualified
dividend income eligible for long-term capital gain
tax rates, provided that certain holding period requirements are
met; |
● |
for
individuals, a portion of the income dividends paid may be eligible for a
20% “qualified business income” deduction available
through 2025 to the extent attributable to ordinary real estate investment
trust (“REIT”) dividends, provided that
certain holding period requirements are
met; |
● |
for
corporate shareholders, a portion of income dividends may be eligible for
the corporate dividends-received deduction,
subject to certain limitations; and |
● |
distributions
declared in October, November or December to shareholders of record in
such month, but paid in January,
are taxable as if they were paid in
December. |
● |
exempt-interest
dividends (dividends paid from interest earned on municipal securities)
are exempt from regular federal
income tax; |
● |
exempt-interest
dividends are taken into account when determining the taxable portion of
your Social Security or railroad
retirement benefits; |
● |
income
paid from tax-exempt bonds whose proceeds are used to fund private,
for-profit organizations (private activity
bonds) are a tax preference item subject to the federal alternative
minimum tax; |
● |
income
dividends from interest earned on municipal securities of a state or its
political subdivisions are generally exempt
from that state’s income taxes. Almost all states, however, tax interest
earned on municipal securities of other states; |
● |
income
dividends from the Fund’s investments in securities that do not pay
tax-exempt income and market discount are
paid to you as ordinary income. |
|
|
Investment
Activities |
Distributions |
|||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized Gains |
Total
Distributions |
Net
Asset Value,
End of Period |
Class
A Shares | ||||||||
Year
Ended October 31, 2023 |
$6.29
|
$(0.02
)
|
$(0.60
)
|
$(0.62
)
|
$–
|
$–
|
$–
|
$5.67
|
Year
Ended October 31, 2022 |
11.09
|
(0.04
)
|
(2.09
)
|
(2.13
)
|
–
|
(2.67
)
|
(2.67
)
|
6.29
|
Year
Ended October 31, 2021 |
8.08
|
(0.04
)
|
4.06
|
4.02
|
–
|
(1.01
)
|
(1.01
)
|
11.09
|
Year
Ended October 31, 2020 |
7.59
|
(0.01
)
|
0.96
|
0.95
|
–
(g)
|
(0.46
)
|
(0.46
)
|
8.08
|
Year
Ended October 31, 2019 |
6.85
|
0.01
|
1.09
|
1.10
|
–
|
(0.36
)
|
(0.36
)
|
7.59
|
Class
R Shares | ||||||||
Year
Ended October 31, 2023 |
5.38
|
(0.03
)
|
(0.52
)
|
(0.55
)
|
–
|
–
|
–
|
4.83
|
Year
Ended October 31, 2022 |
9.54
|
(0.06
)
|
(1.78
)
|
(1.84
)
|
–
|
(2.32
)
|
(2.32
)
|
5.38
|
Year
Ended October 31, 2021 |
7.09
|
(0.06
)
|
3.52
|
3.46
|
–
|
(1.01
)
|
(1.01
)
|
9.54
|
Year
Ended October 31, 2020 |
6.73
|
(0.03
)
|
0.85
|
0.82
|
–
|
(0.46
)
|
(0.46
)
|
7.09
|
Year
Ended October 31, 2019 |
6.13
|
(0.01
)
|
0.97
|
0.96
|
–
|
(0.36
)
|
(0.36
)
|
6.73
|
Institutional
Service Class Shares | ||||||||
Year
Ended October 31, 2023 |
6.64
|
(–
)
(g)
|
(0.65
)
|
(0.65
)
|
–
|
–
|
–
|
5.99
|
Year
Ended October 31, 2022 |
11.68
|
(0.04
)
|
(2.18
)
|
(2.22
)
|
–
|
(2.82
)
|
(2.82
)
|
6.64
|
Year
Ended October 31, 2021 |
8.45
|
(0.03
)
|
4.27
|
4.24
|
–
|
(1.01
)
|
(1.01
)
|
11.68
|
Year
Ended October 31, 2020 |
7.92
|
–
(g)
|
1.00
|
1.00
|
(0.01
)
|
(0.46
)
|
(0.47
)
|
8.45
|
Year
Ended October 31, 2019 |
7.11
|
0.03
|
1.14
|
1.17
|
–
|
(0.36
)
|
(0.36
)
|
7.92
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023 |
6.97
|
0.01
|
(0.68
)
|
(0.67
)
|
–
|
–
|
–
|
6.30
|
Year
Ended October 31, 2022 |
12.21
|
(0.02
)
|
(2.31
)
|
(2.33
)
|
–
|
(2.91
)
|
(2.91
)
|
6.97
|
Year
Ended October 31, 2021 |
8.78
|
(0.01
)
|
4.45
|
4.44
|
–
|
(1.01
)
|
(1.01
)
|
12.21
|
Year
Ended October 31, 2020 |
8.20
|
0.01
|
1.04
|
1.05
|
(0.01
)
|
(0.46
)
|
(0.47
)
|
8.78
|
Year
Ended October 31, 2019 |
7.34
|
0.04
|
1.18
|
1.22
|
–
|
(0.36
)
|
(0.36
)
|
8.20
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Includes interest expense that amounts to less than 0.01%. |
(f) | Includes interest expense that amounts to less than 0.01% for Class A, Class C, Class R, Institutional Service Class and Institutional Class for the years ended October 31, 2021 and October 31, 2020. |
(g) | Less than $0.005 per share. |
|
Ratios/Supplemental
Data | ||||
Total
Return(b)
|
Net
Assets at End of Period
(000’s) |
Ratio
of Expenses (Net
of Reimbursements/
Waivers)
to Average Net
Assets |
Ratio
of Expenses (Prior
to Reimbursements)
to Average
Net Assets(c)
|
Ratio
of Net Investment
Income (Loss)
to Average Net Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
(9.86
%)
|
$6,278
|
1.24
%
(e)
|
2.33
%
(e)
|
(0.25
%)
|
16.83
%
|
(25.40
%)
|
8,220
|
1.24
%
|
2.34
%
|
(0.59
%)
|
55.89
%
|
53.27
%
|
10,032
|
1.22
%
(f)
|
2.42
%
(f)
|
(0.45
%)
|
157.35
%
|
12.88
%
|
7,618
|
1.24
%
(f)
|
2.13
%
(f)
|
(0.17
%)
|
45.98
%
|
17.62
%
|
8,481
|
1.25
%
|
2.09
%
|
0.20
%
|
54.04
%
|
|
|
|
|
|
|
(10.22
%)
|
2,013
|
1.53
%
(e)
|
2.62
%
(e)
|
(0.55
%)
|
16.83
%
|
(25.57
%)
|
2,286
|
1.56
%
|
2.67
%
|
(0.91
%)
|
55.89
%
|
52.76
%
|
3,071
|
1.55
%
(f)
|
2.75
%
(f)
|
(0.78
%)
|
157.35
%
|
12.54
%
|
1,952
|
1.43
%
(f)
|
2.32
%
(f)
|
(0.37
%)
|
45.98
%
|
17.39
%
|
1,924
|
1.55
%
|
2.39
%
|
(0.09
%)
|
54.04
%
|
|
|
|
|
|
|
(9.79
%)
|
224
|
1.05
%
(e)
|
2.14
%
(e)
|
(0.06
%)
|
16.83
%
|
(25.16
%)
|
276
|
1.05
%
|
2.16
%
|
(0.47
%)
|
55.89
%
|
53.56
%
|
159
|
1.05
%
(f)
|
2.25
%
(f)
|
(0.33
%)
|
157.35
%
|
12.96
%
|
340
|
1.04
%
(f)
|
1.93
%
(f)
|
0.02
%
|
45.98
%
|
17.96
%
|
480
|
1.05
%
|
1.89
%
|
0.45
%
|
54.04
%
|
|
|
|
|
|
|
(9.61
%)
|
2,934
|
0.90
%
(e)
|
2.13
%
(e)
|
0.11
%
|
16.83
%
|
(25.17
%)
|
5,182
|
0.90
%
|
2.15
%
|
(0.25
%)
|
55.89
%
|
53.85
%
|
5,531
|
0.90
%
(f)
|
2.24
%
(f)
|
(0.12
%)
|
157.35
%
|
13.14
%
|
3,451
|
0.90
%
(f)
|
1.94
%
(f)
|
0.17
%
|
45.98
%
|
18.10
%
|
4,580
|
0.90
%
|
1.89
%
|
0.58
%
|
54.04
%
|
|
|
Investment
Activities |
Distributions |
|||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized Gains |
Total
Distributions |
Net
Asset Value,
End of Period |
Class
A Shares | ||||||||
Year
Ended October 31, 2023 |
$30.19
|
$(0.17
)
|
$(2.55
)
|
$(2.72
)
|
$–
|
$(1.69
)
|
$(1.69
)
|
$25.78
|
Year
Ended October 31, 2022 |
49.57
|
(0.25
)
|
(9.33
)
|
(9.58
)
|
–
|
(9.80
)
|
(9.80
)
|
30.19
|
Year
Ended October 31, 2021 |
33.55
|
(0.24
)
|
18.64
|
18.40
|
–
|
(2.38
)
|
(2.38
)
|
49.57
|
Year
Ended October 31, 2020 |
33.19
|
(0.20
)
|
3.08
|
2.88
|
–
|
(2.52
)
|
(2.52
)
|
33.55
|
Year
Ended October 31, 2019 |
35.39
|
(0.10
)
|
1.78
|
1.68
|
–
(f)
|
(3.88
)
|
(3.88
)
|
33.19
|
Class
C Shares | ||||||||
Year
Ended October 31, 2023 |
22.59
|
(0.25
)
|
(1.87
)
|
(2.12
)
|
–
|
(1.69
)
|
(1.69
)
|
18.78
|
Year
Ended October 31, 2022 |
39.79
|
(0.36
)
|
(7.04
)
|
(7.40
)
|
–
|
(9.80
)
|
(9.80
)
|
22.59
|
Year
Ended October 31, 2021 |
27.48
|
(0.42
)
|
15.11
|
14.69
|
–
|
(2.38
)
|
(2.38
)
|
39.79
|
Year
Ended October 31, 2020 |
27.79
|
(0.33
)
|
2.54
|
2.21
|
–
|
(2.52
)
|
(2.52
)
|
27.48
|
Year
Ended October 31, 2019 |
30.53
|
(0.27
)
|
1.41
|
1.14
|
–
|
(3.88
)
|
(3.88
)
|
27.79
|
Class
R Shares | ||||||||
Year
Ended October 31, 2023 |
25.92
|
(0.21
)
|
(2.16
)
|
(2.37
)
|
–
|
(1.69
)
|
(1.69
)
|
21.86
|
Year
Ended October 31, 2022 |
44.07
|
(0.31
)
|
(8.04
)
|
(8.35
)
|
–
|
(9.80
)
|
(9.80
)
|
25.92
|
Year
Ended October 31, 2021 |
30.12
|
(0.32
)
|
16.65
|
16.33
|
–
|
(2.38
)
|
(2.38
)
|
44.07
|
Year
Ended October 31, 2020 |
30.14
|
(0.27
)
|
2.77
|
2.50
|
–
|
(2.52
)
|
(2.52
)
|
30.12
|
Year
Ended October 31, 2019 |
32.64
|
(0.19
)
|
1.57
|
1.38
|
–
|
(3.88
)
|
(3.88
)
|
30.14
|
Institutional
Service Class Shares | ||||||||
Year
Ended October 31, 2023 |
33.38
|
(0.10
)
|
(2.85
)
|
(2.95
)
|
–
|
(1.69
)
|
(1.69
)
|
28.74
|
Year
Ended October 31, 2022 |
53.65
|
(0.19
)
|
(10.28
)
|
(10.47
)
|
–
|
(9.80
)
|
(9.80
)
|
33.38
|
Year
Ended October 31, 2021 |
36.06
|
(0.15
)
|
20.12
|
19.97
|
–
|
(2.38
)
|
(2.38
)
|
53.65
|
Year
Ended October 31, 2020 |
35.41
|
(0.12
)
|
3.29
|
3.17
|
–
|
(2.52
)
|
(2.52
)
|
36.06
|
Year
Ended October 31, 2019 |
37.39
|
(0.01
)
|
1.93
|
1.92
|
(0.02
)
|
(3.88
)
|
(3.90
)
|
35.41
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023 |
33.50
|
(0.05
)
|
(2.87
)
|
(2.92
)
|
–
|
(1.69
)
|
(1.69
)
|
28.89
|
Year
Ended October 31, 2022 |
53.75
|
(0.15
)
|
(10.30
)
|
(10.45
)
|
–
|
(9.80
)
|
(9.80
)
|
33.50
|
Year
Ended October 31, 2021 |
36.09
|
(0.10
)
|
20.14
|
20.04
|
–
|
(2.38
)
|
(2.38
)
|
53.75
|
Year
Ended October 31, 2020 |
35.40
|
(0.09
)
|
3.30
|
3.21
|
–
|
(2.52
)
|
(2.52
)
|
36.09
|
Year
Ended October 31, 2019 |
37.37
|
0.01
|
1.92
|
1.93
|
(0.02
)
|
(3.88
)
|
(3.90
)
|
35.40
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Includes interest expense that amounts to less than 0.01%. |
(f) | Less than $0.005 per share. |
|
Ratios/Supplemental
Data | ||||
Total
Return(b)
|
Net
Assets at End of Period (000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers) to
Average Net Assets |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
(9.50
%)
|
$83,828
|
1.39
%
(e)
|
1.43
%
(e)
|
(0.57
%)
|
29.74
%
|
(23.82
%)
|
108,078
|
1.35
%
(e)
|
1.35
%
(e)
|
(0.74
%)
|
59.08
%
|
56.92
%
|
172,963
|
1.35
%
|
1.35
%
|
(0.56
%)
|
78.38
%
|
8.97
%
|
124,673
|
1.40
%
(e)
|
1.40
%
(e)
|
(0.62
%)
|
60.67
%
|
7.15
%
|
159,391
|
1.41
%
(e)
|
1.41
%
(e)
|
(0.33
%)
|
55.00
%
|
|
|
|
|
|
|
(10.08
%)
|
16,007
|
2.00
%
(e)
|
2.15
%
(e)
|
(1.17
%)
|
29.74
%
|
(24.30
%)
|
25,068
|
1.99
%
(e)
|
2.06
%
(e)
|
(1.38
%)
|
59.08
%
|
55.93
%
|
44,295
|
1.99
%
|
2.06
%
|
(1.20
%)
|
78.38
%
|
8.25
%
|
36,621
|
2.05
%
(e)
|
2.10
%
(e)
|
(1.26
%)
|
60.67
%
|
6.41
%
|
48,382
|
2.10
%
(e)
|
2.10
%
(e)
|
(0.99
%)
|
55.00
%
|
|
|
|
|
|
|
(9.73
%)
|
2,773
|
1.64
%
(e)
|
1.68
%
(e)
|
(0.82
%)
|
29.74
%
|
(24.04
%)
|
3,286
|
1.65
%
(e)
|
1.65
%
(e)
|
(1.03
%)
|
59.08
%
|
56.50
%
|
5,408
|
1.63
%
|
1.63
%
|
(0.84
%)
|
78.38
%
|
8.59
%
|
3,554
|
1.75
%
(e)
|
1.75
%
(e)
|
(0.96
%)
|
60.67
%
|
6.78
%
|
5,272
|
1.75
%
(e)
|
1.75
%
(e)
|
(0.65
%)
|
55.00
%
|
|
|
|
|
|
|
(9.27
%)
|
28,529
|
1.13
%
(e)
|
1.17
%
(e)
|
(0.31
%)
|
29.74
%
|
(23.64
%)
|
31,893
|
1.11
%
(e)
|
1.11
%
(e)
|
(0.50
%)
|
59.08
%
|
57.33
%
|
41,568
|
1.11
%
|
1.11
%
|
(0.31
%)
|
78.38
%
|
9.24
%
|
31,548
|
1.13
%
(e)
|
1.13
%
(e)
|
(0.35
%)
|
60.67
%
|
7.44
%
|
40,476
|
1.12
%
(e)
|
1.12
%
(e)
|
(0.04
%)
|
55.00
%
|
|
|
|
|
|
|
(9.14
%)
|
233,893
|
1.00
%
(e)
|
1.14
%
(e)
|
(0.16
%)
|
29.74
%
|
(23.54
%)
|
559,518
|
0.99
%
(e)
|
1.07
%
(e)
|
(0.38
%)
|
59.08
%
|
57.48
%
|
931,614
|
0.99
%
|
1.06
%
|
(0.21
%)
|
78.38
%
|
9.37
%
|
536,973
|
1.04
%
(e)
|
1.10
%
(e)
|
(0.27
%)
|
60.67
%
|
7.48
%
|
607,103
|
1.11
%
(e)
|
1.11
%
(e)
|
0.03
%
|
55.00
%
|
|
|
Investment
Activities |
Distributions |
|||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized Gains |
Total
Distributions |
Net
Asset Value,
End of Period |
Class
A Shares | ||||||||
Year
Ended October 31, 2023 |
$22.74
|
$0.06
|
$(1.32
)
|
$(1.26
)
|
$–
|
$–
|
$–
|
$21.48
|
Year
Ended October 31, 2022 |
37.76
|
0.01
|
(14.09
)
|
(14.08
)
|
–
|
(0.94
)
|
(0.94
)
|
22.74
|
Year
Ended October 31, 2021 |
33.90
|
(0.11
)
|
4.50
|
4.39
|
–
|
(0.53
)
|
(0.53
)
|
37.76
|
Year
Ended October 31, 2020 |
25.61
|
0.08
|
9.29
|
9.37
|
–
(g)
|
(1.08
)
|
(1.08
)
|
33.90
|
Year
Ended October 31, 2019 |
19.86
|
0.07
|
5.72
|
5.79
|
(0.04
)
|
–
|
(0.04
)
|
25.61
|
Class
C Shares | ||||||||
Year
Ended October 31, 2023 |
21.25
|
(0.10
)
|
(1.20
)
|
(1.30
)
|
–
|
–
|
–
|
19.95
|
Year
Ended October 31, 2022 |
35.58
|
(0.22
)
|
(13.17
)
|
(13.39
)
|
–
|
(0.94
)
|
(0.94
)
|
21.25
|
Year
Ended October 31, 2021 |
32.18
|
(0.31
)
|
4.24
|
3.93
|
–
|
(0.53
)
|
(0.53
)
|
35.58
|
Year
Ended October 31, 2020 |
24.52
|
(0.09
)
|
8.83
|
8.74
|
–
|
(1.08
)
|
(1.08
)
|
32.18
|
Year
Ended October 31, 2019 |
19.12
|
(0.21
)
|
5.61
|
5.40
|
–
|
–
|
–
|
24.52
|
Class
R Shares | ||||||||
Year
Ended October 31, 2023 |
22.03
|
(0.03
)
|
(1.25
)
|
(1.28
)
|
–
|
–
|
–
|
20.75
|
Year
Ended October 31, 2022 |
36.71
|
(0.06
)
|
(13.68
)
|
(13.74
)
|
–
|
(0.94
)
|
(0.94
)
|
22.03
|
Year
Ended October 31, 2021 |
33.07
|
(0.23
)
|
4.40
|
4.17
|
–
|
(0.53
)
|
(0.53
)
|
36.71
|
Year
Ended October 31, 2020 |
25.08
|
(0.06
)
|
9.13
|
9.07
|
–
|
(1.08
)
|
(1.08
)
|
33.07
|
Year
Ended October 31, 2019 |
19.48
|
0.02
|
5.58
|
5.60
|
–
|
–
|
–
|
25.08
|
Institutional
Service Class Shares | ||||||||
Year
Ended October 31, 2023 |
22.96
|
0.12
|
(1.33
)
|
(1.21
)
|
–
|
–
|
–
|
21.75
|
Year
Ended October 31, 2022 |
38.05
|
0.05
|
(14.18
)
|
(14.13
)
|
(0.02
)
|
(0.94
)
|
(0.96
)
|
22.96
|
Year
Ended October 31, 2021 |
34.11
|
(0.04
)
|
4.53
|
4.49
|
(0.02
)
|
(0.53
)
|
(0.55
)
|
38.05
|
Year
Ended October 31, 2020 |
25.75
|
0.15
|
9.34
|
9.49
|
(0.05
)
|
(1.08
)
|
(1.13
)
|
34.11
|
Year
Ended October 31, 2019 |
19.98
|
0.11
|
5.76
|
5.87
|
(0.10
)
|
–
|
(0.10
)
|
25.75
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023 |
23.10
|
0.15
|
(1.35
)
|
(1.20
)
|
–
|
–
|
–
|
21.90
|
Year
Ended October 31, 2022 |
38.24
|
0.06
|
(14.23
)
|
(14.17
)
|
(0.03
)
|
(0.94
)
|
(0.97
)
|
23.10
|
Year
Ended October 31, 2021 |
34.26
|
0.12
|
4.43
|
4.55
|
(0.04
)
|
(0.53
)
|
(0.57
)
|
38.24
|
Year
Ended October 31, 2020 |
25.85
|
0.05
|
9.51
|
9.56
|
(0.07
)
|
(1.08
)
|
(1.15
)
|
34.26
|
Year
Ended October 31, 2019 |
20.03
|
0.26
|
5.64
|
5.90
|
(0.08
)
|
–
|
(0.08
)
|
25.85
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Includes interest expense that amounts to 0.03% for the year ended October 31, 2023. Includes interest expense that amounts to less than 0.01% for the years ended October 31, 2022, October 31, 2021, October 31, 2020, and October 31, 2019, respectively. |
(f) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
(g) | Less than $0.005 per share. |
|
Ratios/Supplemental
Data | ||||
Total
Return(b)
|
Net
Assets at End of Period (000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers) to
Average Net Assets |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
(5.54
%)
|
$7,929
|
1.38
%
(e)
|
1.79
%
(e)
|
0.23
%
|
36.32
%
|
(38.20
%)
|
9,609
|
1.33
%
(e)
|
1.78
%
(e)
|
0.04
%
|
23.60
%
|
12.98
%
(f)
|
18,476
|
1.32
%
(e)
|
1.58
%
(e)
|
(0.28
%)
|
45.21
%
|
38.06
%
(f)
|
10,888
|
1.32
%
(e)
|
2.55
%
(e)
|
0.28
%
|
56.48
%
|
29.21
%
|
8,685
|
1.60
%
(e)
|
3.19
%
(e)
|
0.30
%
|
115.09
%
|
|
|
|
|
|
|
(6.12
%)
|
986
|
2.02
%
(e)
|
2.49
%
(e)
|
(0.42
%)
|
36.32
%
|
(38.62
%)
|
1,533
|
1.99
%
(e)
|
2.51
%
(e)
|
(0.76
%)
|
23.60
%
|
12.23
%
|
3,782
|
1.99
%
(e)
|
2.33
%
(e)
|
(0.86
%)
|
45.21
%
|
37.13
%
|
587
|
1.99
%
(e)
|
3.37
%
(e)
|
(0.37
%)
|
56.48
%
|
28.24
%
|
839
|
2.38
%
(e)
|
3.99
%
(e)
|
(0.96
%)
|
115.09
%
|
|
|
|
|
|
|
(5.81
%)
|
2,382
|
1.67
%
(e)
|
2.08
%
(e)
|
(0.12
%)
|
36.32
%
|
(38.37
%)
|
2,356
|
1.61
%
(e)
|
2.06
%
(e)
|
(0.22
%)
|
23.60
%
|
12.63
%
(f)
|
4,557
|
1.64
%
(e)
|
1.90
%
(e)
|
(0.62
%)
|
45.21
%
|
37.63
%
(f)
|
3,215
|
1.62
%
(e)
|
2.85
%
(e)
|
(0.23
%)
|
56.48
%
|
28.75
%
|
2,682
|
1.92
%
(e)
|
3.52
%
(e)
|
0.07
%
|
115.09
%
|
|
|
|
|
|
|
(5.27
%)
|
349
|
1.12
%
(e)
|
1.53
%
(e)
|
0.47
%
|
36.32
%
|
(38.07
%)
|
349
|
1.10
%
(e)
|
1.55
%
(e)
|
0.15
%
|
23.60
%
|
13.21
%
|
959
|
1.08
%
(e)
|
1.34
%
(e)
|
(0.10
%)
|
45.21
%
|
38.37
%
|
639
|
1.09
%
(e)
|
2.32
%
(e)
|
0.55
%
|
56.48
%
|
29.52
%
|
543
|
1.40
%
(e)
|
2.96
%
(e)
|
0.45
%
|
115.09
%
|
|
|
|
|
|
|
(5.19
%)
|
12,440
|
1.03
%
(e)
|
1.49
%
(e)
|
0.56
%
|
36.32
%
|
(37.99
%)
|
16,915
|
0.99
%
(e)
|
1.51
%
(e)
|
0.19
%
|
23.60
%
|
13.33
%
|
60,300
|
0.99
%
(e)
|
1.33
%
(e)
|
0.32
%
|
45.21
%
|
38.55
%
|
4,919
|
0.99
%
(e)
|
2.34
%
(e)
|
0.20
%
|
56.48
%
|
29.59
%
|
1,336
|
1.16
%
(e)
|
2.97
%
(e)
|
1.09
%
|
115.09
%
|
|
|
Investment
Activities |
Distributions | ||||
|
Net
Asset Value,
Beginning
of Period |
Net
Investment Income
(Loss)(a)
|
Net
Realized and Unrealized
Gains (Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment Income |
Net
Realized Gains |
Total
Distributions |
Class
A Shares | |||||||
Year
Ended October 31, 2023 |
$9.24
|
$0.11
|
$0.49
|
$0.60
|
$(0.14
)
|
$–
|
$(0.14
)
|
Year
Ended October 31, 2022 |
18.83
|
0.04
|
(5.77
)
|
(5.73
)
|
(0.01
)
|
(3.85
)
|
(3.86
)
|
Year
Ended October 31, 2021 |
15.74
|
0.02
|
3.07
|
3.09
|
–
(f)
|
–
|
–
(f)
|
Year
Ended October 31, 2020 |
14.68
|
–
(f)
|
1.21
|
1.21
|
(0.15
)
|
–
|
(0.15
)
|
Year
Ended October 31, 2019 |
13.28
|
0.12
|
1.57
|
1.69
|
(0.29
)
|
–
|
(0.29
)
|
Class
C Shares | |||||||
Year
Ended October 31, 2023 |
8.40
|
0.06
|
0.43
|
0.49
|
–
(f)
|
–
|
–
(f)
|
Year
Ended October 31, 2022 |
17.58
|
(0.04
)
|
(5.29
)
|
(5.33
)
|
–
|
(3.85
)
|
(3.85
)
|
Year
Ended October 31, 2021 |
14.79
|
(0.11
)
|
2.90
|
2.79
|
–
|
–
|
–
|
Year
Ended October 31, 2020 |
13.76
|
(0.08
)
|
1.12
|
1.04
|
(0.01
)
|
–
|
(0.01
)
|
Year
Ended October 31, 2019 |
12.44
|
0.03
|
1.48
|
1.51
|
(0.19
)
|
–
|
(0.19
)
|
Class
R Shares | |||||||
Year
Ended October 31, 2023 |
8.62
|
0.08
|
0.46
|
0.54
|
(0.11
)
|
–
|
(0.11
)
|
Year
Ended October 31, 2022 |
17.87
|
–
|
(5.40
)
|
(5.40
)
|
–
|
(3.85
)
|
(3.85
)
|
Year
Ended October 31, 2021 |
14.98
|
(0.02
)
|
2.91
|
2.89
|
–
|
–
|
–
|
Year
Ended October 31, 2020 |
13.97
|
(0.03
)
|
1.14
|
1.11
|
(0.10
)
|
–
|
(0.10
)
|
Year
Ended October 31, 2019 |
12.65
|
0.08
|
1.50
|
1.58
|
(0.26
)
|
–
|
(0.26
)
|
Institutional
Service Class Shares | |||||||
Year
Ended October 31, 2023 |
9.53
|
0.15
|
0.51
|
0.66
|
(0.18
)
|
–
|
(0.18
)
|
Year
Ended October 31, 2022 |
19.25
|
0.08
|
(5.93
)
|
(5.85
)
|
(0.02
)
|
(3.85
)
|
(3.87
)
|
Year
Ended October 31, 2021 |
16.08
|
0.08
|
3.14
|
3.22
|
(0.05
)
|
–
|
(0.05
)
|
Year
Ended October 31, 2020 |
15.00
|
0.06
|
1.22
|
1.28
|
(0.20
)
|
–
|
(0.20
)
|
Year
Ended October 31, 2019 |
13.58
|
0.17
|
1.60
|
1.77
|
(0.35
)
|
–
|
(0.35
)
|
Institutional
Class Shares | |||||||
Year
Ended October 31, 2023 |
9.59
|
0.17
|
0.51
|
0.68
|
(0.17
)
|
–
|
(0.17
)
|
Year
Ended October 31, 2022 |
19.34
|
0.09
|
(5.97
)
|
(5.88
)
|
(0.02
)
|
(3.85
)
|
(3.87
)
|
Year
Ended October 31, 2021 |
16.15
|
0.09
|
3.15
|
3.24
|
(0.05
)
|
–
|
(0.05
)
|
Year
Ended October 31, 2020 |
15.06
|
0.06
|
1.23
|
1.29
|
(0.20
)
|
–
|
(0.20
)
|
Year
Ended October 31, 2019 |
13.63
|
0.17
|
1.61
|
1.78
|
(0.35
)
|
–
|
(0.35
)
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Includes interest expense that amounts to less than 0.01%. |
(f) | Less than $0.005 per share. |
(g) | Includes interest expense that amounts to 0.02% for Class C and Institutional class. Includes interest expense that amounts to 0.01% for Class A, Class R and Institutional Service Class. |
(h) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
|
Ratios/Supplemental
Data | |||||
Net
Asset Value, End of
Period |
Total
Return(b)
|
Net
Assets at End of Period
(000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers)
to Average Net Assets |
Ratio
of Expenses (Prior to
Reimbursements) to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average
Net Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
|
$9.70
|
6.44
%
|
$10,222
|
1.51
%
(e)
|
1.73
%
(e)
|
1.08
%
|
27.11
%
|
9.24
|
(37.00
%)
|
11,345
|
1.48
%
(e)
|
1.63
%
(e)
|
0.33
%
|
29.36
%
|
18.83
|
19.65
%
|
23,898
|
1.46
%
(e)
|
1.46
%
(e)
|
0.11
%
|
120.50
%
|
15.74
|
8.24
%
|
21,418
|
1.49
%
(e)
|
1.49
%
(e)
|
0.02
%
|
37.50
%
|
14.68
|
13.13
%
|
24,719
|
1.52
%
(g)
|
1.52
%
(g)
|
0.89
%
|
28.30
%
|
|
|
|
|
|
|
|
8.89
|
5.86
%
|
32
|
2.11
%
(e)
|
2.47
%
(e)
|
0.58
%
|
27.11
%
|
8.40
|
(37.41
%)
|
206
|
2.10
%
(e)
|
2.36
%
(e)
|
(0.35
%)
|
29.36
%
|
17.58
|
18.86
%
|
1,159
|
2.11
%
(e)
|
2.21
%
(e)
|
(0.59
%)
|
120.50
%
|
14.79
|
7.56
%
(h)
|
2,432
|
2.10
%
(e)
|
2.20
%
(e)
|
(0.55
%)
|
37.50
%
|
13.76
|
12.43
%
(h)
|
4,330
|
2.12
%
(g)
|
2.24
%
(g)
|
0.21
%
|
28.30
%
|
|
|
|
|
|
|
|
9.05
|
6.22
%
|
2,379
|
1.74
%
(e)
|
1.96
%
(e)
|
0.84
%
|
27.11
%
|
8.62
|
(37.15
%)
|
2,365
|
1.76
%
(e)
|
1.91
%
(e)
|
0.02
%
|
29.36
%
|
17.87
|
19.29
%
|
6,126
|
1.74
%
(e)
|
1.74
%
(e)
|
(0.10
%)
|
120.50
%
|
14.98
|
7.97
%
|
3,244
|
1.74
%
(e)
|
1.74
%
(e)
|
(0.22
%)
|
37.50
%
|
13.97
|
12.80
%
|
3,992
|
1.79
%
(g)
|
1.79
%
(g)
|
0.58
%
|
28.30
%
|
|
|
|
|
|
|
|
10.01
|
6.85
%
|
50,678
|
1.17
%
(e)
|
1.39
%
(e)
|
1.41
%
|
27.11
%
|
9.53
|
(36.80
%)
|
52,901
|
1.16
%
(e)
|
1.31
%
(e)
|
0.67
%
|
29.36
%
|
19.25
|
20.02
%
|
94,132
|
1.16
%
(e)
|
1.16
%
(e)
|
0.41
%
|
120.50
%
|
16.08
|
8.58
%
(h)
|
83,121
|
1.15
%
(e)
|
1.15
%
(e)
|
0.36
%
|
37.50
%
|
15.00
|
13.49
%
(h)
|
85,934
|
1.16
%
(g)
|
1.16
%
(g)
|
1.23
%
|
28.30
%
|
|
|
|
|
|
|
|
10.10
|
6.97
%
|
6,850
|
1.11
%
(e)
|
1.42
%
(e)
|
1.52
%
|
27.11
%
|
9.59
|
(36.78
%)
|
46,516
|
1.10
%
(e)
|
1.31
%
(e)
|
0.70
%
|
29.36
%
|
19.34
|
20.06
%
|
91,084
|
1.11
%
(e)
|
1.15
%
(e)
|
0.45
%
|
120.50
%
|
16.15
|
8.63
%
(h)
|
107,158
|
1.10
%
(e)
|
1.13
%
(e)
|
0.41
%
|
37.50
%
|
15.06
|
13.55
%
(h)
|
99,475
|
1.12
%
(g)
|
1.13
%
(g)
|
1.21
%
|
28.30
%
|
|
|
Investment
Activities |
Distributions |
|||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized Gains |
Total
Distributions |
Net
Asset Value,
End of Period |
Class
A Shares | ||||||||
Year
Ended October 31, 2023 |
$12.38
|
$0.12
|
$0.70
|
$0.82
|
$(0.11
)
|
$(2.81
)
|
$(2.92
)
|
$10.28
|
Year
Ended October 31, 2022 |
18.17
|
0.08
|
(3.93
)
|
(3.85
)
|
–
|
(1.94
)
|
(1.94
)
|
12.38
|
Year
Ended October 31, 2021 |
13.21
|
(0.06
)
|
5.02
|
4.96
|
–
|
–
|
–
|
18.17
|
Year
Ended October 31, 2020 |
12.87
|
(0.01
)
|
0.77
|
0.76
|
(0.08
)
|
(0.34
)
|
(0.42
)
|
13.21
|
Year
Ended October 31, 2019 |
12.75
|
0.08
|
1.08
|
1.16
|
(0.09
)
|
(0.95
)
|
(1.04
)
|
12.87
|
Class
C Shares | ||||||||
Year
Ended October 31, 2023 |
11.24
|
0.05
|
0.62
|
0.67
|
(0.03
)
|
(2.81
)
|
(2.84
)
|
9.07
|
Year
Ended October 31, 2022 |
16.77
|
(0.02
)
|
(3.57
)
|
(3.59
)
|
–
|
(1.94
)
|
(1.94
)
|
11.24
|
Year
Ended October 31, 2021 |
12.27
|
(0.15
)
|
4.65
|
4.50
|
–
|
–
|
–
|
16.77
|
Year
Ended October 31, 2020 |
11.98
|
(0.08
)
|
0.71
|
0.63
|
–
|
(0.34
)
|
(0.34
)
|
12.27
|
Year
Ended October 31, 2019 |
11.93
|
0.01
|
0.99
|
1.00
|
–
|
(0.95
)
|
(0.95
)
|
11.98
|
Class
R Shares | ||||||||
Year
Ended October 31, 2023 |
11.59
|
0.08
|
0.65
|
0.73
|
(0.04
)
|
(2.81
)
|
(2.85
)
|
9.47
|
Year
Ended October 31, 2022 |
17.19
|
0.02
|
(3.68
)
|
(3.66
)
|
–
|
(1.94
)
|
(1.94
)
|
11.59
|
Year
Ended October 31, 2021 |
12.54
|
(0.11
)
|
4.76
|
4.65
|
–
|
–
|
–
|
17.19
|
Year
Ended October 31, 2020 |
12.21
|
(0.05
)
|
0.73
|
0.68
|
(0.01
)
|
(0.34
)
|
(0.35
)
|
12.54
|
Year
Ended October 31, 2019 |
12.15
|
0.03
|
1.01
|
1.04
|
(0.03
)
|
(0.95
)
|
(0.98
)
|
12.21
|
Institutional
Service Class Shares | ||||||||
Year
Ended October 31, 2023 |
12.66
|
0.14
|
0.72
|
0.86
|
(0.15
)
|
(2.81
)
|
(2.96
)
|
10.56
|
Year
Ended October 31, 2022 |
18.49
|
0.11
|
(4.00
)
|
(3.89
)
|
–
|
(1.94
)
|
(1.94
)
|
12.66
|
Year
Ended October 31, 2021 |
13.41
|
(0.02
)
|
5.10
|
5.08
|
–
|
–
|
–
|
18.49
|
Year
Ended October 31, 2020 |
13.05
|
0.02
|
0.80
|
0.82
|
(0.12
)
|
(0.34
)
|
(0.46
)
|
13.41
|
Year
Ended October 31, 2019 |
12.94
|
0.11
|
1.08
|
1.19
|
(0.13
)
|
(0.95
)
|
(1.08
)
|
13.05
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023 |
12.50
|
0.16
|
0.72
|
0.88
|
(0.17
)
|
(2.81
)
|
(2.98
)
|
10.40
|
Year
Ended October 31, 2022 |
18.27
|
0.08
|
(3.91
)
|
(3.83
)
|
–
|
(1.94
)
|
(1.94
)
|
12.50
|
Year
Ended October 31, 2021 |
13.24
|
–
(g)
|
5.03
|
5.03
|
–
|
–
|
–
|
18.27
|
Year
Ended October 31, 2020 |
12.88
|
0.03
|
0.79
|
0.82
|
(0.12
)
|
(0.34
)
|
(0.46
)
|
13.24
|
Year
Ended October 31, 2019 |
12.77
|
0.13
|
1.06
|
1.19
|
(0.13
)
|
(0.95
)
|
(1.08
)
|
12.88
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Includes interest expense that amounts to less than 0.01%. |
(f) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
(g) | Less than $0.005 per share. |
|
Ratios/Supplemental
Data | ||||
Total
Return(b)
|
Net
Assets at End of Period (000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers) to
Average Net Assets |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
7.41
%
|
$20,114
|
1.46
%
(e)
|
2.36
%
(e)
|
1.12
%
|
36.00
%
|
(23.84
%)
|
19,947
|
1.48
%
(e)
|
2.17
%
(e)
|
0.55
%
|
129.38
%
|
37.55
%
|
27,814
|
1.53
%
|
2.17
%
|
(0.35
%)
|
21.98
%
|
5.93
%
(f)
|
22,455
|
1.53
%
(e)
|
2.17
%
(e)
|
(0.06
%)
|
29.04
%
|
10.40
%
(f)
|
26,719
|
1.53
%
(e)
|
2.07
%
(e)
|
0.66
%
|
32.68
%
|
|
|
|
|
|
|
6.64
%
|
154
|
2.11
%
(e)
|
3.17
%
(e)
|
0.48
%
|
36.00
%
|
(24.32
%)
|
135
|
2.14
%
(e)
|
3.05
%
(e)
|
(0.12
%)
|
129.38
%
|
36.67
%
|
195
|
2.19
%
|
3.03
%
|
(1.01
%)
|
21.98
%
|
5.24
%
|
205
|
2.19
%
(e)
|
3.04
%
(e)
|
(0.68
%)
|
29.04
%
|
9.62
%
|
638
|
2.19
%
(e)
|
2.95
%
(e)
|
0.05
%
|
32.68
%
|
|
|
|
|
|
|
7.07
%
|
519
|
1.80
%
(e)
|
2.70
%
(e)
|
0.74
%
|
36.00
%
|
(24.12
%)
|
588
|
1.88
%
(e)
|
2.57
%
(e)
|
0.13
%
|
129.38
%
|
37.08
%
|
903
|
1.87
%
|
2.51
%
|
(0.69
%)
|
21.98
%
|
5.58
%
|
898
|
1.91
%
(e)
|
2.55
%
(e)
|
(0.42
%)
|
29.04
%
|
9.83
%
|
1,554
|
1.94
%
(e)
|
2.48
%
(e)
|
0.26
%
|
32.68
%
|
|
|
|
|
|
|
7.63
%
|
58
|
1.20
%
(e)
|
2.10
%
(e)
|
1.17
%
|
36.00
%
|
(23.62
%)
|
236
|
1.23
%
(e)
|
1.92
%
(e)
|
0.78
%
|
129.38
%
|
37.88
%
|
343
|
1.29
%
|
1.93
%
|
(0.12
%)
|
21.98
%
|
6.25
%
|
250
|
1.29
%
(e)
|
1.93
%
(e)
|
0.18
%
|
29.04
%
|
10.56
%
|
265
|
1.29
%
(e)
|
1.83
%
(e)
|
0.88
%
|
32.68
%
|
|
|
|
|
|
|
7.86
%
|
20,168
|
1.11
%
(e)
|
2.13
%
(e)
|
1.44
%
|
36.00
%
|
(23.57
%)
|
3,740
|
1.13
%
(e)
|
1.88
%
(e)
|
0.61
%
|
129.38
%
|
37.99
%
|
1,583
|
1.19
%
|
1.88
%
|
(0.02
%)
|
21.98
%
|
6.39
%
|
1,409
|
1.19
%
(e)
|
1.88
%
(e)
|
0.27
%
|
29.04
%
|
10.71
%
|
1,390
|
1.19
%
(e)
|
1.77
%
(e)
|
1.01
%
|
32.68
%
|
|
|
Investment
Activities |
Distributions |
|||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized Gains |
Total
Distributions |
Net
Asset Value,
End of Period |
Class
A Shares | ||||||||
Year
Ended October 31, 2023 |
$11.29
|
$0.13
|
$0.66
|
$0.79
|
$(0.17
)
|
$–
|
$(0.17
)
|
$11.91
|
Year
Ended October 31, 2022 |
20.15
|
0.06
|
(6.98
)
|
(6.92
)
|
(0.02
)
|
(1.92
)
|
(1.94
)
|
11.29
|
Year
Ended October 31, 2021 |
16.79
|
0.04
|
3.46
|
3.50
|
–
|
(0.14
)
|
(0.14
)
|
20.15
|
Year
Ended October 31, 2020 |
15.30
|
0.01
|
1.71
|
1.72
|
(0.22
)
|
(0.01
)
|
(0.23
)
|
16.79
|
Year
Ended October 31, 2019 |
13.12
|
0.07
|
2.26
|
2.33
|
(0.13
)
|
(0.02
)
|
(0.15
)
|
15.30
|
Class
C Shares | ||||||||
Year
Ended October 31, 2023 |
11.09
|
0.06
|
0.65
|
0.71
|
(0.06
)
|
–
|
(0.06
)
|
11.74
|
Year
Ended October 31, 2022 |
19.90
|
(0.01
)
|
(6.88
)
|
(6.89
)
|
–
|
(1.92
)
|
(1.92
)
|
11.09
|
Year
Ended October 31, 2021 |
16.68
|
(0.08
)
|
3.44
|
3.36
|
–
|
(0.14
)
|
(0.14
)
|
19.90
|
Year
Ended October 31, 2020 |
15.18
|
(0.06
)
|
1.69
|
1.63
|
(0.12
)
|
(0.01
)
|
(0.13
)
|
16.68
|
Year
Ended October 31, 2019 |
12.97
|
–
(g)
|
2.24
|
2.24
|
(0.01
)
|
(0.02
)
|
(0.03
)
|
15.18
|
Class
R Shares | ||||||||
Year
Ended October 31, 2023 |
11.11
|
0.11
|
0.66
|
0.77
|
(0.16
)
|
–
|
(0.16
)
|
11.72
|
Year
Ended October 31, 2022 |
19.89
|
0.04
|
(6.90
)
|
(6.86
)
|
–
(g)
|
(1.92
)
|
(1.92
)
|
11.11
|
Year
Ended October 31, 2021 |
16.60
|
0.01
|
3.42
|
3.43
|
–
|
(0.14
)
|
(0.14
)
|
19.89
|
Year
Ended October 31, 2020 |
15.14
|
–
(g)
|
1.68
|
1.68
|
(0.21
)
|
(0.01
)
|
(0.22
)
|
16.60
|
Year
Ended October 31, 2019 |
13.00
|
0.07
|
2.21
|
2.28
|
(0.12
)
|
(0.02
)
|
(0.14
)
|
15.14
|
Institutional
Service Class Shares | ||||||||
Year
Ended October 31, 2023 |
11.34
|
0.18
|
0.66
|
0.84
|
(0.23
)
|
–
|
(0.23
)
|
11.95
|
Year
Ended October 31, 2022 |
20.26
|
0.11
|
(7.01
)
|
(6.90
)
|
(0.10
)
|
(1.92
)
|
(2.02
)
|
11.34
|
Year
Ended October 31, 2021 |
16.85
|
0.12
|
3.46
|
3.58
|
(0.03
)
|
(0.14
)
|
(0.17
)
|
20.26
|
Year
Ended October 31, 2020 |
15.37
|
0.07
|
1.70
|
1.77
|
(0.28
)
|
(0.01
)
|
(0.29
)
|
16.85
|
Year
Ended October 31, 2019 |
13.19
|
0.23
|
2.16
|
2.39
|
(0.19
)
|
(0.02
)
|
(0.21
)
|
15.37
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023 |
11.40
|
0.20
|
0.66
|
0.86
|
(0.23
)
|
–
|
(0.23
)
|
12.03
|
Year
Ended October 31, 2022 |
20.34
|
0.14
|
(7.05
)
|
(6.91
)
|
(0.11
)
|
(1.92
)
|
(2.03
)
|
11.40
|
Year
Ended October 31, 2021 |
16.90
|
0.14
|
3.48
|
3.62
|
(0.04
)
|
(0.14
)
|
(0.18
)
|
20.34
|
Year
Ended October 31, 2020 |
15.39
|
0.09
|
1.72
|
1.81
|
(0.29
)
|
(0.01
)
|
(0.30
)
|
16.90
|
Year
Ended October 31, 2019 |
13.20
|
0.13
|
2.27
|
2.40
|
(0.19
)
|
(0.02
)
|
(0.21
)
|
15.39
|
|
(a) | Net investment income is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
(f) | Includes interest expense that amounts to less than 0.01%. |
(g) | Less than $0.005 per share. |
|
Ratios/Supplemental
Data | ||||
Total
Return(b)
|
Net
Assets at End of Period (000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers) to
Average Net Assets |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
6.93
%
(e)
|
$42,710
|
1.60
%
(f)
|
1.60
%
(f)
|
1.04
%
|
30.01
%
|
(37.56
%)
(e)
|
63,232
|
1.60
%
(f)
|
1.63
%
(f)
|
0.39
%
|
36.82
%
|
20.87
%
|
116,268
|
1.56
%
(f)
|
1.56
%
(f)
|
0.20
%
|
37.26
%
|
11.31
%
|
107,572
|
1.59
%
(f)
|
1.59
%
(f)
|
0.09
%
|
26.13
%
|
17.89
%
|
134,382
|
1.59
%
(f)
|
1.59
%
(f)
|
0.46
%
|
14.86
%
|
|
|
|
|
|
|
6.36
%
|
2,081
|
2.10
%
(f)
|
2.20
%
(f)
|
0.50
%
|
30.01
%
|
(37.87
%)
|
4,162
|
2.10
%
(f)
|
2.21
%
(f)
|
(0.09
%)
|
36.82
%
|
20.16
%
|
10,662
|
2.10
%
(f)
|
2.13
%
(f)
|
(0.38
%)
|
37.26
%
|
10.74
%
|
11,786
|
2.10
%
(f)
|
2.19
%
(f)
|
(0.40
%)
|
26.13
%
|
17.26
%
|
15,611
|
2.10
%
(f)
|
2.20
%
(f)
|
(0.03
%)
|
14.86
%
|
|
|
|
|
|
|
6.87
%
|
94,625
|
1.75
%
(f)
|
1.75
%
(f)
|
0.88
%
|
30.01
%
|
(37.71
%)
|
92,428
|
1.75
%
(f)
|
1.78
%
(f)
|
0.26
%
|
36.82
%
|
20.68
%
|
133,696
|
1.72
%
(f)
|
1.72
%
(f)
|
0.04
%
|
37.26
%
|
11.13
%
|
113,707
|
1.73
%
(f)
|
1.73
%
(f)
|
0.01
%
|
26.13
%
|
17.72
%
|
108,487
|
1.75
%
(f)
|
1.75
%
(f)
|
0.48
%
|
14.86
%
|
|
|
|
|
|
|
7.30
%
|
477,809
|
1.25
%
(f)
|
1.25
%
(f)
|
1.37
%
|
30.01
%
|
(37.37
%)
|
494,873
|
1.25
%
(f)
|
1.28
%
(f)
|
0.79
%
|
36.82
%
|
21.29
%
|
476,046
|
1.21
%
(f)
|
1.21
%
(f)
|
0.56
%
|
37.26
%
|
11.64
%
(e)
|
362,229
|
1.24
%
(f)
|
1.24
%
(f)
|
0.50
%
|
26.13
%
|
18.38
%
(e)
|
297,466
|
1.24
%
(f)
|
1.24
%
(f)
|
1.55
%
|
14.86
%
|
|
|
|
|
|
|
7.44
%
|
1,159,535
|
1.10
%
(f)
|
1.19
%
(f)
|
1.52
%
|
30.01
%
|
(37.26
%)
|
1,606,819
|
1.10
%
(f)
|
1.22
%
(f)
|
0.90
%
|
36.82
%
|
21.45
%
|
4,184,781
|
1.10
%
(f)
|
1.14
%
(f)
|
0.69
%
|
37.26
%
|
11.86
%
|
3,414,059
|
1.10
%
(f)
|
1.18
%
(f)
|
0.59
%
|
26.13
%
|
18.45
%
|
4,420,838
|
1.10
%
(f)
|
1.16
%
(f)
|
0.91
%
|
14.86
%
|
|
|
Investment
Activities |
Distributions |
|||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized Gains |
Total
Distributions |
Net
Asset Value,
End of Period |
Class
A Shares | ||||||||
Year
Ended October 31, 2023* |
$8.83
|
$0.30
|
$(1.07
)
|
$(0.77
)
|
$(0.07
)
|
$
—
|
$(0.07
)
|
$7.99
|
Year
Ended October 31, 2022 |
10.29
|
(—
)
(g)
|
(1.07
)
|
(1.07
)
|
(0.02
)
|
(0.37
)
|
(0.39
)
|
8.83
|
Year
Ended October 31, 2021 |
10.29
|
(0.03
)
|
0.05
|
0.02
|
(0.02
)
|
—
|
(0.02
)
|
10.29
|
Year
Ended October 31, 2020 |
10.13
|
0.04
|
0.29
|
0.33
|
(0.17
)
|
—
|
(0.17
)
|
10.29
|
Year
Ended October 31, 2019 |
10.41
|
0.17
|
0.25
|
0.42
|
(0.60
)
|
(0.10
)
|
(0.70
)
|
10.13
|
Institutional
Service Class Shares | ||||||||
Year
Ended October 31, 2023* |
8.92
|
0.33
|
(1.08
)
|
(0.75
)
|
(0.10
)
|
—
|
(0.10
)
|
8.07
|
Year
Ended October 31, 2022 |
10.36
|
0.02
|
(1.08
)
|
(1.06
)
|
(0.01
)
|
(0.37
)
|
(0.38
)
|
8.92
|
Year
Ended October 31, 2021 |
10.35
|
(0.02
)
|
0.06
|
0.04
|
(0.03
)
|
—
|
(0.03
)
|
10.36
|
Year
Ended October 31, 2020 |
10.20
|
0.06
|
0.29
|
0.35
|
(0.20
)
|
—
|
(0.20
)
|
10.35
|
Year
Ended October 31, 2019 |
10.47
|
0.19
|
0.27
|
0.46
|
(0.63
)
|
(0.10
)
|
(0.73
)
|
10.20
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023* |
9.00
|
0.33
|
(1.08
)
|
(0.75
)
|
(0.10
)
|
—
|
(0.10
)
|
8.15
|
Year
Ended October 31, 2022 |
10.44
|
0.03
|
(1.07
)
|
(1.04
)
|
(0.03
)
|
(0.37
)
|
(0.40
)
|
9.00
|
Year
Ended October 31, 2021 |
10.43
|
(—
)
(g)
|
0.05
|
0.05
|
(0.04
)
|
—
|
(0.04
)
|
10.44
|
Year
Ended October 31, 2020 |
10.30
|
0.08
|
0.26
|
0.34
|
(0.21
)
|
—
|
(0.21
)
|
10.43
|
Year
Ended October 31, 2019 |
10.55
|
0.20
|
0.27
|
0.47
|
(0.62
)
|
(0.10
)
|
(0.72
)
|
10.30
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
(f) | Interest expense is less than 0.001%. |
(g) | Less than $0.005 per share. |
|
Ratios/Supplemental
Data | ||||
Total
Return(b)
|
Net
Assets at End of Period (000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers) to
Average Net Assets |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
(8.71
%)
(e)
|
$
9,017
|
1.05
%
(f)
|
1.58
%
(f)
|
3.45
%
|
140.60
%
|
(10.81
%)
(e)
|
$13,569
|
1.04
%
|
1.86
%
|
(0.05
%)
|
180.82
%
|
0.18
%
|
22,522
|
0.96
%
|
2.93
%
|
(0.31
%)
|
424.59
%
|
3.26
%
|
1,078
|
0.97
%
(f)
|
2.52
%
(f)
|
0.35
%
|
238.35
%
|
4.41
%
|
802
|
1.18
%
(f)
|
3.04
%
(f)
|
1.69
%
|
53.05
%
|
|
|
|
|
|
|
(8.41
%)
(e)
|
4,198
|
0.78
%
(f)
|
1.31
%
(f)
|
3.80
%
|
140.60
%
|
(10.62
%)
(e)
|
5,153
|
0.78
%
|
1.60
%
|
0.23
%
|
180.82
%
|
0.33
%
(e)
|
6,929
|
0.78
%
|
2.75
%
|
(0.20
%)
|
424.59
%
|
3.45
%
(e)
|
8,148
|
0.80
%
(f)
|
2.35
%
(f)
|
0.62
%
|
238.35
%
|
4.72
%
|
8,934
|
1.00
%
(f)
|
2.86
%
(f)
|
1.86
%
|
53.05
%
|
|
|
|
|
|
|
8.35
%)
(e)
|
12,964
|
0.66
%
(f)
|
1.31
%
(f)
|
3.80
%
|
140.60
%
|
(10.42
%)
(e)
|
22,843
|
0.65
%
|
1.58
%
|
0.26
%
|
180.82
%
|
0.46
%
|
62,007
|
0.65
%
|
2.65
%
|
(0.04
%)
|
424.59
%
|
3.34
%
(e)
|
11,885
|
0.66
%
(f)
|
2.24
%
(f)
|
0.74
%
|
238.35
%
|
4.82
%
(e)
|
2,876
|
0.86
%
(f)
|
2.84
%
(f)
|
1.98
%
|
53.05
%
|
|
|
Investment
Activities |
Distributions |
|||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized Gains |
Total
Distributions |
Net
Asset Value,
End of Period |
Class
A Shares | ||||||||
Year
Ended October 31, 2023 |
$23.78
|
$0.13
|
$(0.05
)
|
$0.08
|
$(0.40
)
|
$–
|
$(0.40
)
|
$23.46
|
Year
Ended October 31, 2022 |
42.73
|
0.28
|
(16.37
)
|
(16.09
)
|
–
|
(2.86
)
|
(2.86
)
|
23.78
|
Year
Ended October 31, 2021 |
30.18
|
(0.20
)
|
12.75
|
12.55
|
–
|
–
|
–
|
42.73
|
Year
Ended October 31, 2020 |
28.11
|
(0.09
)
|
3.63
|
3.54
|
(0.34
)
|
(1.13
)
|
(1.47
)
|
30.18
|
Year
Ended October 31, 2019 |
29.23
|
0.23
|
3.03
|
3.26
|
(0.65
)
|
(3.73
)
|
(4.38
)
|
28.11
|
Class
C Shares | ||||||||
Year
Ended October 31, 2023 |
20.94
|
(0.03
)
|
(0.04
)
|
(0.07
)
|
(0.21
)
|
–
|
(0.21
)
|
20.66
|
Year
Ended October 31, 2022 |
38.21
|
0.09
|
(14.50
)
|
(14.41
)
|
–
|
(2.86
)
|
(2.86
)
|
20.94
|
Year
Ended October 31, 2021 |
27.16
|
(0.39
)
|
11.44
|
11.05
|
–
|
–
|
–
|
38.21
|
Year
Ended October 31, 2020 |
25.43
|
(0.25
)
|
3.27
|
3.02
|
(0.16
)
|
(1.13
)
|
(1.29
)
|
27.16
|
Year
Ended October 31, 2019 |
26.73
|
(0.04
)
|
2.84
|
2.80
|
(0.37
)
|
(3.73
)
|
(4.10
)
|
25.43
|
Class
R Shares | ||||||||
Year
Ended October 31, 2023 |
22.06
|
0.06
|
(0.04
)
|
0.02
|
(0.37
)
|
–
|
(0.37
)
|
21.71
|
Year
Ended October 31, 2022 |
39.97
|
0.21
|
(15.26
)
|
(15.05
)
|
–
|
(2.86
)
|
(2.86
)
|
22.06
|
Year
Ended October 31, 2021 |
28.31
|
(0.28
)
|
11.94
|
11.66
|
–
|
–
|
–
|
39.97
|
Year
Ended October 31, 2020 |
26.46
|
(0.15
)
|
3.40
|
3.25
|
(0.27
)
|
(1.13
)
|
(1.40
)
|
28.31
|
Year
Ended October 31, 2019 |
27.74
|
0.12
|
2.88
|
3.00
|
(0.55
)
|
(3.73
)
|
(4.28
)
|
26.46
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023 |
24.12
|
0.22
|
(0.05
)
|
0.17
|
(0.48
)
|
–
|
(0.48
)
|
23.81
|
Year
Ended October 31, 2022 |
43.15
|
0.44
|
(16.61
)
|
(16.17
)
|
–
|
(2.86
)
|
(2.86
)
|
24.12
|
Year
Ended October 31, 2021 |
30.37
|
(0.06
)
|
12.84
|
12.78
|
–
|
–
|
–
|
43.15
|
Year
Ended October 31, 2020 |
28.25
|
0.01
|
3.65
|
3.66
|
(0.41
)
|
(1.13
)
|
(1.54
)
|
30.37
|
Year
Ended October 31, 2019 |
29.33
|
0.27
|
3.11
|
3.38
|
(0.73
)
|
(3.73
)
|
(4.46
)
|
28.25
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Includes interest expense that amounts to less than 0.01%. |
(f) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
|
Ratios/Supplemental
Data | ||||
Total
Return(b)
|
Net
Assets at End of Period (000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers) to
Average Net Assets |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
0.21
%
|
$50,828
|
1.34
%
(e)
|
1.49
%
(e)
|
0.49
%
|
35.89
%
|
(40.18
%)
(f)
|
58,262
|
1.35
%
(e)
|
1.43
%
(e)
|
0.91
%
|
46.90
%
|
41.58
%
(f)
|
112,408
|
1.34
%
(e)
|
1.42
%
(e)
|
(0.54
%)
|
42.63
%
|
13.02
%
|
90,560
|
1.40
%
|
1.61
%
|
(0.33
%)
|
29.65
%
|
13.93
%
|
75,754
|
1.49
%
(e)
|
1.82
%
(e)
|
0.86
%
|
35.37
%
|
|
|
|
|
|
|
(0.44
%)
|
308
|
1.99
%
(e)
|
2.32
%
(e)
|
(0.14
%)
|
35.89
%
|
(40.56
%)
(f)
|
349
|
1.99
%
(e)
|
2.23
%
(e)
|
0.35
%
|
46.90
%
|
40.68
%
(f)
|
561
|
1.99
%
(e)
|
2.18
%
(e)
|
(1.15
%)
|
42.63
%
|
12.27
%
|
554
|
2.05
%
|
2.38
%
|
(1.02
%)
|
29.65
%
|
13.21
%
|
829
|
2.15
%
(e)
|
2.59
%
(e)
|
(0.17
%)
|
35.37
%
|
|
|
|
|
|
|
(0.04
%)
|
1,546
|
1.60
%
(e)
|
1.75
%
(e)
|
0.27
%
|
35.89
%
|
(40.36
%)
|
1,913
|
1.64
%
(e)
|
1.72
%
(e)
|
0.76
%
|
46.90
%
|
41.19
%
|
2,535
|
1.62
%
(e)
|
1.70
%
(e)
|
(0.80
%)
|
42.63
%
|
12.68
%
|
1,649
|
1.69
%
|
1.90
%
|
(0.61
%)
|
29.65
%
|
13.62
%
|
1,945
|
1.80
%
(e)
|
2.13
%
(e)
|
0.47
%
|
35.37
%
|
|
|
|
|
|
|
0.57
%
|
75,604
|
0.99
%
(e)
|
1.24
%
(e)
|
0.81
%
|
35.89
%
|
(39.96
%)
(f)
|
117,960
|
0.99
%
(e)
|
1.18
%
(e)
|
1.44
%
|
46.90
%
|
42.08
%
(f)
|
191,244
|
0.99
%
(e)
|
1.15
%
(e)
|
(0.15
%)
|
42.63
%
|
13.41
%
|
46,330
|
1.04
%
|
1.35
%
|
0.03
%
|
29.65
%
|
14.39
%
|
35,248
|
1.15
%
(e)
|
1.57
%
(e)
|
1.01
%
|
35.37
%
|
|
|
Investment
Activities |
Distributions |
|||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized Gains |
Total
Distributions |
Net
Asset Value,
End of Period |
Class
A Shares | ||||||||
Year
Ended October 31, 2023 |
$8.50
|
$0.27
|
$(0.21
)
|
$0.06
|
$(0.27
)
|
$–
|
$(0.27
)
|
$8.29
|
Year
Ended October 31, 2022 |
9.83
|
0.24
|
(1.33
)
|
(1.09
)
|
(0.24
)
|
–
|
(0.24
)
|
8.50
|
Year
Ended October 31, 2021 |
9.73
|
0.24
|
0.12
|
0.36
|
(0.24
)
|
(0.02
)
|
(0.26
)
|
9.83
|
Year
Ended October 31, 2020 |
9.92
|
0.26
|
(0.18
)
|
0.08
|
(0.26
)
|
(0.01
)
|
(0.27
)
|
9.73
|
Year
Ended October 31, 2019 |
9.54
|
0.28
|
0.38
|
0.66
|
(0.28
)
|
–
(f)
|
(0.28
)
|
9.92
|
Institutional
Service Class Shares | ||||||||
Year
Ended October 31, 2023 |
8.51
|
0.29
|
(0.21
)
|
0.08
|
(0.30
)
|
–
|
(0.30
)
|
8.29
|
Year
Ended October 31, 2022 |
9.84
|
0.27
|
(1.34
)
|
(1.07
)
|
(0.26
)
|
–
|
(0.26
)
|
8.51
|
Year
Ended October 31, 2021 |
9.74
|
0.26
|
0.12
|
0.38
|
(0.26
)
|
(0.02
)
|
(0.28
)
|
9.84
|
Year
Ended October 31, 2020 |
9.93
|
0.28
|
(0.18
)
|
0.10
|
(0.28
)
|
(0.01
)
|
(0.29
)
|
9.74
|
Year
Ended October 31, 2019 |
9.54
|
0.30
|
0.40
|
0.70
|
(0.31
)
|
–
(f)
|
(0.31
)
|
9.93
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023 |
8.51
|
0.30
|
(0.22
)
|
0.08
|
(0.30
)
|
–
|
(0.30
)
|
8.29
|
Year
Ended October 31, 2022 |
9.84
|
0.26
|
(1.33
)
|
(1.07
)
|
(0.26
)
|
–
|
(0.26
)
|
8.51
|
Year
Ended October 31, 2021 |
9.74
|
0.26
|
0.12
|
0.38
|
(0.26
)
|
(0.02
)
|
(0.28
)
|
9.84
|
Year
Ended October 31, 2020 |
9.93
|
0.28
|
(0.18
)
|
0.10
|
(0.28
)
|
(0.01
)
|
(0.29
)
|
9.74
|
Year
Ended October 31, 2019 |
9.55
|
0.30
|
0.39
|
0.69
|
(0.31
)
|
–
(f)
|
(0.31
)
|
9.93
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Interest expense is less than 0.001%. |
(f) | Less than $0.005 per share. |
|
Ratios/Supplemental
Data | ||||
Total
Return(b)
|
Net
Assets at End of Period (000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers) to
Average Net Assets |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
0.59
%
|
$4,024
|
0.80
%
(e)
|
1.23
%
(e)
|
3.07
%
|
79.85
%
|
(11.24
%)
|
4,919
|
0.76
%
(e)
|
1.13
%
(e)
|
2.59
%
|
20.98
%
|
3.62
%
|
6,028
|
0.76
%
|
1.12
%
|
2.38
%
|
53.74
%
|
0.83
%
|
6,670
|
0.76
%
(e)
|
1.09
%
(e)
|
2.63
%
|
55.63
%
|
7.05
%
|
7,526
|
0.76
%
(e)
|
1.16
%
(e)
|
2.84
%
|
58.33
%
|
|
|
|
|
|
|
0.77
%
|
18
|
0.51
%
(e)
|
0.94
%
(e)
|
3.36
%
|
79.85
%
|
(10.98
%)
|
18
|
0.50
%
(e)
|
0.87
%
(e)
|
2.87
%
|
20.98
%
|
3.90
%
|
20
|
0.50
%
|
0.86
%
|
2.64
%
|
53.74
%
|
1.09
%
|
20
|
0.50
%
(e)
|
0.83
%
(e)
|
2.87
%
|
55.63
%
|
7.43
%
|
19
|
0.50
%
(e)
|
0.90
%
(e)
|
3.10
%
|
58.33
%
|
|
|
|
|
|
|
0.77
%
|
38,647
|
0.51
%
(e)
|
0.97
%
(e)
|
3.38
%
|
79.85
%
|
(10.99
%)
|
41,587
|
0.50
%
(e)
|
0.88
%
(e)
|
2.84
%
|
20.98
%
|
3.90
%
|
54,707
|
0.50
%
|
0.87
%
|
2.64
%
|
53.74
%
|
1.10
%
|
58,015
|
0.50
%
(e)
|
0.84
%
(e)
|
2.89
%
|
55.63
%
|
7.32
%
|
63,256
|
0.50
%
(e)
|
0.90
%
(e)
|
3.11
%
|
58.33
%
|
|
|
Investment
Activities |
Distributions |
|||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized Gains |
Total
Distributions |
Net
Asset Value,
End of Period |
Class
A Shares | ||||||||
Year
Ended October 31, 2023 |
$9.38
|
$0.01
|
$0.27
|
$0.28
|
$–
|
$(0.04
)
|
$(0.04
)
|
$9.62
|
Year
Ended October 31, 2022 |
17.32
|
(0.05
)
|
(3.52
)
|
(3.57
)
|
–
|
(4.37
)
|
(4.37
)
|
9.38
|
Year
Ended October 31, 2021 |
13.79
|
(0.05
)
|
5.31
|
5.26
|
–
|
(1.73
)
|
(1.73
)
|
17.32
|
Year
Ended October 31, 2020 |
12.95
|
(0.03
)
|
2.17
|
2.14
|
(0.01
)
|
(1.29
)
|
(1.30
)
|
13.79
|
Year
Ended October 31, 2019 |
12.53
|
0.01
|
1.79
|
1.80
|
(0.02
)
|
(1.36
)
|
(1.38
)
|
12.95
|
Class
C Shares | ||||||||
Year
Ended October 31, 2023 |
6.76
|
(0.04
)
|
0.18
|
0.14
|
–
|
(0.04
)
|
(0.04
)
|
6.86
|
Year
Ended October 31, 2022 |
13.77
|
(0.09
)
|
(2.55
)
|
(2.64
)
|
–
|
(4.37
)
|
(4.37
)
|
6.76
|
Year
Ended October 31, 2021 |
11.36
|
(0.12
)
|
4.26
|
4.14
|
–
|
(1.73
)
|
(1.73
)
|
13.77
|
Year
Ended October 31, 2020 |
10.94
|
(0.10
)
|
1.81
|
1.71
|
–
|
(1.29
)
|
(1.29
)
|
11.36
|
Year
Ended October 31, 2019 |
10.87
|
(0.06
)
|
1.49
|
1.43
|
–
|
(1.36
)
|
(1.36
)
|
10.94
|
Institutional
Service Class Shares | ||||||||
Year
Ended October 31, 2023 |
10.56
|
0.04
|
0.30
|
0.34
|
–
|
(0.04
)
|
(0.04
)
|
10.86
|
Year
Ended October 31, 2022 |
18.91
|
(0.03
)
|
(3.95
)
|
(3.98
)
|
–
|
(4.37
)
|
(4.37
)
|
10.56
|
Year
Ended October 31, 2021 |
14.89
|
(0.02
)
|
5.77
|
5.75
|
–
|
(1.73
)
|
(1.73
)
|
18.91
|
Year
Ended October 31, 2020 |
13.88
|
(–
)
(f)
|
2.34
|
2.34
|
(0.04
)
|
(1.29
)
|
(1.33
)
|
14.89
|
Year
Ended October 31, 2019 |
13.33
|
0.04
|
1.92
|
1.96
|
(0.05
)
|
(1.36
)
|
(1.41
)
|
13.88
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023 |
10.65
|
0.04
|
0.31
|
0.35
|
–
|
(0.04
)
|
(0.04
)
|
10.96
|
Year
Ended October 31, 2022 |
19.03
|
(0.02
)
|
(3.99
)
|
(4.01
)
|
–
|
(4.37
)
|
(4.37
)
|
10.65
|
Year
Ended October 31, 2021 |
14.96
|
(0.01
)
|
5.81
|
5.80
|
–
|
(1.73
)
|
(1.73
)
|
19.03
|
Year
Ended October 31, 2020 |
13.93
|
0.01
|
2.35
|
2.36
|
(0.04
)
|
(1.29
)
|
(1.33
)
|
14.96
|
Year
Ended October 31, 2019 |
13.37
|
0.04
|
1.93
|
1.97
|
(0.05
)
|
(1.36
)
|
(1.41
)
|
13.93
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Includes interest expense that amounts to less than 0.01%. |
(f) | Less than $0.005 per share. |
|
Ratios/Supplemental
Data | ||||
Total
Return(b)
|
Net
Assets at End of Period (000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers) to
Average Net Assets |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
3.00
%
|
$208,286
|
1.19
%
(e)
|
1.27
%
(e)
|
0.11
%
|
31.62
%
|
(27.49
%)
|
222,190
|
1.19
%
(e)
|
1.24
%
(e)
|
(0.43
%)
|
44.12
%
|
41.35
%
|
345,638
|
1.19
%
|
1.23
%
|
(0.33
%)
|
111.07
%
|
17.50
%
|
264,977
|
1.19
%
|
1.26
%
|
(0.24
%)
|
49.68
%
|
17.60
%
|
247,926
|
1.19
%
|
1.27
%
|
0.06
%
|
47.13
%
|
|
|
|
|
|
|
2.09
%
|
327
|
1.90
%
(e)
|
2.09
%
(e)
|
(0.55
%)
|
31.62
%
|
(27.96
%)
|
229
|
1.90
%
(e)
|
2.08
%
(e)
|
(1.14
%)
|
44.12
%
|
40.20
%
|
329
|
1.90
%
|
2.07
%
|
(1.01
%)
|
111.07
%
|
16.71
%
|
1,143
|
1.90
%
|
2.08
%
|
(0.94
%)
|
49.68
%
|
16.75
%
|
1,428
|
1.90
%
|
2.11
%
|
(0.58
%)
|
47.13
%
|
|
|
|
|
|
|
3.23
%
|
101,341
|
0.96
%
(e)
|
1.04
%
(e)
|
0.33
%
|
31.62
%
|
(27.32
%)
|
106,068
|
0.97
%
(e)
|
1.02
%
(e)
|
(0.20
%)
|
44.12
%
|
41.61
%
|
158,581
|
0.97
%
|
1.01
%
|
(0.11
%)
|
111.07
%
|
17.79
%
|
121,611
|
0.97
%
|
1.04
%
|
(0.01
%)
|
49.68
%
|
17.84
%
|
113,600
|
0.97
%
|
1.05
%
|
0.29
%
|
47.13
%
|
|
|
|
|
|
|
3.30
%
|
7,555
|
0.90
%
(e)
|
1.04
%
(e)
|
0.39
%
|
31.62
%
|
(27.29
%)
|
8,644
|
0.90
%
(e)
|
1.01
%
(e)
|
(0.14
%)
|
44.12
%
|
41.77
%
|
14,953
|
0.90
%
|
1.00
%
|
(0.05
%)
|
111.07
%
|
17.89
%
|
10,982
|
0.90
%
|
1.01
%
|
0.05
%
|
49.68
%
|
17.90
%
|
8,839
|
0.90
%
|
1.03
%
|
0.34
%
|
47.13
%
|
|
|
Investment
Activities |
Distributions | |||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized Gains |
Tax
Return of Capital |
Total
Distributions |
Class
A Shares | ||||||||
Year
Ended October 31, 2023 |
$3.75
|
$0.21
|
$0.04
|
$0.25
|
$(0.23
)
|
$–
|
$–
(e)
|
$(0.23
)
|
Year
Ended October 31, 2022 |
4.74
|
0.20
(g)
|
(0.95
)
|
(0.75
)
|
(0.22
)
|
(0.01
)
|
(0.01
)
|
(0.24
)
|
Year
Ended October 31, 2021 |
3.68
|
0.23
|
1.06
|
1.29
|
(0.23
)
|
–
|
–
|
(0.23
)
|
Year
Ended October 31, 2020 |
3.99
|
0.20
|
(0.28
)
|
(0.08
)
|
(0.23
)
|
–
|
–
|
(0.23
)
|
Year
Ended October 31, 2019 |
3.85
|
0.23
|
0.14
|
0.37
|
(0.23
)
|
–
|
–
|
(0.23
)
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023 |
3.75
|
0.22
|
0.04
|
0.26
|
(0.24
)
|
–
|
–
(e)
|
(0.24
)
|
Year
Ended October 31, 2022 |
4.74
|
0.21
(g)
|
(0.95
)
|
(0.74
)
|
(0.23
)
|
(0.01
)
|
(0.01
)
|
(0.25
)
|
Year
Ended October 31, 2021 |
3.69
|
0.24
|
1.05
|
1.29
|
(0.24
)
|
–
|
–
|
(0.24
)
|
Year
Ended October 31, 2020 |
4.00
|
0.21
|
(0.28
)
|
(0.07
)
|
(0.24
)
|
–
|
–
|
(0.24
)
|
Year
Ended October 31, 2019 |
3.85
|
0.24
|
0.15
|
0.39
|
(0.24
)
|
–
|
–
|
(0.24
)
|
|
(a) | Net investment income is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Less than $0.005 per share. |
(f) | Includes interest expense that amounts to less than 0.01%. |
(g) | Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets reflects the effects of a liability accrued on February 28, 2022 relating to withholding tax refunds that the Fund previously received and recorded which are being contested by the local tax authority. The accrued liability resulted in a decrease in net assets of approximately 0.87% as of October 31, 2022. (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for Class A Shares would have been $0.24, (15.67%), and 5.49%, respectively. For Institutional Class Shares, these amounts would have been $0.24, (15.45%), and 5.67%, respectively. |
(h) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
|
Ratios/Supplemental
Data | |||||
Net
Asset Value, End of Period |
Total
Return(b)
|
Net
Assets at End of Period
(000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers)
to Average Net Assets |
Ratio
of Expenses (Prior to
Reimbursements) to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average
Net Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
|
$3.77
|
6.41
%
|
$3,619
|
1.56
%
(f)
|
1.69
%
(f)
|
5.16
%
|
62.85
%
|
3.75
|
(16.34
%)
(g)
|
4,094
|
1.50
%
|
1.61
%
|
4.62
%
(g)
|
78.51
%
|
4.74
|
35.40
%
|
4,986
|
1.50
%
|
1.66
%
|
5.03
%
|
59.28
%
|
3.68
|
(2.04
%)
(h)
|
3,885
|
1.50
%
|
1.60
%
|
5.20
%
|
85.01
%
|
3.99
|
10.02
%
(h)
|
4,399
|
1.50
%
|
1.61
%
|
6.00
%
|
105.70
%
|
|
|
|
|
|
|
|
3.77
|
6.67
%
|
87,929
|
1.31
%
(f)
|
1.42
%
(f)
|
5.42
%
|
62.85
%
|
3.75
|
(16.12
%)
(g)
|
96,362
|
1.25
%
|
1.34
%
|
4.81
%
(g)
|
78.51
%
|
4.74
|
35.36
%
|
123,166
|
1.25
%
|
1.39
%
|
5.26
%
|
59.28
%
|
3.69
|
(1.77
%)
|
100,350
|
1.25
%
|
1.35
%
|
5.37
%
|
85.01
%
|
4.00
|
10.60
%
|
122,197
|
1.25
%
|
1.33
%
|
6.21
%
|
105.70
%
|
|
|
Investment
Activities |
Distributions |
||||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized
and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized
Gains |
Tax
Return of
Capital |
Total
Distributions |
Redemption
Fees |
Class
A Shares | |||||||||
Year
Ended October 31, 2023 |
$20.62
|
$0.53
|
$(0.36
)
|
$0.17
|
$(0.59
)
|
$(0.39
)
|
$–
|
$(0.98
)
|
$–
|
Year
Ended October 31, 2022 |
24.18
|
0.41
|
(3.00
)
|
(2.59
)
|
(0.71
)
|
(0.26
)
|
–
|
(0.97
)
|
–
|
Year
Ended October 31, 2021 |
19.03
|
0.45
|
5.41
|
5.86
|
(0.71
)
|
–
|
–
|
(0.71
)
|
–
|
Year
Ended October 31, 2020 |
21.93
|
0.53
|
(2.59
)
|
(2.06
)
|
(0.56
)
|
(0.14
)
|
(0.14
)
|
(0.84
)
|
–
|
Year
Ended October 31, 2019 |
18.82
|
0.30
|
3.48
|
3.78
|
(0.64
)
|
(0.03
)
|
–
|
(0.67
)
|
–
|
Institutional
Class Shares | |||||||||
Year
Ended October 31, 2023 |
20.66
|
0.59
|
(0.36
)
|
0.23
|
(0.64
)
|
(0.39
)
|
–
|
(1.03
)
|
–
|
Year
Ended October 31, 2022 |
24.22
|
0.47
|
(3.01
)
|
(2.54
)
|
(0.76
)
|
(0.26
)
|
–
|
(1.02
)
|
–
|
Year
Ended October 31, 2021 |
19.05
|
0.52
|
5.41
|
5.93
|
(0.76
)
|
–
|
–
|
(0.76
)
|
–
|
Year
Ended October 31, 2020 |
21.97
|
0.58
|
(2.60
)
|
(2.02
)
|
(0.62
)
|
(0.14
)
|
(0.14
)
|
(0.90
)
|
–
|
Year
Ended October 31, 2019 |
18.85
|
0.34
|
3.50
|
3.84
|
(0.69
)
|
(0.03
)
|
–
|
(0.72
)
|
–
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Includes interest expense that amounts to less than 0.01%. |
(f) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
|
Ratios/Supplemental
Data | |||||
Net
Asset Value, End of
Period |
Total
Return(b)
|
Net
Assets at End of Period
(000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers)
to Average Net Assets |
Ratio
of Expenses (Prior to
Reimbursements) to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average
Net Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
|
$19.81
|
0.53
%
|
$10,028
|
1.24
%
(e)
|
1.58
%
(e)
|
2.45
%
|
20.33
%
|
20.62
|
(11.04
%)
|
11,350
|
1.24
%
|
1.58
%
|
1.81
%
|
23.33
%
|
24.18
|
31.09
%
|
13,227
|
1.24
%
|
1.63
%
|
1.95
%
|
30.75
%
|
19.03
|
(9.49
%)
|
9,206
|
1.33
%
|
1.55
%
|
2.61
%
|
23.76
%
|
21.93
|
20.41
%
|
12,776
|
1.45
%
|
1.59
%
|
1.46
%
|
31.62
%
|
|
|
|
|
|
|
|
19.86
|
0.80
%
(f)
|
30,458
|
0.99
%
(e)
|
1.33
%
(e)
|
2.71
%
|
20.33
%
|
20.66
|
(10.82
%)
(f)
|
35,645
|
0.99
%
|
1.33
%
|
2.05
%
|
23.33
%
|
24.22
|
31.43
%
|
45,076
|
0.99
%
|
1.38
%
|
2.25
%
|
30.75
%
|
19.05
|
(9.30
%)
|
32,640
|
1.08
%
|
1.27
%
|
2.90
%
|
23.76
%
|
21.97
|
20.73
%
|
87,441
|
1.20
%
|
1.31
%
|
1.68
%
|
31.62
%
|
|
|
Investment
Activities |
Distributions |
||||
|
Net
Asset Value,
Beginning
of Period |
Net
Investment Income
(Loss)(a)
|
Net
Realized and Unrealized
Gains (Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment Income |
Total
Distributions |
Net
Asset Value, End
of Period |
Class
A Shares | |||||||
Year
Ended October 31, 2023 |
$9.05
|
$0.23
|
$(0.22
)
|
$0.01
|
$(0.24
)
|
$(0.24
)
|
$8.82
|
Year
Ended October 31, 2022 |
10.26
|
0.22
|
(1.20
)
|
(0.98
)
|
(0.23
)
|
(0.23
)
|
9.05
|
Year
Ended October 31, 2021 |
9.99
|
0.22
|
0.27
|
0.49
|
(0.22
)
|
(0.22
)
|
10.26
|
Year
Ended October 31, 2020 |
10.25
|
0.29
|
(0.27
)
|
0.02
|
(0.28
)
|
(0.28
)
|
9.99
|
Year
Ended October 31, 2019 |
10.07
|
0.30
|
0.18
|
0.48
|
(0.30
)
|
(0.30
)
|
10.25
|
Class
C Shares | |||||||
Year
Ended October 31, 2023 |
9.05
|
0.16
|
(0.21
)
|
(0.05
)
|
(0.17
)
|
(0.17
)
|
8.83
|
Year
Ended October 31, 2022 |
10.27
|
0.15
|
(1.22
)
|
(1.07
)
|
(0.15
)
|
(0.15
)
|
9.05
|
Year
Ended October 31, 2021(h)
|
10.13
|
0.12
|
0.14
|
0.26
|
(0.12
)
|
(0.12
)
|
10.27
|
Institutional
Class Shares | |||||||
Year
Ended October 31, 2023 |
9.05
|
0.25
|
(0.22
)
|
0.03
|
(0.26
)
|
(0.26
)
|
8.82
|
Year
Ended October 31, 2022 |
10.26
|
0.24
|
(1.20
)
|
(0.96
)
|
(0.25
)
|
(0.25
)
|
9.05
|
Year
Ended October 31, 2021 |
9.99
|
0.24
|
0.27
|
0.51
|
(0.24
)
|
(0.24
)
|
10.26
|
Year
Ended October 31, 2020 |
10.25
|
0.31
|
(0.26
)
|
0.05
|
(0.31
)
|
(0.31
)
|
9.99
|
Year
Ended October 31, 2019 |
10.07
|
0.32
|
0.18
|
0.50
|
(0.32
)
|
(0.32
)
|
10.25
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Amount is less than 0.005%. |
(f) | Includes interest expense that amounts to 0.05% for the year ended October 31, 2023. Includes interest expense that amounts to 0.03% for the year ended October 31, 2022. Includes interest expense that amounts to less than 0.01% for the year ended October 31, 2020. |
(g) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
(h) | For the period from December 21, 2020 (commencement of operations) through October 31, 2021. |
|
Ratios/Supplemental
Data | ||||
Total
Return(b)
|
Net
Assets at End of Period (000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers) to
Average Net Assets |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(d)
|
-
(e)
|
$7,871
|
0.95
%
(f)
|
1.26
%
(f)
|
2.48
%
|
57.71
%
|
(9.71
%)
|
14,399
|
0.93
%
(f)
|
1.17
%
(f)
|
2.27
%
|
57.98
%
|
4.92
%
|
21,907
|
0.90
%
|
1.14
%
|
2.14
%
|
95.56
%
|
0.25
%
|
22,417
|
0.90
%
(f)
|
1.12
%
(f)
|
2.84
%
|
149.01
%
|
4.78
%
|
27,577
|
0.90
%
|
1.13
%
|
2.96
%
|
104.52
%
|
(0.63
%)
(g)
|
24
|
1.70
%
(f)
|
2.01
%
(f)
|
1.73
%
|
57.71
%
|
(10.47
%)
(g)
|
27
|
1.68
%
(f)
|
1.87
%
(f)
|
1.57
%
|
57.98
%
|
2.52
%
|
27
|
1.65
%
|
1.86
%
|
1.33
%
|
95.56
%
|
0.25
%
|
106,425
|
0.70
%
(f)
|
1.01
%
(f)
|
2.73
%
|
57.71
%
|
(9.48
%)
|
180,805
|
0.68
%
(f)
|
0.90
%
(f)
|
2.49
%
|
57.98
%
|
5.18
%
|
424,689
|
0.65
%
|
0.88
%
|
2.37
%
|
95.56
%
|
0.51
%
|
270,153
|
0.65
%
(f)
|
0.87
%
(f)
|
3.07
%
|
149.01
%
|
5.05
%
|
229,716
|
0.65
%
|
0.90
%
|
3.19
%
|
104.52
%
|
|
|
Investment
Activities |
Distributions |
|||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Net
Realized Gains |
Total
Distributions |
Net
Asset Value,
End of Period |
Class
A Shares |
|
|
|
|
|
|
|
|
Year
Ended October 31, 2023 |
$10.84
|
$0.27
|
$(0.65
)
|
$(0.38
)
|
$(0.26
)
|
$(0.67
)
|
$(0.93
)
|
$9.53
|
Year
Ended October 31, 2022 |
15.68
|
0.15
|
(2.72
)
|
(2.57
)
|
(0.31
)
|
(1.96
)
|
(2.27
)
|
10.84
|
Year
Ended October 31, 2021 |
12.40
|
0.11
|
4.84
|
4.95
|
(0.13
)
|
(1.54
)
|
(1.67
)
|
15.68
|
Year
Ended October 31, 2020 |
17.98
|
0.25
|
(3.17
)
|
(2.92
)
|
(0.60
)
|
(2.06
)
|
(2.66
)
|
12.40
|
Year
Ended October 31, 2019 |
21.38
|
0.32
|
3.28
|
3.60
|
(0.52
)
|
(6.48
)
|
(7.00
)
|
17.98
|
Institutional
Class Shares |
|
|
|
|
|
|
|
|
Year
Ended October 31, 2023 |
10.89
|
0.30
|
(0.65
)
|
(0.35
)
|
(0.29
)
|
(0.67
)
|
(0.96
)
|
9.58
|
Year
Ended October 31, 2022 |
15.74
|
0.20
|
(2.75
)
|
(2.55
)
|
(0.34
)
|
(1.96
)
|
(2.30
)
|
10.89
|
Year
Ended October 31, 2021 |
12.44
|
0.14
|
4.86
|
5.00
|
(0.16
)
|
(1.54
)
|
(1.70
)
|
15.74
|
Year
Ended October 31, 2020 |
18.02
|
0.28
|
(3.16
)
|
(2.88
)
|
(0.64
)
|
(2.06
)
|
(2.70
)
|
12.44
|
Year
Ended October 31, 2019 |
21.41
|
0.36
|
3.29
|
3.65
|
(0.56
)
|
(6.48
)
|
(7.04
)
|
18.02
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Includes interest expense that amounts to less than 0.01%, 0.01%, 0.01%, 0.05%, and 0.03% for Class A and Institutional Class for the years ended October 31, 2023, October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019, respectively. |
|
Ratios/Supplemental
Data | ||||
Total
Return(b)
|
Net
Assets at End of Period (000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers) to
Average Net Assets |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(c)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(d)
|
(3.88
%)
|
$266
|
1.26
%
(e)
|
1.75
%
(e)
|
2.58
%
|
23.77
%
|
(19.45
%)
|
397
|
1.25
%
(e)
|
1.67
%
(e)
|
1.13
%
|
23.36
%
|
44.07
%
|
1,090
|
1.26
%
(e)
|
1.72
%
(e)
|
0.80
%
|
32.52
%
|
(18.12
%)
|
1,971
|
1.30
%
(e)
|
1.71
%
(e)
|
1.84
%
|
22.61
%
|
25.65
%
|
2,341
|
1.28
%
(e)
|
1.71
%
(e)
|
1.83
%
|
20.70
%
|
(3.67
%)
|
34,351
|
1.01
%
(e)
|
1.47
%
(e)
|
2.82
%
|
23.77
%
|
(19.24
%)
|
41,592
|
1.00
%
(e)
|
1.42
%
(e)
|
1.53
%
|
23.36
%
|
44.41
%
|
56,593
|
1.01
%
(e)
|
1.47
%
(e)
|
1.01
%
|
32.52
%
|
(17.85
%)
|
46,235
|
1.05
%
(e)
|
1.48
%
(e)
|
2.05
%
|
22.61
%
|
25.97
%
|
75,232
|
1.03
%
(e)
|
1.39
%
(e)
|
2.10
%
|
20.70
%
|
|
|
Investment
Activities |
Distributions |
||||
|
Net
Asset Value,
Beginning
of Period |
Net
Investment Income
(Loss) |
Net
Realized and Unrealized
Gains (Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment Income |
Total
Distributions |
Net
Asset Value, End
of Period |
Class
A Shares | |||||||
Year
Ended October 31, 2023 |
$10.06
|
$0.32
(d)
|
$0.01
|
$0.33
|
$(0.32
)
|
$(0.32
)
|
$10.07
|
Year
Ended October 31, 2022 |
10.09
|
0.05
(d)
|
(0.02
)
|
0.03
|
(0.06
)
|
(0.06
)
|
10.06
|
Year
Ended October 31, 2021 |
10.09
|
–
(d)(f)
|
(–
)
(f)
|
(–
)
(f)
|
–
(f)
|
–
(f)
|
10.09
|
Year
Ended October 31, 2020 |
10.10
|
0.07
(d)
|
–
(f)
|
0.07
|
(0.08
)
|
(0.08
)
|
10.09
|
Year
Ended October 31, 2019 |
10.09
|
0.13
(d)
|
0.01
|
0.14
|
(0.13
)
|
(0.13
)
|
10.10
|
Class
A1 Shares | |||||||
Year
Ended October 31, 2023 |
10.06
|
0.32
(d)
|
0.02
|
0.34
|
(0.32
)
|
(0.32
)
|
10.08
|
Year
Ended October 31, 2022 |
10.10
|
0.05
(d)
|
(0.03
)
|
0.02
|
(0.06
)
|
(0.06
)
|
10.06
|
Year
Ended October 31, 2021 |
10.10
|
–
(d)(f)
|
(–
)
(f)
|
(–
)
(f)
|
–
(f)
|
–
(f)
|
10.10
|
Year
Ended October 31, 2020 |
10.10
|
0.03
(d)
|
0.05
|
0.08
|
(0.08
)
|
(0.08
)
|
10.10
|
Year
Ended October 31, 2019(g)
|
10.10
|
0.08
|
–
(f)
|
0.08
|
(0.08
)
|
(0.08
)
|
10.10
|
Institutional
Class Shares | |||||||
Year
Ended October 31, 2023 |
10.00
|
0.35
(d)
|
0.02
|
0.37
|
(0.35
)
|
(0.35
)
|
10.02
|
Year
Ended October 31, 2022 |
10.04
|
0.07
(d)
|
(0.03
)
|
0.04
|
(0.08
)
|
(0.08
)
|
10.00
|
Year
Ended October 31, 2021 |
10.03
|
0.01
(d)
|
0.01
|
0.02
|
(0.01
)
|
(0.01
)
|
10.04
|
Year
Ended October 31, 2020 |
10.04
|
0.10
(d)
|
(0.01
)
|
0.09
|
(0.10
)
|
(0.10
)
|
10.03
|
Year
Ended October 31, 2019 |
10.04
|
0.15
(d)
|
–
|
0.15
|
(0.15
)
|
(0.15
)
|
10.04
|
|
(a) | Excludes sales charge. |
(b) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(c) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(d) | Net investment income/(loss) is based on average shares outstanding during the period. |
(e) | Includes interest expense that amounts to less than 0.01%. |
(f) | Less than $0.005 per share. |
(g) | For the period from February 28, 2019 (commencement of operations) through October 31, 2019. |
|
Ratios/Supplemental
Data | ||||
Total
Return(a)
|
Net
Assets at End of Period (000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers) to
Average Net Assets |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(b)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(c)
|
3.36
%
|
$104,837
|
0.70
%
(e)
|
0.98
%
(e)
|
3.22
%
|
231.34
%
|
0.30
%
|
123,920
|
0.60
%
(e)
|
0.95
%
(e)
|
0.52
%
|
320.87
%
|
0.02
%
|
161,362
|
0.54
%
(e)
|
0.96
%
(e)
|
0.02
%
|
261.23
%
|
0.69
%
|
263,068
|
0.70
%
(e)
|
0.94
%
(e)
|
0.72
%
|
299.40
%
|
1.36
%
|
204,501
|
0.70
%
|
0.95
%
|
1.25
%
|
231.49
%
|
3.47
%
|
270
|
0.70
%
(e)
|
0.92
%
(e)
|
3.22
%
|
231.34
%
|
0.20
%
|
261
|
0.60
%
(e)
|
0.89
%
(e)
|
0.52
%
|
320.87
%
|
0.02
%
|
510
|
0.54
%
(e)
|
0.89
%
(e)
|
0.02
%
|
261.23
%
|
0.79
%
|
558
|
0.70
%
(e)
|
0.90
%
(e)
|
0.34
%
|
299.40
%
|
0.81
%
|
35
|
0.70
%
|
0.94
%
|
1.13
%
|
231.49
%
|
3.73
%
|
517,955
|
0.45
%
(e)
|
0.74
%
(e)
|
3.46
%
|
231.34
%
|
0.37
%
|
561,780
|
0.44
%
(e)
|
0.71
%
(e)
|
0.71
%
|
320.87
%
|
0.21
%
|
793,264
|
0.45
%
(e)
|
0.71
%
(e)
|
0.11
%
|
261.23
%
|
0.94
%
|
928,424
|
0.45
%
(e)
|
0.71
%
(e)
|
0.98
%
|
299.40
%
|
1.51
%
|
680,881
|
0.45
%
|
0.72
%
|
1.50
%
|
231.49
%
|
|
|
Investment
Activities |
Distributions |
|
||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Total
Distributions |
Net
Asset Value,
End of Period |
Total
Return |
Class
A Shares | ||||||||
Year
Ended October 31, 2023 |
$22.17
|
$0.06
|
$1.82
|
$1.88
|
$(1.77
)
|
$(1.77
)
|
$22.28
|
8.33
%
|
Year
Ended October 31, 2022 |
34.93
|
0.34
(f)
|
(13.10
)
|
(12.76
)
|
–
|
–
|
22.17
|
(36.53
%)
(f)(g)
|
Year
Ended October 31, 2021 |
26.19
|
(0.12
)
|
9.05
|
8.93
|
(0.19
)
|
(0.19
)
|
34.93
|
34.20
%
|
Year
Ended October 31, 2020 |
26.95
|
0.17
|
0.29
|
0.46
|
(1.22
)
|
(1.22
)
|
26.19
|
1.63
%
(h)
|
Year
Ended October 31, 2019 |
23.64
|
0.81
(i)
|
2.70
|
3.51
|
(0.20
)
|
(0.20
)
|
26.95
|
15.02
%
(i)
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023 |
22.88
|
0.17
|
1.84
|
2.01
|
(1.87
)
|
(1.87
)
|
23.02
|
8.61
%
|
Year
Ended October 31, 2022 |
35.96
|
0.42
(f)
|
(13.50
)
|
(13.08
)
|
–
|
–
|
22.88
|
(36.37
%)
(f)(g)
|
Year
Ended October 31, 2021 |
26.98
|
(0.04
)
|
9.32
|
9.28
|
(0.30
)
|
(0.30
)
|
35.96
|
34.56
%
|
Year
Ended October 31, 2020 |
27.74
|
0.24
|
0.30
|
0.54
|
(1.30
)
|
(1.30
)
|
26.98
|
1.86
%
(h)
|
Year
Ended October 31, 2019 |
24.27
|
0.91
(i)
|
2.77
|
3.68
|
(0.21
)
|
(0.21
)
|
27.74
|
15.34
%
(i)
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Beginning with the year ended October 31, 2022, income taxes on recovered refunds were included in foreign tax withholding on the Statement of Operations and, as such, are not included within the ratios of expenses to average net assets. Income taxes on recovered refunds for years prior to October 31, 2022 were reflected as expenses on the Statement of Operations and included within the ratios of expenses to average net assets. |
(c) | Includes interest expense that amounts to less than 0.01%. |
(d) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(e) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(f) | Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for Class A Shares would have been $0.07, (37.36%), and 0.24%, respectively. For Institutional Class Shares, these amounts would have been $0.08, (37.18%), and 0.29%, respectively. |
(g) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
(h) | Included within Total Return is the effect of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Total Return for Class A Shares would have been (0.38%). For Institutional Class Shares, this amount would have been (0.11%). |
(i) | Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for Class A Shares would have been $0.28, 12.13%, and 1.13%, respectively. For Institutional Class Shares, these amounts would have been $0.37, 12.41%, and 1.42%, respectively. |
Ratios/Supplemental
Data |
|||||
Net
Assets at End of Period
(000’s) |
Ratio
of Expenses (Net
of Reimbursements/
Waivers
Excluding Accruals
for Estimated
Tax Due on
Foreign Tax Refund
Recoveries) to
Average Net Assets(b)
|
Ratio
of Expenses (Net
of Reimbursements/
Waivers)
to Average Net
Assets(b)(c)
|
Ratio
of Expenses (Prior
to Reimbursements)
to Average
Net Assets(b)(c)(d)
|
Ratio
of Net Investment
Income (Loss)
to Average Net Assets |
Portfolio
Turnover(e)
|
|
|
|
|
|
|
$63,667
|
1.30
%
|
1.30
%
|
1.62
%
|
0.26
%
|
23.45
%
|
68,067
|
1.18
%
|
1.18
%
|
1.60
%
|
1.26
%
(f)
|
38.19
%
|
120,080
|
1.38
%
|
1.38
%
|
1.62
%
|
(0.36
%)
|
113.67
%
|
100,780
|
1.38
%
|
1.38
%
|
1.71
%
|
0.67
%
|
34.20
%
|
120,472
|
1.44
%
|
2.99
%
|
3.06
%
|
3.24
%
(i)
|
131.52
%
|
|
|
|
|
|
|
7,653
|
1.04
%
|
1.04
%
|
1.34
%
|
0.67
%
|
23.45
%
|
13,946
|
0.93
%
|
0.93
%
|
1.27
%
|
1.50
%
(f)
|
38.19
%
|
25,253
|
1.13
%
|
1.13
%
|
1.31
%
|
(0.11
%)
|
113.67
%
|
20,047
|
1.13
%
|
1.13
%
|
1.33
%
|
0.90
%
|
34.20
%
|
27,390
|
1.18
%
|
2.77
%
|
2.82
%
|
3.53
%
(i)
|
131.52
%
|
|
|
Investment
Activities |
Distributions |
||||
|
Net
Asset Value,
Beginning
of Period |
Net
Investment Income
(Loss)(a)
|
Net
Realized and Unrealized
Gains (Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment Income |
Total
Distributions |
Net
Asset Value, End
of Period |
Class
A Shares | |||||||
Year
Ended October 31, 2023 |
$13.07
|
$0.07
|
$0.13
|
$0.20
|
$(0.66
)
|
$(0.66
)
|
$12.61
|
Year
Ended October 31, 2022 |
18.45
|
0.39
(e)
|
(5.77
)
|
(5.38
)
|
–
(f)
|
–
(f)
|
13.07
|
Year
Ended October 31, 2021 |
13.14
|
–
|
5.37
|
5.37
|
(0.06
)
|
(0.06
)
|
18.45
|
Year
Ended October 31, 2020 |
11.59
|
0.05
|
1.77
|
1.82
|
(0.27
)
|
(0.27
)
|
13.14
|
Year
Ended October 31, 2019 |
10.29
|
0.18
(i)
|
1.30
|
1.48
|
(0.18
)
|
(0.18
)
|
11.59
|
Institutional
Class Shares | |||||||
Year
Ended October 31, 2023 |
13.12
|
0.11
|
0.13
|
0.24
|
(0.71
)
|
(0.71
)
|
12.65
|
Year
Ended October 31, 2022 |
18.49
|
0.41
(e)
|
(5.77
)
|
(5.36
)
|
(0.01
)
|
(0.01
)
|
13.12
|
Year
Ended October 31, 2021 |
13.18
|
0.04
|
5.37
|
5.41
|
(0.10
)
|
(0.10
)
|
18.49
|
Year
Ended October 31, 2020 |
11.62
|
0.08
|
1.79
|
1.87
|
(0.31
)
|
(0.31
)
|
13.18
|
Year
Ended October 31, 2019 |
10.30
|
0.21
(i)
|
1.30
|
1.51
|
(0.19
)
|
(0.19
)
|
11.62
|
|
(a) | Net investment income is based on average shares outstanding during the period. |
(b) | Beginning with the year ended October 31, 2022, income taxes on recovered refunds were included in foreign tax withholding on the Statement of Operations and, as such, are not included within the ratios of expenses to average net assets. Income taxes on recovered refunds for years prior to October 31, 2022 were reflected as expenses on the Statement of Operations and included within the ratios of expenses to average net assets. |
(c) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(e) | Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for Class A Shares would have been $0.07, (30.98%) and 0.47%, respectively. For Institutional Class Shares, these amounts would have been $0.07, (30.83%) and 0.49%, respectively. |
(f) | Less than $0.005 per share. |
(g) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
(h) | Included within Total Return is the effect of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Total Return for Class A Shares would have been 15.82%. For Institutional Class Shares, this amount would have been 16.12%. |
(i) | Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for Class A Shares would have been $0.08, 13.56%, and 0.77%, respectively. For Institutional Class Shares, these amounts would have been $0.11, 13.81%, and 1.03%, respectively. |
|
Ratios/Supplemental
Data | |||||
Total
Return |
Net
Assets at End of Period
(000’s) |
Ratio
of Expenses (Net of Reimbursements/
Waivers
Excluding Accruals
for Estimated Tax
Due on Foreign Tax Refund
Recoveries) to Average
Net Assets(b)
|
Ratio
of Expenses (Net of Reimbursements/
Waivers)
to Average Net Assets(b)(c)
|
Ratio
of Expenses (Prior to
Reimbursements) to Average
Net Assets(b)(c)
|
Ratio
of Net Investment Income
(Loss) to Average
Net Assets |
Portfolio
Turnover(d)
|
|
|
|
|
|
|
|
1.13
%
|
$25,480
|
1.40
%
|
1.40
%
|
1.81
%
|
0.53
%
|
30.88
%
|
(29.14
%)
(e)(g)
|
26,986
|
1.17
%
|
1.17
%
|
1.72
%
|
2.59
%
(e)
|
36.90
%
|
40.95
%
|
43,059
|
1.38
%
|
1.38
%
|
1.73
%
|
0.02
%
|
17.40
%
|
15.93
%
(h)
|
32,180
|
1.41
%
|
1.41
%
|
1.92
%
|
0.40
%
|
32.11
%
|
14.76
%
(i)
|
34,933
|
1.53
%
|
2.21
%
|
2.47
%
|
1.69
%
(i)
|
125.21
%
|
|
|
|
|
|
|
|
1.39
%
|
17,299
|
1.14
%
|
1.14
%
|
1.55
%
|
0.77
%
|
30.88
%
|
(28.99
%)
(e)(g)
|
19,384
|
0.92
%
|
0.92
%
|
1.44
%
|
2.71
%
(e)
|
36.90
%
|
41.23
%
|
32,312
|
1.13
%
|
1.13
%
|
1.45
%
|
0.24
%
|
17.40
%
|
16.30
%
(h)
|
27,839
|
1.16
%
|
1.16
%
|
1.61
%
|
0.65
%
|
32.11
%
|
14.99
%
(i)
|
27,937
|
1.28
%
|
1.97
%
|
2.20
%
|
1.95
%
(i)
|
125.21
%
|
|
|
Investment
Activities |
Distributions |
|||||
|
Net
Asset Value,
Beginning
of
Period |
Net
Investment
Income
(Loss)(a)
|
Net
Realized and
Unrealized
Gains
(Losses)
on Investments |
Total
from Investment
Activities |
Net
Investment
Income |
Tax
Return of Capital |
Total
Distributions |
Net
Asset Value,
End of Period |
Class
A Shares | ||||||||
Year
Ended October 31, 2023* |
$7.18
|
$0.41
|
$0.04
|
$0.45
|
$(0.52
)
|
$(0.01
)
|
$(0.53
)
|
$7.10
|
Year
Ended October 31, 2022 |
8.84
|
0.38
|
(1.63
)
|
(1.25
)
|
(0.41
)
|
—
|
(0.41
)
|
7.18
|
Year
Ended October 31, 2021 |
8.45
|
0.39
|
0.40
|
0.79
|
(0.40
)
|
—
|
(0.40
)
|
8.84
|
Year
Ended October 31, 2020 |
8.71
|
0.40
|
(0.28
)
|
0.12
|
(0.38
)
|
—
|
(0.38
)
|
8.45
|
Year
Ended October 31, 2019 |
8.74
|
0.44
|
0.19
|
0.63
|
(0.58
)
|
(0.08
)
|
(0.66
)
|
8.71
|
Year
Ended October 31, 2018 |
9.23
|
0.50
|
(0.56
)
|
(0.06
)
|
(0.43
)
|
—
|
(0.43
)
|
8.74
|
Institutional
Class Shares | ||||||||
Year
Ended October 31, 2023* |
6.57
|
0.39
|
0.04
|
0.43
|
(0.55
)
|
(0.01
)
|
(0.56
)
|
6.44
|
Year
Ended October 31, 2022 |
8.13
|
0.36
|
(1.48
)
|
(1.12
)
|
(0.44
)
|
—
|
(0.44
)
|
6.57
|
Year
Ended October 31, 2021 |
7.81
|
0.38
|
0.37
|
0.75
|
(0.43
)
|
—
|
(0.43
)
|
8.13
|
Year
Ended October 31, 2020 |
8.08
|
0.39
|
(0.25
)
|
0.14
|
(0.41
)
|
—
|
(0.41
)
|
7.81
|
Year
Ended October 31, 2019 |
8.16
|
0.43
|
0.17
|
0.60
|
(0.61
)
|
(0.07
)
|
(0.68
)
|
8.08
|
Year
Ended October 31, 2018 |
8.65
|
0.49
|
(0.53
)
|
(0.04
)
|
(0.45
)
|
—
|
(0.45
)
|
8.16
|
|
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(c) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(d) | Includes interest expense that amounts to less than 0.01%. |
|
Ratios/Supplemental
Data | ||||
Total
Return |
Net
Assets at End of Period (000’s) |
Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets(b) |
Ratio
of Expenses (Prior to Reimbursements)
to Average
Net Assets(b)
|
Ratio
of Net Investment Income
(Loss) to Average Net
Assets |
Portfolio
Turnover(c)
|
|
|
|
|
|
|
6.45
%
|
$55,312
|
1.00
%
(d)
|
1.34
%
(d)
|
5.64
%
|
74.58
%
|
(14.49
%)
|
$61,410
|
1.00
%
|
1.41
%
|
4.73
%
|
96.73
%
|
9.46
%
|
81,980
|
1.00
%
|
1.40
%
|
4.41
%
|
98.16
%
|
1.55
%
|
87,358
|
1.00
%
(d)
|
1.45
%
(d)
|
4.76
%
|
99.46
%
|
7.65
%
|
116,126
|
1.00
%
(d)
|
1.33
%
(d)
|
5.14
%
|
98.17
%
|
(0.66
%)
|
131,219
|
1.00
%
(d)
|
1.22
%
(d)
|
5.56
%
|
36.77
%
|
|
|
|
|
|
|
6.69
%
|
27,270
|
0.75
%
(d)
|
1.05
%
(d)
|
5.87
%
|
74.58
%
|
(14.20
%)
|
40,298
|
0.75
%
|
1.11
%
|
4.94
%
|
96.73
%
|
9.73
%
|
55,335
|
0.75
%
|
1.09
%
|
4.65
%
|
98.16
%
|
1.86
%
|
58,237
|
0.75
%
(d)
|
1.10
%
(d)
|
5.01
%
|
99.46
%
|
7.91
%
|
101,888
|
0.75
%
(d)
|
1.05
%
(d)
|
5.39
%
|
98.17
%
|
(0.43
%)
|
89,839
|
0.75
%
(d)
|
0.95
%
(d)
|
5.80
%
|
36.77
%
|
Front-end
Load Waivers Available at Merrill |
Shares
of mutual funds available for purchase by employer-sponsored retirement,
deferred compensation, and employee benefit plans
(including health savings accounts) and trusts used to fund those plans
provided the shares are not held in a commission-based
brokerage account and shares are held for the benefit of the plan. For
purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh
plans |
Shares
purchased through a Merrill investment advisory program
|
Brokerage
class shares exchanged from advisory class shares due to the holdings
moving from a Merrill investment advisory program
to a Merrill brokerage account |
Shares
purchased through the Merrill Edge Self-Directed platform
|
Shares
purchased through the systematic reinvestment of capital gains
distributions and dividend reinvestment when purchasing
shares
of the same mutual fund in the same account |
Shares
exchanged from level-load shares to front-end load shares of the same
mutual fund in accordance with the description in the
Merrill SLWD Supplement |
Shares
purchased by eligible employees of Merrill or its affiliates and their
family members who purchase shares in accounts within the
employee's Merrill Household (as defined in the Merrill SLWD
Supplement) |
Shares
purchased by eligible persons associated with the fund as defined in this
prospectus (e.g. the fund's officers or trustees)
|
Shares
purchased from the proceeds of a mutual fund redemption in front-end load
shares provided (1) the repurchase is in a mutual
fund within the same fund family; (2) the repurchase occurs within 90
calendar days from the redemption trade date, and (3)
the redemption and purchase occur in the same account (known as Rights of
Reinstatement). Automated transactions (i.e. systematic
purchases and withdrawals) and purchases made after shares are
automatically sold to pay Merrill's account maintenance
fees are not eligible for Rights of Reinstatement
|
Contingent
Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level
Load Shares Available at Merrill |
Shares
sold due to the client's death or disability (as defined by Internal
Revenue Code Section 22I(3)) |
Shares
sold pursuant to a systematic withdrawal program subject to Merrill's
maximum systematic withdrawal limits as described in
the Merrill SLWD Supplement |
Shares
sold due to 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 investor reaching the qualified age
based on applicable IRS regulation |
Front-end
or level-load shares held in commission-based, non-taxable retirement
brokerage accounts (e.g. traditional, Roth, rollover,
SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to
fee-based accounts or platforms and exchanged for
a lower cost share class of the same mutual fund
|
Discounts
Available at Merrill: Breakpoints, Rights of Accumulation & Letters of
Intent |
Breakpoint
discounts, as described in this prospectus, where the sales load is at or
below the maximum sales load that Merrill permits
to be assessed to a front-end load purchase, as described in the Merrill
SLWD Supplement |
Rights
of Accumulation (ROA), as described in the Merrill SLWD Supplement, which
entitle clients to breakpoint discounts based on the
aggregated holdings of mutual fund family assets held in accounts in their
Merrill Household |
Letters
of Intent (LOI), which allow for breakpoint discounts on eligible new
purchases based on anticipated future eligible purchases
within a fund family at Merrill, in accounts within your Merrill
Household, as further described in the Merrill SLWD Supplement
|
● |
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 (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. |
● |
Shares
purchased in an investment advisory
program. |
● |
Shares
purchased within the same fund family through a systematic reinvestment of
capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the fund family). |
● |
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 (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
age 70½ 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 this 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 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 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 contingent deferred sales charge
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
age 70½ as described in the fund’s
Prospectus. |
● |
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 Montgomery
Scott 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 form 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 |
● |
Trustees
of the Fund, and employees of the Fund’s investment adviser or any of its
affiliates, as described in this 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
age 72 (70½ if you reach 70½ before January 1, 2020) 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 this 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 |
● |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing share
of the same fund |
● |
Share
purchased by employees and registered representatives of Baird or its
affiliates and their family members as designated
by Baird |
● |
Shares
purchased from the proceeds of redemptions from another abrdn Fund,
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 charge (known as
rights of reinstatement) |
● |
A
shareholder in the Funds’ 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 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
age 72 as described in the Fund’s
prospectus |
● |
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 this prospectus |
● |
Rights
of accumulations which entitles shareholders to breakpoint discounts will
be automatically calculated based on the
aggregated holding of abrdn Funds assets held by accounts within the
purchaser’s household at Baird. Eligible abrdn
Funds assets not held at Baird may be included in the rights of
accumulations 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 abrdn Funds through Baird, over
a 13-month period of time |
● |
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, stepdaughter,
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). |
● |
Statement
of Additional Information (incorporated by reference into this
prospectus) |
● |
Annual
Reports (which, when available, will contain discussions of the market
conditions and investment strategies that
significantly affected the Funds’
performance) |
● |
Semi-Annual
Reports (when available) |
● |
on
the SEC’s EDGAR database via the Internet at www.sec.gov;
or |
● |